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Investments | 3 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | INVESTMENTS The Company invests primarily in fixed maturity securities, which totaled 88.4% of total cash and invested assets at March 31, 2022, as shown below.
Carrying Value (In thousands, except for %) | March 31, 2022 |  | December 31, 2021
Amount |  | % |  | Amount |  | %
Cash and invested assets: |  |  |  |  |  |  |
Fixed maturity securities | $ | 1,355,410 |  |  | 88.4 | % |  | 1,470,617 |  |  | 89.0 | %
Equity securities | 13,902 |  |  | 0.9 | % |  | 14,844 |  |  | 0.9 | %
Policy loans | 79,345 |  |  | 5.2 | % |  | 80,307 |  |  | 4.9 | %
Other long-term investments | 63,927 |  |  | 4.2 | % |  | 57,399 |  |  | 3.5 | %
Cash and cash equivalents | 21,298 |  |  | 1.3 | % |  | 27,294 |  |  | 1.7 | %
Total cash and invested assets | $ | 1,533,882 |  |  | 100.0 | % |  | 1,650,461 |  |  | 100.0 | %
The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturity securities as of the dates indicated.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
March 31, 2022 |  |  |
(In thousands) |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 9,494 |  |  | 681 |  |  | 5 |  |  | 10,170 |
U.S. Government-sponsored enterprises | 3,456 |  |  | 693 |  |  | — |  |  | 4,149 |
States and political subdivisions | 354,513 |  |  | 13,363 |  |  | 9,481 |  |  | 358,395 |
Corporate: |  |  |  |  |  |  |
Financial | 220,033 |  |  | 4,394 |  |  | 9,036 |  |  | 215,391 |
Consumer | 227,963 |  |  | 7,180 |  |  | 12,375 |  |  | 222,768 |
Energy | 76,884 |  |  | 1,684 |  |  | 1,905 |  |  | 76,663 |
All other | 305,831 |  |  | 7,191 |  |  | 13,714 |  |  | 299,308 |
Residential mortgage-backed | 117,848 |  |  | 5,549 |  |  | 235 |  |  | 123,162 |
Asset-backed | 45,131 |  |  | 268 |  |  | 102 |  |  | 45,297 |
Foreign governments | 101 |  |  | 6 |  |  | — |  |  | 107 |
Total fixed maturity securities | $ | 1,361,254 |  |  | 41,009 |  |  | 46,853 |  |  | 1,355,410 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2021 |  |  |
(In thousands) |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 9,515 |  |  | 1,097 |  |  | 1 |  |  | 10,611 |
U.S. Government-sponsored enterprises | 3,463 |  |  | 996 |  |  | — |  |  | 4,459 |
States and political subdivisions | 356,594 |  |  | 28,056 |  |  | 692 |  |  | 383,958 |
Corporate: |  |  |  |  |  |  |
Financial | 213,652 |  |  | 22,477 |  |  | 172 |  |  | 235,957 |
Consumer | 219,223 |  |  | 23,658 |  |  | 900 |  |  | 241,981 |
Energy | 76,989 |  |  | 7,334 |  |  | 68 |  |  | 84,255 |
All other | 302,141 |  |  | 29,855 |  |  | 1,181 |  |  | 330,815 |
Residential mortgage-backed | 117,755 |  |  | 16,046 |  |  | 6 |  |  | 133,795 |
Asset-backed | 44,322 |  |  | 368 |  |  | 14 |  |  | 44,676 |
Foreign governments | 101 |  |  | 9 |  |  | — |  |  | 110 |
Total fixed maturity securities | $ | 1,343,755 |  |  | 129,896 |  |  | 3,034 |  |  | 1,470,617 |
Most of the Company's equity securities are diversified stock and bond mutual funds.
Fair Value (In thousands) | March 31, 2022 |  | December 31, 2021
Equity securities: |  |  |
Stock mutual funds | $ | 3,476 |  |  | 3,571 |
Bond mutual funds | 4,880 |  |  | 5,060 |
Common stock | 957 |  |  | 990 |
Non-redeemable preferred stock | 10 |  |  | 161 |
Non-redeemable preferred stock fund | 4,579 |  |  | 5,062 |
Total equity securities | $ | 13,902 |  |  | 14,844 |
VALUATION OF INVESTMENTS Available-for-sale ("AFS") fixed maturity securities are reported in the consolidated financial statements at fair value. Equity securities are measured at fair value with the change in fair value recorded through net income. The Company recognized net investment related losses of $0.8 million on equity securities held for the three months ended March 31, 2022 and gains of $0.3 million for the same period ended March 31, 2021. The Company considers several factors in its review and evaluation of individual investments, using the process described in Part IV, Item 15, Note 2. Investments in the notes to the consolidated financial statements of our Form 10-K to determine whether a credit loss impairment exists. For the three months ended March 31, 2022 and 2021, the Company recorded no credit valuation losses on fixed maturity securities. The following tables present the fair values and gross unrealized losses of fixed maturity securities that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2022 and December 31, 2021.
