Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 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)	June 30, 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

Note: The sale of the life insurance business was completed on March 30, 2018.

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

Discontinued Operations
Statements of Income (Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands, Except Share Data)	2018		2017		2018			2017
Revenues
Net premiums earned	$	—	$	14,341	$	13,003		$	31,769
Investment income, net of investment expenses	—		12,426		12,663			24,876
Net realized investment gains (losses)	—		1,599		(1,057		)	3,304
Other income	—		126		146			324
Total revenues	$	—	$	28,492	$	24,755		$	60,273
Benefits, Losses and Expenses
Losses and loss settlement expenses	$	—	$	9,102	$	10,823		$	20,173
Increase in liability for future policy benefits	—		5,281		5,023			13,860
Amortization of deferred policy acquisition costs	—		1,695		1,895			3,368
Other underwriting expenses	—		3,377		3,864			7,008
Interest on policyholders’ accounts	—		4,651		4,499			9,395
Total benefits, losses and expenses	$	—	$	24,106	$	26,104		$	53,804
Income (loss) from discontinued operations before income taxes	$	—	$	4,386	$	(1,349	)	$	6,469
Federal income tax expense	—		1,537		563			2,268
Net income (loss) from discontinued operations	$	—	$	2,849	$	(1,912	)	$	4,201
Earnings (loss) per common share from discontinued operations:
Basic	$	—	$	0.11	$	(0.08	)	$	0.17
Diluted	—		0.11		(0.07		)	0.16

Note: The sale of the life insurance business was completed on March 30, 2018.