Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Assumptions for Options Granted

A summary of assumptions for options granted in each of the three years 2017 through 2019 is as follows:

	2019		2018		2017
Volatility factor	15.7	%	13.7	%	14.8	%
Dividend yield	0.8	%	0.7	%	0.7	%
Expected term (in years)	5.10		5.76		5.71
Risk-free rate	2.5	%	2.7	%	2.0	%

Schedule of Accounting Pronouncements

Accounting Pronouncements Adopted in the Current Year
Standard	Description	Effective date	Effect on the consolidated financial statements
ASU No. 2016-02/2018-11/ 2018-20, Leases (Topic 842), with clarification guidance issued in July and December 2018.	The standard requires lessees to record a ROU asset and corresponding lease liability on the balance sheet for all operating leases that do not qualify for the practical expedients allowed for in this standard. Additional qualitative and quantitative disclosures are required.	This standard became effective for the Company beginning January 1, 2019.	The Company adopted the optional transition method allowed for under ASU 2018-11 by not restating comparative periods and recognizing an immaterial cumulative-effect adjustment to the opening balance of retained earnings on January 1, 2019. The Company does not have any significant lessor contracts. The adoption did not have a material impact on the consolidated financial statements.
ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment	The standard was issued to simplify the process for testing goodwill for impairment through the elimination of Step 2 of the two-step impairment test. The new guidance requires a one-step impairment test wherein an entity recognizes an impairment charge for the amount in which the carrying amount of a reporting unit exceeds the reporting unit’s fair value, if any.	While the standard is not effective until January 1, 2020, the Company has early adopted the guidance on a prospective basis as of December 31, 2019.	The adoption of this guidance did not have a material impact on the consolidated financial statements.
ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Topic 310-20): Premium Amortization on Purchased Callable Debt Securities	This standard was issued to shorten the amortization period for certain callable debt securities held at a premium. The standard requires the premium to be amortized to the earliest call date.	This standard became effective for the Company beginning January 1, 2019.	The adoption of this guidance did not have a material impact on the consolidated financial statements.
ASU No. 2018-13,  Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement	The amendment modifies the disclosure requirements for fair value measurements by removing certain requirements such as amounts and reasons for levels 1 and 2 of the fair value hierarchy and the valuation processes for level 3 fair value measurements, modifying disclosures for certain investments that use the net asset value as a practical expedient, and adding disclosures to the level 3 table for changes in unrealized gains and losses for the period included in OCI as of balance sheet date and the range and weighted average of significant unobservable inputs used to develop level 3 fair value measurements.	While the standard is not effective until January 1, 2020, the Company has early adopted the guidance as of December 31, 2019.	The adoption of this guidance does not have a material impact on the consolidated financial statements. The Company has included the new and updated disclosures in Note 4—Investments.
ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract	The standard was issued requiring the capitalization of implementation costs incurred in a hosting arrangement that is a service contract with similar treatment of developed or obtained internal-use software.	While the standard is not effective until January 1, 2020, the Company has early adopted the guidance as of December 31, 2019.	The adoption of this standard did not have a material impact on the consolidated financial statements.

Accounting Pronouncements Yet to be Adopted
Standard	Description	Effective date	Effect on the consolidated financial statements
ASU No. 2016-13/2018-19/2019-04/2019-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, with clarification guidance issued in November 2018, along with April and May 2019.	This standard ("CECL") provides financial statement users with more decision-useful information about the expected credit losses on financial instruments, such as assets recorded at amortized cost. Additionally, it changes the loss impairment methodology for available-for-sale fixed maturities by use of an allowance rather than a direct write-down.	This standard will become effective on January 1, 2020, with a modified retrospective transition and an opening balance sheet adjustment to beginning retained earnings. The applicable section of the standard related to debt securities requires a prospective transition.	The Company's available-for-sale fixed maturities and other financing receivables were concluded to be the relevant financial assets within the scope of the standard. Based on current analysis as of December 31, 2019, the Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.
ASU No. 2018-12/2019-09,  Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, with clarification guidance issued in November 2019.	ASU 2018-12 is a significant change to our current accounting and disclosure of long-duration contracts, which is our primary business. The guidance was primarily issued to 1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, 2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, 3) simplify the amortization of deferred acquisition costs, and 4) improve the effectiveness of the required disclosures.	In November 2019, the FASB approved a proposal to defer the adoption date by one year to January 1, 2022. Early adoption of the amendments is permitted. An entity may select to either adopt a modified retrospective transition or a full retrospective transition. Each adoption allows for an opening balance sheet adjustment through AOCI.	The Company is currently in the process of evaluating the impact this standard will have on the consolidated financial statements and disclosures, specifically assessing key accounting policies, assumption and data inputs, controls, and enhanced system solutions. Due to the overall nature of the standard, the impact on the consolidated financial statements is expected to be significant. At this time, the Company does not have an estimate of the impact. The Company does not expect to early adopt this ASU.
ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20), Changes to the Disclosure Requirements for Defined Benefit Plans	The standard removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant to defined benefit plans.	This standard is effective beginning January 1, 2021, and will be applied retrospectively. Early adoption is permitted.	The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.