Segment and Other Operating Information

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment and Other Operating Information

SEGMENT AND OTHER OPERATING INFORMATION

The Company defines its reportable operating segments as domestic life insurance, international life insurance, and annuities. These segments are organized based on product types and geographic marketing areas.  A summary of segment information for the quarters ended June 30, 2014 and June 30, 2013 is provided below.

Selected Segment Information:
	Domestic Life Insurance		International  Life Insurance	Annuities	All  Others	Totals
				(In thousands)
June 30, 2014
Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs and sales inducements	$	57,354	238,211	638,108	—	933,673
Total segment assets	670,565		1,229,589	8,749,666	274,434	10,924,254
Future policy benefits	581,946		934,791	7,776,048	—	9,292,785
Other policyholder liabilities	13,259		12,399	124,056	—	149,714
Three Months Ended
June 30, 2014
Condensed Consolidated Income Statements:
Premiums and contract revenues	$	7,065	29,663	6,658	—	43,386
Net investment income	10,902		16,911	122,666	4,700	155,179
Other revenues	3		60	3	5,145	5,211
Total revenues	17,970		46,634	129,327	9,845	203,776
Life and other policy benefits	1,423		1,668	11,705	—	14,796
Amortization of deferred acquisition costs	1,780		8,808	16,670	—	27,258
Universal life and annuity contract interest	8,158		15,659	78,612	—	102,429
Other operating expenses	3,992		4,835	5,824	4,849	19,500
Federal income taxes (benefit)	851		4,963	5,227	1,561	12,602
Total expenses	16,204		35,933	118,038	6,410	176,585
Segment earnings (loss)	$	1,766	10,701	11,289	3,435	27,191

	Domestic Life Insurance		International Life Insurance	Annuities	All Others	Totals
				(In thousands)
Six months ended
June 30, 2014
Condensed Consolidated Income Statements:
Premiums and contract revenues	$	15,230	58,771	11,661	—	85,662
Net investment income	17,185		27,629	209,283	9,533	263,630
Other revenues	21		301	40	10,612	10,974
Total revenues	32,436		86,701	220,984	20,145	360,266
Life and other policy benefits	3,915		6,703	17,141	—	27,759
Amortization of deferred acquisition costs	4,180		15,553	36,104	—	55,837
Universal life and annuity contract interest	13,263		25,864	126,238	—	165,365
Other operating expenses	8,271		11,860	12,920	9,912	42,963
Federal income taxes (benefit)	916		8,722	9,329	3,342	22,309
Total expenses	30,545		68,702	201,732	13,254	314,233
Segment earnings (loss)	$	1,891	17,999	19,252	6,891	46,033

Selected Segment Information:
	Domestic Life Insurance			International  Life Insurance	Annuities		All  Others	Totals
					(In thousands)
June 30, 2013
Condensed Consolidated Balance Sheet Items:
Deferred policy acquisition costs and sales inducements	$	45,391		231,684	643,014		—	920,089
Total segment assets	522,003			1,134,181	8,420,780		253,831	10,330,795
Future policy benefits	454,359			875,672	7,477,608		—	8,807,639
Other policyholder liabilities	13,109			14,734	137,387		—	165,230
Three Months Ended
June 30, 2013
Condensed Consolidated Income Statements:
Premiums and contract revenues	$	9,413		30,177	5,991		—	45,581
Net investment income	8,242			13,637	102,805		5,003	129,687
Other revenues	(3		)	108	(9	)	5,894	5,990
Total revenues	17,652			43,922	108,787		10,897	181,258
Life and other policy benefits	1,096			3,225	14,129		—	18,450
Amortization of deferred acquisition costs	2,210			7,926	18,716		—	28,852
Universal life and annuity contract interest	7,868			9,244	54,326		—	71,438
Other operating expenses	4,947			6,125	8,466		5,305	24,843
Federal income taxes (benefit)	468			5,456	4,087		1,714	11,725
Total expenses	16,589			31,976	99,724		7,019	155,308
Segment earnings (loss)	$	1,063		11,946	9,063		3,878	25,950

	Domestic Life Insurance		International Life Insurance	Annuities	All Others	Totals
				(In thousands)
Six months ended
June 30, 2013
Condensed Consolidated Income Statements:
Premiums and contract revenues	$	19,023	58,196	10,125	—	87,344
Net investment income	16,015		32,267	253,183	9,036	310,501
Other revenues	9		151	30	11,942	12,132
Total revenues	35,047		90,614	263,338	20,978	409,977
Life and other policy benefits	4,126		6,870	20,144	—	31,140
Amortization of deferred acquisition costs	4,245		13,713	41,698	—	59,656
Universal life and annuity contract interest	15,059		31,235	165,444	—	211,738
Other operating expenses	8,714		12,833	14,552	10,668	46,767
Federal income taxes (benefit)	938		8,386	6,944	3,329	19,597
Total expenses	33,082		73,037	248,782	13,997	368,898
Segment earnings (loss)	$	1,965	17,577	14,556	6,981	41,079

Reconciliations of segment information to the Company's condensed consolidated financial statements are provided below.

	Three Months Ended June 30,			Six Months Ended June 30,
	2014		2013	2014	2013
	(In thousands)
Premiums and Other Revenues:
Premiums and contract revenues	$	43,386	45,581	85,662	87,344
Net investment income	155,179		129,687	263,630	310,501
Other revenues	5,211		5,990	10,974	12,132
Realized gains (losses) on investments	3,065		1,601	4,578	3,914
Total condensed consolidated premiums and other revenues	$	206,841	182,859	364,844	413,891

	Three Months Ended June 30,			Six Months Ended June 30,
	2014		2013	2014	2013
	(In thousands)
Federal Income Taxes:
Total segment Federal income taxes	$	12,602	11,725	22,309	19,597
Taxes on realized gains (losses) on investments	1,073		560	1,602	1,370
Total condensed consolidated Federal income taxes	$	13,675	12,285	23,911	20,967

	Three Months Ended June 30,			Six Months Ended June 30,
	2014		2013	2014	2013
	(In thousands)
Net Earnings:
Total segment earnings	$	27,191	25,950	46,033	41,079
Realized gains (losses) on investments, net of taxes	1,992		1,041	2,976	2,544
Total condensed consolidated net earnings	$	29,183	26,991	49,009	43,623

	June 30,
	2014		2013
	(In thousands)
Assets:
Total segment assets	$	10,924,254	10,330,795
Other unallocated assets	171,827		181,982
Total condensed consolidated assets	$	11,096,081	10,512,777