Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ANAT | ||
Entity Registrant Name | AMERICAN NATIONAL INSURANCE CO /TX/ | ||
Entity Central Index Key | 904,163 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 26,931,884 | ||
Entity Public Float | $ 857.2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Fixed maturity, bonds held-to-maturity, at amortized cost (Fair value $7,774,353 and $7,496,692) | $ 7,552,959 | $ 7,251,385 |
Fixed maturity, bonds available-for-sale, at fair value (Amortized cost $5,957,901 and $5,668,984) | 6,145,308 | 5,803,276 |
Equity securities, at fair value (Cost $757,583 and $732,433) | 1,784,226 | 1,541,676 |
Mortgage loans on real estate, net of allowance | 4,749,999 | 4,348,046 |
Policy loans | 377,103 | 384,376 |
Investment real estate, net of accumulated depreciation of $260,904 and $259,578 | 532,346 | 593,417 |
Short-term investments | 658,765 | 192,226 |
Other invested assets | 80,165 | 113,550 |
Total investments | 21,880,871 | 20,227,952 |
Cash and cash equivalents | 375,837 | 289,338 |
Investments in unconsolidated affiliates | 484,207 | 490,476 |
Accrued investment income | 187,670 | 180,323 |
Reinsurance recoverables | 418,589 | 401,709 |
Prepaid reinsurance premiums | 63,625 | 63,026 |
Premiums due and other receivables | 314,345 | 296,930 |
Deferred policy acquisition costs | 1,373,844 | 1,294,443 |
Property and equipment, net of accumulated depreciation of $217,076 and $201,863 | 115,818 | 116,028 |
Current tax receivable | 44,170 | 61,423 |
Other assets | 158,024 | 169,962 |
Separate account assets | 969,764 | 941,612 |
Total assets | 26,386,764 | 24,533,222 |
LIABILITIES | ||
Life | 2,997,353 | 2,939,308 |
Annuity | 1,400,150 | 1,277,220 |
Accident and health | 57,104 | 60,308 |
Policyholders' account balances | 12,060,045 | 11,068,775 |
Policy and contract claims | 1,390,561 | 1,303,925 |
Unearned premium reserve | 875,294 | 823,938 |
Other policyholder funds | 334,501 | 318,620 |
Liability for retirement benefits | 114,538 | 152,496 |
Notes payable | 137,458 | 136,080 |
Deferred tax liabilities, net | 316,370 | 367,487 |
Other liabilities | 477,855 | 481,958 |
Separate account liabilities | 969,764 | 941,612 |
Total liabilities | 21,130,993 | 19,871,727 |
American National stockholders' equity: | ||
Common stock, $1.00 par value, - Authorized 50,000,000, Issued 30,832,449 and 30,832,449 Outstanding 26,931,884 and 26,914,516 shares | 30,832 | 30,832 |
Additional paid-in capital | 19,193 | 16,406 |
Accumulated other comprehensive income | 642,216 | 455,899 |
Retained earnings | 4,656,134 | 4,250,818 |
Treasury stock, at cost | (101,616) | (101,777) |
Total American National stockholders' equity | 5,246,759 | 4,652,178 |
Noncontrolling interest | 9,012 | 9,317 |
Total equity | 5,255,771 | 4,661,495 |
Total liabilities and equity | $ 26,386,764 | $ 24,533,222 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Fair value of bonds held-to-maturity | $ 7,774,353 | $ 7,496,692 |
Amortized cost of bonds available-for-sale | 5,957,901 | 5,668,984 |
Cost of equity securities | 757,583 | 732,433 |
Accumulated depreciation of investment real estate | 260,904 | 259,578 |
Property and equipment, net of accumulated depreciation | $ 217,076 | $ 201,863 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 30,832,449 | 30,832,449 |
Common stock, shares outstanding | 26,931,884 | 26,914,516 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Premiums | |||
Life | $ 328,570 | $ 318,953 | $ 305,350 |
Annuity | 222,207 | 248,714 | 183,125 |
Accident and health | 156,436 | 175,589 | 196,777 |
Property and casualty | 1,359,989 | 1,253,392 | 1,153,267 |
Other policy revenues | 248,526 | 306,880 | 250,265 |
Net investment income | 966,077 | 860,235 | 834,831 |
Net realized investment gains | 104,595 | 46,607 | 87,385 |
Other-than-temporary impairments | (13,386) | (17,667) | (27,942) |
Other income | 37,986 | 35,248 | 34,397 |
Total premiums and other revenues | 3,411,000 | 3,227,951 | 3,017,455 |
Policyholder benefits | |||
Life | 396,997 | 416,467 | 386,785 |
Annuity | 267,814 | 294,917 | 230,221 |
Claims incurred | |||
Accident and health | 103,112 | 131,828 | 146,805 |
Property and casualty | 934,044 | 883,219 | 776,562 |
Interest credited to policyholders' account balances | 415,190 | 331,770 | 293,464 |
Commissions for acquiring and servicing policies | 545,399 | 465,962 | 425,338 |
Other operating expenses | 520,671 | 503,459 | 501,377 |
Change in deferred policy acquisition costs | (81,484) | 1,152 | (11,785) |
Total benefits, losses and expenses | 3,101,743 | 3,028,774 | 2,748,767 |
Income before federal income tax and equity in earnings of unconsolidated affiliates | 309,257 | 199,177 | 268,688 |
Less: Provision (benefit) for federal income taxes | |||
Current | 49,101 | (15,376) | 93,979 |
Deferred | (148,777) | 89,086 | 9,741 |
Total provision (benefit) for federal income taxes | (99,676) | 73,710 | 103,720 |
Equity in earnings of unconsolidated affiliates | 86,674 | 57,200 | 77,408 |
Net income | 495,607 | 182,667 | 242,376 |
Less: Net income (loss) attributable to noncontrolling interest, net of tax | 1,956 | 1,664 | (612) |
Net income attributable to American National | $ 493,651 | $ 181,003 | $ 242,988 |
Earnings per share | |||
Basic | $ 18.35 | $ 6.73 | $ 9.04 |
Diluted | 18.31 | 6.71 | 9.02 |
Cash dividends to common stockholders | $ 3.28 | $ 3.26 | $ 3.14 |
Weighted average common shares outstanding | 26,896,926 | 26,908,570 | 26,876,522 |
Weighted average common shares outstanding and dilutive potential common shares | 26,960,695 | 26,967,072 | 26,950,066 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 495,607 | $ 182,667 | $ 242,376 |
Other comprehensive income (loss), net of tax | |||
Change in net unrealized gains (losses) on securities | 169,740 | 93,704 | (114,717) |
Foreign currency transaction and translation adjustments | 746 | 289 | (1,630) |
Defined benefit pension plan adjustment | 15,831 | 9,286 | (21,815) |
Other comprehensive income (loss), net of tax | 186,317 | 103,279 | (138,162) |
Total comprehensive income | 681,924 | 285,946 | 104,214 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 1,956 | 1,664 | (612) |
Total comprehensive income attributable to American National | $ 679,968 | $ 284,282 | $ 104,826 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Balance at beginning of the period at Dec. 31, 2014 | $ 30,832 | $ 9,248 | $ 490,782 | $ 3,998,642 | $ (101,941) | $ 12,384 | |
Reissuance (purchase) of treasury shares | 2,129 | (102) | |||||
Net income attributable to American National | $ 242,988 | 242,988 | |||||
Contributions | 1,859 | ||||||
Other comprehensive income (loss) | (138,162) | (138,162) | |||||
Income tax effect from restricted stock arrangement | 1,165 | ||||||
Cash dividends to common stockholders | (84,446) | ||||||
Distributions | (3,442) | ||||||
Amortization of restricted stock | 1,147 | ||||||
Net income (loss) attributable to noncontrolling interest | (612) | ||||||
Balance at end of the period at Dec. 31, 2015 | 4,462,471 | 30,832 | 13,689 | 352,620 | 4,157,184 | (102,043) | 10,189 |
Reissuance (purchase) of treasury shares | 1,825 | 266 | |||||
Net income attributable to American National | 181,003 | 181,003 | |||||
Other comprehensive income (loss) | 103,279 | 103,279 | |||||
Income tax effect from restricted stock arrangement | 49 | ||||||
Cash dividends to common stockholders | (87,741) | ||||||
Distributions | (2,536) | ||||||
Amortization of restricted stock | 843 | ||||||
Cumulative effect of accounting change | 372 | ||||||
Net income (loss) attributable to noncontrolling interest | 1,664 | ||||||
Balance at end of the period at Dec. 31, 2016 | 4,661,495 | 30,832 | 16,406 | 455,899 | 4,250,818 | (101,777) | 9,317 |
Reissuance (purchase) of treasury shares | 1,964 | 161 | |||||
Net income attributable to American National | 493,651 | 493,651 | |||||
Contributions | 26 | ||||||
Other comprehensive income (loss) | 186,317 | 186,317 | |||||
Cash dividends to common stockholders | (88,335) | ||||||
Distributions | (2,287) | ||||||
Amortization of restricted stock | 823 | ||||||
Net income (loss) attributable to noncontrolling interest | 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 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net income | $ 495,607 | $ 182,667 | $ 242,376 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Net realized investment gains | (104,595) | (46,607) | (87,385) |
Other-than-temporary impairments | 13,386 | 17,667 | 27,942 |
Amortization (accretion) of premiums, discounts and loan origination fees | (2,008) | (2,926) | 2,701 |
Net capitalized interest on policy loans and mortgage loans | (32,551) | (32,813) | (31,360) |
Depreciation | 53,937 | 45,278 | 40,573 |
Interest credited to policyholders' account balances | 415,190 | 331,770 | 293,464 |
Charges to policyholders' account balances | (248,526) | (306,880) | (250,265) |
Deferred federal income tax expense (benefit) | (148,777) | 89,086 | 9,741 |
Equity in earnings of unconsolidated affiliates | (86,674) | (57,200) | (77,408) |
Distributions from equity method investments | 21,541 | 1,096 | 819 |
Changes in Policyholder liabilities | 320,743 | 282,159 | 259,645 |
Deferred policy acquisition costs | (81,484) | 1,152 | (11,785) |
Reinsurance recoverables | (16,880) | 12,172 | 14,773 |
Premiums due and other receivables | (19,445) | (11,691) | (5,512) |
Prepaid reinsurance premiums | (599) | 14,881 | (21,887) |
Accrued investment income | (7,347) | (2,849) | 8,470 |
Current tax receivable/payable | 17,252 | (57,332) | 4,578 |
Liability for retirement benefits | (14,127) | (53,979) | (31,435) |
Change in fair value of option securities | (90,357) | (28,401) | 13,834 |
Other, net | 11,639 | 24,327 | (22,421) |
Net cash provided by operating activities | 495,925 | 401,577 | 379,458 |
INVESTING ACTIVITIES | |||
Held-to-maturity securities | 893,977 | 491,478 | 1,150,650 |
Available-for-sale securities | 627,682 | 459,511 | 574,391 |
Investment real estate | 67,227 | 12,833 | 19,788 |
Mortgage loans | 811,049 | 587,355 | 836,443 |
Policy loans | 42,580 | 59,920 | 56,773 |
Other invested assets | 80,901 | 30,743 | 71,564 |
Disposals of property and equipment | 554 | 16,240 | 4,681 |
Distributions from unconsolidated affiliates | 102,000 | 55,311 | 130,742 |
Held-to-maturity securities | (1,215,311) | (156,453) | (525,950) |
Available-for-sale securities | (845,705) | (683,128) | (1,343,795) |
Investment real estate | (33,844) | (45,631) | (106,255) |
Mortgage loans | (1,194,672) | (1,428,471) | (962,267) |
Policy loans | (23,325) | (25,480) | (26,459) |
Other invested assets | (47,134) | (67,571) | (38,101) |
Additions to property and equipment | (24,395) | (47,301) | (32,596) |
Contributions to unconsolidated affiliates | (27,869) | (135,208) | (132,004) |
Change in short-term investments | (466,539) | 268,386 | (29,612) |
Change in collateral held for derivatives | 89,981 | 24,349 | (65,160) |
Other, net | 18,030 | 27,869 | 12,702 |
Net cash used in investing activities | (1,144,813) | (555,248) | (404,465) |
FINANCING ACTIVITIES | |||
Policyholders' account deposits | 2,095,734 | 1,528,107 | 1,405,350 |
Policyholders' account withdrawals | (1,271,128) | (1,313,394) | (1,400,661) |
Change in notes payable | 1,377 | 7,643 | 20,259 |
Dividends to stockholders | (88,335) | (87,741) | (84,446) |
Payments to noncontrolling interest | (2,261) | (2,536) | (1,583) |
Net cash provided by (used in) financing activities | 735,387 | 132,079 | (61,081) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 86,499 | (21,592) | (86,088) |
Beginning of the period | 289,338 | 310,930 | 397,018 |
End of the period | $ 375,837 | $ 289,338 | $ 310,930 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note 1 – Nature of Operations American National Insurance Company and its consolidated subsidiaries (collectively “American National” or “the Company”) offer a broad spectrum 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, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Practices | Note 2 – 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, 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 – held-to-maturity available-for-sale available-for-sale After-tax available-for-sale Mortgage loans on real estate non-impaired 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 Investment real estate held-for-sale held-for-sale held-for-sale. Real Estate Joint Ventures and Other Limited Partnership Interests Short-term investments Other invested assets Impairments 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, 2017, the unrealized losses on fixed maturity securities that were not other-than-temporarily impaired were the result of credit spread widening. There were no delinquent coupon payments attributed to these securities at December 31, 2017 . 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 non-credit 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. American National evaluates quarterly all equity securities in unrealized loss positions and recognizes an OTTI loss on those where a market price recovery is not expected in a reasonable period of time. All equity securities with unrealized losses are also evaluated for credit quality. OTTI is recognized if management believes the carrying value of securities will not be realized, regardless of the length of time that they have had an unrealized loss. Derivative instruments Cash and cash equivalents on-hand Property and equipment Insurance specific assets and liabilities Deferred policy acquisition costs DAC on traditional life 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, limited-pay DAC associated with property and casualty business is amortized over the coverage period of the related policies, in relation to premium 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 Policyholders’ account balances Reserves for claims and claim adjustment expenses (“CAE”) Reinsurance 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 financial statements. Premiums, benefits, claims incurred and expenses Traditional ordinary life and health Annuity limited-pay Universal life and single premium whole life Property and casualty Participating insurance policies Participating business comprised approximately 5.5% of the life insurance in-force For this participating business, profits earned on participating business 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. 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 Deferred federal 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. The effects of the U.S. Tax Cut and Jobs Act (“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”). SAB 118 provides guidance on accounting for the effects of the Tax Reform where our determinations are incomplete but we are able to determine a reasonable estimate. A final determination is required to be made within a measurement period not to extend beyond one year from the enactment date. The provisional amount is primarily associated with the estimated remeasurement of net deferred tax liabilities arising from a lower U.S. Corporate tax rate. See Item 8. Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 14, Income Taxes for further discussion. American National recognizes tax benefits on uncertain tax positions if it is “more-likely-than-not” “more-likely-than-not” Interest and penalties assessed, if applicable, are classified as current federal income taxes in the consolidated statements of operations. 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. 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 Restricted Stock paid-in Restricted Stock Units 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 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, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 3 – Recently Issued Accounting Pronouncements Future Adoption of New Accounting Standards In May 2014, the FASB issued guidance that will supersede 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 standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Company will adopt the standard effective January 1, 2018 using a modified retrospective approach. Our evaluation process was done with a top-down In January 2016, the FASB issued guidance that will change 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 and the changes in fair value are 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 standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The impact, if the guidance were effective in 2017, would be an increase of $217 million in net investment income from the change in unrealized gains and losses on securities in the equity portfolio. Cumulative unrealized gains and losses of $811 million at adoption will be reclassified from accumulated other comprehensive income to retained earnings at January 1, 2018. In February 2016, the FASB issued guidance that will require significant changes to the statement of financial position of lessees. With certain limited exceptions, lessees will need to recognize virtually all of their leases on the statement of financial position, by recording a right-of-use In June 2016, the FASB issued guidance that will significantly change how entities measure credit losses for most financial assets 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 In March 2017, the FASB issued guidance on the presentation of net periodic pension and postretirement benefit costs. The guidance requires the service cost component to be reported in the same line item as other compensation costs. All other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside of income from operations. The standard is effective for annual periods, including interim periods within those annual periods beginning after December 15, 2017. The Company plans to adopt the standard effective January 1, 2018. This guidance is to presentation only and will not have an impact to the Company’s results of operations or financial position. |
Investment in Securities
Investment in Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Securities | Note 4 – Investment in Securities The cost or amortized cost and fair value of investments in securities are shown below (in thousands): December 31, 2017 Cost or Gross Gross Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 266,966 $ 12,466 $ (37 ) $ 279,395 Foreign governments 4,011 582 — 4,593 Corporate debt securities 7,032,464 217,883 (18,020 ) 7,232,327 Residential mortgage-backed securities 246,803 9,702 (1,262 ) 255,243 Collateralized debt securities 923 31 — 954 Other debt securities 1,792 49 — 1,841 Total bonds held-to-maturity 7,552,959 240,713 (19,319 ) 7,774,353 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 27,569 475 (146 ) 27,898 U.S. states and political subdivisions 866,250 31,621 (824 ) 897,047 Foreign governments 5,000 1,460 — 6,460 Corporate debt securities 5,038,908 170,112 (16,093 ) 5,192,927 Residential mortgage-backed securities 15,009 37 (329 ) 14,717 Collateralized debt securities 3,171 651 (4 ) 3,818 Other debt securities 1,994 447 — 2,441 Total bonds available-for-sale 5,957,901 204,803 (17,396 ) 6,145,308 Equity securities Common stock 738,453 1,029,340 (7,166 ) 1,760,627 Preferred stock 19,130 4,469 — 23,599 Total equity securities 757,583 1,033,809 (7,166 ) 1,784,226 Total investments in securities $ 14,268,443 $ 1,479,325 $ (43,881 ) $ 15,703,887 December 31, 2016 Cost or Gross Gross Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 301,994 $ 17,190 $ (102 ) $ 319,082 Foreign governments 4,057 659 — 4,716 Corporate debt securities 6,711,508 253,191 (38,721 ) 6,925,978 Residential mortgage-backed securities 229,758 14,112 (1,185 ) 242,685 Collateralized debt securities 1,290 64 — 1,354 Other debt securities 2,778 99 — 2,877 Total bonds held-to-maturity 7,251,385 285,315 (40,008 ) 7,496,692 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 25,062 594 (16 ) 25,640 U.S. states and political subdivisions 945,431 21,170 (6,378 ) 960,223 Foreign governments 5,000 1,567 — 6,567 Corporate debt securities 4,666,096 145,716 (31,049 ) 4,780,763 Residential mortgage-backed securities 18,588 2,267 (342 ) 20,513 Collateralized debt securities 5,574 821 (3 ) 6,392 Other debt securities 3,233 — (55 ) 3,178 Total bonds available-for-sale 5,668,984 172,135 (37,843 ) 5,803,276 Equity securities Common stock 713,099 810,611 (5,195 ) 1,518,515 Preferred stock 19,334 3,889 (62 ) 23,161 Total equity securities 732,433 814,500 (5,257 ) 1,541,676 Total investments in securities $ 13,652,802 $ 1,271,950 $ (83,108 ) $ 14,841,644 The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): December 31, 2017 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Fair Value Amortized Fair Value Due in one year or less $ 292,100 $ 297,042 $ 179,704 $ 181,877 Due after one year through five years 4,041,005 4,181,608 1,933,459 2,004,492 Due after five years through ten years 2,688,600 2,749,530 3,225,589 3,324,570 Due after ten years 531,254 546,173 619,149 634,369 Total $ 7,552,959 $ 7,774,353 $ 5,957,901 $ 6,145,308 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 Years ended December 31, 2017 2016 2015 Proceeds from sales of available-for-sale $ 161,223 $ 138,665 $ 86,793 Gross realized gains 63,075 34,135 34,434 Gross realized losses (6,406 ) (7,775 ) (592 ) Gains and losses are determined using specific identification of the securities sold. During 2017 and 2016, bonds with a carrying value of $25,266,000 and $22,848,000, respectively were transferred from held-to-maturity available-for-sale In accordance with various regulations, American National had bonds on deposit with regulating authorities with a carrying value of $47,556,000 and $52,349,000 at December 31, 2017 and 2016, 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 $63,386,000 and $76,558,000 at December 31, 2017 and 2016, respectively The components of the change in net unrealized gains (losses) on securities are shown below (in thousands): Years ended December 31, 2017 2016 2015 Bonds available-for-sale $ 53,115 $ 78,207 $ (171,006 ) Equity securities 217,400 105,090 (73,441 ) Change in net unrealized gains (losses) on securities during the year 270,515 183,297 (244,447 ) Adjustments for Deferred policy acquisition costs (2,083 ) (29,074 ) 59,340 Participating policyholders’ interest (7,086 ) (10,282 ) 8,646 Deferred federal income tax benefit (expense) (91,606 ) (50,237 ) 61,744 Change in net unrealized gains (losses) on securities, net of tax $ 169,740 $ 93,704 $ (114,717 ) 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, 2017 Less than 12 months 12 Months or more Total Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ (37 ) $ 1,937 $ — $ — $ (37 ) $ 1,937 Corporate debt securities (8,444 ) 951,425 (9,576 ) 192,737 (18,020 ) 1,144,162 Residential mortgage-backed securities (325 ) 49,283 (937 ) 18,888 (1,262 ) 68,171 Total bonds held-to-maturity (8,806 ) 1,002,645 (10,513 ) 211,625 (19,319 ) 1,214,270 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (141 ) 20,352 (5 ) 3,875 (146 ) 24,227 U.S. states and political subdivisions (160 ) 27,669 (664 ) 28,010 (824 ) 55,679 Corporate debt securities (6,657 ) 559,710 (9,436 ) 159,532 (16,093 ) 719,242 Residential mortgage-backed securities (193 ) 12,419 (136 ) 1,428 (329 ) 13,847 Collateralized debt securities — — (4 ) 123 (4 ) 123 Total bonds available-for-sale (7,151 ) 620,150 (10,245 ) 192,968 (17,396 ) 813,118 Equity securities Common stock (7,166 ) 60,391 — — (7,166 ) 60,391 Total equity securities (7,166 ) 60,391 — — (7,166 ) 60,391 Total $ (23,123 ) $ 1,683,186 $ (20,758 ) $ 404,593 $ (43,881 ) $ 2,087,779 December 31, 2016 Less than 12 months 12 Months or more Total Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ (102 ) $ 18,886 $ — $ — $ (102 ) $ 18,886 Corporate debt securities (18,110 ) 971,361 (20,611 ) 186,262 (38,721 ) 1,157,623 Residential mortgage-backed securities (558 ) 22,806 (627 ) 10,248 (1,185 ) 33,054 Total bonds held-to-maturity (18,770 ) 1,013,053 (21,238 ) 196,510 (40,008 ) 1,209,563 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (16 ) 10,640 — — (16 ) 10,640 U.S. states and political subdivisions (6,376 ) 282,141 (2 ) 122 (6,378 ) 282,263 Corporate debt securities (19,828 ) 917,215 (11,221 ) 126,584 (31,049 ) 1,043,799 Residential mortgage-backed securities (204 ) 12,420 (138 ) 3,982 (342 ) 16,402 Collateralized debt securities — 1 (3 ) 146 (3 ) 147 Other Debt Securities (55 ) 3,178 — — (55 ) 3,178 Total bonds available-for-sale (26,479 ) 1,225,595 (11,364 ) 130,834 (37,843 ) 1,356,429 Equity securities Common stock (5,195 ) 53,068 — — (5,195 ) 53,068 Preferred stock (62 ) 4,324 — — (62 ) 4,324 Total equity securities (5,257 ) 57,392 — — (5,257 ) 57,392 Total $ (50,506 ) $ 2,296,040 $ (32,602 ) $ 327,344 $ (83,108 ) $ 2,623,384 As of December 31, 2017, 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 The following table identifies the total bonds distributed by credit quality rating (in thousands, except percentages): December 31, 2017 December 31, 2016 Amortized Estimated % of Fair Amortized Estimated % of Fair AAA $ 638,039 $ 664,396 4.8 % $ 667,561 $ 691,296 5.2 % AA 1,220,544 1,264,282 9.0 1,393,137 1,440,667 10.8 A 4,856,802 4,997,574 35.9 4,538,471 4,696,909 35.3 BBB 6,273,220 6,480,719 46.6 5,758,560 5,931,112 44.6 BB and below 522,255 512,690 3.7 562,640 539,984 4.1 Total $ 13,510,860 $ 13,919,661 100.0 % $ 12,920,369 $ 13,299,968 100.0 % Equity securities by market sector distribution are shown below: December 31, 2017 2016 Consumer goods 20.2 % 20.4 % Energy and utilities 8.6 11.1 Finance 21.9 22.1 Healthcare 11.8 12.7 Industrials 9.5 9.0 Information technology 20.0 17.1 Other 8.0 7.6 Total 100.0 % 100.0 % |
Mortgage Loans
Mortgage Loans | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Mortgage Loans | Note 5 – 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, 2017 2016 East North Central 15.4 % 16.2 % East South Central 3.1 3.7 Mountain 14.0 10.6 Pacific 16.5 17.6 South Atlantic 14.1 15.1 West South Central 29.8 31.0 Other 7.1 5.8 Total 100.0 % 100.0 % During 2017, American National foreclosed on one loan with a recorded investment of $2,285,000, and four loans with a total recorded investment of $17,263,000 were in the process of foreclosure. For the year ended December 31, 2016, American National did not foreclose on any loans, and one loan with a recorded investment of $1,940,000, was in the process of foreclosure. American National did not sell any loans during 2017 or 2016. The age analysis of past due loans is shown below (in thousands): 30-59 Days 60-89 Days More Than Total December 31, 2017 Past Due Past Due 90 Days Total Current Amount Percent Industrial $ 4,985 $ — $ — $ 4,985 $ 781,385 $ 786,370 16.5 Office — 10,713 8,881 19,594 1,764,151 1,783,745 37.4 Retail — — — — 750,979 750,979 15.7 Other — — — — 1,447,771 1,447,771 30.4 Total $ 4,985 $ 10,713 $ 8,881 $ 24,579 $ 4,744,286 $ 4,768,865 100.0 Allowance for loan losses (18,866 ) Total, net of allowance $ 4,749,999 December 31, 2016 Industrial $ — $ 2,300 $ — $ 2,300 $ 744,472 $ 746,772 17.1 Office — — 6,059 6,059 1,541,880 1,547,939 35.5 Retail — — — — 736,121 736,121 16.9 Other 20,179 9,280 — 29,459 1,300,245 1,329,704 30.5 Total $ 20,179 $ 11,580 $ 6,059 $ 37,818 $ 4,322,718 $ 4,360,536 100.0 Allowance for loan losses (12,490 ) Total, net of allowance $ 4,348,046 Total mortgage loans were net of unamortized purchase discounts of $233,000 for December 31, 2016. There were no unamortized purchase discounts as of December 31, 2017. Total mortgage loans are also net of unamortized origination fees of $32,766,000 and $33,019,000 at December 31, 2017 and 2016, 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 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 our 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 Individually Impaired Total Number Recorded Valuation Number Recorded Valuation Number Recorded Valuation Balance at December 31, 2015 401 $ 3,480,007 10,716 2 16,168 2,179 403 3,496,175 12,895 Change in allowance — — 772 — — (1,177 ) — — (405 ) Net change in recorded investment 29 878,589 — — (14,228 ) — 29 864,361 — Balance at December 31, 2016 430 4,358,596 11,488 2 1,940 1,002 432 4,360,536 12,490 Change in allowance — — 4,553 — — 1,823 — — 6,376 Net change in recorded investment 21 403,719 — 1 4,610 — 22 408,329 — Balance at December 31, 2017 451 $ 4,762,315 $ 16,041 3 $ 6,550 $ 2,825 454 $ 4,768,865 $ 18,866 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 Troubled debt restructuring mortgage loan information is as follows (in thousands, except number of loans): Years ended December 31, 2017 2016 Number of loans Recorded investment pre- modification Recorded investment post modification Number of loans Recorded investment pre- modification Recorded modification Retail — $ — $ — 2 $ 10,972 $ 10,972 Office 2 34,207 34,207 1 6,432 6,432 Other (hotel/motel) 5 24,801 24,801 — — — Total 7 $ 59,008 $ 59,008 3 $ 17,404 $ 17,404 There are $5,000 of commitments to lend additional funds to debtors whose loans have been modified in troubled debt restructuring. One loan, that was determined to be a troubled debt restructuring in 2016, was in the process of foreclosure as of December 31, 2017 with a recorded investment of $4,610,000. |
Real Estate and Other Investmen
Real Estate and Other Investments | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate and Other Investments | Note 6 – Real Estate and Other Investments Investment real estate by property-type and geographic distribution are as follows: December 31, 2017 2016 Industrial 6.0 % 9.2 % Office 39.0 37.8 Retail 39.3 37.2 Other 15.7 15.8 Total 100.0 % 100.0 % December 31, 2017 2016 East North Central 6.1 % 8.8 % East South Central 3.6 3.4 Mountain 13.2 12.0 Pacific 8.5 6.1 South Atlantic 14.0 13.0 West South Central 52.4 52.2 Other 2.2 4.5 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 2017 or 2016. The assets and liabilities relating to the VIEs included in the consolidated financial statements are as follows (in thousands): December 31, 2017 2016 Investment real estate $ 148,456 $ 173,816 Short-term investments 501 1 Cash and cash equivalents 6,320 6,099 Other receivables 4,461 6,456 Other assets 15,920 8,820 Total assets of consolidated VIEs $ 175,658 $ 195,192 Notes payable $ 137,458 $ 136,080 Other liabilities 5,616 10,037 Total liabilities of consolidated VIEs $ 143,074 $ 146,117 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 $28,377,000 and $31,795,000 at December 31, 2017 and 2016, respectively. The total long-term notes payable of the consolidated VIE’s consists of the following (in thousands): December 31, Interest rate Maturity 2017 2016 Prime 2018 $ — $ 1,267 LIBOR 2020 9,702 7,318 90 day LIBOR + 2.5% 2021 40,124 37,074 4% fixed 2022 87,632 90,421 Total $ 137,458 $ 136,080 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, 2017 2016 Carrying Maximum Carrying Maximum Investment in unconsolidated affiliates $ 314,808 $ 314,808 $ 323,933 $ 323,933 Mortgage loans 493,014 493,014 481,799 481,799 Accrued investment income 1,817 1,817 1,919 1,919 As of December 31, 2017, no real estate investments were classified 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 2017 and 2016 certain joint ventures took advantage of market opportunities to generate realized gains on the sale of real estate held or developed by the venture. 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 continues to be 2% or less 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 LLC’s or LLP’s, were comprised of the following (in thousands): December 31, 2017 2016 Real estate $ 359,130 $ 372,393 Equity and fixed income 95,819 79,145 Other 29,258 38,938 Total investments in unconsolidated affiliates $ 484,207 $ 490,476 Years ended December 31, 2017 2016 2015 Income from operations $ 16,663 $ 19,005 $ 815 Net gain on sales 70,011 38,195 76,593 Equity in earnings of unconsolidated affiliates $ 86,674 $ 57,200 $ 77,408 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 7 – Derivative Instruments American National purchases over-the-counter December 31, Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Financial Position 2017 2016 Number of Notional Estimated Fair Value Number of Notional Estimated Fair Value Equity-indexed options Other invested assets 468 $ 1,885,600 $ 220,190 442 $ 1,414,100 $ 156,479 Equity-indexed embedded derivative Policyholders’ account balances 76,621 1,819,523 512,526 62,481 1,289,800 314,330 Gains (Losses) Recognized in Income on Derivatives Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Operations Years ended December 31, 2017 2016 2015 Equity-indexed options Net investment income $ 91,055 $ 28,869 $ (9,103 ) Equity-indexed embedded derivative Interest credited to policyholders’ account balances (98,351 ) (25,239 ) 6,439 The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance non-performance Information regarding the Company’s exposure to credit loss on the options it holds is presented below (in thousands): December 31, 2017 Counterparty Moody/S&P Options Fair Value Collateral Collateral Amounts used to Excess Exposure Net of Collateral Barclays Baa2/BBB $ 55,215 $ 56,883 $ 55,215 $ 1,668 $ — Goldman-Sachs A3/BBB+ 956 780 780 — 176 ING Baa1/A- 26,650 27,330 26,650 680 — JP Morgan A3/A- 189 — — — 189 Morgan Stanley A3/BBB+ 17,490 18,776 17,490 1,286 — NATIXIS* A2/A 37,550 33,860 33,860 — 3,690 SunTrust Baa1/BBB+ 37,266 36,560 36,560 — 706 Wells Fargo A2/A 44,874 47,230 44,874 2,356 — Total $ 220,190 $ 221,419 $ 215,429 $ 5,990 $ 4,761 December 31, 2016 Counterparty Moody/S&P Options Fair Collateral Collateral Excess Exposure Net Barclays Baa2/BBB $ 33,839 $ 35,063 $ 33,839 $ 1,224 $ — Citigroup Baa1/BBB+ 2,249 — — — 2,249 Goldman-Sachs A3/BBB+ 1,452 1,400 1,400 — 52 ING Baa1/A- 29,609 26,430 26,430 — 3,179 JP Morgan A3/A- 163 — — — 163 Morgan Stanley A3/BBB+ 17,864 17,680 17,680 — 184 NATIXIS* A2/A 24,804 26,620 24,804 1,816 — SunTrust Baa1/BBB+ 19,559 19,960 19,559 401 — Wells Fargo A2/A 26,940 26,540 26,540 — 400 Total $ 156,479 $ 153,693 $ 150,252 $ 3,441 $ 6,227 * Includes collateral restrictions. |
Net Investment Income and Reali
