Statutory Net Income and Surplus

12 Months Ended

Dec. 31, 2016

Statutory Net Income and Surplus [Abstract]

Statutory Net Income and Surplus

Note 10. Statutory Net Income and Surplus

American Life is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Nebraska Department of Insurance. Statutory practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. First Wyoming Life and Great Plains Life merged with American Life as of September 1, 2016 and December 31, 2016, respectively. Capital Reserve was sold effective August 29, 2016. The December 31, 2015 numbers in the table below have been restated to include the First Wyoming Life and Great Plains Life balances into American Life to be consistent with the December 31, 2016 statutory statement filing. The following table summarizes the statutory net loss and statutory capital and surplus of American Life as of December 31, 2016 and 2015 and for the years ended December 31, 2016 and 2015. The amounts below as of and for the year ended December 31, 2015 are based on the respective company’s audited statutory financial statements. The audit of the American Life's financial statements as of and for the year ended December 31, 2016 is expected to be completed by May 31, 2017

	Statutory Net Loss for the Years Ended December 31,
	2016		2015
American Life	$	1,979,009	$	2,085,450
Capital Reserve		N/A	$	77,720
	Statutory Capital and Surplus as of December 31,
	2016		2015
American Life	$	3,817,756	$	5,288,649
Capital Reserve		N/A	$	1,464,044