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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:        
Revenue $ 1,231,007 $ 1,172,593 $ 3,648,304 $ 3,485,002
Net investment income 286,013 284,964 848,796 853,178
Realized gains (losses) (4,987) (2,192) (23,476) (26,580)
Other income 955 42 1,073 192
Total revenue 1,512,988 1,455,407 4,474,697 4,311,792
Benefits and expenses:        
Total policyholder benefits 616,622 688,184 2,123,385 2,155,671
Amortization of deferred acquisition costs 114,074 104,310 330,990 305,703
Commissions, premium taxes, and non-deferred acquisition costs 157,494 149,693 479,228 447,605
Other operating expense 111,562 104,874 328,601 297,196
Interest expense 36,134 31,388 106,011 91,413
Total benefits and expenses 1,035,886 1,078,449 3,368,215 3,297,588
Income before income taxes 477,102 376,958 1,106,482 1,014,204
Income tax benefit (expense) (89,259) (73,964) (211,327) (198,638)
Net income $ 387,843 $ 302,994 $ 895,155 $ 815,566
Basic net income per common share (in dollars per share) $ 4.81 $ 3.45 $ 10.91 $ 8.96
Diluted net income per common share (in dollars per share) $ 4.73 $ 3.44 $ 10.77 $ 8.93
Life Insurance        
Revenue:        
Revenue $ 844,483 $ 818,638 $ 2,513,890 $ 2,438,385
Benefits and expenses:        
Total policyholder benefits [1] 381,511 454,502 1,410,622 1,493,165
Health Insurance        
Revenue:        
Revenue 386,524 353,955 1,134,414 1,046,617
Benefits and expenses:        
Total policyholder benefits [2] 227,940 221,926 691,793 629,676
Other        
Benefits and expenses:        
Total policyholder benefits $ 7,171 $ 11,756 $ 20,970 $ 32,830
[1] Net of a remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $149.5 million before tax for the three months ended September 30, 2025 and a remeasurement gain of $70.6 million before tax for the same period in 2024. Net of a remeasurement gain of $174.7 million before tax for the nine months ended September 30, 2025 and a remeasurement gain of $87.8 million before tax for the same period in 2024.
[2] Net of a remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $8.8 million before tax for the three months ended September 30, 2025 and a remeasurement loss of $9.6 million before tax for the same period in 2024. Net of a remeasurement gain of $13.2 million before tax for the nine months ended September 30, 2025 and a remeasurement loss of $3.1 million before tax for the same period in 2024.