Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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:

Years ended December 31, (In thousands, except for %)	2023		%		2022		%		2021		%
Expected tax expense (benefit)	$	5,497	21.0	%	$	5,749	21.0	%	$	6,406	21.0	%
Change in valuation allowance	—		—		1		—		—		—	%
Foreign income tax rate differential	(5,029)		(19.2)		(5,260)		(19.2)		(9,427)		(30.9)
Tax-exempt interest and dividends-received deduction	(35)		(0.1)		(63)		(0.2)		(114)		(0.4)
Adjustment of prior year taxes	—		—		—		—		(83)		(0.3)
Effect of uncertain tax position	(971)		(3.7)		(1,185)		(4.3)		(43,834)		(143.7)
Nondeductible costs to remediate tax compliance issue	—		—		—		—		(176)		(0.6)
Compensation limitation under 162(m) and 280(g)	80		0.3		67		0.2		(21)		(0.1)
Subpart F income	1,595		6.1		2,053		7.5		2,102		6.9
PFIC QEF inclusions	570		2.2		—		—		—		—
Puerto Rico income tax exclusion	(48)		(0.2)		—		—		—		—
Rate differential on net operating loss carryback claim	—		—		—		—		290		1.0
Goodwill impairment	—		—		—		—		2,651		8.7
Other	78		0.2		8		—		5		—
Total federal income tax expense (benefit)	$	1,737	6.6	%	$	1,370	5.0	%	$	(42,201)	(138.4)	%

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

Income tax expense (benefit) consists of:

Years ended December 31, (In thousands)	2023		2022	2021
Income tax expense (benefit):
Current - normal operations	$	1,848	632	(68)
Current - UTP release impact	(971)		(1,185)	(43,834)
Deferred	860		1,923	1,701
Total income tax expense (benefit)	$	1,737	1,370	(42,201)

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

The components of deferred federal income taxes are as follows:

December 31, (In thousands)	2023		2022
Deferred tax assets:
Future policy benefit reserves	$	739	—
Net operating and capital loss carryforwards	353		388
Accrued policyholder dividends and expenses	218		134
Investments	—		113
Deferred intercompany loss	1,780		1,744
Unrealized losses on investments available-for-sale	12,786		11,688
Accrued compensation	379		360
Lease liability	1,895		2,124
Fixed assets	249		237
Other	270		203
Total gross deferred tax assets	18,669		16,991
Less:
Valuation allowance	4,468		4,238
Net deferred tax assets	14,201		12,753
Deferred tax liabilities:
DAC, COIA and intangible assets	(11,556)		(10,274)
Future policy benefit reserves	—		(1,756)
Unrealized gains on investments available-for-sale	(322)		—
Tax reserves transition liability	(1,494)		(2,242)
Right-of-use lease asset	(1,895)		(2,124)
Other	(36)		(10)
Total gross deferred tax liabilities	(15,303)		(16,406)
Net deferred tax liability	$	(1,102)	(3,653)

Change in Deferred Tax Liability [Table Text Block]

A summary of the changes in the components of deferred federal and state income taxes is as follows:

December 31, (In thousands)	2023		2022
Deferred federal and state income taxes:
Balance January 1,	$	(3,653)	5,533
Deferred tax benefit (expense)	(860)		(1,923)
Investments available-for-sale	2,424		21,770
Change in valuation allowance	(230)		(4,238)
Effects of unrealized gains (losses) on reserves	1,217		(24,795)
Balance December 31,	$	(1,102)	(3,653)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of unrecognized tax benefits is as follows:

Years ended December 31, (In thousands)	2023		2022	2021
Balance January 1,	$	971	2,156	45,990
Reductions for tax positions of prior years	(971)		(1,185)	(43,834)
Balance December 31,	$	—	971	2,156