Investments (Tables)

12 Months Ended

Dec. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Investment Income

The major components of net investment income are as follows:

	Years Ended December 31,
	2015			2014	2013
	(In thousands)
Gross investment income:
Debt and equity securities	$	416,633		410,809	410,790
Mortgage loans	10,274			9,847	9,256
Policy loans	3,938			4,252	4,503
Derivative gains (losses)	(61,750		)	68,616	225,899
Money market investments	197			401	252
Other investment income	10,939			12,591	10,759
Total investment income	380,231			506,516	661,459
Investment expenses	1,117			1,086	1,027
Net investment income	$	379,114		505,430	660,432

Mortgage Loans by Geographic Location

The diversification of the portfolio by geographic region, property type, and loan-to-value ratio was as follows:

	December 31, 2015					December 31, 2014
	Amount			%		Amount			%
	(In thousands)					(In thousands)
Mortgage Loans by Geographic Region:
West South Central	$	58,002		53.2		$	97,918		65.2
East North Central	18,477			17.0		10,714			7.1
New England	11,830			10.9		12,155			8.1
Pacific	10,101			9.3		10,282			6.9
East South Central	5,818			5.3		14,137			9.4
South Atlantic	3,047			2.8		—			—
Mountain	1,686			1.5		3,050			2.0
Middle Atlantic	—			—		1,897			1.3
Gross balance	108,961			100.0		150,153			100.0
Allowance for possible losses	(650		)	(0.6	)	(650		)	(0.4	)
Totals	$	108,311		99.4		$	149,503		99.6

Schedule of Mortgage Loans by Property Type

	December 31, 2015					December 31, 2014
	Amount			%		Amount			%
	(In thousands)					(In thousands)
Mortgage Loans by Property Type:
Retail	$	66,237		60.8		$	130,544		86.9
Office	22,941			21.0		893			0.6
Land/Lots	4,445			4.1		3,333			2.2
Hotel/Motel	1,513			1.4		1,600			1.1
Apartments	—			—		7,333			4.9
All other	13,825			12.7		6,450			4.3
Gross balance	108,961			100.0		150,153			100.0
Allowance for possible losses	(650		)	(0.6	)	(650		)	(0.4	)
Totals	$	108,311		99.4		$	149,503		99.6

Schedule of Mortgage Loans by Loan-to-Value Ratio

	December 31, 2015					December 31, 2014
	Amount			%		Amount			%
	(In thousands)					(In thousands)
Mortgage Loans by Loan-to-Value Ratio (1):
Less than 50%	$	64,986		59.7		$	52,564		35.0
50% to 60%	9,714			8.9		50,553			33.7
60% to 70%	10,134			9.3		14,567			9.7
70% to 80%	4,843			4.4		12,656			8.4
80% to 90%	19,284			17.7		5,399			3.6
Greater than 90%	—			—		14,414			9.6
Gross balance	108,961			100.0		150,153			100.0
Allowance for possible losses	(650		)	(0.6	)	(650		)	(0.4	)
Totals	$	108,311		99.4		$	149,503		99.6

(1)  Loan-to-Value Ratio using the most recent appraised value. Appraisals are required at the time of funding and may be updated if a material change occurs from the original loan agreement.

Schedule of Allowance for Mortgage Loans

The following table represents the mortgage loan allowance for the years ended December 31, 2015 and 2014:

	2015		2014
	(In thousands)
Balance, beginning of period	$	650	650
Provision	—		—
Releases	—		—
Balance, end of period	$	650	650

Investments Classified by Contractual Maturity Date

The contractual maturities of mortgage loan principal balances at December 31, 2015 and 2014 were as follows:

	December 31, 2015			December 31, 2014
	Amount		%	Amount		%
	(In thousands)			(In thousands)
Principal Balance by Contractual Maturity:
Due in one year or less	$	7,950	7.3	$	16,390	10.9
Due after one year through five years	24,236		22.1	83,965		55.7
Due after five years through ten years	50,431		46.1	30,591		20.3
Due after ten years through fifteen years	7,500		6.9	—		—
Due after fifteen years	19,284		17.6	19,813		13.1
Totals	$	109,401	100.0	$	150,759	100.0

Schedule of Held-to-Maturity Securities

The table below presents amortized costs and fair values of securities held to maturity at December 31, 2014.

