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Investments
 3 Months Ended
Mar. 31, 2022
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 88.4% of total cash and invested assets at March 31, 2022, as shown below.

Carrying Value
(In thousands, except for %)
March 31, 2022December 31, 2021
Amount%Amount%
Cash and invested assets:
Fixed maturity securities$1,355,410 88.4 %1,470,617 89.0 %
Equity securities13,902 0.9 %14,844 0.9 %
Policy loans79,345 5.2 %80,307 4.9 %
Other long-term investments63,927 4.2 %57,399 3.5 %
Cash and cash equivalents21,298 1.3 %27,294 1.7 %
Total cash and invested assets$1,533,882 100.0 %1,650,461 100.0 %

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
March 31, 2022
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$9,494 681 5 10,170 
U.S. Government-sponsored enterprises3,456 693 — 4,149 
States and political subdivisions354,513 13,363 9,481 358,395 
Corporate:
Financial220,033 4,394 9,036 215,391 
Consumer227,963 7,180 12,375 222,768 
Energy76,884 1,684 1,905 76,663 
All other305,831 7,191 13,714 299,308 
Residential mortgage-backed117,848 5,549 235 123,162 
Asset-backed45,131 268 102 45,297 
Foreign governments101 6 — 107 
Total fixed maturity securities$1,361,254 41,009 46,853 1,355,410 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2021
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$9,515 1,097 1 10,611 
U.S. Government-sponsored enterprises3,463 996 — 4,459 
States and political subdivisions356,594 28,056 692 383,958 
Corporate:
Financial213,652 22,477 172 235,957 
Consumer219,223 23,658 900 241,981 
Energy76,989 7,334 68 84,255 
All other302,141 29,855 1,181 330,815 
Residential mortgage-backed117,755 16,046 6 133,795 
Asset-backed44,322 368 14 44,676 
Foreign governments101 9 — 110 
Total fixed maturity securities$1,343,755 129,896 3,034 1,470,617 
 
Most of the Company's equity securities are diversified stock and bond mutual funds.
 
Fair Value
(In thousands)
March 31, 2022December 31, 2021
Equity securities: 
Stock mutual funds$3,476 3,571 
Bond mutual funds4,880 5,060 
Common stock957 990 
Non-redeemable preferred stock10 161 
Non-redeemable preferred stock fund4,579 5,062 
Total equity securities$13,902 14,844 

VALUATION OF INVESTMENTS

Available-for-sale ("AFS") fixed maturity 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 investment related losses of $0.8 million on equity securities held for the three months ended March 31, 2022 and gains of $0.3 million for the same period ended March 31, 2021.

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 months ended March 31, 2022 and 2021, 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 March 31, 2022 and December 31, 2021.

March 31, 2022Less 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$68 5 2 — — — 68 5 2 
States and political subdivisions93,810 9,274 103 807 207 2 94,617 9,481 105 
Corporate:
Financial100,331 8,800 124 1,075 236 1 101,406 9,036 125 
Consumer118,748 11,657 139 3,348 718 7 122,096 12,375 146 
Energy30,597 1,905 37 — — — 30,597 1,905 37 
All Other139,085 11,752 187 8,747 1,962 6 147,832 13,714 193 
Residential mortgage-backed4,793 235 14 — — — 4,793 235 14 
Asset-backed21,315 99 24 662 3 1 21,977 102 25 
Total fixed maturity securities$508,747 43,727 630 14,639 3,126 17 523,386 46,853 647 

December 31, 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. Government-sponsored enterprises$72 1 2 — — — 72 1 2 
States and political subdivisions21,715 692 15 — — — 21,715 692 15 
Corporate:
Financial8,059 86 15 1,227 86 1 9,286 172 16 
Consumer29,494 777 28 2,419 123 1 31,913 900 29 
Energy7,381 68 8 — — — 7,381 68 8 
All Other33,384 781 30 4,523 400 4 37,907 1,181 34 
Residential mortgage-backed1,084 6 6 — — — 1,084 6 6 
Asset-backed9,078 12 11 663 2 1 9,741 14 12 
Total fixed maturity securities$110,267 2,423 115 8,832 611 7 119,099 3,034 122 

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. These unrealized losses on fixed maturity securities are due to noncredit-related factors, including interest rate sensitivity and other market conditions, which have little bearing on the recoverability of our investments, hence they are not recognized as credit losses. The fair value is expected to recover as the securities approach maturity or if market yields for such investments decline. While the losses are currently unrealized, we
continue to monitor all fixed maturity securities on an ongoing basis as future information may become available which could result in an allowance being recorded.

The amortized cost and fair value of fixed maturity securities at March 31, 2022 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.

March 31, 2022Amortized
Cost		Fair
Value
(In thousands)
Fixed maturity securities:  
Due in one year or less$43,909 44,649 
Due after one year through five years110,505 113,784 
Due after five years through ten years214,028 221,903 
Due after ten years992,812 975,074 
Total fixed maturity securities$1,361,254 1,355,410 

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 Ended
Fixed Maturity Securities, Available-for-SaleMarch 31,
(In thousands)20222021
Proceeds$1,100 7,254 
Gross realized gains$— 100 
Gross realized losses$— 1 
The Company sold 1 and 18 AFS fixed maturity securities during the three months ended March 31, 2022 and 2021, respectively.