falsedesktopPRI2020-09-30000156459020051406{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☒\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\nEmerging growth company\t☐\t\t\n", "q10k_tbl_1": "\tPage\nPART I - FINANCIAL INFORMATION\t2\nItem 1. Financial Statements (unaudited).\t2\nCondensed Consolidated Balance Sheets as of September 30 2020 and December 31 2019\t2\nCondensed Consolidated Statements of Income for the three and nine months ended September 30 2020 and 2019\t3\nCondensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30 2020 and 2019\t4\nCondensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30 2020 and 2019\t5\nCondensed Consolidated Statements of Cash Flows for the nine months ended September 30 2020 and 2019\t6\nNotes to Condensed Consolidated Financial Statements\t7\nItem 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.\t25\nItem 3. Quantitative and Qualitative Disclosures About Market Risk.\t43\nItem 4. Controls and Procedures.\t43\nPART II - OTHER INFORMATION\t43\nItem 1. Legal Proceedings.\t43\nItem 1A. Risk Factors.\t44\nItem 2. Unregistered Sales of Equity Securities and Use of Proceeds.\t45\nItem 6. Exhibits.\t45\nSignatures\t46\n", "q10k_tbl_2": "\t(Unaudited)\t\n\tSeptember 30 2020\tDecember 31 2019\n\t(In thousands)\t\nAssets:\t\t\nInvestments:\t\t\nFixed-maturity securities available-for-sale at fair value (amortized cost: $2318098 in 2020 and $2274770 in 2019)\t2453076\t2356996\nFixed-maturity security held-to-maturity at amortized cost (fair value: $1563352 in 2020 and $1299102 in 2019)\t1323740\t1184370\nEquity securities at fair value (historical cost: $29952 in 2020 and $32671 in 2019)\t33856\t40684\nTrading securities at fair value (cost: $13489 in 2020 and $43257 in 2019)\t13470\t43233\nPolicy loans\t30605\t32927\nTotal investments\t3854747\t3658210\nCash and cash equivalents\t330877\t256876\nAccrued investment income\t18448\t17361\nReinsurance recoverables\t4229088\t4169823\nDeferred policy acquisition costs net\t2532409\t2325750\nAgent balances due premiums and other receivables\t280915\t227100\nIntangible assets\t45275\t45275\nIncome taxes\t72707\t70492\nOperating lease right-of-use assets\t47685\t47265\nOther assets\t420051\t384634\nSeparate account assets\t2468328\t2485745\nTotal assets\t14300530\t13688531\nLiabilities and Stockholders' Equity:\t\t\nLiabilities:\t\t\nFuture policy benefits\t6664061\t6446569\nUnearned and advance premiums\t18308\t15470\nPolicy claims and other benefits payable\t467609\t339954\nOther policyholders' funds\t425537\t388663\nNotes payable\t374320\t374037\nSurplus note\t1323146\t1183728\nIncome taxes\t216640\t209221\nOperating lease liabilities\t53889\t53487\nOther liabilities\t519363\t510443\nPayable under securities lending\t48883\t28723\nSeparate account liabilities\t2468328\t2485745\nCommitments and contingent liabilities (see Commitments and Contingent Liabilities note)\t\t\nTotal liabilities\t12580084\t12036040\nStockholders' equity:\t\t\nCommon stock ($0.01 par value; authorized 500000 shares in 2020 and 2019; issued and outstanding 39374 shares in 2020 and 41207 shares in 2019)\t394\t412\nPaid-in capital\t0\t0\nRetained earnings\t1629114\t1593281\nAccumulated other comprehensive income (loss) net of income tax:\t\t\nUnrealized foreign currency translation gains (losses)\t(14820)\t(5765)\nNet unrealized investment gains (losses) on available-for-sale securities:\t105758\t64563\nTotal stockholders' equity\t1720446\t1652491\nTotal liabilities and stockholders' equity\t14300530\t13688531\n", "q10k_tbl_3": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands except per-share amounts)\t\t\t\nRevenues:\t\t\t\t\nDirect premiums\t736606\t692258\t2156331\t2056806\nCeded premiums\t(393716)\t(388982)\t(1183090)\t(1179364)\nNet premiums\t342890\t303276\t973241\t877442\nCommissions and fees\t185302\t179719\t547159\t525502\nInvestment income net of investment expenses\t37657\t35444\t103333\t106867\nInterest expense on surplus note\t(14704)\t(12769)\t(42250)\t(35212)\nNet investment income\t22953\t22675\t61083\t71655\nRealized investment gains (losses)\t642\t285\t(7645)\t4200\nOther net\t16674\t14698\t45375\t41746\nTotal revenues\t568461\t520653\t1619213\t1520545\nBenefits and expenses:\t\t\t\t\nBenefits and claims\t160166\t128684\t434625\t366036\nAmortization of deferred policy acquisition costs\t47491\t63883\t170979\t187273\nSales commissions\t91950\t89061\t274049\t262960\nInsurance expenses\t46109\t44854\t138572\t132825\nInsurance commissions\t9694\t6980\t22871\t18427\nInterest expense\t7221\t7209\t21614\t21589\nOther operating expenses\t59347\t54843\t181413\t176468\nTotal benefits and expenses\t421978\t395514\t1244123\t1165578\nIncome before income taxes\t146483\t125139\t375090\t354967\nIncome taxes\t34382\t28916\t89010\t82133\nNet income\t112101\t96223\t286080\t272834\nEarnings per share:\t\t\t\t\nBasic earnings per share\t2.82\t2.28\t7.07\t6.40\nDiluted earnings per share\t2.81\t2.28\t7.05\t6.38\nWeighted-average shares used in computing earnings per share:\t\t\t\t\nBasic\t39588\t41964\t40281\t42420\nDiluted\t39710\t42100\t40396\t42550\nSupplemental disclosures:\t\t\t\t\nTotal impairment losses\t(23)\t(1064)\t(4269)\t(1225)\nImpairment losses recognized in other comprehensive income before income taxes\t0\t0\t0\t0\nNet impairment losses recognized in earnings\t(23)\t(1064)\t(4269)\t(1225)\nOther net realized investment gains (losses)\t92\t536\t1176\t733\nNet gains (losses) recognized on equity securities\t573\t813\t(4552)\t4692\nNet realized investment gains (losses)\t642\t285\t(7645)\t4200\n", "q10k_tbl_4": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nNet income\t112101\t96223\t286080\t272834\nOther comprehensive income before income taxes:\t\t\t\t\nUnrealized investment gains (losses) on available-for-sale securities:\t\t\t\t\nChange in unrealized holding gains on available-for-sale securities\t15347\t12304\t49624\t93329\nReclassification adjustment for realized investment (gains) losses included in net income\t(50)\t542\t3128\t517\nForeign currency translation adjustments:\t\t\t\t\nChange in unrealized foreign currency translation gains (losses)\t6312\t(4009)\t(9055)\t8799\nTotal other comprehensive income before income taxes\t21609\t8837\t43697\t102645\nIncome tax expense related to items of other comprehensive income\t3265\t2696\t11557\t20100\nOther comprehensive income net of income taxes\t18344\t6141\t32140\t82545\nTotal comprehensive income\t130445\t102364\t318220\t355379\n", "q10k_tbl_5": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nCommon stock:\t\t\t\t\nBalance beginning of period\t397\t420\t412\t427\nRepurchases of common stock\t(3)\t(6)\t(21)\t(16)\nNet issuance of common stock\t0\t1\t3\t4\nBalance end of period\t394\t415\t394\t415\nPaid-in capital:\t\t\t\t\nBalance beginning of period\t0\t0\t0\t0\nShare-based compensation\t4759\t4524\t23215\t22474\nNet issuance of common stock\t0\t(1)\t(3)\t(4)\nRepurchases of common stock\t(4759)\t(4523)\t(23212)\t(22470)\nBalance end of period\t0\t0\t0\t0\nRetained earnings:\t\t\t\t\nBalance beginning of period\t1569689\t1537535\t1593281\t1489520\nCumulative effect from the adoption of new accounting standards net\t0\t0\t(1240)\t0\nNet income\t112101\t96223\t286080\t272834\nDividends\t(15882)\t(14324)\t(48496)\t(43468)\nRepurchases of common stock\t(36794)\t(66149)\t(200511)\t(165601)\nBalance end of period\t1629114\t1553285\t1629114\t1553285\nAccumulated other comprehensive income:\t\t\t\t\nBalance beginning of period\t72594\t47970\t58798\t(28434)\nChange in foreign currency translation adjustment net of income taxes\t6312\t(4009)\t(9055)\t8799\nChange in net unrealized investment gains during the period net of income taxes\t12032\t10150\t41195\t73746\nBalance end of period\t90938\t54111\t90938\t54111\nTotal stockholders' equity\t1720446\t1607811\t1720446\t1607811\nDividends declared per share\t0.40\t0.34\t1.20\t1.02\n", "q10k_tbl_6": "\tNine months ended September 30\t\n\t2020\t2019\n\t(In thousands)\t\nCash flows from operating activities:\t\t\nNet income\t286080\t272834\nAdjustments to reconcile net income to cash provided by (used in) operating activities:\t\t\nChange in future policy benefits and other policy liabilities\t399193\t206624\nDeferral of policy acquisition costs\t(377610)\t(320224)\nAmortization of deferred policy acquisition costs\t170979\t187273\nChange in income taxes\t(7845)\t(8216)\nRealized investment (gains) losses\t7645\t(4200)\nAccretion and amortization of investments\t779\t(503)\nDepreciation and amortization\t12486\t13285\nChange in reinsurance recoverables\t(69774)\t(15650)\nChange in agent balances due premiums and other receivables\t(53815)\t(31838)\nTrading securities sold matured or called (acquired) net\t29582\t51\nShare-based compensation\t15737\t15069\nChange in other operating assets and liabilities net\t(9484)\t6826\nNet cash provided by (used in) operating activities\t403953\t321331\nCash flows from investing activities:\t\t\nAvailable-for-sale investments sold matured or called:\t\t\nFixed-maturity securities - sold\t62925\t33472\nFixed-maturity securities - matured or called\t335053\t305349\nShort-term investments - matured or called\t0\t8250\nEquity securities - sold\t2508\t3136\nAvailable-for-sale investments acquired:\t\t\nFixed-maturity securities\t(435934)\t(444160)\nEquity securities - acquired\t(179)\t(818)\nPurchases of property and equipment and other investing activities net\t(22450)\t(19988)\nCash collateral received (returned) on loaned securities net\t20160\t(12629)\nSales (purchases) of short-term investments using securities lending collateral net\t(20160)\t12629\nNet cash provided by (used in) investing activities\t(58077)\t(114759)\nCash flows from financing activities:\t\t\nDividends paid\t(48496)\t(43468)\nCommon stock repurchased\t(218079)\t(181069)\nTax withholdings on share-based compensation\t(5666)\t(7017)\nFinance leases\t(209)\t(211)\nNet cash provided by (used in) financing activities\t(272450)\t(231765)\nEffect of foreign exchange rate changes on cash\t575\t801\nChange in cash and cash equivalents\t74001\t(24392)\nCash and cash equivalents beginning of period\t256876\t262138\nCash and cash equivalents end of period\t330877\t237746\n", "q10k_tbl_7": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nRevenues:\t\t\t\t\nTerm life insurance segment\t357799\t314527\t1013778\t908239\nInvestment and savings products segment\t176337\t173153\t525551\t508909\nCorporate and other distributed products segment\t34325\t32973\t79884\t103397\nTotal revenues\t568461\t520653\t1619213\t1520545\nNet investment income:\t\t\t\t\nTerm life insurance segment\t6813\t5123\t19598\t14303\nInvestment and savings products segment\t0\t0\t0\t0\nCorporate and other distributed products segment\t16140\t17552\t41485\t57352\nTotal net investment income\t22953\t22675\t61083\t71655\nAmortization of DAC:\t\t\t\t\nTerm life insurance segment\t45529\t61548\t164099\t181792\nInvestment and savings products segment\t1667\t2044\t6072\t4622\nCorporate and other distributed products segment\t295\t291\t808\t859\nTotal amortization of DAC\t47491\t63883\t170979\t187273\nNon-cash