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Section 1: 10-Q (10-Q)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 
FORM 10-Q

(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019.
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: 1-11917
397779156_ffglogoa04.jpg
(Exact name of registrant as specified in its charter)
 
 
 
Iowa
 
42-1411715
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
5400 University Avenue, West Des Moines, Iowa
 
50266-5997
(Address of principal executive offices)
 
(Zip Code)
 
 
 
(515) 225-5400
(Registrant’s telephone number, including area code)
 
 
 
 
(Former name, former address and former fiscal year, if changed since last report)
 
 
 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, without par value
FFG
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. [X] 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 (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). [X] 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. (Check one)
Large accelerated filer [ X ]
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 [X] No
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
 Title of each class
 
Outstanding at May 1, 2019
Class A Common Stock, without par value
 
24,641,535
Class B Common Stock, without par value
 
11,413


















(This page has been intentionally left blank.)




FBL FINANCIAL GROUP, INC.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2019
TABLE OF CONTENTS


PART I.
FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements (Unaudited)
 
 
Consolidated Balance Sheets
 
Consolidated Statements of Operations
 
Consolidated Statements of Comprehensive Income
 
Consolidated Statements of Changes in Stockholders’ Equity
 
Consolidated Statements of Cash Flows
 
Notes to Consolidated Financial Statements
 
 
 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
 
 
 
Item 4.
Controls and Procedures
 
 
 
PART II.
OTHER INFORMATION
 
 
 
Item 1A.
Risk Factors
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
Item 6.
Exhibits
 
 
 
SIGNATURES
 
    



1


ITEM 1. FINANCIAL STATEMENTS

FBL FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)

 
March 31,
2019
 
December 31,
2018
Assets
 
 
 
Investments:
 
 
 
Fixed maturities - available for sale, at fair value (amortized cost: 2019 - $6,873,217; 2018 - $6,856,277)
$
7,231,584

 
$
7,033,045

Equity securities at fair value (cost: 2019 - $104,814; 2018 - $93,564)
108,525

 
92,857

Mortgage loans
1,023,655

 
1,039,829

Real estate
1,543

 
1,543

Policy loans
199,230

 
197,366

Short-term investments
11,515

 
15,713

Other investments
44,663

 
33,765

Total investments
8,620,715

 
8,414,118

 
 
 
 
Cash and cash equivalents
6,057

 
19,035

Securities and indebtedness of related parties
64,377

 
60,962

Accrued investment income
80,102

 
74,524

Amounts receivable from affiliates
5,735

 
3,812

Reinsurance recoverable
103,825

 
102,386

Deferred acquisition costs
373,711

 
418,802

Value of insurance in force acquired
6,259

 
10,385

Current income taxes recoverable
3,510

 
4,807

Other assets
169,756

 
163,518

Assets held in separate accounts
614,121

 
561,281

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
10,048,168

 
$
9,833,630


 


2




FBL FINANCIAL GROUP, INC.
CONSOLIDATED BALANCE SHEETS (Continued)
(Dollars in thousands)

 
March 31,
2019
 
December 31,
2018
Liabilities and stockholders’ equity
 
 
 
Liabilities:
 
 
 
Future policy benefits:
 
 
 
Interest sensitive products
$
5,426,491

 
$
5,403,125

Traditional life insurance and accident and health products
1,815,340

 
1,802,346

Other policy claims and benefits
44,418

 
51,298

Supplementary contracts without life contingencies
303,771

 
303,627

Advance premiums and other deposits
264,544

 
260,252

Amounts payable to affiliates
953

 
1,461

Short-term debt payable to non-affiliates
4,000

 

Long-term debt payable to non-affiliates
97,000

 
97,000

Deferred income taxes
103,300

 
75,449

Other liabilities
110,709

 
93,532

Liabilities related to separate accounts
614,121

 
561,281

Total liabilities
8,784,647

 
8,649,371

 
 
 
 
Stockholders’ equity:
 
 
 
FBL Financial Group, Inc. stockholders’ equity:
 
 
 
Preferred stock, without par value, at liquidation value - authorized 10,000,000 shares, issued and outstanding 5,000,000 Series B shares
3,000

 
3,000

Class A common stock, without par value - authorized 88,500,000 shares, issued and outstanding 24,640,927 shares in 2019 and 24,707,402 shares in 2018
152,444

 
152,652

Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 11,413 shares in 2019 and 2018
72

 
72

Accumulated other comprehensive income
189,166

 
91,318

Retained earnings
918,718

 
937,097

Total FBL Financial Group, Inc. stockholders’ equity
1,263,400

 
1,184,139

Noncontrolling interest
121

 
120

Total stockholders’ equity
1,263,521

 
1,184,259

Total liabilities and stockholders’ equity
$
10,048,168

 
$
9,833,630


See accompanying notes.


