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Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Deferred policy acquisition costs asset by segment | The Company's deferred policy acquisition costs (DAC) by reporting segment were as follows:
($ in thousands) |  | December 31,
|  | 2020 |  | 2019
Property and Casualty |  | $ | 26,153 |  |  | $ | 28,616 |
Supplemental |  | 4,270 |  |  | 1,967 |
Retirement |  | 137,735 |  |  | 185,294 |
Life |  | 61,670 |  |  | 60,791 |
Total |  | $ | 229,828 |  |  | $ | 276,668 |
Adjustment to amortization expenses | The Company recognized the following adjustments to DAC amortization expense as a result of evaluating actual experience and prospective assumptions (i.e., the impact of unlocking):
($ in thousands) |  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Increase (decrease) to DAC amortization expense: |  |  |  |  |  |
Retirement |  | $ | (1,766) |  |  | $ | 3,480 |  |  | $ | 3,948 |
Life |  | (337) |  |  | (267) |  |  | 283 |
Total |  | $ | (2,103) |  |  | $ | 3,213 |  |  | $ | 4,231 |
Property and equipment | The following amounts are included in Other assets in the Consolidated Balance Sheets:
($ in thousands) |  | December 31,
|  | 2020 |  | 2019
Property and equipment |  | $ | 131,269 |  |  | $ | 166,583 |
Less: accumulated depreciation |  | 66,552 |  |  | 106,458 |
Total |  | $ | 64,717 |  |  | $ | 60,125 |
Investment contract and life policy reserves | This table summarizes the Company's investment contract and policy reserves.
($ in thousands) |  | December 31,
|  | 2020 |  | 2019
Investment contract reserves |  | $ | 4,847,649 |  |  | $ | 4,675,774 |
Policy reserves |  | 1,597,674 |  |  | 1,558,678 |
Total |  | $ | 6,445,323 |  |  | $ | 6,234,452 |
Summary of guaranteed minimum death benefit | The Company regularly monitors the GMDB reserve considering fluctuations in financial markets. The Company has relatively low exposure to GMDB risk as shown below.
($ in thousands) |  | December 31,
|  | 2020 |  | 2019
GMDB reserve |  | $ | 77 |  |  | $ | 126 |
Aggregate in-the-money death benefits under the GMDB provision |  | 26,710 |  |  | 29,367 |
Variable annuity contract value distribution based on GMDB feature: |  |  |  |
No guarantee |  | 26 | % |  | 28 | %
Return of premium guarantee |  | 69 | % |  | 67 | %
Guarantee of premium roll-up at an annual rate of 3% or 5% |  | 5 | % |  | 5 | %
Total |  | 100 | % |  | 100 | %
Schedule of FHLB funding agreements | As of December 31, 2020, scheduled maturity dates for outstanding FHLB funding agreements were as follows:
($ in thousands) |  |  |  |  |  |
|  | Amount |  | Effective Interest Rate |  | Maturity Date
|  | $50,000 |  | 0.324% |  | January 15, 2021
|  | 25,000 |  | 0.297% |  | February 12, 2021
|  | 8,000 |  | 0.000% |  | May 17, 2021
|  | 20,000 |  | 0.486% |  | November 15, 2023
|  | 100,000 |  | 0.306% |  | December 15, 2023
|  | 50,000 |  | 0.514% |  | January 12, 2024
|  | 125,000 |  | 0.570% |  | September 11, 2025
|  | 12,500 |  | 0.670% |  | June 26, 2025
|  | 200,000 |  | 0.270% |  | January 16, 2026
Total |  | $590,500 |  |  |  |
Stock options fair value pricing model weighted-average assumptions | The fair value of stock options granted was estimated on the respective dates of grant using the Black-Scholes option pricing model with the weighted average assumptions shown in the following table.
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Number of stock options granted |  | 234,248 |  |  | 282,040 |  |  | 223,208 |
Weighted average grant date fair value of stock options granted |  | $ | 6.02 |  |  | $ | 6.26 |  |  | $ | 7.16 |
Weighted average assumptions: |  |  |  |  |  |
Risk-free interest rate |  | 0.8 | % |  | 2.5 | % |  | 2.6 | %
Expected dividend yield |  | 2.7 | % |  | 2.9 | % |  | 2.6 | %
Expected life, in years |  | 5.1 |  | 5.0 |  | 4.8
Expected volatility (based on historical volatility) |  | 22.8 | % |  | 21.9 | % |  | 21.5 | %
Computations of net income per share on both basic and diluted bases, including reconciliations of the numerators and denominators | The computations of net income per share on both basic and diluted bases, including reconciliations of the numerators and denominators, were as follows:
($ in thousands) |  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Basic: |  |  |  |  |  |
Net income for the period |  | $ | 133,315 |  |  | $ | 184,443 |  |  | $ | 18,343 |
Weighted average number of common shares during the period (in thousands) |  | 41,881 |  |  | 41,738 |  |  | 41,570 |
Net income per share - basic |  | $ | 3.18 |  |  | $ | 4.42 |  |  | $ | 0.44 |
Diluted: |  |  |  |  |  |
Net income for the period |  | $ | 133,315 |  |  | $ | 184,443 |  |  | $ | 18,343 |
Weighted average number of common shares during the period (in thousands) |  | 41,881 |  |  | 41,738 |  |  | 41,570 |
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities (in thousands): |  |  |  |  |  |
Stock options |  | 44 |  |  | 79 |  |  | 100 |
CSUs related to deferred compensation for employees |  | — |  |  | — |  |  | 25 |
RSUs related to incentive compensation |  | 116 |  |  | 132 |  |  | 199 |
Total common and common equivalent shares adjusted to calculate diluted earnings per share (in thousands) |  | 42,041 |  |  | 41,949 |  |  | 41,894 |
Net income per share - diluted |  | $ | 3.17 |  |  | $ | 4.40 |  |  | $ | 0.44 |

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