XML 46 R35.htm IDEA: XBRL DOCUMENT v3.19.2
SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2019
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Schedule of Segment Reporting Information, by Segment
Total assets by industry segment at June 30, 2019 and December 31, 2018 are summarized below (dollars in thousands):

Assets by industry segment
 
Total
 
P&C Insurance Operations
 
Life Insurance Operations
 
Non-Insurance Operations
 
 
 
 
 
 
 
 
 
June 30, 2019
 
$
151,858

 
$
84,021

 
$
63,485

 
$
4,352

 
 


 
 
 
 
 
 
December 31, 2018
 
$
144,231

 
$
80,994

 
$
59,479

 
$
3,758

Premium revenues and operating income by business segment for the three and six months ended June 30, 2019 and 2018 are summarized below (dollars in thousands):

Three months ended June 30, 2019
P&C Insurance Operations
 
Life Insurance Operations
 
Non-Insurance Operations
 
Inter- company Eliminations
 
Total
REVENUE
 
 
 
 
 
 
 
 
 
Net premiums earned
$
13,467

 
$
1,523

 
$
—

 
$
—

 
$
14,990

Net investment income
442

 
639

 
11

 
(135
)
 
957

Investment gains
18

 
83

 
16

 
—

 
117

Other income
146

 
217

 
284

 
(501
)
 
146

 
14,073

 
2,462

 
311

 
(636
)
 
16,210

BENEFITS AND EXPENSES
 

 
 

 
 

 
 
 
 

Policyholder benefits paid
9,566

 
1,448

 
—

 
(114
)
 
10,900

Amortization of deferred policy acquisition costs
681

 
158

 
—

 
—

 
839

Commissions
1,920

 
58

 
—

 
—

 
1,978

General and administrative expenses
2,196

 
467

 
275

 
(522
)
 
2,416

Taxes, licenses and fees
539

 
60

 
—

 
—

 
599

Interest expense
—

 
11

 
280

 
—

 
291

 
14,902

 
2,202

 
555

 
(636
)
 
17,023

Income (Loss) Before Income Taxes
(829
)
 
260

 
(244
)
 
—

 
(813
)
INCOME TAX EXPENSE (BENEFIT)
(192
)
 
23

 
(57
)
 
—

 
(226
)
Net Income (Loss)
$
(637
)
 
$
237

 
$
(187
)
 
$
—

 
$
(587
)

Three months ended June 30, 2018
 
P&C Insurance Operations
 
Life Insurance Operations
 
Non-Insurance Operations
 
Inter-company
Eliminations
 
Total
REVENUE
 
 
 
 
 
 
 
 
 
 
Net premiums earned
 
$
13,711

 
$
1,549

 
$
—

 
$
—

 
$
15,260

Net investment income
 
435

 
681

 
14

 
(135
)
 
995

Investment losses
 
(58
)
 
(142
)
 
—

 
—

 
(200
)
Other income
 
148

 
245

 
279

 
(524
)
 
148

 
 
14,236

 
2,333

 
293

 
(659
)
 
16,203

BENEFITS AND EXPENSES
 
 

 
 

 
 

 
 
 
 

Policyholder benefits paid
 
8,391

 
1,523

 
—

 
(142
)
 
9,772

Amortization of deferred policy acquisition costs
 
690

 
97

 
—

 
—

 
787

Commissions
 
1,665

 
67

 
—

 
—

 
1,732

General and administrative expenses
 
2,334

 
582

 
269

 
(517
)
 
2,668

Taxes, licenses and fees
 
313

 
36

 
—

 
—

 
349

Interest expense
 
—

 
13

 
296

 
—

 
309

 
 
13,393

 
2,318

 
565

 
(659
)
 
15,617

Income (Loss) Before Income Taxes
 
843

 
15

 
(272
)
 
—

 
586

INCOME TAX EXPENSE (BENEFIT)
 
171

 
15

 
(57
)
 
—

 
129

Net Income (Loss)
 
$
672

 
$
—

 
$
(215
)
 
$
—

 
$
457



Six months ended June 30, 2019
P&C Insurance Operations
 
Life Insurance Operations
 
Non-Insurance Operations
 
Inter- company Eliminations
 
Total
REVENUE
 
 
 
 
 
 
 
 
 
Net premiums earned
$
26,728

 
$
2,980

 
$
—

 
$
—

 
$
29,708

Net investment income
851

 
1,314

 
24

 
(270
)
 
1,919

Investment gains
2,041

 
177

 
19

 
—

 
2,237

Other income
282

 
463

 
519

 
(972
)
 
292

 
29,902

 
4,934

 
562

 
(1,242
)
 
34,156

BENEFITS AND EXPENSES
 

 
 

 
 

 
 
 
 

Policyholder benefits paid
17,548

 
2,613

 
—

 
(238
)
 
19,923

Amortization of deferred policy acquisition costs
1,362

 
457

 
—

 
—

 
1,819

Commissions
3,876

 
135

 
—

 
—

 
4,011

General and administrative expenses
4,130

 
940

 
682

 
(1,004
)
 
4,748

Taxes, licenses and fees
1,131

 
155

 
—

 
—

 
1,286

Interest expense
—

 
21

 
565

 
—

 
586

 
28,047

 
4,321

 
1,247

 
(1,242
)
 
32,373

Income (Loss) Before Income Taxes
1,855

 
613

 
(685
)
 