share-based compensation expense:\t\t\t\t\nTerm life insurance segment\t566\t572\t3031\t3061\nInvestment and savings products segment\t635\t660\t2397\t2780\nCorporate and other distributed products segment\t1018\t838\t10309\t9228\nTotal non-cash share-based compensation expense\t2219\t2070\t15737\t15069\nIncome (loss) before income taxes:\t\t\t\t\nTerm life insurance segment\t105315\t83760\t283110\t238099\nInvestment and savings products segment\t51372\t48795\t145931\t138821\nCorporate and other distributed products segment\t(10204)\t(7416)\t(53951)\t(21953)\nTotal income before income taxes\t146483\t125139\t375090\t354967\n", "q10k_tbl_8": "\tSeptember 30 2020\tDecember 31 2019\n\t(In thousands)\t\nAssets:\t\t\nTerm life insurance segment\t6849335\t6546129\nInvestment and savings products segment (1)\t2590140\t2598493\nCorporate and other distributed products segment\t4861055\t4543909\nTotal assets\t14300530\t13688531\n", "q10k_tbl_9": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nRevenues by country:\t\t\t\t\nUnited States\t488216\t443883\t1384215\t1293971\nCanada\t80245\t76770\t234998\t226574\nTotal revenues\t568461\t520653\t1619213\t1520545\nIncome before income taxes by country:\t\t\t\t\nUnited States\t122797\t104033\t304895\t291491\nCanada\t23686\t21106\t70195\t63476\nTotal income before income taxes\t146483\t125139\t375090\t354967\n", "q10k_tbl_10": "\tSeptember 30 2020\tDecember 31 2019\n\t(In thousands)\t\nLong-lived assets by country:\t\t\nUnited States\t41588\t41200\nCanada\t4416\t4916\nTotal long-lived assets\t46004\t46116\n", "q10k_tbl_11": "\tSeptember 30 2020\t\t\t\n\tAmortized cost\tGross unrealized gains\tGross unrealized losses\tFair value\n\t(In thousands)\t\t\t\nSecurities available-for-sale carried at fair value:\t\t\t\t\nFixed-maturity securities:\t\t\t\t\nU.S. government and agencies\t9759\t466\t(1)\t10224\nForeign government\t160379\t12615\t(44)\t172950\nStates and political subdivisions\t154666\t7927\t(452)\t162141\nCorporates\t1507770\t104860\t(8555)\t1604075\nResidential mortgage-backed securities\t282899\t12276\t(53)\t295122\nCommercial mortgage-backed securities\t115155\t5762\t(391)\t120526\nOther asset-backed securities\t87470\t1640\t(1072)\t88038\nTotal fixed-maturity securities\t2318098\t145546\t(10568)\t2453076\n", "q10k_tbl_12": "\tDecember 31 2019\t\t\t\n\tAmortized cost\tGross unrealized gains\tGross unrealized losses\tFair value\n\t(In thousands)\t\t\t\nSecurities available-for-sale carried at fair value:\t\t\t\t\nFixed-maturity securities:\t\t\t\t\nU.S. government and agencies\t10197\t287\t0\t10484\nForeign government\t154945\t6362\t(235)\t161072\nStates and political subdivisions\t120000\t3288\t(695)\t122593\nCorporates\t1436877\t63892\t(1118)\t1499651\nResidential mortgage-backed securities\t305897\t6848\t(222)\t312523\nCommercial mortgage-backed securities\t128913\t3191\t(99)\t132005\nOther asset-backed securities\t117941\t970\t(243)\t118668\nTotal fixed-maturity securities\t2274770\t84838\t(2612)\t2356996\n", "q10k_tbl_13": "\tAmortized cost\tFair value\n\t(In thousands)\t\nDue in one year or less\t151438\t153747\nDue after one year through five years\t855485\t911029\nDue after five years through 10 years\t521830\t562810\nDue after 10 years\t303821\t321804\n\t1832574\t1949390\nMortgage- and asset-backed securities\t485524\t503686\nTotal AFS fixed-maturity securities\t2318098\t2453076\n", "q10k_tbl_14": "\tSeptember 30 2020\t\tDecember 31 2019\t\n\tCost\tFair value\tCost\tFair value\n\t(In thousands)\t\t\t\nFixed-maturity securities\t13489\t13470\t43257\t43233\n", "q10k_tbl_15": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nFixed-maturity securities (available-for-sale)\t20883\t20380\t61880\t61058\nFixed-maturity security (held-to-maturity)\t14704\t12769\t42250\t35212\nEquity securities\t433\t448\t1345\t1381\nPolicy loans and other invested assets\t242\t234\t973\t854\nCash and cash equivalents\t114\t1191\t1099\t3808\nTotal return on deposit asset underlying 10% coinsurance agreement(1)\t2858\t2639\t1962\t11130\nGross investment income\t39234\t37661\t109509\t113443\nInvestment expenses\t(1577)\t(2217)\t(6176)\t(6576)\nInvestment income net of investment expenses\t37657\t35444\t103333\t106867\nInterest expense on surplus note\t(14704)\t(12769)\t(42250)\t(35212)\nNet investment income\t22953\t22675\t61083\t71655\n", "q10k_tbl_16": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nNet realized investment gains (losses):\t\t\t\t\nGross gains from sales of available-for-sale securities\t632\t523\t1816\t994\nGross losses from sales of available-for-sale securities\t(559)\t(1)\t(675)\t(286)\nCredit losses on available-for-sale securities\t(23)\t(1064)\t(4269)\t(1225)\nNet gains (losses) recognized in net income during the period on equity securities\t573\t813\t(4552)\t4692\nGains (losses) from bifurcated options\t26\t14\t42\t14\nGains (losses) on trading securities\t(7)\t0\t(7)\t11\nNet realized investment gains (losses)\t642\t285\t(7645)\t4200\n", "q10k_tbl_17": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nProceeds from sales or other redemptions\t122148\t106177\t397978\t347071\n", "q10k_tbl_18": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nNet gains (losses) recognized in net income during the period on equity securities\t573\t813\t(4552)\t4692\nLess: Net gains (losses) recognized on equity securities sold\t(59)\t0\t(250)\t(254)\nNet gains (losses) recognized in net income on equity securities still held as of period-end\t632\t813\t(4302)\t4946\n", "q10k_tbl_19": "\tSeptember 30 2020\t\t\t\n\tLess than 