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Investments
 6 Months Ended
Jun. 30, 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 87.4% of total cash and invested assets at June 30, 2022, as shown below.

Carrying Value
(In thousands, except for %)
June 30, 2022December 31, 2021
Amount%Amount%
Cash and invested assets:
Fixed maturity securities$1,237,004 87.4 %1,470,617 89.0 %
Equity securities12,711 0.9 %14,844 0.9 %
Policy loans78,586 5.5 %80,307 4.9 %
Other long-term investments66,002 4.7 %57,399 3.5 %
Cash and cash equivalents22,407 1.5 %27,294 1.7 %
Total cash and invested assets$1,416,710 100.0 %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
June 30, 2022
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$9,471 458 7 9,922 
U.S. Government-sponsored enterprises3,449 485 — 3,934 
States and political subdivisions359,199 5,913 21,723 343,389 
Corporate:
Financial229,937 675 29,961 200,651 
Consumer238,842 1,781 31,996 208,627 
Utilities110,093 191 17,654 92,630 
Energy75,292 21 8,884 66,429 
All other187,706 869 22,150 166,425 
Residential mortgage-backed111,950 197 2,133 110,014 
Asset-backed36,364 28 1,513 34,879 
Foreign governments101 3 — 104 
Total fixed maturity securities$1,362,404 10,621 136,021 1,237,004 
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 enterprises3,463 996 — 4,459 
States and political subdivisions356,594 28,056 692 383,958 
Corporate:
Financial213,652 22,477 172 235,957 
Consumer219,223 23,658 900 241,981 
Utilities105,738 7,358 801 112,295 
Energy76,989 7,334 68 84,255 
All other196,403 22,497 380 218,520 
Residential mortgage-backed117,755 16,046 6 133,795 
Asset-backed44,322 368 14 44,676 
Foreign governments101 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)
June 30, 2022December 31, 2021
Equity securities: 
Stock mutual funds$3,148 3,571 
Bond mutual funds4,407 5,060 
Common stock981 990 
Non-redeemable preferred stock11 161 
Non-redeemable preferred stock fund4,164 5,062 
Total equity securities$12,711 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 $1.2 million and $2.0 million on equity securities held for the three and six months ended June 30, 2022 and gains of $0.3 million and $0.6 million for the same periods ended June 30, 2021, respectively.

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 valuation loss exists. For the three and six months ended June 30, 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 June 30, 2022 and December 31, 2021.

June 30, 2022Less than 12 monthsGreater than 12 monthsTotal
(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$66 7 2 — — — 66 7 2 
States and political subdivisions149,297 21,429 171 720 294 2 150,017 21,723 173 
Corporate:
Financial181,314 29,539 218 887 422 1 182,201 29,961 219 
Consumer175,856 30,776 213 2,842 1,220 7 178,698 31,996 220 
Utilities83,987 15,311 132 4,986 2,343 5 88,973 17,654 137 
Energy64,778 8,884 77 — — — 64,778 8,884 77 
All Other146,713 21,215 171 2,427 935 1 149,140 22,150 172 
Residential mortgage-backed82,801 2,133 72 — — — 82,801 2,133 72 
Asset-backed30,469 1,436 35 1,643 77 2 32,112 1,513 37 
Total fixed maturity securities$915,281 130,730 1,091 13,505 5,291 18 928,786 136,021 1,109 

December 31, 2021Less than 12 monthsGreater than 12 monthsTotal
(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$72 1 2 — — — 72 1 2 
States and political subdivisions21,715 692 15 — — — 21,715 692 15 
Corporate:
Financial8,059 86 15 1,227 86 1 9,286 172 16 
Consumer29,494 777 28 2,419 123 1 31,913 900 29 
Utilities19,072 401 14 4,523 400 4 23,595 801 18 
Energy7,381 68 8 — — — 7,381 68 8 
All Other14,312 380 16 — — — 14,312 380 16 
Residential mortgage-backed1,084 6 6 — — — 1,084 6 6 
Asset-backed9,078 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 widening credit spreads and rising interest rates since purchase, 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. As of June 30, 2022 and December 31, 2021, 97.6% and 98.0%, respectively, of the fair value of our fixed maturity securities portfolio was rated investment grade. 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 June 30, 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.

June 30, 2022Amortized
Cost		Fair
Value
(In thousands)
Fixed maturity securities:  
Due in one year or less$34,225 34,518 
Due after one year through five years116,768 117,642 
Due after five years through ten years214,234 210,114 
Due after ten years997,177 874,730 
Total fixed maturity securities$1,362,404 1,237,004 

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 EndedSix Months Ended
June 30,June 30,
(In thousands)2022202120222021
Fixed maturity securities, available-for-sale:
Proceeds$27,728 — 28,828 7,254 
Gross realized gains$101 — 101 100 
Gross realized losses$(102)— (102)1 
The Company sold 16 and 17 AFS fixed maturity securities during the three and six months ended June 30, 2022 and 0 and 18 during the three and six months ended June 30, 2021, respectively.