Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The major assets and liability categories were as follows as of the dates indicated:

Discontinued Operations
Balance Sheets
(In Thousands, Except Share Data)	September 30, 2017		December 31, 2016
	(unaudited)
Assets
Investments
Fixed maturities
Held-to-maturity, at amortized cost (fair value $39 in 2017 and $49 in 2016)	$	38	$	48
Available-for-sale, at fair value (amortized cost $1,399,465 in 2017 and $1,429,270 in 2016)	1,426,991		1,444,840
Equity Securities available-for-sale, at fair value (cost $5,099 in 2017 and $8,510 in 2016)	22,616		24,046
Mortgage loans	3,504		3,706
Policy loans	5,770		5,366
Other long-term investments	16,299		15,870
	1,475,218		1,493,876
Cash and cash equivalents	30,751		21,659
Deferred policy acquisition costs	65,836		70,750
Other assets	21,041		19,333
Total assets held for sale	$	1,592,846	$	1,605,618
Liabilities
Future policy benefits and losses	$	1,324,029	$	1,350,503
Accrued expenses and other liabilities	39,708		39,720
Total liabilities held for sale	$	1,363,737	$	1,390,223

Summary operating results of discontinued operations were as follows for the periods indicated:

Discontinued Operations
Statements of Income
	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands, Except Share Data)	2017		2016		2017		2016
Revenues
Net premiums earned	$	14,230	$	20,600	$	45,999	$	62,878
Investment income, net of investment expenses	12,354		12,663		37,230		38,404
Net realized investment gains	296		461		3,600		1,409
Other income	174		145		498		436
Total revenues	$	27,054	$	33,869	$	87,327	$	103,127
Benefits, Losses and Expenses
Losses and loss settlement expenses	$	10,506	$	7,252	$	30,679	$	23,527
Increase in liability for future policy benefits	5,481		14,091		19,341		42,645
Amortization of deferred policy acquisition costs	2,156		1,876		5,524		5,716
Other underwriting expenses	2,444		4,527		9,452		14,630
Interest on policyholders’ accounts	4,587		4,983		13,982		15,368
Total benefits, losses and expenses	$	25,174	$	32,729	$	78,978	$	101,886
Income from discontinued operations before income taxes	$	1,880	$	1,140	$	8,349	$	1,241
Federal income tax expense	662		400		2,930		415
Net income from discontinued operations	$	1,218	$	740	$	5,419	$	826
Earnings per common share from discontinued operations:
Basic	$	0.05	$	0.03	$	0.21	$	0.03
Diluted	0.05		0.03		0.21		0.03