Management organizes the business into five operating segments:


•	Life—consists of whole, term, universal, indexed and variable life insurance. Products are primarily sold through career, multiple-line, and independent agents as well as direct marketing channels.


•	Annuity—consists of fixed, indexed, and variable annuity products. Products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents.


•	Health—consists of Medicare Supplement, stop loss, other supplemental health products and credit disability insurance. Products are typically distributed through independent agents and managing general underwriters.


•	Property and Casualty—consists of personal, agricultural and targeted commercial coverages and credit-related property insurance. Products are primarily sold through multiple-line and independent agents or managing general agents.


•	Corporate and Other—consists of net investment income from investments and certain expenses not allocated to the insurance segments and revenues and related expenses from non-insurance operations.

The accounting policies of the segments are the same as those described in Note 2 of American National’s 2018 annual report on Form 10-K. All revenues and expenses specifically attributable to policy transactions are recorded directly to the appropriate operating segment. Revenues and expenses not specifically attributable to policy transactions are allocated to each segment as follows:


•	Recurring income from bonds and mortgage loans is allocated based on the assets allocated to each line of business at the average yield available from these assets.


•	Net investment income from all other assets is allocated to the insurance segments in accordance with the amount of capital allocated to each segment, with the remainder recorded in the Corporate and Other segment.


•	Expenses are charged to segments through direct identification and allocations based upon various factors.

The results of operations measured as the income before federal income tax and other items by operating segments are summarized below (in thousands):



	Three months ended March 31, 2019
									Property		Corporate
	Life			Annuity			Health		& Casualty		& Other		Total
PREMIUMS AND OTHER REVENUES
Premiums	$	86,468		$	39,907		$	38,681	$	371,181	$	—	$	536,237
Other policy revenues	70,244			4,004			—		—		—		74,248
Net investment income	68,756			190,711			2,420		15,022		15,437		292,346
Net realized investment gains	—			—			—		—		2,947		2,947
Net gains on equity securities	—			—			—		—		206,377		206,377
Other income	676			689			5,385		2,722		2,066		11,538
Total premiums and other revenues	226,144			235,311			46,486		388,925		226,827		1,123,693
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits	109,465			58,761			—		—		—		168,226
Claims incurred	—			—			25,767		238,144		—		263,911
Interest credited to policyholders’ account balances	20,319			120,915			—		—		—		141,234
Commissions for acquiring and servicing policies	37,742			26,866			6,878		67,159		—		138,645
Other operating expenses	48,978			12,474			10,992		51,885		9,281		133,610
Change in deferred policy acquisition costs	(4,835		)	(3,020		)	807		417		—		(6,631		)
Total benefits, losses and expenses	211,669			215,996			44,444		357,605		9,281		838,995
Income before federal income tax and other items	$	14,475		$	19,315		$	2,042	$	31,320	$	217,546	$	284,698



	Three months ended March 31, 2018
									Property			Corporate
	Life			Annuity			Health		& Casualty			& Other			Total
PREMIUMS AND OTHER REVENUES
Premiums	$	81,376		$	70,616		$	41,015	$	351,973		$	—		$	544,980
Other policy revenues	67,731			3,608			—		—			—			71,339
Net investment income	57,768			113,480			2,354		15,861			19,206			208,669
Net realized investment gains	—			—			—		—			1,044			1,044
Net losses on equity securities	—			—			—		—			(33,170		)	(33,170		)
Other income	755			725			5,157		2,063			1,813			10,513
Total premiums and other revenues	207,630			188,429			48,526		369,897			(11,107		)	803,375
BENEFITS, LOSSES AND EXPENSES
Policyholder benefits	98,546			84,746			—		—			—			183,292
Claims incurred	—			—			28,140		242,490			—			270,630
Interest credited to policyholders’ account balances	16,265			54,280			—		—			—			70,545
Commissions for acquiring and servicing policies	39,520			30,004			6,016		69,156			—			144,696
Other operating expenses	50,950			11,319			10,358		47,801			9,966			130,394
Change in deferred policy acquisition costs	(6,443		)	(8,873		)	1,088		(2,738		)	—			(16,966		)
Total benefits, losses and expenses	198,838			171,476			45,602		356,709			9,966			782,591
Income before federal income tax and other items	$	8,792		$	16,953		$	2,924	$	13,188		$	(21,073	)	$	20,784