Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2012 and December 31, 2011 is as follows:

	September 30, 2012				December 31, 2011
(In Thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Assets
Investments
Held-to-maturity fixed maturities	$	1,883	$	1,847	$	4,161	$	4,143
Available-for-sale fixed maturities	2,830,707		2,830,707		2,697,248		2,697,248
Equity securities	179,724		179,724		159,451		159,451
Trading securities	14,498		14,498		13,454		13,454
Mortgage loans	5,157		4,683		5,219		4,829
Policy loans	7,308		7,308		7,209		7,209
Other long-term investments	29,499		29,499		20,574		20,574
Short-term investments	800		800		1,100		1,100
Cash and cash equivalents	82,566		82,566		144,527		144,527
Accrued investment income	31,229		31,229		32,219		32,219
Liabilities
Policy reserves
Annuity (accumulations) (1)	$	1,143,235	$	1,035,062	$	1,074,661	$	999,534
Annuity (benefit payments)	143,195		97,746		133,921		94,465
Debt	—		—		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 September 30, 2012 and December 31, 2011:

(In Thousands)			Fair Value Measurements
Description	September 30, 2012		Level 1		Level 2		Level 3
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury	$	45,872	$	—	$	45,872	$	—
U.S. government agency	28,297		—		28,297		—
States, municipalities and political subdivisions	774,676		—		773,861		815
Foreign bonds	221,864		—		221,028		836
Public utilities	261,147		—		261,147		—
Corporate bonds
Energy	183,435		—		183,435		—
Industrials	315,914		—		313,017		2,897
Consumer goods and services	208,582		—		207,222		1,360
Health care	125,424		—		125,424		—
Technology, media and telecommunications	134,870		—		134,870		—
Financial services	299,206		—		287,185		12,021
Mortgage-backed securities	31,895		—		31,895		—
Collateralized mortgage obligations	194,157		—		194,157		—
Asset-backed securities	4,986		—		2,397		2,589
Redeemable preferred stocks	382		382		—		—
Total Available-For-Sale Fixed Maturities	$	2,830,707	$	382	$	2,809,807	$	20,518
Equity securities
Common stocks
Public utilities	$	14,502	$	14,502	$	—	$	—
Energy	12,440		12,440		—		—
Industrials	30,683		30,608		75		—
Consumer goods and services	18,895		18,895		—		—
Health care	19,142		19,142		—		—
Technology, media and telecommunications	11,156		11,156		—		—
Financial services	69,070		65,366		—		3,704
Nonredeemable preferred stocks	3,836		3,591		245		—
Total Available-for-Sale Equity Securities	$	179,724	$	175,700	$	320	$	3,704
Total Available-for-Sale Securities	$	3,010,431	$	176,082	$	2,810,127	$	24,222
TRADING
Bonds
Foreign bonds	$	2,905	$	—	$	2,905	$	—
Corporate bonds
Industrials	1,449		—		1,449		—

Consumer goods and services	1,557		—		1,557		—
Health care	2,120		—		2,120		—
Technology, media and telecommunications	2,388		—		2,388		—
Financial services	1,446		—		1,446		—
Redeemable preferred stocks	2,633		2,633		—		—
Total Trading Securities	$	14,498	$	2,633	$	11,865	$	—
Short-Term Investments	$	800	$	800	$	—	$	—
Money Market Accounts	$	31,047	$	31,047	$	—	$	—
Total Assets Measured at Fair Value	$	3,056,776	$	210,562	$	2,821,992	$	24,222

(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

Th

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 September 30, 2012:

(In Thousands)	States, municipalities and political subdivisions		Foreign bonds		Corporate bonds			Asset-backed securities			Equities			Total
Balance at June 30, 2012	$	815	$	836	$	16,499		$	315		$	3,655		$	22,120
Realized gains (1)	—		—		—			—			—			—
Unrealized gains (losses) (1)	—		—		11			(3		)	(3		)	5
Purchases	—		—		5			—			—			5
Disposals	—		—		(237		)	(30		)	—			(267		)
Transfers in	—		—		—			2,307			52			2,359
Balance at September 30, 2012	$	815	$	836	$	16,278		$	2,589		$	3,704		$	24,222

(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 transfers in is related to stale pricing due to lack of current trading activity.

The following table provides a summary of the changes in fair value of our Level 3 securities for the nine-month period ended September 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 gains (losses) (1)	—			—		(357		)	(3		)	(3		)	(363		)
Purchases	—			—		5			—			179			184
Disposals	(65		)	—		(4,301		)	(30		)	(50		)	(4,446		)
Transfers in	—			—		—			2,307			52			2,359
Balance at September 30, 2012	$	815		$	836	$	16,278		$	2,589		$	3,704		$	24,222

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