XML 38 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 24,437 $ 26,007 $ 72,706
Adjustments to reconcile net income to net cash provided by operating activities:      
Investment related gains (losses), net of sales of investments and other assets (760) 10,291 (10,991)
Net deferred policy acquisition costs (12,841) (10,509) (9,295)
Amortization of cost of customer relationships acquired 604 621 757
Depreciation 515 536 1,140
Amortization of premiums and discounts on investments 4,940 4,240 5,568
Stock-based compensation 588 461 646
Deferred federal income tax expense (benefit) 860 1,923 1,701
Goodwill impairment 0 0 12,624
Change in:      
Accrued investment income (229) (934) (60)
Reinsurance recoverable 569 979 214
Due premiums 565 (1,081) 561
Future policy benefit reserves (4,062) 4,694 3,890
Other policyholders' liabilities 10,325 7,553 20,247
Federal income tax receivable (922) 161 (44,678)
Commissions payable and other liabilities (917) 12,652 (15,450)
Other, net (1,616) (674) 875
Net cash provided by operating activities 22,056 56,920 40,455
Cash flows from investing activities:      
Sale of fixed maturities, available-for-sale 29,883 33,914 8,238
Maturities and calls of fixed maturities, available-for-sale 29,488 44,493 53,089
Purchase of fixed maturities, available-for-sale (72,802) (120,094) (94,265)
Sales of equity securities 6,631 500 7,383
Principal payments on mortgage loans 7 1,098 10
Funding of mortgage loans 0 0 (1,000)
Change in policy loans, net 3,414 1,534 3,011
Sale of other long-term investments 5,394 5,033 24,238
Purchase of other long-term investments and real estate (17,318) (25,870) (40,788)
Purchase of property and equipment (442) (100) (1,007)
Sale of property and equipment 0 0 14
Maturity of short-term investments 750 0 0
Sales of short-term investments 499 0 0
Purchase of short-term investments 0 (1,250) 0
Net cash used in investing activities (14,496) (60,742) (41,077)
Cash flows from financing activities:      
Annuity deposits 7,129 8,626 8,839
Annuity withdrawals (9,686) (8,546) (7,763)
Issuance of common stock 0 2,244 2,255
Acquisition of treasury stock (919) (2,705) (9,090)
Other (60) (118) (456)
Net cash provided by financing activities (3,536) (499) (6,215)
Net increase (decrease) in cash and cash equivalents 4,024 (4,321) (6,837)
Cash and cash equivalents at beginning of year 22,973 27,294 34,131
Cash and cash equivalents at end of year $ 26,997 $ 22,973 $ 27,294