Segment and Other Operating Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment and Other Operating Information

SEGMENT AND OTHER OPERATING INFORMATION

(A)  Operating Segment Information

The Company defines its reportable operating segments as domestic life insurance, international life insurance, annuities, and all other operations.  The Company's segments are organized based on product types and geographic marketing areas.  In addition, the Company regularly evaluates operating performance using non-GAAP financial measures which exclude or segregate realized investment gains and losses from operating revenues and earnings.  The Company believes that the presentation of these non-GAAP financial measures enhances the understanding of the Company's results of operations by highlighting the results from ongoing operations and the underlying profitability factors of the Company's business.  The Company excludes or segregates realized investment gains and losses because such items are often the result of events which may or may not be at the Company's discretion and the fluctuating effects of these items could distort trends in the underlying profitability of the Company's business.

A summary of segment information, prepared in accordance with GAAP guidance, is provided below.

	Domestic Life Insurance		International Life Insurance	Annuities	All Others	Totals
	(In thousands)
2015:
Selected Balance Sheet Items:
Deferred policy acquisition costs and sales inducements	$	78,650	251,790	682,177	—	1,012,617
Total segment assets	868,466		1,260,538	9,054,951	268,675	11,452,630
Future policy benefits	748,853		944,672	8,005,833	—	9,699,358
Other policyholder liabilities	14,084		16,710	124,467	—	155,261
Condensed Income Statements:
Premiums and contract charges	$	30,743	122,393	22,171	—	175,307
Net investment income	27,172		29,400	300,198	22,344	379,114
Other revenues	56		14	50	28,046	28,166
Total revenues	57,971		151,807	322,419	50,390	582,587
Life and other policy benefits	17,905		24,237	25,310	—	67,452
Amortization of deferred policy acquisition costs	8,647		19,975	91,711	—	120,333
Universal life and annuity contract interest	17,799		23,423	135,679	—	176,901
Other operating expenses	12,774		20,706	25,723	19,239	78,442
Federal income taxes (benefit)	278		20,819	14,432	10,220	45,749
Total expenses	57,403		109,160	292,855	29,459	488,877
Segment earnings (loss)	$	568	42,647	29,564	20,931	93,710

	Domestic Life Insurance		International Life Insurance	Annuities	All Others	Totals
	(In thousands)
2014:
Selected Balance Sheet Items:
Deferred policy acquisition costs and sales inducements	$	64,279	245,353	653,053	—	962,685
Total segment assets	746,051		1,250,629	8,933,274	257,568	11,187,522
Future policy benefits	648,864		953,076	7,920,582	—	9,522,522
Other policyholder liabilities	12,159		11,898	115,165	—	139,222
Condensed Income Statements:
Premiums and contract charges	$	28,801	118,838	22,476	—	170,115
Net investment income	34,695		51,539	398,163	21,033	505,430
Other revenues	55		372	68	21,135	21,630
Total revenues	63,551		170,749	420,707	42,168	697,175
Life and other policy benefits	11,856		24,034	18,405	—	54,295
Amortization of deferred policy acquisition costs	6,913		21,807	86,434	—	115,154
Universal life and annuity contract interest	27,050		46,255	224,954	—	298,259
Other operating expenses	13,547		23,449	27,015	19,540	83,551
Federal income taxes (benefit)	1,373		18,112	20,964	7,424	47,873
Total expenses	60,739		133,657	377,772	26,964	599,132
Segment earnings (loss)	$	2,812	37,092	42,935	15,204	98,043

	Domestic Life Insurance		International Life Insurance	Annuities	All Others	Totals
	(In thousands)
2013:
Selected Balance Sheet Items:
Deferred policy acquisition costs and sales inducements	$	53,540	240,468	661,268	—	955,276
Total segment assets	610,570		1,200,347	8,586,871	260,007	10,657,795
Future policy benefits	535,710		913,339	7,676,085	—	9,125,134
Other policyholder liabilities	11,450		14,618	116,519	—	142,587
Condensed Income Statements:
Premiums and contract charges	$	29,567	117,668	20,231	—	167,466
Net investment income	33,818		63,504	543,077	20,033	660,432
Other revenues	29		299	45	23,343	23,716
Total revenues	63,414		181,471	563,353	43,376	851,614
Life and other policy benefits	11,660		25,706	22,684	—	60,050
Amortization of deferred policy acquisition costs	6,738		18,946	82,549	—	108,233
Universal life and annuity contract interest	26,427		58,757	369,410	—	454,594
Other operating expenses	15,515		25,624	33,325	21,229	95,693
Federal income taxes (benefit)	980		16,720	17,660	7,062	42,422
Total expenses	61,320		145,753	525,628	28,291	760,992
Segment earnings (loss)	$	2,094	35,718	37,725	15,085	90,622

Reconciliations of segment information to the Company's consolidated financial statements are provided below.

	Years Ended December 31,
	2015		2014	2013
	(In thousands)
Premiums and Other Revenue:
Premiums and contract charges	$	175,307	170,115	167,466
Net investment income	379,114		505,430	660,432
Other revenues	28,166		21,630	23,716
Realized gains (losses) on investments	7,209		11,605	8,653
Total consolidated premiums and other revenue	$	589,796	708,780	860,267

	Years Ended December 31,
	2015		2014	2013
	(In thousands)
Federal Income Taxes:
Total segment Federal income taxes	$	45,749	47,873	42,422
Taxes on realized gains (losses) on investments	2,523		4,060	3,028
Total taxes on consolidated net earnings	$	48,272	51,933	45,450

	Years Ended December 31,
	2015		2014	2013
	(In thousands)
Net Earnings:
Total segment earnings	$	93,710	98,043	90,622
Realized gains (losses) on investments, net of taxes	4,686		7,545	5,625
Total consolidated net earnings	$	98,396	105,588	96,247

	December 31,
	2015		2014	2013
	(In thousands)
Assets:
Total segment assets	$	11,452,630	11,187,522	10,657,795
Other unallocated assets	159,946		164,370	172,621
Total consolidated assets	$	11,612,576	11,351,892	10,830,416

(B)  Geographic Information

A significant portion of the Company's premiums and contract revenues are from countries other than the United States. Premiums and contract revenues detailed by country are provided below.

	Years Ended December 31,
	2015			2014		2013
	(In thousands)
United States	$	66,750		65,078		64,267
Brazil	40,640			38,563		38,205
Venezuela	15,466			14,931		14,017
Taiwan	14,882			14,166		14,047
Peru	10,915			10,327		9,366
Argentina	9,007			9,324		9,102
Other foreign countries	36,776			36,775		37,203
Revenues, excluding reinsurance premiums	194,436			189,164		186,207
Reinsurance premiums	(19,129		)	(19,049	)	(18,741	)
Total premiums and contract revenues	$	175,307		170,115		167,466

Premiums and contract revenues are attributed to countries based on the location of the policyholder. The Company has no significant assets, other than certain financial instruments, located in countries other than the United States.

(C)  Major Agency Relationships

A portion exceeding 10% of the Company's annual annuity sales has been sold through one or more of its top independent marketing agencies in recent years. Business from two top agencies accounted for approximately 14% and 10%, respectively, of annuity sales in 2015.