Financing Receivables (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Loan-to-Value Analysis of Commercial Properties

The loan-to-value analysis as of June 30, 2016 and December 31, 2015 is shown below:

	June 30, 2016				December 31, 2015
Loan-to-value:
Less than 50%	$	3,730,772	38.4	%	$	3,562,574	40.4	%
50% – 60%		3,156,400	32.6			2,650,959	30.0
60% – 70%		2,083,167	21.5			2,098,581	23.8
70% – 80%		487,596	5.0			317,950	3.6
80% – 90%		187,534	1.8			182,112	2.0
90% – 100%		70,000	0.7			13,242	0.2
Greater than 100%		—	—			—	—
Total	$	9,715,469	100.0	%	$	8,825,418	100.0	%

The loan-to-value analysis as of December 31 is shown below and relates only to commercial properties:

	2015				2014
Less than 50%	$	3,562,574	40.4	%	$	2,439,554	33.9	%
50% – 60%		2,650,959	30.0			1,849,502	25.6
60% – 70%		2,098,581	23.8			2,072,965	28.7
70% – 80%		317,950	3.6			599,743	8.3
80% – 90%		182,112	2.0			209,957	2.9
90% – 100%		13,242	0.2			13,426	0.2
Greater than 100%		—	—			32,022	0.4
Total	$	8,825,418	100.0	%	$	7,217,169	100.0	%

Debt Service Coverage Ratio

The debt service coverage ratio as of June 30, 2016 and December 31, 2015 is shown below:

	June 30, 2016		December 31, 2015
Debt service coverage ratio:
Greater than 1.4x	$	8,223,532		6,884,063
1.2x – 1.4x		1,129,315		1,418,724
1.0x – 1.2x		256,366		359,399
Less than 1.0x		106,256		163,232
Total commercial mortgage loans	$	9,715,469		8,825,418

The debt service coverage ratio as of December 31 is shown below:

	2015		2014
Debt service coverage ratio:
Greater than 1.4x	$	6,884,063		5,204,622
1.2x – 1.4x		1,418,724		1,208,043
1.0x – 1.2x		359,399		656,376
Less than 1.0x		163,232		148,128
Total commercial mortgage loans	$	8,825,418		7,217,169

Allowances For Credit Losses And Investment in Financing Receivables

The allowances for credit losses and recorded investment in financing receivables as of June 30, 2016 and December 31, 2015 are shown below:

	Mortgage loans		Nontrade receivables			Loans to affiliates		Loans to non-affiliates		Total
June 30, 2016
Allowance for credit losses:
Beginning balance	$	37,400		5,525			—		—		42,925
(Benefit)/provision		5,800		(437	)		—		—		5,363
Ending balance		43,200		5,088			—		—		48,288
Ending balance individually evaluated for impairment		—		—			—		—		—
Ending balance collectively evaluated for	$	43,200		5,088			—		—		48,288
Financing receivables:
Ending balance	$	9,715,469		30,091			50		10,355		9,755,965
Ending balance individually evaluated for impairment		—		—			—		—		—
Ending balance collectively evaluated for	$	9,715,469		30,091			50		10,355		9,755,965
	Mortgage loans		Nontrade receivables			Loans to affiliates		Loans to non-affiliates		Total
December 31, 2015
Allowance for credit losses:
Beginning balance	$	35,000		6,486			—		—		41,486
(Benefit)/provision		2,400		(961	)		—		—		1,439
Ending balance		37,400		5,525			—		—		42,925
Ending balance individually evaluated for impairment		—		—			—		—		—
Ending balance collectively evaluated for	$	37,400		5,525					—		42,925
Financing receivables:
Ending balance	$	8,825,418		30,557			33,000		11,341		8,900,316
Ending balance individually evaluated for impairment		—		—			—		—		—
Ending balance collectively evaluated for	$	8,825,418		30,557			33,000		11,341		8,900,316

The allowances for credit losses and recorded investment in financing receivables as of December 31 are shown below:

	Mortgage loans		Nontrade receivables			Loans to affiliates		Loans to non-affiliates		Total
2015:
Allowance for credit losses:
Beginning balance	$	35,000		6,486			—		—		41,486
(Benefit)/provision		2,400		(961	)		—		—		1,439
Ending balance		37,400		5,525			—		—		42,925
Ending balance individually evaluated for impairment		—		—			—		—		—
Ending balance collectively evaluated for impairment	$	37,400		5,525					—		42,925
Financing receivables:
Ending balance	$	8,825,418		30,557			33,000		11,341		8,900,316
Ending balance individually evaluated for impairment		—		—			—		—		—
Ending balance collectively evaluated for impairment	$	8,825,418		30,557			33,000		11,341		8,900,316

	Mortgage loans			Nontrade receivables		Loans to affiliates		Loans to non-affiliates		Total
2014:
Allowance for credit losses:
Beginning balance	$	66,750			6,217		—		—		72,967
(Benefit)/provision		(31,750	)		269		—		—		(31,481	)
Ending balance		35,000			6,486		—		—		41,486
Ending balance individually evaluated for impairment		—			1,505		—		—		1,505
Ending balance collectively evaluated for impairment	$	35,000			4,981		—		—		39,981
Financing receivables:
Ending balance	$	7,217,169			31,962		—		30,335		7,279,466
Ending balance individually evaluated for impairment		—			1,505		—		30,335		31,840
Ending balance collectively evaluated for impairment	$	7,217,169			30,457		—		—		7,247,626

Nontrade Receivables and Allowance for Credit Losses

The nontrade receivable and allowance for credit losses by customer classification as of June 30, 2016 and December 31, 2015 are shown below:

	June 30, 2016								December 31, 2015
	Agent			Reinsurer		Total			Agent			Reinsurer		Total
Nontrade receivables	$	10,946			19,145		30,091			6,976			23,581		30,557
Allowance for credit losses		(5,088	)		—		(5,088	)		(5,525	)		—		(5,525	)
Net nontrade receivables	$	5,858			19,145		25,003			1,451			23,581		25,032

Aging Analysis of Past Due Financing Receivables

Aging analysis of past-due financing receivables as of June 30, 2016 and December 31, 2015 is shown below:

	31–60 days   past due		61–90 days past due		Greater than 90 days past due		Total past due		Current		Total
June 30, 2016:
Mortgage loans	$	—		—		—		—		9,715,469		9,715,469
Nontrade receivables		4,410		2,374		5,212		11,996		18,095		30,091
Loans to affiliates		—		—		—		—		50		50
Loans to non-affiliates		112		—		—		112		10,243		10,355
Total	$	4,522		2,374		5,212		12,108		9,743,857		9,755,965
	31–60 days past due		61–90 days past due		Greater than 90 days past due		Total past due		Current		Total
December 31, 2015
Mortgage loans	$	—		—		—		—		8,825,418		8,825,418
Nontrade receivables		6,893		1,796		5,629		14,318		16,239		30,557
Loans to affiliates		—		—		—		—		33,000		33,000
Loans to non-affiliates		60		—		—		60		11,281		11,341
Total	$	6,953		1,796		5,629		14,378		8,885,938		8,900,316

Aging analysis of past-due financing receivables as of December 31 is shown below:

	31–60 days   past due		61–90 days past due		Greater than 90 days past due		Total past due		Current (1)		Total
2015:
Mortgage loans	$	—		—		—		—		8,825,418		8,825,418
Nontrade receivables		6,893		1,796		5,629		14,318		16,239		30,557
Loans to affiliates		—		—		—		—		33,000		33,000
Loans to non-affiliates		60		—		—		60		11,281		11,341
Total	$	6,953		1,796		5,629		14,378		8,885,938		8,900,316

	31–60 days   past due		61–90 days   past due		Greater than 90 days past due		Total past due		Current (1)		Total
2014:
Mortgage loans	$	—		—		—		—		7,217,169		7,217,169
Nontrade receivables		3,794		2,533		7,021		13,348		18,614		31,962
Loans to non-affiliates		—		—		—		—		30,335		30,335
Total	$	3,794		2,533		7,021		13,348		7,266,118		7,279,466