March 31, 2022 | Less than 12 months | Greater than 12 months | Total
(In thousands, except for # of securities) | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities
Fixed maturity securities: |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 68 |  | 5 |  | 2 |  | — |  | — |  | — |  | 68 |  | 5 |  | 2 |
States and political subdivisions | 93,810 |  | 9,274 |  | 103 |  | 807 |  | 207 |  | 2 |  | 94,617 |  | 9,481 |  | 105 |
Corporate: |  |  |  |  |  |  |  |  |
Financial | 100,331 |  | 8,800 |  | 124 |  | 1,075 |  | 236 |  | 1 |  | 101,406 |  | 9,036 |  | 125 |
Consumer | 118,748 |  | 11,657 |  | 139 |  | 3,348 |  | 718 |  | 7 |  | 122,096 |  | 12,375 |  | 146 |
Energy | 30,597 |  | 1,905 |  | 37 |  | — |  | — |  | — |  | 30,597 |  | 1,905 |  | 37 |
All Other | 139,085 |  | 11,752 |  | 187 |  | 8,747 |  | 1,962 |  | 6 |  | 147,832 |  | 13,714 |  | 193 |
Residential mortgage-backed | 4,793 |  | 235 |  | 14 |  | — |  | — |  | — |  | 4,793 |  | 235 |  | 14 |
Asset-backed | 21,315 |  | 99 |  | 24 |  | 662 |  | 3 |  | 1 |  | 21,977 |  | 102 |  | 25 |
Total fixed maturity securities | $ | 508,747 |  | 43,727 |  | 630 |  | 14,639 |  | 3,126 |  | 17 |  | 523,386 |  | 46,853 |  | 647 |
December 31, 2021 | Less than 12 months | Greater than 12 months | Total
(In thousands, except for # of securities) | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities
Fixed maturity securities: |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |
U.S. Government-sponsored enterprises | $ | 72 |  | 1 |  | 2 |  | — |  | — |  | — |  | 72 |  | 1 |  | 2 |
States and political subdivisions | 21,715 |  | 692 |  | 15 |  | — |  | — |  | — |  | 21,715 |  | 692 |  | 15 |
Corporate: |  |  |  |  |  |  |  |  |
Financial | 8,059 |  | 86 |  | 15 |  | 1,227 |  | 86 |  | 1 |  | 9,286 |  | 172 |  | 16 |
Consumer | 29,494 |  | 777 |  | 28 |  | 2,419 |  | 123 |  | 1 |  | 31,913 |  | 900 |  | 29 |
Energy | 7,381 |  | 68 |  | 8 |  | — |  | — |  | — |  | 7,381 |  | 68 |  | 8 |
All Other | 33,384 |  | 781 |  | 30 |  | 4,523 |  | 400 |  | 4 |  | 37,907 |  | 1,181 |  | 34 |
Residential mortgage-backed | 1,084 |  | 6 |  | 6 |  | — |  | — |  | — |  | 1,084 |  | 6 |  | 6 |
Asset-backed | 9,078 |  | 12 |  | 11 |  | 663 |  | 2 |  | 1 |  | 9,741 |  | 14 |  | 12 |
Total fixed maturity securities | $ | 110,267 |  | 2,423 |  | 115 |  | 8,832 |  | 611 |  | 7 |  | 119,099 |  | 3,034 |  | 122 |
In each category of our fixed maturity securities described above, we do not intend to sell our investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. These unrealized losses on fixed maturity securities are due to noncredit-related factors, including interest rate sensitivity and other market conditions, which have little bearing on the recoverability of our investments, hence they are not recognized as credit losses. The fair value is expected to recover as the securities approach maturity or if market yields for such investments decline. While the losses are currently unrealized, we continue to monitor all fixed maturity securities on an ongoing basis as future information may become available which could result in an allowance being recorded. The amortized cost and fair value of fixed maturity securities at March 31, 2022 by contractual maturity are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date have been reflected based upon final stated maturity.
March 31, 2022 | Amortized Cost |  | Fair Value
(In thousands) |
Fixed maturity securities: |  |  |
Due in one year or less | $ | 43,909 |  |  | 44,649 |
Due after one year through five years | 110,505 |  |  | 113,784 |
Due after five years through ten years | 214,028 |  |  | 221,903 |
Due after ten years | 992,812 |  |  | 975,074 |
Total fixed maturity securities | $ | 1,361,254 |  |  | 1,355,410 |
The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales.
|  |  | Three Months Ended |  |  |  |
Fixed Maturity Securities, Available-for-Sale |  |  | March 31, |  |  |  |
(In thousands) |  |  |  | 2022 | 2021 |  |  |  |  |  |
Proceeds |  |  |  | $ | 1,100 |  | 7,254 |  |  |  |  |  |  |
Gross realized gains |  |  |  | $ | — |  | 100 |  |  |  |  |  |  |
Gross realized losses |  |  |  | $ | — |  | 1 |  |  |  |  |  |  |
The Company sold 1 and 18 AFS fixed maturity securities during the three months ended March 31, 2022 and 2021, respectively.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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