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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)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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: 1-11917
403913264_ffglogoa04.jpg
FBL FINANCIAL GROUP, INC.
(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)

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. 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). 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 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

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 4, 2020
Class A Common Stock, without par value
 
24,630,677
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, 2020
TABLE OF CONTENTS


PART I.
FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements (Unaudited)
 
 
Consolidated Balance Sheets
 
Consolidated Statements of Operations
 
Consolidated Statements of Comprehensive Income (Loss)
 
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,
2020
 
December 31,
2019
Assets
 
 
 
Investments:
 
 
 
Fixed maturities - available for sale, at fair value (amortized cost 2020 - $7,115,265, 2019 - $7,015,269; and allowance for credit losses 2020 - $12,146, 2019 - $0)
$
7,617,165

 
$
7,702,628

Equity securities at fair value (cost: 2020 - $96,882, 2019 - $95,269)
88,610

 
100,228

Mortgage loans (net of allowance for credit losses 2020 - $3,279, 2019 - $0)
988,854

 
1,011,678

Real estate
955

 
955

Policy loans
202,227

 
201,589

Short-term investments
29,580

 
11,865

Other investments
41,777

 
62,680

Total investments
8,969,168

 
9,091,623

 
 
 
 
Cash and cash equivalents
17,524

 
17,277

Securities and indebtedness of related parties
77,641

 
74,791

Accrued investment income
77,263

 
72,332

Amounts receivable from affiliates
3,916

 
4,357

Reinsurance recoverable
105,438

 
107,498

Deferred acquisition costs
337,972

 
289,456

Value of insurance in force acquired
2,829

 
2,624

Current income taxes recoverable
7,570

 
6,427

Other assets
168,045

 
167,940

Assets held in separate accounts
525,582

 
645,881

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
10,292,948

 
$
10,480,206


 


2




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

 
March 31,
2020
 
December 31,
2019
Liabilities and stockholders’ equity
 
 
 
Liabilities:
 
 
 
Future policy benefits:
 
 
 
Interest sensitive products
$
5,646,263

 
$
5,548,212

Traditional life insurance and accident and health products
1,856,580

 
1,845,337

Other policy claims and benefits
47,713

 
46,883

Supplementary contracts without life contingencies
293,016

 
296,915

Advance premiums and other deposits
254,523

 
253,458

Amounts payable to affiliates
1,015

 
1,218

Short-term debt
10,000

 

Long-term debt
97,000

 
97,000

Deferred income taxes
119,093

 
152,373

Other liabilities
107,841

 
107,013

Liabilities related to separate accounts
525,582

 
645,881

Total liabilities
8,958,626

 
8,994,290

 
 
 
 
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 24,630,777 shares in 2020 and 24,652,802 shares in 2019
152,754

 
152,661

Class B common stock, without par value - authorized 1,500,000 shares, issued and outstanding 11,413 shares in 2020 and 2019
72

 
72

Accumulated other comprehensive income
258,422

 
354,764

Retained earnings
920,032

 
975,260

Total FBL Financial Group, Inc. stockholders’ equity
1,334,280

 
1,485,757

Noncontrolling interest
42

 
159

Total stockholders’ equity
1,334,322

 
1,485,916

Total liabilities and stockholders’ equity
$
10,292,948

 
$
10,480,206


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,
 
2020
 
2019
Revenues:
 
 
 
Interest sensitive product charges
$
31,720

 
$
31,266

Traditional life insurance premiums
49,308

 
49,392

Net investment income
74,917

 
109,640

Net realized capital gains (losses)
(13,401
)
 
10,157

Change in allowance for credit losses on investments
(12,261
)
 

Other-than-temporary impairment losses

 
(869
)
Other income
4,980

 
3,970

Total revenues
135,263

 
203,556

 
 
 
 
Benefits and expenses:
 
 
 
Interest sensitive product benefits
44,351

 
70,596

Traditional life insurance benefits
46,208

 
46,675

Policyholder dividends
2,529

 
2,534

Underwriting, acquisition and insurance expenses
39,421

 
36,189

Interest expense
1,213

 
1,212

Other expenses
7,421

 
6,250

Total benefits and expenses
141,143

 
163,456

 
(5,880
)
 
40,100

Income tax benefit (expense)
3,081

 
(6,276
)
Equity income, net of related income taxes
228

 
220

Net income (loss)
(2,571
)
 
34,044

Net (income) loss attributable to noncontrolling interest
56

 
(1
)
Net income (loss) attributable to FBL Financial Group, Inc.
$
(2,515
)
 
$
34,043

 
 
 
 
Earnings (loss) per common share
$
(0.10
)
 
$
1.37

Earnings (loss) per common share - assuming dilution
$
(0.10
)
 
$
1.37


See accompanying notes.