3




FBL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars in thousands, except per share data)

 
Three months ended March 31,
 
2019
 
2018
Revenues:
 
 
 
Interest sensitive product charges
$
31,266

 
$
30,098

Traditional life insurance premiums
49,392

 
49,497

Net investment income
109,640

 
101,022

Net realized capital gains (losses)
10,157

 
(1,747
)
Net other-than-temporary impairment losses recognized in earnings
(869
)
 
(1,040
)
Other income
3,970

 
4,600

Total revenues
203,556

 
182,430

 
 
 
 
Benefits and expenses:
 
 
 
Interest sensitive product benefits
70,596

 
61,345

Traditional life insurance benefits
46,675

 
45,456

Policyholder dividends
2,534

 
2,551

Underwriting, acquisition and insurance expenses
36,189

 
39,577

Interest expense
1,212

 
1,213

Other expenses
6,250

 
5,593

Total benefits and expenses
163,456

 
155,735

 
40,100

 
26,695

Income taxes
(6,276
)
 
(3,813
)
Equity income, net of related income taxes
220

 
660

Net income
34,044

 
23,542

Net loss (income) attributable to noncontrolling interest
(1
)
 
23

Net income attributable to FBL Financial Group, Inc.
$
34,043

 
$
23,565

 
 
 
 
Earnings per common share
$
1.37

 
$
0.94

Earnings per common share - assuming dilution
$
1.37

 
$
0.94


See accompanying notes.


4




FBL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Dollars in thousands)
 
Three months ended March 31,
 
2019
 
2018
Net income
$
34,044

 
$
23,542

Other comprehensive income (loss) (1)
 
 
 
Change in net unrealized investment gains/losses
97,640

 
(93,154
)
Change in underfunded status of postretirement benefit plans
208

 
262

Total other comprehensive income (loss), net of tax
97,848

 
(92,892
)
Total comprehensive income (loss), net of tax
131,892

 
(69,350
)
Comprehensive loss (income) attributable to noncontrolling interest
(1
)
 
23

Total comprehensive income (loss) applicable to FBL Financial Group, Inc.
$
131,891

 
$
(69,327
)

(1)
Other comprehensive income (loss) is recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities.


FBL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)
(Dollars in thousands)
 
FBL Financial Group, Inc. Stockholders’ Equity
 
 
 
 
 
Series B Preferred Stock
 
Class A and Class B Common Stock
 
Accumulated Other Comprehensive Income
 
Retained Earnings
 
Non-
controlling Interest
 
Total Stockholders’ Equity
Balance at January 1, 2018
$
3,000

 
$
153,661

 
$
284,983

 
$
935,423

 
$
58

 
$
1,377,125

Cumulative effect of change in accounting principle related to net unrealized gains on equity securities

 

 
(5,869
)
 
5,869

 

 

Net income - three months ended March 31, 2018

 

 

 
23,565

 
(23
)
 
23,542

Other comprehensive loss

 

 
(92,892
)
 

 

 
(92,892
)
Stock-based compensation

 
218

 

 

 

 
218

Purchase of common stock

 
(612
)
 

 
(6,194
)
 

 
(6,806
)
Dividends on preferred stock

 

 

 
(38
)
 

 
(38
)
Dividends on common stock

 

 

 
(48,753
)
 

 
(48,753
)
Balance at March 31, 2018
$
3,000

 
$
153,267

 
$
186,222

 
$
909,872

 
$
35

 
$
1,252,396

 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2019
$
3,000

 
$
152,724

 
$
91,318

 
$
937,097

 
$
120

 
$
1,184,259

Cumulative effect of change in accounting principle related to leases

 

 

 
595

 

 
595

Net income - three months ended March 31, 2019

 

 

 
34,043

 
1

 
34,044

Other comprehensive income

 

 
97,848

 

 

 
97,848

Stock-based compensation

 
202

 

 

 

 
202

Purchase of common stock

 
(410
)
 

 
(4,167
)
 

 
(4,577
)
Dividends on preferred stock

 

 

 
(38
)
 

 
(38
)
Dividends on common stock

 

 

 
(48,812
)
 

 
(48,812
)
Balance at March 31, 2019
$
3,000

 
$
152,516

 
$
189,166

 
$
918,718

 
$
121

 
$
1,263,521



See accompanying notes.