	Securities Held to Maturity
	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
	(In thousands)
Debt securities:
U.S. agencies	$	10,061	705	—		10,766
U.S. Treasury	1,920		409	—		2,329
States and political subdivisions	432,186		31,417	(336	)	463,267
Public utilities	978,847		67,836	(757	)	1,045,926
Corporate	3,754,222		183,650	(18,591	)	3,919,281
Residential mortgage-backed	1,640,582		68,726	(4,164	)	1,705,144
Home equity	18,886		4,734	(57	)	23,563
Manufactured housing	4,839		328	—		5,167
Totals	$	6,841,543	357,805	(23,905	)	7,175,443

The table below presents amortized costs and fair values of securities held to maturity at December 31, 2015.

	Securities Held to Maturity
	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
	(In thousands)
Debt securities:
U.S. agencies	$	15,019	275	—		15,294
U.S. Treasury	1,927		317	—		2,244
States and political subdivisions	435,941		29,129	(662	)	464,408
Public utilities	1,044,063		42,271	(6,621	)	1,079,713
Corporate	4,160,628		114,920	(72,913	)	4,202,635
Residential mortgage-backed	1,503,021		59,013	(6,227	)	1,555,807
Home equity	11,047		1,701	—		12,748
Manufactured housing	2,321		266	—		2,587
Totals	$	7,173,967	247,892	(86,423	)	7,335,436

Schedule of Available-for-Sale Securities

The table below presents amortized costs and fair values of securities available for sale at December 31, 2015.

	Securities Available for Sale
	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
	(In thousands)
Debt securities:
States and political subdivisions	$	586	—	(34	)	552
Foreign governments	9,947		408	—		10,355
Public utilities	129,980		5,354	(775	)	134,559
Corporate	2,635,536		73,132	(54,503	)	2,654,165
Residential mortgage-backed	36,463		3,103	—		39,566
Home equity	20,123		825	(12	)	20,936
Manufactured housing	1,063		26	—		1,089
	2,833,698		82,848	(55,324	)	2,861,222
Equity securities	13,716		4,797	(152	)	18,361
Totals	$	2,847,414	87,645	(55,476	)	2,879,583

The table below presents amortized costs and fair values of securities available for sale at December 31, 2014.

	Securities Available for Sale
	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
	(In thousands)
Debt securities:
States and political subdivisions	$	589	—	(36	)	553
Foreign governments	9,939		386	—		10,325
Public utilities	169,179		10,163	(126	)	179,216
Corporate	2,334,700		128,280	(8,961	)	2,454,019
Residential mortgage-backed	48,674		4,116	—		52,790
Home equity	11,702		225	(9	)	11,918
Manufactured housing	2,492		64	—		2,556
	2,577,275		143,234	(9,132	)	2,711,377
Equity securities	12,799		4,849	(345	)	17,303
Totals	$	2,590,074	148,083	(9,477	)	2,728,680

Schedule of Gross Unrealized Losses and Fair Values of Held-to-Maturity Investments, Continuous Unrealized Loss Position

The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2014.

	Held to Maturity
	Less than 12 Months				12 Months or Greater			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(In thousands)
Debt securities:
State and political subdivisions	$	—	—		23,076	(336	)	23,076	(336	)
Public utilities	7,078		(13	)	48,198	(744	)	55,276	(757	)
Corporate	156,839		(2,997	)	698,316	(15,594	)	855,155	(18,591	)
Residential mortgage-backed	17,698		(240	)	181,694	(3,924	)	199,392	(4,164	)
Home equity	2,206		(57	)	—	—		2,206	(57	)
Total temporarily impaired securities	$	183,821	(3,307	)	951,284	(20,598	)	1,135,105	(23,905	)

The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2015.

	Held to Maturity
	Less than 12 Months				12 Months or Greater			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(In thousands)
Debt securities:
State and political subdivisions	$	16,763	(387	)	8,723	(275	)	25,486	(662	)
Public utilities	298,962		(5,953	)	17,840	(668	)	316,802	(6,621	)
Corporate	1,522,544		(54,295	)	323,567	(18,618	)	1,846,111	(72,913	)
Residential mortgage-backed	148,712		(2,726	)	95,443	(3,501	)	244,155	(6,227	)
Home equity	—		—		—	—		—	—
Total temporarily impaired securities	$	1,986,981	(63,361	)	445,573	(23,062	)	2,432,554	(86,423	)

Schedule of Gross Unrealized Losses and Fair Values of Available-for-Sale Investments, Continuous Unrealized Loss Position

The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category, and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2014.

