XML 37 R30.htm IDEA: XBRL DOCUMENT
v3.25.2

Fair Value of Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The estimated fair value and hierarchy classifications for assets and liabilities that are measured at fair value on a recurring basis were as follows:
|  | June 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Fair value assets: |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | - |  |  | $ | 9,669 |  |  | $ | - |  |  | $ | 9,669 |
Foreign government |  |  | - |  |  |  | 182,436 |  |  |  | - |  |  |  | 182,436 |
States and political subdivisions |  |  | - |  |  |  | 112,800 |  |  |  | - |  |  |  | 112,800 |
Corporates |  |  | 3,720 |  |  |  | 1,915,287 |  |  |  | - |  |  |  | 1,919,007 |
Mortgage- and asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  |  | - |  |  |  | 572,666 |  |  |  | - |  |  |  | 572,666 |
Commercial mortgage-backed securities |  |  | - |  |  |  | 97,549 |  |  |  | - |  |  |  | 97,549 |
Other asset-backed securities |  |  | - |  |  |  | 202,581 |  |  |  | - |  |  |  | 202,581 |
Total available-for-sale fixed-maturity securities |  |  | 3,720 |  |  |  | 3,092,988 |  |  |  | - |  |  |  | 3,096,708 |
Equity securities |  |  | 24,867 |  |  |  | - |  |  |  | - |  |  |  | 24,867 |
Trading securities |  |  | - |  |  |  | 2,969 |  |  |  | - |  |  |  | 2,969 |
Cash and cash equivalents |  |  | 621,198 |  |  |  | - |  |  |  | - |  |  |  | 621,198 |
Separate accounts |  |  | - |  |  |  | 2,318,492 |  |  |  | - |  |  |  | 2,318,492 |
Total fair value assets |  | $ | 649,785 |  |  | $ | 5,414,449 |  |  | $ | - |  |  | $ | 6,064,234 |
Fair value liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Separate accounts |  | $ | - |  |  | $ | 2,318,492 |  |  | $ | - |  |  | $ | 2,318,492 |
Total fair value liabilities |  | $ | - |  |  | $ | 2,318,492 |  |  | $ | - |  |  | $ | 2,318,492 |
|  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Fair value assets: |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | - |  |  | $ | 9,503 |  |  | $ | - |  |  | $ | 9,503 |
Foreign government |  |  | - |  |  |  | 166,424 |  |  |  | - |  |  |  | 166,424 |
States and political subdivisions |  |  | - |  |  |  | 113,569 |  |  |  | - |  |  |  | 113,569 |
Corporates |  |  | 3,787 |  |  |  | 1,821,321 |  |  |  | - |  |  |  | 1,825,108 |
Mortgage-and asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  |  | - |  |  |  | 486,557 |  |  |  | - |  |  |  | 486,557 |
Commercial mortgage-backed securities |  |  | - |  |  |  | 99,445 |  |  |  | - |  |  |  | 99,445 |
Other asset-backed securities |  |  | - |  |  |  | 245,520 |  |  |  | - |  |  |  | 245,520 |
Total available-for-sale fixed-maturity securities |  |  | 3,787 |  |  |  | 2,942,339 |  |  |  | - |  |  |  | 2,946,126 |
Equity securities |  |  | 24,598 |  |  |  | 1,003 |  |  |  | 1,543 |  |  |  | 27,144 |
Trading securities |  |  | - |  |  |  | 3,011 |  |  |  | - |  |  |  | 3,011 |
Cash and cash equivalents |  |  | 687,821 |  |  |  | - |  |  |  | - |  |  |  | 687,821 |
Separate accounts |  |  | - |  |  |  | 2,209,287 |  |  |  | - |  |  |  | 2,209,287 |
Total fair value assets |  | $ | 716,206 |  |  | $ | 5,155,640 |  |  | $ | 1,543 |  |  | $ | 5,873,389 |
Fair value liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Separate accounts |  | $ | - |  |  | $ | 2,209,287 |  |  | $ | - |  |  | $ | 2,209,287 |
Total fair value liabilities |  | $ | - |  |  | $ | 2,209,287 |  |  | $ | - |  |  | $ | 2,209,287 |
Roll forward of Level 3 Assets Measured on Recurring Basis | The roll-forward of the Level 3 assets measured at fair value on a recurring basis was as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, (1) |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Level 3 assets, beginning of period |  | $ | 1,601 |  |  | $ | 1,631 |  |  | $ | 1,543 |  |  | $ | 2,144 |
Net unrealized gains (losses) included in other comprehensive income (loss) |  |  | - |  |  |  | 35 |  |  |  | - |  |  |  | 39 |
Investment gains (losses) and accretion (amortization) recognized in earnings |  |  | (772 | ) |  |  | (28 | ) |  |  | (714 | ) |  |  | (41 | )
Purchases |  |  | - |  |  |  | 8,815 |  |  |  | - |  |  |  | 8,815 |
Settlements |  |  | (829 | ) |  |  | - |  |  |  | (829 | ) |  |  | - |
Transfers out of Level 3 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (504 | )
Level 3 assets, end of period |  | $ | - |  |  | $ | 10,453 |  |  | $ | - |  |  | $ | 10,453 |
(1) Transfers of investments that enter and exit Level 3 in different quarters within the same fiscal year are not eliminated until the full year amounts are presented.
Carrying Values and Estimated Fair Values of Financial Instruments | The carrying values and estimated fair values of our financial instruments were as follows:
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | Carrying value |  |  | Estimated fair value |  |  | Carrying value |  |  | Estimated fair value |
|  | (In thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities (available-for-sale) |  | $ | 3,096,708 |  |  | $ | 3,096,708 |  |  | $ | 2,946,126 |  |  | $ | 2,946,126 |
Fixed-maturity security (held-to-maturity) (1) |  |  | 1,258,800 |  |  |  | 1,225,532 |  |  |  | 1,303,880 |  |  |  | 1,227,428 |
Equity securities |  |  | 24,867 |  |  |  | 24,867 |  |  |  | 27,144 |  |  |  | 27,144 |
Trading securities |  |  | 2,969 |  |  |  | 2,969 |  |  |  | 3,011 |  |  |  | 3,011 |
Policy loans (1) |  |  | 43,727 |  |  |  | 43,727 |  |  |  | 40,884 |  |  |  | 40,884 |
Deposit asset underlying 10% coinsurance agreement (1) |  |  | 146,266 |  |  |  | 146,266 |  |  |  | 158,913 |  |  |  | 158,913 |
Separate accounts |  |  | 2,318,492 |  |  |  | 2,318,492 |  |  |  | 2,209,287 |  |  |  | 2,209,287 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Note payable (2)(3) |  | $ | 594,913 |  |  | $ | 530,488 |  |  | $ | 594,512 |  |  | $ | 513,862 |
Surplus note (1)(2) |  |  | 1,258,508 |  |  |  | 1,222,148 |  |  |  | 1,303,556 |  |  |  | 1,225,708 |
Separate accounts |  |  | 2,318,492 |  |  |  | 2,318,492 |  |  |  | 2,209,287 |  |  |  | 2,209,287 |
(1) Classified as a Level 3 fair value measurement. (2) Carrying value amounts shown are net of unamortized issuance costs. (3) Classified as a Level 2 fair value measurement.

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration