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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue:        
Revenue $ 1,172,593 $ 1,119,335 $ 3,485,002 $ 3,325,345
Net investment income 284,964 266,926 853,178 785,275
Realized gains (losses) (2,192) (2,193) (26,580) (78,963)
Other income 42 50 192 185
Total revenue 1,455,407 1,384,118 4,311,792 4,031,842
Benefits and expenses:        
Total policyholder benefits 688,184 719,044 2,155,671 2,144,481
Amortization of deferred acquisition costs 104,310 95,757 305,703 282,159
Commissions, premium taxes, and non-deferred acquisition costs 149,693 138,677 447,605 414,933
Other operating expense 104,874 85,870 297,196 256,074
Interest expense 31,388 25,955 91,413 76,640
Total benefits and expenses 1,078,449 1,065,303 3,297,588 3,174,287
Income before income taxes 376,958 318,815 1,014,204 857,555
Income tax benefit (expense) (73,964) (61,732) (198,638) (161,602)
Net income $ 302,994 $ 257,083 $ 815,566 $ 695,953
Basic net income per common share (in dollars per share) $ 3.45 $ 2.72 $ 8.96 $ 7.29
Diluted net income per common share (in dollars per share) $ 3.44 $ 2.68 $ 8.93 $ 7.20
Life premium        
Revenue:        
Revenue $ 818,638 $ 788,099 $ 2,438,385 $ 2,342,429
Benefits and expenses:        
Total policyholder benefits [1] 454,502 515,676 1,493,165 1,536,317
Health premium        
Revenue:        
Revenue 353,955 331,236 1,046,617 982,916
Benefits and expenses:        
Total policyholder benefits [2] 221,926 193,790 629,676 580,676
Other premium        
Revenue:        
Revenue 0 0 0 0
Benefits and expenses:        
Total policyholder benefits $ 11,756 $ 9,578 $ 32,830 $ 27,488
[1] Net of total remeasurement including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $70.6 million for the three months ended September 30, 2024, and a total remeasurement gain of $11.3 million for the same period in 2023. Net of a total remeasurement gain of $87.8 million for the nine months ended September 30, 2024, and a total remeasurement gain of $16.5 million for the same period in 2023.
[2] Net of total remeasurement including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a loss of $9.6 million for the three months ended September 30, 2024 and a total remeasurement gain of $7.8 million for the same period in 2023. Net of a total remeasurement loss of $3.1 million for the nine months ended September 30, 2024, and a total remeasurement gain of $8.3 million for the same period in 2023.