Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2018

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)	March 31, 2018		December 31, 2017
	(unaudited)
Assets
Investments
Fixed maturities
Held-to-maturity, at amortized cost (fair value $0 in 2018 and $34 in 2017)	$	—	$	34
Available-for-sale, at fair value (amortized cost $0 in 2018 and $1,412,291 in 2017)	—		1,430,025
Equity Securities at fair value (cost $0 in 2018 and $5,099 in 2017)	—		23,653
Mortgage loans	—		3,435
Policy loans	—		5,815
Other long-term investments	—		16,437
	—		1,479,399
Cash and cash equivalents	—		15,851
Deferred policy acquisition costs	—		71,151
Other assets	—		19,733
Total assets held for sale	$	—	$	1,586,134
Liabilities
Future policy benefits and losses	$	—	$	1,320,401
Deferred income taxes	—		18,716
Accrued expenses and other liabilities	—		8,018
Total liabilities held for sale	$	—	$	1,347,135

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

Discontinued Operations
Statements of Income (Unaudited)
	Three Months Ended March 31,
(In Thousands, Except Share Data)	2018			2017
Revenues
Net premiums earned	$	13,003		$	17,428
Investment income, net of investment expenses	12,663			12,450
Net realized investment gains (losses)	(1,057		)	1,705
Other income	146			198
Total revenues	$	24,755		$	31,781
Benefits, Losses and Expenses
Losses and loss settlement expenses	$	10,823		$	11,071
Increase in liability for future policy benefits	5,023			8,579
Amortization of deferred policy acquisition costs	1,895			1,673
Other underwriting expenses	3,864			3,631
Interest on policyholders’ accounts	4,499			4,744
Total benefits, losses and expenses	$	26,104		$	29,698
Income (loss) from discontinued operations before income taxes	$	(1,349	)	$	2,083
Federal income tax expense	563			731
Net income (loss) from discontinued operations	$	(1,912	)	$	1,352
Earnings per common share from discontinued operations:
Basic	$	(0.08	)	$	0.05
Diluted	(0.07		)	0.05