Net Investment Income and Realized Investment Gains (Losses) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Net Investment Income and Realized Investment Gains (Losses) | Note 8 – Net Investment Income and Realized Investment Gains (Losses) Net investment income is shown below (in thousands): Years ended December 31, 2017 2016 2015 Bonds $ 541,772 $ 551,849 $ 558,837 Equity securities 38,730 38,680 36,314 Mortgage loans 245,116 211,972 204,913 Real estate 12,672 6,743 12,833 Options 91,055 28,869 (9,103 ) Other invested assets 36,732 22,122 31,037 Total $ 966,077 $ 860,235 $ 834,831 Realized investment gains (losses) are shown below (in thousands): Years ended December 31, 2017 2016 2015 Bonds $ 27,061 $ 16,705 $ 16,300 Equity securities 56,528 33,348 60,485 Mortgage loans (7,700 ) 405 (220 ) Real estate 28,853 2,188 10,872 Other invested assets (147 ) (6,039 ) (52 ) Total $ 104,595 $ 46,607 $ 87,385 Other-than-temporary impairment losses are shown below (in thousands): Years ended December 31, 2017 2016 2015 Bonds $ (6,416 ) $ (94 ) $ (286 ) Equity securities (6,970 ) (17,573 ) (27,656 ) Total $ (13,386 ) $ (17,667 ) $ (27,942 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 9 – Fair Value of Financial Instruments The carrying amount and fair value of financial instruments are shown below (in thousands): December 31, 2017 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity $ 7,552,959 $ 7,774,353 $ 7,251,385 $ 7,496,692 Fixed maturity securities, bonds available-for-sale 6,145,308 6,145,308 5,803,276 5,803,276 Equity securities 1,784,226 1,784,226 1,541,676 1,541,676 Equity-indexed options 220,190 220,190 156,479 156,479 Mortgage loans on real estate, net of allowance 4,749,999 4,811,006 4,348,046 4,435,530 Policy loans 377,103 377,103 384,376 384,376 Short-term investments 658,765 658,765 192,226 192,226 Separate account assets 969,764 969,764 941,612 941,612 Total financial assets $ 22,458,314 $ 22,740,715 $ 20,619,076 $ 20,951,867 Financial liabilities Investment contracts $ 8,990,771 $ 8,990,771 $ 8,785,412 $ 8,785,412 Embedded derivative liability for equity-indexed contracts 512,526 512,526 314,330 314,330 Notes payable 137,458 137,458 136,080 136,080 Separate account liabilities 969,764 969,764 941,612 941,612 Total financial liabilities $ 10,610,519 $ 10,610,519 $ 10,177,434 $ 10,177,434 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. Fixed Maturity Securities and Equity Options 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 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 that 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 Mortgage Loans Embedded Derivative • 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 decreasing the fair value. • Mortality rate assumptions vary by age and by 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, 2017 and 2016, the one year implied volatility used to estimate embedded derivative value was 13.7% and 16.5%, 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 December 31, 2017 2016 Unobservable Input Range Indexed Annuities $ 498.3 $ 306.5 Lapse Rate 1%-66% Mortality Multiplier 90%-100% Equity Volatility 7%-30% Indexed Life 14.2 7.8 Equity Volatility 7%-30% Other Financial Instruments 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. 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. Quantitative Disclosures The fair value hierarchy measurements of the financial instruments are shown below (in thousands): Fair Value Measurement as of December 31, 2017 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 279,395 $ — $ 276,450 $ 2,945 Foreign governments 4,593 — 4,593 — Corporate debt securities 7,232,327 — 7,232,327 — Residential mortgage-backed securities 255,243 — 255,243 — Collateralized debt securities 954 — 954 — Other debt securities 1,841 — 1,841 — Total bonds held-to-maturity 7,774,353 — 7,771,408 2,945 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 27,898 — 27,898 — U.S. states and political subdivisions 897,047 — 897,047 — Foreign governments 6,460 — 6,460 — Corporate debt securities 5,192,927 — 5,192,927 — Residential mortgage-backed securities 14,717 — 14,717 — Collateralized debt securities 3,818 — 3,818 — Other debt securities 2,441 — 2,441 — Total bonds available-for-sale 6,145,308 — 6,145,308 — Equity securities Common stock 1,760,627 1,760,499 — 128 Preferred stock 23,599 23,599 — — Total equity securities 1,784,226 1,784,098 — 128 Options 220,190 — — 220,190 Mortgage loans on real estate 4,811,006 — 4,811,006 — Policy loans 377,103 — — 377,103 Short-term investments 658,765 — 658,765 — Separate account assets 969,764 — 969,764 — Total financial assets $ 22,740,715 $ 1,784,098 $ 20,356,251 $ 600,366 Financial liabilities Investment contracts $ 8,990,771 $ — $ — $ 8,990,771 Embedded derivative liability for equity-indexed contracts 512,526 — — 512,526 Notes payable 137,458 — — 137,458 Separate account liabilities 969,764 — 969,764 — Total financial liabilities $ 10,610,519 $ — $ 969,764 $ 9,640,755 Fair Value Measurement as of December 31, 2016 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 319,082 $ — $ 319,082 $ — Foreign governments 4,716 — 4,716 — Corporate debt securities 6,925,978 — 6,875,015 50,963 Residential mortgage-backed securities 242,685 — 241,779 906 Collateralized debt securities 1,354 — — 1,354 Other debt securities 2,877 — — 2,877 Total bonds held-to-maturity 7,496,692 — 7,440,592 56,100 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 25,640 — 25,640 — U.S. states and political subdivisions 960,223 — 957,748 2,475 Foreign governments 6,567 — 6,567 — Corporate debt securities 4,780,763 — 4,773,516 7,247 Residential mortgage-backed securities 20,513 — 17,909 2,604 Collateralized debt securities 6,392 — 4,454 1,938 Other debt securities 3,178 — 3,178 — Total bonds available-for-sale 5,803,276 — 5,789,012 14,264 Equity securities Common stock 1,518,515 1,518,515 — — Preferred stock 23,161 23,161 — — Total equity securities 1,541,676 1,541,676 — — Options 156,479 — — 156,479 Mortgage loans on real estate 4,435,530 — 4,435,530 — Policy loans 384,376 — — 384,376 Short-term investments 192,226 — 192,226 — Separate account assets 941,612 — 941,612 — Total financial assets $ 20,951,867 $ 1,541,676 $ 18,798,972 $ 611,219 Financial liabilities Investment contracts $ 8,785,412 $ — $ — $ 8,785,412 Embedded derivative liability for equity-indexed contracts 314,330 — — 314,330 Notes payable 136,080 — — 136,080 Separate account liabilities 941,612 — 941,612 — Total financial liabilities $ 10,177,434 $ — $ 941,612 $ 9,235,822 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 Equity-Indexed Embedded Securities Options Derivative Balance at December 31, 2014 $ 64,433 $ 189,449 $ 208,187 Total realized and unrealized investment gains included in other comprehensive income 427 — — Net fair value change included in realized gains (losses) — — — Net loss for derivatives included in net investment income — (13,889 ) — Net change included in interest credited — — (6,439 ) Purchases, sales and settlements or maturities Purchases — 22,369 — Sales (2 ) (55,279 ) — Settlements or maturities (479 ) (19,643 ) — Premiums less benefits — — 40,664 Gross transfers into Level 3 10,228 — — Gross transfers out of Level 3 (54,477 ) — — Balance at December 31, 2015 $ 20,130 $ 123,007 $ 242,412 Total realized and unrealized investment gains included in other comprehensive income 481 — — Net fair value change included in realized gains (losses) — — — Net gain for derivatives included in net investment income — 28,400 — Net change included in interest credited — — 25,239 Purchases, sales and settlements or maturities Purchases — 27,961 — Sales — — — Settlements or maturities (425 ) (22,889 ) — Premiums less benefits — — 46,679 Gross transfers into Level 3 908 — — Gross transfers out of Level 3 (6,830 ) — — 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 fair value change included in realized gains (losses) — — — 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 Within the net gain (loss) for derivatives included in net investment income were unrealized gains of $50,805,000, and $44,615,000, and unrealized losses of $50,114,000 relating to assets still held at December 31, 2017, 2016, and 2015, 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 years ended December 31, 2017, 2016, and 2015 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 indicate 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, 2017. The transfers out of Level 3 during the year end December 31, 2017, 2016, and 2015, were 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. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | Note 10 – Deferred Policy Acquisition Costs Deferred policy acquisition costs are shown below (in thousands): Life Annuity Accident Property & Casualty Total Balance at December 31, 2014 $ 711,469 $ 382,441 $ 47,784 $ 111,850 $ 1,253,544 Additions 108,615 64,724 20,249 236,785 430,373 Amortization (77,567 ) (81,793 ) (23,643 ) (235,585 ) (418,588 ) Effect of change in unrealized gains on available-for-sale 13,506 45,834 — — 59,340 Net change 44,554 28,765 (3,394 ) 1,200 71,125 Balance at December 31, 2015 756,023 411,206 44,390 113,050 1,324,669 Additions 108,825 77,161 11,203 263,024 460,213 Amortization (112,712 ) (71,381 ) (14,973 ) (262,299 ) (461,365 ) Effect of change in unrealized gains on available-for-sale (6,296 ) (22,778 ) — — (29,074 ) Net change (10,183 ) (16,998 ) (3,770 ) 725 (30,226 ) 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 (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 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, 2017 | |
Insurance [Abstract] | |
Liability for Future Policy Benefits and Policyholder Account Balances | Note 11 – 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 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 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 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 paid-up 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 results 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 |
Liability for Unpaid Claims and
Liability for Unpaid Claims and Claim Adjustment Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Liability for Unpaid Claims and Claim Adjustment Expenses | Note 12 – Liability for Unpaid Claims and Claim Adjustment Expenses The liability for unpaid claims and claim adjustment expenses (“claims”) for accident and 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. Liability for unpaid claims are 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, 2017 2016 2015 Unpaid claims balance, beginning $ 1,140,723 $ 1,104,302 $ 1,132,394 Less reinsurance recoverables 216,903 217,337 245,906 Net beginning balance 923,820 886,965 886,488 Incurred related to Current 1,097,730 1,055,796 950,228 Prior years (77,296 ) (36,788 ) (22,830 ) Total incurred claims 1,020,434 1,019,008 927,398 Paid claims related to Current 661,662 654,175 580,476 Prior years 320,798 327,978 346,445 Total paid claims 982,460 982,153 926,921 Net balance 961,794 923,820 886,965 Plus reinsurance recoverables 237,439 216,903 217,337 Unpaid claims balance, ending $ 1,199,233 $ 1,140,723 $ 1,104,302 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 $77,296,000 in 2017 and decreased by approximately $36,788,000 in 2016 and $22,830,000 in 2015. This was a reflection of lower-than-anticipated losses in 2017 related to accident years prior to 2017 in the workers compensation, auto and business owner and commercial package policy lines of business, and lower-than-anticipated losses in the auto and multi-peril lines of business in 2016 and 2015. 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, 2017 was $26,030,000. 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, 2017 Net outstanding liabilities Auto Liability $ 393,537 Non-Auto 271,601 Commercial Multi-Peril 84,629 Homeowners 66,677 Short Tail Property 27,930 Credit 19,733 Health 27,021 Other 2,429 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 893,557 Reinsurance recoverable on unpaid claims Auto Liability 12,289 Non-Auto 39,245 Commercial Multi-Peril 5,648 Homeowners 2,395 Short Tail Property 16,294 Credit 13,415 Health 144,326 Other 4,612 Total reinsurance recoverable on unpaid claims 238,224 Insurance lines other than short-duration 211,138 Unallocated claims adjustment expenses 47,642 258,780 Total gross liability for unpaid claims and claim adjustment expense $ 1,390,561 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 as a starting point an assumed initial expected loss ratio method 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 2 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 pay-to-current 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, 2017, net of reinsurance, as well as cumulative claim frequency and the total of incurred-but-not-reported Auto Liability Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 280,131 $ 271,759 $ 261,683 $ 261,555 $ 260,015 $ 257,097 $ 257,915 $ 256,158 $ 255,600 $ 255,305 $ 83 47,791 2009 299,753 273,551 263,269 258,749 260,029 258,200 257,678 256,586 256,407 104 47,066 2010 288,166 270,935 266,223 265,949 264,104 263,040 261,930 261,092 294 47,089 2011 263,411 250,659 248,865 244,519 244,436 242,619 241,711 780 47,063 2012 251,593 242,255 231,312 228,013 229,426 228,559 1,437 44,635 2013 242,364 236,432 233,068 231,301 228,285 3,028 38,698 2014 232,146 223,386 217,819 215,419 6,136 35,933 2015 237,578 240,697 239,421 15,753 35,921 2016 259,177 256,080 34,429 36,576 2017 269,803 77,883 35,735 Total $ 2,452,082 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 92,395 $ 163,228 $ 203,708 $ 228,898 $ 244,749 $ 249,953 $ 251,924 $ 253,145 $ 255,118 $ 255,123 2009 95,847 166,441 203,869 228,650 242,768 250,681 253,417 254,988 255,308 2010 92,589 164,298 208,531 237,540 250,647 257,021 259,173 259,966 2011 93,245 161,387 197,326 217,640 230,585 236,187 238,510 2012 82,531 150,323 183,448 204,980 214,467 219,170 2013 79,358 143,709 181,535 204,480 215,280 2014 72,838 134,376 166,947 187,375 2015 78,861 149,366 186,281 2016 86,492 153,911 2017 88,357 Total $ 2,059,281 All outstanding liabilities before 2008, net of reinsurance* 736 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 393,537 * Unaudited supplemental information Non-Auto Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Cumulative Number of Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 85,367 $ 85,384 $ 77,798 $ 72,492 $ 71,969 $ 73,436 $ 74,114 $ 73,912 $ 74,684 $ 73,555 $ 1,590 18,387 2009 83,773 75,857 70,905 72,267 72,490 72,077 71,003 71,517 69,099 1,580 13,269 2010 91,191 85,498 83,724 82,287 82,145 82,087 80,920 78,279 2,251 7,808 2011 86,409 76,038 75,390 74,372 73,647 71,423 68,248 2,917 5,648 2012 83,146 80,470 78,644 75,226 68,017 63,630 3,358 4,775 2013 74,183 75,815 70,772 67,841 65,096 5,358 4,424 2014 83,084 75,550 72,624 67,339 6,639 5,873 2015 83,897 78,968 76,724 21,080 5,267 2016 86,935 83,179 36,767 3,802 2017 102,616 53,282 3,219 Total $ 747,765 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 18,852 $ 34,624 $ 43,206 $ 51,077 $ 58,043 $ 62,087 $ 64,840 $ 66,629 $ 67,329 $ 67,901 2009 15,389 28,725 41,424 49,895 55,391 61,277 63,039 64,755 65,441 2010 16,473 31,819 46,746 57,354 65,557 69,091 70,369 71,509 2011 13,848 31,943 41,814 52,003 56,791 60,706 62,414 2012 13,862 27,574 38,826 49,585 55,194 57,863 2013 12,794 22,743 32,474 42,504 47,987 2014 11,201 26,587 36,220 45,206 2015 11,979 23,488 37,059 2016 12,733 24,633 2017 14,865 Total $ 494,878 All outstanding liabilities before 2008, net of reinsurance* 18,714 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 271,601 * Unaudited supplemental information Commercial Multi-Peril Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 40,640 $ 39,231 $ 37,105 $ 37,825 $ 37,034 $ 35,594 $ 36,141 $ 37,605 $ 37,298 $ 36,261 $ 2 3,837 2009 41,027 38,666 36,610 35,354 34,884 34,381 34,529 34,079 33,515 84 3,512 2010 41,116 37,736 40,243 37,520 35,914 37,839 37,215 36,367 873 3,587 2011 42,185 40,825 39,037 38,160 38,456 36,945 37,014 824 3,559 2012 35,169 28,548 26,805 23,258 23,385 23,090 996 2,713 2013 33,979 27,592 27,867 26,970 25,948 1,237 2,211 2014 36,852 31,220 34,911 33,962 1,970 2,277 2015 33,997 31,488 29,023 3,968 2,138 2016 38,115 33,475 12,673 4,283 2017 42,411 22,637 4,611 Total $ 331,066 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 10,083 $ 17,357 $ 20,638 $ 25,415 $ 29,900 $ 32,187 $ 34,321 $ 34,847 $ 35,270 $ 36,099 2009 11,101 17,248 21,660 25,779 30,272 32,150 32,623 32,842 32,977 2010 12,511 17,490 22,135 27,152 31,378 33,384 34,888 34,764 2011 13,092 18,390 22,616 28,291 30,458 32,692 34,177 2012 11,525 14,454 16,263 18,670 20,716 21,026 2013 9,374 12,723 15,426 18,406 20,816 2014 12,001 16,484 20,199 24,602 2015 9,820 12,956 16,402 2016 11,327 17,193 2017 12,458 Total $ 250,514 All outstanding liabilities before 2008, net of reinsurance* 4,077 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 84,629 * Unaudited supplemental information Homeowners Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 191,926 $ 198,128 $ 198,351 $ 198,578 $ 197,066 $ 196,987 $ 196,777 $ 197,210 $ 197,004 $ 196,884 $ 1 42,651 2009 183,437 178,420 179,249 177,534 177,798 177,989 178,372 178,073 178,008 76 31,488 2010 206,606 200,318 198,111 198,029 197,443 197,675 197,465 197,067 122 37,067 2011 203,301 200,356 198,757 197,581 197,381 197,451 197,239 190 38,752 2012 181,284 177,664 175,523 175,509 175,178 175,032 323 30,979 2013 152,208 149,080 149,272 148,231 147,927 370 20,029 2014 132,651 131,634 130,287 131,546 405 18,140 2015 125,430 124,199 123,619 875 17,687 2016 147,264 145,373 1,433 21,310 2017 164,284 7,590 21,843 Total $ 1,656,979 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 148,526 $ 189,694 $ 193,653 $ 195,290 $ 195,936 $ 196,132 $ 196,358 $ 196,546 $ 196,896 $ 196,875 2009 142,781 170,372 173,985 175,220 176,588 176,985 177,428 177,615 177,670 2010 149,755 189,046 193,006 195,365 195,714 196,281 196,419 196,504 2011 160,625 190,946 194,237 195,327 196,575 196,628 196,717 2012 143,797 169,415 171,842 173,170 173,676 174,139 2013 115,605 140,309 145,152 146,650 146,920 2014 96,300 122,601 126,245 129,467 2015 86,617 114,696 119,331 2016 105,415 136,796 2017 116,075 Total $ 1,590,494 All outstanding liabilities before 2008, net of reinsurance* 192 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 66,677 * Unaudited supplemental information Short Tail Property Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2016* 2017 2016 $ 215,492 $ 215,702 $ 255 65,161 2017 — 229,284 (4,291 ) 79,441 Total $ 444,986 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2016* 2017 2016 $192,325 $ 213,047 2017 — 205,245 Total $ 418,292 All outstanding liabilities before 2016, net of reinsurance* 1,236 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 27,930 * Unaudited supplemental information Credit Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Cumulative Number of Reported Claims Accident Year 2016* 2017 2016 $ 75,841 $ 75,841 $ — 51,202 2017 — 93,571 8,936 55,414 Total $ 169,412 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2016* 2017 2016 $ 59,765 $ 75,841 2017 — 73,838 Total $ 149,679 All outstanding liabilities before 2016, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 19,733 * Unaudited supplemental information Accident and Health Reserving Methodology 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 period-to-date 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. 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. Accident and Health Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Cumulative Number of Reported Claims Accident Year 2013* 2014* 2015* 2016* 2017 2013 $ 40,970 $ 51,725 $ 46,940 $ 46,995 $ 47,164 $ 3 42,316 2014 — 38,102 67,545 62,802 62,906 2 35,328 2015 — — 34,069 45,167 41,513 27 32,510 2016 — — — 36,198 41,236 4,231 28,652 2017 — — — — 41,544 15,378 28,703 Total $ 234,363 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2013* 2014* 2015* 2016* 2017 2013 $ 28,071 $ 46,780 $ 46,860 $ 46,939 $ 47,122 2014 — 25,436 62,632 62,678 62,819 2015 — — 23,574 41,491 41,436 2016 — — — 24,357 37,040 2017 — — — — 25,358 Total $ 213,775 All outstanding liabilities before 2013, net of reinsurance* 6,433 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 27,021 * Unaudited supplemental information The following table is supplementary information. 10 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 35.2 % 28.1 % 15.5 % 9.7 % 5.2 % 2.4 % 0.9 % 0.5 % 0.4 % 2.1 % Non-Auto 19.3 % 19.5 % 16.0 % 13.9 % 8.7 % 5.7 % 2.6 % 2.1 % 0.9 % 11.3 % Homeowners 76.0 % 18.6 % 2.4 % 1.1 % 0.4 % 0.2 % 0.1 % 0.1 % 0.1 % 1.0 % Commercial Multi-Peril 34.9 % 14.8 % 10.9 % 12.8 % 10.2 % 5.0 % 3.9 % 0.6 % 0.8 % 6.1 % Short Tail Property 89.3 % 10.7 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Credit 78.9 % 21.1 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Reinsurance | Note 13 – 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 65, the maximum amount that would be retained by one life insurance company (American National) would be $1.5 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 65 could be $1.975 million. For the issue ages 66 and over, the maximum amount that would be retained by one life insurance company (American National) would be $700,000 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 over 65 could be $1.175 million. For the Property and Casualty segment, American National retains the first $500,000 of loss per workers’ compensation risk and $1.5 million of loss per non-workers’ 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 $418,589,000 and $401,709,000 at December 31, 2017 and 2016, respectively. None of the amount outstanding at December 31, 2017 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, 2017 2016 2015 Direct premiums $ 2,341,088 $ 2,246,595 $ 2,069,434 Reinsurance premiums assumed from other companies 227,053 194,910 188,368 Reinsurance premiums ceded to other companies (500,939 ) (444,857 ) (419,283 ) Net premiums $ 2,067,202 $ 1,996,648 $ 1,838,519 Life insurance in-force December 31, 2017 2016 2015 Direct life insurance in-force $ 102,843,372 $ 95,439,425 $ 90,194,532 Reinsurance risks assumed from other companies 257,552 181,655 120 Reinsurance risks ceded to other companies (29,646,646 ) (29,980,485 ) (29,891,183 ) Net life insurance in-force $ 73,454,278 $ 65,640,595 $ 60,303,469 |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | Note 14 – 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, 2017 2016 2015 Amount Rate Amount Rate Amount Rate Income tax expense before tax on equity in earnings of unconsolidated affiliates $ 108,240 27.3 % $ 69,712 27.2 % $ 94,041 27.2 % Tax on equity in earnings of unconsolidated affiliates 30,336 7.7 20,020 7.8 27,093 7.8 Total expected income tax expense at the statutory rate 138,576 35.0 89,732 35.0 121,134 35.0 Tax-exempt (6,887 ) (1.7 ) (7,834 ) (3.1 ) (7,589 ) (2.2 ) Deferred tax change (including Tax Reform) (217,622 ) (55.0 ) 6,699 2.6 — — Dividend exclusion (8,701 ) (2.2 ) (8,490 ) (3.3 ) (8,183 ) (2.4 ) Miscellaneous tax credits, net (9,524 ) (2.4 ) (9,993 ) (3.9 ) (9,103 ) (2.6 ) Low income housing tax credit expense 5,263 1.3 4,795 1.9 4,862 1.4 Other items, net 1,905 0.5 (3,885 ) (1.5 ) 2,599 0.8 Provision for federal income tax before interest expense (96,990 ) (24.5 ) 71,024 27.7 103,720 30.0 Interest expense (benefit) (2,686 ) (0.7 ) 2,686 1.1 — — Total $ (99,676 ) (25.2 )% $ 73,710 28.8 % $ 103,720 30.0 % On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform”) was enacted. Tax Reform includes numerous changes to existing federal income tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21%. We have recorded a provisional benefit of $206.4 million in our 2017 financial statements. As a result of the enactment of Tax Reform, we remeasured our existing deferred tax balances at the new 21% corporate income tax rate. Additionally, we have made a reasonable estimate to evaluate the impact of Tax Reform on our 2017 financial statements, including evaluating the impact of changes in calculating income tax reserves for both our life and property and casualty insurance products. Pursuant to Staff Accounting Bulletin No. 118 (“SAB 118”) this provisional tax benefit is a reasonable estimate which may be adjusted for current and future periods, possibly materially, due to among other things, further refinement of our calculations, changes in interpretations and assumptions we have made, tax guidance that may be issued and action we may take as a result of Tax Reform. The tax effects of temporary differences that gave rise to the deferred tax assets and liabilities are shown below (in thousands): December 31, 2017 2016 DEFERRED TAX ASSETS Invested assets, principally due to impairment losses $ 23,570 $ 41,982 Investment in real estate and other invested assets, principally due to investment valuation allowances 8,547 10,028 Policyholder funds, principally due to policy reserve discount 90,480 159,351 Policyholder funds, principally due to unearned premium reserve 23,001 35,207 Participating policyholders’ surplus 34,538 54,023 Pension 26,274 57,388 Commissions and other expenses 3,796 6,563 Other assets 15,745 37,250 Tax carryforwards 60 278 Gross deferred tax assets 226,011 402,070 DEFERRED TAX LIABILITIES Marketable securities, principally due to net unrealized gains 253,526 329,464 Investment in bonds, principally due to differences between GAAP and tax basis 12,547 20,875 Deferred policy acquisition costs, due to difference between GAAP and tax amortization methods 220,809 342,888 Property, plant and equipment, principally due to difference between GAAP and tax depreciation methods 19,203 27,490 Other liabilities 36,296 48,840 Gross deferred tax liabilities 542,381 769,557 Total net deferred tax liability $ 316,370 $ 367,487 American National made income tax payments of $33,640,000, $33,367,000 and $80,759,000 during 2017, 2016, and 2015, respectively. Management believes that a sufficient taxable income will be achieved over time to utilize the deferred tax assets in the consolidated federal tax return; therefore, no valuation allowance was recorded as of December 31, 2017 and 2016. There are no net operating or capital loss tax carryforwards that will expire by December 31, 2017. American National’s federal income tax returns for years 2014 to 2016 are subject to examination by the Internal Revenue Service. The years 2005 to 2009 have been closed by the Internal Revenue Service and we have received $10.8 million in refunds related to those years. 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 2017 relating to a dispute with the Internal Revenue Service. Management does not believe there are any uncertain tax benefits that could be recognized within the next twelve months that would decrease American National’s effective tax rate. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 15 – Accumulated Other Comprehensive Income The components of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below (in thousands): Net Unrealized Gains (Losses) on Securities Defined Foreign AOCI Balance at December 31, 2014 $ 568,151 $ (76,074 ) $ (1,295 ) $ 490,782 Amounts reclassified from AOCI (net of tax benefit $12,845 and expense $3,429) (23,856 ) 6,368 — (17,488 ) Unrealized holding losses arising during the period (net of tax benefit $72,711) (135,035 ) — — (135,035 ) Unrealized adjustment to DAC (net of tax expense $20,786) 38,554 — — 38,554 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $3,026) 5,620 — — 5,620 Actuarial loss arising during the period (net of tax benefit of $15,175) — (28,183 ) — (28,183 ) Foreign currency adjustment (net of tax benefit $878) — — (1,630 ) (1,630 ) Balance at December 31, 2015 453,434 (97,889 ) (2,925 ) 352,620 Amounts reclassified from AOCI (net of tax benefit $7,705 and expense $4,438) (14,308 ) 8,242 — (6,066 ) Unrealized holding gains arising during the period (net of tax expense $71,859) 133,451 — — 133,451 Unrealized adjustment to DAC (net of tax benefit $10,318) (18,756 ) — — (18,756 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $3,599) (6,683 ) — — (6,683 ) Actuarial gain arising during the period (net of tax expense of $562) — 1,044 — 1,044 Foreign currency adjustment (net of tax expense $156) — — 289 289 Balance at December 31, 2016 547,138 (88,603 ) (2,636 ) 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 $ 716,878 $ (72,772 ) $ (1,890 ) $ 642,216 |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity and Noncontrolling Interests | Note 16 – 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, 2017 2016 2015 Common stock Shares issued 30,832,449 30,832,449 30,832,449 Treasury shares (3,900,565 ) (3,917,933 ) (3,937,993 ) Outstanding shares 26,931,884 26,914,516 26,894,456 Restricted shares (74,000 ) (76,000 ) (76,000 ) Unrestricted outstanding shares 26,857,884 26,838,516 26,818,456 Stock-based compensation American National has a stock-based compensation plan, which allows for grants of Non-Qualified SAR, RS and RSU information for the periods indicated are shown below: SAR RS Shares RS Units Shares Weighted-Average Fair Value Shares Weighted-Average Fair Value Units Weighted-Average Fair Value Outstanding at December 31, 2014 54,930 $ 114.86 142,667 $ 107.39 128,214 $ 95.82 Granted — — — — 83,093 104.75 Exercised (116 ) 73.97 (66,667 ) 103.58 (75,119 ) 91.35 Forfeited — — — — (463 ) 105.30 Expired (16,722 ) 114.42 — — — — Outstanding at December 31, 2015 38,092 115.18 76,000 110.73 135,725 103.73 Granted — — — — 36,849 103.58 Exercised (15,375 ) 114.07 — — (66,581 ) 100.06 Forfeited — — — — (5,548 ) 106.10 Expired (16,564 ) 116.88 — — — — 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 SAR RS Shares RS Units Weighted-average contractual remaining life (in years) 0.54 3.36 0.75 Exercisable shares 2,586 N/A N/A Weighted-average exercise price $ 106.70 $ 130.52 $ 108.90 Weighted-average exercise price exercisable shares 106.70 N/A N/A Compensation expense (credit) Year ended December 31, 2017 $ (15,000 ) $ 823,000 $ 3,227,000 Year ended December 31, 2016 179,000 843,000 6,539,000 Year ended December 31, 2015 (72,000 ) 1,147,000 6,635,000 Fair value of liability award December 31, 2017 $ 63,000 N/A $ 6,376,000 December 31, 2016 (revised) 213,000 N/A 13,197,000 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 74,000 shares are unvested. RSU awards allow the recipient of the awards to settle the vested RSUs in either shares of American National’s common stock, cash or a combination of both. RSUs granted vest after a one-year 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, 2017 2016 2015 Weighted average shares outstanding 26,896,926 26,908,570 26,876,522 Incremental shares from RS awards and RSUs 63,769 58,502 73,544 Total shares for diluted calculations 26,960,695 26,967,072 26,950,066 Net income attributable to American National (in thousands)* $ 493,651 $ 181,003 $ 242,988 Basic earnings per share* $ 18.35 $ 6.73 $ 9.04 Diluted earnings per share* 18.31 6.71 9.02 * This includes the Company’s provisional impact of Tax Reform of $206.4 million, which may be adjusted for the current and future periods, possibly materially, due to, among other things, further refinement of the Company’s calculations, changes in interpretations and assumptions the Company has made, tax guidance that may be issued and actions the Company may take as a result of Tax Reform. Excluding the impact of Tax Reform, the Company’s 2017 net income would have been $287.3 million and net earnings per basic and diluted share of $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, 2017 and 2016, American National Insurance Company’s statutory capital and surplus was $3,293,474,000 and $2,985,909,000, respectively. American National Insurance Company and each of its insurance subsidiaries had statutory capital and surplus at December 31, 2017 and 2016, 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 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, 2017 2016 Statutory capital and surplus Life insurance entities $ 2,141,573 $ 1,921,171 Property and casualty insurance entities 1,162,761 1,074,525 Years ended December 31, 2017 2016 2015 Statutory net income Life insurance entities $ 46,820 $ 82,101 $ 136,170 Property and casualty insurance entities 72,267 48,378 71,823 Dividends 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 $329,347,000 during 2018. 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, 2017 and 2016. 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 noncontrolling interests of $2,262,000 and $2,567,000 at December 31, 2017 and 2016, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Management organizes the business into five operating segments: • Life—markets whole, term, universal, indexed and variable life insurance on a national basis primarily through career, multiple-line, and independent agents as well as direct marketing channels. • Annuity—offers fixed, indexed, and variable annuity products. These products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents. • Health—primary lines of business are Medicare supplement, stop loss, other supplemental health products and credit disability insurance. Health products are typically distributed through independent agents and managing general underwriters. • Property and Casualty—writes personal, agricultural and targeted commercial coverages and credit-related property insurance. These products are primarily sold through multiple-line and independent agents. • Corporate and Other—consists of net investment income from investments not allocated to the insurance segments and revenues from non-insurance 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 business segment. • Expenses are allocated based upon various factors, including premium and commission ratios of the operating segments. The following summarizes the results of operations measured as the income before federal income taxes, and equity in earnings of unconsolidated affiliates by operating segments (in thousands): Year ended December 31, 2017 2016 2015 Life $ 43,968 $ 28,116 $ 33,453 Annuity 81,544 75,619 59,955 Health 12,556 1,312 1,925 Property and Casualty 58,548 34,554 68,990 Corporate and Other 112,641 59,576 104,365 Total $ 309,257 $ 199,177 $ 268,688 The following summarizes total assets by operating segments (in thousands): Years ended December 31, 2017 2016 2015 Total Assets Life $ 6,101,458 $ 5,921,208 $ 5,718,553 Annuity 12,345,215 11,310,936 10,888,447 Health 468,947 472,369 463,600 Property and Casualty 2,189,515 2,046,303 2,040,102 Corporate and other 5,281,629 4,782,406 4,655,854 Total $ 26,386,764 $ 24,533,222 $ 23,766,556 |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefits | Note 18 – Pension and Postretirement Benefits Savings plans American National sponsors a qualified defined contribution (401(k) plan) for all employees, and non-qualified Pension benefits American National sponsors qualified and non-qualified one- de-risking. year-end 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 Amounts recognized in the consolidated statements of financial position consist of (in thousands): 2017 2016 Reconciliation of benefit obligation Obligation at January 1, $ 513,532 $ 524,143 Service cost 63 59 Interest cost on projected benefit obligation 18,772 20,690 Actuarial loss 27,072 3,684 Benefits paid (68,601 ) (35,044 ) Obligation at December 31, 490,838 513,532 Reconciliation of fair value of plan assets Fair value of plan assets at January 1, 367,233 322,563 Actual return on plan assets 46,858 27,305 Employer contributions 37,234 52,409 Benefits paid (68,601 ) (35,044 ) Fair value of plan assets at December 31, 382,724 367,233 Funded status at December 31, $ (108,114 ) $ (146,299 ) The components of net periodic benefit cost for the defined benefit pension plans are shown below (in thousands): Years ended December 31, 2017 2016 2015 Service cost $ 63 $ 59 $ 97 Interest cost 18,772 20,690 18,721 Expected return on plan assets (23,579 ) (22,013 ) (20,856 ) Amortization of net actuarial loss 23,832 12,680 9,797 Net periodic benefit cost $ 19,088 $ 11,416 $ 7,759 Amounts related to the defined benefit pension plans recognized as a component of OCI are shown below (in thousands): Years ended December 31, 2017 2016 2015 Actuarial gain (loss) $ 20,040 $ 14,286 $ (33,562 ) Deferred tax (expense) benefit (4,209 ) (5,000 ) 11,747 Other comprehensive income (loss), net of tax $ 15,831 $ 9,286 $ (21,815 ) The estimated actuarial loss for the plan that will be amortized out of AOCI into the net periodic benefit cost over the next fiscal year is $9,646,000. 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, 2017 2016 Net actuarial loss $ (116,272 ) $ (136,312 ) Deferred tax benefit 43,500 47,709 Amounts included in AOCI $ (72,772 ) $ (88,603 ) The weighted average assumptions used are shown below: Used for Net Benefit Cost in Fiscal Year 1/1/2017 to 12/31/2017 Used for Benefit Obligations as of 12/31/2017 Discount rate 3.92 % 3.46 % Long-term rate of return 7.42 7.38 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 contributed $25,023,000, $40,090,000, and $18,630,000 to the qualified pension plans in 2017, 2016 and 2015, respectively. American National and its affiliates expect to contribute $20,000,000 to its qualified plans in 2018. The benefits paid from the non-qualified non-qualified The following table shows pension benefit payments, expected to be paid (in thousands). 2018 $ 37,619 2019 36,507 2020 40,022 2021 37,969 2022 37,345 2023-2027 151,974 American National utilizes third-party pricing services to estimate fair value measurements of its pension plan assets. Refer to Note 9 for further information concerning the valuation methodologies and related inputs utilized by the third-party pricing services. The fair values of the pension plan assets by asset category are shown below (in thousands): December 31, 2017 Total Level 1 Level 2 Level 3 Asset Category Corporate debt securities $ 93,051 $ — $ 93,051 $ Residential mortgage-backed securities 1,119 — 1,119 — Mutual fund 9,513 9,513 — — Equity securities by sector Consumer goods 55,411 55,411 — — Energy and utilities 26,693 26,693 — — Finance 58,008 58,008 — — Healthcare 30,214 30,214 — — Industrials 20,141 20,141 — — Information technology 46,520 46,520 — — Other 31,545 31,545 — — Commercial paper 7,152 — 7,152 — Unallocated group annuity contract 1,280 — 1,280 — Other 2,077 1,991 86 — Total $ 382,724 $ 280,036 $ 102,688 $ — December 31, 2016 Total Level 1 Level 2 Level 3 Asset Category U.S. states and political subdivision securities $ 1,952 $ — $ 1,952 $ — Corporate debt securities 58,462 — 58,462 Residential mortgage-backed securities 616 — 616 — Mutual fund 9,405 9,405 — — Equity securities by sector Consumer goods 53,252 53,252 — — Energy and utilities 28,602 28,602 — — Finance 51,842 51,842 — — Healthcare 27,501 27,501 — — Industrials 17,035 17,035 — — Information technology 33,992 33,992 — — Other 30,042 30,042 — — Commercial paper 49,111 — 49,111 — Unallocated group annuity contract 4,742 — 4,742 — Other 679 592 87 — Total $ 367,233 $ 252,263 $ 114,970 $ — Note 18 – Pension and Postretirement Benefits – (Continued) 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 $6,424,000 and $6,197,000 at December 31, 2017 and 2016, respectively. These amounts were approximately equal to the unfunded accumulated postretirement benefit obligation. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 19 – Commitments and Contingencies Commitments American National and its subsidiaries lease insurance sales office space in various cities. The remaining long-term lease commitments at December 31, 2017 were approximately $4,877,000. American National had aggregate commitments at December 31, 2017, to purchase, expand or improve real estate, to fund fixed interest rate mortgage loans, and to purchase other invested assets of $852,615,000 of which $639,750,000 is expected to be funded in 2018 with the remainder funded in 2019 and beyond. American National has a $100,000,000 short-term variable rate borrowing facility containing a $55,000,000 sub-feature 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, 2017, was approximately $206,376,000, while the total cash value of the related life insurance policies was approximately $209,683,000. 