Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

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

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