Segment and Geographical Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment and Geographical Information

(2) Segment and Geographical Information

Segments. We have three primary operating segments — Term Life Insurance, Investment and Savings Products, and (as of July 1, 2021) Senior Health. We also have a Corporate and Other Distributed Products segment.

Notable information included in profit or loss by segment was as follows:

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
	(In thousands)
Revenues:
Term life insurance segment	$	427,830		$	401,451		$	1,256,967		$	1,167,016
Investment and savings products segment		201,697			233,337			665,152			694,770
Senior health segment		17,184			22,936			34,828			22,936
Corporate and other distributed products segment		26,578			35,515			76,247			100,916
Total revenues	$	673,289		$	693,239		$	2,033,194		$	1,985,638
Net investment income:
Term life insurance segment	$	13,241		$	9,320		$	36,973		$	26,324
Investment and savings products segment		-			-			-			-
Senior health segment		-			-			-			-
Corporate and other distributed products segment		11,105			10,680			27,562			34,264
Total net investment income	$	24,346		$	20,000		$	64,535		$	60,588
Amortization of DAC:
Term life insurance segment	$	88,275		$	59,287		$	249,826		$	174,106
Investment and savings products segment		2,222			2,580			11,610			7,641
Senior health segment		-			-			-			-
Corporate and other distributed products segment		428			347			931			857
Total amortization of DAC	$	90,925		$	62,214		$	262,367		$	182,604
Non-cash share-based compensation expense:
Term life insurance segment	$	645		$	570		$	3,388		$	3,303
Investment and savings products segment		672			665			2,559			2,532
Senior health segment		67			-			67			-
Corporate and other distributed products segment		(324	)		(594	)		13,638			8,999
Total non-cash share-based compensation expense	$	1,060		$	641		$	19,652		$	14,834
Income (loss) before income taxes:
Term life insurance segment	$	111,764		$	107,589		$	323,220		$	312,603
Investment and savings products segment		58,377			69,368			181,913			203,885
Senior health segment		(63,723	)		(8,490	)		(102,959	)		(8,490	)
Corporate and other distributed products segment		(20,519	)		(21,365	)		(75,971	)		(63,123	)
Total income (loss) before income taxes	$	85,899		$	147,102		$	326,203		$	444,875

Total assets by segment were as follows:

	September 30, 2022		December 31, 2021
	(In thousands)
Assets:
Term life insurance segment	$	7,164,005	$	7,274,820
Investment and savings products segment (1)		2,324,810		2,920,271
Senior health segment		428,317		528,974
Corporate and other distributed products segment		5,125,011		5,399,158
Total assets	$	15,042,143	$	16,123,223

(1) The Investment and Savings Products segment includes assets held in separate accounts. Excluding separate accounts, the Investment and Savings Products segment assets were $118.2 million and $120.3 million as of September 30, 2022 and December 31, 2021, respectively.

Geographical Information. Results of operations by country and long-lived assets, primarily tangible assets reported in other assets in our unaudited condensed consolidated balance sheets and condensed consolidated statements of income, were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(In thousands)
Revenues by country:
United States	$	588,954	$	594,406	$	1,750,621	$	1,687,868
Canada		84,335		98,833		282,573		297,770
Total revenues	$	673,289	$	693,239	$	2,033,194	$	1,985,638

	September 30, 2022		December 31, 2021
	(In thousands)
Long-lived assets by country:
United States	$	51,147	$	62,921
Canada		3,111		3,871
Other		233		230
Total long-lived assets	$	54,491	$	67,022