12 months\t\t12 months or longer\t\n\tFair value\tUnrealized losses\tFair value\tUnrealized losses\n\t(Dollars in thousands)\t\t\t\nFixed-maturity securities:\t\t\t\t\nU.S. government and agencies\t1628\t(1)\t0\t0\nForeign government\t4255\t(44)\t0\t0\nStates and political subdivisions\t25262\t(452)\t0\t0\nCorporates\t177198\t(6534)\t8820\t(2021)\nResidential mortgage-backed securities\t1384\t(29)\t928\t(24)\nCommercial mortgage-backed securities\t16425\t(375)\t2173\t(16)\nOther asset-backed securities\t21688\t(975)\t3904\t(97)\nTotal fixed-maturity securities\t247840\t(8410)\t15825\t(2158)\n", "q10k_tbl_20": "\tThree months ended September 30\tNine months ended September 30\n\t(In thousands)\t\nAllowance for credit losses beginning of period\t465\t0\nAdditions to the allowance for credit losses on securities for which credit losses were not previously recorded\t0\t525\nAdditional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period\t23\t(37)\nWrite-offs charged against the allowance if any\t(465)\t(465)\nAllowance for credit losses end of period\t23\t23\n", "q10k_tbl_21": "\tDecember 31 2019\t\t\t\t\t\n\tLess than 12 months\t\t\t12 months or longer\t\t\n\tFair value\tUnrealized losses\tNumber of securities\tFair value\tUnrealized losses\tNumber of securities\n\t(Dollars in thousands)\t\t\t\t\t\nFixed-maturity securities:\t\t\t\t\t\t\nU.S. government and agencies\t0\t0\t0\t0\t0\t0\nForeign government\t11824\t(144)\t14\t8578\t(91)\t7\nStates and political subdivisions\t39379\t(690)\t21\t4000\t(5)\t4\nCorporates\t52474\t(453)\t40\t21739\t(665)\t19\nResidential mortgage-backed securities\t40690\t(207)\t20\t2071\t(15)\t3\nCommercial mortgage-backed securities\t11526\t(28)\t13\t12835\t(71)\t16\nOther asset-backed securities\t22501\t(190)\t17\t4613\t(53)\t20\nTotal fixed-maturity securities\t178394\t(1712)\t\t53836\t(900)\t\n", "q10k_tbl_22": "\tThree months ended September 30 2019\tNine months ended September 30 2019\n\t(In thousands)\t\nOTTI on fixed-maturity securities not in default\t1064\t1222\nOTTI on fixed-maturity securities in default\t0\t3\nTotal OTTI recognized in earnings\t1064\t1225\n", "q10k_tbl_23": "\tThree months ended September 30 2019\tNine months ended September 30 2019\n\t(In thousands)\t\nTotal OTTI related to securities which the Company does not intend to sell or more-likely-than-not will not be required to sell:\t\t\nTotal OTTI losses recognized\t0\t3\nLess portion of OTTI recognized in accumulated other comprehensive income (loss)\t0\t0\nOTTI recognized in earnings for securities which the Company does not intend to sell or more-likely than-not will not be required to sell before recovery\t0\t3\nOTTI recognized in earnings for securities which the Company intends to sell or more-likely-than-not will be required to sell before recovery\t1064\t1222\nOTTI recognized in earnings\t1064\t1225\n", "q10k_tbl_24": "\tThree months ended September 30 2019\tNine months ended September 30 2019\n\t(In thousands)\t\nCumulative OTTI recognized in net income for securities still held beginning of period\t2407\t2511\nAdditions for securities where no OTTI were recognized prior to the beginning of the period\t968\t1126\nAdditions for securities where OTTI have been recognized prior to the beginning of the period\t96\t99\nReductions due to sales maturities calls amortization or increases in cash flows expected to be collected over the remaining life of credit-impaired securities\t(209)\t(474)\nReductions for exchanges of securities previously impaired\t0\t0\nCumulative OTTI recognized in net income for securities still held end of period\t3262\t3262\n", "q10k_tbl_25": "\tSeptember 30 2020\t\t\t\n\tLevel 1\tLevel 2\tLevel 3\tTotal\n\t(In thousands)\t\t\t\nFair value assets:\t\t\t\t\nAvailable-for-sale fixed-maturity securities:\t\t\t\t\nU.S. government and agencies\t0\t10224\t0\t10224\nForeign government\t0\t172950\t0\t172950\nStates and political subdivisions\t0\t162141\t0\t162141\nCorporates\t5687\t1598388\t0\t1604075\nResidential mortgage-backed securities\t0\t292097\t3025\t295122\nCommercial mortgage-backed securities\t0\t120526\t0\t120526\nOther asset-backed securities\t0\t88038\t0\t88038\nTotal available-for-sale securities\t5687\t2444364\t3025\t2453076\nEquity securities\t32644\t1038\t174\t33856\nTrading securities\t0\t13470\t0\t13470\nSeparate accounts\t0\t2468328\t0\t2468328\nTotal fair value assets\t38331\t4927200\t3199\t4968730\nFair value liabilities:\t\t\t\t\nSeparate accounts\t0\t2468328\t0\t2468328\nTotal fair value liabilities\t0\t2468328\t0\t2468328\n", "q10k_tbl_26": "\tDecember 31 2019\t\t\t\n\tLevel 1\tLevel 2\tLevel 3\tTotal\n\t(In thousands)\t\t\t\nFair value assets:\t\t\t\t\nAvailable-for-sale fixed-maturity securities:\t\t\t\t\nU.S. government and agencies\t0\t10484\t0\t10484\nForeign government\t0\t161072\t0\t161072\nStates and political subdivisions\t0\t122593\t0\t122593\nCorporates\t5865\t1493786\t0\t1499651\nResidential mortgage-backed securities\t0\t312497\t26\t312523\nCommercial mortgage-backed securities\t0\t132005\t0\t132005\nOther asset-backed securities\t0\t118244\t424\t118668\nTotal available-for-sale securities\t5865\t2350681\t450\t2356996\nEquity securities\t39499\t1050\t135\t40684\nTrading securities\t0\t43233\t0\t43233\nSeparate accounts\t0\t2485745\t0\t2485745\nTotal fair value assets\t45364\t4880709\t585\t4926658\nFair value liabilities:\t\t\t\t\nSeparate accounts\t0\t2485745\t0\t2485745\nTotal fair value liabilities\t0\t2485745\t0\t2485745\n", "q10k_tbl_27": "\tThree months ended September 30\t\tNine months ended September 30 (1)\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nLevel 3 assets beginning of period\t5268\t1026\t585\t921\nNet unrealized gains (losses) included in other comprehensive income\t0\t(1)\t2\t(14)\nRealized gains (losses) and accretion (amortization) recognized in earnings\t(444)\t(11)\t(452)\t(35)\nPurchases\t2999\t0\t2999\t0\nSettlements\t(4624)\t(216)\t(4970)\t(412)\nTransfers into Level 3\t0\t0\t5035\t836\nTransfers out of Level 3\t0\t0\t0\t(498)\nLevel 3 assets end of period\t3199\t798\t3199\t798\n", "q10k_tbl_28": "\tSeptember 30 2020\t\tDecember 31 2019\t\n\tCarrying value\tEstimated fair value\tCarrying value\tEstimated fair value\n\t(In thousands)\t\t\t\nAssets:\t\t\t\t\nFixed-maturity securities (available-for-sale)\t2453076\t2453076\t2356996\t2356996\nFixed-maturity security (held-to-maturity) (3)\t1323740\t1563352\t1184370\t1299102\nEquity securities\t33856\t33856\t40684\t40684\nTrading securities\t13470\t13470\t43233\t43233\nPolicy loans (3)\t30605\t30605\t32927\t32927\nDeposit asset underlying 10% coinsurance agreement (3)\t236293\t236293\t233499\t233499\nSeparate accounts\t2468328\t2468328\t2485745\t2485745\nLiabilities:\t\t\t\t\nNotes payable (1) (2)\t374320\t399942\t374037\t395522\nSurplus note (1) (3)\t1323146\t1551330\t1183728\t1296972\nSeparate accounts\t2468328\t2468328\t2485745\t2485745\n", "q10k_tbl_29": "\tSeptember 30 2020\tDecember 31 2019\n\t(Dollars in thousands)\t\nDirect life insurance in force\t842842940\t810995295\nAmounts ceded to other companies\t(728453611)\t(702727956)\nNet life insurance in force\t114389329\t108267339\nPercentage of reinsured life insurance in force\t86%\t87%\n", "q10k_tbl_30": "\tSeptember 30 2020\t\tDecember 31 2019\t\n\tReinsurance recoverables\tA.M. Best rating\tReinsurance recoverables\tA.M. Best rating\n\t(In thousands)\t\t\t\nPecan Re Inc. (1) (2)\t2670796\tN/R\t2696924\tNR\nSCOR Global Life Reinsurance Companies (3)\t377723\tA+\t352049\tA+\nMunich Re of Malta (2) (5)\t272995\tN/R\t286433\tNR\nSwiss Re Life & Health America Inc. (4)\t238367\tA+\t233572\tA+\nAmerican Health and Life Insurance Company (2)\t164540\tB++\t167471\tB++\nMunich American Reassurance Company\t131762\tA+\t118372\tA+\nRGA Reinsurance\t118766\tA+\t100328\tA+\nKorean Reinsurance Company\t118640\tA\t108410\tA\nHannover Life Reassurance Company\t39820\tA+\t33772\tA+\nTOA Reinsurance Company\t37053\tA\t26160\tA\nAll other reinsurers\t64220\t0\t48679\t0\nAllowance for credit losses\t(5594)\t\t(2347)\t\nReinsurance recoverables\t4229088\t\t4169823\t\n", "q10k_tbl_31": "\tThree months ended September 2020\tNine months ended September 30 2020\n\t(In thousands)\t\nBalance beginning of period (1)\t5602\t3917\nCurrent period provision for expected credit losses\t0\t1685\nLess: Recoveries from expected credit losses previously recorded\t(8)\t(8)\nBalance at the end of period\t5594\t5594\n", "q10k_tbl_32": "\tNine months ended September 30\t\n\t2020\t2019\n\t(In thousands)\t\nPolicy claims and other benefits payable beginning of period\t339954\t313862\nLess reinsured policy claims and other benefits payable\t388797\t318653\nNet balance beginning of period\t(48843)\t(4791)\nIncurred related to current year\t171485\t139794\nIncurred related to prior years (1)\t(4145)\t(991)\nTotal incurred\t167340\t138803\nClaims paid related to current year net of reinsured policy claims received\t(208117)\t(201858)\nReinsured policy claims received related to prior years net of claims paid\t60355\t13159\nTotal paid\t(147762)\t(188699)\nForeign currency translation\t(165)\t216\nNet balance end of period\t(29430)\t(54471)\nAdd reinsured policy claims and other benefits payable\t497039\t371007\nBalance end of period\t467609\t316536\n", "q10k_tbl_33": "\tNine months ended September 30\t\n\t2020\t2019\n\t(In thousands)\t\nCommon stock beginning of period\t41207\t42694\nShares issued for stock options exercised\t0\t0\nShares of common stock issued upon lapse of restricted stock units (\"RSUs\")\t287\t377\nCommon stock retired\t(2120)\t(1579)\nCommon stock end of period\t39374\t41492\n", "q10k_tbl_34": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands except per-share amounts)\t\t\t\nBasic EPS:\t\t\t\t\nNumerator:\t\t\t\t\nNet income\t112101\t96223\t286080\t272834\nIncome attributable to unvested participating securities\t(493)\t(415)\t(1239)\t(1251)\nNet income used in calculating basic EPS\t111608\t95808\t284841\t271583\nDenominator:\t\t\t\t\nWeighted-average vested shares\t39588\t41964\t40281\t42420\nBasic EPS\t2.82\t2.28\t7.07\t6.40\nDiluted EPS:\t\t\t\t\nNumerator:\t\t\t\t\nNet income\t112101\t96223\t286080\t272834\nIncome attributable to unvested participating securities\t(492)\t(413)\t(1236)\t(1248)\nNet income used in calculating diluted EPS\t111609\t95810\t284844\t271586\nDenominator:\t\t\t\t\nWeighted-average vested shares\t39588\t41964\t40281\t42420\nDilutive effect of incremental shares to be issued for contingently-issuable shares\t122\t136\t115\t130\nWeighted-average shares used in calculating diluted EPS\t39710\t42100\t40396\t42550\nDiluted EPS\t2.81\t2.28\t7.05\t6.38\n", "q10k_tbl_35": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nEquity awards expense recognized\t2219\t2070\t15737\t15056\nEquity awards expense deferred\t2542\t2457\t7501\t7398\n", "q10k_tbl_36": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nForeign currency translation adjustments:\t\t\t\t\nChange in unrealized foreign currency translation gains (losses) before income taxes\t6312\t(4009)\t(9055)\t8799\nIncome tax expense (benefit) on unrealized foreign currency translation gains (losses)\t0\t0\t0\t0\nChange in unrealized foreign currency translation gains (losses) net of income taxes\t6312\t(4009)\t(9055)\t8799\nUnrealized gain (losses) on available-for-sale securities:\t\t\t\t\nChange in unrealized holding gains (losses) arising during period before income taxes\t15347\t12304\t49624\t93329\nIncome tax expense (benefit) on unrealized holding gains (losses) arising during period\t3276\t2582\t10900\t19991\nChange in unrealized holding gains (losses) on available-for-sale securities arising during period net of income taxes\t12071\t9722\t38724\t73338\n\t\t\t…\t\nReclassification from accumulated OCI to net income for (gains) losses realized on available-for-sale securities\t(50)\t542\t3128\t517\nIncome tax (expense) benefit on (gains) losses reclassified from accumulated OCI to net income\t(11)\t114\t657\t109\nReclassification from accumulated OCI to net income for (gains) losses realized on available-for-sale securities net of income taxes\t(39)\t428\t2471\t408\nChange in unrealized gains (losses) on available-for-sale securities net of income taxes and reclassification adjustment\t12032\t10150\t41195\t73746\n", "q10k_tbl_37": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t\t\nTerm Life Insurance segment revenues:\t\t\t\t\nOther net\t12717\t10985\t34311\t30785\nTotal segment revenues from contracts with customers\t12717\t10985\t34311\t30785\nRevenues from sources other than contracts with customers\t345082\t303542\t979467\t877454\nTotal Term Life Insurance segment revenues\t357799\t314527\t1013778\t908239\nInvestment and Savings Products segment revenues:\t\t\t\t\nCommissions and fees\t\t\t\t\nSales-based revenues\t65600\t69034\t209304\t207469\nAsset-based revenues\t71970\t66289\t203629\t190997\nAccount-based revenues\t21008\t20449\t61690\t59958\nOther net\t3034\t2661\t8322\t7517\nTotal segment revenues from contracts with customers\t161612\t158433\t482945\t465941\nRevenues from sources other than contracts with customers (segregated funds)\t14725\t14720\t42606\t42968\nTotal Investment and Savings Products segment revenues\t176337\t173153\t525551\t508909\nCorporate and Other Distributed Products segment revenues:\t\t\t\t\nCommissions and fees (1)\t11999\t9227\t29930\t24110\nOther net\t923\t1052\t2742\t3444\nTotal segment revenues from contracts with customers\t12922\t10279\t32672\t27554\nRevenues from sources other than contracts with customers\t21403\t22694\t47212\t75843\nTotal Corporate and Other Distributed Products segment revenues\t34325\t32973\t79884\t103397\n", "q10k_tbl_38": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In thousands)\t\t(In thousands)\t\nBalance beginning of period\t52523\t50467\t51701\t50119\nCurrent period sales net of collection of renewal commissions\t1039\t1207\t1861\t1555\nBalance at the end of period\t53562\t51674\t53562\t51674\n", "q10k_tbl_39": "\tSeptember 30 2020\tJune 30 2020\nLife-licensed sales representatives\t136306\t134157\n", "q10k_tbl_40": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nNew recruits\t101861\t72345\t319746\t221741\nNew life-licensed sales representatives\t13138\t12682\t35987\t33666\n", "q10k_tbl_41": "\tThree months ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nAverage number of life-licensed sales representatives\t135083\t130200\t132275\t130206\nNumber of new policies issued\t100199\t73434\t265561\t216340\nAverage monthly rate of new policies issued per life-licensed sales representative\t0.25\t0.19\t0.22\t0.18\n", "q10k_tbl_42": "\tThree months ended September 30\t\t\t\tNine months ended September 30\t\t\t\n\t2020\t% of beginning balance\t2019\t% of beginning balance\t2020\t% of beginning balance\t2019\t% of beginning balance\n\t(Dollars in millions)\t\t\t\t\t\t\t\nFace amount in force beginning of period\t821998\t\t796376\t\t808262\t\t781041\t\nNet change in face amount:\t\t\t\t\t\t\t\t\nIssued face amount\t30104\t4%\t24087\t3%\t81079\t10%\t70312\t9%\nTerminations\t(13733)\t(2)%\t(17740)\t(2)%\t(46343)\t(6)%\t(52635)\t(7)%\nForeign currency\t1858\t*\t(1229)\t*\t(2771)\t*\t2776\t*\nNet change in face amount\t18229\t2%\t5118\t1%\t31965\t4%\t20453\t3%\nFace amount in force end of period\t840227\t\t801494\t\t840227\t\t801494\t\n", "q10k_tbl_43": "\tThree months ended September 30\t\tChange\t\t\tNine months ended September 30\t\t\tChange\t\t\n\t2020\t2019\t$\t\t%\t2020\t\t2019\t$\t\t%\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\nProduct sales:\t\t\t\t\t\t\t\t\t\t\t\nRetail mutual funds\t1064\t1015\t49\t\t5%\t3189\t\t3025\t164\t\t5%\nAnnuities and other\t469\t588\t\t(119)\t(20)%\t\t1631\t1736\t\t(105)\t(6)%\nTotal sales-based revenue generating product sales\t1533\t1603\t\t(70)\t(4)%\t\t4820\t4761\t\t59\t1%\nManaged investments\t223\t177\t\t46\t26%\t\t669\t542\t\t127\t23%\nSegregated funds and other\t85\t76\t\t9\t12%\t\t284\t247\t\t37\t15%\nTotal product sales\t1841\t1856\t(15)\t\t(1)%\t5773\t\t5550\t223\t\t4%\nAverage client asset values:\t\t\t\t\t\t\t\t\t\t\t\nRetail mutual funds\t43729\t40512\t3217\t\t8%\t41177\t\t39236\t1941\t\t5%\nAnnuities and other\t20997\t19410\t\t1587\t8%\t\t19998\t18901\t\t1097\t6%\nManaged investments\t4325\t3652\t\t673\t18%\t\t4034\t3450\t\t584\t17%\nSegregated funds\t2461\t2428\t\t33\t1%\t\t2373\t2373\t\t0\t*\nTotal average client asset values\t71512\t66002\t5510\t\t8%\t67582\t\t63960\t3622\t\t6%\n", "q10k_tbl_44": "\tThree months ended September 30\t\t\t\tNine months ended September 30\t\t\t\n\t2020\t% of beginning balance\t2019\t% of beginning balance\t2020\t% of beginning balance\t2019\t% of beginning balance\n\t(Dollars in