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Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Revenue $ 4,666,272 $ 4,456,017 $ 4,310,242
Net investment income 1,135,631 1,056,884 991,800
Realized gains (losses) (24,188) (65,676) (76,548)
Other income 354 308 1,246
Total revenue 5,778,069 5,447,533 5,226,740
Benefits and expenses:      
Total policyholder benefits 2,894,443 2,864,251 2,825,434
Amortization of deferred acquisition costs 410,001 379,700 348,824
Commissions, premium taxes, and non-deferred acquisition costs 600,753 559,167 506,022
Other operating expense 419,143 347,833 353,954
Interest expense 127,092 102,316 90,395
Total benefits and expenses 4,451,432 4,253,267 4,124,629
Income before income taxes 1,326,637 1,194,266 1,102,111
Income tax benefit (expense) (255,875) (223,511) (207,725)
Net income $ 1,070,762 $ 970,755 $ 894,386
Basic net income per common share (in dollars per share) $ 11.99 $ 10.21 $ 9.13
Diluted net income per common share (in dollars per share) $ 11.94 $ 10.07 $ 9.04
Life premium      
Revenue:      
Revenue $ 3,261,347 $ 3,137,244 $ 3,027,824
Benefits and expenses:      
Total policyholder benefits [1] 2,000,977 2,050,789 2,035,693
Health premium      
Revenue:      
Revenue 1,404,925 1,318,773 1,282,417
Benefits and expenses:      
Total policyholder benefits [2] 851,577 776,362 752,866
Other premium      
Revenue:      
Revenue 0 0 1
Benefits and expenses:      
Total policyholder benefits $ 41,889 $ 37,100 $ 36,875
[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 (loss) of $107.0 million, $29.4 million, and $(47.4) million for the year ended December 31, 2024, 2023, and 2022, respectively.
[2] Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain (loss) of $(3.2) million, $11.8 million, and $15.6 million for the year ended December 31, 2024, 2023, and 2022, respectively.