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, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 20 – 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, accident and 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 2017 2016 2017 2016 Gal-Tex Mortgage loan on real estate $ 1,533 $ 1,426 $ 2,223 $ 3,756 Gal-Tex Net investment income 222 329 13 23 Greer, Herz & Adams, LLP Other operating expenses 10,181 9,315 (386 ) (283 ) Mortgage Loans to Gal-Tex (“Gal-Tex”) Gal-Tex, Transactions with Greer, Herz & Adams, LLP |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Note 21 – Selected Quarterly Financial Data The unaudited selected quarterly financial data is shown below (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Total premiums and other revenues $ 779,797 $ 764,970 $ 834,093 $ 800,448 $ 872,750 $ 823,142 $ 924,360 $ 839,391 Total benefits, losses and expenses 737,034 741,462 800,192 760,168 782,183 775,420 782,334 751,724 Income before federal income tax and equity in earnings of unconsolidated affiliates 42,763 23,508 33,901 40,280 90,567 47,722 142,026 87,667 Total provision (benefit) for federal income taxes* 13,072 (4,070 ) 10,515 9,890 36,351 22,590 (159,614 ) 45,300 Equity in earnings of unconsolidated affiliates 9,500 937 12,313 1,798 22,387 36,530 42,474 17,935 Net income* 39,191 28,515 35,699 32,188 76,603 61,662 344,114 60,302 Net income (loss) attributable to noncontrolling interest (649 ) (801 ) (260 ) (437 ) 3,334 2,373 (469 ) 529 Net income attributable to American National* 39,840 29,316 35,959 32,625 73,269 59,289 344,583 59,773 Earnings per share attributable to American National * Basic 1.48 1.09 1.34 1.21 2.72 2.20 12.81 2.23 Diluted 1.48 1.09 1.33 1.21 2.72 2.20 12.78 2.21 * This includes the Company’s provisional impact of Tax Reform of $206.4 million, which may be adjusted for the current and future periods, possibly materially, due to, among other things, further refinement of the Company’s calculations, changes in interpretations and assumptions the Company has made, tax guidance that may be issued and actions the Company may take as a result of Tax Reform. Excluding the impact of Tax Reform, the Company’s net income for the three months ended December 31, 2017 would have been $138.2 million and net earnings per basic and diluted share of $5.14 and $5.12, respectively. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Amount at Which Shown in the Consolidated Cost or Estimated Statement of Type of Investment Amortized Cost (1) Fair Value Financial Position Fixed maturities Bonds held-to-maturity U.S. states and political subdivisions 266,966 279,395 $ 266,966 Foreign governments 4,011 4,593 4,011 Corporate debt securities 7,032,464 7,232,327 7,032,464 Residential mortgage-backed securities 246,803 255,243 246,803 Collateralized debt securities 923 954 923 Other debt securities 1,792 1,841 1,792 Bonds available-for-sale U.S.treasury and government 27,569 27,898 27,898 U.S. states and political subdivisions 866,250 897,047 897,047 Foreign governments 5,000 6,460 6,460 Corporate debt securities 5,038,908 5,192,927 5,192,927 Residential mortgage-backed securities 15,009 14,717 14,717 Collateralized debt securities 3,171 3,818 3,818 Other debt securities 1,994 2,441 2,441 Equity securities Common stocks Consumer goods 149,398 360,597 360,597 Energy and utilities 90,892 148,988 148,988 Finance 163,703 371,097 371,097 Healthcare 76,824 211,155 211,155 Industrials 49,083 169,516 169,516 Information technology 123,757 356,529 356,529 Other 84,796 142,745 142,745 Preferred stocks 19,130 23,599 23,599 Other Investments Mortgage loans on real estate, net of allowance 4,749,999 4,811,006 4,749,999 Investment real estate, net of accumulated depreciation 506,392 — 506,392 Real estate acquired in satisfaction of debt 25,954 — 25,954 Policy loans 377,103 377,103 377,103 Options (2) 86,142 220,190 4,761 Other long-term investments 75,404 — 75,404 Short-term investments 658,765 658,765 658,765 Total investments $ 20,748,202 $ 21,770,951 $ 21,880,871 (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. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | AMERICAN NATIONAL INSURANCE COMPANY (Parent Company Only) SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (In thousands) December 31, Condensed Statements of Financial Position 2017 2016 Assets Fixed maturity securities $ 9,093,442 $ 8,969,903 Equity securities 4,976 4,585 Mortgage loans on real estate, net of allowance 4,533,620 4,190,357 Other invested assets 1,961,343 1,658,771 Investment in subsidiaries 3,090,883 2,646,281 Deferred policy acquisition costs 1,116,862 1,052,357 Separate account assets 969,764 941,612 Other assets 873,470 787,054 Total assets $ 21,644,360 $ 20,250,920 Liabilities Policy liabilities $ 4,207,467 $ 4,027,973 Policyholders’ account balances 10,690,282 10,006,609 Separate account liabilities 969,764 941,612 Other liabilities 530,088 622,548 Total liabilities 16,397,601 15,598,742 Shareholders’ equity Common stock 30,832 30,832 Additional paid-in 19,193 16,406 Accumulated other comprehensive income 642,216 455,899 Retained earnings 4,656,134 4,250,818 Treasury stock, at cost (101,616 ) (101,777 ) Total stockholders’ equity 5,246,759 4,652,178 Total liabilities and stockholders’ equity $ 21,644,360 $ 20,250,920 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 (In thousands) Years ended December 31, Condensed Statements of Operations 2017 2016 2015 Premiums and other revenues Premiums and other policy revenues $ 889,346 $ 987,994 $ 820,194 Net investment income 794,277 713,589 672,093 Net realized investment gain 21,052 16,111 21,258 Other-than-temporary impairments (6,105 ) (10 ) (60 ) Other income 17,558 15,944 15,785 Total premiums and other revenues 1,716,128 1,733,628 1,529,270 Benefits, losses and expenses Policyholder benefits 682,707 749,179 615,180 Other operating expenses 884,461 848,063 764,913 Total benefits, losses and expenses 1,567,168 1,597,242 1,380,093 Income from continuing operations before federal income tax and equity in earnings of subsidiaries 148,960 136,386 149,177 Provision for federal income taxes (58,112 ) 50,739 47,501 Equity in earnings of subsidiaries, net of tax 286,579 95,356 141,312 Net income $ 493,651 $ 181,003 $ 242,988 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 (In thousands) Years ended December 31, Condensed Statements of Cash Flows 2017 2016 2015 OPERATING ACTIVITIES Net income $ 493,651 $ 181,003 $ 242,988 Adjustments to reconcile net income to net cash provided by operating activities Net realized investments gains (21,052 ) (16,111 ) (21,258 ) Other-than-temporary impairments 6,105 10 60 Accretion of premiums, discounts and loan origination fees (6,615 ) (7,675 ) (2,293 ) Net capitalized interest on policy loans and mortgage loans (31,853 ) (28,943 ) (27,346 ) Depreciation 32,991 28,510 24,716 Interest credited to policyholders’ account balances 370,270 297,526 263,362 Charges to policyholders’ account balances (236,336 ) (295,000 ) (238,169 ) Deferred federal income tax (benefit) expense (57,337 ) 89,089 8,091 Net income of subsidiaries (275,739 ) (89,371 ) (135,678 ) Equity in earnings of affiliates (10,840 ) (5,985 ) (5,634 ) Changes in Accrued investment income (3,138 ) 351 6,995 Reinsurance recoverables 584 11,545 (14,778 ) Prepaid reinsurance premiums 3,392 88 3,050 Premiums due and other receivables 12,343 (8,427 ) 2,331 Deferred policy acquisition costs (66,219 ) 8,684 (13,323 ) Policyholder liabilities 179,497 186,472 222,928 Liability for retirement benefits (31,830 ) (29,678 ) (23,263 ) Current tax receivable/payable 1,725 (24,833 ) 7,551 Change in fair value of option securities (86,259 ) (27,534 ) 13,839 Other, net 20,437 (48,112 ) (34,310 ) Net cash provided by operating activities 293,777 221,609 279,859 INVESTING ACTIVITIES Proceeds from sale/maturity/prepayment of Held-to-maturity 735,778 382,390 827,234 Available for sale securities 315,030 282,834 340,274 Investment real estate 58,840 6,651 18,929 Mortgage loans 794,011 547,553 809,742 Policy loans 44,253 49,260 44,257 Other invested assets 76,521 28,155 71,469 Disposals of property and equipment 158 13,171 2,721 Distributions from affiliates and subsidiaries 20,038 9,909 15,958 Payment for the purchase/origination of Held-to-maturity (824,831 ) (60,639 ) (336,902 ) Available for sale securities (345,805 ) (161,534 ) (744,480 ) Investment real estate (26,936 ) (31,234 ) (69,145 ) Mortgage loans (1,117,320 ) (1,327,395 ) (933,879 ) Policy loans (22,978 ) (21,526 ) (21,106 ) Other invested assets (42,849 ) (65,965 ) (37,958 ) Additions to property and equipment (20,441 ) (39,856 ) (24,352 ) Contributions to unconsolidated affiliates (26,056 ) (40,404 ) (47,130 ) Change in short-term investments (401,110 ) 207,546 (42,258 ) Change in investment in subsidiaries — 20,044 (20,782 ) Change in collateral held for derivatives 84,325 22,789 (65,160 ) Other, net 15,751 17,167 (1,713 ) Net cash used in investing activities (683,621 ) (161,084 ) (214,281 ) FINANCING ACTIVITIES Policyholders’ account deposits 1,732,494 1,287,366 1,280,756 Policyholders’ account withdrawals (1,182,754 ) (1,229,039 ) (1,337,668 ) Dividends to stockholders (88,335 ) (87,741 ) (84,446 ) Net cash provided by (used in) financing activities 461,405 (29,414 ) (141,358 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 71,561 31,111 (75,780 ) Beginning of the period 191,340 160,229 236,009 End of the period $ 262,901 $ 191,340 $ 160,229 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, 2017 | |
Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | AMERICAN NATIONAL INSURANCE COMPANY AND SUBSIDIARIES SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION (In thousands) Segment Deferred Future Policy and Other Unearned Premium Net (1) Benefits, and Amortization Other (2) Premiums 2017 Life $ 791,276 $ 5,432,688 $ 33,298 $ 328,570 $ 245,835 $ 396,997 $ 74,068 $ 199,320 $ — Annuity 426,497 11,533,813 — 222,207 573,789 267,814 74,750 46,425 — Health 36,806 282,872 40,665 156,436 9,538 103,112 15,227 38,376 — Property & Casualty 119,265 990,341 801,331 1,359,989 61,688 934,044 280,306 177,507 1,414,024 Corporate & Other — — — — 75,227 — — 59,043 — Total $ 1,373,844 $ 18,239,714 $ 875,294 $ 2,067,202 $ 966,077 $ 1,701,967 $ 444,351 $ 520,671 $ 1,414,024 2016 Life $ 745,840 $ 4,937,467 $ 35,133 $ 318,953 $ 227,923 $ 416,467 $ 112,712 $ 199,769 $ — Annuity 394,208 10,821,889 — 248,714 500,726 294,917 71,381 53,054 — Health 40,620 272,802 43,155 175,589 9,942 131,828 14,973 43,263 — Property & Casualty 113,775 935,998 745,650 1,253,392 57,091 883,219 262,299 165,509 1,282,876 Corporate & Other — — — — 64,553 — — 41,864 — Total $ 1,294,443 $ 16,968,156 $ 823,938 $ 1,996,648 $ 860,235 $ 1,726,431 $ 461,365 $ 503,459 $ 1,282,876 2015 Life $ 756,023 $ 4,860,263 $ 35,810 $ 305,350 $ 226,076 $ 386,785 $ 77,567 $ 201,112 $ — Annuity 411,206 10,410,157 — 183,125 459,458 230,221 81,793 54,037 — Health 44,390 293,325 43,558 196,777 10,135 146,805 23,643 45,047 — Property & Casualty 113,050 883,328 733,610 1,153,267 55,620 776,562 235,585 156,583 1,187,980 Corporate & Other — — — — 83,542 — — 44,598 — Total $ 1,324,669 $ 16,447,073 $ 812,978 $ 1,838,519 $ 834,831 $ 1,540,373 $ 418,588 $ 501,377 $ 1,187,980 (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) Identifiable expenses are charged directly to the appropriate line of business. The remaining expenses are allocated to the lines based upon various factors including premium ratio within the respective lines. See accompanying Report of Independent Registered Public Accounting Firm. |
Schedule IV - Reinsurance Infor
Schedule IV - Reinsurance Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Schedule IV - Reinsurance Information | AMERICAN NATIONAL INSURANCE COMPANY AND SUBSIDIARIES SCHEDULE IV - REINSURANCE INFORMATION (In thousands) Direct Amount Ceded to Assumed Net Amount Percentage of Amount 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 Accident and 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 Year Ended December 31, 2016 Life insurance in-force $ 95,439,425 $ 29,980,485 $ 181,655 $ 65,640,595 0.3 Premiums earned Life and annuity $ 669,607 $ 104,128 $ 2,188 $ 567,667 0.4 Accident and health 227,691 235,807 183,705 175,589 104.6 Property and casualty 1,349,297 104,922 9,017 1,253,392 0.7 Total premiums $ 2,246,595 $ 444,857 $ 194,910 $ 1,996,648 9.8 Year Ended December 31, 2015 Life insurance in-force $ 90,194,532 $ 29,891,183 $ 120 $ 60,303,469 0.0 Premiums earned Life and annuity $ 590,131 $ 101,636 $ (20 ) $ 488,475 0.0 Accident and health 241,140 224,623 180,260 196,777 91.6 Property and casualty 1,238,163 93,024 8,128 1,153,267 0.7 Total premiums $ 2,069,434 $ 419,283 $ 188,368 $ 1,838,519 10.2 % 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, 2017 | |
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 Charged to Written off Change in Balance at 2017 Investment valuation allowances: Mortgage loans on real estate $ 12,490 $ 6,376 $ — $ — $ 18,866 2016 Investment valuation allowances: Mortgage loans on real estate $ 12,895 $ 1,281 $ (1,686 ) $ — $ 12,490 2015 Investment valuation allowances: Mortgage loans on real estate $ 17,860 $ 220 $ (5,185 ) $ — $ 12,895 See accompanying Report of Independent Registered Public Accounting Firm. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies and Practices (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 Policy | American National consolidates entities that are wholly-owned and those in which American National owns less than 100% but controls, as well as variable interest entities in which American National is the primary beneficiary. Intercompany balances and transactions with consolidated entities have been eliminated. Investments in unconsolidated affiliates are accounted for using the equity method of accounting. |
Reclassification Policy | 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. |
Investment Securities | Investments Investment securities – held-to-maturity available-for-sale available-for-sale After-tax available-for-sale |
Mortgage Loans on Real Estate | Mortgage loans on real estate non-impaired 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 |
Investment Real Estate | Investment real estate held-for-sale held-for-sale held-for-sale. |
Real Estate Joint Ventures and Other Limited Partnership Interests | Real Estate Joint Ventures and Other Limited Partnership Interests |
Short-Term Investments | Short-term investments |
Other Invested Assets | Other invested assets |
Impairments | Impairments 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, 2017, the unrealized losses on fixed maturity securities that were not other-than-temporarily impaired were the result of credit spread widening. There were no delinquent coupon payments attributed to these securities at December 31, 2017 . 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 non-credit 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. American National evaluates quarterly all equity securities in unrealized loss positions and recognizes an OTTI loss on those where a market price recovery is not expected in a reasonable period of time. All equity securities with unrealized losses are also evaluated for credit quality. OTTI is recognized if management believes the carrying value of securities will not be realized, regardless of the length of time that they have had an unrealized loss. |
Derivative Instruments | Derivative instruments |
Cash and Cash Equivalents | Cash and cash equivalents on-hand |
Property and Equipment | Property and equipment |
Deferred Policy Acquisition Costs | Deferred policy acquisition costs DAC on traditional life 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, limited-pay DAC associated with property and casualty business is amortized over the coverage period of the related policies, in relation to premium 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 |
Policyholders' Account Balances | Policyholders’ account balances |
Reserves for Claims and Claim Adjustment Expenses | Reserves for claims and claim adjustment expenses (“CAE”) |
Reinsurance | Reinsurance |
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 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 financial statements. |
Premiums, Benefits, Claims Incurred and Expenses | Premiums, benefits, claims incurred and expenses Traditional ordinary life and health Annuity limited-pay Universal life and single premium whole life Property and casualty |
Participating Insurance Policies | Participating insurance policies Participating business comprised approximately 5.5% of the life insurance in-force For this participating business, profits earned on participating business 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. 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 Deferred federal 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. The effects of the U.S. Tax Cut and Jobs Act (“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”). SAB 118 provides guidance on accounting for the effects of the Tax Reform where our determinations are incomplete but we are able to determine a reasonable estimate. A final determination is required to be made within a measurement period not to extend beyond one year from the enactment date. The provisional amount is primarily associated with the estimated remeasurement of net deferred tax liabilities arising from a lower U.S. Corporate tax rate. See Item 8. Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 14, Income Taxes for further discussion. American National recognizes tax benefits on uncertain tax positions if it is “more-likely-than-not” “more-likely-than-not” Interest and penalties assessed, if applicable, are classified as current federal income taxes in the consolidated statements of operations. |
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. 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 Restricted Stock paid-in Restricted Stock Units |
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 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, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Securities | December 31, 2017 Cost or Gross Gross Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 266,966 $ 12,466 $ (37 ) $ 279,395 Foreign governments 4,011 582 — 4,593 Corporate debt securities 7,032,464 217,883 (18,020 ) 7,232,327 Residential mortgage-backed securities 246,803 9,702 (1,262 ) 255,243 Collateralized debt securities 923 31 — 954 Other debt securities 1,792 49 — 1,841 Total bonds held-to-maturity 7,552,959 240,713 (19,319 ) 7,774,353 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 27,569 475 (146 ) 27,898 U.S. states and political subdivisions 866,250 31,621 (824 ) 897,047 Foreign governments 5,000 1,460 — 6,460 Corporate debt securities 5,038,908 170,112 (16,093 ) 5,192,927 Residential mortgage-backed securities 15,009 37 (329 ) 14,717 Collateralized debt securities 3,171 651 (4 ) 3,818 Other debt securities 1,994 447 — 2,441 Total bonds available-for-sale 5,957,901 204,803 (17,396 ) 6,145,308 Equity securities Common stock 738,453 1,029,340 (7,166 ) 1,760,627 Preferred stock 19,130 4,469 — 23,599 Total equity securities 757,583 1,033,809 (7,166 ) 1,784,226 Total investments in securities $ 14,268,443 $ 1,479,325 $ (43,881 ) $ 15,703,887 December 31, 2016 Cost or Gross Gross Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 301,994 $ 17,190 $ (102 ) $ 319,082 Foreign governments 4,057 659 — 4,716 Corporate debt securities 6,711,508 253,191 (38,721 ) 6,925,978 Residential mortgage-backed securities 229,758 14,112 (1,185 ) 242,685 Collateralized debt securities 1,290 64 — 1,354 Other debt securities 2,778 99 — 2,877 Total bonds held-to-maturity 7,251,385 285,315 (40,008 ) 7,496,692 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 25,062 594 (16 ) 25,640 U.S. states and political subdivisions 945,431 21,170 (6,378 ) 960,223 Foreign governments 5,000 1,567 — 6,567 Corporate debt securities 4,666,096 145,716 (31,049 ) 4,780,763 Residential mortgage-backed securities 18,588 2,267 (342 ) 20,513 Collateralized debt securities 5,574 821 (3 ) 6,392 Other debt securities 3,233 — (55 ) 3,178 Total bonds available-for-sale 5,668,984 172,135 (37,843 ) 5,803,276 Equity securities Common stock 713,099 810,611 (5,195 ) 1,518,515 Preferred stock 19,334 3,889 (62 ) 23,161 Total equity securities 732,433 814,500 (5,257 ) 1,541,676 Total investments in securities $ 13,652,802 $ 1,271,950 $ (83,108 ) $ 14,841,644 |
Maturities of Investments | The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands): December 31, 2017 Bonds Held-to-Maturity Bonds Available-for-Sale Amortized Fair Value Amortized Fair Value Due in one year or less $ 292,100 $ 297,042 $ 179,704 $ 181,877 Due after one year through five years 4,041,005 4,181,608 1,933,459 2,004,492 Due after five years through ten years 2,688,600 2,749,530 3,225,589 3,324,570 Due after ten years 531,254 546,173 619,149 634,369 Total $ 7,552,959 $ 7,774,353 $ 5,957,901 $ 6,145,308 |
Proceeds from Available for Sale Securities and Realized Gain Loss | Proceeds from sales of available-for-sale Years ended December 31, 2017 2016 2015 Proceeds from sales of available-for-sale $ 161,223 $ 138,665 $ 86,793 Gross realized gains 63,075 34,135 34,434 Gross realized losses (6,406 ) (7,775 ) (592 ) |
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities | The components of the change in net unrealized gains (losses) on securities are shown below (in thousands): Years ended December 31, 2017 2016 2015 Bonds available-for-sale $ 53,115 $ 78,207 $ (171,006 ) Equity securities 217,400 105,090 (73,441 ) Change in net unrealized gains (losses) on securities during the year 270,515 183,297 (244,447 ) Adjustments for Deferred policy acquisition costs (2,083 ) (29,074 ) 59,340 Participating policyholders’ interest (7,086 ) (10,282 ) 8,646 Deferred federal income tax benefit (expense) (91,606 ) (50,237 ) 61,744 Change in net unrealized gains (losses) on securities, net of tax $ 169,740 $ 93,704 $ (114,717 |
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, 2017 Less than 12 months 12 Months or more Total Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ (37 ) $ 1,937 $ — $ — $ (37 ) $ 1,937 Corporate debt securities (8,444 ) 951,425 (9,576 ) 192,737 (18,020 ) 1,144,162 Residential mortgage-backed securities (325 ) 49,283 (937 ) 18,888 (1,262 ) 68,171 Total bonds held-to-maturity (8,806 ) 1,002,645 (10,513 ) 211,625 (19,319 ) 1,214,270 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (141 ) 20,352 (5 ) 3,875 (146 ) 24,227 U.S. states and political subdivisions (160 ) 27,669 (664 ) 28,010 (824 ) 55,679 Corporate debt securities (6,657 ) 559,710 (9,436 ) 159,532 (16,093 ) 719,242 Residential mortgage-backed securities (193 ) 12,419 (136 ) 1,428 (329 ) 13,847 Collateralized debt securities — — (4 ) 123 (4 ) 123 Total bonds available-for-sale (7,151 ) 620,150 (10,245 ) 192,968 (17,396 ) 813,118 Equity securities Common stock (7,166 ) 60,391 — — (7,166 ) 60,391 Total equity securities (7,166 ) 60,391 — — (7,166 ) 60,391 Total $ (23,123 ) $ 1,683,186 $ (20,758 ) $ 404,593 $ (43,881 ) $ 2,087,779 December 31, 2016 Less than 12 months 12 Months or more Total Unrealized Fair Value Unrealized Fair Value Unrealized Fair Value Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ (102 ) $ 18,886 $ — $ — $ (102 ) $ 18,886 Corporate debt securities (18,110 ) 971,361 (20,611 ) 186,262 (38,721 ) 1,157,623 Residential mortgage-backed securities (558 ) 22,806 (627 ) 10,248 (1,185 ) 33,054 Total bonds held-to-maturity (18,770 ) 1,013,053 (21,238 ) 196,510 (40,008 ) 1,209,563 Fixed maturity securities, bonds available-for-sale U.S. treasury and government (16 ) 10,640 — — (16 ) 10,640 U.S. states and political subdivisions (6,376 ) 282,141 (2 ) 122 (6,378 ) 282,263 Corporate debt securities (19,828 ) 917,215 (11,221 ) 126,584 (31,049 ) 1,043,799 Residential mortgage-backed securities (204 ) 12,420 (138 ) 3,982 (342 ) 16,402 Collateralized debt securities — 1 (3 ) 146 (3 ) 147 Other Debt Securities (55 ) 3,178 — — (55 ) 3,178 Total bonds available-for-sale (26,479 ) 1,225,595 (11,364 ) 130,834 (37,843 ) 1,356,429 Equity securities Common stock (5,195 ) 53,068 — — (5,195 ) 53,068 Preferred stock (62 ) 4,324 — — (62 ) 4,324 Total equity securities (5,257 ) 57,392 — — (5,257 ) 57,392 Total $ (50,506 ) $ 2,296,040 $ (32,602 ) $ 327,344 $ (83,108 ) $ 2,623,384 |
Bond by Credit Quality Rating Distribution | The following table identifies the total bonds distributed by credit quality rating (in thousands, except percentages): December 31, 2017 December 31, 2016 Amortized Estimated % of Fair Amortized Estimated % of Fair AAA $ 638,039 $ 664,396 4.8 % $ 667,561 $ 691,296 5.2 % AA 1,220,544 1,264,282 9.0 1,393,137 1,440,667 10.8 A 4,856,802 4,997,574 35.9 4,538,471 4,696,909 35.3 BBB 6,273,220 6,480,719 46.6 5,758,560 5,931,112 44.6 BB and below 522,255 512,690 3.7 562,640 539,984 4.1 Total $ 13,510,860 $ 13,919,661 100.0 % $ 12,920,369 $ 13,299,968 100.0 % |
Equity Securities by Market Sector Distribution | Equity securities by market sector distribution are shown below: December 31, 2017 2016 Consumer goods 20.2 % 20.4 % Energy and utilities 8.6 11.1 Finance 21.9 22.1 Healthcare 11.8 12.7 Industrials 9.5 9.0 Information technology 20.0 17.1 Other 8.0 7.6 Total 100.0 % 100.0 % |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 East North Central 15.4 % 16.2 % East South Central 3.1 3.7 Mountain 14.0 10.6 Pacific 16.5 17.6 South Atlantic 14.1 15.1 West South Central 29.8 31.0 Other 7.1 5.8 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, 2017 Past Due Past Due 90 Days Total Current Amount Percent Industrial $ 4,985 $ — $ — $ 4,985 $ 781,385 $ 786,370 16.5 Office — 10,713 8,881 19,594 1,764,151 1,783,745 37.4 Retail — — — — 750,979 750,979 15.7 Other — — — — 1,447,771 1,447,771 30.4 Total $ 4,985 $ 10,713 $ 8,881 $ 24,579 $ 4,744,286 $ 4,768,865 100.0 Allowance for loan losses (18,866 ) Total, net of allowance $ 4,749,999 December 31, 2016 Industrial $ — $ 2,300 $ — $ 2,300 $ 744,472 $ 746,772 17.1 Office — — 6,059 6,059 1,541,880 1,547,939 35.5 Retail — — — — 736,121 736,121 16.9 Other 20,179 9,280 — 29,459 1,300,245 1,329,704 30.5 Total $ 20,179 $ 11,580 $ 6,059 $ 37,818 $ 4,322,718 $ 4,360,536 100.0 Allowance for loan losses (12,490 ) Total, net of allowance $ 4,348,046 |
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 Individually Impaired Total Number Recorded Valuation Number Recorded Valuation Number Recorded Valuation Balance at December 31, 2015 401 $ 3,480,007 10,716 2 16,168 2,179 403 3,496,175 12,895 Change in allowance — — 772 — — (1,177 ) — — (405 ) Net change in recorded investment 29 878,589 — — (14,228 ) — 29 864,361 — Balance at December 31, 2016 430 4,358,596 11,488 2 1,940 1,002 432 4,360,536 12,490 Change in allowance — — 4,553 — — 1,823 — — 6,376 Net change in recorded investment 21 403,719 — 1 4,610 — 22 408,329 — Balance at December 31, 2017 451 $ 4,762,315 $ 16,041 3 $ 6,550 $ 2,825 454 $ 4,768,865 $ 18,866 |
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, 2017 2016 Number of loans Recorded investment pre- modification Recorded investment post modification Number of loans Recorded investment pre- modification Recorded modification Retail — $ — $ — 2 $ 10,972 $ 10,972 Office 2 34,207 34,207 1 6,432 6,432 Other (hotel/motel) 5 24,801 24,801 — — — Total 7 $ 59,008 $ 59,008 3 $ 17,404 $ 17,404 |
Real Estate and Other Investm37
Real Estate and Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Industrial 6.0 % 9.2 % Office 39.0 37.8 Retail 39.3 37.2 Other 15.7 15.8 Total 100.0 % 100.0 % December 31, 2017 2016 East North Central 6.1 % 8.8 % East South Central 3.6 3.4 Mountain 13.2 12.0 Pacific 8.5 6.1 South Atlantic 14.0 13.0 West South Central 52.4 52.2 Other 2.2 4.5 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, 2017 2016 Investment real estate $ 148,456 $ 173,816 Short-term investments 501 1 Cash and cash equivalents 6,320 6,099 Other receivables 4,461 6,456 Other assets 15,920 8,820 Total assets of consolidated VIEs $ 175,658 $ 195,192 Notes payable $ 137,458 $ 136,080 Other liabilities 5,616 10,037 Total liabilities of consolidated VIEs $ 143,074 $ 146,117 |
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 2017 2016 Prime 2018 $ — $ 1,267 LIBOR 2020 9,702 7,318 90 day LIBOR + 2.5% 2021 40,124 37,074 4% fixed 2022 87,632 90,421 Total $ 137,458 $ 136,080 |
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, 2017 2016 Carrying Maximum Carrying Maximum Investment in unconsolidated affiliates $ 314,808 $ 314,808 $ 323,933 $ 323,933 Mortgage loans 493,014 493,014 481,799 481,799 Accrued investment income 1,817 1,817 1,919 1,919 |
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 LLC’s or LLP’s, were comprised of the following (in thousands): December 31, 2017 2016 Real estate $ 359,130 $ 372,393 Equity and fixed income 95,819 79,145 Other 29,258 38,938 Total investments in unconsolidated affiliates $ 484,207 $ 490,476 Years ended December 31, 2017 2016 2015 Income from operations $ 16,663 $ 19,005 $ 815 Net gain on sales 70,011 38,195 76,593 Equity in earnings of unconsolidated affiliates $ 86,674 $ 57,200 $ 77,408 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments Reported in Financial Position | December 31, Derivatives Not Designated as Hedging Instruments Location in the Consolidated Statements of Financial Position 2017 2016 Number of Notional Estimated Fair Value Number of Notional Estimated Fair Value Equity-indexed options Other invested assets 468 $ 1,885,600 $ 220,190 442 $ 1,414,100 $ 156,479 Equity-indexed embedded derivative Policyholders’ account balances 76,621 1,819,523 512,526 62,481 1,289,800 314,330 |
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, 2017 2016 2015 Equity-indexed options Net investment income $ 91,055 $ 28,869 $ (9,103 ) Equity-indexed embedded derivative Interest credited to policyholders’ account balances (98,351 ) (25,239 ) 6,439 |
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, 2017 Counterparty Moody/S&P Options Fair Value Collateral Collateral Amounts used to Excess Exposure Net of Collateral Barclays Baa2/BBB $ 55,215 $ 56,883 $ 55,215 $ 1,668 $ — Goldman-Sachs A3/BBB+ 956 780 780 — 176 ING Baa1/A- 26,650 27,330 26,650 680 — JP Morgan A3/A- 189 — — — 189 Morgan Stanley A3/BBB+ 17,490 18,776 17,490 1,286 — NATIXIS* A2/A 37,550 33,860 33,860 — 3,690 SunTrust Baa1/BBB+ 37,266 36,560 36,560 — 706 Wells Fargo A2/A 44,874 47,230 44,874 2,356 — Total $ 220,190 $ 221,419 $ 215,429 $ 5,990 $ 4,761 December 31, 2016 Counterparty Moody/S&P Options Fair Collateral Collateral Excess Exposure Net Barclays Baa2/BBB $ 33,839 $ 35,063 $ 33,839 $ 1,224 $ — Citigroup Baa1/BBB+ 2,249 — — — 2,249 Goldman-Sachs A3/BBB+ 1,452 1,400 1,400 — 52 ING Baa1/A- 29,609 26,430 26,430 — 3,179 JP Morgan A3/A- 163 — — — 163 Morgan Stanley A3/BBB+ 17,864 17,680 17,680 — 184 NATIXIS* A2/A 24,804 26,620 24,804 1,816 — SunTrust Baa1/BBB+ 19,559 19,960 19,559 401 — Wells Fargo A2/A 26,940 26,540 26,540 — 400 Total $ 156,479 $ 153,693 $ 150,252 $ 3,441 $ 6,227 * Includes collateral restrictions. |
Net Investment Income and Rea39
Net Investment Income and Realized Investment Gains (Losses) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Summary of Net Investment Income | Net investment income is shown below (in thousands): Years ended December 31, 2017 2016 2015 Bonds $ 541,772 $ 551,849 $ 558,837 Equity securities 38,730 38,680 36,314 Mortgage loans 245,116 211,972 204,913 Real estate 12,672 6,743 12,833 Options 91,055 28,869 (9,103 ) Other invested assets 36,732 22,122 31,037 Total $ 966,077 $ 860,235 $ 834,831 |
Summary of Realized Investment Gains (Losses) | Realized investment gains (losses) are shown below (in thousands): Years ended December 31, 2017 2016 2015 Bonds $ 27,061 $ 16,705 $ 16,300 Equity securities 56,528 33,348 60,485 Mortgage loans (7,700 ) 405 (220 ) Real estate 28,853 2,188 10,872 Other invested assets (147 ) (6,039 ) (52 ) Total $ 104,595 $ 46,607 $ 87,385 |
Summary of Other Than Temporary Impairment Losses | Other-than-temporary impairment losses are shown below (in thousands): Years ended December 31, 2017 2016 2015 Bonds $ (6,416 ) $ (94 ) $ (286 ) Equity securities (6,970 ) (17,573 ) (27,656 ) Total $ (13,386 ) $ (17,667 ) $ (27,942 ) |
Fair Value of Financial Instr40
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Fixed maturity securities, bonds held-to-maturity $ 7,552,959 $ 7,774,353 $ 7,251,385 $ 7,496,692 Fixed maturity securities, bonds available-for-sale 6,145,308 6,145,308 5,803,276 5,803,276 Equity securities 1,784,226 1,784,226 1,541,676 1,541,676 Equity-indexed options 220,190 220,190 156,479 156,479 Mortgage loans on real estate, net of allowance 4,749,999 4,811,006 4,348,046 4,435,530 Policy loans 377,103 377,103 384,376 384,376 Short-term investments 658,765 658,765 192,226 192,226 Separate account assets 969,764 969,764 941,612 941,612 Total financial assets $ 22,458,314 $ 22,740,715 $ 20,619,076 $ 20,951,867 Financial liabilities Investment contracts $ 8,990,771 $ 8,990,771 $ 8,785,412 $ 8,785,412 Embedded derivative liability for equity-indexed contracts 512,526 512,526 314,330 314,330 Notes payable 137,458 137,458 136,080 136,080 Separate account liabilities 969,764 969,764 941,612 941,612 Total financial liabilities $ 10,610,519 $ 10,610,519 $ 10,177,434 $ 10,177,434 |
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 December 31, 2017 2016 Unobservable Input Range Indexed Annuities $ 498.3 $ 306.5 Lapse Rate 1%-66% Mortality Multiplier 90%-100% Equity Volatility 7%-30% Indexed Life 14.2 7.8 Equity Volatility 7%-30% |
Quantitative Disclosures Regarding Fair Value Hierarchy Measurements | The fair value hierarchy measurements of the financial instruments are shown below (in thousands): Fair Value Measurement as of December 31, 2017 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 279,395 $ — $ 276,450 $ 2,945 Foreign governments 4,593 — 4,593 — Corporate debt securities 7,232,327 — 7,232,327 — Residential mortgage-backed securities 255,243 — 255,243 — Collateralized debt securities 954 — 954 — Other debt securities 1,841 — 1,841 — Total bonds held-to-maturity 7,774,353 — 7,771,408 2,945 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 27,898 — 27,898 — U.S. states and political subdivisions 897,047 — 897,047 — Foreign governments 6,460 — 6,460 — Corporate debt securities 5,192,927 — 5,192,927 — Residential mortgage-backed securities 14,717 — 14,717 — Collateralized debt securities 3,818 — 3,818 — Other debt securities 2,441 — 2,441 — Total bonds available-for-sale 6,145,308 — 6,145,308 — Equity securities Common stock 1,760,627 1,760,499 — 128 Preferred stock 23,599 23,599 — — Total equity securities 1,784,226 1,784,098 — 128 Options 220,190 — — 220,190 Mortgage loans on real estate 4,811,006 — 4,811,006 — Policy loans 377,103 — — 377,103 Short-term investments 658,765 — 658,765 — Separate account assets 969,764 — 969,764 — Total financial assets $ 22,740,715 $ 1,784,098 $ 20,356,251 $ 600,366 Financial liabilities Investment contracts $ 8,990,771 $ — $ — $ 8,990,771 Embedded derivative liability for equity-indexed contracts 512,526 — — 512,526 Notes payable 137,458 — — 137,458 Separate account liabilities 969,764 — 969,764 — Total financial liabilities $ 10,610,519 $ — $ 969,764 $ 9,640,755 Fair Value Measurement as of December 31, 2016 Total Fair Value Level 1 Level 2 Level 3 Financial assets Fixed maturity securities, bonds held-to-maturity U.S. states and political subdivisions $ 319,082 $ — $ 319,082 $ — Foreign governments 4,716 — 4,716 — Corporate debt securities 6,925,978 — 6,875,015 50,963 Residential mortgage-backed securities 242,685 — 241,779 906 Collateralized debt securities 1,354 — — 1,354 Other debt securities 2,877 — — 2,877 Total bonds held-to-maturity 7,496,692 — 7,440,592 56,100 Fixed maturity securities, bonds available-for-sale U.S. treasury and government 25,640 — 25,640 — U.S. states and political subdivisions 960,223 — 957,748 2,475 Foreign governments 6,567 — 6,567 — Corporate debt securities 4,780,763 — 4,773,516 7,247 Residential mortgage-backed securities 20,513 — 17,909 2,604 Collateralized debt securities 6,392 — 4,454 1,938 Other debt securities 3,178 — 3,178 — Total bonds available-for-sale 5,803,276 — 5,789,012 14,264 Equity securities Common stock 1,518,515 1,518,515 — — Preferred stock 23,161 23,161 — — Total equity securities 1,541,676 1,541,676 — — Options 156,479 — — 156,479 Mortgage loans on real estate 4,435,530 — 4,435,530 — Policy loans 384,376 — — 384,376 Short-term investments 192,226 — 192,226 — Separate account assets 941,612 — 941,612 — Total financial assets $ 20,951,867 $ 1,541,676 $ 18,798,972 $ 611,219 Financial liabilities Investment contracts $ 8,785,412 $ — $ — $ 8,785,412 Embedded derivative liability for equity-indexed contracts 314,330 — — 314,330 Notes payable 136,080 — — 136,080 Separate account liabilities 941,612 — 941,612 — Total financial liabilities $ 10,177,434 $ — $ 941,612 $ 9,235,822 |
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 Equity-Indexed Embedded Securities Options Derivative Balance at December 31, 2014 $ 64,433 $ 189,449 $ 208,187 Total realized and unrealized investment gains included in other comprehensive income 427 — — Net fair value change included in realized gains (losses) — — — Net loss for derivatives included in net investment income — (13,889 ) — Net change included in interest credited — — (6,439 ) Purchases, sales and settlements or maturities Purchases — 22,369 — Sales (2 ) (55,279 ) — Settlements or maturities (479 ) (19,643 ) — Premiums less benefits — — 40,664 Gross transfers into Level 3 10,228 — — Gross transfers out of Level 3 (54,477 ) — — Balance at December 31, 2015 $ 20,130 $ 123,007 $ 242,412 Total realized and unrealized investment gains included in other comprehensive income 481 — — Net fair value change included in realized gains (losses) — — — Net gain for derivatives included in net investment income — 28,400 — Net change included in interest credited — — 25,239 Purchases, sales and settlements or maturities Purchases — 27,961 — Sales — — — Settlements or maturities (425 ) (22,889 ) — Premiums less benefits — — 46,679 Gross transfers into Level 3 908 — — Gross transfers out of Level 3 (6,830 ) — — 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 fair value change included in realized gains (losses) — — — 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 |