5




FBL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)

 
Three months ended March 31,
 
2019
 
2018
Operating activities
 
 
 
Net income
$
34,044

 
$
23,542

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Interest credited to account balances
38,531

 
40,650

Charges for mortality, surrenders and administration
(31,201
)
 
(29,827
)
Net realized (gains) losses on investments
(9,288
)
 
3,042

Change in fair value of derivatives
(29
)
 
(534
)
Increase in liabilities for life insurance and other future policy benefits
17,507

 
18,264

Deferral of acquisition costs
(11,739
)
 
(11,293
)
Amortization of deferred acquisition costs and value of insurance in force
7,774

 
10,314

Change in reinsurance recoverable
(805
)
 
2,454

Provision for deferred income taxes
1,822

 
(3,146
)
Other
(1,923
)
 
(1,865
)
Net cash provided by operating activities
44,693

 
51,601

 
 
 
 
Investing activities
 
 
 
Sales, maturities or repayments:
 
 
 
Fixed maturities - available for sale
128,274

 
138,254

Mortgage loans
24,603

 
10,383

Derivative instruments
2,121

 
4,131

Policy loans
9,095

 
9,133

Securities and indebtedness of related parties
1,133

 
1,596

Other long-term investments
1,210

 
938

Acquisitions:
 
 
 
Fixed maturities - available for sale
(128,578
)
 
(288,677
)
Equity securities - available for sale
(11,069
)
 
(1,389
)
Mortgage loans
(5,650
)
 
(7,186
)
Derivative instruments
(4,432
)
 
(3,219
)
Policy loans
(10,959
)
 
(11,148
)
Securities and indebtedness of related parties
(4,710
)
 
(4,633
)
Other long-term investments
(975
)
 
(5,531
)
Short-term investments, net change
4,198

 
(13,068
)
Purchases and disposals of property and equipment, net
(4,049
)
 
(1,859
)
Net cash provided by (used in) investing activities
212

 
(172,275
)




6




FBL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)

 
Three months ended March 31,
 
2019
 
2018
Financing activities
 
 
 
Contract holder account deposits
$
135,844

 
$
261,240

Contract holder account withdrawals
(143,456
)
 
(124,978
)
Dividends paid
(48,850
)
 
(48,791
)
Proceeds from issuance of short-term debt
4,000

 

Issuance or repurchase of common stock, net
(5,421
)
 
(5,840
)
Net cash provided by (used in) financing activities
(57,883
)
 
81,631

Decrease in cash and cash equivalents
(12,978
)
 
(39,043
)
Cash and cash equivalents at beginning of period
19,035

 
52,696

Cash and cash equivalents at end of period
$
6,057

 
$
13,653

 
 
 
 
Supplemental disclosures of cash flow information
 
 
 
Cash (paid) received during the period for:
 
 
 
Interest
$
(1,213
)
 
$
(1,213
)
Income taxes

 
(5
)

See accompanying notes.


7


FBL FINANCIAL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
March 31, 2019

1. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements of FBL Financial Group, Inc. (we or the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Our financial statements include all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of our financial position and results of operations.

Operating results for the quarter ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. We encourage you to refer to the notes to our consolidated financial statements included in Item 8 of our Form 10-K for the year ended December 31, 2018 for a complete description of our material accounting policies. Also included in the Form 10-K is a description of areas of judgments and estimates and other information necessary to understand our financial position and results of operations.

