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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Schedule of recognized identified assets acquired and liabilities assumed | Based on the Company's final allocation of the purchase price, the fair value of the assets acquired and liabilities assumed were as follows:
($ in millions) |  |
Assets: |  |
Investments |  | $ | 542.6 |
Cash and short-term investments |  | 73.8 |
Intangible assets(1) |  | 169.8 |
Other assets |  | 18.3 |
Liabilities: |  |
Policy reserves |  | 366.8 |
Policy claims |  | 21.8 |
Unearned premiums |  | 4.1 |
Other liabilities |  | 5.5 |
Total identifiable net assets acquired |  | 406.3 |
Goodwill(2) |  | 19.6 |
Purchase price |  | $ | 425.9 |
(1) | Intangible assets consist of the value of business acquired, value of distribution acquired, agency relationships, trade names and state licenses. The intangible assets that are amortizable have a total weighted average useful life of 23 years. See Note 7 for further information.
(2) The amount of goodwill that is expected to be deductible for federal income tax purposes is $17.9 million.
Business acquisition, pro forma information | The following unaudited pro forma information presents the Company's results of operations as if the acquisition of NTA occurred on January 1, 2018. The adjustments to arrive at the unaudited pro forma information below includes, among other things, adjustments for lost investment income on the cash used to fund the acquisition, amortization of an estimated fair value adjustment on NTA's policy reserves, amortization of acquired intangible assets, interest expense on debt incurred to finance the acquisition and exclusion of certain transaction costs attributable to the acquisition as such costs are considered non-recurring.
($ in thousands, except per share data) |  | Unaudited
|  | Year Ended December 31,
|  | 2019 |  | 2018
Total revenues |  | $ | 1,507,352 |  |  | $ | 1,339,896 |
Total expenses |  | 1,259,213 |  |  | 1,288,690 |
Income before income taxes |  | 248,139 |  |  | 51,206 |
Net income |  | $ | 193,755 |  |  | $ | 43,373 |
Net income per share: (1) |  |  |  |
Basic |  | $ | 4.64 |  |  | $ | 1.04 |
Diluted |  | $ | 4.62 |  |  | $ | 1.04 |
(1) The unaudited pro forma basic and diluted net income per share calculations are based on the Company's historical basic and diluted weighted average number of shares outstanding for the years ended December 31, 2019 and 2018, respectively.

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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