Deferred Policy Acquisition C41
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs | Deferred policy acquisition costs are shown below (in thousands): Life Annuity Accident Property & Casualty Total Balance at December 31, 2014 $ 711,469 $ 382,441 $ 47,784 $ 111,850 $ 1,253,544 Additions 108,615 64,724 20,249 236,785 430,373 Amortization (77,567 ) (81,793 ) (23,643 ) (235,585 ) (418,588 ) Effect of change in unrealized gains on available-for-sale 13,506 45,834 — — 59,340 Net change 44,554 28,765 (3,394 ) 1,200 71,125 Balance at December 31, 2015 756,023 411,206 44,390 113,050 1,324,669 Additions 108,825 77,161 11,203 263,024 460,213 Amortization (112,712 ) (71,381 ) (14,973 ) (262,299 ) (461,365 ) Effect of change in unrealized gains on available-for-sale (6,296 ) (22,778 ) — — (29,074 ) Net change (10,183 ) (16,998 ) (3,770 ) 725 (30,226 ) 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 (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 |
Liability for Unpaid Claims a42
Liability for Unpaid Claims and Claim Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Unpaid claims balance, beginning $ 1,140,723 $ 1,104,302 $ 1,132,394 Less reinsurance recoverables 216,903 217,337 245,906 Net beginning balance 923,820 886,965 886,488 Incurred related to Current 1,097,730 1,055,796 950,228 Prior years (77,296 ) (36,788 ) (22,830 ) Total incurred claims 1,020,434 1,019,008 927,398 Paid claims related to Current 661,662 654,175 580,476 Prior years 320,798 327,978 346,445 Total paid claims 982,460 982,153 926,921 Net balance 961,794 923,820 886,965 Plus reinsurance recoverables 237,439 216,903 217,337 Unpaid claims balance, ending $ 1,199,233 $ 1,140,723 $ 1,104,302 |
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, 2017 Net outstanding liabilities Auto Liability $ 393,537 Non-Auto 271,601 Commercial Multi-Peril 84,629 Homeowners 66,677 Short Tail Property 27,930 Credit 19,733 Health 27,021 Other 2,429 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 893,557 Reinsurance recoverable on unpaid claims Auto Liability 12,289 Non-Auto 39,245 Commercial Multi-Peril 5,648 Homeowners 2,395 Short Tail Property 16,294 Credit 13,415 Health 144,326 Other 4,612 Total reinsurance recoverable on unpaid claims 238,224 Insurance lines other than short-duration 211,138 Unallocated claims adjustment expenses 47,642 258,780 Total gross liability for unpaid claims and claim adjustment expense $ 1,390,561 |
Summary of Incurred and Paid Claims Development as Supplementary Information | The information about incurred and paid claims development for the years ended December 31, 2008, to 2016, is presented as supplementary information. Auto Liability Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 280,131 $ 271,759 $ 261,683 $ 261,555 $ 260,015 $ 257,097 $ 257,915 $ 256,158 $ 255,600 $ 255,305 $ 83 47,791 2009 299,753 273,551 263,269 258,749 260,029 258,200 257,678 256,586 256,407 104 47,066 2010 288,166 270,935 266,223 265,949 264,104 263,040 261,930 261,092 294 47,089 2011 263,411 250,659 248,865 244,519 244,436 242,619 241,711 780 47,063 2012 251,593 242,255 231,312 228,013 229,426 228,559 1,437 44,635 2013 242,364 236,432 233,068 231,301 228,285 3,028 38,698 2014 232,146 223,386 217,819 215,419 6,136 35,933 2015 237,578 240,697 239,421 15,753 35,921 2016 259,177 256,080 34,429 36,576 2017 269,803 77,883 35,735 Total $ 2,452,082 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 92,395 $ 163,228 $ 203,708 $ 228,898 $ 244,749 $ 249,953 $ 251,924 $ 253,145 $ 255,118 $ 255,123 2009 95,847 166,441 203,869 228,650 242,768 250,681 253,417 254,988 255,308 2010 92,589 164,298 208,531 237,540 250,647 257,021 259,173 259,966 2011 93,245 161,387 197,326 217,640 230,585 236,187 238,510 2012 82,531 150,323 183,448 204,980 214,467 219,170 2013 79,358 143,709 181,535 204,480 215,280 2014 72,838 134,376 166,947 187,375 2015 78,861 149,366 186,281 2016 86,492 153,911 2017 88,357 Total $ 2,059,281 All outstanding liabilities before 2008, net of reinsurance* 736 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 393,537 * Unaudited supplemental information Non-Auto Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Cumulative Number of Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 85,367 $ 85,384 $ 77,798 $ 72,492 $ 71,969 $ 73,436 $ 74,114 $ 73,912 $ 74,684 $ 73,555 $ 1,590 18,387 2009 83,773 75,857 70,905 72,267 72,490 72,077 71,003 71,517 69,099 1,580 13,269 2010 91,191 85,498 83,724 82,287 82,145 82,087 80,920 78,279 2,251 7,808 2011 86,409 76,038 75,390 74,372 73,647 71,423 68,248 2,917 5,648 2012 83,146 80,470 78,644 75,226 68,017 63,630 3,358 4,775 2013 74,183 75,815 70,772 67,841 65,096 5,358 4,424 2014 83,084 75,550 72,624 67,339 6,639 5,873 2015 83,897 78,968 76,724 21,080 5,267 2016 86,935 83,179 36,767 3,802 2017 102,616 53,282 3,219 Total $ 747,765 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 18,852 $ 34,624 $ 43,206 $ 51,077 $ 58,043 $ 62,087 $ 64,840 $ 66,629 $ 67,329 $ 67,901 2009 15,389 28,725 41,424 49,895 55,391 61,277 63,039 64,755 65,441 2010 16,473 31,819 46,746 57,354 65,557 69,091 70,369 71,509 2011 13,848 31,943 41,814 52,003 56,791 60,706 62,414 2012 13,862 27,574 38,826 49,585 55,194 57,863 2013 12,794 22,743 32,474 42,504 47,987 2014 11,201 26,587 36,220 45,206 2015 11,979 23,488 37,059 2016 12,733 24,633 2017 14,865 Total $ 494,878 All outstanding liabilities before 2008, net of reinsurance* 18,714 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 271,601 * Unaudited supplemental information Commercial Multi-Peril Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 40,640 $ 39,231 $ 37,105 $ 37,825 $ 37,034 $ 35,594 $ 36,141 $ 37,605 $ 37,298 $ 36,261 $ 2 3,837 2009 41,027 38,666 36,610 35,354 34,884 34,381 34,529 34,079 33,515 84 3,512 2010 41,116 37,736 40,243 37,520 35,914 37,839 37,215 36,367 873 3,587 2011 42,185 40,825 39,037 38,160 38,456 36,945 37,014 824 3,559 2012 35,169 28,548 26,805 23,258 23,385 23,090 996 2,713 2013 33,979 27,592 27,867 26,970 25,948 1,237 2,211 2014 36,852 31,220 34,911 33,962 1,970 2,277 2015 33,997 31,488 29,023 3,968 2,138 2016 38,115 33,475 12,673 4,283 2017 42,411 22,637 4,611 Total $ 331,066 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 10,083 $ 17,357 $ 20,638 $ 25,415 $ 29,900 $ 32,187 $ 34,321 $ 34,847 $ 35,270 $ 36,099 2009 11,101 17,248 21,660 25,779 30,272 32,150 32,623 32,842 32,977 2010 12,511 17,490 22,135 27,152 31,378 33,384 34,888 34,764 2011 13,092 18,390 22,616 28,291 30,458 32,692 34,177 2012 11,525 14,454 16,263 18,670 20,716 21,026 2013 9,374 12,723 15,426 18,406 20,816 2014 12,001 16,484 20,199 24,602 2015 9,820 12,956 16,402 2016 11,327 17,193 2017 12,458 Total $ 250,514 All outstanding liabilities before 2008, net of reinsurance* 4,077 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 84,629 * Unaudited supplemental information Homeowners Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 191,926 $ 198,128 $ 198,351 $ 198,578 $ 197,066 $ 196,987 $ 196,777 $ 197,210 $ 197,004 $ 196,884 $ 1 42,651 2009 183,437 178,420 179,249 177,534 177,798 177,989 178,372 178,073 178,008 76 31,488 2010 206,606 200,318 198,111 198,029 197,443 197,675 197,465 197,067 122 37,067 2011 203,301 200,356 198,757 197,581 197,381 197,451 197,239 190 38,752 2012 181,284 177,664 175,523 175,509 175,178 175,032 323 30,979 2013 152,208 149,080 149,272 148,231 147,927 370 20,029 2014 132,651 131,634 130,287 131,546 405 18,140 2015 125,430 124,199 123,619 875 17,687 2016 147,264 145,373 1,433 21,310 2017 164,284 7,590 21,843 Total $ 1,656,979 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2008* 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017 2008 $ 148,526 $ 189,694 $ 193,653 $ 195,290 $ 195,936 $ 196,132 $ 196,358 $ 196,546 $ 196,896 $ 196,875 2009 142,781 170,372 173,985 175,220 176,588 176,985 177,428 177,615 177,670 2010 149,755 189,046 193,006 195,365 195,714 196,281 196,419 196,504 2011 160,625 190,946 194,237 195,327 196,575 196,628 196,717 2012 143,797 169,415 171,842 173,170 173,676 174,139 2013 115,605 140,309 145,152 146,650 146,920 2014 96,300 122,601 126,245 129,467 2015 86,617 114,696 119,331 2016 105,415 136,796 2017 116,075 Total $ 1,590,494 All outstanding liabilities before 2008, net of reinsurance* 192 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 66,677 * Unaudited supplemental information Short Tail Property Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Development Cumulative Number of Reported Claims Accident Year 2016* 2017 2016 $ 215,492 $ 215,702 $ 255 65,161 2017 — 229,284 (4,291 ) 79,441 Total $ 444,986 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2016* 2017 2016 $192,325 $ 213,047 2017 — 205,245 Total $ 418,292 All outstanding liabilities before 2016, net of reinsurance* 1,236 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 27,930 * Unaudited supplemental information Credit Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Cumulative Number of Reported Claims Accident Year 2016* 2017 2016 $ 75,841 $ 75,841 $ — 51,202 2017 — 93,571 8,936 55,414 Total $ 169,412 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2016* 2017 2016 $ 59,765 $ 75,841 2017 — 73,838 Total $ 149,679 All outstanding liabilities before 2016, net of reinsurance* — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 19,733 * Unaudited supplemental information Accident and Health Reserving Methodology 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 period-to-date 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. 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. Accident and Health Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 For the Years Ended December 31, IBNR Plus Expected Cumulative Number of Reported Claims Accident Year 2013* 2014* 2015* 2016* 2017 2013 $ 40,970 $ 51,725 $ 46,940 $ 46,995 $ 47,164 $ 3 42,316 2014 — 38,102 67,545 62,802 62,906 2 35,328 2015 — — 34,069 45,167 41,513 27 32,510 2016 — — — 36,198 41,236 4,231 28,652 2017 — — — — 41,544 15,378 28,703 Total $ 234,363 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2013* 2014* 2015* 2016* 2017 2013 $ 28,071 $ 46,780 $ 46,860 $ 46,939 $ 47,122 2014 — 25,436 62,632 62,678 62,819 2015 — — 23,574 41,491 41,436 2016 — — — 24,357 37,040 2017 — — — — 25,358 Total $ 213,775 All outstanding liabilities before 2013, net of reinsurance* 6,433 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 27,021 * Unaudited supplemental information |
Summary of Average Annual Percentage Payout Incurred Claims | The following table is supplementary information. 10 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 35.2 % 28.1 % 15.5 % 9.7 % 5.2 % 2.4 % 0.9 % 0.5 % 0.4 % 2.1 % Non-Auto 19.3 % 19.5 % 16.0 % 13.9 % 8.7 % 5.7 % 2.6 % 2.1 % 0.9 % 11.3 % Homeowners 76.0 % 18.6 % 2.4 % 1.1 % 0.4 % 0.2 % 0.1 % 0.1 % 0.1 % 1.0 % Commercial Multi-Peril 34.9 % 14.8 % 10.9 % 12.8 % 10.2 % 5.0 % 3.9 % 0.6 % 0.8 % 6.1 % Short Tail Property 89.3 % 10.7 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % Credit 78.9 % 21.1 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Effect of Reinsurance | Information regarding the effect of reinsurance is shown below (in thousands): Years ended December 31, 2017 2016 2015 Direct premiums $ 2,341,088 $ 2,246,595 $ 2,069,434 Reinsurance premiums assumed from other companies 227,053 194,910 188,368 Reinsurance premiums ceded to other companies (500,939 ) (444,857 ) (419,283 ) Net premiums $ 2,067,202 $ 1,996,648 $ 1,838,519 |
Life Insurance In-Force and Related Reinsurance | Life insurance in-force December 31, 2017 2016 2015 Direct life insurance in-force $ 102,843,372 $ 95,439,425 $ 90,194,532 Reinsurance risks assumed from other companies 257,552 181,655 120 Reinsurance risks ceded to other companies (29,646,646 ) (29,980,485 ) (29,891,183 ) Net life insurance in-force $ 73,454,278 $ 65,640,595 $ 60,303,469 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Amount Rate Amount Rate Amount Rate Income tax expense before tax on equity in earnings of unconsolidated affiliates $ 108,240 27.3 % $ 69,712 27.2 % $ 94,041 27.2 % Tax on equity in earnings of unconsolidated affiliates 30,336 7.7 20,020 7.8 27,093 7.8 Total expected income tax expense at the statutory rate 138,576 35.0 89,732 35.0 121,134 35.0 Tax-exempt (6,887 ) (1.7 ) (7,834 ) (3.1 ) (7,589 ) (2.2 ) Deferred tax change (including Tax Reform) (217,622 ) (55.0 ) 6,699 2.6 — — Dividend exclusion (8,701 ) (2.2 ) (8,490 ) (3.3 ) (8,183 ) (2.4 ) Miscellaneous tax credits, net (9,524 ) (2.4 ) (9,993 ) (3.9 ) (9,103 ) (2.6 ) Low income housing tax credit expense 5,263 1.3 4,795 1.9 4,862 1.4 Other items, net 1,905 0.5 (3,885 ) (1.5 ) 2,599 0.8 Provision for federal income tax before interest expense (96,990 ) (24.5 ) 71,024 27.7 103,720 30.0 Interest expense (benefit) (2,686 ) (0.7 ) 2,686 1.1 — — Total $ (99,676 ) (25.2 )% $ 73,710 28.8 % $ 103,720 30.0 % |
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, 2017 2016 DEFERRED TAX ASSETS Invested assets, principally due to impairment losses $ 23,570 $ 41,982 Investment in real estate and other invested assets, principally due to investment valuation allowances 8,547 10,028 Policyholder funds, principally due to policy reserve discount 90,480 159,351 Policyholder funds, principally due to unearned premium reserve 23,001 35,207 Participating policyholders’ surplus 34,538 54,023 Pension 26,274 57,388 Commissions and other expenses 3,796 6,563 Other assets 15,745 37,250 Tax carryforwards 60 278 Gross deferred tax assets 226,011 402,070 DEFERRED TAX LIABILITIES Marketable securities, principally due to net unrealized gains 253,526 329,464 Investment in bonds, principally due to differences between GAAP and tax basis 12,547 20,875 Deferred policy acquisition costs, due to difference between GAAP and tax amortization methods 220,809 342,888 Property, plant and equipment, principally due to difference between GAAP and tax depreciation methods 19,203 27,490 Other liabilities 36,296 48,840 Gross deferred tax liabilities 542,381 769,557 Total net deferred tax liability $ 316,370 $ 367,487 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Components of 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 Foreign AOCI Balance at December 31, 2014 $ 568,151 $ (76,074 ) $ (1,295 ) $ 490,782 Amounts reclassified from AOCI (net of tax benefit $12,845 and expense $3,429) (23,856 ) 6,368 — (17,488 ) Unrealized holding losses arising during the period (net of tax benefit $72,711) (135,035 ) — — (135,035 ) Unrealized adjustment to DAC (net of tax expense $20,786) 38,554 — — 38,554 Unrealized losses on investments attributable to participating policyholders’ interest (net of tax expense $3,026) 5,620 — — 5,620 Actuarial loss arising during the period (net of tax benefit of $15,175) — (28,183 ) — (28,183 ) Foreign currency adjustment (net of tax benefit $878) — — (1,630 ) (1,630 ) Balance at December 31, 2015 453,434 (97,889 ) (2,925 ) 352,620 Amounts reclassified from AOCI (net of tax benefit $7,705 and expense $4,438) (14,308 ) 8,242 — (6,066 ) Unrealized holding gains arising during the period (net of tax expense $71,859) 133,451 — — 133,451 Unrealized adjustment to DAC (net of tax benefit $10,318) (18,756 ) — — (18,756 ) Unrealized gains on investments attributable to participating policyholders’ interest (net of tax benefit $3,599) (6,683 ) — — (6,683 ) Actuarial gain arising during the period (net of tax expense of $562) — 1,044 — 1,044 Foreign currency adjustment (net of tax expense $156) — — 289 289 Balance at December 31, 2016 547,138 (88,603 ) (2,636 ) 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 $ 716,878 $ (72,772 ) $ (1,890 ) $ 642,216 |
Stockholders' Equity and Nonc46
Stockholders' Equity and Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Common Stock, Amounts Outstanding | The amounts outstanding at the dates indicated are shown below: Years ended December 31, 2017 2016 2015 Common stock Shares issued 30,832,449 30,832,449 30,832,449 Treasury shares (3,900,565 ) (3,917,933 ) (3,937,993 ) Outstanding shares 26,931,884 26,914,516 26,894,456 Restricted shares (74,000 ) (76,000 ) (76,000 ) Unrestricted outstanding shares 26,857,884 26,838,516 26,818,456 |
Stock-Based Compensation Information | SAR, RS and RSU information for the periods indicated are shown below: SAR RS Shares RS Units Shares Weighted-Average Fair Value Shares Weighted-Average Fair Value Units Weighted-Average Fair Value Outstanding at December 31, 2014 54,930 $ 114.86 142,667 $ 107.39 128,214 $ 95.82 Granted — — — — 83,093 104.75 Exercised (116 ) 73.97 (66,667 ) 103.58 (75,119 ) 91.35 Forfeited — — — — (463 ) 105.30 Expired (16,722 ) 114.42 — — — — Outstanding at December 31, 2015 38,092 115.18 76,000 110.73 135,725 103.73 Granted — — — — 36,849 103.58 Exercised (15,375 ) 114.07 — — (66,581 ) 100.06 Forfeited — — — — (5,548 ) 106.10 Expired (16,564 ) 116.88 — — — — 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 SAR RS Shares RS Units Weighted-average contractual remaining life (in years) 0.54 3.36 0.75 Exercisable shares 2,586 N/A N/A Weighted-average exercise price $ 106.70 $ 130.52 $ 108.90 Weighted-average exercise price exercisable shares 106.70 N/A N/A Compensation expense (credit) Year ended December 31, 2017 $ (15,000 ) $ 823,000 $ 3,227,000 Year ended December 31, 2016 179,000 843,000 6,539,000 Year ended December 31, 2015 (72,000 ) 1,147,000 6,635,000 Fair value of liability award December 31, 2017 $ 63,000 N/A $ 6,376,000 December 31, 2016 (revised) 213,000 N/A 13,197,000 |
Summary of Basic and Diluted Earnings Per Share | Diluted earnings per share include RS and RSU award shares. Years ended December 31, 2017 2016 2015 Weighted average shares outstanding 26,896,926 26,908,570 26,876,522 Incremental shares from RS awards and RSUs 63,769 58,502 73,544 Total shares for diluted calculations 26,960,695 26,967,072 26,950,066 Net income attributable to American National (in thousands)* $ 493,651 $ 181,003 $ 242,988 Basic earnings per share* $ 18.35 $ 6.73 $ 9.04 Diluted earnings per share* 18.31 6.71 9.02 |
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, 2017 2016 Statutory capital and surplus Life insurance entities $ 2,141,573 $ 1,921,171 Property and casualty insurance entities 1,162,761 1,074,525 Years ended December 31, 2017 2016 2015 Statutory net income Life insurance entities $ 46,820 $ 82,101 $ 136,170 Property and casualty insurance entities 72,267 48,378 71,823 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Results of Operations Measured as Income Before Federal Income Taxes and Equity in Earnings of Unconsolidated Affiliates by Operating Segments | The following summarizes the results of operations measured as the income before federal income taxes, and equity in earnings of unconsolidated affiliates by operating segments (in thousands): Year ended December 31, 2017 2016 2015 Life $ 43,968 $ 28,116 $ 33,453 Annuity 81,544 75,619 59,955 Health 12,556 1,312 1,925 Property and Casualty 58,548 34,554 68,990 Corporate and Other 112,641 59,576 104,365 Total $ 309,257 $ 199,177 $ 268,688 |
Summary of Total Assets by Operating Segments | The following summarizes total assets by operating segments (in thousands): Years ended December 31, 2017 2016 2015 Total Assets Life $ 6,101,458 $ 5,921,208 $ 5,718,553 Annuity 12,345,215 11,310,936 10,888,447 Health 468,947 472,369 463,600 Property and Casualty 2,189,515 2,046,303 2,040,102 Corporate and other 5,281,629 4,782,406 4,655,854 Total $ 26,386,764 $ 24,533,222 $ 23,766,556 |
Pension and Postretirement Be48
Pension and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Amounts Recognized in Consolidated Statements of Financial Position | Amounts recognized in the consolidated statements of financial position consist of (in thousands): 2017 2016 Reconciliation of benefit obligation Obligation at January 1, $ 513,532 $ 524,143 Service cost 63 59 Interest cost on projected benefit obligation 18,772 20,690 Actuarial loss 27,072 3,684 Benefits paid (68,601 ) (35,044 ) Obligation at December 31, 490,838 513,532 Reconciliation of fair value of plan assets Fair value of plan assets at January 1, 367,233 322,563 Actual return on plan assets 46,858 27,305 Employer contributions 37,234 52,409 Benefits paid (68,601 ) (35,044 ) Fair value of plan assets at December 31, 382,724 367,233 Funded status at December 31, $ (108,114 ) $ (146,299 ) |
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, 2017 2016 2015 Service cost $ 63 $ 59 $ 97 Interest cost 18,772 20,690 18,721 Expected return on plan assets (23,579 ) (22,013 ) (20,856 ) Amortization of net actuarial loss 23,832 12,680 9,797 Net periodic benefit cost $ 19,088 $ 11,416 $ 7,759 |
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 OCI are shown below (in thousands): Years ended December 31, 2017 2016 2015 Actuarial gain (loss) $ 20,040 $ 14,286 $ (33,562 ) Deferred tax (expense) benefit (4,209 ) (5,000 ) 11,747 Other comprehensive income (loss), net of tax $ 15,831 $ 9,286 $ (21,815 ) |
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, 2017 2016 Net actuarial loss $ (116,272 ) $ (136,312 ) Deferred tax benefit 43,500 47,709 Amounts included in AOCI $ (72,772 ) $ (88,603 ) |
Weighted Average Assumptions Used in Measurement of Benefit Obligation | The weighted average assumptions used are shown below: Used for Net Benefit Cost in Fiscal Year 1/1/2017 to 12/31/2017 Used for Benefit Obligations as of 12/31/2017 Discount rate 3.92 % 3.46 % Long-term rate of return 7.42 7.38 |
Pension Benefit Payments Expected to be Paid | The following table shows pension benefit payments, expected to be paid (in thousands). 2018 $ 37,619 2019 36,507 2020 40,022 2021 37,969 2022 37,345 2023-2027 151,974 |
Fair Values of Plan Assets by Asset Category | The fair values of the pension plan assets by asset category are shown below (in thousands): December 31, 2017 Total Level 1 Level 2 Level 3 Asset Category Corporate debt securities $ 93,051 $ — $ 93,051 $ Residential mortgage-backed securities 1,119 — 1,119 — Mutual fund 9,513 9,513 — — Equity securities by sector Consumer goods 55,411 55,411 — — Energy and utilities 26,693 26,693 — — Finance 58,008 58,008 — — Healthcare 30,214 30,214 — — Industrials 20,141 20,141 — — Information technology 46,520 46,520 — — Other 31,545 31,545 — — Commercial paper 7,152 — 7,152 — Unallocated group annuity contract 1,280 — 1,280 — Other 2,077 1,991 86 — Total $ 382,724 $ 280,036 $ 102,688 $ — December 31, 2016 Total Level 1 Level 2 Level 3 Asset Category U.S. states and political subdivision securities $ 1,952 $ — $ 1,952 $ — Corporate debt securities 58,462 — 58,462 Residential mortgage-backed securities 616 — 616 — Mutual fund 9,405 9,405 — — Equity securities by sector Consumer goods 53,252 53,252 — — Energy and utilities 28,602 28,602 — — Finance 51,842 51,842 — — Healthcare 27,501 27,501 — — Industrials 17,035 17,035 — — Information technology 33,992 33,992 — — Other 30,042 30,042 — — Commercial paper 49,111 — 49,111 — Unallocated group annuity contract 4,742 — 4,742 — Other 679 592 87 — Total $ 367,233 $ 252,263 $ 114,970 $ — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 2017 2016 Gal-Tex Mortgage loan on real estate $ 1,533 $ 1,426 $ 2,223 $ 3,756 Gal-Tex Net investment income 222 329 13 23 Greer, Herz & Adams, LLP Other operating expenses 10,181 9,315 (386 ) (283 ) |
Selected Quarterly Financial 50
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | The unaudited selected quarterly financial data is shown below (in thousands, except per share data): Three months ended March 31, June 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Total premiums and other revenues $ 779,797 $ 764,970 $ 834,093 $ 800,448 $ 872,750 $ 823,142 $ 924,360 $ 839,391 Total benefits, losses and expenses 737,034 741,462 800,192 760,168 782,183 775,420 782,334 751,724 Income before federal income tax and equity in earnings of unconsolidated affiliates 42,763 23,508 33,901 40,280 90,567 47,722 142,026 87,667 Total provision (benefit) for federal income taxes* 13,072 (4,070 ) 10,515 9,890 36,351 22,590 (159,614 ) 45,300 Equity in earnings of unconsolidated affiliates 9,500 937 12,313 1,798 22,387 36,530 42,474 17,935 Net income* 39,191 28,515 35,699 32,188 76,603 61,662 344,114 60,302 Net income (loss) attributable to noncontrolling interest (649 ) (801 ) (260 ) (437 ) 3,334 2,373 (469 ) 529 Net income attributable to American National* 39,840 29,316 35,959 32,625 73,269 59,289 344,583 59,773 Earnings per share attributable to American National * Basic 1.48 1.09 1.34 1.21 2.72 2.20 12.81 2.23 Diluted 1.48 1.09 1.33 1.21 2.72 2.20 12.78 2.21 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | Dec. 31, 2017State |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states | 50 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies and Practices - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Schedule Of Significant Accounting Policies [Line Items] | |
Interest due on loan | 90 days |
Number of years property held for sale | 1 year |
Delinquent coupon payments | $ 0 |
Percentage of participating policy of life insurance in-force | 5.50% |
Percentage of participating policy of life premium | 17.10% |
Largest amount of tax benefit | 50.00% |
Farm Family Life [Member] | |
Schedule Of Significant Accounting Policies [Line Items] | |
Percentage of participating insurance policy | 76.10% |
Percentage of profit on participating business, stockholders' share of profits | 10.00% |
Share of profit on participating business, face amount of participating life insurance in-force | $ 0.5 |
Minimum [Member] | |
Schedule Of Significant Accounting Policies [Line Items] | |
Estimated useful life of real estate investment | 15 years |
Estimated useful lives | 3 years |
Maximum [Member] | |
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 Pr53
Recently Issued Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 |
Subsequent Event [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative unrealized gains and losses reclassified from accumulated other comprehensive income to retained earnings | $ 811 | |
Investment Securities [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net investment income from change in unrealized investment gains (losses) on securities | $ 217 |
Investment in Securities - Inve
Investment in Securities - Investments in Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | $ 7,552,959 | $ 7,251,385 |
Held-to-maturity securities, Gross Unrealized Gains | 240,713 | 285,315 |
Held-to-maturity securities, Gross Unrealized (Losses) | (19,319) | (40,008) |
Held-to-maturity securities, Fair Value | 7,774,353 | 7,496,692 |
Available-for-sale debt securities, Cost or Amortized Cost | 5,957,901 | 5,668,984 |
Available-for-sale debt securities, Gross Unrealized Gains | 204,803 | 172,135 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (17,396) | (37,843) |
Available-for-sale debt securities, Fair Value | 6,145,308 | 5,803,276 |
Available-for-sale equity securities, Cost or Amortized Cost | 757,583 | 732,433 |
Available-for-sale equity securities, Gross Unrealized Gains | 1,033,809 | 814,500 |
Available-for-sale equity securities, Gross Unrealized (Losses) | (7,166) | (5,257) |
Available-for-sale equity securities, Fair Value | 1,784,226 | 1,541,676 |
Investments in securities, Cost or Amortized cost | 14,268,443 | 13,652,802 |
Investments in securities, Gross Unrealized Gains | 1,479,325 | 1,271,950 |
Investments in securities, Gross Unrealized (Losses) | (43,881) | (83,108) |
Investments in securities, Fair Value | 15,703,887 | 14,841,644 |
Foreign Governments [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 4,011 | 4,057 |
Held-to-maturity securities, Gross Unrealized Gains | 582 | 659 |
Held-to-maturity securities, Fair Value | 4,593 | 4,716 |
Available-for-sale debt securities, Cost or Amortized Cost | 5,000 | 5,000 |
Available-for-sale debt securities, Gross Unrealized Gains | 1,460 | 1,567 |
Available-for-sale debt securities, Fair Value | 6,460 | 6,567 |
Corporate Debt Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 7,032,464 | 6,711,508 |
Held-to-maturity securities, Gross Unrealized Gains | 217,883 | 253,191 |
Held-to-maturity securities, Gross Unrealized (Losses) | (18,020) | (38,721) |
Held-to-maturity securities, Fair Value | 7,232,327 | 6,925,978 |
Available-for-sale debt securities, Cost or Amortized Cost | 5,038,908 | 4,666,096 |
Available-for-sale debt securities, Gross Unrealized Gains | 170,112 | 145,716 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (16,093) | (31,049) |
Available-for-sale debt securities, Fair Value | 5,192,927 | 4,780,763 |
Preferred Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale equity securities, Cost or Amortized Cost | 19,130 | 19,334 |
Available-for-sale equity securities, Gross Unrealized Gains | 4,469 | 3,889 |
Available-for-sale equity securities, Gross Unrealized (Losses) | (62) | |
Available-for-sale equity securities, Fair Value | 23,599 | 23,161 |
Common Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale equity securities, Cost or Amortized Cost | 738,453 | 713,099 |
Available-for-sale equity securities, Gross Unrealized Gains | 1,029,340 | 810,611 |
Available-for-sale equity securities, Gross Unrealized (Losses) | (7,166) | (5,195) |
Available-for-sale equity securities, Fair Value | 1,760,627 | 1,518,515 |
U.S. Treasury and Government [Member] | ||
Investment [Line Items] | ||
Available-for-sale debt securities, Cost or Amortized Cost | 27,569 | 25,062 |
Available-for-sale debt securities, Gross Unrealized Gains | 475 | 594 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (146) | (16) |
Available-for-sale debt securities, Fair Value | 27,898 | 25,640 |
U.S. States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 266,966 | 301,994 |
Held-to-maturity securities, Gross Unrealized Gains | 12,466 | 17,190 |
Held-to-maturity securities, Gross Unrealized (Losses) | (37) | (102) |
Held-to-maturity securities, Fair Value | 279,395 | 319,082 |
Available-for-sale debt securities, Cost or Amortized Cost | 866,250 | 945,431 |
Available-for-sale debt securities, Gross Unrealized Gains | 31,621 | 21,170 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (824) | (6,378) |
Available-for-sale debt securities, Fair Value | 897,047 | 960,223 |
Residential Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 246,803 | 229,758 |
Held-to-maturity securities, Gross Unrealized Gains | 9,702 | 14,112 |
Held-to-maturity securities, Gross Unrealized (Losses) | (1,262) | (1,185) |
Held-to-maturity securities, Fair Value | 255,243 | 242,685 |
Available-for-sale debt securities, Cost or Amortized Cost | 15,009 | 18,588 |
Available-for-sale debt securities, Gross Unrealized Gains | 37 | 2,267 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (329) | (342) |
Available-for-sale debt securities, Fair Value | 14,717 | 20,513 |
Collateralized Debt Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 923 | 1,290 |
Held-to-maturity securities, Gross Unrealized Gains | 31 | 64 |
Held-to-maturity securities, Fair Value | 954 | 1,354 |
Available-for-sale debt securities, Cost or Amortized Cost | 3,171 | 5,574 |
Available-for-sale debt securities, Gross Unrealized Gains | 651 | 821 |
Available-for-sale debt securities, Gross Unrealized (Losses) | (4) | (3) |
Available-for-sale debt securities, Fair Value | 3,818 | 6,392 |
Other Debt Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Cost or Amortized Cost | 1,792 | 2,778 |
Held-to-maturity securities, Gross Unrealized Gains | 49 | 99 |
Held-to-maturity securities, Fair Value | 1,841 | 2,877 |
Available-for-sale debt securities, Cost or Amortized Cost | 1,994 | 3,233 |
Available-for-sale debt securities, Gross Unrealized Gains | 447 | |
Available-for-sale debt securities, Gross Unrealized (Losses) | (55) | |
Available-for-sale debt securities, Fair Value | $ 2,441 | $ 3,178 |
Investment in Securities - Matu
Investment in Securities - Maturities of Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | ||
Bonds Held-to-Maturity, Amortized Cost, Due in one year or less | $ 292,100 | |
Bonds Held-to-Maturity, Amortized Cost, Due after one year through five years | 4,041,005 | |
Bonds Held-to-Maturity, Amortized Cost, Due after five years through ten years | 2,688,600 | |
Bonds Held-to-Maturity, Amortized Cost, Due after ten years | 531,254 | |
Held-to-maturity securities, Cost or Amortized Cost | 7,552,959 | $ 7,251,385 |
Bonds Held-to-Maturity, Fair Value, Due in one year or less | 297,042 | |
Bonds Held-to-Maturity, Fair Value, Due after one year through five years | 4,181,608 | |
Bonds Held-to-Maturity, Fair Value, Due after five years through ten years | 2,749,530 | |
Bonds Held-to-Maturity, Fair Value, Due after ten years | 546,173 | |
Held-to-maturity securities, Fair Value | 7,774,353 | 7,496,692 |
Bonds Available-for-Sale, Amortized Cost, Due in one year or less | 179,704 | |
Bonds Available-for-Sale, Amortized Cost, Due after one year through five years | 1,933,459 | |
Bonds Available-for-Sale, Amortized Cost, Due after five years through ten years | 3,225,589 | |
Bonds Available-for-Sale, Amortized Cost, Due after ten years | 619,149 | |
Available-for-sale debt securities, Cost or Amortized Cost | 5,957,901 | 5,668,984 |
Bonds Available-for-Sale, Fair Value, Due in one year or less | 181,877 | |
Bonds Available-for-Sale, Fair Value, Due after one year through five years | 2,004,492 | |
Bonds Available-for-Sale, Fair Value, Due after five years through ten years | 3,324,570 | |
Bonds Available-for-Sale, Fair Value, Due after ten years | 634,369 | |
Available-for-sale debt securities, Fair Value | $ 6,145,308 | $ 5,803,276 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures [Abstract] | |||
Proceeds from sales of available-for-salesecurities | $ 161,223 | $ 138,665 | $ 86,793 |
Gross realized gains | 63,075 | 34,135 | 34,434 |
Gross realized losses | $ (6,406) | $ (7,775) | $ (592) |
Investment in Securities - Addi
Investment in Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Securities transferred from held-to-maturity to available-for-sale | $ 25,266,000 | $ 22,848,000 |
Unrealized loss, transferred securities | (6,000,000) | (723,000) |
Assets held by insurance regulators | 47,556,000 | 52,349,000 |
Carrying value of bonds pledged | $ 63,386,000 | $ 76,558,000 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Change in net unrealized gains (losses) on securities during the year | $ 270,515 | $ 183,297 | $ (244,447) |
Adjustments for | |||
Deferred policy acquisition costs | (2,083) | (29,074) | 59,340 |
Participating policyholders' interest | (7,086) | (10,282) | 8,646 |
Deferred federal income tax benefit (expense) | (91,606) | (50,237) | 61,744 |
Change in net unrealized gains (losses) on securities, net of tax | 169,740 | 93,704 | (114,717) |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in net unrealized gains (losses) on securities during the year | 53,115 | 78,207 | (171,006) |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Change in net unrealized gains (losses) on securities during the year | $ 217,400 | $ 105,090 | $ (73,441) |
Investment in Securities - Gros
Investment in Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | $ (8,806) | $ (18,770) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 1,002,645 | 1,013,053 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | (10,513) | (21,238) |
Bonds held-to-maturity, 12 months or more, Fair Value | 211,625 | 196,510 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (19,319) | (40,008) |
Bonds held-to-maturity, Total, Fair Value | 1,214,270 | 1,209,563 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (7,151) | (26,479) |
Available-for-sale securities, Less than 12 months, Fair Value | 620,150 | 1,225,595 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (10,245) | (11,364) |
Available-for-sale securities, 12 months or more, Fair Value | 192,968 | 130,834 |
Available-for-sale securities, Total, Unrealized (Losses) | (17,396) | (37,843) |
Available-for-sale securities, Total, Fair Value | 813,118 | 1,356,429 |
Investment in securities, Less than 12 months, Unrealized (Losses) | (23,123) | (50,506) |
Investment in securities, Less than 12 months, Fair Value | 1,683,186 | 2,296,040 |
Investment in securities, More than 12 months, Unrealized (Losses) | (20,758) | (32,602) |
Investment in securities, More than 12 months, Fair Value | 404,593 | 327,344 |
Investment in securities, Total, Unrealized (Losses) | (43,881) | (83,108) |
Investment in securities, Total, Fair Value | 2,087,779 | 2,623,384 |
Corporate Debt Securities [Member] | ||
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | (8,444) | (18,110) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 951,425 | 971,361 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | (9,576) | (20,611) |
Bonds held-to-maturity, 12 months or more, Fair Value | 192,737 | 186,262 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (18,020) | (38,721) |
Bonds held-to-maturity, Total, Fair Value | 1,144,162 | 1,157,623 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (6,657) | (19,828) |
Available-for-sale securities, Less than 12 months, Fair Value | 559,710 | 917,215 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (9,436) | (11,221) |
Available-for-sale securities, 12 months or more, Fair Value | 159,532 | 126,584 |
Available-for-sale securities, Total, Unrealized (Losses) | (16,093) | (31,049) |