millions)\t\t\t\t\t\t\t\nAsset values beginning of period\t68224\t\t65878\t\t70537\t\t57704\t\nNet change in asset values:\t\t\t\t\t\t\t\t\nInflows\t1841\t3%\t1856\t3%\t5773\t8%\t5550\t10%\nRedemptions\t(1334)\t(2)%\t(1670)\t(3)%\t(4110)\t(6)%\t(4832)\t(8)%\nNet flows\t507\t1%\t186\t*\t1663\t2%\t718\t1%\nChange in fair value net\t3669\t5%\t294\t*\t776\t1%\t7510\t13%\nForeign currency net\t206\t*\t(136)\t*\t(370)\t(1)%\t290\t1%\nNet change in asset values\t4382\t6%\t344\t1%\t2069\t3%\t8518\t15%\nAsset values end of period\t72606\t\t66222\t\t72606\t\t66222\t\n", "q10k_tbl_45": "\tThree months ended September 30\t\tChange\t\tNine months ended September 30\t\tChange\t\n\t2020\t2019\tPositions\t%\t2020\t2019\tPositions\t%\n\t(Positions in thousands)\t\t\t\t\t\t\t\nAverage number of fee-generating positions (1):\t\t\t\t\t\t\t\t\nRecordkeeping and custodial\t2072\t2007\t65\t3%\t2050\t2000\t50\t3%\nRecordkeeping only\t685\t646\t39\t6%\t672\t642\t30\t5%\nTotal average number of fee- generating positions\t2757\t2653\t102\t4%\t2722\t2642\t80\t3%\n", "q10k_tbl_46": "\tThree months ended September 30\t\tChange\t\tNine months ended September 30\t\tChange\t\n\t2020\t2019\t$\t%\t2020\t2019\t$\t%\n\t(Dollars in thousands)\t\t\t\t\t\t\t\nRevenues:\t\t\t\t\t\t\t\t\nDirect premiums\t736606\t692258\t44348\t6%\t2156331\t2056806\t99525\t5%\nCeded premiums\t(393716)\t(388982)\t4734\t1%\t(1183090)\t(1179364)\t3726\t*\nNet premiums\t342890\t303276\t39614\t13%\t973241\t877442\t95799\t11%\nCommissions and fees\t185302\t179719\t5583\t3%\t547159\t525502\t21657\t4%\nInvestment income net of investment expenses\t37657\t35444\t2213\t6%\t103333\t106867\t(3534)\t(3)%\nInterest expense on surplus note\t(14704)\t(12769)\t1935\t15%\t(42250)\t(35212)\t7038\t20%\nNet investment income\t22953\t22675\t278\t1%\t61083\t71655\t(10572)\t(15)%\nRealized investment gains (losses)\t642\t285\t357\t*\t(7645)\t4200\t(11845)\t*\nOther net\t16674\t14698\t1976\t13%\t45375\t41746\t3629\t9%\nTotal revenues\t568461\t520653\t47808\t9%\t1619213\t1520545\t98668\t6%\nBenefits and expenses:\t\t\t\t\t\t\t\t\nBenefits and claims\t160166\t128684\t31482\t24%\t434625\t366036\t68589\t19%\nAmortization of DAC\t47491\t63883\t(16392)\t(26)%\t170979\t187273\t(16294)\t(9)%\nSales commissions\t91950\t89061\t2889\t3%\t274049\t262960\t11089\t4%\nInsurance expenses\t46109\t44854\t1255\t3%\t138572\t132825\t5747\t4%\nInsurance commissions\t9694\t6980\t2714\t39%\t22871\t18427\t4444\t24%\nInterest expense\t7221\t7209\t12\t*\t21614\t21589\t25\t*\nOther operating expenses\t59347\t54843\t4504\t8%\t181413\t176468\t4945\t3%\nTotal benefits and expenses\t421978\t395514\t26464\t7%\t1244123\t1165578\t78545\t7%\nIncome before income taxes\t146483\t125139\t21344\t17%\t375090\t354967\t20123\t6%\nIncome taxes\t34382\t28916\t5466\t19%\t89010\t82133\t6877\t8%\nNet income\t112101\t96223\t15878\t17%\t286080\t272834\t13246\t5%\n", "q10k_tbl_47": "\tThree months ended September 30\t\tChange\t\tNine months ended September 30\t\tChange\t\t\n\t2020\t2019\t$\t%\t2020\t2019\t$\t%\t\n\t(Dollars in thousands)\t\t\t\t\t\t\t\t\nRevenues:\t\t\t\t\t\t\t\t\t\nDirect premiums\t730273\t685539\t44734\t7%\t2138024\t2037298\t100726\t5\t%\nCeded premiums\t(392004)\t(387120)\t4884\t1%\t(1178155)\t(1174147)\t4008\t*\t\nNet premiums\t338269\t298419\t39850\t13%\t959869\t863151\t96718\t11\t%\nAllocated investment income\t6813\t5123\t1690\t33%\t19598\t14303\t5295\t37\t%\nOther net\t12717\t10985\t1732\t16%\t34311\t30785\t3526\t11\t%\nTotal revenues\t357799\t314527\t43272\t14%\t1013778\t908239\t105539\t12\t%\nBenefits and expenses:\t\t\t\t\t\t\t\t\t\nBenefits and claims\t156209\t122751\t33458\t27%\t420182\t352674\t67508\t19\t%\nAmortization of DAC\t45529\t61548\t(16019)\t(26)%\t164099\t181792\t(17693)\t(10\t)%\nInsurance expenses\t44800\t43157\t1643\t4%\t134272\t127902\t6370\t5\t%\nInsurance commissions\t5946\t3311\t2635\t80%\t12115\t7772\t4343\t56\t%\nTotal benefits and expenses\t252484\t230767\t21717\t9%\t730668\t670140\t60528\t9\t%\nIncome before income taxes\t105315\t83760\t21555\t26%\t283110\t238099\t45011\t19\t%\n", "q10k_tbl_48": "\tThree months ended September 30\t\tChange\t\tNine months ended September 30\t\tChange\t\n\t2020\t2019\t$\t%\t2020\t2019\t$\t%\n\t(Dollars in thousands)\t\t\t\t\t\t\t\nRevenues:\t\t\t\t\t\t\t\t\nCommissions and fees:\t\t\t\t\t\t\t\t\nSales-based revenues\t65600\t69034\t(3434)\t(5)%\t209304\t207469\t1835\t1%\nAsset-based revenues\t86695\t81009\t5686\t7%\t246235\t233965\t12270\t5%\nAccount-based revenues\t21008\t20449\t559\t3%\t61690\t59958\t1732\t3%\nOther net\t3034\t2661\t373\t14%\t8322\t7517\t805\t11%\nTotal revenues\t176337\t173153\t3184\t2%\t525551\t508909\t16642\t3%\nExpenses:\t\t\t\t\t\t\t\t\nAmortization of DAC\t1667\t2044\t(377)\t(18)%\t6072\t4622\t1450\t31%\nInsurance commissions\t3377\t3257\t120\t4%\t9684\t9437\t247\t3%\nSales commissions:\t\t\t\t\t\t\t\t\nSales-based\t46821\t48652\t(1831)\t(4)%\t148217\t147161\t1056\t1%\nAsset-based\t39349\t35875\t3474\t10%\t111345\t103882\t7463\t7%\nOther operating expenses\t33751\t34530\t(779)\t(2)%\t104302\t104986\t(684)\t(1)%\nTotal expenses\t124965\t124358\t607\t*\t379620\t370088\t9532\t3%\nIncome before income taxes\t51372\t48795\t2577\t5%\t145931\t138821\t7110\t5%\n", "q10k_tbl_49": "\tThree months ended September 30\t\tChange\t\tNine months ended September 30\t\tChange\t\t\n\t2020\t2019\t$\t%\t2020\t2019\t$\t\t%\n\t(Dollars in thousands)\t\t\t\t\t\t\t\t\nRevenues:\t\t\t\t\t\t\t\t\t\nDirect premiums\t6333\t6719\t(386)\t(6)%\t18307\t19508\t(1201\t)\t(6)%\nCeded premiums\t(1712)\t(1862)\t(150)\t(8)%\t(4935)\t(5217)\t\t(282)\t(5)%\nNet