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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Net premiums earned $ 253,487 $ 229,225 $ 494,785 $ 442,396
Investment income, net of investment expenses 24,507 25,792 46,731 50,155
Net realized investment gains (includes reclassifications for net unrealized investment gains on available-for-sale securities of $700 and $2,346 in 2016 and $995 and $2,890 in 2015; previously included in accumulated other comprehensive income) 1,596 769 3,651 1,656
Other income 183 132 291 195
Total revenues 279,773 255,918 545,458 494,402
Benefits, Losses and Expenses        
Losses and loss settlement expenses 180,412 150,362 322,540 276,771
Increase in liability for future policy benefits 16,002 12,096 28,554 19,719
Amortization of deferred policy acquisition costs 52,585 44,357 102,816 86,829
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,371 and $2,742 in 2016 and $1,867 and $3,734 in 2015; previously included in accumulated other comprehensive income) 24,772 23,546 51,525 47,080
Interest on policyholders’ accounts 5,138 6,024 10,385 12,639
Total benefits, losses and expenses 278,909 236,385 515,820 443,038
Income before income taxes 864 19,533 29,638 51,364
Federal income tax expense (benefit) (includes reclassifications of ($234) and ($138) in 2016 and ($305) and ($295) in 2015; previously included in accumulated other comprehensive income) (2,250) 4,515 4,097 12,667
Net income 3,114 15,018 25,541 38,697
Other comprehensive income (loss)        
Change in net unrealized appreciation on investments 49,332 (36,237) 93,208 (23,123)
Change in liability for underfunded employee benefit plans 0 0 0 0
Other comprehensive income (loss), before tax and reclassification adjustments 49,332 (36,237) 93,208 (23,123)
Income tax effect (17,267) 12,682 (32,624) 8,092
Other comprehensive income (loss), after tax, before reclassification adjustments 32,065 (23,555) 60,584 (15,031)
Reclassification adjustment for net realized investment gains included in income (700) (995) (2,346) (2,890)
Reclassification adjustment for employee benefit costs included in expense 1,371 1,867 2,742 3,734
Total reclassification adjustments, before tax 671 872 396 844
Income tax effect (234) (305) (138) (295)
Total reclassification adjustments, after tax 437 567 258 549
Comprehensive income (loss) $ 35,616 $ (7,970) $ 86,383 $ 24,215
Weighted average common shares outstanding (in shares) 25,366,283 25,023,753 25,288,086 25,007,204
Basic earnings per common share (in dollars per share) $ 0.12 $ 0.60 $ 1.01 $ 1.55
Diluted earnings per common share (in dollars per share) $ 0.12 $ 0.59 $ 1.00 $ 1.54