Segment and Geographical Information

3 Months Ended

Mar. 31, 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 March 31,
	2023			2022
	(In thousands)
Revenues:
Term life insurance segment	$	421,069		$	406,983
Investment and savings products segment		210,202			241,039
Senior health segment		18,710			5,831
Corporate and other distributed products segment		40,055			37,373
Total revenues	$	690,036		$	691,226
Net investment income:
Term life insurance segment	$	-		$	-
Investment and savings products segment		-			-
Senior health segment		-			-
Corporate and other distributed products segment		31,065			18,905
Total net investment income	$	31,065		$	18,905
Amortization of DAC:
Term life insurance segment	$	65,503		$	61,369
Investment and savings products segment		1,493			1,446
Senior health segment		-			-
Corporate and other distributed products segment		362			408
Total amortization of DAC	$	67,358		$	63,223
Non-cash share-based compensation expense:
Term life insurance segment	$	1,850		$	2,125
Investment and savings products segment		993			1,204
Senior health segment		160			-
Corporate and other distributed products segment		9,071			9,108
Total non-cash share-based compensation expense	$	12,074		$	12,437
Income (loss) before income taxes:
Term life insurance segment	$	126,736		$	118,576
Investment and savings products segment		56,106			67,039
Senior health segment		(3,762	)		(23,085	)
Corporate and other distributed products segment		(15,943	)		(16,634	)
Total income (loss) before income taxes	$	163,137		$	145,896

Total assets by segment were as follows:

	March 31, 2023		December 31, 2022
	(In thousands)
Assets:
Term life insurance segment	$	6,506,068	$	6,433,880
Investment and savings products segment (1)		2,454,810		2,424,256
Senior health segment		429,884		431,993
Corporate and other distributed products segment		5,404,930		5,328,018
Total assets	$	14,795,692	$	14,618,147

(1) The Investment and Savings Products segment includes assets held in separate accounts. Excluding separate accounts, the Investment and Savings Products segment assets were $124.9 million and $118.5 million as of March 31, 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 March 31,
	2023		2022
	(In thousands)
Revenues by country:
United States	$	603,850	$	586,153
Canada		86,186		105,073
Total revenues	$	690,036	$	691,226

	March 31, 2023		December 31, 2022
	(In thousands)
Long-lived assets by country:
United States	$	48,835	$	49,637
Canada		2,689		2,803
Other		215		217
Total long-lived assets	$	51,739	$	52,657