Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Carrying Value and Estimated Fair Value of Financial Instruments [Table Text Block]

A summary of the carrying value and estimated fair value of our financial instruments at June 30, 2012 and December 31, 2011 is as follows:

	June 30, 2012				December 31, 2011
(In Thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Assets
Investments
Held-to-maturity fixed maturities	$	3,927	$	3,864	$	4,161	$	4,143
Available-for-sale fixed maturities	2,800,624		2,800,624		2,697,248		2,697,248
Trading securities	14,249		14,249		13,454		13,454
Equity securities	174,359		174,359		159,451		159,451
Mortgage loans	5,234		4,732		5,219		4,829
Policy loans	7,393		7,393		7,209		7,209
Other long-term investments	24,399		24,399		20,574		20,574
Short-term investments	1,100		1,100		1,100		1,100
Cash and cash equivalents	101,978		101,978		144,527		144,527
Accrued investment income	32,750		32,750		32,219		32,219
Liabilities
Policy reserves
Annuity (accumulations) (1)	$	1,114,522	$	1,008,607	$	1,074,661	$	999,534
Annuity (benefit payments)	144,274		98,579		133,921		94,465
Debt	45,000		45,000		45,000		45,000

(1) Annuity accumulations represent deferred annuity contracts that are currently earning interest.

Financial Instruments Measured at Fair Value on Recurring Basis [Table Text Block]

The following tables present the categorization for our financial instruments measured at fair value on a recurring basis in our Consolidated Balance Sheets at June 30, 2012 and December 31, 2011:

(In Thousands)			Fair Value Measurements
Description	June 30, 2012		Level 1		Level 2		Level 3
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury	$	43,504	$	—	$	43,504	$	—
U.S. government agency	40,212		—		40,212		—
States, municipalities and political subdivisions	757,614		—		756,799		815
Foreign bonds	235,634		—		234,798		836
Public utilities	256,959		—		256,959		—
Corporate bonds
Energy	186,548		—		186,548		—
Industrials	319,785		—		316,887		2,898
Consumer goods and services	218,604		—		217,225		1,379
Health care	127,623		—		127,623		—
Technology, media and telecommunications	129,331		—		129,331		—
Financial services	308,110		—		295,888		12,222
Mortgage-backed securities	34,992		—		34,992		—
Collateralized mortgage obligations	135,858		—		135,858		—
Asset-backed securities	5,469		—		5,154		315
Redeemable preferred stocks	381		381		—		—
Total Available-For-Sale Fixed Maturities	$	2,800,624	$	381	$	2,781,778	$	18,465
Equity securities
Common stocks
Public utilities	$	15,011	$	15,011	$	—	$	—
Energy	11,773		11,773		—		—
Industrials	30,998		30,923		75		—
Consumer goods and services	17,961		17,961		—		—
Health care	18,043		18,043		—		—
Technology, media and telecommunications	11,055		11,055		—		—
Financial services	65,906		62,251		—		3,655
Nonredeemable preferred stocks	3,612		3,372		240		—
Total Available-for-Sale Equity Securities	$	174,359	$	170,389	$	315	$	3,655
Total Available-for-Sale Securities	$	2,974,983	$	170,770	$	2,782,093	$	22,120
TRADING
Bonds
Foreign bonds	$	2,801	$	—	$	2,801	$	—
Corporate bonds
Industrials	1,327		—		1,327		—

Consumer goods and services	1,563		—		1,563		—
Health care	1,814		—		1,814		—
Technology, media and telecommunications	2,387		—		2,387		—
Financial services	2,265		—		2,265		—
Redeemable preferred stocks	2,092		2,092		—		—
Total Trading Securities	$	14,249	$	2,092	$	12,157	$	—
Short-Term Investments	$	1,100	$	1,100	$	—	$	—
Money Market Accounts	$	38,414	$	38,414	$	—	$	—
Total Assets Measured at Fair Value	$	3,028,746	$	212,376	$	2,794,250	$	22,120

