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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Taxes [Abstract] |
Summary of income tax assets and liabilities | The income tax assets and liabilities included in Other Assets and Other Liabilities, respectively, in the Consolidated Balance Sheets were as follows:
|  | December 31,
|  |  | 2014 |  |  |  | 2013 |
Income tax (asset) liability |  |  |  |  |  |  |  |
Current |  | $ | (1,195 | ) |  | $ | (1,998 | )
Deferred |  |  | 261,784 |  |  |  | 163,213 |
Summary of deferred tax assets and liabilities | The “temporary differences” that gave rise to the deferred tax balances were as follows:
|  | December 31,
|  |  | 2014 |  |  |  | 2013 |
Deferred tax assets |  |  |  |  |  |  |  |
Unearned premium reserve reduction |  | $ | 15,721 |  |  | $ | 15,555 |
Compensation accruals |  |  | 14,765 |  |  |  | 13,188 |
Other comprehensive income – net funded status of pension and other postretirement benefit obligations |  |  | 7,009 |  |  |  | 6,376 |
Discounting of unpaid claims and claim expense tax reserves |  |  | 4,090 |  |  |  | 4,747 |
Impaired securities |  |  | 3,327 |  |  |  | 1,800 |
Postretirement benefits other than pensions |  |  | 870 |  |  |  | 2,048 |
Total gross deferred tax assets |  |  | 45,782 |  |  |  | 43,714 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Other comprehensive income – net unrealized gains on fixed maturities and equity securities |  |  | 185,011 |  |  |  | 81,497 |
Deferred policy acquisition costs |  |  | 70,796 |  |  |  | 80,159 |
Life insurance future policy benefit reserve |  |  | 25,914 |  |  |  | 21,792 |
Investment related adjustments |  |  | 20,064 |  |  |  | 18,317 |
Intangible assets |  |  | 4,262 |  |  |  | 4,262 |
Other, net |  |  | 1,519 |  |  |  | 900 |
Total gross deferred tax liabilities |  |  | 307,566 |  |  |  | 206,927 |
Net deferred tax liability |  | $ | 261,784 |  |  | $ | 163,213 |
Income Taxes Expenses | The components of income tax expense were as follows:
|  | Year Ended December 31, |
|  |  | 2014 |  |  |  | 2013 |  |  |  | 2012 |
Current |  | $ | 32,295 |  |  | $ | 31,610 |  |  | $ | 26,331 |
Deferred |  |  | 9,575 |  |  |  | 11,563 |  |  |  | 18,976 |
Total income tax expense |  | $ | 41,870 |  |  | $ | 43,173 |  |  | $ | 45,307 |
Income Taxes Expenses Reconciliation | Income tax expense for the following periods differed from the expected tax computed by applying the federal corporate tax rate of 35% to income before income taxes as follows:
|  | Year Ended December 31, |
|  |  | 2014 |  |  |  | 2013 |  |  |  | 2012 |
Expected federal tax on income |  | $ | 51,140 |  |  | $ | 53,923 |  |  | $ | 52,210 |
Add (deduct) tax effects of: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest |  |  | (6,849 | ) |  |  | (6,829 | ) |  |  | (6,836 | )
Dividend received deduction |  |  | (3,566 | ) |  |  | (3,382 | ) |  |  | (2,132 | )
Other, net |  |  | 1,145 |  |  |  | (539 | ) |  |  | 2,065 |
Income tax expense provided on income |  | $ | 41,870 |  |  | $ | 43,173 |  |  | $ | 45,307 |
Unrecognized tax benefits, excluding interest and penalties | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:
|  | Year Ended December 31, |
|  |  | 2014 |  |  |  | 2013 |  |  |  | 2012 |
Balance as of the beginning of the year |  | $ | 641 |  |  | $ | - |  |  | $ | - |
Additions based on tax positions related to the current year |  |  | 259 |  |  |  | 641 |  |  |  | - |
Settlements in tax positions for prior years |  |  | (244 | ) |  |  | - |  |  |  | - |
Balance as of the end of the year |  | $ | 656 |  |  | $ | 641 |  |  | $ | - |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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