Available-for-sale securities, Total, Fair Value | 719,242 | 1,043,799 |
Preferred Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (62) | |
Available-for-sale securities, Less than 12 months, Fair Value | 4,324 | |
Available-for-sale securities, Total, Unrealized (Losses) | (62) | |
Available-for-sale securities, Total, Fair Value | 4,324 | |
Common Stock [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (7,166) | (5,195) |
Available-for-sale securities, Less than 12 months, Fair Value | 60,391 | 53,068 |
Available-for-sale securities, Total, Unrealized (Losses) | (7,166) | (5,195) |
Available-for-sale securities, Total, Fair Value | 60,391 | 53,068 |
Equity Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (7,166) | (5,257) |
Available-for-sale securities, Less than 12 months, Fair Value | 60,391 | 57,392 |
Available-for-sale securities, Total, Unrealized (Losses) | (7,166) | (5,257) |
Available-for-sale securities, Total, Fair Value | 60,391 | 57,392 |
U.S. Treasury and Government [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (141) | (16) |
Available-for-sale securities, Less than 12 months, Fair Value | 20,352 | 10,640 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (5) | |
Available-for-sale securities, 12 months or more, Fair Value | 3,875 | |
Available-for-sale securities, Total, Unrealized (Losses) | (146) | (16) |
Available-for-sale securities, Total, Fair Value | 24,227 | 10,640 |
U.S. States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | (37) | (102) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 1,937 | 18,886 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (37) | (102) |
Bonds held-to-maturity, Total, Fair Value | 1,937 | 18,886 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (160) | (6,376) |
Available-for-sale securities, Less than 12 months, Fair Value | 27,669 | 282,141 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (664) | (2) |
Available-for-sale securities, 12 months or more, Fair Value | 28,010 | 122 |
Available-for-sale securities, Total, Unrealized (Losses) | (824) | (6,378) |
Available-for-sale securities, Total, Fair Value | 55,679 | 282,263 |
Residential Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Bonds held-to-maturity, Less than 12 months, Unrealized (Losses) | (325) | (558) |
Bonds held-to-maturity, Less than 12 months, Fair Value | 49,283 | 22,806 |
Bonds held-to-maturity, 12 months or more, Unrealized (Losses) | (937) | (627) |
Bonds held-to-maturity, 12 months or more, Fair Value | 18,888 | 10,248 |
Bonds held-to-maturity, Total, Unrealized (Losses) | (1,262) | (1,185) |
Bonds held-to-maturity, Total, Fair Value | 68,171 | 33,054 |
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (193) | (204) |
Available-for-sale securities, Less than 12 months, Fair Value | 12,419 | 12,420 |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (136) | (138) |
Available-for-sale securities, 12 months or more, Fair Value | 1,428 | 3,982 |
Available-for-sale securities, Total, Unrealized (Losses) | (329) | (342) |
Available-for-sale securities, Total, Fair Value | 13,847 | 16,402 |
Collateralized Debt Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Fair Value | 1 | |
Available-for-sale securities, 12 months or more, Unrealized (Losses) | (4) | (3) |
Available-for-sale securities, 12 months or more, Fair Value | 123 | 146 |
Available-for-sale securities, Total, Unrealized (Losses) | (4) | (3) |
Available-for-sale securities, Total, Fair Value | $ 123 | 147 |
Other Debt Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Less than 12 months, Unrealized (Losses) | (55) | |
Available-for-sale securities, Less than 12 months, Fair Value | 3,178 | |
Available-for-sale securities, Total, Unrealized (Losses) | (55) | |
Available-for-sale securities, Total, Fair Value | $ 3,178 |
Investment in Securities - Bond
Investment in Securities - Bond by Credit Quality Rating Distribution (Detail) - Bonds [Member] - Credit Risk Financial Instruments [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||
Amortized Cost | $ 13,510,860 | $ 12,920,369 |
Estimated Fair Value | $ 13,919,661 | $ 13,299,968 |
Portfolio of investment by credit quality | 100.00% | 100.00% |
AAA [Member] | ||
Concentration Risk [Line Items] | ||
Amortized Cost | $ 638,039 | $ 667,561 |
Estimated Fair Value | $ 664,396 | $ 691,296 |
Portfolio of investment by credit quality | 4.80% | 5.20% |
AA [Member] | ||
Concentration Risk [Line Items] | ||
Amortized Cost | $ 1,220,544 | $ 1,393,137 |
Estimated Fair Value | $ 1,264,282 | $ 1,440,667 |
Portfolio of investment by credit quality | 9.00% | 10.80% |
S&P A Rating [Member] | ||
Concentration Risk [Line Items] | ||
Amortized Cost | $ 4,856,802 | $ 4,538,471 |
Estimated Fair Value | $ 4,997,574 | $ 4,696,909 |
Portfolio of investment by credit quality | 35.90% | 35.30% |
S&P BBB Rating [Member] | ||
Concentration Risk [Line Items] | ||
Amortized Cost | $ 6,273,220 | $ 5,758,560 |
Estimated Fair Value | $ 6,480,719 | $ 5,931,112 |
Portfolio of investment by credit quality | 46.60% | 44.60% |
BB and Below [Member] | ||
Concentration Risk [Line Items] | ||
Amortized Cost | $ 522,255 | $ 562,640 |
Estimated Fair Value | $ 512,690 | $ 539,984 |
Portfolio of investment by credit quality | 3.70% | 4.10% |
Investment in Securities - Equi
Investment in Securities - Equity Securities by Market Sector Distribution (Detail) - Equity Securities [Member] - Credit Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 100.00% | 100.00% |
Consumer Goods [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 20.20% | 20.40% |
Energy and Utilities [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 8.60% | 11.10% |
Finance [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 21.90% | 22.10% |
Healthcare [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 11.80% | 12.70% |
Industrials [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 9.50% | 9.00% |
Information Technology [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 20.00% | 17.10% |
Other [Member] | ||
Concentration Risk [Line Items] | ||
Equity securities with market sector distribution | 8.00% | 7.60% |
Mortgage Loans - Distribution B
Mortgage Loans - Distribution Based on Carrying Amount of Mortgage Loans by Location (Detail) - Mortgage Loans On Real Estate Concentration Risk [Member] - Geographic Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||
Mortgage loans | 100.00% | 100.00% |
East North Central [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 15.40% | 16.20% |
East South Central [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 3.10% | 3.70% |
Mountain [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 14.00% | 10.60% |
Pacific [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 16.50% | 17.60% |
South Atlantic [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 14.10% | 15.10% |
West South Central [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 29.80% | 31.00% |
Other [Member] | ||
Concentration Risk [Line Items] | ||
Mortgage loans | 7.10% | 5.80% |
Mortgage Loans - Additional Inf
Mortgage Loans - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($)MortgageLoan | Dec. 31, 2016USD ($)MortgageLoan | |
Receivables [Abstract] | ||
Number of mortgage loan foreclosed | MortgageLoan | 1 | 0 |
Mortgage loans foreclosed | $ 2,285,000 | |
Mortgage loans foreclosure process | $ 17,263,000 | $ 1,940,000 |
Number of loans in foreclosure process | MortgageLoan | 4 | 1 |
Number of mortgage loans sold | MortgageLoan | 0 | 0 |
Loan sold with recorded investment | $ 0 | $ 0 |
Unamortized discounts | 0 | 233,000 |
Unamortized origination fees, mortgage loans | 32,766,000 | $ 33,019,000 |
Commitment to lend additional funds to debtors with modified loans as TDRs | 5,000 | |
Number of loans | 1 | |
Recorded investment | $ 4,610,000 |
Mortgage Loans - Age Analysis o
Mortgage Loans - Age Analysis of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 24,579 | $ 37,818 | |
Current | 4,744,286 | 4,322,718 | |
Gross loan receivable amount | 4,768,865 | 4,360,536 | |
Allowance for loan losses | $ (18,866) | $ (12,490) | $ (12,895) |
Total Loans Percent | 100.00% | 100.00% | |
Total, net of allowance | $ 4,749,999 | $ 4,348,046 | |
Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,985 | 2,300 | |
Current | 781,385 | 744,472 | |
Gross loan receivable amount | $ 786,370 | $ 746,772 | |
Total Loans Percent | 16.50% | 17.10% | |
Office [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 19,594 | $ 6,059 | |
Current | 1,764,151 | 1,541,880 | |
Gross loan receivable amount | $ 1,783,745 | $ 1,547,939 | |
Total Loans Percent | 37.40% | 35.50% | |
Retail [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 750,979 | $ 736,121 | |
Gross loan receivable amount | $ 750,979 | $ 736,121 | |
Total Loans Percent | 15.70% | 16.90% | |
Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 29,459 | ||
Current | $ 1,447,771 | 1,300,245 | |
Gross loan receivable amount | $ 1,447,771 | $ 1,329,704 | |
Total Loans Percent | 30.40% | 30.50% | |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 4,985 | $ 20,179 | |
30-59 Days Past Due [Member] | Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,985 | ||
30-59 Days Past Due [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 20,179 | ||
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 10,713 | 11,580 | |
60-89 Days Past Due [Member] | Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,300 | ||
60-89 Days Past Due [Member] | Office [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 10,713 | ||
60-89 Days Past Due [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 9,280 | ||
More Than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8,881 | 6,059 | |
More Than 90 Days [Member] | Office [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 8,881 | $ 6,059 |
Mortgage Loans - Change in Allo
Mortgage Loans - Change in Allowance for Credit Losses in Mortgage Loans (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Loans | Dec. 31, 2016USD ($)Loans | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for Credit Losses, Collectively Evaluated for Impairment, Number of Loans, Beginning Balance | Loans | 430 | 401 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Number of Loans, Change in recorded investment | Loans | 21 | 29 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Number of Loans, Ending Balance | Loans | 451 | 430 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Recorded Investment, Beginning Balance | $ 4,358,596 | $ 3,480,007 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Recorded Investment, Change in recorded investment | 403,719 | 878,589 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Recorded Investment, Ending Balance | 4,762,315 | 4,358,596 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Valuation Allowance, Beginning Balance | 11,488 | 10,716 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Valuation Allowance, Change in allowance | 4,553 | 772 |
Allowance for Credit Losses, Collectively Evaluated for Impairment, Valuation Allowance,, Ending Balance | $ 16,041 | $ 11,488 |
Allowance for Credit Losses, Individually Impaired, Number of Loans, Beginning Balance | Loans | 2 | 2 |
Allowance for Credit Losses, Individually Impaired, Number of Loans, Change in recorded investment | Loans | 1 | |
Allowance for Credit Losses, Individually Impaired, Number of Loans, Ending Balance | Loans | 3 | 2 |
Allowance for Credit Losses, Individually Impaired, Recorded Investment, Beginning Balance | $ 1,940 | $ 16,168 |
Allowance for Credit Losses, Individually Impaired, Recorded Investment, Change in recorded investment | 4,610 | (14,228) |
Allowance for Credit Losses, Individually Impaired, Recorded Investment, Ending Balance | 6,550 | 1,940 |
Allowance for Credit Losses, Individually Impaired, Valuation Allowance, Beginning Balance | 1,002 | 2,179 |
Allowance for Credit Losses, Individually Impaired, Valuation Allowance, Change in allowance | 1,823 | (1,177) |
Allowance for Credit Losses, Individually Impaired, Valuation Allowance, Ending Balance | $ 2,825 | $ 1,002 |
Allowance for Credit Losses, Number of Loans, Beginning Balance | Loans | 432 | 403 |
Allowance for Credit Losses, Number of Loans, Change in recorded investment | Loans | 22 | 29 |
Allowance for Credit Losses, Number of Loans, Ending Balance | Loans | 454 | 432 |
Allowance for Credit Losses, Recorded Investment, Beginning Balance | $ 4,360,536 | $ 3,496,175 |
Allowance for Credit Losses, Recorded Investment, Change in recorded investment | 408,329 | 864,361 |
Allowance for Credit Losses, Recorded Investment, Ending Balance | 4,768,865 | 4,360,536 |
Allowance for Credit Losses, Valuation Allowance, Beginning Balance | 12,490 | 12,895 |
Allowance for Credit Losses, Valuation Allowance, Change in allowance | 6,376 | (405) |
Allowance for Credit Losses, Valuation Allowance, Ending Balance | $ 18,866 | $ 12,490 |
Mortgage Loans - Schedule of Tr
Mortgage Loans - Schedule of Troubled Debt Restructuring Mortgage Loan Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Loans | Dec. 31, 2016USD ($)Loans | |
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loans | 7 | 3 |
Recorded investment pre-modification | $ 59,008 | $ 17,404 |
Recorded investment post modification | $ 59,008 | $ 17,404 |
Retail [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loans | 2 | |
Recorded investment pre-modification | $ 10,972 | |
Recorded investment post modification | $ 10,972 | |
Office [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loans | 2 | 1 |
Recorded investment pre-modification | $ 34,207 | $ 6,432 |
Recorded investment post modification | $ 34,207 | $ 6,432 |
Other (Hotel/Motel) [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loans | 5 | |
Recorded investment pre-modification | $ 24,801 | |
Recorded investment post modification | $ 24,801 |
Real Estate and Other Investm67
Real Estate and Other Investments - Investment Real Estate by Property-Type and Geographic Distribution (Detail) - Real Estate [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property Type Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 100.00% | 100.00% |
Property Type Concentration Risk [Member] | Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 6.00% | 9.20% |
Property Type Concentration Risk [Member] | Office [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 39.00% | 37.80% |
Property Type Concentration Risk [Member] | Retail [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 39.30% | 37.20% |
Property Type Concentration Risk [Member] | Other [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 15.70% | 15.80% |
Geographic Distribution [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 100.00% | 100.00% |
Geographic Distribution [Member] | East North Central [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 6.10% | 8.80% |
Geographic Distribution [Member] | East South Central [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 3.60% | 3.40% |
Geographic Distribution [Member] | Mountain [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 13.20% | 12.00% |
Geographic Distribution [Member] | Pacific [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 8.50% | 6.10% |
Geographic Distribution [Member] | South Atlantic [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 14.00% | 13.00% |
Geographic Distribution [Member] | West South Central [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 52.40% | 52.20% |
Geographic Distribution [Member] | Other [Member] | ||
Concentration Risk [Line Items] | ||
Investment real estate | 2.20% | 4.50% |
Real Estate and Other Investm68
Real Estate and Other Investments - Assets and Liabilities Related to VIEs (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||||
Investment real estate | $ 532,346 | $ 593,417 | ||
Short-term investments | 658,765 | 192,226 | ||
Cash and cash equivalents | 375,837 | 289,338 | $ 310,930 | $ 397,018 |
Other assets | 158,024 | 169,962 | ||
Notes payable | 137,458 | 136,080 | ||
Other liabilities | 477,855 | 481,958 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Investment real estate | 148,456 | 173,816 | ||
Short-term investments | 501 | 1 | ||
Cash and cash equivalents | 6,320 | 6,099 | ||
Other receivables | 4,461 | 6,456 | ||
Other assets | 15,920 | 8,820 | ||
Total assets of consolidated VIEs | 175,658 | 195,192 | ||
Notes payable | 137,458 | 136,080 | ||
Other liabilities | 5,616 | 10,037 | ||
Total liabilities of consolidated VIEs | $ 143,074 | $ 146,117 |
Real Estate and Other Investm69
Real Estate and Other Investments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($)Investment | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||
Maximum amount of investment in long-term notes payable | $ | $ 28,377,000 | $ 31,795,000 |
Number of real estate investment held for sale | Investment | 0 | |
Maximum [Member] | Investments in Joint Ventures [Member] | Total Assets [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of investment in joint ventures | 2.00% | |
Maximum [Member] | Investments in Joint Ventures [Member] | Sales Revenue, Services, Net [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of investment in joint ventures | 20.00% | |
Maximum [Member] | Investments in Joint Ventures [Member] | Assets Held [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of investment in joint ventures | 10.00% |
Real Estate and Other Investm70
Real Estate and Other Investments - Schedule of Long-term Notes Payable of Consolidated VIEs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Notes payable | $ 137,458 | $ 136,080 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 137,458 | 136,080 |
Long Term Notes Payable Due 2022 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity year | 2,022 | |
Notes payable | $ 87,632 | 90,421 |
Prime [Member] | Long Term Notes Payable Due 2018 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity year | 2,018 | |
Notes payable | 1,267 | |
LIBOR [Member] | Long Term Notes Payable Due 2020 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity year | 2,020 | |
Notes payable | $ 9,702 | 7,318 |
LIBOR [Member] | Long Term Notes Payable Due 2021 [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable maturity year | 2,021 | |
Notes payable | $ 40,124 | $ 37,074 |
Real Estate and Other Investm71
Real Estate and Other Investments - Schedule of Long-term Notes Payable of Consolidated VIEs (Parenthetical) (Detail) - Variable Interest Entity, Primary Beneficiary [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Long Term Notes Payable Due 2018 [Member] | Prime [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | Prime |
Long Term Notes Payable Due 2020 [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | LIBOR |
Long Term Notes Payable Due 2021 [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 90 day LIBOR + 2.5% |
Interest rate percentage | 2.50% |
Long Term Notes Payable Due 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest rate on long-term notes | 4.00% |
Real Estate and Other Investm72
Real Estate and Other Investments - Carrying Amount and Maximum Exposure to Loss Related to VIEs (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | $ 493,014 | $ 481,799 |
Maximum Exposure to Loss | 493,014 | 481,799 |
Investments in Unconsolidated Affiliates [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 314,808 | 323,933 |
Maximum Exposure to Loss | 314,808 | 323,933 |
Accrued Investment Income [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 1,817 | 1,919 |
Maximum Exposure to Loss | $ 1,817 | $ 1,919 |
Real Estate and Other Investm73
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total investments in unconsolidated affiliates | $ 484,207 | $ 490,476 | $ 484,207 | $ 490,476 | |||||||
Income from operations | 16,663 | 19,005 | $ 815 | ||||||||
Net gain on sales | 70,011 | 38,195 | 76,593 | ||||||||
Equity in earnings of unconsolidated affiliates | 42,474 | $ 22,387 | $ 12,313 | $ 9,500 | 17,935 | $ 36,530 | $ 1,798 | $ 937 | 86,674 | 57,200 | $ 77,408 |
Real Estate [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total investments in unconsolidated affiliates | 359,130 | 372,393 | 359,130 | 372,393 | |||||||
Equity and Fixed Income [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total investments in unconsolidated affiliates | 95,819 | 79,145 | 95,819 | 79,145 | |||||||
Other [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total investments in unconsolidated affiliates | $ 29,258 | $ 38,938 | $ 29,258 | $ 38,938 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments Reported in Financial Position (Detail) - Derivatives Not Designated as Hedging Instruments [Member] $ in Thousands | Dec. 31, 2017USD ($)Derivative | Dec. 31, 2016USD ($)Derivative |
Equity-Indexed Options [Member] | Other Invested Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Instruments | Derivative | 468 | 442 |
Derivative Notional Amount, Asset | $ 1,885,600 | $ 1,414,100 |
Estimated Fair Value of other invested assets | $ 220,190 | $ 156,479 |
Equity-Indexed Embedded Derivative [Member] | Policyholders' Account Balances [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Instruments | Derivative | 76,621 | 62,481 |
Derivative Notional Amount, Liability | $ 1,819,523 | $ 1,289,800 |
Derivative Financial Instruments, Estimated Fair Value | $ 512,526 | $ 314,330 |
Derivative Instruments - Sche75
Derivative Instruments - Schedule of Derivative Instruments Reported in Statements of Operations (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Investment Income [Member] | Equity-Indexed Options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Recognized in Income on Derivatives | $ 91,055 | $ 28,869 | $ (9,103) |
Interest Credited to Policyholders' Account Balances [Member] | Equity-Indexed Embedded Derivative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Recognized in Income on Derivatives | $ (98,351) | $ (25,239) | $ 6,439 |
Derivative Instruments - Sche76
Derivative Instruments - Schedule of Information Regarding Company's Exposure to Credit Loss on the Options Holds (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Credit Derivatives [Line Items] | ||
Options Fair Value | $ 220,190 | $ 156,479 |
Collateral Held | 221,419 | 153,693 |
Collateral Amounts used to Offset Exposure | 215,429 | 150,252 |
Excess Collateral | 5,990 | 3,441 |
Exposure Net of Collateral | 4,761 | 6,227 |
Barclays [Member] | Moody Baa2 Rating [Member] | S&P BBB Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 55,215 | 33,839 |
Collateral Held | 56,883 | 35,063 |
Collateral Amounts used to Offset Exposure | 55,215 | 33,839 |
Excess Collateral | 1,668 | 1,224 |
Citigroup [Member] | Moody Baa1 Rating [Member] | S&P BBB Plus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 2,249 | |
Exposure Net of Collateral | 2,249 | |
Goldman-Sachs [Member] | Moody A3 Rating [Member] | S&P BBB Plus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 956 | 1,452 |
Collateral Held | 780 | 1,400 |
Collateral Amounts used to Offset Exposure | 780 | 1,400 |
Exposure Net of Collateral | 176 | 52 |
ING [Member] | Moody Baa1 Rating [Member] | S&P A Minus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 26,650 | 29,609 |
Collateral Held | 27,330 | 26,430 |
Collateral Amounts used to Offset Exposure | 26,650 | 26,430 |
Excess Collateral | 680 | |
Exposure Net of Collateral | 3,179 | |
JP Morgan | Moody A3 Rating [Member] | S&P A Minus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 189 | 163 |
Exposure Net of Collateral | 189 | 163 |
Morgan Stanley [Member] | Moody A3 Rating [Member] | S&P BBB Plus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 17,490 | 17,864 |
Collateral Held | 18,776 | 17,680 |
Collateral Amounts used to Offset Exposure | 17,490 | 17,680 |
Excess Collateral | 1,286 | |
Exposure Net of Collateral | 184 | |
NATIXIS [Member] | Moody A2 Rating [Member] | S&P A Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 37,550 | 24,804 |
Collateral Held | 33,860 | 26,620 |
Collateral Amounts used to Offset Exposure | 33,860 | 24,804 |
Excess Collateral | 1,816 | |
Exposure Net of Collateral | 3,690 | |
Sun Trust [Member] | Moody Baa1 Rating [Member] | S&P BBB Plus Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 37,266 | 19,559 |
Collateral Held | 36,560 | 19,960 |
Collateral Amounts used to Offset Exposure | 36,560 | 19,559 |
Excess Collateral | 401 | |
Exposure Net of Collateral | 706 | |
Wells Fargo [Member] | Moody A2 Rating [Member] | S&P A Rating [Member] | ||
Credit Derivatives [Line Items] | ||
Options Fair Value | 44,874 | 26,940 |
Collateral Held | 47,230 | 26,540 |
Collateral Amounts used to Offset Exposure | 44,874 | 26,540 |
Excess Collateral | $ 2,356 | |
Exposure Net of Collateral | $ 400 |
Net Investment Income and Rea77
Net Investment Income and Realized Investment Gains (Losses) - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Investment Income [Line Items] | |||
Net Investment Income, Total | $ 966,077 | $ 860,235 | $ 834,831 |
Debt Securities [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income, Total | 541,772 | 551,849 | 558,837 |
Equity Securities [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income, Total | 38,730 | 38,680 | 36,314 |
Mortgage Loans [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income, Total | 245,116 | 211,972 | 204,913 |
Real Estate [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income, Total | 12,672 | 6,743 | 12,833 |
Other Invested Assets [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income, Total | 36,732 | 22,122 | 31,037 |
Options [Member] | |||
Net Investment Income [Line Items] | |||
Net Investment Income, Total | $ 91,055 | $ 28,869 | $ (9,103) |
Net Investment Income and Rea78
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gain (Loss) on Investments [Line Items] | |||
Realized investment gains (losses) | $ 104,595 | $ 46,607 | $ 87,385 |
Other-than-temporary impairment losses | (13,386) | (17,667) | (27,942) |
Debt Securities [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Realized investment gains (losses) | 27,061 | 16,705 | 16,300 |
Other-than-temporary impairment losses | (6,416) | (94) | (286) |
Equity Securities [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Realized investment gains (losses) | 56,528 | 33,348 | 60,485 |
Other-than-temporary impairment losses | (6,970) | (17,573) | (27,656) |
Mortgage Loans [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Realized investment gains (losses) | (7,700) | 405 | (220) |
Real Estate [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Realized investment gains (losses) | 28,853 | 2,188 | 10,872 |
Other Invested Assets [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Realized investment gains (losses) | $ (147) | $ (6,039) | $ (52) |
Fair Value of Financial Instr79
Fair Value of Financial Instruments - Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity | $ 7,552,959 | $ 7,251,385 |
Fixed maturity securities, bonds held-to-maturity | 7,774,353 | 7,496,692 |
Fixed maturity securities, bonds available-for-sale | 6,145,308 | 5,803,276 |
Equity securities | 1,784,226 | 1,541,676 |
Mortgage loans on real estate, net of allowance | 4,749,999 | 4,348,046 |
Policy loans | 377,103 | 384,376 |
Short-term investments | 658,765 | 192,226 |
Separate account assets | 969,764 | 941,612 |
Financial liabilities | ||
Notes payable | 137,458 | 136,080 |
Separate account liabilities | 969,764 | 941,612 |
Carrying Amount [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity | 7,552,959 | 7,251,385 |
Fixed maturity securities, bonds available-for-sale | 6,145,308 | 5,803,276 |
Equity securities | 1,784,226 | 1,541,676 |
Equity-indexed options | 220,190 | 156,479 |
Mortgage loans on real estate, net of allowance | 4,749,999 | 4,348,046 |
Policy loans | 377,103 | 384,376 |
Short-term investments | 658,765 | 192,226 |
Separate account assets | 969,764 | 941,612 |
Total financial assets | 22,458,314 | 20,619,076 |
Financial liabilities | ||
Investment contracts | 8,990,771 | 8,785,412 |
Embedded derivative liability for equity-indexed contracts | 512,526 | 314,330 |
Notes payable | 137,458 | 136,080 |
Separate account liabilities | 969,764 | 941,612 |
Total financial liabilities | 10,610,519 | 10,177,434 |
Fair Value [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity | 7,774,353 | 7,496,692 |
Fixed maturity securities, bonds available-for-sale | 6,145,308 | 5,803,276 |
Equity securities | 1,784,226 | 1,541,676 |
Equity-indexed options | 220,190 | 156,479 |
Mortgage loans on real estate, net of allowance | 4,811,006 | 4,435,530 |
Policy loans | 377,103 | 384,376 |
Short-term investments | 658,765 | 192,226 |
Separate account assets | 969,764 | 941,612 |
Total financial assets | 22,740,715 | 20,951,867 |
Financial liabilities | ||
Investment contracts | 8,990,771 | 8,785,412 |
Embedded derivative liability for equity-indexed contracts | 512,526 | 314,330 |
Notes payable | 137,458 | 136,080 |
Separate account liabilities | 969,764 | 941,612 |
Total financial liabilities | $ 10,610,519 | $ 10,177,434 |
Fair Value of Financial Instr80
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Volatility rate used to estimate derivative values | 13.70% | 16.50% | |
Unrealized gain (losses) relating to assets still held and included in net investment income | $ 50,805,000 | $ 44,615,000 | $ 50,114,000 |
Transfer between Level 1 and Level 2 fair value hierarchies | $ 0 | $ 0 | $ 0 |
Fair Value - Schedule of Signif
Fair Value - Schedule of Significant Unobservable Inputs Used to Calculate Level 3 Fair Value of Embedded Derivatives within Policyholder Contract Deposits (Detail) - Policyholder Contract Deposits [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Indexed Annuities [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative financial liabilities | $ 498.3 | $ 306.5 |
Indexed Life [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative financial liabilities | $ 14.2 | $ 7.8 |
Minimum [Member] | Level 3 [Member] | Indexed Annuities [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Unobservable Input, Lapse Rate | 1.00% | |
Unobservable Input, Mortality Multiplier | 90.00% | |
Unobservable Input, Equity Volatility | 7.00% | |
Minimum [Member] | Level 3 [Member] | Indexed Life [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Unobservable Input, Equity Volatility | 7.00% | |
Maximum [Member] | Level 3 [Member] | Indexed Annuities [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Unobservable Input, Lapse Rate | 66.00% | |
Unobservable Input, Mortality Multiplier | 100.00% | |
Unobservable Input, Equity Volatility | 30.00% | |
Maximum [Member] | Level 3 [Member] | Indexed Life [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Unobservable Input, Equity Volatility | 30.00% |
Fair Value of Financial Instr82
Fair Value of Financial Instruments - Quantitative Disclosures Regarding Fair Value Hierarchy Measurements (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | $ 7,774,353 | $ 7,496,692 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,145,308 | 5,803,276 |
Equity securities, fair value disclosure | 1,784,226 | 1,541,676 |
Policy loans, fair value disclosure | 377,103 | 384,376 |
Short-term investments, fair value disclosure | 658,765 | 192,226 |
Separate account assets, fair value disclosure | 969,764 | 941,612 |
Financial liabilities | ||
Separate account liabilities, fair value disclosure | 969,764 | 941,612 |
Preferred Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 23,599 | 23,161 |
Foreign Governments [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 4,593 | 4,716 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,460 | 6,567 |
Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,232,327 | 6,925,978 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 5,192,927 | 4,780,763 |
U.S. States and Political Subdivisions [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 279,395 | 319,082 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 897,047 | 960,223 |
Residential Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 255,243 | 242,685 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 14,717 | 20,513 |
Collateralized Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 954 | 1,354 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 3,818 | 6,392 |
Other Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 1,841 | 2,877 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,441 | 3,178 |
U.S. Treasury and Government [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 27,898 | 25,640 |
Common Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 1,760,627 | 1,518,515 |
Recurring [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,774,353 | 7,496,692 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,145,308 | 5,803,276 |
Equity securities, fair value disclosure | 1,784,226 | 1,541,676 |
Equity Indexed Options, fair value disclosure | 220,190 | 156,479 |
Mortgage loans on real estate, net of allowance, fair value disclosure | 4,811,006 | 4,435,530 |
Policy loans, fair value disclosure | 377,103 | 384,376 |
Short-term investments, fair value disclosure | 658,765 | 192,226 |
Separate account assets, fair value disclosure | 969,764 | 941,612 |
Total financial assets, fair value disclosure | 22,740,715 | 20,951,867 |
Financial liabilities | ||
Investment contracts, fair value disclosure | 8,990,771 | 8,785,412 |
Embedded derivative liability for equity-indexed contracts, fair value disclosure | 512,526 | 314,330 |
Notes payable, fair value disclosure | 137,458 | 136,080 |
Separate account liabilities, fair value disclosure | 969,764 | 941,612 |
Total financial liabilities, fair value disclosure | 10,610,519 | 10,177,434 |
Recurring [Member] | Preferred Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 23,599 | 23,161 |
Recurring [Member] | Foreign Governments [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 4,593 | 4,716 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,460 | 6,567 |
Recurring [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,232,327 | 6,925,978 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 5,192,927 | 4,780,763 |
Recurring [Member] | Level 1 [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 1,784,098 | 1,541,676 |
Total financial assets, fair value disclosure | 1,784,098 | 1,541,676 |
Recurring [Member] | Level 1 [Member] | Preferred Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 23,599 | 23,161 |
Recurring [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,771,408 | 7,440,592 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,145,308 | 5,789,012 |
Mortgage loans on real estate, net of allowance, fair value disclosure | 4,811,006 | 4,435,530 |
Short-term investments, fair value disclosure | 658,765 | 192,226 |
Separate account assets, fair value disclosure | 969,764 | 941,612 |
Total financial assets, fair value disclosure | 20,356,251 | 18,798,972 |
Financial liabilities | ||
Separate account liabilities, fair value disclosure | 969,764 | 941,612 |
Total financial liabilities, fair value disclosure | 969,764 | 941,612 |
Recurring [Member] | Level 2 [Member] | Foreign Governments [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 4,593 | 4,716 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 6,460 | 6,567 |
Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 7,232,327 | 6,875,015 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 5,192,927 | 4,773,516 |
Recurring [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 2,945 | 56,100 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 14,264 | |
Equity securities, fair value disclosure | 128 | |
Equity Indexed Options, fair value disclosure | 220,190 | 156,479 |
Policy loans, fair value disclosure | 377,103 | 384,376 |
Total financial assets, fair value disclosure | 600,366 | 611,219 |
Financial liabilities | ||
Investment contracts, fair value disclosure | 8,990,771 | 8,785,412 |
Embedded derivative liability for equity-indexed contracts, fair value disclosure | 512,526 | 314,330 |
Notes payable, fair value disclosure | 137,458 | 136,080 |
Total financial liabilities, fair value disclosure | 9,640,755 | 9,235,822 |
Recurring [Member] | Level 3 [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 50,963 | |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 7,247 | |
Recurring [Member] | U.S. States and Political Subdivisions [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 279,395 | 319,082 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 897,047 | 960,223 |
Recurring [Member] | U.S. States and Political Subdivisions [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 276,450 | 319,082 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 897,047 | 957,748 |
Recurring [Member] | U.S. States and Political Subdivisions [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 2,945 | |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,475 | |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 255,243 | 242,685 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 14,717 | 20,513 |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 255,243 | 241,779 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 14,717 | 17,909 |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 906 | |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,604 | |
Recurring [Member] | Collateralized Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 954 | 1,354 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 3,818 | 6,392 |
