Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

SEGMENT AND OTHER OPERATING INFORMATION

The Company has two reportable segments:  Life Insurance and Home Service Insurance.  Our Life Insurance segment issues endowment contracts, which are principally accumulation contracts that incorporate an element of life insurance protection, and ordinary whole life insurance to non-U.S. residents through CICA International.  These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured and may utilize rider benefits to provide additional coverage and annuity benefits to enhance accumulations. CICA Domestic issues ordinary whole life, final expense, life products with living benefits, critical illness and credit life and credit disability policies throughout the U.S.

Our Home Service Insurance segment operates through our subsidiaries SPLIC, MGLIC and SPFIC, and focuses on the life insurance needs of the middle- and lower-income markets, primarily in Louisiana, Mississippi and Arkansas.  Our policies are sold and serviced through funeral homes and independent agents who sell policies, collect premiums and service policyholders.  Our Home Service Insurance segment also sold property insurance policies in Louisiana and Arkansas until operations were ceased effective June 30, 2023.

The Life Insurance and Home Service Insurance portions of the Company constitute separate businesses. In addition to the Life Insurance and Home Service Insurance business, the Company also operates other non-insurance portions of the Company ("Other Non-Insurance Enterprises"), which primarily include the Company’s IT and corporate-support functions.

The accounting policies of the reportable segments and Other Non-Insurance Enterprises are presented in accordance with U.S. GAAP and are the same as those described in the summary of significant accounting policies in our Form 10-K.  The Company evaluates profit and loss performance based on U.S. GAAP net income before federal income taxes for its two reportable segments. The Company's Other Non-Insurance Enterprises represents the only reportable difference between segments and consolidated operations.

	Life Insurance		Home Service Insurance	Other Non-Insurance Enterprises	Consolidated
Three Months Ended March 31, 2024
(In thousands)
Revenues:
Premiums	$	27,861	10,812	—	38,673
Net investment income	13,686		3,537	264	17,487
Investment related gains (losses), net	1,086		(91)	(32)	963
Other income	506		—	83	589
Total revenues	43,139		14,258	315	57,712
Benefits and expenses:
Insurance benefits paid or provided:
Claims and surrenders	27,364		5,749	—	33,113
Increase (decrease) in future policy benefit reserves	(1,193)		1,644	—	451
Policyholder liability remeasurement (gain) loss	373		(54)	—	319
Policyholders' dividends	1,231		6	—	1,237
Total insurance benefits paid or provided	27,775		7,345	—	35,120
Commissions	6,960		3,490	—	10,450
Other general expenses	6,036		3,489	1,813	11,338
Capitalization of deferred policy acquisition costs	(6,816)		(1,515)	—	(8,331)
Amortization of deferred policy acquisition costs	3,358		680	—	4,038
Amortization of cost of insurance acquired	26		146	—	172
Total benefits and expenses	37,339		13,635	1,813	52,787
Income (loss) before federal income tax	$	5,800	623	(1,498)	4,925

	Life Insurance		Home Service Insurance	Other Non-Insurance Enterprises	Consolidated
Three Months Ended March 31, 2023
(In thousands)
Revenues:
Premiums	$	26,207	12,042	—	38,249
Net investment income	13,311		3,470	293	17,074
Investment related gains (losses), net	(437)		99	50	(288)
Other income	879		—	—	879
Total revenues	39,960		15,611	343	55,914
Benefits and expenses:
Insurance benefits paid or provided:
Claims and surrenders	24,439		5,860	—	30,299
Increase (decrease) in future policy benefit reserves	(1,820)		842	—	(978)
Policyholder liability remeasurement (gain) loss	816		64	—	880
Policyholders' dividends	1,101		7	—	1,108
Total insurance benefits paid or provided	24,536		6,773	—	31,309
Commissions	4,759		4,254	—	9,013
Other general expenses	5,459		4,468	1,333	11,260
Capitalization of deferred policy acquisition costs	(4,360)		(1,998)	—	(6,358)
Amortization of deferred policy acquisition costs	3,162		652	—	3,814
Amortization of cost of insurance acquired	32		129	—	161
Total benefits and expenses	33,588		14,278	1,333	49,199
Income (loss) before federal income tax	$	6,372	1,333	(990)	6,715