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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue:    
Revenue $ 1,199,654 $ 1,145,284
Net investment income 280,614 282,578
Realized gains (losses) 85 (11,799)
Other income 69 76
Total revenue 1,480,422 1,416,139
Benefits and expenses:    
Total policyholder benefits 750,765 731,793
Amortization of deferred acquisition costs 105,515 99,478
Commissions, premium taxes, and non-deferred acquisition costs 164,323 148,110
Other operating expense 108,746 93,214
Interest expense 34,992 28,621
Total benefits and expenses 1,164,341 1,101,216
Income before income taxes 316,081 314,923
Income tax benefit (expense) (61,518) (60,706)
Net income $ 254,563 $ 254,217
Basic net income per common share (in dollars per share) $ 3.05 $ 2.71
Diluted net income per common share (in dollars per share) $ 3.01 $ 2.67
Life Insurance    
Revenue:    
Revenue $ 829,863 $ 804,265
Benefits and expenses:    
Total policyholder benefits [1] 509,756 519,871
Health Insurance    
Revenue:    
Revenue 369,791 341,019
Benefits and expenses:    
Total policyholder benefits [2] 233,929 202,327
Other    
Benefits and expenses:    
Total policyholder benefits $ 7,080 $ 9,595
[1] Net of a remeasurement gain of $8.5 million for the three months ended March 31, 2025, and a remeasurement gain of $4.9 million for the same period in 2024.
[2] Net of a remeasurement gain of $444 thousand for the three months ended March 31, 2025 and a remeasurement gain of $3.2 million for the same period in 2024.