Segment and Geographical Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment and Geographical Information

(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,
	2021			2020
	(In thousands)
Revenues:
Term life insurance segment	$	382,027		$	327,746
Investment and savings products segment		223,422			185,032
Corporate and other distributed products segment		32,262			12,158
Total revenues	$	637,711		$	524,936
Net investment income:
Term life insurance segment	$	8,253		$	6,246
Investment and savings products segment		-			-
Corporate and other distributed products segment		11,799			9,174
Total net investment income	$	20,052		$	15,420
Amortization of DAC:
Term life insurance segment	$	62,584		$	65,840
Investment and savings products segment		3,275			4,305
Corporate and other distributed products segment		246			166
Total amortization of DAC	$	66,105		$	70,311
Non-cash share-based compensation expense:
Term life insurance segment	$	1,988		$	1,786
Investment and savings products segment		1,208			1,105
Corporate and other distributed products segment		8,457			8,270
Total non-cash share-based compensation expense	$	11,653		$	11,161
Income (loss) before income taxes:
Term life insurance segment	$	88,236		$	82,892
Investment and savings products segment		63,363			47,700
Corporate and other distributed products segment		(23,290	)		(36,046	)
Total income before income taxes	$	128,309		$	94,546

Total assets by segment were as follows:

	March 31, 2021		December 31, 2020
	(In thousands)
Assets:
Term life insurance segment	$	7,135,875	$	6,985,086
Investment and savings products segment (1)		2,758,276		2,769,445
Corporate and other distributed products segment		5,219,709		5,150,754
Total assets	$	15,113,860	$	14,905,285

⁽¹⁾ The Investment and Savings Products segment includes assets held in separate accounts. Excluding separate accounts, the Investment and Savings Products segment assets were $119.4 million and $110.0 million as of March 31, 2021 and December 31, 2020, 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 March 31,
	2021		2020
	(In thousands)
Revenues by country:
United States	$	538,944	$	443,135
Canada		98,767		81,801
Total revenues	$	637,711	$	524,936
Income before income taxes by country:
United States	$	102,782	$	72,947
Canada		25,527		21,599
Total income before income taxes	$	128,309	$	94,546

	March 31, 2021		December 31, 2020
	(In thousands)
Long-lived assets by country:
United States	$	50,212	$	53,281
Canada		4,328		4,446
Total long-lived assets	$	54,540	$	57,727