4




FBL FINANCIAL GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Dollars in thousands)
 
Three months ended March 31,
 
2020
 
2019
Net income (loss)
$
(2,571
)
 
$
34,044

Other comprehensive income (loss) (1)
 
 
 
Change in net unrealized investment gains/losses
(96,589
)
 
97,640

Change in underfunded status of postretirement benefit plans
247

 
208

Total other comprehensive income (loss), net of tax
(96,342
)
 
97,848

Total comprehensive income (loss), net of tax
(98,913
)
 
131,892

Comprehensive (income) loss attributable to noncontrolling interest
56

 
(1
)
Total comprehensive income (loss) applicable to FBL Financial Group, Inc.
$
(98,857
)
 
$
131,891


(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, 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

 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2020
$
3,000

 
$
152,733

 
$
354,764

 
$
975,260

 
$
159

 
$
1,485,916

Cumulative effect of change in accounting principle related to current expected credit loss

 

 

 
(2,685
)
 

 
(2,685
)
Net loss - three months ended March 31, 2020

 

 

 
(2,515
)
 
(56
)
 
(2,571
)
Other comprehensive loss

 

 
(96,342
)
 

 

 
(96,342
)
Stock-based compensation

 
245

 

 

 

 
245

Purchase of common stock

 
(152
)
 

 
(657
)
 

 
(809
)
Dividends on preferred stock

 

 

 
(38
)
 

 
(38
)
Dividends on common stock

 

 

 
(49,333
)
 

 
(49,333
)
Disbursements related to noncontrolling interest

 

 

 

 
(61
)
 
(61
)
Balance at March 31, 2020
$
3,000

 
$
152,826

 
$
258,422

 
$
920,032

 
$
42

 
$
1,334,322


See accompanying notes.
 
 
 
 
 
 
 
 
 
 
 
 



5




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

 
Three months ended March 31,
 
2020
 
2019
Operating activities
 
 
 
Net income (loss)
$
(2,571
)
 
$
34,044

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Interest credited to account balances
40,980

 
38,531

Charges for mortality, surrenders and administration
(33,127
)
 
(31,201
)
Net realized (gains) losses on investments
25,662

 
(9,288
)
Change in fair value of derivatives
1,567

 
(29
)
Increase in liabilities for life insurance and other future policy benefits
21,183

 
17,507

Deferral of acquisition costs
(9,155
)
 
(11,739
)
Amortization of deferred acquisition costs and value of insurance in force
9,597

 
7,774

Change in reinsurance recoverable
688

 
(805
)
Provision for deferred income taxes
(6,958
)
 
1,822

Other
(20,186
)
 
(1,923
)
Net cash provided by operating activities
27,680

 
44,693

 
 
 
 
Investing activities
 
 
 
Sales, maturities or repayments:
 
 
 
Fixed maturities - available for sale
120,845

 
128,274

Equity securities
699

 

Mortgage loans
35,295

 
24,603

Derivative instruments
9,451

 
2,121

Policy loans
9,913

 
9,095

Securities and indebtedness of related parties
841

 
1,133

Other investments
1,333

 
1,210

Acquisitions:
 
 
 
Fixed maturities - available for sale
(203,333
)
 
(128,578
)
Equity securities
(2,149
)
 
(11,069
)
Mortgage loans
(15,750
)
 
(5,650
)
Derivative instruments
(5,804
)
 
(4,432
)
Policy loans
(10,551
)
 
(10,959
)
Securities and indebtedness of related parties
(3,990
)
 
(4,710
)
Other long-term investments
(6,100
)
 
(975
)
Short-term investments, net change
(17,715
)
 
4,198

Purchases and disposals of property and equipment, net
(1,763
)
 
