Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation between the U.S. corporate income tax rate and the effective income tax rate is as follows:

Three Months Ended June 30,	2021				2020
(In thousands, except for %)	Amount		%		Amount		%
Federal income tax expense:
Expected tax expense (benefit)	$	1,176	21.0	%	$	92	21.0	%
Foreign income tax rate differential	(1,408)		(25.1)	%	(489)		(111.6)	%
Tax-exempt interest and dividends-received deduction	(29)		(0.5)	%	(38)		(8.7)	%
Annualized effective tax rate adjustment	(316)		(5.6)	%	229		52.3	%
Adjustment of prior year taxes	—		—	%	(83)		(18.9)	%
Effect of uncertain tax position	613		10.9	%	1,028		234.7	%
CICA Ltd. Subpart F income	600		10.7	%	717		163.7	%
Nondeductible officer compensation	33		0.6	%	—		—	%
Other	(91)		(1.6)	%	9		2.1	%
Total federal income tax expense (benefit)	$	578	10.4	%	$	1,465	334.6	%

Six Months Ended June 30,	2021				2020
(In thousands, except for %)	Amount		%		Amount		%
Federal income tax expense:
Expected tax expense (benefit)	$	599	21.0	%	$	(377)	21.0	%
Foreign income tax rate differential	(1,560)		(54.7)	%	(1,039)		57.8	%
Tax-exempt interest and dividends-received deduction	(59)		(2.1)	%	(78)		4.3	%
Annualized effective tax rate adjustment	339		11.9	%	846		(47.1)	%
Adjustment of prior year taxes	—		—	%	(88)		4.9	%
Effect of uncertain tax position	1,216		42.6	%	2,043		(113.7)	%
CICA Ltd. Subpart F income	992		34.8	%	1,392		(77.5)	%
Nondeductible officer compensation	(40)		(1.4)	%	—		—	%
Other	(84)		(2.9)	%	115		(6.4)	%
Total federal income tax expense (benefit)	$	1,403	49.2	%	$	2,814	(156.7)	%

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense consists of:

	Three Months Ended			Six Months Ended
	June 30,			June 30,
(In thousands)	2021		2020	2021	2020
Federal income tax expense:
Current	$	287	1,261	1,544	2,890
Deferred	291		204	(141)	(76)
Total federal income tax expense	$	578	1,465	1,403	2,814

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred federal income taxes are as follows:

Net Deferred Tax Asset (Liability) (In thousands)	June 30, 2021		December 31, 2020
Deferred tax assets:
Future policy benefit reserves	$	2,597	2,657
Net operating and capital loss carryforwards	1,565		1,395
Accrued policyholder dividends and expenses	143		124
Investments	239		147
Deferred intercompany loss	1,884		2,002
Fixed assets	576		420
Lease liability	2,387		2,514
Accrued compensation	396		513
Other	167		164
Total gross deferred tax assets	9,954		9,936
Deferred tax liabilities:
Deferred policy acquisition costs, cost of insurance acquired and intangible assets	(8,708)		(8,693)
Unrealized gains on investments available-for-sale	(5,125)		(4,522)
Tax reserves transition liability	(3,362)		(3,736)
Right-of-use lease asset	(2,387)		(2,514)
Other	(33)		(35)
Total gross deferred tax liabilities	(19,615)		(19,500)
Net deferred tax liability	$	(9,661)	(9,564)