Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The estimated fair value and hierarchy classifications for assets and liabilities that are measured at fair value on a recurring basis were as follows:

	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Available-for-sale fixed-maturity securities:
U.S. government and agencies	$	-	$	9,516	$	-	$	9,516
Foreign government		-		163,382		-		163,382
States and political subdivisions		-		131,989		-		131,989
Corporates		3,951		1,613,573		-		1,617,524
Mortgage-and asset-backed securities:
Residential mortgage-backed securities		-		437,531		-		437,531
Commercial mortgage-backed securities		-		112,167		-		112,167
Other asset-backed securities		-		246,858		500		247,358
Total available-for-sale fixed-maturity securities		3,951		2,715,016		500		2,719,467
Short Term Investments		-		276		-		276
Total available-for-sale securities		3,951		2,715,292		500		2,719,743
Equity securities		27,062		974		1,644		29,680
Trading securities		-		18,383		-		18,383
Cash and cash equivalents		613,148		-		-		613,148
Separate accounts		-		2,395,842		-		2,395,842
Total fair value assets	$	644,161	$	5,130,491	$	2,144	$	5,776,796
Fair value liabilities:
Separate accounts	$	-	$	2,395,842	$	-	$	2,395,842
Total fair value liabilities	$	-	$	2,395,842	$	-	$	2,395,842

	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Available-for-sale fixed-maturity securities:
U.S. government and agencies	$	-	$	30,468	$	-	$	30,468
Foreign government		-		152,915		-		152,915
States and political subdivisions		-		122,245		-		122,245
Corporates		3,586		1,493,263		-		1,496,849
Mortgage-and asset-backed securities:
Residential mortgage-backed securities		-		401,730		-		401,730
Commercial mortgage-backed securities		-		122,967		-		122,967
Other asset-backed securities		-		168,282		-		168,282
Total available-for-sale fixed-maturity securities		3,586		2,491,870		-		2,495,456
Short Term Investments		-		69,406		-		69,406
Total available-for-sale securities		3,586		2,561,276		-		2,564,862
Equity securities		32,727		967		1,710		35,404
Trading securities		-		3,698		-		3,698
Cash and cash equivalents		489,240		-		-		489,240
Separate accounts		-		2,305,717		-		2,305,717
Total fair value assets	$	525,553	$	4,871,658	$	1,710	$	5,398,921
Fair value liabilities:
Separate accounts	$	-	$	2,305,717	$	-	$	2,305,717
Total fair value liabilities	$	-	$	2,305,717	$	-	$	2,305,717

Roll forward of Level 3 Assets Measured on Recurring Basis

The roll-forward of the Level 3 assets measured at fair value on a recurring basis was as follows:

	Year ended December 31,
	2023			2022
	(In thousands)
Level 3 assets, beginning of period	$	1,710		$	3,596
Net unrealized gains (losses) included in other comprehensive income		-			(1	)
Realized gains (losses) and accretion (amortization)    recognized in earnings		(66	)		(204	)
Purchases		500			1,661
Sales		-			-
Settlements		-			-
Transfers into Level 3		-			-
Transfers out of Level 3		-			(3,342	)
Level 3 assets, end of period	$	2,144		$	1,710

Carrying Values and Estimated Fair Values of Financial Instruments

The carrying values and estimated fair values of our financial instruments were as follows:

	December 31, 2023				December 31, 2022
	Carrying value		Estimated fair value		Carrying value		Estimated fair value
	(In thousands)
Assets:
Fixed-maturity securities (available-for-sale)	$	2,719,467	$	2,719,467	$	2,495,456	$	2,495,456
Fixed-maturity security (held-to-maturity) (1)		1,386,980		1,334,892		1,444,920		1,340,265
Short-term investments (available-for-sale)		276		276		69,406		69,406
Equity securities		29,680		29,680		35,404		35,404
Trading securities		18,383		18,383		3,698		3,698
Policy loans (1)		38,975		38,975		35,940		35,940
Deposit asset underlying 10% coinsurance agreement (1)		187,377		187,377		224,371		224,371
Separate accounts		2,395,842		2,395,842		2,305,717		2,305,717
Liabilities:
Note payable (2) (3)		593,709		508,832		592,905		491,753
Surplus note (1) (2)		1,386,592		1,329,159		1,444,469		1,333,047
Separate accounts		2,395,842		2,395,842		2,305,717		2,305,717

(1)Classified as level 3 fair value measurement.

(2)Carrying value amounts shown are net of unamortized issuance costs.

(3)Classified as level 2 fair value measurement.