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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue:    
Revenue $ 1,270,113 $ 1,199,654
Net investment income 289,824 280,614
Realized gains (losses) (1,478) 85
Other income 1,160 69
Total revenue 1,559,619 1,480,422
Benefits and expenses:    
Total policyholder benefits 789,584 750,765
Amortization of deferred acquisition costs 118,282 105,515
Commissions, premium taxes, and non-deferred acquisition costs 169,886 164,323
Other operating expense 113,735 108,746
Interest expense 34,000 34,992
Total benefits and expenses 1,225,487 1,164,341
Income before income taxes 334,132 316,081
Income tax benefit (expense) (63,606) (61,518)
Net income $ 270,526 $ 254,563
Basic net income per common share (in dollars per share) $ 3.45 $ 3.05
Diluted net income per common share (in dollars per share) $ 3.39 $ 3.01
Life Insurance    
Revenue:    
Revenue $ 853,205 $ 829,863
Benefits and expenses:    
Total policyholder benefits [1] 518,850 509,756
Health Insurance    
Revenue:    
Revenue 416,908 369,791
Benefits and expenses:    
Total policyholder benefits [2] 263,734 233,929
Other    
Benefits and expenses:    
Total policyholder benefits $ 7,000 $ 7,080
[1] Net of total remeasurement gain of $18.9 million before tax for the three months ended March 31, 2026 and a total remeasurement gain of $8.5 million before tax for the same period in 2025.
[2] Net of total remeasurement gain of $6.0 million before tax for the three months ended March 31, 2026 and a total remeasurement gain of $0.4 million before tax for the same period in 2025.