Recurring [Member] | Collateralized Debt Securities [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 954 | |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 3,818 | 4,454 |
Recurring [Member] | Collateralized Debt Securities [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 1,354 | |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 1,938 | |
Recurring [Member] | Other Debt Securities [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 1,841 | 2,877 |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,441 | 3,178 |
Recurring [Member] | Other Debt Securities [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 1,841 | |
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 2,441 | 3,178 |
Recurring [Member] | Other Debt Securities [Member] | Level 3 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds held-to-maturity securities, fair value disclosure | 2,877 | |
Recurring [Member] | U.S. Treasury and Government [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 27,898 | 25,640 |
Recurring [Member] | U.S. Treasury and Government [Member] | Level 2 [Member] | ||
Financial assets | ||
Fixed maturity securities, bonds available-for-sale, fair value disclosure | 27,898 | 25,640 |
Recurring [Member] | Common Stock [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 1,760,627 | 1,518,515 |
Recurring [Member] | Common Stock [Member] | Level 1 [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | 1,760,499 | $ 1,518,515 |
Recurring [Member] | Common Stock [Member] | Level 3 [Member] | ||
Financial assets | ||
Equity securities, fair value disclosure | $ 128 |
Fair Value of Financial Instr83
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity-Indexed Embedded Derivative [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | $ 314,330 | $ 242,412 | $ 208,187 |
Total realized and unrealized investment gains (losses) included in other comprehensive income | 0 | 0 | 0 |
Net fair value change included in realized gains (losses) | 0 | 0 | 0 |
Net gain (loss) for derivatives included in net investment income | 0 | 0 | 0 |
Net change included in interest credited | 98,351 | 25,239 | (6,439) |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements or maturities | 0 | 0 | 0 |
Premiums less benefits | 99,845 | 46,679 | 40,664 |
Carry value transfers in | 0 | ||
Gross transfers into Level 3 | 0 | 0 | 0 |
Gross transfers out of Level 3 | 0 | 0 | 0 |
Ending balance | 512,526 | 314,330 | 242,412 |
Investment Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 14,264 | 20,130 | 64,433 |
Total realized and unrealized investment gains (losses) included in other comprehensive income | (4,465) | 481 | 427 |
Net fair value change included in realized gains (losses) | 0 | 0 | 0 |
Net change included in interest credited | 0 | 0 | 0 |
Sales | (12,436) | (2) | |
Settlements or maturities | (7,020) | (425) | (479) |
Premiums less benefits | 0 | 0 | 0 |
Carry value transfers in | 15,000 | ||
Gross transfers into Level 3 | 382 | 908 | 10,228 |
Gross transfers out of Level 3 | (5,725) | (6,830) | (54,477) |
Ending balance | 14,264 | 20,130 | |
Equity-Indexed Options [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 156,479 | 123,007 | 189,449 |
Net fair value change included in realized gains (losses) | 0 | 0 | 0 |
Net gain (loss) for derivatives included in net investment income | 90,433 | 28,400 | (13,889) |
Net change included in interest credited | 0 | 0 | 0 |
Purchases | 47,134 | 27,961 | 22,369 |
Sales | (12,837) | (55,279) | |
Settlements or maturities | (61,019) | (22,889) | (19,643) |
Premiums less benefits | 0 | 0 | 0 |
Ending balance | $ 220,190 | $ 156,479 | $ 123,007 |
Deferred Policy Acquisition C84
Deferred Policy Acquisition Costs - Deferred Policy Acquisition Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Policy Acquisition Costs [Line Items] | |||
Beginning balance | $ 1,294,443 | $ 1,324,669 | $ 1,253,544 |
Additions | 525,835 | 460,213 | 430,373 |
Amortization | (444,351) | (461,365) | (418,588) |
Effect of change in unrealized gains on available-for-sale securities | (2,083) | (29,074) | 59,340 |
Net change | 79,401 | (30,226) | 71,125 |
Ending balance | 1,373,844 | 1,294,443 | 1,324,669 |
Life [Member] | |||
Deferred Policy Acquisition Costs [Line Items] | |||
Beginning balance | 745,840 | 756,023 | 711,469 |
Additions | 123,854 | 108,825 | 108,615 |
Amortization | (74,068) | (112,712) | (77,567) |
Effect of change in unrealized gains on available-for-sale securities | (4,350) | (6,296) | 13,506 |
Net change | 45,436 | (10,183) | 44,554 |
Ending balance | 791,276 | 745,840 | 756,023 |
Annuity [Member] | |||
Deferred Policy Acquisition Costs [Line Items] | |||
Beginning balance | 394,208 | 411,206 | 382,441 |
Additions | 104,772 | 77,161 | 64,724 |
Amortization | (74,750) | (71,381) | (81,793) |
Effect of change in unrealized gains on available-for-sale securities | 2,267 | (22,778) | 45,834 |
Net change | 32,289 | (16,998) | 28,765 |
Ending balance | 426,497 | 394,208 | 411,206 |
Accident and Health [Member] | |||
Deferred Policy Acquisition Costs [Line Items] | |||
Beginning balance | 40,620 | 44,390 | 47,784 |
Additions | 11,413 | 11,203 | 20,249 |
Amortization | (15,227) | (14,973) | (23,643) |
Net change | (3,814) | (3,770) | (3,394) |
Ending balance | 36,806 | 40,620 | 44,390 |
Property and Casualty [Member] | |||
Deferred Policy Acquisition Costs [Line Items] | |||
Beginning balance | 113,775 | 113,050 | 111,850 |
Additions | 285,796 | 263,024 | 236,785 |
Amortization | (280,306) | (262,299) | (235,585) |
Net change | 5,490 | 725 | 1,200 |
Ending balance | $ 119,265 | $ 113,775 | $ 113,050 |
Liability for Future Policy B85
Liability for Future Policy Benefits and Policyholder Account Balances - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest credited investment type contracts low end | 1.00% |
First year interest credited annuity low end | 1.00% |
Interest credited investment type contracts high end | 8.00% |
First year interest credited annuity high end | 7.00% |
Non Participating Life Insurance Policies [Member] | Minimum [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate | 3.00% |
Non Participating Life Insurance Policies [Member] | Maximum [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate | 8.00% |
Participating Life Insurance Policies [Member] | Minimum [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate | 2.50% |
Participating Life Insurance Policies [Member] | Maximum [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate | 5.50% |
Fixed Annuity [Member] | Minimum [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate | 3.00% |
Fixed Annuity [Member] | Maximum [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate | 6.00% |
Non Medical Health [Member] | Minimum [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate | 3.50% |
Non Medical Health [Member] | Maximum [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate | 8.00% |
Disabled Lives [Member] | Minimum [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate | 3.00% |
Disabled Lives [Member] | Maximum [Member] | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Interest rate | 6.00% |
Liability for Unpaid Claims a86
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Liability For Unpaid Claims And Claims Adjustment Expense Net | |||
Unpaid claims balance, beginning | $ 1,303,925 | ||
Less reinsurance recoverables | (401,709) | ||
Paid claims related to | |||
Net balance | 893,557 | ||
Plus reinsurance recoverables | (418,589) | $ (401,709) | |
Unpaid claims balance, ending | 1,390,561 | 1,303,925 | |
Property and Casualty Accident and Health [Member] | |||
Liability For Unpaid Claims And Claims Adjustment Expense Net | |||
Unpaid claims balance, beginning | 1,140,723 | 1,104,302 | $ 1,132,394 |
Less reinsurance recoverables | 216,903 | 217,337 | 245,906 |
Net beginning balance | 923,820 | 886,965 | 886,488 |
Incurred related to | |||
Current | 1,097,730 | 1,055,796 | 950,228 |
Prior years | (77,296) | (36,788) | (22,830) |
Total incurred claims | 1,020,434 | 1,019,008 | 927,398 |
Paid claims related to | |||
Current | 661,662 | 654,175 | 580,476 |
Prior years | 320,798 | 327,978 | 346,445 |
Total paid claims | 982,460 | 982,153 | 926,921 |
Net balance | 961,794 | 923,820 | 886,965 |
Plus reinsurance recoverables | 237,439 | 216,903 | 217,337 |
Unpaid claims balance, ending | $ 1,199,233 | $ 1,140,723 | $ 1,104,302 |
Liability for Unpaid Claims a87
Liability for Unpaid Claims and Claim Adjustment Expenses - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 77,296,000 | $ 36,788,000 | $ 22,830,000 |
Short-duration health insurance claims | $ 26,030,000 | ||
Percentage of IBNR reserves applied to paid adjusting and other expense to paid loss | 100.00% |
Liability for Unpaid Claims a88
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, 2017 | Dec. 31, 2016 |
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | $ 893,557 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 238,224 | |
Insurance lines other than short-duration | 211,138 | |
Unallocated claims adjustment expenses | 47,642 | |
Total claim adjustment expenses | 258,780 | |
Total gross liability for unpaid claims and claim adjustment expense | 1,390,561 | $ 1,303,925 |
Credit [Member] | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 19,733 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 13,415 | |
Auto Liability [Member] | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 393,537 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 12,289 | |
Non-Auto Liability [Member] | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 271,601 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 39,245 | |
Homeowners [Member] | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 66,677 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 2,395 | |
Commercial Multi-Peril [Member] | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 84,629 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 5,648 | |
Short Tail Property [Member] | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 27,930 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 16,294 | |
Health [Member] | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 27,021 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | 144,326 | |
Other [Member] | ||
Net outstanding liabilities | ||
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance | 2,429 | |
Reinsurance recoverable on unpaid claims | ||
Total reinsurance recoverable on unpaid claims | $ 4,612 |
Liability for Unpaid Claims a89
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, 2017USD ($)Claims | |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 893,557 | |
Auto Liability [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 2,452,082 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 2,059,281 | |
All outstanding liabilities before 2008, net of reinsurance | 736 | [1] |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 393,537 | |
Auto Liability [Member] | Accident Year 2008 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | 280,131 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 271,759 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 261,683 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 261,555 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 260,015 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 257,097 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 257,915 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 256,158 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 255,600 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 255,305 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 83 | |
Cumulative Number of Reported Claims | Claims | 47,791 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | $ 92,395 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 163,228 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 203,708 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 228,898 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 244,749 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 249,953 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 251,924 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 253,145 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 255,118 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 255,123 | |
Auto Liability [Member] | Accident Year 2009 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 299,753 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 273,551 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 263,269 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 258,749 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 260,029 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 258,200 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 257,678 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 256,586 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 256,407 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 104 | |
Cumulative Number of Reported Claims | Claims | 47,066 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | $ 95,847 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 166,441 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 203,869 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 228,650 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 242,768 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 250,681 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 253,417 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 254,988 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 255,308 | |
Auto Liability [Member] | Accident Year 2010 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 288,166 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 270,935 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 266,223 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 265,949 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 264,104 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 263,040 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 261,930 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 261,092 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 294 | |
Cumulative Number of Reported Claims | Claims | 47,089 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | $ 92,589 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 164,298 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 208,531 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 237,540 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 250,647 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 257,021 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 259,173 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 259,966 | |
Auto Liability [Member] | Accident Year 2011 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 263,411 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 250,659 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 248,865 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 244,519 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 244,436 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 242,619 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 241,711 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 780 | |
Cumulative Number of Reported Claims | Claims | 47,063 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | $ 93,245 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 161,387 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 197,326 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 217,640 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 230,585 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 236,187 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 238,510 | |
Auto Liability [Member] | Accident Year 2012 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 251,593 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 242,255 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 231,312 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 228,013 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 229,426 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 228,559 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 1,437 | |
Cumulative Number of Reported Claims | Claims | 44,635 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | $ 82,531 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 150,323 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 183,448 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 204,980 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 214,467 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 219,170 | |
Auto Liability [Member] | Accident Year 2013 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 242,364 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 236,432 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 233,068 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 231,301 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 228,285 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 3,028 | |
Cumulative Number of Reported Claims | Claims | 38,698 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | $ 79,358 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 143,709 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 181,535 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 204,480 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 215,280 | |
Auto Liability [Member] | Accident Year 2014 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 232,146 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 223,386 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 217,819 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 215,419 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 6,136 | |
Cumulative Number of Reported Claims | Claims | 35,933 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | $ 72,838 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 134,376 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 166,947 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 187,375 | |
Auto Liability [Member] | Accident Year 2015 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 237,578 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 240,697 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 239,421 | [1] |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 15,753 | |
Cumulative Number of Reported Claims | Claims | 35,921 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | $ 78,861 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 149,366 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 186,281 | |
Auto Liability [Member] | Accident Year 2016 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 259,177 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 256,080 | [1] |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 34,429 | |
Cumulative Number of Reported Claims | Claims | 36,576 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | $ 86,492 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 153,911 | |
Auto Liability [Member] | Accident Year 2017 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 269,803 | [1] |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 77,883 | |
Cumulative Number of Reported Claims | Claims | 35,735 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | $ 88,357 | |
[1] | Unaudited supplemental information |
Liability for Unpaid Claims a90
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, 2017USD ($)Claims | |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 893,557 | |
Non-Auto Liability [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 747,765 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 494,878 | |
All outstanding liabilities before 2008, net of reinsurance | 18,714 | [1] |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 271,601 | |
Non-Auto Liability [Member] | Accident Year 2008 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | 85,367 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 85,384 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 77,798 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 72,492 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 71,969 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 73,436 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 74,114 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 73,912 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 74,684 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 73,555 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 1,590 | |
Cumulative Number of Reported Claims | Claims | 18,387 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | $ 18,852 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 34,624 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 43,206 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 51,077 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 58,043 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 62,087 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 64,840 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 66,629 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 67,329 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 67,901 | |
Non-Auto Liability [Member] | Accident Year 2009 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 83,773 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 75,857 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 70,905 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 72,267 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 72,490 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 72,077 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 71,003 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 71,517 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 69,099 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 1,580 | |
Cumulative Number of Reported Claims | Claims | 13,269 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | $ 15,389 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 28,725 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 41,424 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 49,895 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 55,391 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 61,277 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 63,039 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 64,755 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 65,441 | |
Non-Auto Liability [Member] | Accident Year 2010 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 91,191 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 85,498 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 83,724 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 82,287 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 82,145 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 82,087 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 80,920 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 78,279 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 2,251 | |
Cumulative Number of Reported Claims | Claims | 7,808 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | $ 16,473 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 31,819 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 46,746 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 57,354 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 65,557 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 69,091 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 70,369 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 71,509 | |
Non-Auto Liability [Member] | Accident Year 2011 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 86,409 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 76,038 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 75,390 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 74,372 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 73,647 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 71,423 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 68,248 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 2,917 | |
Cumulative Number of Reported Claims | Claims | 5,648 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | $ 13,848 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 31,943 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 41,814 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 52,003 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 56,791 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 60,706 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 62,414 | |
Non-Auto Liability [Member] | Accident Year 2012 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 83,146 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 80,470 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 78,644 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 75,226 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 68,017 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 63,630 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 3,358 | |
Cumulative Number of Reported Claims | Claims | 4,775 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | $ 13,862 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 27,574 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 38,826 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 49,585 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 55,194 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 57,863 | |
Non-Auto Liability [Member] | Accident Year 2013 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 74,183 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 75,815 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 70,772 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 67,841 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 65,096 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 5,358 | |
Cumulative Number of Reported Claims | Claims | 4,424 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | $ 12,794 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 22,743 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 32,474 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 42,504 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 47,987 | |
Non-Auto Liability [Member] | Accident Year 2014 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 83,084 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 75,550 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 72,624 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 67,339 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 6,639 | |
Cumulative Number of Reported Claims | Claims | 5,873 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | $ 11,201 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 26,587 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 36,220 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 45,206 | |
Non-Auto Liability [Member] | Accident Year 2015 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 83,897 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 78,968 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 76,724 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 21,080 | |
Cumulative Number of Reported Claims | Claims | 5,267 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | $ 11,979 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 23,488 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 37,059 | |
Non-Auto Liability [Member] | Accident Year 2016 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 86,935 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 83,179 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 36,767 | |
Cumulative Number of Reported Claims | Claims | 3,802 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | $ 12,733 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 24,633 | |
Non-Auto Liability [Member] | Accident Year 2017 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 102,616 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 53,282 | |
Cumulative Number of Reported Claims | Claims | 3,219 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | $ 14,865 | |
[1] | Unaudited supplemental information |
Liability for Unpaid Claims a91
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, 2017USD ($)Claims | |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 893,557 | |
Commercial Multi-Peril [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 331,066 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 250,514 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 250,514 | |
All outstanding liabilities before 2008, net of reinsurance | 4,077 | [1] |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 84,629 | |
Commercial Multi-Peril [Member] | Accident Year 2008 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | 40,640 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 39,231 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 37,105 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 37,825 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 37,034 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 35,594 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 36,141 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 37,605 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 37,298 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 36,261 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 2 | |
Cumulative Number of Reported Claims | Claims | 3,837 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | $ 10,083 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 17,357 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 20,638 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 25,415 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 29,900 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 32,187 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 34,321 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 34,847 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 35,270 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 36,099 | |
Commercial Multi-Peril [Member] | Accident Year 2009 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 41,027 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 38,666 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 36,610 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 35,354 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 34,884 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 34,381 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 34,529 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 34,079 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 33,515 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 84 | |
Cumulative Number of Reported Claims | Claims | 3,512 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | $ 11,101 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 17,248 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 21,660 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 25,779 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 30,272 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 32,150 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 32,623 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 32,842 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 32,977 | |
Commercial Multi-Peril [Member] | Accident Year 2010 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 41,116 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 37,736 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 40,243 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 37,520 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 35,914 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 37,839 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 37,215 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 36,367 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 873 | |
Cumulative Number of Reported Claims | Claims | 3,587 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | $ 12,511 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 17,490 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 22,135 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 27,152 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 31,378 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 33,384 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 34,888 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 34,764 | |
Commercial Multi-Peril [Member] | Accident Year 2011 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 42,185 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 40,825 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 39,037 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 38,160 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 38,456 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 36,945 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 37,014 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 824 | |
Cumulative Number of Reported Claims | Claims | 3,559 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | $ 13,092 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 18,390 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 22,616 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 28,291 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 30,458 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 32,692 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 34,177 | |
Commercial Multi-Peril [Member] | Accident Year 2012 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 35,169 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 28,548 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 26,805 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 23,258 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 23,385 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 23,090 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 996 | |
Cumulative Number of Reported Claims | Claims | 2,713 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | $ 11,525 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 14,454 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 16,263 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 18,670 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 20,716 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 21,026 | |
Commercial Multi-Peril [Member] | Accident Year 2013 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 33,979 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 27,592 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 27,867 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 26,970 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 25,948 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 1,237 | |
Cumulative Number of Reported Claims | Claims | 2,211 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | $ 9,374 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 12,723 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 15,426 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 18,406 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 20,816 | |
Commercial Multi-Peril [Member] | Accident Year 2014 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 36,852 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 31,220 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 34,911 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 33,962 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 1,970 | |
Cumulative Number of Reported Claims | Claims | 2,277 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | $ 12,001 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 16,484 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 20,199 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 24,602 | |
Commercial Multi-Peril [Member] | Accident Year 2015 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 33,997 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 31,488 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 29,023 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 3,968 | |
Cumulative Number of Reported Claims | Claims | 2,138 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | $ 9,820 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 12,956 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 16,402 | |
Commercial Multi-Peril [Member] | Accident Year 2016 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 38,115 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 33,475 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 12,673 | |
Cumulative Number of Reported Claims | Claims | 4,283 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | $ 11,327 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 17,193 | |
Commercial Multi-Peril [Member] | Accident Year 2017 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 42,411 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 22,637 | |
Cumulative Number of Reported Claims | Claims | 4,611 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | $ 12,458 | |
[1] | Unaudited supplemental information |
Liability for Unpaid Claims a92
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Homeowners (Detail) $ in Thousands | Dec. 31, 2017USD ($)Claims | |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 893,557 | |