New Accounting Pronouncements

Description
Date of adoption
Effect on our consolidated financial statements or other significant matters
Standards adopted:
Leases
In February 2016, the FASB issued a new lease accounting standard, which, for most lessees, results in a gross-up of the balance sheet. Under the new standard, lessees recognize the leased assets on the balance sheet and recognize a corresponding liability for the present value of lease payments over the lease term. The new standard requires the application of judgment and estimates. Also, there are accounting policy elections that may be taken both at transition and for the accounting post-transition, including whether to adopt a short-term lease recognition exemption.
January 1, 2019
Upon adoption using the modified retrospective approach, a cumulative effect adjustment of $0.6 million representing the elimination of a deferred gain on a sale-leaseback transaction was recorded to retained earnings and both other assets and other liabilities increased by $7.2 million. We elected the practical expedients provided for under the guidance, but did not use hindsight in determining lease term. We have no finance leases and have elected to treat leases with terms of twelve months or less as short-term leases. The impact to earnings per share due to adopting this guidance for the three months ended March 31, 2019 was less than ($0.01) per share. See Note 6 for additional discussion.
Financial instruments - recognition and measurement
In January 2016, the FASB issued guidance that amended certain aspects of the recognition and measurement of financial instruments. The new guidance primarily affected the accounting for equity securities, which are now carried at fair value with valuation changes recognized in the statement of operations rather than as other comprehensive income. The presentation and disclosure requirements for financial instruments and the methodology for assessing the need for a valuation allowance on deferred tax assets resulting from unrealized losses on available-for-sale fixed maturity securities were also revised under the new guidance. The new standard required the use of a modified retrospective method at adoption.
January 1, 2018
Upon adoption, we reclassified $5.9 million of net unrealized investment gains, net of adjustments to deferred acquisition costs, interest sensitive policy reserves and income taxes, on our equity securities from accumulated other comprehensive income to retained earnings as a cumulative effect adjustment.



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Description
Date of adoption
Effect on our consolidated financial statements or other significant matters
Standards not yet adopted:
Financial instruments - credit impairment
In June 2016, the FASB issued guidance amending the accounting for the credit impairment of financial instruments. Under the new guidance, impairment losses are required to be estimated using an expected loss model under which a valuation allowance is established and adjusted over time. The valuation allowance will be based on the probability of loss over the life of the instrument, considering historical, current and forecasted information. The new guidance differs significantly from the incurred loss model used today, and will result in the earlier recognition of impairment losses. The new guidance may also increase the volatility of earnings to the extent actual results differ from the assumptions used in the establishment of the valuation allowance. The financial instruments for which we will be required to use the new model include but are not limited to, mortgage loans, lease receivables and reinsurance recoverables. Our available-for-sale fixed maturities will continue to apply the incurred loss model. However, rather than impairment losses resulting in a permanent reduction of carrying value as they do today, such losses will be in the form of a valuation allowance, which can be increased in the case of future credit losses or decreased should conditions improve. 
January 1, 2020
We are currently evaluating the impact of this new guidance on our consolidated financial statements. We believe the most significant impact upon adoption will be the establishment of an additional valuation allowance for our mortgage loan investments. We will apply this guidance using a modified retrospective approach by recording a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption.
Targeted improvements: long-duration contracts
In August 2018, the FASB issued guidance that will change the accounting for long-duration insurance contracts. The new guidance impacts several facets of the accounting for such contracts including the accounting for future policy benefits associated with traditional non-participating and limited payment insurance contracts as well as for guaranteed minimum benefits and the amortization model used for deferred acquisition costs. Disclosures as well as presentation of financial results will also change under the new guidance.
January 1, 2021

We are currently evaluating the impact of this guidance on our consolidated financial statements, but expect the impact to the timing of profit emergence for the impacted insurance contracts to be significant. Adoption of certain portions of the guidance may be applied on a modified retrospective basis and others on a full retrospective basis. Early adoption is allowed.


Reclassifications

During the third quarter of 2018, we voluntarily changed our accounting policy for low income housing tax credit investments as discussed in Note 1 to our consolidated financial statements included in Item 8 of our Form 10-K for the fiscal year ended December 31, 2018. The 2018 consolidated financial statements have been reclassified to reflect this accounting change.



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2. Investment Operations

Fixed Maturity Securities

Available-For-Sale Fixed Maturity Securities by Investment Category
 
 
 
March 31, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Non-credit losses on other-than-temporary impairments (1)
 
(Dollars in thousands)
Fixed maturities:
 
 
 
 
 
 
 
 
 
Corporate
$
3,259,853

 
$
213,704

 
$
(40,981
)
 
$
3,432,576

 
$

Residential mortgage-backed
584,767

 
36,715

 
(2,733
)
 
618,749

 
3,035

Commercial mortgage-backed
896,528

 
31,393

 
(11,217
)
 
916,704

 

Other asset-backed
680,507

 
17,781

 
(3,472
)
 
694,816

 
968

United States Government and agencies
19,555

 
1,203

 
(45
)
 
20,713

 

States and political subdivisions
1,432,007

 
118,037

 
(2,018
)
 
1,548,026

 

