Segment and Geographical Information

6 Months Ended

Jun. 30, 2023

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 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 June 30,						Six months ended June 30,
	2023			2022			2023			2022
	(In thousands)
Revenues:
Term life insurance segment	$	411,873		$	398,421		$	832,943		$	805,405
Investment and savings products segment		214,509			222,416			424,711			463,455
Senior health segment		14,890			11,814			33,599			17,645
Corporate and other distributed products segment		47,113			36,031			87,169			73,404
Total revenues	$	688,385		$	668,682		$	1,378,422		$	1,359,909
Net investment income:
Term life insurance segment	$	-		$	-		$	-		$	-
Investment and savings products segment		-			-			-			-
Senior health segment		-			-			-			-
Corporate and other distributed products segment		32,398			21,284			63,462			40,189
Total net investment income	$	32,398		$	21,284		$	63,462		$	40,189
Amortization of DAC:
Term life insurance segment	$	66,004		$	63,169		$	132,072		$	125,169
Investment and savings products segment		1,409			1,421			2,901			2,867
Senior health segment		-			-			-			-
Corporate and other distributed products segment		697			240			1,060			648
Total amortization of DAC	$	68,110		$	64,830		$	136,033		$	128,684
Non-cash share-based compensation expense:
Term life insurance segment	$	726		$	618		$	2,576		$	2,743
Investment and savings products segment		666			683			1,658			1,887
Senior health segment		171			-			330			-
Corporate and other distributed products segment		895			4,853			9,967			13,961
Total non-cash share-based compensation expense	$	2,458		$	6,154		$	14,531		$	18,591
Income (loss) before income taxes:
Term life insurance segment	$	140,113		$	128,579		$	270,654		$	250,702
Investment and savings products segment		59,583			63,017			115,691			130,056
Senior health segment		(6,032	)		(16,150	)		(9,795	)		(39,235	)
Corporate and other distributed products segment		(4,768	)		(12,609	)		(20,712	)		(29,243	)
Total income (loss) before income taxes	$	188,896		$	162,837		$	355,838		$	312,280

Total assets by segment were as follows:

	June 30, 2023		December 31, 2022
	(In thousands)
Assets:
Term life insurance segment	$	6,482,832	$	6,457,156
Investment and savings products segment (1)		2,496,008		2,424,256
Senior health segment		422,884		431,993
Corporate and other distributed products segment		5,350,012		5,328,018
Total assets	$	14,751,736	$	14,641,423

(1)The Investment and Savings Products segment includes assets held in separate accounts. Excluding separate accounts, the Investment and Savings Products segment assets were $137.2 million and $118.5 million as of June 30, 2023 and December 31, 2022, 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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(In thousands)
Revenues by country:
United States	$	602,132	$	575,517	$	1,205,982	$	1,161,671
Canada		86,253		93,165		172,440		198,238
Total revenues	$	688,385	$	668,682	$	1,378,422	$	1,359,909

	June 30, 2023		December 31, 2022
	(In thousands)
Long-lived assets by country:
United States	$	39,794	$	49,637
Canada		2,732		2,803
Other		207		217
Total long-lived assets	$	42,733	$	52,657