Homeowners [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 1,656,979 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 1,590,494 | |
All outstanding liabilities before 2008, net of reinsurance | 192 | [1] |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 66,677 | |
Homeowners [Member] | Accident Year 2008 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | 191,926 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 198,128 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 198,351 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 198,578 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 197,066 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 196,987 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 196,777 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 197,210 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 197,004 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 196,884 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 1 | |
Cumulative Number of Reported Claims | Claims | 42,651 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | $ 148,526 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 189,694 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 193,653 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 195,290 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 195,936 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 196,132 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 196,358 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 196,546 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 196,896 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 196,875 | |
Homeowners [Member] | Accident Year 2009 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 183,437 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 178,420 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 179,249 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 177,534 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 177,798 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 177,989 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 178,372 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 178,073 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 178,008 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 76 | |
Cumulative Number of Reported Claims | Claims | 31,488 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | $ 142,781 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 170,372 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 173,985 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 175,220 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 176,588 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 176,985 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 177,428 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 177,615 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 177,670 | |
Homeowners [Member] | Accident Year 2010 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 206,606 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 200,318 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 198,111 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 198,029 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 197,443 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 197,675 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 197,465 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 197,067 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 122 | |
Cumulative Number of Reported Claims | Claims | 37,067 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | $ 149,755 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 189,046 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 193,006 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 195,365 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 195,714 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 196,281 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 196,419 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 196,504 | |
Homeowners [Member] | Accident Year 2011 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 203,301 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 200,356 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 198,757 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 197,581 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 197,381 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 197,451 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 197,239 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 190 | |
Cumulative Number of Reported Claims | Claims | 38,752 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | $ 160,625 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 190,946 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 194,237 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 195,327 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 196,575 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 196,628 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 196,717 | |
Homeowners [Member] | Accident Year 2012 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 181,284 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 177,664 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 175,523 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 175,509 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 175,178 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 175,032 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 323 | |
Cumulative Number of Reported Claims | Claims | 30,979 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | $ 143,797 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 169,415 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 171,842 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 173,170 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 173,676 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 174,139 | |
Homeowners [Member] | Accident Year 2013 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | 152,208 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 149,080 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 149,272 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 148,231 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 147,927 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 370 | |
Cumulative Number of Reported Claims | Claims | 20,029 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Six | $ 115,605 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 140,309 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 145,152 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 146,650 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 146,920 | |
Homeowners [Member] | Accident Year 2014 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | 132,651 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 131,634 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 130,287 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 131,546 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 405 | |
Cumulative Number of Reported Claims | Claims | 18,140 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Seven | $ 96,300 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 122,601 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 126,245 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 129,467 | |
Homeowners [Member] | Accident Year 2015 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | 125,430 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 124,199 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 123,619 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 875 | |
Cumulative Number of Reported Claims | Claims | 17,687 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Eight | $ 86,617 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 114,696 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 119,331 | |
Homeowners [Member] | Accident Year 2016 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | 147,264 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 145,373 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 1,433 | |
Cumulative Number of Reported Claims | Claims | 21,310 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Nine | $ 105,415 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 136,796 | |
Homeowners [Member] | Accident Year 2017 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | 164,284 | |
Total of Incurred-but- Not-Reported Liabilities Plus Expected Development on Reported Claims | $ 7,590 | |
Cumulative Number of Reported Claims | Claims | 21,843 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Ten | $ 116,075 | |
[1] | Unaudited supplemental information |
Liability for Unpaid Claims a93
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, 2017USD ($)Claims | |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 893,557 | |
Short Tail Property [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 444,986 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 418,292 | |
All outstanding liabilities before 2016, net of reinsurance | 1,236 | [1] |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 27,930 | |
Short Tail Property [Member] | Accident Year 2016 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | 215,492 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | 192,325 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 215,702 | |
IBNR Plus Expected Development | $ 255 | |
Cumulative Number of Reported Claims | Claims | 65,161 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 213,047 | |
Short Tail Property [Member] | Accident Year 2017 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | $ 229,284 | |
Cumulative Number of Reported Claims | Claims | 79,441 | |
IBNR Plus Expected Development | $ (4,291) | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | $ 205,245 | |
[1] | Unaudited supplemental information |
Liability for Unpaid Claims a94
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Credit (Detail) $ in Thousands | Dec. 31, 2017USD ($)Claims | Dec. 31, 2016USD ($) | |
Claims Development [Line Items] | |||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 893,557 | ||
Credit [Member] | |||
Claims Development [Line Items] | |||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 169,412 | ||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 149,679 | ||
All outstanding liabilities before 2016, net of reinsurance | [1] | 0 | |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 19,733 | ||
Credit [Member] | Accident Year 2016 [Member] | |||
Claims Development [Line Items] | |||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | [1] | $ 75,841 | |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | $ 75,841 | ||
Cumulative Number of Reported Claims | Claims | 51,202 | ||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | [1] | $ 59,765 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | $ 75,841 | ||
Credit [Member] | Accident Year 2017 [Member] | |||
Claims Development [Line Items] | |||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 93,571 | ||
IBNR Plus Expected Development | $ 8,936 | ||
Cumulative Number of Reported Claims | Claims | 55,414 | ||
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | $ 73,838 | ||
[1] | Unaudited supplemental information |
Liability for Unpaid Claims a95
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Incurred and Paid Claims Development as Supplementary Information - Accident and Health (Detail) | Dec. 31, 2017USD ($)Claims | |
Claims Development [Line Items] | ||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 893,557,000 | |
Accident and Health [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 234,363,000 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance | 213,775,000 | |
All outstanding liabilities before 2013, net of reinsurance | 6,433,000 | [1] |
Liabilities for claims and claim adjustment expenses, net of reinsurance | 27,021,000 | |
Accident and Health [Member] | Accident Year 2013 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | 40,970,000 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 51,725,000 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 46,940,000 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 46,995,000 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 47,164,000 | |
IBNR Plus Expected Development | $ 3,000 | |
Cumulative Number of Reported Claims | Claims | 42,316 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period One | $ 28,071 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 46,780 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 46,860 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 46,939 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 47,122 | |
Accident and Health [Member] | Accident Year 2014 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | 38,102,000 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 67,545,000 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 62,802,000 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 62,906,000 | |
IBNR Plus Expected Development | $ 2,000 | |
Cumulative Number of Reported Claims | Claims | 35,328 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Two | $ 25,436 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 62,632 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 62,678 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 62,819 | |
Accident and Health [Member] | Accident Year 2015 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | 34,069,000 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 45,167,000 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 41,513,000 | |
IBNR Plus Expected Development | $ 27,000 | |
Cumulative Number of Reported Claims | Claims | 32,510 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Three | $ 23,574 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 41,491 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 41,436 | |
Accident and Health [Member] | Accident Year 2016 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | 36,198,000 | [1] |
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 41,236,000 | |
IBNR Plus Expected Development | $ 4,231,000 | |
Cumulative Number of Reported Claims | Claims | 28,652 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Four | $ 24,357 | [1] |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 37,040 | |
Accident and Health [Member] | Accident Year 2017 [Member] | ||
Claims Development [Line Items] | ||
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | 41,544,000 | |
IBNR Plus Expected Development | $ 15,378,000 | |
Cumulative Number of Reported Claims | Claims | 28,703 | |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Period Five | $ 25,358 | |
[1] | Unaudited supplemental information |
Liability for Unpaid Claims a96
Liability for Unpaid Claims and Claim Adjustment Expenses - Summary of Average Annual Percentage Payout Incurred Claims (Detail) | Dec. 31, 2017 |
Credit [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year One | 78.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Two | 21.10% |
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 [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year One | 35.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Two | 28.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Three | 15.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Four | 9.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Five | 5.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Six | 2.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Seven | 0.90% |
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 | 2.10% |
Non-Auto Liability [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year One | 19.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Two | 19.50% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Three | 16.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Four | 13.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Five | 8.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Six | 5.70% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Seven | 2.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Eight | 2.10% |
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 | 11.30% |
Commercial Multi-Peril [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year One | 76.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Two | 18.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Three | 2.40% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Four | 1.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Five | 0.40% |
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 | 0.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Nine | 0.10% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Ten | 1.00% |
Homeowners [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year One | 34.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Two | 14.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Three | 10.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Four | 12.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Five | 10.20% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Six | 5.00% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Seven | 3.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Eight | 0.60% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Nine | 0.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Ten | 6.10% |
Short Tail Property [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year One | 89.30% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year Two | 10.70% |
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, 2017USD ($)LayersContracts | Dec. 31, 2016USD ($) | |
Effects of Reinsurance [Line Items] | ||
Loss per worker's compensation retained | $ 500,000 | |
Loss per non-worker's compensation retained | 1,500,000 | |
Workers' compensation annual aggregate deductible | 2,000,000 | |
Property and liability losses per risk | 6,000,000 | |
Excess casualty clash coverage | 60,000,000 | |
Corporate catastrophe coverage | 500,000,000 | |
Facultative reinsurance cover purchased | 20,000,000 | |
Catastrophe amount retained | $ 17,500,000 | |
Number of coverage contract | Contracts | 2 | |
Amount receivable from reinsurers | $ 418,589,000 | $ 401,709,000 |
Litigation or dispute with reinsurers involved | 0 | |
Minimum [Member] | ||
Effects of Reinsurance [Line Items] | ||
Workers' compensation reinsurance coverage for losses | 500,000 | |
Maximum [Member] | ||
Effects of Reinsurance [Line Items] | ||
Workers' compensation reinsurance coverage for losses | 1,000,000 | |
Additional excess property per risk coverage | 20,000,000 | |
Zero to Sixty-Five Issue Ages [Member] | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 1,975,000 | |
Zero to Sixty-Five Issue Ages [Member] | Individual Life [Member] | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 1,500,000 | |
Zero to Sixty-Five Issue Ages [Member] | Individual Accidental Death [Member] | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 250,000 | |
Zero to Sixty-Five Issue Ages [Member] | Group Life [Member] | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 100,000 | |
Zero to Sixty-Five Issue Ages [Member] | Credit Life [Member] | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 125,000 | |
Sixty-Six and Over Issue Ages [Member] | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 1,175,000 | |
Sixty-Six and Over Issue Ages [Member] | Individual Life [Member] | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 700,000 | |
Sixty-Six and Over Issue Ages [Member] | Individual Accidental Death [Member] | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 250,000 | |
Sixty-Six and Over Issue Ages [Member] | Group Life [Member] | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 100,000 | |
Sixty-Six and Over Issue Ages [Member] | Credit Life [Member] | ||
Effects of Reinsurance [Line Items] | ||
Maximum amount retained by insurance company | 125,000 | |
First Contract [Member] | ||
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 [Member] | ||
Effects of Reinsurance [Line Items] | ||
Annual limit of catastrophe aggregate reinsurance coverage | $ 35,000,000 | |
Number of layers of protection under reinsurance | Layers | 2 | |
Reinsurance retention policy description | This cover was placed on July 1, 2017. American National expects to place the cover again on July 1, 2018. | |
Second Contract [Member] | First Layer [Member] | ||
Effects of Reinsurance [Line Items] | ||
Catastrophe aggregate reinsurance coverage percentage | 8.75% | |
Catastrophe reinsurance first retention slab | $ 400,000,000 | |
Catastrophe reinsurance per occurrence amount | 100,000,000 | |
Second Contract [Member] | Second Layer [Member] | ||
Effects of Reinsurance [Line Items] | ||
Catastrophe aggregate reinsurance coverage | 35,000,000 | |
Reinsurance Claim Base Amount loss | 5,000,000 | |
Annual aggregate deductible | $ 45,000,000 |
Reinsurance - Effect of Reinsur
Reinsurance - Effect of Reinsurance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Insurance [Abstract] | |||
Direct premiums | $ 2,341,088 | $ 2,246,595 | $ 2,069,434 |
Reinsurance premiums assumed from other companies | 227,053 | 194,910 | 188,368 |
Reinsurance premiums ceded to other companies | (500,939) | (444,857) | (419,283) |
Net premiums | $ 2,067,202 | $ 1,996,648 | $ 1,838,519 |
Reinsurance - Life Insurance In
Reinsurance - Life Insurance In-Force and Related Reinsurance (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Insurance [Abstract] | |||
Direct life insurance in-force | $ 102,843,372 | $ 95,439,425 | $ 90,194,532 |
Reinsurance risks assumed from other companies | 257,552 | 181,655 | 120 |
Reinsurance risks ceded to other companies | (29,646,646) | (29,980,485) | (29,891,183) |
Net life insurance in-force | $ 73,454,278 | $ 65,640,595 | $ 60,303,469 |
Federal Income Taxes - Effectiv
Federal Income Taxes - Effective Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax expense before tax on equity in earnings of unconsolidated affiliates | $ 108,240 | $ 69,712 | $ 94,041 | ||||||||
Tax on equity in earnings of unconsolidated affiliates | 30,336 | 20,020 | 27,093 | ||||||||
Total expected income tax expense at the statutory rate | 138,576 | 89,732 | 121,134 | ||||||||
Tax-exempt investment income | (6,887) | (7,834) | (7,589) | ||||||||
Deferred tax change (including Tax Reform) | (217,622) | 6,699 | |||||||||
Dividend exclusion | (8,701) | (8,490) | (8,183) | ||||||||
Miscellaneous tax credits, net | (9,524) | (9,993) | (9,103) | ||||||||
Low income housing tax credit expense | 5,263 | 4,795 | 4,862 | ||||||||
Other items, net | 1,905 | (3,885) | 2,599 | ||||||||
Provision for federal income tax before interest expense | (96,990) | 71,024 | 103,720 | ||||||||
Interest expense (benefit) | (2,686) | 2,686 | |||||||||
Total provision (benefit) for federal income taxes | $ (159,614) | $ 36,351 | $ 10,515 | $ 13,072 | $ 45,300 | $ 22,590 | $ 9,890 | $ (4,070) | $ (99,676) | $ 73,710 | $ 103,720 |
Income tax expense before tax on equity in earnings of unconsolidated affiliates | 27.30% | 27.20% | 27.20% | ||||||||
Tax on equity in earnings of unconsolidated affiliates | 7.70% | 7.80% | 7.80% | ||||||||
Total expected income tax expense at the statutory rate | 35.00% | 35.00% | 35.00% | ||||||||
Tax-exempt investment income | (1.70%) | (3.10%) | (2.20%) | ||||||||
Deferred tax change (including Tax Reform) | (55.00%) | 2.60% | |||||||||
Dividend exclusion | (2.20%) | (3.30%) | (2.40%) | ||||||||
Miscellaneous tax credits, net | (2.40%) | (3.90%) | (2.60%) | ||||||||
Low income housing tax credit expense | 1.30% | 1.90% | 1.40% | ||||||||
Other items, net | 0.50% | (1.50%) | 0.80% | ||||||||
Provision for federal income tax before interest expense | (24.50%) | 27.70% | 30.00% | ||||||||
Interest expense (benefit) | (0.70%) | 1.10% | |||||||||
Total, Rate | (25.20%) | 28.80% | 30.00% |
Federal Income Taxes - Addition
Federal Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Income Taxes [Line Items] | ||||
Provisional tax benefit due to effect of reducing the statutory tax rate | $ 206,400,000 | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% | |
Income taxes paid or refunded, net | $ 33,640,000 | $ 33,367,000 | $ 80,759,000 | |
Valuation allowance | 0 | $ 0 | ||
Operating loss tax carryforwards subject to expiration | $ 0 | |||
Operating loss tax carryforwards expiration date | Dec. 31, 2017 | |||
Provision for penalties or interest recognized relating to dispute with Internal Revenue Service | $ 10,800,000 | |||
Income tax examination description | American National’s federal income tax returns for years 2014 to 2016 are subject to examination by the Internal Revenue Service. | |||
Scenario, Forecast [Member] | ||||
Schedule Of Income Taxes [Line Items] | ||||
Statutory tax rate | 21.00% |
Federal Income Taxes - Componen
Federal Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
DEFERRED TAX ASSETS | ||
Invested assets, principally due to impairment losses | $ 23,570 | $ 41,982 |
Investment in real estate and other invested assets, principally due to investment valuation allowances | 8,547 | 10,028 |
Policyholder funds, principally due to policy reserve discount | 90,480 | 159,351 |
Policyholder funds, principally due to unearned premium reserve | 23,001 | 35,207 |
Participating policyholders' surplus | 34,538 | 54,023 |
Pension | 26,274 | 57,388 |
Commissions and other expenses | 3,796 | 6,563 |
Other assets | 15,745 | 37,250 |
Tax carryforwards | 60 | 278 |
Gross deferred tax assets | 226,011 | 402,070 |
DEFERRED TAX LIABILITIES | ||
Marketable securities, principally due to net unrealized gains | 253,526 | 329,464 |
Investment in bonds, principally due to differences between GAAP and tax basis | 12,547 | 20,875 |
Deferred policy acquisition costs, due to difference between GAAP and tax amortization methods | 220,809 | 342,888 |
Property, plant and equipment, principally due to difference between GAAP and tax depreciation methods | 19,203 | 27,490 |
Other liabilities | 36,296 | 48,840 |
Gross deferred tax liabilities | 542,381 | 769,557 |
Total net deferred tax liability | $ 316,370 | $ 367,487 |
Accumulated Other Comprehens103
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of the period | $ 4,661,495 | $ 4,462,471 | |
Foreign currency adjustment, net of tax expense (benefit) | 746 | 289 | $ (1,630) |
Balance at end of the period | 5,255,771 | 4,661,495 | 4,462,471 |
Net Unrealized Gains (Losses) on Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of the period | 547,138 | 453,434 | 568,151 |
Amounts reclassified from AOCI, net of tax expense (benefit) | (34,895) | 14,308 | (23,856) |
Unrealized holding gains arising during the period, net of tax expense (benefit) | 210,595 | 133,451 | (135,035) |
Unrealized adjustment to DAC, net of tax expense (benefit) | (1,354) | (18,756) | 38,554 |
Unrealized gains on investments attributable to participating policyholders' interest, net of tax expense (benefit) | (4,606) | 6,683 | 5,620 |
Balance at end of the period | 716,878 | 547,138 | 453,434 |
Defined Benefit Pension Plan Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of the period | (88,603) | (97,889) | (76,074) |
Amounts reclassified from AOCI, net of tax expense (benefit) | 18,827 | (8,242) | 6,368 |
Actuarial gain (loss) arising during the period net of tax expense (benefit) | (2,996) | 1,044 | (28,183) |
Balance at end of the period | (72,772) | (88,603) | (97,889) |
Foreign Currency Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of the period | (2,636) | (2,925) | (1,295) |
Foreign currency adjustment, net of tax expense (benefit) | 746 | 289 | (1,630) |
Balance at end of the period | (1,890) | (2,636) | (2,925) |
Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of the period | 455,899 | 352,620 | 490,782 |
Amounts reclassified from AOCI, net of tax expense (benefit) | (16,068) | 6,066 | (17,488) |
Unrealized holding gains arising during the period, net of tax expense (benefit) | 210,595 | 133,451 | (135,035) |
Unrealized adjustment to DAC, net of tax expense (benefit) | (1,354) | (18,756) | 38,554 |
Unrealized gains on investments attributable to participating policyholders' interest, net of tax expense (benefit) | (4,606) | 6,683 | 5,620 |
Actuarial gain (loss) arising during the period net of tax expense (benefit) | (2,996) | 1,044 | (28,183) |
Foreign currency adjustment, net of tax expense (benefit) | 746 | 289 | (1,630) |
Balance at end of the period | $ 642,216 | $ 455,899 | $ 352,620 |
Accumulated Other Comprehens104
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Parenthetical) (Detail) - Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI, sale of securities tax expense (benefit) | $ 18,789 | $ 7,705 | $ 12,845 |
Amounts reclassified from AOCI, pension tax expense (benefit) | 5,005 | 4,438 | 3,429 |
Unrealized holding gains arising during the period, tax expense (benefit) | 113,604 | 71,859 | 72,711 |
Unrealized adjustment to deferred policy acquisition costs, tax expense (benefit) | 729 | 10,318 | 20,786 |
Unrealized gains on investments attributable to participating policyholders' interest, tax expense (benefit) | 2,480 | 3,599 | 3,026 |
Actuarial gain (loss) arising during the period, tax expense (benefit) | 796 | 562 | 15,175 |
Foreign currency adjustment, tax expense (benefit) | $ 198 | $ 156 | $ 878 |
Stockholders' Equity and Non105
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, par value | $ 1 | $ 1 | |
Common stock, shares authorized | 50,000,000 | 50,000,000 | |
Maximum limit of shares available for grants under stock-based compensation plan | 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% | ||
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 | $ 9,012,000 | $ 9,317,000 | |
Scenario, Forecast [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Statutory amount available for dividend payments without regulatory approval | $ 329,347,000 | ||
Parent Company [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Statutory capital and surplus | 3,293,474,000 | 2,985,909,000 | |
Subsidiaries [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Noncontrolling interest | $ 2,262,000 | $ 2,567,000 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk based capital action level percentage | 200.00% | 200.00% | |
Insurance Subsidiary [Member] | Missouri [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Statutory accounting practices permitted practice amount | $ 66,625,000 | $ 67,858,000 | |
County Mutual [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Noncontrolling interest | $ 6,750,000 | $ 6,750,000 | |
Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Expiration of vesting period | 5 years | ||
Stock Appreciation Rights [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rate per year | 20.00% | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 10 years | ||
Shares granted | 350,334 | ||
Exercise price of Restricted shares granted | $ 0 | ||
Number of shares unvested | 74,000 | ||
Lapse restrictions on restricted stock awards | 10 years | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period description | RSUs granted vest after a one-year or three-year graded vesting requirement or over a shorter period as a result of death, disability or retirement after age 65. | ||
Graded Vesting [Member] | Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Stockholders' Equity and Non106
Stockholders' Equity and Noncontrolling Interests - Common Stock, Amounts Outstanding (Detail) - shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Stockholders' Equity Note [Abstract] | |||
Shares issued | 30,832,449 | 30,832,449 | 30,832,449 |
Treasury shares | (3,900,565) | (3,917,933) | (3,937,993) |
Outstanding shares | 26,931,884 | 26,914,516 | 26,894,456 |
Restricted shares | (74,000) | (76,000) | (76,000) |
Unrestricted outstanding shares | 26,857,884 | 26,838,516 | 26,818,456 |
Stockholders' Equity and Non107
Stockholders' Equity and Noncontrolling Interests - Stock-Based Compensation Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares | 6,153 | 38,092 | 54,930 |
Exercised, Shares | (333) | (15,375) | (116) |
Expired, Shares | (3,234) | (16,564) | (16,722) |
Ending balance, Shares | 2,586 | 6,153 | 38,092 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 113.36 | $ 115.18 | $ 114.86 |
Weighted-average contractual remaining life (in years) | 6 months 14 days | ||
Exercisable shares | 2,586 | ||
Weighted-Average Grant Date Fair Value, Exercised | $ 116.48 | 114.07 | 73.97 |
Weighted-average exercise price | 106.70 | ||
Weighted-average exercise price exercisable shares | 106.70 | ||
Weighted-Average Grant Date Fair Value, Expired | $ 118.37 | $ 116.88 | $ 114.42 |
Compensation expense (credit) | $ (15,000) | $ 179,000 | $ (72,000) |
Weighted-Average Grant Date Fair Value, Ending balance | $ 106.70 | $ 113.36 | $ 115.18 |
Fair value of liability award | $ 63,000 | $ 213,000 | |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares | 76,000 | 76,000 | 142,667 |
Exercised, Shares | (2,000) | (66,667) | |
Ending balance, Shares | 74,000 | 76,000 | 76,000 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 110.73 | $ 110.73 | $ 107.39 |
Weighted-average contractual remaining life (in years) | 3 years 4 months 9 days | ||
Weighted-Average Grant Date Fair Value, Exercised | $ 130.52 | $ 103.58 | |
Weighted-average exercise price | 130.52 | ||
Weighted-average exercise price exercisable shares | $ 0 | ||
Compensation expense (credit) | $ 823,000 | $ 843,000 | $ 1,147,000 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 110.19 | $ 110.73 | $ 110.73 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares | 100,445 | 135,725 | 128,214 |
Granted, Shares | 16,500 | 36,849 | 83,093 |
Exercised, Shares | (62,111) | (66,581) | (75,119) |
Forfeited, Shares | (2,069) | (5,548) | (463) |
Ending balance, Shares | 52,765 | 100,445 | 135,725 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 105.97 | $ 103.73 | $ 95.82 |
Weighted-average contractual remaining life (in years) | 9 months | ||
Weighted-Average Grant Date Fair Value, Granted | $ 117.69 | 103.58 | 104.75 |
Weighted-Average Grant Date Fair Value, Exercised | 108.90 | 100.06 | 91.35 |
Weighted-average exercise price | 108.90 | ||
Weighted-Average Grant Date Fair Value, Forfeited | 104.17 | $ 106.10 | $ 105.30 |
Weighted-average exercise price exercisable shares | $ 0 | ||
Compensation expense (credit) | $ 3,227,000 | $ 6,539,000 | $ 6,635,000 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 106.26 | $ 105.97 | $ 103.73 |
Fair value of liability award | $ 6,376,000 | $ 13,197,000 |
Stockholders' Equity and Non108
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Weighted average shares outstanding | 26,896,926 | 26,908,570 | 26,876,522 | ||||||||
Incremental shares from RS awards and RSUs | 63,769 | 58,502 | 73,544 | ||||||||
Total shares for diluted calculations | 26,960,695 | 26,967,072 | 26,950,066 | ||||||||
Net income attributable to American National (in thousands) | $ 344,583 | $ 73,269 | $ 35,959 | $ 39,840 | $ 59,773 | $ 59,289 | $ 32,625 | $ 29,316 | $ 493,651 | $ 181,003 | $ 242,988 |
Basic earnings per share | $ 12.81 | $ 2.72 | $ 1.34 | $ 1.48 | $ 2.23 | $ 2.20 | $ 1.21 | $ 1.09 | $ 18.35 | $ 6.73 | $ 9.04 |
Diluted earnings per share | $ 12.78 | $ 2.72 | $ 1.33 | $ 1.48 | $ 2.21 | $ 2.20 | $ 1.21 | $ 1.09 | $ 18.31 | $ 6.71 | $ 9.02 |
Stockholders' Equity and Non109
Stockholders' Equity and Noncontrolling Interests - Additional Information (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Regulated Operations [Abstract] | ||
Provisional tax benefit due to effect of reducing the statutory tax rate | $ 206.4 | |
Net income excluding the impact of tax reform | $ 138.2 | $ 287.3 |
Basic earnings per share excluding the impact of tax reform | $ 5.14 | $ 10.68 |
Diluted earnings per share excluding the impact of tax reform | $ 5.12 | $ 10.65 |
Stockholders' Equity and Non110
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Life [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | $ 2,141,573 | $ 1,921,171 | |
Statutory net income | 46,820 | 82,101 | $ 136,170 |
Property and Casualty [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus | 1,162,761 | 1,074,525 | |
Statutory net income | $ 72,267 | $ 48,378 | $ 71,823 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Segment information, number of operating segments | 5 |
Segment Information - Summary o
Segment Information - Summary of Results of Operations Measured as Income Before Federal Income Taxes and Equity in Earnings of Unconsolidated Affiliates by Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from continuing operations | $ 142,026 | $ 90,567 | $ 33,901 | $ 42,763 | $ 87,667 | $ 47,722 | $ 40,280 | $ 23,508 | $ 309,257 | $ 199,177 | $ 268,688 |
Life [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from continuing operations | 43,968 | 28,116 | 33,453 | ||||||||
Annuity [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from continuing operations | 81,544 | 75,619 | 59,955 | ||||||||
Accident and Health [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from continuing operations | 12,556 | 1,312 | 1,925 | ||||||||
Property and Casualty [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from continuing operations | 58,548 | 34,554 | 68,990 | ||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from continuing operations | $ 112,641 | $ 59,576 | $ 104,365 |
