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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue:        
Revenue $ 1,167,125 $ 1,110,920 $ 2,312,409 $ 2,206,010
Net investment income 285,636 261,244 568,214 518,349
Realized gains (losses) (12,589) (45,843) (24,388) (76,770)
Other income 74 85 150 135
Total revenue 1,440,246 1,326,406 2,856,385 2,647,724
Benefits and expenses:        
Total policyholder benefits 735,694 717,510 1,467,487 1,425,437
Amortization of deferred acquisition costs 101,915 94,080 201,393 186,402
Commissions, premium taxes, and non-deferred acquisition costs 149,802 138,459 297,912 276,256
Other operating expense 99,108 86,033 192,322 170,204
Interest expense 31,404 25,818 60,025 50,685
Total benefits and expenses 1,117,923 1,061,900 2,219,139 2,108,984
Income before income taxes 322,323 264,506 637,246 538,740
Income tax benefit (expense) (63,968) (49,246) (124,674) (99,870)
Net income $ 258,355 $ 215,260 $ 512,572 $ 438,870
Basic net income per common share (in dollars per share) $ 2.83 $ 2.26 $ 5.53 $ 4.58
Diluted net income per common share (in dollars per share) $ 2.83 $ 2.24 $ 5.51 $ 4.52
Life premium        
Revenue:        
Revenue $ 815,482 $ 781,733 $ 1,619,747 $ 1,554,330
Benefits and expenses:        
Total policyholder benefits [1] 518,792 512,664 1,038,663 1,020,641
Health premium        
Revenue:        
Revenue 351,643 329,187 692,662 651,680
Benefits and expenses:        
Total policyholder benefits [2] 205,423 195,924 407,750 386,886
Other premium        
Revenue:        
Revenue 0 0 0 0
Benefits and expenses:        
Total policyholder benefits $ 11,479 $ 8,922 $ 21,074 $ 17,910
[1] Net of a remeasurement gain of $12.4 million for the three months ended June 30, 2024, and a remeasurement gain of $2.4 million for the same period in 2023. Net of a remeasurement gain of $17.3 million for the six months ended June 30, 2024, and a remeasurement gain of $5.1 million for the same period in 2023.
[2] Net of remeasurement gain of $3.2 million for the three months ended June 30, 2024 and a remeasurement gain of $2.6 million for the same period in 2023. Net of a remeasurement gain of $6.5 million for the six months ended June 30, 2024, and a remeasurement gain of $532 thousand for the same period in 2023.