XML 18 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Investment income, net of expenses $ 12,938 $ 6,196 $ 29,721 $ 12,303
Net realized gain (loss) on investments (See Note 4) 4,135 (2,115) (14,676) (2,704)
Amortization of deferred gain on reinsurance transactions 1,239 662 3,251 1,711
Service fee revenue, net of expenses 118 628 1,632 1,738
Other revenue 569 400 1,530 1,007
Total revenue 18,999 5,771 21,458 14,055
Expenses        
Interest credited 5,682 284 (6,489) 1,868
Benefits 1,351   2,345  
Amortization of deferred acquisition costs 1,193 753 3,095 1,780
Salaries and benefits 3,751 4,025 12,366 11,466
Other operating expenses 2,317 4,124 (1,744) 6,769
Total expenses 14,294 9,186 9,573 21,883
Net income (loss) before income tax expense 4,705 (3,415) 11,885 (7,828)
Income tax benefit (expense) (See Note 8) (1,250) 351 (3,848) (1,828)
Net income (loss) after income tax benefit (expense) 3,455 (3,064) 8,037 (9,656)
Less: Income attributable to noncontrolling interest (3,976)   (8,846)  
Net income (loss) attributable to Midwest Holding Inc. 7,431 (3,064) 16,883 (9,656)
Comprehensive income (loss):        
Unrealized gains (losses) on investments arising during the three months ended September 2022 and 2021, net of offsets, net of tax ($5.4 million and $0.2 million, respectively); unrealized gains (losses) on investments arising during the nine months ended September 2022 and 2021, net of offsets, net of tax ($10.4 million and $0.2 million, respectively) (26,114) 1,085 (55,483) 2,421
Less: Reclassification adjustment for net realized losses on investments, net of offsets during the three months ended September 2022 and 2021 (net of tax ($19.9 million) and $0.1 million, respectively); reclassification adjustment for net realized losses on investments, net of offsets during the nine months ended September 2022 and 2021 (net of tax ($24.9 million) and $0.4 million, respectively) (952) (505) (94) (1,611)
Other comprehensive income (loss) (27,066) 580 (55,577) 810
Comprehensive loss (19,635) $ (2,484) (38,694) $ (8,846)
Total other-than-temporary impairment 346   880  
Net other-than-temporary impairment loss recognized in net income $ 346   $ 880  
Income (Loss) per common share        
Basic (in dollars per share) $ 1.99 $ (0.82) $ 4.52 $ (2.58)
Diluted (in dollars per share) $ 1.96 $ (0.82) $ 4.45 $ (2.58)