(4,049
)
Net cash provided by (used in) investing activities
(88,778
)
 
212





6




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

 
Three months ended March 31,
 
2020
 
2019
Financing activities
 
 
 
Contract holder account deposits
$
271,542

 
$
135,844

Contract holder account withdrawals
(170,003
)
 
(143,456
)
Dividends paid
(49,371
)
 
(48,850
)
Proceeds from issuance of short-term debt
10,000

 
4,000

Issuance or repurchase of common stock, net
(762
)
 
(5,421
)
Other financing activities
(61
)
 

Net cash provided by (used in) financing activities
61,345

 
(57,883
)
Increase (decrease) in cash and cash equivalents
247

 
(12,978
)
Cash and cash equivalents at beginning of period
17,277

 
19,035

Cash and cash equivalents at end of period
$
17,524

 
$
6,057

 
 
 
 
Supplemental disclosures of cash flow information
 
 
 
Cash (paid) received during the period for:
 
 
 
Interest
$
(1,213
)
 
$
(1,213
)
Income taxes
(1,915
)
 


See accompanying notes.


7


FBL FINANCIAL GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
March 31, 2020

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 three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, especially when considering the risks and uncertainties associated with the novel coronavirus ("COVID-19") and the impact it may have on our business, results of operations and financial condition. 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, 2019 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. Our estimates and assumptions could change in the future as more information becomes known about the impact of COVID-19. Our results of operations and financial condition may also be impacted by evolving regulatory, legislative and accounting interpretations and guidance.

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 was recorded to retained earnings, representing the elimination of a deferred gain on a sale-leaseback transaction, 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.




8

Table of Contents

Description
Date of adoption
Effect on our consolidated financial statements or other significant matters
Standards adopted:
Financial instruments - credit impairment
In June 2016, the FASB issued guidance amending the accounting for the credit impairment of certain financial instruments. Under the new guidance, credit losses are estimated using an expected loss model under which an allowance for credit losses is established and reflected as a charge to earnings. The allowance is based on the probability of loss over the life of the instrument, considering historical, current and forecast information. The new guidance differs significantly from the incurred loss model used historically, and results in the earlier recognition of credit losses. The new guidance may increase the volatility of earnings to the extent the assumptions used in estimating the allowance are revised as changes in the allowance will be reflected in earnings. Our available-for-sale fixed maturities will continue to apply the incurred loss model; however, such losses will also be in the form of an allowance for credit losses rather than an adjustment to the cost basis of the security. The new guidance permits entities to recognize improvements in credit loss estimates on fixed maturity available-for-sale securities by reducing the allowance account immediately through earnings.
January 1, 2020
Upon adoption using the modified retrospective approach, a cumulative effect adjustment of $2.7 million after offsets was recorded to retained earnings as of the first reporting period in which the new guidance was effective. The cumulative effect adjustment arose from the establishment of an allowance for credit losses on our mortgage loan investments totaling $3.1 million and reinsurance recoverable totaling $0.9 million, before offsets. See the discussion that follows for further information. Application of this guidance resulted in a decrease to net income of $0.1 million (less than $0.01 per basic and diluted share) for the quarter ended March 31, 2020. Prior periods were not restated.
Standards not yet adopted:
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, 2022

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.


Allowance for Credit Losses
As discussed above, effective January 1, 2020 we were required to apply new accounting guidance for the treatment of potential credit losses within certain financial instruments. Our accounting policies and practices as they pertain to the financial instruments impacted by this new guidance are as follows:
Fixed Maturities
When the fair value of a fixed maturity security is below its amortized cost, an impairment has occurred. To the extent we decide to sell the security or are required to sell the security prior to its recovery of fair value, a charge is taken to realized investment losses as reported within the Consolidated Statement of Operations, and the amortized cost basis of the security is adjusted for the loss. Under the accounting guidance we followed in 2019 and prior periods, to the extent we had no plan or requirement to sell an impaired security, but believed the impairment was other-than-temporary, we similarly recorded a charge to realized investment losses and the amortized cost basis of the security was adjusted for the loss. Beginning in 2020, to the extent an unrealized loss is due to credit, an allowance for credit loss is recognized within the Consolidated Statement of Operations. While fixed maturities are reported net of the allowance for credit losses in our Consolidated Balance Sheet, the allowance is not considered an adjustment to the amortized cost of the security. Accordingly the allowance may increase or decrease over the life of the security based on changes in the assumptions used to determine the allowance, with such changes reported as “Change in the allowance for credit losses on investments” within the Consolidated Statement of Operations. Fixed maturity securities are written-off to realized investment losses if we determine that no additional payments of principal or interest will be received. The factors considered in determining whether an allowance for credit losses is required are consistent with those considered in determining whether an other-than-temporary impairment loss had occurred under the accounting guidance we followed during 2019 and prior periods as discussed in Item 8 of our Form 10-K for the year ended December 31, 2019. We have elected the policy to exclude accrued interest receivable from our allowance calculation since uncollectible accrued interest will continue to be evaluated for collectability and written off as warranted.