Total fixed maturities
$
6,873,217

 
$
418,833

 
$
(60,466
)
 
$
7,231,584

 
$
4,003

 
December 31, 2018
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Non-credit losses on other-than-temporary impairments (1)
 
(Dollars in thousands)
Fixed maturities:
 
 
 
 
 
 
 
 
 
Corporate
$
3,231,846

 
$
138,972

 
$
(90,933
)
 
$
3,279,885

 
$

Residential mortgage-backed
584,133

 
29,969

 
(7,242
)
 
606,860

 
2,823

Commercial mortgage-backed
873,672

 
24,284

 
(19,390
)
 
878,566

 

Other asset-backed
697,332

 
15,567

 
(5,329
)
 
707,570

 
1,143

United States Government and agencies
19,673

 
996

 
(134
)
 
20,535

 

States and political subdivisions
1,449,621

 
95,921

 
(5,913
)
 
1,539,629

 

Total fixed maturities
$
6,856,277

 
$
305,709

 
$
(128,941
)
 
$
7,033,045

 
$
3,966


(1)
Non-credit losses subsequent to the initial impairment measurement date on other-than-temporary impairment (OTTI) losses are included in the gross unrealized gains and gross unrealized losses columns above. The non-credit loss component of OTTI losses for residential mortgage-backed and other asset-backed securities at March 31, 2019 and December 31, 2018 were in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.


Available-For-Sale Fixed Maturities by Maturity Date
 
 
 
 
March 31, 2019
 
Amortized
Cost
 

Fair Value
 
(Dollars in thousands)
Due in one year or less
$
106,619

 
$
107,635

Due after one year through five years
534,193

 
555,588

Due after five years through ten years
697,348

 
729,149

Due after ten years
3,373,255

 
3,608,943

 
4,711,415

 
5,001,315

Mortgage-backed and other asset-backed
2,161,802

 
2,230,269

Total fixed maturities
$
6,873,217

 
$
7,231,584





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Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed maturities not due at a single maturity date have been included in the above table in the year of final contractual maturity.

Net Unrealized Gains on Investments in Accumulated Other Comprehensive Income
 
March 31,
2019
 
December 31,
2018
 
(Dollars in thousands)
Net unrealized appreciation on:
 
 
 
Fixed maturities - available for sale
$
358,367

 
$
176,768

Adjustments for assumed changes in amortization pattern of:
 
 
 
Deferred acquisition costs
(96,710
)
 
(46,732
)
Value of insurance in force acquired
(10,469
)
 
(6,878
)
Unearned revenue reserve
11,297

 
5,134

Adjustments for assumed changes in policyholder liabilities
(12,240
)
 
(1,642
)
Provision for deferred income taxes
(52,551
)
 
(26,596
)
Net unrealized investment gains
$
197,694

 
$
100,054



Net unrealized investment gains and losses are recorded net of deferred income taxes and other adjustments for assumed changes in deferred acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities.

Fixed Maturity Securities with Unrealized Losses by Length of Time
 
 
 
 
March 31, 2019
 
 
Less than one year
 
One year or more
 
Total
 
 
Description of Securities
 

Fair Value
 
Unrealized Losses
 

Fair Value
 
Unrealized Losses
 
 Fair Value
 
Unrealized Losses
 
Percent of Total
 
 
(Dollars in thousands)
 
 
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate
 
$
211,512

 
$
(7,452
)
 
$
445,481

 
$
(33,529
)
 
$
656,993

 
$
(40,981
)
 
67.8
%
Residential mortgage-backed
 
16,335

 
(590
)
 
89,982

 
(2,143
)
 
106,317

 
(2,733
)
 
4.5

Commercial mortgage-backed
 
41,535

 
(673
)
 
294,545

 
(10,544
)
 
336,080

 
(11,217
)
 
18.6

Other asset-backed
 
142,050

 
(2,218
)
 
170,790

 
(1,254
)
 
312,840

 
(3,472
)
 
5.7

United States Government and agencies
 

 

 
3,699

 
(45
)
 
3,699

 
(45
)
 
0.1

States and political subdivisions
 
7,872

 
(571
)
 
23,357

 
(1,447
)
 
31,229

 
(2,018
)
 
3.3

Total fixed maturities
 
$
419,304

 
$
(11,504
)
 
$
1,027,854

 
$
(48,962
)
 
$
1,447,158

 
$
(60,466
)
 
100.0
%