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Segment Information
 12 Months Ended
Dec. 31, 2012
Segment Information [Abstract]  
Segment Information

NOTE 13 - Segment Information

The Company conducts and manages its business through four segments. The three operating segments, representing the major lines of insurance business, are: property and casualty insurance, primarily personal lines automobile and homeowners products; retirement annuity products, primarily tax-qualified fixed and variable deposits; and life insurance. The Company does not allocate the impact of corporate-level transactions to the insurance segments, consistent with the basis for management’s evaluation of the results of those segments, but classifies those items in the fourth segment, corporate and other. In addition to ongoing transactions such as debt service, realized investment gains and losses and certain public company expenses, within the past ten years such items have included debt retirement costs/gains.

 

The accounting policies of the segments are the same as those described in “Note 1 -- Summary of Significant Accounting Policies”. The Company accounts for intersegment transactions, primarily the allocation of agent and overhead costs from the corporate and other segment to the property and casualty, annuity and life segments, on a direct cost basis.

Summarized financial information for these segments is as follows:

 

                         
    Year Ended December 31,  
    2012    

  2011  

    

  2010  

  
          As Adjusted     As Adjusted  

Insurance premiums and contract charges earned

                        

Property and casualty

   $ 546,339     $ 547,540     $ 555,825  

Annuity

     21,794       18,883       17,346  

Life

     102,394       100,697       99,507  
   

 

 

    

 

 

    

 

 

  

Total

   $ 670,527     $ 667,120     $ 672,678  
   

 

 

    

 

 

    

 

 

  
       

Net investment income

                        

Property and casualty

   $ 36,792     $ 36,886     $ 36,474  

Annuity

     200,785       182,806       167,879  

Life

     69,409       69,633       68,718  

Corporate and other

     2       (3 )      18  

Intersegment eliminations

     (985 )      (1,011 )      (1,035 ) 
   

 

 

    

 

 

    

 

 

  

Total

   $ 306,003     $ 288,311     $ 272,054  
   

 

 

    

 

 

    

 

 

  
       

Net income

                        

Property and casualty

   $ 37,043     $ 5,844     $ 26,996  

Annuity

     40,527       30,906       30,747  

Life

     21,912       19,435       20,323  

Corporate and other

     4,384       14,321       2,065  
   

 

 

    

 

 

    

 

 

  

Total

   $ 103,866     $ 70,506     $ 80,131  
   

 

 

    

 

 

    

 

 

  

 

                         
    December 31,  
    2012    

  2011  

    

  2010  

  
          As Adjusted     As Adjusted  

Assets

                        

Property and casualty

   $ 1,016,368     $ 957,266     $ 943,406  

Annuity

     5,380,780       4,926,204       4,530,927  

Life

     1,663,696       1,459,919       1,369,475  

Corporate and other

     131,449       115,367       130,191  

Intersegment eliminations

     (24,567 )      (23,587 )      (28,337 ) 
   

 

 

    

 

 

    

 

 

  

Total

   $ 8,167,726     $ 7,435,169     $ 6,945,662  
   

 

 

    

 

 

    

 

 

  

Additional significant financial information for these segments is as follows:

 

                         
    Year Ended December 31,  
    2012    

  2011  

    

  2010  

  
          As Adjusted     As Adjusted  

Policy acquisition expenses amortized

                        

Property and casualty

   $ 63,768     $ 61,374     $ 60,866  

Annuity

     6,868       12,334       7,026  

Life

     8,883       9,690       9,455  
   

 

 

    

 

 

    

 

 

  

Total

   $ 79,519     $ 83,398     $ 77,347  
   

 

 

    

 

 

    

 

 

  
       

Income tax expense (benefit)

                        

Property and casualty

   $ 10,849     $ (5,183 )    $ 4,291  

Annuity

     19,046       13,499       12,580  

Life

     12,305       11,366       10,986  

Corporate and other

     3,107       4,730       2,180  
   

 

 

    

 

 

    

 

 

  

Total

   $ 45,307     $ 24,412     $ 30,037