(In Thousands)			Fair Value Measurements
Description	December 31, 2011		Level 1		Level 2		Level 3
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury	$	43,951	$	—	$	43,951	$	—
U.S. government agency	96,395		—		96,395		—
States, municipalities and political subdivisions	748,107		—		747,227		880
Foreign bonds	214,815		—		213,979		836
Public utilities	270,071		—		270,071		—
Corporate bonds
Energy	197,192		—		197,192		—
Industrials	295,677		—		292,780		2,897
Consumer goods and services	212,174		—		210,759		1,415
Health care	115,671		—		115,671		—
Technology, media and telecommunications	112,948		—		112,948		—
Financial services	265,301		—		249,328		15,973
Mortgage-backed securities	35,390		—		35,390		—
Collateralized mortgage obligations	82,851		—		82,851		—
Asset-backed securities	6,296		—		5,981		315
Redeemable preferred stocks	409		409		—		—
Total Available-For-Sale Fixed Maturities	$	2,697,248	$	409	$	2,674,523	$	22,316
Equity securities
Common stocks
Public utilities	$	14,735	$	14,735	$	—	$	—
Energy	12,210		12,210		—		—
Industrials	28,556		28,556		—		—
Consumer goods and services	18,564		18,564		—		—
Health care	15,988		15,988		—		—
Technology, media and telecommunications	10,018		10,018		—		—
Financial services	56,090		52,564		—		3,526
Nonredeemable preferred stocks	3,290		3,032		258		—
Total Available-for-Sale Equity Securities	$	159,451	$	155,667	$	258	$	3,526
Total Available-for-Sale Securities	$	2,856,699	$	156,076	$	2,674,781	$	25,842
TRADING
Bonds
Foreign bonds	$	2,906	$	—	$	2,906	$	—
Corporate bonds
Industrials	1,443		—		1,443		—
Consumer goods and services	1,059		—		1,059		—
Health care	1,450		—		1,450		—
Technology, media and telecommunications	1,458		—		1,458		—

Financial services	2,063		—		2,063		—
Redeemable preferred stocks	3,075		1,659		1,416		—
Total Trading Securities	$	13,454	$	1,659	$	11,795	$	—
Short-Term Investments	$	1,100	$	1,100	$	—	$	—
Money Market Accounts	$	62,899	$	62,899	$	—	$	—
Total Assets Measured at Fair Value	$	2,934,152	$	221,734	$	2,686,576	$	25,842

T

Changes in Fair Value of Level 3 Securities [Table Text Block]

The following table provides a summary of the changes in fair value of our Level 3 securities for the three-month period ended June 30, 2012:

(In Thousands)	States, municipalities and political subdivisions			Foreign bonds		Corporate bonds			Asset-backed securities		Equities		Total
Balance at March 31, 2012	$	880		$	836	$	20,075		$	315	$	3,476	$	25,582
Realized gains (1)	—			—		646			—		—		646
Unrealized losses (1)	—			—		(408		)	—		—		(408		)
Purchases	—			—		—			—		179		179
Disposals	(65		)	—		(3,814		)	—		—		(3,879		)
Balance at June 30, 2012	$	815		$	836	$	16,499		$	315	$	3,655	$	22,120

(1) Realized gains (losses) are recorded as a component of earnings whereas unrealized gains (losses) are recorded as a component of comprehensive income.

The reported disposals relate to receipt of principal on calls or sinking fund bonds, in accordance with the indentures, and a bond that was called by the issuer.

The following table provides a summary of the changes in fair value of our Level 3 securities for the six-month period ended June 30, 2012:

(In Thousands)	States, municipalities and political subdivisions			Foreign bonds		Corporate bonds			Asset-backed securities		Equities			Total
Balance at December 31, 2011	$	880		$	836	$	20,285		$	315	$	3,526		$	25,842
Realized gains (1)	—			—		646			—		—			646
Unrealized losses (1)	—			—		(368		)	—		—			(368		)
Purchases	—			—		—			—		179			179
Disposals	(65		)	—		(4,064		)	—		(50		)	(4,179		)
Balance at June 30, 2012	$	815		$	836	$	16,499		$	315	$	3,655		$	22,120

(1) Realized gains (losses) are recorded as a component of earnings whereas unrealized gains (losses) are recorded as a component of comprehensive income.