INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Temporary differences between the consolidated financial statement carrying amount and tax basis of assets and liabilities that give rise to significant portions of the deferred income tax asset (liability) at December 31, 2014 and 2013 are as follows:



	December 31,
	2014			2013
Loss reserve discounting	$	15,681		$	17,690
Unearned premium reserve limitation	15,648			14,764
Other policyholders' funds payable	3,553			2,972
Other, net	1,145			1,761
Total deferred income tax asset	36,027			37,187
Net unrealized holding gains on investment securities	(42,195		)	(26,049		)
Deferred policy acquisition costs	(13,770		)	(13,227		)
Retirement benefits	(5,712		)	(8,234		)
Other, net	(3,004		)	(2,499		)
Total deferred income tax liability	(64,681		)	(50,009		)
Net deferred income tax liability	$	(28,654	)	$	(12,822	)

Reconciliation of income tax expense (benefit)

The actual income tax expense for the years ended December 31, 2014, 2013 and 2012 differed from the “expected” income tax expense for those years (computed by applying the United States federal corporate tax rate of 35 percent to income before income tax expense) as follows:



	Year ended December 31,
	2014			2013			2012
Computed "expected" income tax expense	$	14,318		$	21,298		$	18,072
Increases (decreases) in tax resulting from:
Tax-exempt interest income	(3,285		)	(3,828		)	(4,433		)
Dividends received deduction	(828		)	(876		)	(723		)
Proration of tax-exempt interest and dividends received deduction	617			706			773
Other, net	93			34			(22		)
Total income tax expense	$	10,915		$	17,334		$	13,667

Schedule Of Components Of Comprehensive Income Tax Expense Benefit [Table Text Block]

Comprehensive income tax expense included in the consolidated financial statements for the years ended December 31, 2014, 2013 and 2012 is as follows:



	Year ended December 31,
	2014			2013			2012
Income tax expense (benefit) on:
Operations	$	10,915		$	17,334		$	13,667
Change in unrealized holding gains on investment securities	16,146			(11,539		)	10,043
Change in funded status of retirement benefit plans:
Pension plans	(2,619		)	5,498			598
Postretirement benefit plans	(1,330		)	12,103			350
Comprehensive income tax expense	$	23,112		$	23,396		$	24,658