SEGMENTS

The Company’s property and casualty insurance operations comprise one business segment. The property and casualty insurance segment primarily underwrites home insurance coverage with primary lines of business consisting of dwelling fire and extended coverage, homeowners (including mobile homeowners) and other liability.

Management organizes the business utilizing a niche strategy focusing on lower valued dwellings and older homes that can be difficult to insure in the standard insurance market. Our chief decision makers (Chief Executive Officer, Chief Financial Officer and President) review results and operating plans making decisions on resource allocations on a company-wide basis. The Company’s products are primarily produced through independent agents within the states in which we operate.

The Company’s life and accident and health operations comprise the second business segment. The life and accident and health insurance segment consists of two lines of business: traditional life insurance and supplemental accident and health insurance.

Total assets by industry segment at December 31, 2018 and December 31, 2017 are summarized below (dollars in thousands):



Assets by industry segment	Total		P&C Insurance Operations		Life Insurance Operations		Non-Insurance Operations

December 31, 2018	$	144,231	$	80,994	$	59,479	$	3,758

December 31, 2017	$	146,438	$	80,241	$	60,709	$	5,488

Premium revenues and operating income by business segment for the years ended December 31, 2018 and 2017 are summarized below (dollars in thousands):



Year ended December 31, 2018	P&C Insurance Operations			Life Insurance Operations			Non-Insurance Operations			Inter- company Eliminations			Total
REVENUE
Net premiums earned	$	54,837		$	6,019		$	—		$	—		$	60,856
Net investment income	1,330			2,722			55			(540		)	3,567
Investment losses	(100		)	(78		)	—			—			(178		)
Other income	609			1,078			1,006			(2,081		)	612
	56,676			9,741			1,061			(2,621		)	64,857
BENEFITS AND EXPENSES
Policyholder benefits paid	35,735			5,242			—			(568		)	40,409
Amortization of deferred policy acquisition costs	2,759			838			—			—			3,597
Commissions	7,267			288			—			—			7,555
General and administrative expenses	8,472			2,111			309			(2,053		)	8,839
Taxes, licenses and fees	1,937			220			—			—			2,157
Interest expense	—			48			1,187			—			1,235
	56,170			8,747			1,496			(2,621		)	63,792
Income (Loss) Before Income Taxes	506			994			(435		)	—			1,065
INCOME TAX EXPENSE (BENEFIT)	(97		)	232			151			—			286
Net Income (Loss)	$	603		$	762		$	(586	)	$	—		$	779



Year ended December 31, 2017	P&C Insurance Operations			Life Insurance Operations		Non-Insurance Operations			Inter-company Eliminations			Total
REVENUE
Net premiums earned	$	55,044		$	6,119	$	—		$	—		$	61,163
Net investment income	1,571			2,551		65			(540		)	3,647
Investment gains	163			71		—			—			234
Other income	592			1,045		1,019			(2,060		)	596
	57,370			9,786		1,084			(2,600		)	65,640
BENEFITS AND EXPENSES
Policyholder benefits paid	38,391			5,045		—			(567		)	42,869
Amortization of deferred policy acquisition costs	2,777			812		—			—			3,589
Commissions	7,380			343		—			—			7,723
General and administrative expenses	8,087			1,929		838			(2,033		)	8,821
Taxes, licenses and fees	2,237			208		—			—			2,445
Interest expense	—			73		1,234			—			1,307
	58,872			8,410		2,072			(2,600		)	66,754
Income (Loss) Before Income Taxes	(1,502		)	1,376		(988		)	—			(1,114		)
INCOME TAX EXPENSE (BENEFIT)	(142		)	157		74			—			89
Net Income (Loss)	$	(1,360	)	$	1,219	$	(1,062	)	$	—		$	(1,203	)

The following table presents the Company’s gross and net premiums written for the property and casualty segment and the life and accident and health segment for the years ended December 31, 2018 and 2017, respectively:



	Year ended December 31,
	2018			2017
Life, accident and health operations premiums written:
Traditional life insurance	$	4,336		$	4,411
Accident and health insurance	1,831			1,828
Gross life, accident and health	6,167			6,239
Reinsurance premium ceded	(81		)	(77		)
Net life, accident and health premiums written	$	6,086		$	6,162
Property and Casualty operations premiums written:
Dwelling fire & extended coverage	$	37,598		$	37,034
Homeowners (Including mobile homeowners)	21,214			22,319
Other liability	2,195			2,145
Gross property and casualty	61,007			61,498
Reinsurance premium ceded	(6,376		)	(6,272		)
Net property and casualty written	$	54,631		$	55,226
Consolidated gross premiums written	$	67,174		$	67,737
Reinsurance premium ceded	(6,457		)	(6,349		)
Consolidated net premiums written	$	60,717		$	61,388

The following table presents the Company’s gross and net premiums earned for the property and casualty segment and the life and accident and health segment for the years ended December 31, 2018 and 2017, respectively:



	Year ended December 31,
	2018			2017
Life, accident and health operations premiums earned:
Traditional life insurance	$	4,273		$	4,368
Accident and health insurance	1,827			1,828
Gross life, accident and health	6,100			6,196
Reinsurance premium ceded	(81		)	(77		)
Net life, accident and health premiums earned	$	6,019		$	6,119
Property and Casualty operations premiums earned:
Dwelling fire & extended coverage	$	37,232		$	36,373
Homeowners (Including mobile homeowners)	21,801			22,831
Other liability	2,180			2,112
Gross property and casualty	61,213			61,316
Reinsurance premium ceded	(6,376		)	(6,272		)
Net property and casualty earned	$	54,837		$	55,044
Consolidated gross premiums earned	$	67,313		$	67,512
Reinsurance premium ceded	(6,457		)	(6,349		)
Consolidated net premiums earned	$	60,856		$	61,163