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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues      
Net premiums earned $ 951,541 $ 962,823 $ 1,055,082
Investment income, net of investment expenses 44,932 55,778 39,670
Net investment gains (losses) (includes reclassifications for net unrealized gains (losses) on available-for-sale securities of $(1,323)in 2022; $2,256 in 2021; and $1,750 in 2020 previously included in accumulated other comprehensive income) (15,892) 47,383 (32,395)
Other income (loss) (295) 207 6,270
Total revenues 980,286 1,066,191 1,068,627
Benefits, losses and expenses      
Losses and loss settlement expenses 637,301 652,155 869,467
Amortization of deferred policy acquisition costs 213,075 203,432 210,252
Other underwriting expenses (includes reclassifications for employee benefit costs of $(3,601) in 2022; $(6,603) in 2021; and $(4,289) in 2020 previously included in accumulated other comprehensive income) 114,645 110,574 143,332
Goodwill impairment 0 0 15,091
Interest Expense 3,188 3,187 0
Total benefits, losses and expenses 968,209 969,348 1,238,142
Income (loss) before income taxes 12,077 96,843 (169,515)
Federal income tax expense (benefit) (includes reclassifications of $1,034 in 2022; $913 in 2021 and $534 in 2020 previously included in accumulated other comprehensive income) (2,954) 16,249 (56,809)
Net income (loss) 15,031 80,594 (112,706)
Other comprehensive income (loss)      
Change in net unrealized appreciation on investments (176,181) (39,901) 47,054
Change in liability for underfunded employee benefit plans (8,278) 19,633 18,456
Other comprehensive income (loss), before tax and reclassification adjustments (184,459) (20,268) 65,510
Income tax effect 38,736 4,260 (13,757)
Other comprehensive income (loss), after tax, before reclassification adjustments (145,723) (16,008) 51,753
Reclassification adjustment for net (gains) losses included in income 1,323 (2,256) (1,750)
Reclassification adjustment for employee benefit costs included in expense 3,601 6,603 4,289
Total reclassification adjustments, before tax 4,924 4,347 2,539
Income tax effect (1,034) (913) (534)
Total reclassification adjustments, after tax 3,890 3,434 2,005
Comprehensive income (loss) $ (126,802) $ 68,020 $ (58,948)
Earnings (loss) per common share:      
Basic (in dollars per share) $ 0.60 $ 3.21 $ (4.50)
Diluted (in dollars per share) $ 0.59 $ 3.16 $ (4.50)