premiums\t4621\t4857\t(236)\t(5)%\t13372\t14291\t\t(919)\t(6)%\nCommissions and fees\t11999\t9227\t2772\t30%\t29930\t24110\t\t5820\t24%\nInvestment income net of investment expenses\t30844\t30321\t523\t2%\t83735\t92564\t\t(8829)\t(10)%\nInterest expense on surplus note\t(14704)\t(12769)\t1935\t15%\t(42250)\t(35212)\t\t7038\t20%\nNet investment income\t16140\t17552\t(1412)\t(8)%\t41485\t57352\t\t(15867)\t(28)%\nRealized investment gains (losses)\t642\t285\t357\t*\t(7645)\t4200\t\t(11845)\t*\nOther net\t923\t1052\t(129)\t(12)%\t2742\t3444\t\t(702)\t(20)%\nTotal revenues\t34325\t32973\t1352\t4%\t79884\t103397\t\t(23513)\t(23)%\nBenefits and expenses:\t\t\t\t\t\t\t\t\t\nBenefits and claims\t3957\t5933\t(1976)\t(33)%\t14443\t13362\t\t1081\t8%\nAmortization of DAC\t295\t291\t4\t1%\t808\t859\t\t(51)\t(6)%\nInsurance expenses\t1309\t1697\t(388)\t(23)%\t4300\t4923\t\t(623)\t(13)%\nInsurance commissions\t371\t412\t(41)\t(10)%\t1072\t1218\t\t(146)\t(12)%\nSales commissions\t5780\t4534\t1246\t27%\t14487\t11917\t\t2570\t22%\nInterest expense\t7221\t7209\t12\t*\t21614\t21589\t\t25\t*\nOther operating expenses\t25596\t20313\t5283\t26%\t77111\t71482\t\t5629\t8%\nTotal benefits and expenses\t44529\t40389\t4140\t10%\t133835\t125350\t\t8485\t7%\nLoss before income taxes\t(10204)\t(7416)\t2788\t38%\t(53951)\t(21953)\t31998\t\t146%\n", "q10k_tbl_50": "\tSeptember 30 2020\t\tDecember 31 2019\t\nAverage rating of our fixed-maturity portfolio\tA\t\tA\t\nAverage duration of our fixed-maturity portfolio\t4.6\tyears\t3.6\tyears\nAverage book yield of our fixed-maturity portfolio\t3.45%\t\t3.54%\t\n", "q10k_tbl_51": "\tSeptember 30 2020\t\tDecember 31 2019\t\n\tAmortized cost (1)\t%\tAmortized cost (1)\t%\n\t(Dollars in thousands)\t\t\t\nAAA\t456761\t20%\t555640\t24%\nAA\t297165\t13%\t271936\t12%\nA\t507858\t22%\t543351\t23%\nBBB\t978302\t42%\t885497\t38%\nBelow investment grade\t87727\t3%\t59190\t3%\nNot rated\t2881\t*\t2389\t*\nTotal\t2330694\t100%\t2318003\t100%\n", "q10k_tbl_52": "\tSeptember 30 2020\t\t\t\nIssuer\tFair value\tAmortized cost (1)\tUnrealized gain (loss)\tCredit rating\n\t(Dollars in thousands)\t\t\t\nGovernment of Canada\t20868\t20032\t836\tAAA\nProvince of Ontario Canada\t18936\t17979\t957\tA+\nProvince of Quebec Canada\t16108\t14523\t1585\tAA-\nEnbridge Inc\t12029\t11437\t592\tBBB+\nProvince of New Brunswick Canada\t12006\t11179\t827\tA+\nWells Fargo & Co\t12002\t11881\t121\tA-\nProvince of Alberta Canada\t11743\t10834\t909\tA+\nProvince of British Columbia Canada\t10700\t10216\t484\tAAA\nGeneral Motors Co\t10028\t9251\t777\tBBB\nCity of Toronto Canada\t9351\t8617\t734\tAA\nTotal - ten largest holdings\t133771\t125949\t7822\t\nTotal - fixed-maturity securities\t2465672\t2330694\t\t\nPercent of total fixed-maturity securities\t5%\t5%\t\t\n", "q10k_tbl_53": "\tNine months ended September 30\t\tChange\n\t2020\t2019\t$\n\t(In thousands)\t\t\nNet cash provided by (used in) operating activities\t403953\t321331\t82622\nNet cash provided by (used in) investing activities\t(58077)\t(114759)\t56682\nNet cash provided by (used in) financing activities\t(272450)\t(231765)\t(40685)\nEffect of foreign exchange rate changes on cash\t575\t801\t(226)\nChange in cash and cash equivalents\t74001\t(24392)\t98393\n", "q10k_tbl_54": "Period\tTotal number of shares purchased (1)\tAverage price paid per share (1)\tTotal number of shares purchased as part of publicly announced plans or programs (2)\tApproximate dollar value of shares that may yet be purchased under the plans or programs (2)\nJuly 1 - 31 2020\t193561\t116.50\t193112\t100956545\nAugust 1 - 31 2020\t147101\t129.20\t147042\t81958719\nSeptember 1 - 30 2020\t0\t0\t0\t81958719\nTotal\t340662\t121.98\t340154\t81958719\n", "q10k_tbl_55": "Exhibit Number\tDescription\tReference\n31.1\tRule 13a-14(a)/15d-14(a) Certification executed by Glenn J. Williams Chief Executive Officer.\tFiled with the Securities and Exchange Commission as part of this Quarterly Report.\n31.2\tRule 13a-14(a)/15d-14(a) Certification executed by Alison S. Rand Executive Vice President and Chief Financial Officer.\tFiled with the Securities and Exchange Commission as part of this Quarterly Report.\n32.1\tCertifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) executed by Glenn J. Williams Chief Executive Officer and Alison S. Rand Executive Vice President and Chief Financial Officer.\tFiled with the Securities and Exchange Commission as part of this Quarterly Report.\n101.INS\tInline XBRL Instance Document.\tThe instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH\tInline XBRL Taxonomy Extension Schema.\t\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase.\t\n101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase.\t\n101.LAB\tInline XBRL Taxonomy Extension Label Linkbase.\t\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase.\t\n104\tCover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).\t\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_6"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-34680
Primerica, Inc.
(Exact name of registrant as specified in its charter)
Delaware
27-1204330
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1 Primerica Parkway
Duluth, Georgia
30099
(Address of principal executive offices)
(ZIP Code)
(770) 381-1000
(Registrant’s telephone number, including area code)
Not applicable.
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
PRI
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
As of October 31, 2020, the registrant had 39,303,270 shares of common stock, $0.01 par value per share, outstanding.