Segment and Geographical Information

3 Months Ended

Mar. 31, 2019

(2) Segment and Geographical Information

Segments. We have two primary operating segments — Term Life Insurance and Investment and Savings Products. 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 March 31,
	2019			2018
	(In thousands)
Revenues:
Term life insurance segment	$	296,843		$	270,309
Investment and savings products segment		162,672			162,041
Corporate and other distributed products segment		35,472			27,573
Total revenues	$	494,987		$	459,923

Net investment income:
Term life insurance segment	$	4,444		$	3,089
Investment and savings products segment		-			-
Corporate and other distributed products segment		19,667			15,928
Total net investment income	$	24,111		$	19,017

Amortization of DAC:
Term life insurance segment	$	64,066		$	56,673
Investment and savings products segment		477			3,442
Corporate and other distributed products segment		85			50
Total amortization of DAC	$	64,628		$	60,165

Non-cash share-based compensation expense:
Term life insurance segment	$	1,872		$	2,174
Investment and savings products segment		1,454			1,193
Corporate and other distributed products segment		7,557			8,135
Total non-cash share-based compensation expense	$	10,883		$	11,502

Income (loss) before income taxes:
Term life insurance segment	$	70,339		$	59,621
Investment and savings products segment		42,684			39,984
Corporate and other distributed products segment		(10,655	)		(16,642	)
Total income before income taxes	$	102,368		$	82,963

Total assets by segment were as follows:

	March 31, 2019		December 31, 2018
	(In thousands)
Assets:
Term life insurance segment	$	6,432,683	$	6,322,555
Investment and savings products segment ⁽¹⁾		2,480,973		2,298,238
Corporate and other distributed products segment		4,162,973		3,974,255
Total assets	$	13,076,629	$	12,595,048

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⁽¹⁾ The Investment and Savings Products segment includes assets held in separate accounts. Excluding separate accounts, the Investment and Savings Products segment assets were $112.3 million and $102.8 million as of March 31, 2019 and December 31, 2018, 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, were as follows:

	Three months ended March 31,
	2019		2018
	(In thousands)
Revenues by country:
United States	$	419,992	$	383,796
Canada		74,995		76,127
Total revenues	$	494,987	$	459,923
Income before income taxes by country:
United States	$	80,735	$	63,214
Canada		21,633		19,749
Total income before income taxes	$	102,368	$	82,963

	March 31, 2019		December 31, 2018
	(In thousands)
Long-lived assets by country:
United States	$	31,288	$	30,999
Canada		5,073		4,997
Total long-lived assets	$	36,361	$	35,996