Note 15. Segment Information

The Parent’s primary insurance subsidiaries operate with relative autonomy and each company is evaluated based on its individual performance. American Southern operates in the property and casualty insurance market, while Bankers Fidelity operates in the life and health insurance market. Each segment derives revenue from the collection of premiums, as well as from investment income. Substantially all revenue other than that in the corporate and other segment is from external sources.

	For the Year Ended December 31, 2019
	American Southern			Bankers Fidelity			Corporate & Other			Adjustments & Eliminations			Consolidated

Insurance premiums, net	$	58,680		$	123,245		$	-		$	-		$	181,925
Insurance benefits and losses incurred		39,541			99,684			-			-			139,225
Expenses deferred		(8,761	)		(10,294	)		-			-			(19,055	)
Amortization and depreciation expense		9,024			8,709			551			-			18,284
Other expenses		16,869			37,158			15,939			(9,834	)		60,132
Total expenses		56,673			135,257			16,490			(9,834	)		198,586
Underwriting income (loss)		2,007			(12,012	)
Net investment income		3,689			5,317			2,597			(2,624	)		8,979
Other income		75			18			7,307			(7,210	)		190
Operating income (loss)		5,771			(6,677	)		(6,586	)		-			(7,492	)
Net realized gains (losses)		(386	)		840			1,120			-			1,574
Unrealized gains on equity securities		344			2,191			2,976			-			5,511
Income (loss) before income taxes	$	5,729		$	(3,646	)	$	(2,490	)	$	-		$	(407	)
Total revenues	$	62,402		$	131,611		$	14,000		$	(9,834	)	$	198,179
Intangibles	$	1,350		$	1,194		$	-		$	-		$	2,544
Total assets	$	141,524		$	224,122		$	154,687		$	(142,707	)	$	377,626

	For the Year Ended December 31, 2018
	American Southern			Bankers Fidelity			Corporate & Other			Adjustments & Eliminations			Consolidated

Insurance premiums, net	$	53,807		$	119,124		$	-		$	-		$	172,931
Insurance benefits and losses incurred		38,829			93,821			-			-			132,650
Expenses deferred		(7,893	)		(14,118	)		-			-			(22,011	)
Amortization and depreciation expense		7,991			9,892			715			-			18,598
Other expenses		14,666			36,514			16,613			(10,506	)		57,287
Total expenses		53,593			126,109			17,328			(10,506	)		186,524
Underwriting income (loss)		214			(6,985	)
Net investment income		3,783			5,382			2,895			(2,511	)		9,549
Other income		8			7			8,093			(7,995	)		113
Operating income (loss)		4,005			(1,596	)		(6,340	)		-			(3,931	)
Net realized gains		1,876			3,006			272			-			5,154
Unrealized losses on equity securities		(220	)		(514	)		(1,460	)		-			(2,194	)
Income (loss) before income taxes	$	5,661		$	896		$	(7,528	)	$	-		$	(971	)
Total revenues	$	59,254		$	127,005		$	9,800		$	(10,506	)	$	185,553
Intangibles	$	1,350		$	1,194		$	-		$	-		$	2,544
Total assets	$	122,724		$	195,663		$	134,643		$	(108,756	)	$	344,274