Segment Information - Summar113
Segment Information - Summary of Total Assets by Operating Segments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 26,386,764 | $ 24,533,222 | $ 23,766,556 |
Life [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 6,101,458 | 5,921,208 | 5,718,553 |
Annuity [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 12,345,215 | 11,310,936 | 10,888,447 |
Accident and Health [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 468,947 | 472,369 | 463,600 |
Property and Casualty [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 2,189,515 | 2,046,303 | 2,040,102 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | $ 5,281,629 | $ 4,782,406 | $ 4,655,854 |
Pension and Postretirement B114
Pension and Postretirement Benefits - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($)Plans | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)Plans | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Active, tax-qualified, defined-benefit pension plan | Plans | 0 | 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 | (9,646,000) | $ (9,646,000) | |||
Employer contribution for pension plan | 37,234,000 | $ 52,409,000 | |||
Benefits paid | 68,601,000 | 35,044,000 | |||
Expected employer contribution in next fiscal year | 20,000,000 | $ 20,000,000 | |||
Percentage of total invested plan assets | 5.00% | ||||
Accrued postretirement benefit obligation | $ 490,838,000 | $ 490,838,000 | 513,532,000 | $ 524,143,000 | |
401(k) Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total expenses associated with plan | $ 13,466,000 | 13,658,000 | 12,146,000 | ||
Minimum [Member] | Corporate Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maturity date | 1 year | ||||
Maximum [Member] | Corporate Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maturity date | 30 years | ||||
Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of total invested plan assets | 100.00% | 100.00% | |||
Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of total invested plan assets | 75.00% | 75.00% | |||
Foreign Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of bond portfolio, foreign bonds | 20.00% | ||||
Residential Mortgage-Backed Securities [Member] | Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maturity date | 1 year | ||||
Residential Mortgage-Backed Securities [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maturity date | 30 years | ||||
Postretirement Life and Health Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contribution for pension plan | $ 40 | ||||
Accrued postretirement benefit obligation | $ 6,424,000 | 6,424,000 | 6,197,000 | ||
Qualified Pension Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contribution for pension plan | 25,023,000 | 40,090,000 | 18,630,000 | ||
Non-qualified Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefits paid | $ 12,287,000 | $ 12,319,000 | $ 10,082,000 |
Pension and Postretirement B115
Pension and Postretirement Benefits - Amounts Recognized in Consolidated Statements of Financial Position (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Obligation at January 1, | $ 513,532 | $ 524,143 | |
Service cost | 63 | 59 | $ 97 |
Interest cost on projected benefit obligation | 18,772 | 20,690 | 18,721 |
Actuarial loss | 27,072 | 3,684 | |
Benefits paid | (68,601) | (35,044) | |
Obligation at December 31, | 490,838 | 513,532 | 524,143 |
Fair value of plan assets at January 1, | 367,233 | 322,563 | |
Actual return on plan assets | 46,858 | 27,305 | |
Employer contributions | 37,234 | 52,409 | |
Benefits paid | (68,601) | (35,044) | |
Fair value of plan assets at December 31, | 382,724 | 367,233 | $ 322,563 |
Funded status at December 31, | $ (108,114) | $ (146,299) |
Pension and Postretirement B116
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |||
Service cost | $ 63 | $ 59 | $ 97 |
Interest cost | 18,772 | 20,690 | 18,721 |
Expected return on plan assets | (23,579) | (22,013) | (20,856) |
Amortization of net actuarial loss | 23,832 | 12,680 | 9,797 |
Net periodic benefit cost | $ 19,088 | $ 11,416 | $ 7,759 |
Pension and Postretirement B117
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |||
Actuarial gain (loss) | $ 20,040 | $ 14,286 | $ (33,562) |
Deferred tax (expense) benefit | (4,209) | (5,000) | 11,747 |
Other comprehensive income (loss), net of tax | $ 15,831 | $ 9,286 | $ (21,815) |
Pension and Postretirement B118
Pension and Postretirement Benefits - Net Periodic Benefit Cost Not yet Recognized (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Compensation and Retirement Disclosure [Abstract] | ||
Net actuarial loss | $ (116,272) | $ (136,312) |
Deferred tax benefit | 43,500 | 47,709 |
Amounts included in AOCI | $ (72,772) | $ (88,603) |
Pension and Postretirement B119
Pension and Postretirement Benefits - Weighted Average Assumptions Used in Measurement of Benefit Obligation (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Discount rate, Used for Net Benefit Cost | 3.92% |
Long-term rate of return, Used for Net Benefit Cost | 7.42% |
Discount rate, Used for Benefit Obligations | 3.46% |
Long-term rate of return, Used for Benefit Obligations | 7.38% |
Pension and Postretirement B120
Pension and Postretirement Benefits - Pension Benefit Payments Expected to be Paid (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
2,018 | $ 37,619 |
2,019 | 36,507 |
2,020 | 40,022 |
2,021 | 37,969 |
2,022 | 37,345 |
2023-2027 | $ 151,974 |
Pension and Postretirement B121
Pension and Postretirement Benefits - Fair Values of Plan Assets by Asset Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | $ 382,724 | $ 367,233 | $ 322,563 |
U.S. States and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,952 | ||
Corporate Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 93,051 | 58,462 | |
Residential Mortgage-Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,119 | 616 | |
Mutual Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 9,513 | 9,405 | |
Consumer Goods [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 55,411 | 53,252 | |
Energy and Utilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 26,693 | 28,602 | |
Finance [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 58,008 | 51,842 | |
Equity Securities Healthcare [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 30,214 | 27,501 | |
Industrials [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 20,141 | 17,035 | |
Information Technology [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 46,520 | 33,992 | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 31,545 | 30,042 | |
Commercial Paper [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 7,152 | 49,111 | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 2,077 | 679 | |
Unallocated Group Annuity Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,280 | 4,742 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 280,036 | 252,263 | |
Level 1 [Member] | Mutual Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 9,513 | 9,405 | |
Level 1 [Member] | Consumer Goods [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 55,411 | 53,252 | |
Level 1 [Member] | Energy and Utilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 26,693 | 28,602 | |
Level 1 [Member] | Finance [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 58,008 | 51,842 | |
Level 1 [Member] | Equity Securities Healthcare [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 30,214 | 27,501 | |
Level 1 [Member] | Industrials [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 20,141 | 17,035 | |
Level 1 [Member] | Information Technology [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 46,520 | 33,992 | |
Level 1 [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 31,545 | 30,042 | |
Level 1 [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,991 | 592 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 102,688 | 114,970 | |
Level 2 [Member] | U.S. States and Political Subdivisions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,952 | ||
Level 2 [Member] | Corporate Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 93,051 | 58,462 | |
Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 1,119 | 616 | |
Level 2 [Member] | Commercial Paper [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 7,152 | 49,111 | |
Level 2 [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | 86 | 87 | |
Level 2 [Member] | Unallocated Group Annuity Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of pension plan assets | $ 1,280 | $ 4,742 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Remaining long-term lease commitments | $ 4,877,000 | |
Commitments outstanding, aggregate amount | 852,615,000 | |
Commitments expected to be funded in 2018 | 639,750,000 | |
Short-term borrowing facility, maximum capacity | 100,000,000 | |
Short-term borrowing facility, letters of credit | 55,000,000 | |
Letters of credit outstanding, amount | $ 4,586,000 | $ 9,473,000 |
Short-term borrowing facility, expiration date | Oct. 30, 2018 | |
Total amount of guarantees outstanding | $ 206,376,000 | |
Life insurance policies with guarantees, cash value | $ 209,683,000 |
Related Party Transactions - Re
Related Party Transactions - Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Gal-Tex Hotel Corporation [Member] | Mortgage Loan On Real Estate Income Statement Effect [Member] | ||
Related Party Transaction [Line Items] | ||
Dollar amount of transactions | $ 1,533 | $ 1,426 |
Gal-Tex Hotel Corporation [Member] | Net Investment Income [Member] | ||
Related Party Transaction [Line Items] | ||
Dollar amount of transactions | 222 | 329 |
Gal-Tex Hotel Corporation [Member] | Mortgage Loans On Real Estate Financial Statement Caption [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to (from) American National | 2,223 | 3,756 |
Gal-Tex Hotel Corporation [Member] | Net Investment Income Accrual [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to (from) American National | 13 | 23 |
Greer, Herz & Adams, LLP [Member] | Other Operating Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Dollar amount of transactions | 10,181 | 9,315 |
Greer, Herz & Adams, LLP [Member] | Other Operating Expenses Accrual [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to (from) American National | $ (386) | $ (283) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Gal-Tex Hotel Corporation [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |
Interest rate on mortgage loans | 7.25% |
Due date of mortgage loans receivable | Apr. 1, 2019 |
Selected Quarterly Financial125
Selected Quarterly Financial Data - Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total premiums and other revenues | $ 924,360 | $ 872,750 | $ 834,093 | $ 779,797 | $ 839,391 | $ 823,142 | $ 800,448 | $ 764,970 | $ 3,411,000 | $ 3,227,951 | $ 3,017,455 |
Total benefits, losses and expenses | 782,334 | 782,183 | 800,192 | 737,034 | 751,724 | 775,420 | 760,168 | 741,462 | 3,101,743 | 3,028,774 | 2,748,767 |
Income before federal income tax and equity in earnings of unconsolidated affiliates | 142,026 | 90,567 | 33,901 | 42,763 | 87,667 | 47,722 | 40,280 | 23,508 | 309,257 | 199,177 | 268,688 |
Total provision (benefit) for federal income taxes | (159,614) | 36,351 | 10,515 | 13,072 | 45,300 | 22,590 | 9,890 | (4,070) | (99,676) | 73,710 | 103,720 |
Equity in earnings of unconsolidated affiliates | 42,474 | 22,387 | 12,313 | 9,500 | 17,935 | 36,530 | 1,798 | 937 | 86,674 | 57,200 | 77,408 |
Net income | 344,114 | 76,603 | 35,699 | 39,191 | 60,302 | 61,662 | 32,188 | 28,515 | 495,607 | 182,667 | 242,376 |
Net income (loss) attributable to noncontrolling interest | (469) | 3,334 | (260) | (649) | 529 | 2,373 | (437) | (801) | 1,956 | 1,664 | (612) |
Net income attributable to American National | $ 344,583 | $ 73,269 | $ 35,959 | $ 39,840 | $ 59,773 | $ 59,289 | $ 32,625 | $ 29,316 | $ 493,651 | $ 181,003 | $ 242,988 |
Earnings per share attributable to American National | |||||||||||
Basic | $ 12.81 | $ 2.72 | $ 1.34 | $ 1.48 | $ 2.23 | $ 2.20 | $ 1.21 | $ 1.09 | $ 18.35 | $ 6.73 | $ 9.04 |
Diluted | $ 12.78 | $ 2.72 | $ 1.33 | $ 1.48 | $ 2.21 | $ 2.20 | $ 1.21 | $ 1.09 | $ 18.31 | $ 6.71 | $ 9.02 |
Selected Quarterly Financial126
Selected Quarterly Financial Data - Selected Quarterly Financial Data (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | ||
Provisional tax benefit due to effect of reducing the statutory tax rate | $ 206.4 | |
Net income excluding the impact of tax reform | $ 138.2 | $ 287.3 |
Basic earnings per share excluding the impact of tax reform | $ 5.14 | $ 10.68 |
Diluted earnings per share excluding the impact of tax reform | $ 5.12 | $ 10.65 |
Schedule I - Summary of Inve127
Schedule I - Summary of Investments - Other Than Investments in Related Parties (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | $ 20,748,202 |
Estimated Fair Value | 21,770,951 |
Amount at which Shown in the Consolidated Statement of Financial Position | 21,880,871 |
Options [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 86,142 |
Estimated Fair Value | 220,190 |
Amount at which Shown in the Consolidated Statement of Financial Position | 4,761 |
Consumer Goods [Member] | Common Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 149,398 |
Estimated Fair Value | 360,597 |
Amount at which Shown in the Consolidated Statement of Financial Position | 360,597 |
Energy and Utilities [Member] | Common Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 90,892 |
Estimated Fair Value | 148,988 |
Amount at which Shown in the Consolidated Statement of Financial Position | 148,988 |
Finance [Member] | Common Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 163,703 |
Estimated Fair Value | 371,097 |
Amount at which Shown in the Consolidated Statement of Financial Position | 371,097 |
Healthcare [Member] | Common Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 76,824 |
Estimated Fair Value | 211,155 |
Amount at which Shown in the Consolidated Statement of Financial Position | 211,155 |
Industrials [Member] | Common Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 49,083 |
Estimated Fair Value | 169,516 |
Amount at which Shown in the Consolidated Statement of Financial Position | 169,516 |
Information Technology [Member] | Common Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 123,757 |
Estimated Fair Value | 356,529 |
Amount at which Shown in the Consolidated Statement of Financial Position | 356,529 |
Other Equity Securities [Member] | Common Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 84,796 |
Estimated Fair Value | 142,745 |
Amount at which Shown in the Consolidated Statement of Financial Position | 142,745 |
Preferred Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 19,130 |
Estimated Fair Value | 23,599 |
Amount at which Shown in the Consolidated Statement of Financial Position | 23,599 |
Mortgage Loans [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 4,749,999 |
Estimated Fair Value | 4,811,006 |
Amount at which Shown in the Consolidated Statement of Financial Position | 4,749,999 |
Real Estate [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 506,392 |
Amount at which Shown in the Consolidated Statement of Financial Position | 506,392 |
Real Estate Acquired in Satisfaction of Debt [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 25,954 |
Amount at which Shown in the Consolidated Statement of Financial Position | 25,954 |
Policy Loans [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 377,103 |
Estimated Fair Value | 377,103 |
Amount at which Shown in the Consolidated Statement of Financial Position | 377,103 |
Other Long-term Investments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 75,404 |
Amount at which Shown in the Consolidated Statement of Financial Position | 75,404 |
Short-term Investments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 658,765 |
Estimated Fair Value | 658,765 |
Amount at which Shown in the Consolidated Statement of Financial Position | 658,765 |
Held-to-maturity Securities [Member] | Foreign Governments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 4,011 |
Estimated Fair Value | 4,593 |
Amount at which Shown in the Consolidated Statement of Financial Position | 4,011 |
Held-to-maturity Securities [Member] | Corporate Debt Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 7,032,464 |
Estimated Fair Value | 7,232,327 |
Amount at which Shown in the Consolidated Statement of Financial Position | 7,032,464 |
Held-to-maturity Securities [Member] | U.S. States and Political Subdivisions [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 266,966 |
Estimated Fair Value | 279,395 |
Amount at which Shown in the Consolidated Statement of Financial Position | 266,966 |
Held-to-maturity Securities [Member] | Residential Mortgage-Backed Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 246,803 |
Estimated Fair Value | 255,243 |
Amount at which Shown in the Consolidated Statement of Financial Position | 246,803 |
Held-to-maturity Securities [Member] | Collateralized Debt Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 923 |
Estimated Fair Value | 954 |
Amount at which Shown in the Consolidated Statement of Financial Position | 923 |
Held-to-maturity Securities [Member] | Other Debt Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 1,792 |
Estimated Fair Value | 1,841 |
Amount at which Shown in the Consolidated Statement of Financial Position | 1,792 |
Available-for-sale Securities [Member] | Foreign Governments [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 5,000 |
Estimated Fair Value | 6,460 |
Amount at which Shown in the Consolidated Statement of Financial Position | 6,460 |
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 5,038,908 |
Estimated Fair Value | 5,192,927 |
Amount at which Shown in the Consolidated Statement of Financial Position | 5,192,927 |
Available-for-sale Securities [Member] | U.S. States and Political Subdivisions [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 866,250 |
Estimated Fair Value | 897,047 |
Amount at which Shown in the Consolidated Statement of Financial Position | 897,047 |
Available-for-sale Securities [Member] | Residential Mortgage-Backed Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 15,009 |
Estimated Fair Value | 14,717 |
Amount at which Shown in the Consolidated Statement of Financial Position | 14,717 |
Available-for-sale Securities [Member] | Collateralized Debt Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 3,171 |
Estimated Fair Value | 3,818 |
Amount at which Shown in the Consolidated Statement of Financial Position | 3,818 |
Available-for-sale Securities [Member] | Other Debt Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 1,994 |
Estimated Fair Value | 2,441 |
Amount at which Shown in the Consolidated Statement of Financial Position | 2,441 |
Available-for-sale Securities [Member] | U.S. Treasury and Government [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 27,569 |
Estimated Fair Value | 27,898 |
Amount at which Shown in the Consolidated Statement of Financial Position | $ 27,898 |
Schedule II - Condensed Fina128
Schedule II - Condensed Financial Information of Registrant - Condensed Statements of Financial Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Equity securities | $ 1,784,226 | $ 1,541,676 | ||
Mortgage loans on real estate, net of allowance | 4,749,999 | 4,348,046 | ||
Other invested assets | 80,165 | 113,550 | ||
Deferred policy acquisition costs | 1,373,844 | 1,294,443 | $ 1,324,669 | $ 1,253,544 |
Separate account assets | 969,764 | 941,612 | ||
Other assets | 158,024 | 169,962 | ||
Total assets | 26,386,764 | 24,533,222 | $ 23,766,556 | |
LIABILITIES | ||||
Policyholders' account balances | 12,060,045 | 11,068,775 | ||
Separate account liabilities | 969,764 | 941,612 | ||
Other liabilities | 477,855 | 481,958 | ||
Total liabilities | 21,130,993 | 19,871,727 | ||
Shareholders' equity | ||||
Common stock | 30,832 | 30,832 | ||
Additional paid-incapital | 19,193 | 16,406 | ||
Accumulated other comprehensive income | 642,216 | 455,899 | ||
Retained earnings | 4,656,134 | 4,250,818 | ||
Treasury stock, at cost | (101,616) | (101,777) | ||
Total stockholders' equity | 5,246,759 | 4,652,178 | ||
Total liabilities and equity | 26,386,764 | 24,533,222 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Fixed maturity securities | 9,093,442 | 8,969,903 | ||
Equity securities | 4,976 | 4,585 | ||
Mortgage loans on real estate, net of allowance | 4,533,620 | 4,190,357 | ||
Other invested assets | 1,961,343 | 1,658,771 | ||
Investment in subsidiaries | 3,090,883 | 2,646,281 | ||
Deferred policy acquisition costs | 1,116,862 | 1,052,357 | ||
Separate account assets | 969,764 | 941,612 | ||
Other assets | 873,470 | 787,054 | ||
Total assets | 21,644,360 | 20,250,920 | ||
LIABILITIES | ||||
Policy liabilities | 4,207,467 | 4,027,973 | ||
Policyholders' account balances | 10,690,282 | 10,006,609 | ||
Separate account liabilities | 969,764 | 941,612 | ||
Other liabilities | 530,088 | 622,548 | ||
Total liabilities | 16,397,601 | 15,598,742 | ||
Shareholders' equity | ||||
Common stock | 30,832 | 30,832 | ||
Additional paid-incapital | 19,193 | 16,406 | ||
Accumulated other comprehensive income | 642,216 | 455,899 | ||
Retained earnings | 4,656,134 | 4,250,818 | ||
Treasury stock, at cost | (101,616) | (101,777) | ||
Total stockholders' equity | 5,246,759 | 4,652,178 | ||
Total liabilities and equity | $ 21,644,360 | $ 20,250,920 |
Schedule II - Condensed Fina129
Schedule II - Condensed Financial Information of Registrant - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Premiums and other revenues | |||||||||||
Net investment income | $ 966,077 | $ 860,235 | $ 834,831 | ||||||||
Net realized investment gain | 104,595 | 46,607 | 87,385 | ||||||||
Other-than-temporary impairments | (13,386) | (17,667) | (27,942) | ||||||||
Other income | 37,986 | 35,248 | 34,397 | ||||||||
Total premiums and other revenues | $ 924,360 | $ 872,750 | $ 834,093 | $ 779,797 | $ 839,391 | $ 823,142 | $ 800,448 | $ 764,970 | 3,411,000 | 3,227,951 | 3,017,455 |
Benefits, losses and expenses | |||||||||||
Other operating expenses | 520,671 | 503,459 | 501,377 | ||||||||
Total benefits, losses and expenses | 782,334 | 782,183 | 800,192 | 737,034 | 751,724 | 775,420 | 760,168 | 741,462 | 3,101,743 | 3,028,774 | 2,748,767 |
Income from continuing operations before federal income tax and equity in earnings of subsidiaries | 142,026 | 90,567 | 33,901 | 42,763 | 87,667 | 47,722 | 40,280 | 23,508 | 309,257 | 199,177 | 268,688 |
Provision for federal income taxes | (159,614) | 36,351 | 10,515 | 13,072 | 45,300 | 22,590 | 9,890 | (4,070) | (99,676) | 73,710 | 103,720 |
Equity in earnings of subsidiaries, net of tax | 42,474 | 22,387 | 12,313 | 9,500 | 17,935 | 36,530 | 1,798 | 937 | 86,674 | 57,200 | 77,408 |
Net income attributable to American National | $ 344,583 | $ 73,269 | $ 35,959 | $ 39,840 | $ 59,773 | $ 59,289 | $ 32,625 | $ 29,316 | 493,651 | 181,003 | 242,988 |
Parent Company [Member] | |||||||||||
Premiums and other revenues | |||||||||||
Premiums and other policy revenues | 889,346 | 987,994 | 820,194 | ||||||||
Net investment income | 794,277 | 713,589 | 672,093 | ||||||||
Net realized investment gain | 21,052 | 16,111 | 21,258 | ||||||||
Other-than-temporary impairments | (6,105) | (10) | (60) | ||||||||
Other income | 17,558 | 15,944 | 15,785 | ||||||||
Total premiums and other revenues | 1,716,128 | 1,733,628 | 1,529,270 | ||||||||
Benefits, losses and expenses | |||||||||||
Policyholder benefits | 682,707 | 749,179 | 615,180 | ||||||||
Other operating expenses | 884,461 | 848,063 | 764,913 | ||||||||
Total benefits, losses and expenses | 1,567,168 | 1,597,242 | 1,380,093 | ||||||||
Income from continuing operations before federal income tax and equity in earnings of subsidiaries | 148,960 | 136,386 | 149,177 | ||||||||
Provision for federal income taxes | (58,112) | 50,739 | 47,501 | ||||||||
Equity in earnings of subsidiaries, net of tax | 286,579 | 95,356 | 141,312 | ||||||||
Net income attributable to American National | $ 493,651 | $ 181,003 | $ 242,988 |
Schedule II - Condensed Fina130
Schedule II - Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||||||||||
Net income | $ 344,114 | $ 76,603 | $ 35,699 | $ 39,191 | $ 60,302 | $ 61,662 | $ 32,188 | $ 28,515 | $ 495,607 | $ 182,667 | $ 242,376 |
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Net realized investments gains | (104,595) | (46,607) | (87,385) | ||||||||
Other-than-temporary impairments | 13,386 | 17,667 | 27,942 | ||||||||
Accretion of premiums, discounts and loan origination fees | (2,008) | (2,926) | 2,701 | ||||||||
Net capitalized interest on policy loans and mortgage loans | (32,551) | (32,813) | (31,360) | ||||||||
Depreciation | 53,937 | 45,278 | 40,573 | ||||||||
Interest credited to policyholders' account balances | 415,190 | 331,770 | 293,464 | ||||||||
Charges to policyholders' account balances | (248,526) | (306,880) | (250,265) | ||||||||
Deferred federal income tax (benefit) expense | (148,777) | 89,086 | 9,741 | ||||||||
Changes in | |||||||||||
Accrued investment income | (7,347) | (2,849) | 8,470 | ||||||||
Reinsurance recoverables | (16,880) | 12,172 | 14,773 | ||||||||
Prepaid reinsurance premiums | (599) | 14,881 | (21,887) | ||||||||
Premiums due and other receivables | (19,445) | (11,691) | (5,512) | ||||||||
Deferred policy acquisition costs | (81,484) | 1,152 | (11,785) | ||||||||
Policyholder liabilities | 320,743 | 282,159 | 259,645 | ||||||||
Liability for retirement benefits | (14,127) | (53,979) | (31,435) | ||||||||
Current tax receivable/payable | 17,252 | (57,332) | 4,578 | ||||||||
Change in fair value of option securities | (90,357) | (28,401) | 13,834 | ||||||||
Other, net | 11,639 | 24,327 | (22,421) | ||||||||
Net cash provided by operating activities | 495,925 | 401,577 | 379,458 | ||||||||
Proceeds from sale/maturity/prepayment of | |||||||||||
Held-to-maturity securities | 893,977 | 491,478 | 1,150,650 | ||||||||
Available for sale securities | 627,682 | 459,511 | 574,391 | ||||||||
Investment real estate | 67,227 | 12,833 | 19,788 | ||||||||
Mortgage loans | 811,049 | 587,355 | 836,443 | ||||||||
Policy loans | 42,580 | 59,920 | 56,773 | ||||||||
Other invested assets | 80,901 | 30,743 | 71,564 | ||||||||
Disposals of property and equipment | 554 | 16,240 | 4,681 | ||||||||
Distributions from affiliates and subsidiaries | 102,000 | 55,311 | 130,742 | ||||||||
Payment for the purchase/origination of | |||||||||||
Held-to-maturity securities | (1,215,311) | (156,453) | (525,950) | ||||||||
Available for sale securities | (845,705) | (683,128) | (1,343,795) | ||||||||
Investment real estate | (33,844) | (45,631) | (106,255) | ||||||||
Mortgage loans | (1,194,672) | (1,428,471) | (962,267) | ||||||||
Policy loans | (23,325) | (25,480) | (26,459) | ||||||||
Other invested assets | (47,134) | (67,571) | (38,101) | ||||||||
Additions to property and equipment | (24,395) | (47,301) | (32,596) | ||||||||
Contributions to unconsolidated affiliates | (27,869) | (135,208) | (132,004) | ||||||||
Change in short-term investments | (466,539) | 268,386 | (29,612) | ||||||||
Change in collateral held for derivatives | 89,981 | 24,349 | (65,160) | ||||||||
Other, net | 18,030 | 27,869 | 12,702 | ||||||||
Net cash used in investing activities | (1,144,813) | (555,248) | (404,465) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Policyholders' account deposits | 2,095,734 | 1,528,107 | 1,405,350 | ||||||||
Policyholders' account withdrawals | (1,271,128) | (1,313,394) | (1,400,661) | ||||||||
Dividends to stockholders | (88,335) | (87,741) | (84,446) | ||||||||
Net cash provided by (used in) financing activities | 735,387 | 132,079 | (61,081) | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 86,499 | (21,592) | (86,088) | ||||||||
Beginning of the period | 289,338 | 310,930 | 289,338 | 310,930 | 397,018 | ||||||
End of the period | 375,837 | 289,338 | 375,837 | 289,338 | 310,930 | ||||||
Parent Company [Member] | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | 493,651 | 181,003 | 242,988 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Net realized investments gains | (21,052) | (16,111) | (21,258) | ||||||||
Other-than-temporary impairments | 6,105 | 10 | 60 | ||||||||
Accretion of premiums, discounts and loan origination fees | (6,615) | (7,675) | (2,293) | ||||||||
Net capitalized interest on policy loans and mortgage loans | (31,853) | (28,943) | (27,346) | ||||||||
Depreciation | 32,991 | 28,510 | 24,716 | ||||||||
Interest credited to policyholders' account balances | 370,270 | 297,526 | 263,362 | ||||||||
Charges to policyholders' account balances | (236,336) | (295,000) | (238,169) | ||||||||
Deferred federal income tax (benefit) expense | (57,337) | 89,089 | 8,091 | ||||||||
Net income of subsidiaries | (275,739) | (89,371) | (135,678) | ||||||||
Equity in earnings of affiliates | (10,840) | (5,985) | (5,634) | ||||||||
Changes in | |||||||||||
Accrued investment income | (3,138) | 351 | 6,995 | ||||||||
Reinsurance recoverables | 584 | 11,545 | (14,778) | ||||||||
Prepaid reinsurance premiums | 3,392 | 88 | 3,050 | ||||||||
Premiums due and other receivables | 12,343 | (8,427) | 2,331 | ||||||||
Deferred policy acquisition costs | (66,219) | 8,684 | (13,323) | ||||||||
Policyholder liabilities | 179,497 | 186,472 | 222,928 | ||||||||
Liability for retirement benefits | (31,830) | (29,678) | (23,263) | ||||||||
Current tax receivable/payable | 1,725 | (24,833) | 7,551 | ||||||||
Change in fair value of option securities | (86,259) | (27,534) | 13,839 | ||||||||
Other, net | 20,437 | (48,112) | (34,310) | ||||||||
Net cash provided by operating activities | 293,777 | 221,609 | 279,859 | ||||||||
Proceeds from sale/maturity/prepayment of | |||||||||||
Held-to-maturity securities | 735,778 | 382,390 | 827,234 | ||||||||
Available for sale securities | 315,030 | 282,834 | 340,274 | ||||||||
Investment real estate | 58,840 | 6,651 | 18,929 | ||||||||
Mortgage loans | 794,011 | 547,553 | 809,742 | ||||||||
Policy loans | 44,253 | 49,260 | 44,257 | ||||||||
Other invested assets | 76,521 | 28,155 | 71,469 | ||||||||
Disposals of property and equipment | 158 | 13,171 | 2,721 | ||||||||
Distributions from affiliates and subsidiaries | 20,038 | 9,909 | 15,958 | ||||||||
Payment for the purchase/origination of | |||||||||||
Held-to-maturity securities | (824,831) | (60,639) | (336,902) | ||||||||
Available for sale securities | (345,805) | (161,534) | (744,480) | ||||||||
Investment real estate | (26,936) | (31,234) | (69,145) | ||||||||
Mortgage loans | (1,117,320) | (1,327,395) | (933,879) | ||||||||
Policy loans | (22,978) | (21,526) | (21,106) | ||||||||
Other invested assets | (42,849) | (65,965) | (37,958) | ||||||||
Additions to property and equipment | (20,441) | (39,856) | (24,352) | ||||||||
Contributions to unconsolidated affiliates | (26,056) | (40,404) | (47,130) | ||||||||
Change in short-term investments | (401,110) | 207,546 | (42,258) | ||||||||
Change in investment in subsidiaries | 20,044 | (20,782) | |||||||||
Change in collateral held for derivatives | 84,325 | 22,789 | (65,160) | ||||||||
Other, net | 15,751 | 17,167 | (1,713) | ||||||||
Net cash used in investing activities | (683,621) | (161,084) | (214,281) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Policyholders' account deposits | 1,732,494 | 1,287,366 | 1,280,756 | ||||||||
Policyholders' account withdrawals | (1,182,754) | (1,229,039) | (1,337,668) | ||||||||
Dividends to stockholders | (88,335) | (87,741) | (84,446) | ||||||||
Net cash provided by (used in) financing activities | 461,405 | (29,414) | (141,358) | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 71,561 | 31,111 | (75,780) | ||||||||
Beginning of the period | $ 191,340 | $ 160,229 | 191,340 | 160,229 | 236,009 | ||||||
End of the period | $ 262,901 | $ 191,340 | $ 262,901 | $ 191,340 | $ 160,229 |
Schedule III - Supplementary131
Schedule III - Supplementary Insurance Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Cost | $ 1,373,844 | $ 1,294,443 | $ 1,324,669 |
Future Policy Benefits, Policyholders' Account Balances Benefits, Policy and Contract Claims and Other Policyholder Funds | 18,239,714 | 16,968,156 | 16,447,073 |
Unearned Premiums | 875,294 | 823,938 | 812,978 |
Premium Revenue | 2,067,202 | 1,996,648 | 1,838,519 |
Net Investment Income | 966,077 | 860,235 | 834,831 |
Benefits, Claims, Losses and Settlement Expenses | 1,701,967 | 1,726,431 | 1,540,373 |
Amortization of Deferred Policy Acquisition Costs | 444,351 | 461,365 | 418,588 |
Other Operating Expenses | 520,671 | 503,459 | 501,377 |
Premiums Written | 1,414,024 | 1,282,876 | 1,187,980 |
Life [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Cost | 791,276 | 745,840 | 756,023 |
Future Policy Benefits, Policyholders' Account Balances Benefits, Policy and Contract Claims and Other Policyholder Funds | 5,432,688 | 4,937,467 | 4,860,263 |
Unearned Premiums | 33,298 | 35,133 | 35,810 |
Premium Revenue | 328,570 | 318,953 | 305,350 |
Net Investment Income | 245,835 | 227,923 | 226,076 |
Benefits, Claims, Losses and Settlement Expenses | 396,997 | 416,467 | 386,785 |
Amortization of Deferred Policy Acquisition Costs | 74,068 | 112,712 | 77,567 |
Other Operating Expenses | 199,320 | 199,769 | 201,112 |
Annuity [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Cost | 426,497 | 394,208 | 411,206 |
Future Policy Benefits, Policyholders' Account Balances Benefits, Policy and Contract Claims and Other Policyholder Funds | 11,533,813 | 10,821,889 | 10,410,157 |
Premium Revenue | 222,207 | 248,714 | 183,125 |
Net Investment Income | 573,789 | 500,726 | 459,458 |
Benefits, Claims, Losses and Settlement Expenses | 267,814 | 294,917 | 230,221 |
Amortization of Deferred Policy Acquisition Costs | 74,750 | 71,381 | 81,793 |
Other Operating Expenses | 46,425 | 53,054 | 54,037 |
Accident and Health [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Cost | 36,806 | 40,620 | 44,390 |
Future Policy Benefits, Policyholders' Account Balances Benefits, Policy and Contract Claims and Other Policyholder Funds | 282,872 | 272,802 | 293,325 |
Unearned Premiums | 40,665 | 43,155 | 43,558 |
Premium Revenue | 156,436 | 175,589 | 196,777 |
Net Investment Income | 9,538 | 9,942 | 10,135 |
Benefits, Claims, Losses and Settlement Expenses | 103,112 | 131,828 | 146,805 |
Amortization of Deferred Policy Acquisition Costs | 15,227 | 14,973 | 23,643 |
Other Operating Expenses | 38,376 | 43,263 | 45,047 |
Property and Casualty [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Cost | 119,265 | 113,775 | 113,050 |
Future Policy Benefits, Policyholders' Account Balances Benefits, Policy and Contract Claims and Other Policyholder Funds | 990,341 | 935,998 | 883,328 |
Unearned Premiums | 801,331 | 745,650 | 733,610 |
Premium Revenue | 1,359,989 | 1,253,392 | 1,153,267 |
Net Investment Income | 61,688 | 57,091 | 55,620 |
Benefits, Claims, Losses and Settlement Expenses | 934,044 | 883,219 | 776,562 |
Amortization of Deferred Policy Acquisition Costs | 280,306 | 262,299 | 235,585 |
Other Operating Expenses | 177,507 | 165,509 | 156,583 |
Premiums Written | 1,414,024 | 1,282,876 | 1,187,980 |
Corporate and Other [Member] | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Net Investment Income | 75,227 | 64,553 | 83,542 |
Other Operating Expenses | $ 59,043 | $ 41,864 | $ 44,598 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Amount, Life insurance in-force | $ 102,843,372 | $ 95,439,425 | $ 90,194,532 |
Ceded to Other Companies, Life insurance in-force | 29,646,646 | 29,980,485 | 29,891,183 |
Assumed from Other Companies, Life insurance in-force | 257,552 | 181,655 | 120 |
Net Amount, Life insurance in-force | $ 73,454,278 | $ 65,640,595 | $ 60,303,469 |
Percentage of Amount Assumed to Net, Life insurance in-force | 0.40% | 0.30% | 0.00% |
Direct Amount | $ 2,341,088 | $ 2,246,595 | $ 2,069,434 |
Ceded to Other Companies | 500,939 | 444,857 | 419,283 |
Assumed from Other Companies | 227,053 | 194,910 | 188,368 |
Net Amount | $ 2,067,202 | $ 1,996,648 | $ 1,838,519 |
Percentage of Amount Assumed to Net | 11.00% | 9.80% | 10.20% |
Life and Annuity [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Amount | $ 654,086 | $ 669,607 | $ 590,131 |
Ceded to Other Companies | 104,599 | 104,128 | 101,636 |
Assumed from Other Companies | 1,290 | 2,188 | (20) |
Net Amount | $ 550,777 | $ 567,667 | $ 488,475 |
Percentage of Amount Assumed to Net | 0.20% | 0.40% | 0.00% |
Accident and Health [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Amount | $ 194,516 | $ 227,691 | $ 241,140 |
Ceded to Other Companies | 253,110 | 235,807 | 224,623 |
Assumed from Other Companies | 215,030 | 183,705 | 180,260 |
Net Amount | $ 156,436 | $ 175,589 | $ 196,777 |
Percentage of Amount Assumed to Net | 137.50% | 104.60% | 91.60% |
Property and Casualty [Member] | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Amount | $ 1,492,486 | $ 1,349,297 | $ 1,238,163 |
Ceded to Other Companies | 143,230 | 104,922 | 93,024 |
Assumed from Other Companies | 10,733 | 9,017 | 8,128 |
Net Amount | $ 1,359,989 | $ 1,253,392 | $ 1,153,267 |
Percentage of Amount Assumed to Net | 0.80% | 0.70% | 0.70% |
Schedule V - Valuation and Q133
Schedule V - Valuation and Qualifying Accounts (Detail) - Allowance for Loan and Lease Losses, Real Estate [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 12,490 | $ 12,895 | $ 17,860 |
Charged to Expense | 6,376 | 1,281 | 220 |
Written off | (1,686) | (5,185) | |
Change in Estimate | 0 | 0 | 0 |
Balance at End of Period | $ 18,866 | $ 12,490 | $ 12,895 |