9

Table of Contents

Mortgage Loans
The allowance for credit losses on our mortgage loan investments is based on an estimate of credit losses that may occur over the life of the loans, which differs from the accounting guidance applied in 2019 and prior periods, which was based on incurred losses of individual loans. In determining the allowance, we segregate our mortgage loans with a similar risk profile based on an internal loan rating. Loss factors based on the potential frequency and severity of credit losses at different points in time of the portfolio life are applied to future cash flows to estimate the allowance for credit losses. In determining the loss factors, we consider the potential severity and likelihood of loss based on our historical loan loss experience along with that of other similar organizations as well as economic forecasts. We have elected the policy to exclude accrued interest receivable from our allowance calculation since uncollectible accrued interest will continue to be evaluated for collectability and written off as warranted. Mortgage loans are reported in our Consolidated Balance Sheet net of the allowance for credit losses. Changes in the allowance are reported within the Consolidated Statement of Operations as “Changes in allowance for credit losses on investments.” See Note 2 for further information.
Reinsurance Recoverable
The allowance for credit losses on our reinsurance recoverable is based on an estimate of credit losses that may occur over the life of the underlying ceded insurance business, which differs from the accounting guidance applied in 2019 and prior periods, which was based on incurred losses. We develop loss factors which are applied to the amounts due from each reinsurer which considers the potential severity and likelihood of loss based on the relative risk profile of each reinsurer, our internal loss history and those of other organizations, along with economic forecasts. We also consider other sources of information regarding individual reinsurers, as applicable, including amounts past-due according to the terms of the reinsurance contracts. Reinsurance recoverable assets are reported in our Consolidated Balance Sheet net of the allowance for credit losses. Amounts deemed to be uncollectible are written off against the allowance. Changes in the allowance are reported within the Consolidated Statement of Operations as “Underwriting, acquisition and insurance expenses.”

Allowance on Reinsurance Recoverables
 
 
Three months ended March 31, 2020
 
(Dollars in thousands)
Beginning balance of the allowance for credit losses
$
868

Change in allowance for credit losses
7

Ending balance of the allowance for credit losses
$
875


No reinsurance recoverables were considered past due as of March 31, 2020.
Income Taxes
Income taxes for interim reporting periods are generally recognized based on an estimated annual effective tax rate which is computed based on earnings forecasts for the year. During the first quarter of 2020, the spread of COVID-19 negatively impacted the U.S. economy, causing unusual market volatility which has impacted our first quarter earnings. At this time, we are unable to forecast our 2020 earnings primarily due to uncertainty regarding COVID-19’s potential impact on future investment credit losses. Accordingly, for purposes of estimating tax expense for the first quarter of 2020, we are applying an estimated year-to-date effective tax rate, which is based on estimated taxable earnings incurred through the end of the quarter. We expect to return to an estimated annual effective tax rate at such time as earnings can be reasonably forecast.