	Available For Sale
	Less than 12 Months				12 Months or Greater			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(In thousands)
Debt securities:
State and political subdivisions	$	—	—		553	(36	)	553	(36	)
Public utilities	—		—		14,827	(126	)	14,827	(126	)
Corporate	100,373		(2,990	)	187,699	(5,971	)	288,072	(8,961	)
Residential mortgage-backed	—		—		—	—		—	—
Home equity	—		—		4,826	(9	)	4,826	(9	)
	100,373		(2,990	)	207,905	(6,142	)	308,278	(9,132	)
Equity securities	305		(52	)	3,801	(293	)	4,106	(345	)
Total temporarily impaired securities	$	100,678	(3,042	)	211,706	(6,435	)	312,384	(9,477	)

The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2015.

	Available For Sale
	Less than 12 Months				12 Months or Greater			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(In thousands)
Debt securities:
State and political subdivisions	$	—	—		552	(34	)	552	(34	)
Public utilities	42,093		(775	)	—	—		42,093	(775	)
Corporate	843,679		(32,500	)	151,319	(22,003	)	994,998	(54,503	)
Home equity	—		—		4,823	(12	)	4,823	(12	)
	885,772		(33,275	)	156,694	(22,049	)	1,042,466	(55,324	)
Equity securities	649		(124	)	102	(28	)	751	(152	)
Total temporarily impaired securities	$	886,421	(33,399	)	156,796	(22,077	)	1,043,217	(55,476	)

Schedule of Amortized Cost and Fair Value of Investments In Debt Securities

The amortized cost and fair value of investments in debt securities at December 31, 2015, by contractual maturity, are shown below.  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Debt Securities Available for Sale			Debt Securities Held to Maturity
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
	(In thousands)
Due in 1 year or less	$	131,110	132,759	152,369	155,910
Due after 1 year through 5 years	830,945		878,847	1,534,855	1,641,932
Due after 5 years through 10 years	1,774,539		1,749,470	3,663,415	3,650,811
Due after 10 years	60,641		60,580	320,307	330,976
	2,797,235		2,821,656	5,670,946	5,779,629
Mortgage and asset-backed securities	36,463		39,566	1,503,021	1,555,807
Total	$	2,833,698	2,861,222	7,173,967	7,335,436

Realized Investment Gains (Losses), Excluding Impairment Losses

 The table below details the nature of realized gains and losses, excluding impairments, during the year.

	Years Ended December 31,
	2015			2014		2013
	(In thousands)
Available for sale debt securities:
Realized gains on disposal	$	3,378		7,795		4,418
Realized losses on disposal	(74		)	(22	)	(6	)
Held to maturity debt securities:
Realized gains on redemption	4,027			3,453		3,845
Realized losses on redemption	(25		)	(17	)	(72	)
Equity securities realized gains	155			69		511
Real estate	—			955		262
Mortgage loans	—			—		—
Other	—			(478	)	—
Totals	$	7,461		11,755		8,958

Net Impairment Losses Recognized in Earnings

The table below presents net impairment losses recognized in earnings for the periods indicated.

	Years Ended
	2015			2014		2013
	(In thousands)
Total other-than-temporary impairment recoveries (losses) on debt securities	$	3,053		125		909
Portion recognized in comprehensive income	(3,053		)	(132	)	(1,151	)
Net impairment losses on debt securities recognized in earnings	—			(7	)	(242	)
Equity securities impairments	(252		)	(143	)	(63	)
Totals	$	(252	)	(150	)	(305	)

The table below presents a roll forward of credit losses on securities for which the Company also recorded non-credit other-than-temporary impairments in other comprehensive loss.

	Year Ended			Year Ended
	December 31, 2015			December 31, 2014
	(In thousands)
Beginning balance, cumulative credit losses related to other-than-temporary impairments	$	2,298		2,472
Reductions for securities disposed during current period	(20		)	(181	)
Additions for OTTI where credit losses have been previously recognized	—			7
Ending balance, cumulative credit losses related to other-than-temporary impairments	$	2,278		2,298

Unrealized Gain (Loss) on Investments

Net unrealized gains (losses) on investment securities included in stockholders' equity at December 31, 2015 and 2014, are as follows:

	December 31,
	2015			2014
	(In thousands)
Gross unrealized gains	$	87,493		157,304
Gross unrealized losses	(56,064		)	(12,926	)
Adjustments for:
Deferred policy acquisition costs and sales inducements	(12,804		)	(62,856	)
Deferred Federal income tax expense	(6,519		)	(28,556	)
	12,106			52,966
Net unrealized gains related to securities transferred to held to maturity	—			—
Net unrealized gains on investment securities	$	12,106		52,966