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Discontinued Operations | 3 Months Ended
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Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | DISCONTINUED OPERATIONS On September 18, 2017, we signed a definitive agreement to sell our subsidiary, United Life, to Kuvare for $280,000 in cash, less a $21 adjustment as set forth in the definitive agreement, for a net amount of $279,979. The sale closed on March 30, 2018 and we reported an after-tax gain on the sale of discontinued operations of $27,307. The life insurance business (previously reported as a separate segment) was considered held for sale and reported as discontinued operations and its financial position, results of operations and cash flows were reported separately for all periods presented, as applicable, unless otherwise noted. UFG has agreed to provide services to Kuvare through a transition services agreement ("TSA"). The TSA ensures a seamless transfer of the business between UFG and Kuvare. The TSA includes, among other considerations, accounting management, human resources, legal and information technology services, from the closing date for up to 24 months. Since the close date, the Company has received $584 as part of the TSA agreement. Summary operating results of discontinued operations were as follows for the periods indicated:
Discontinued Operations
Statements of Income (Unaudited)
|  | Three Months Ended March 31,
(In Thousands, Except Share Data) |  | 2019 |  | 2018
Revenues |  |  |  |
Net premiums earned |  | $ | — |  |  | $ | 13,003 |
Investment income, net of investment expenses |  | — |  |  | 12,663 |
Net realized investment gains (losses) |  | — |  |  | (1,057 | )
Other income |  | — |  |  | 146 |
Total revenues |  | $ | — |  |  | $ | 24,755 |
Benefits, Losses and Expenses |  |  |  |
Losses and loss settlement expenses |  | $ | — |  |  | $ | 10,823 |
Increase in liability for future policy benefits |  | — |  |  | 5,023 |
Amortization of deferred policy acquisition costs |  | — |  |  | 1,895 |
Other underwriting expenses |  | — |  |  | 3,864 |
Interest on policyholders’ accounts |  | — |  |  | 4,499 |
Total benefits, losses and expenses |  | $ | — |  |  | $ | 26,104 |
Income (loss) from discontinued operations before income taxes |  | $ | — |  |  | $ | (1,349 | )
Federal income tax expense |  | — |  |  | 563 |
Net income (loss) from discontinued operations |  | $ | — |  |  | $ | (1,912 | )
Earnings (loss) per common share from discontinued operations: |  |  |  |
Basic |  | $ | — |  |  | (0.08 | )
Diluted |  | — |  |  | (0.07 | )
Note: The sale of the life insurance business was completed on March 30, 2018. The Company's Consolidated Statement of Cash Flows presents operating, investing and financing cash flows of the discontinued operations separately. The Company's cash management and financial management of both continued and discontinued operations is consolidated as a centralized corporate function in our Finance Department.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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