10

Table of Contents

2. Investment Operations

Fixed Maturity Securities

Available-For-Sale Fixed Maturity Securities by Investment Category
 
March 31, 2020
 
Amortized
Cost
 
Gross
Unrealized
Gains (1)
 
Gross
Unrealized
Losses (1)
 
Allowance for Credit Losses
 
Fair
Value
 
(Dollars in thousands)
Fixed maturities:
 
 
 
 
 
 
 
 
 
Corporate
$
3,460,539

 
$
312,121

 
$
(103,191
)
 
$
(12,146
)
 
$
3,657,323

Residential mortgage-backed
624,574

 
44,124

 
(14,931
)
 

 
653,767

Commercial mortgage-backed
977,147

 
167,839

 
(3,344
)
 

 
1,141,642

Other asset-backed
742,954

 
4,191

 
(48,205
)
 

 
698,940

United States Government and agencies
10,829

 
3,375

 

 

 
14,204

States and political subdivisions
1,299,222

 
152,500

 
(433
)
 

 
1,451,289

Total fixed maturities
$
7,115,265

 
$
684,150

 
$
(170,104
)
 
$
(12,146
)
 
$
7,617,165

 
December 31, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains (1)
 
Gross
Unrealized
Losses (1)
 
Fair
Value
 
(Dollars in thousands)
Fixed maturities:
 
 
 
 
 
 
 
Corporate
$
3,376,432

 
$
418,049

 
$
(15,531
)
 
$
3,778,950

Residential mortgage-backed
626,663

 
47,654

 
(1,929
)
 
672,388

Commercial mortgage-backed
969,453

 
77,433

 
(1,413
)
 
1,045,473

Other asset-backed
697,390

 
19,745

 
(2,614
)
 
714,521

United States Government and agencies
12,417

 
1,711

 
(5
)
 
14,123

States and political subdivisions
1,332,914

 
145,125

 
(866
)
 
1,477,173

Total fixed maturities
$
7,015,269

 
$
709,717

 
$
(22,358
)
 
$
7,702,628


(1)
Includes $0.5 million and $2.5 million as of March 31, 2020 and December 31, 2019, respectively, of net unrealized gains on impaired fixed maturities related to changes in fair value subsequent to the impairment date, which are included in AOCI.

The amount of accrued interest excluded from the amortized cost basis of fixed maturities and included in accrued investment income on the balance sheet totaled $72.4 million at March 31, 2020. Any fixed maturity delinquent on contractual payments over 90 days past due is placed on non-accrual status. If the fixed maturity is placed on non-accrual status the prior accrued interest income is reversed off through net investment income. Interest income received on non-performing fixed maturities is generally recognized on a cash basis. Once fixed maturities are classified as non-accrual, the resumption of the interest accrual would commence only after all past due interest has been collected. There are currently no fixed maturities in non-accrual status.


11

Table of Contents

Available-For-Sale Fixed Maturities by Maturity Date
 
 
 
 
March 31, 2020
 
Amortized
Cost
 

Fair Value
 
(Dollars in thousands)
Due in one year or less
$
83,447

 
$
83,726

Due after one year through five years
571,783

 
572,846

Due after five years through ten years
786,392

 
817,847

Due after ten years
3,328,968

 
3,648,397

 
4,770,590

 
5,122,816

Mortgage-backed and other asset-backed
2,344,675

 
2,494,349

Total fixed maturities
$
7,115,265

 
$
7,617,165



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,
2020
 
December 31,
2019
 
(Dollars in thousands)
Net unrealized appreciation on:
 
 
 
Fixed maturities - available for sale
$
514,046

 
$
687,359

Adjustments for assumed changes in amortization pattern of:
 
 
 
Deferred acquisition costs
(152,526
)
 
(200,227
)
Value of insurance in force acquired
(11,747
)
 
(12,498
)
Unearned revenue reserve
17,362

 
18,025

Adjustments for assumed changes in policyholder liabilities
(27,382
)
 
(30,642
)
Provision for deferred income taxes
(71,348
)
 
(97,023
)
Net unrealized investment gains
$
268,405

 
$
364,994



Net unrealized investment gains exclude the allowance for credit losses.

Fixed Maturity Securities with Unrealized Losses by Length of Time without an Allowance for Credit Losses
 
 
 
 
March 31, 2020
 
 
Less than one year
 
One year or more
 
Total
 
 
Description of Securities
 

Fair Value
 
Unrealized Losses (1)
 

Fair Value
 
Unrealized Losses (1)
 
 Fair Value
 
Unrealized Losses (1)
 
Percent of Total
 
 
(Dollars in thousands)
 
 
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate
 
$
797,924

 
$
(83,568
)
 
$
39,182

 
$
(19,623
)
 
$
837,106

 
$
(103,191
)
 
60.7
%
Residential mortgage-backed
 
283,851

 
(