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Investments
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] INVESTMENTS
The Company invests primarily in fixed maturity securities, which totaled 90.1% of total cash and invested assets at June 30, 2021, as shown below.

Carrying Value
(In thousands, except for %)
June 30, 2021December 31, 2020
Amount%Amount%
Cash and invested assets:
Fixed maturity securities$1,467,767 90.1 %1,489,383 89.8 %
Equity securities22,657 1.4 %22,102 1.3 %
Policy loans80,621 4.9 %83,318 5.0 %
Real estate and other long-term investments28,959 1.8 %29,865 1.8 %
Cash and cash equivalents30,125 1.8 %34,131 2.1 %
Total cash and invested assets$1,630,129 100.0 %1,658,799 100.0 %

The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturity securities as of the dates indicated.
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
June 30, 2021
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$9,559 1,425 — 10,984 
U.S. Government-sponsored enterprises3,477 1,103 — 4,580 
States and political subdivisions357,466 30,761 257 387,970 
Corporate:
Financial206,393 23,908 180 230,121 
Consumer210,132 25,239 620 234,751 
Energy79,322 8,719 245 87,796 
All other297,277 34,196 959 330,514 
Residential mortgage-backed118,147 18,483 — 136,630 
Asset-backed43,843 470 6 44,307 
Foreign governments101 13 — 114 
Total fixed maturity securities$1,325,717 144,317 2,267 1,467,767 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2020
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$9,529 1,797 — 11,326 
U.S. Government-sponsored enterprises3,490 1,301 — 4,791 
States and political subdivisions377,462 32,751 548 409,665 
Corporate:
Financial204,160 31,000 13 235,147 
Consumer196,648 30,116 245 226,519 
Energy81,223 8,174 536 88,861 
All other284,209 42,554 82 326,681 
Commercial mortgage-backed225 — 4 221 
Residential mortgage-backed118,144 21,819 — 139,963 
Asset-backed46,295 278 482 46,091 
Foreign governments102 16 — 118 
Total fixed maturity securities$1,321,487 169,806 1,910 1,489,383 
 
Most of the Company's equity securities are diversified stock and bond mutual funds.
 
Fair Value
(In thousands)
June 30, 2021December 31, 2020
Equity securities: 
Stock mutual funds$3,473 3,174 
Bond mutual funds12,601 12,354 
Common stock1,137 1,143 
Non-redeemable preferred stock276 281 
Non-redeemable preferred stock fund5,170 5,150 
Total equity securities$22,657 22,102 

VALUATION OF INVESTMENTS

Available-for-sale securities are reported in the consolidated financial statements at fair value. Equity securities are measured at fair value with the change in fair value recorded through net income. The Company recognized net realized gains of $0.3 million and $0.6 million on equity securities held for the three and six months ended June 30, 2021 and gains of $1.3 million and $0.2 million for the same period ended June 30, 2020.

The Company considers several factors in its review and evaluation of individual investments, using the process described in Part IV, Item 15, Note 2. Investments in the notes to the consolidated financial statements of our Form 10-K to determine whether a credit loss impairment exists. For the three and six months ended June 30, 2021 and 2020, the Company recorded no credit valuation losses on fixed maturity securities.
The following tables present the fair values and gross unrealized losses of fixed maturity securities that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position at June 30, 2021 and December 31, 2020.

June 30, 2021Less than 12 monthsGreater than 12 monthsTotal
(In thousands, except for # of securities)Fair
Value		Unrealized
Losses		# of
Securities		Fair
Value		Unrealized
Losses		# of
Securities		Fair
Value		Unrealized
Losses		# of
Securities
Fixed maturity securities:        
Available-for-sale securities:         
U.S. Treasury securities$73 — 2 $— — — $73 — 2 
States and political subdivisions10,873 257 15 — — — 10,873 257 15 
Corporate:
Financial6,728 180 8 — — — 6,728 180 8 
Consumer25,777 620 26 — — — 25,777 620 26 
Energy3,730 88 2 2,898 157 6 6,628 245 8 
All Other19,688 959 22 — — — 19,688 959 22 
Residential mortgage-backed81 — 2 — — — 81 — 2 
Asset-backed4,816 5 9 664 1 1 5,480 6 10 
Total fixed maturity securities$71,766 2,109 86 $3,562 158 7 $75,328 2,267 93 

December 31, 2020Less than 12 monthsGreater than 12 monthsTotal
(In thousands, except for # of securities)Fair
Value		Unrealized
Losses		# of
Securities		Fair
Value		Unrealized
Losses		# of
Securities		Fair
Value		Unrealized
Losses		# of
Securities
Fixed maturity securities:        
Available-for-sale securities:         
States and political subdivisions$32,487 548 27 $— — — $32,487 548 27 
Corporate:
Financial1,308 13 1 — — — 1,308 13 1 
Consumer10,740 230 5 1,667 15 1 12,407 245 6 
Energy6,350 536 8 — — — 6,350 536 8 
All Other9,418 82 11 — — — 9,418 82 11 
Commercial mortgage-backed221 4 1 — — — 221 4 1 
Residential mortgage-backed83 — 1 — — — 83 — 1 
Asset-backed26,353 481 26 994 1 1 27,347 482 27 
Total fixed maturity securities$86,960 1,894 80 $2,661 16 2 $89,621 1,910 82 
 
In each category of our fixed maturity securities described above, we do not intend to sell our investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

We did not recognize credit losses on securities with unrealized losses that were due to interest rate sensitivity and changes in credit spreads. We believe that fluctuations caused by movements in interest rates and credit spreads
have little bearing on the recoverability of our investments. The fair value is expected to recover as the securities approach maturity.

The amortized cost and fair value of fixed maturity securities at June 30, 2021 by contractual maturity are shown in the table below.  Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date have been reflected based upon final stated maturity.

June 30, 2021Amortized
Cost		Fair
Value
(In thousands)
Fixed maturity securities:  
Due in one year or less$26,328 26,803 
Due after one year through five years110,907 120,971 
Due after five years through ten years215,708 236,746 
Due after ten years972,774 1,083,247 
Total fixed maturity securities$1,325,717 1,467,767 

The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales.  

Three Months EndedSix Months Ended
Fixed Maturity Securities, Available-for-SaleJune 30,June 30,
(In thousands)2021202020212020
Proceeds$— 5,363 7,254 6,303 
Gross realized gains$— 123 100 123 
Gross realized losses$— 19 1 57 
The Company sold 0 and 18 AFS fixed maturity securities during the three and six months ended June 30, 2021 and 5 and 6 during the three and six months ended June 30, 2020, respectively.