—

 
1,783

INCOME TAX EXPENSE (BENEFIT)
(43
)
 
119

 
(149
)
 
—

 
(73
)
Net Income (Loss)
$
1,898

 
$
494

 
$
(536
)
 
$
—

 
$
1,856



Six months ended June 30, 2018
 
P&C Insurance Operations
 
Life Insurance Operations
 
Non-Insurance Operations
 
Inter-company
Eliminations
 
Total
REVENUE
 
 
 
 
 
 
 
 
 
 
Net premiums earned
 
$
27,242

 
$
3,077

 
$
—

 
$
—

 
$
30,319

Net investment income
 
825

 
1,332

 
28

 
(270
)
 
1,915

Investment losses
 
(371
)
 
(93
)
 
—

 
—

 
(464
)
Other income
 
308

 
463

 
506

 
(968
)
 
309

 
 
28,004

 
4,779

 
534

 
(1,238
)
 
32,079

BENEFITS AND EXPENSES
 
 

 
 

 
 

 
 
 
 

Policyholder benefits paid
 
16,479

 
2,972

 
—

 
(252
)
 
19,199

Amortization of deferred policy acquisition costs
 
1,380

 
210

 
—

 
—

 
1,590

Commissions
 
3,677

 
115

 
—

 
—

 
3,792

General and administrative expenses
 
4,113

 
1,231

 
313

 
(986
)
 
4,671

Taxes, licenses and fees
 
866

 
132

 
—

 
—

 
998

Interest expense
 
—

 
25

 
586

 
—

 
611

 
 
26,515

 
4,685

 
899

 
(1,238
)
 
30,861

Income (Loss) Before Income Taxes
 
1,489

 
94

 
(365
)
 
—

 
1,218

INCOME TAX EXPENSE (BENEFIT)
 
333

 
33

 
(76
)
 
—

 
290

Net Income (Loss)
 
$
1,156

 
$
61

 
$
(289
)
 
$
—

 
$
928
Schedule of Gross and Net Premiums Written
The following table presents the Company’s gross and net premiums written for the property and casualty segment and the life and accident and health segment for the three and six months ended June 30, 2019 and 2018, respectively:
 
 
Three months ended
June 30,
 
Six months ended
June 30,
 
 
2019

2018
 
2019

2018
Life, accident and health operations premiums written:
 
 

 
 

 
 

Traditional life insurance
 
$
1,032

 
$
1,077

 
$
2,089

 
$
2,197

Accident and health insurance
 
348

 
396

 
753

 
811

Gross life, accident and health
 
1,380

 
1,473

 
2,842

 
3,008

Reinsurance premium ceded
 
(15
)
 
(28
)
 
(53
)
 
(59
)
Net life, accident and health premiums written
 
$
1,365

 
$
1,445

 
$
2,789

 
$
2,949

Property and Casualty operations premiums written:
 
 

 
 

 
 

Dwelling fire & extended coverage
 
$
10,411

 
$
10,113

 
$
20,339

 
$
19,666

Homeowners (Including mobile homeowners)
 
5,892

 
6,064

 
10,863

 
11,376

Other liability
 
607

 
594

 
1,182

 
1,159

Gross property and casualty
 
16,910

 
16,771

 
32,384

 
32,201

Reinsurance premium ceded
 
(1,927
)
 
(1,735
)
 
(3,225
)
 
(2,889
)
Net property and casualty written
 
$
14,983

 
$
15,036

 
$
29,159

 
$
29,312

Consolidated gross premiums written
 
$
18,290

 
$
18,244

 
$
35,226

 
$
35,209

Reinsurance premium ceded
 
(1,942
)
 
(1,763
)
 
(3,278
)
 
(2,948
)
Consolidated net premiums written
 
$
16,348

 
$
16,481

 
$
31,948

 
$
32,261
Schedule of Gross and Net Premiums Earned
The following table presents the Company’s gross and net premiums earned for the property and casualty segment and the life and accident and health segment for the three and six months ended June 30, 2019 and 2018, respectively:



Three months ended
June 30,
 
Six months ended
June 30,
 

2019

2018

2019
 
2018
Life, accident and health operations premiums earned:

 

 

 
Traditional life insurance

$
1,151

 
$
1,182


$
2,241

 
$
2,326

Accident and health insurance

387

 
395


792

 
810

Gross life, accident and health

1,538

 
1,577


3,033

 
3,136

Reinsurance premium ceded

(15
)
 
(28
)

(53
)
 
(59
)
Net life, accident and health premiums earned

$
1,523

 
$
1,549


$
2,980

 
$
3,077

Property and Casualty operations premiums earned:









Dwelling fire & extended coverage

$
9,477

 
$
9,273


$
18,757

 
$
18,389

Homeowners (Including mobile homeowners)

5,211

 
5,474


10,407

 
10,971

Other liability

553

 
546


1,094

 
1,076

Gross property and casualty

15,241

 
15,293


30,258

 
30,436

Reinsurance premium ceded

(1,774
)

(1,582
)

(3,530
)
 
(3,194
)
Net property and casualty earned

$
13,467


$
13,711


$
26,728

 
$
27,242

Consolidated gross premiums earned

$
16,779


$
16,870


$
33,291

 
$
33,572

Reinsurance premium ceded

(1,789
)

(1,610
)

(3,583
)
 
(3,253
)
Consolidated net premiums earned

$
14,990


$
15,260


$
29,708

 
$
30,319