Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of recognized identified assets acquired and liabilities assumed

Based on the Company's final allocation of the purchase price, the fair value of the assets acquired and liabilities assumed were as follows:



($ in millions)
Assets:
Investments	$	542.6
Cash and short-term investments	73.8
Intangible assets⁽¹⁾	169.8
Other assets	18.3
Liabilities:
Policy reserves	366.8
Policy claims	21.8
Unearned premiums	4.1
Other liabilities	5.5
Total identifiable net assets acquired	406.3
Goodwill⁽²⁾	19.6
Purchase price	$	425.9


⁽¹⁾	Intangible assets consist of the value of business acquired, value of distribution acquired, agency relationships, trade names and state licenses. The intangible assets that are amortizable have a total weighted average useful life of 23 years. See Note 7 for further information.

⁽²⁾

The amount of goodwill that is expected to be deductible for federal income tax purposes is $17.9 million.

Business acquisition, pro forma information

The following unaudited pro forma information presents the Company's results of operations as if the acquisition of NTA occurred on January 1, 2018. The adjustments to arrive at the unaudited pro forma information below includes, among other things, adjustments for lost investment income on the cash used to fund the acquisition, amortization of an estimated fair value adjustment on NTA's policy reserves, amortization of acquired intangible assets, interest expense on debt incurred to finance the acquisition and exclusion of certain transaction costs attributable to the acquisition as such costs are considered non-recurring.



($ in thousands, except per share data)	Unaudited
	Year Ended December 31,
	2019		2018
Total revenues	$	1,507,352	$	1,339,896
Total expenses	1,259,213		1,288,690
Income before income taxes	248,139		51,206
Net income	$	193,755	$	43,373

Net income per share: ⁽¹⁾
Basic	$	4.64	$	1.04
Diluted	$	4.62	$	1.04

⁽¹⁾

The unaudited pro forma basic and diluted net income per share calculations are based on the Company's historical basic and diluted weighted average number of shares outstanding for the years ended December 31, 2019 and 2018, respectively.