| Segment Information |
SEGMENT INFORMATION
We have two reportable business segments in our operations: property and casualty insurance and life insurance. The property and casualty insurance segment has seven domestic locations from which it conducts its business. The life insurance segment operates from our home office in Cedar Rapids, Iowa. Because all of our insurance is sold domestically, we have no revenues from foreign operations.
We evaluate the two segments on the basis of both statutory accounting principles prescribed or permitted by our states of domicile and GAAP. We analyze results based on profitability (i.e., loss ratios), expenses, and return on equity. The basis we use to determine and analyze segments and to measure segment profit or loss have not changed from that reported in our Annual Report on Form 10-K for the year ended December 31, 2014. We have reconciled the amounts in the following table for the three-month periods ended June 30, 2015 and 2014 to the amounts reported in our unaudited Consolidated Financial Statements, adjusting for intersegment eliminations. | | | | | | | | | | | | | | Property and Casualty Insurance | | Life Insurance | | Total | Three Months Ended June 30, 2015 | | | | | | Net premiums earned | $ | 209,266 |
| | $ | 20,154 |
| | $ | 229,420 |
| Investment income, net of investment expenses | 12,139 |
| | 13,673 |
| | 25,812 |
| Net realized investment gains (losses) | (177 | ) | | 946 |
| | 769 |
| Other income | — |
| | 132 |
| | 132 |
| Total reportable segment | $ | 221,228 |
| | $ | 34,905 |
| | $ | 256,133 |
| Intersegment eliminations | (20 | ) | | (195 | ) | | (215 | ) | Total revenues | $ | 221,208 |
| | $ | 34,710 |
| | $ | 255,918 |
| Net income | $ | 13,297 |
| | $ | 1,721 |
| | $ | 15,018 |
| Assets | $ | 2,216,690 |
| | $ | 1,674,793 |
| | $ | 3,891,483 |
| Invested assets | $ | 1,581,176 |
| | $ | 1,555,690 |
| | $ | 3,136,866 |
| | | | | | | Three Months Ended June 30, 2014 | | | | | | Net premiums earned | $ | 187,832 |
| | $ | 14,127 |
| | $ | 201,959 |
| Investment income, net of investment expenses | 11,831 |
| | 15,765 |
| | 27,596 |
| Net realized investment gains | 2,337 |
| | 371 |
| | 2,708 |
| Other income | 314 |
| | 221 |
| | 535 |
| Total reportable segment | $ | 202,314 |
| | $ | 30,484 |
| | $ | 232,798 |
| Intersegment eliminations | 7 |
| | (132 | ) | | (125 | ) | Total revenues | $ | 202,321 |
| | $ | 30,352 |
| | $ | 232,673 |
| Net income | $ | 9,540 |
| | $ | 1,145 |
| | $ | 10,685 |
| Assets | $ | 2,100,863 |
| | $ | 1,751,047 |
| | $ | 3,851,910 |
| Invested assets | $ | 1,519,110 |
| | $ | 1,625,988 |
| | $ | 3,145,098 |
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We have reconciled the amounts in the following table for the six-month periods ended June 30, 2015 and 2014 to the amounts reported in our unaudited Consolidated Financial Statements, adjusting for intersegment eliminations.
| | | | | | | | | | | | | | Property and Casualty Insurance | | Life Insurance | | Total | Six Months Ended June 30, 2015 | | | | | | Net premiums earned | $ | 409,403 |
| | $ | 33,382 |
| | $ | 442,785 |
| Investment income, net of investment expenses | 22,869 |
| | 27,289 |
| | 50,158 |
| Net realized investment gains (losses) | (416 | ) | | 2,072 |
| | 1,656 |
| Other income | — |
| | 195 |
| | 195 |
| Total reportable segment | $ | 431,856 |
| | $ | 62,938 |
| | $ | 494,794 |
| Intersegment eliminations | (3 | ) | | (389 | ) | | (392 | ) | Total revenues | $ | 431,853 |
| | $ | 62,549 |
| | $ | 494,402 |
| Net income | $ | 36,400 |
| | $ | 2,297 |
| | $ | 38,697 |
| Assets | $ | 2,216,690 |
| | $ | 1,674,793 |
| | $ | 3,891,483 |
| Invested assets | $ | 1,581,176 |
| | $ | 1,555,690 |
| | $ | 3,136,866 |
| | | | | | | Six Months Ended June 30, 2014 | | | | | | Net premiums earned | $ | 367,326 |
| | $ | 28,107 |
| | $ | 395,433 |
| Investment income, net of investment expenses | 22,944 |
| | 31,364 |
| | 54,308 |
| Net realized investment gains | 3,704 |
| | 1,198 |
| | 4,902 |
| Other income | 794 |
| | 348 |
| | 1,142 |
| Total reportable segment | $ | 394,768 |
| | $ | 61,017 |
| | $ | 455,785 |
| Intersegment eliminations | 57 |
| | (265 | ) | | (208 | ) | Total revenues | $ | 394,825 |
| | $ | 60,752 |
| | $ | 455,577 |
| Net income | $ | 21,351 |
| | $ | 2,665 |
| | $ | 24,016 |
| Assets | $ | 2,100,863 |
| | $ | 1,751,047 |
| | $ | 3,851,910 |
| Invested assets | $ | 1,519,110 |
| | $ | 1,625,988 |
| | $ | 3,145,098 |
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