Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

SEGMENT 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 PR.  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 issues ordinary whole life, life products with living benefits, critical illness and credit life and 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 businesses, 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 (loss) before federal income taxes for its two reportable segments. The Company's Other Non-Insurance Enterprises is the only reportable difference between segments and consolidated operations.

	Life Insurance		Home Service Insurance	Other Non-Insurance Enterprises	Consolidated
Three Months Ended September 30, 2023
(In thousands)
Revenues:
Premiums	$	31,148	10,878	—	42,026
Net investment income	13,661		3,459	252	17,372
Investment related gains (losses), net	(424)		(370)	(98)	(892)
Other income	884		—	—	884
Total revenues	45,269		13,967	154	59,390
Benefits and expenses:
Insurance benefits paid or provided:
Claims and surrenders	32,419		5,304	—	37,723
Increase (decrease) in future policy benefit reserves	(5,587)		1,707	—	(3,880)
Policyholder liability remeasurement (gain) loss	840		184	—	1,024
Policyholders' dividends	1,405		9	—	1,414
Total insurance benefits paid or provided	29,077		7,204	—	36,281
Commissions	5,406		4,038	—	9,444
Other general expenses	6,036		4,293	1,620	11,949
Capitalization of deferred policy acquisition costs	(5,141)		(1,991)	—	(7,132)
Amortization of deferred policy acquisition costs	3,313		743	—	4,056
Amortization of cost of insurance acquired	28		123	—	151
Total benefits and expenses	38,719		14,410	1,620	54,749
Income (loss) before federal income tax	$	6,550	(443)	(1,466)	4,641

	Life Insurance		Home Service Insurance	Other Non-Insurance Enterprises	Consolidated
Nine Months Ended September 30, 2023
(In thousands)
Revenues:
Premiums	$	86,128	33,873	—	120,001
Net investment income	40,470		10,379	838	51,687
Investment related gains (losses), net	(123)		(283)	(71)	(477)
Other income	2,619		1	—	2,620
Total revenues	129,094		43,970	767	173,831
Benefits and expenses:
Insurance benefits paid or provided:
Claims and surrenders	83,826		16,972	—	100,798
Increase (decrease) in future policy benefit reserves	(9,270)		3,468	—	(5,802)
Policyholder liability remeasurement (gain) loss	2,541		319	—	2,860
Policyholders' dividends	3,761		22	—	3,783
Total insurance benefits paid or provided	80,858		20,781	—	101,639
Commissions	14,930		12,410	—	27,340
Other general expenses	17,141		13,060	5,276	35,477
Capitalization of deferred policy acquisition costs	(13,958)		(6,076)	—	(20,034)
Amortization of deferred policy acquisition costs	9,642		1,902	—	11,544
Amortization of cost of insurance acquired	86		379	—	465
Total benefits and expenses	108,699		42,456	5,276	156,431
Income (loss) before federal income tax	$	20,395	1,514	(4,509)	17,400

	Life Insurance		Home Service Insurance	Other Non-Insurance Enterprises	Consolidated
Three Months Ended September 30, 2022
(In thousands)
Revenues:
Premiums	$	31,696	12,179	—	43,875
Net investment income	12,806		3,527	271	16,604
Investment related gains (losses), net	(4,367)		(462)	(162)	(4,991)
Other income	682		—	6	688
Total revenues	40,817		15,244	115	56,176
Benefits and expenses:
Insurance benefits paid or provided:
Claims and surrenders	24,742		5,987	—	30,729
Increase (decrease) in future policy benefit reserves	426		227	—	653
Policyholder liability remeasurement (gain) loss	(445)		841	—	396
Policyholders' dividends	1,382		7	—	1,389
Total insurance benefits paid or provided	26,105		7,062	—	33,167
Commissions	5,103		4,107	—	9,210
Other general expenses	6,016		4,228	1,315	11,559
Capitalization of deferred policy acquisition costs	(4,592)		(1,780)	—	(6,372)
Amortization of deferred policy acquisition costs	3,081		543	—	3,624
Amortization of cost of insurance acquired	32		134	—	166
Total benefits and expenses	35,745		14,294	1,315	51,354
Income (loss) before federal income tax	$	5,072	950	(1,200)	4,822

	Life Insurance		Home Service Insurance	Other Non-Insurance Enterprises	Consolidated
Nine Months Ended September 30, 2022
(In thousands)
Revenues:
Premiums	$	88,461	37,002	—	125,463
Net investment income	37,124		10,054	805	47,983
Investment related gains (losses), net	(8,644)		(1,629)	(316)	(10,589)
Other income	2,403		1	6	2,410
Total revenues	119,344		45,428	495	165,267
Benefits and expenses:
Insurance benefits paid or provided:
Claims and surrenders	67,768		18,492	—	86,260
Increase (decrease) in future policy benefit reserves	4,808		(311)	—	4,497
Policyholder liability remeasurement (gain) loss	549		1,182	—	1,731
Policyholders' dividends	4,241		16	—	4,257
Total insurance benefits paid or provided	77,366		19,379	—	96,745
Commissions	13,701		12,106	—	25,807
Other general expenses	17,065		12,093	3,831	32,989
Capitalization of deferred policy acquisition costs	(12,205)		(5,132)	—	(17,337)
Amortization of deferred policy acquisition costs	9,051		1,600	—	10,651
Amortization of cost of insurance acquired	94		352	—	446
Total benefits and expenses	105,072		40,398	3,831	149,301
Income (loss) before federal income tax	$	14,272	5,030	(3,336)	15,966