| Summary of Income (loss) Before Income Taxes by Segment |
Income (loss) before income taxes by segment, including significant expense categories, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
|
2026 |
|
|
2025 |
|
|
|
|
(In thousands) |
Term Life Insurance segment: |
|
|
|
|
|
|
|
Total revenues |
|
$ |
464,634 |
|
|
$ |
457,841 |
|
|
Benefits and expenses: |
|
|
|
|
|
|
|
Benefits and claims |
|
|
167,252 |
|
|
|
171,243 |
|
|
Future policy benefits remeasurement (gain) loss |
|
|
(7,564 |
) |
|
|
(3,402 |
) |
|
Amortization of DAC |
|
|
82,666 |
|
|
|
76,921 |
|
|
Insurance expenses |
|
|
65,378 |
|
|
|
63,645 |
|
|
Insurance commissions |
|
|
2,042 |
|
|
|
2,649 |
|
|
Total benefits and expenses |
|
|
309,774 |
|
|
|
311,056 |
|
|
Income before income taxes |
|
$ |
154,860 |
|
|
$ |
146,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
|
2026 |
|
|
2025 |
|
|
|
|
(In thousands) |
Investment and Savings Products segment: |
|
|
|
|
|
|
|
Total revenues |
|
$ |
350,645 |
|
|
$ |
290,812 |
|
|
Expenses: |
|
|
|
|
|
|
|
Amortization of DAC |
|
|
1,334 |
|
|
|
1,337 |
|
|
Insurance commissions |
|
|
3,457 |
|
|
|
3,277 |
|
|
Sales commissions: |
|
|
|
|
|
|
|
Sales-based |
|
|
95,168 |
|
|
|
77,267 |
|
|
Asset-based |
|
|
95,360 |
|
|
|
76,246 |
|
|
Other operating expenses: |
|
|
|
|
|
|
|
Fees based on client asset values |
|
|
13,287 |
|
|
|
10,915 |
|
|
Fees based on fee-generating positions |
|
|
11,121 |
|
|
|
12,410 |
|
|
Other expenses |
|
|
30,019 |
|
|
|
28,089 |
|
|
Total expenses |
|
|
249,746 |
|
|
|
209,541 |
|
|
Income before income taxes |
|
$ |
100,899 |
|
|
$ |
81,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
|
2026 |
|
|
2025 |
|
|
|
|
(In thousands) |
Corporate and Other Distributed Products segment: |
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|
|
|
|
|
|
Total revenues |
|
$ |
57,414 |
|
|
$ |
56,190 |
|
|
Benefits and expenses: |
|
|
|
|
|
|
|
Benefits and claims |
|
|
4,002 |
|
|
|
3,619 |
|
|
Future policy benefits remeasurement (gain) loss |
|
|
187 |
|
|
|
129 |
|
|
Amortization of DAC |
|
|
260 |
|
|
|
292 |
|
|
Insurance expenses |
|
|
1,189 |
|
|
|
1,160 |
|
|
Insurance commissions |
|
|
119 |
|
|
|
198 |
|
|
Sales commissions |
|
|
4,682 |
|
|
|
4,605 |
|
|
Interest expense |
|
|
5,861 |
|
|
|
6,004 |
|
|
Other operating expenses |
|
|
47,455 |
|
|
|
46,924 |
|
|
Total benefits and expenses |
|
|
63,755 |
|
|
|
62,931 |
|
|
Income (loss) before income taxes |
|
$ |
(6,341 |
) |
|
$ |
(6,741 |
) |
|
|
| Schedule of Reconciles Segment Revenues to Total Revenues and Segment Income (Loss) Before Income Taxes to Income |
The following table reconciles segment revenues to total revenues and segment income (loss) before income taxes to total income before income taxes in the unaudited condensed consolidated statements of income:
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|
|
|
|
|
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|
|
|
Three months ended March 31, |
|
|
|
|
2026 |
|
|
2025 |
|
|
|
|
(In thousands) |
Revenues: |
|
|
|
|
|
|
|
Term Life Insurance segment |
|
$ |
464,634 |
|
|
$ |
457,841 |
|
|
Investment and Savings Products segment |
|
|
350,645 |
|
|
|
290,812 |
|
|
Corporate and Other Distributed Products segment |
|
|
57,414 |
|
|
|
56,190 |
|
|
Total revenues |
|
$ |
872,693 |
|
|
$ |
804,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes: |
|
|
|
|
|
|
|
Term Life Insurance segment |
|
$ |
154,860 |
|
|
$ |
146,785 |
|
|
Investment and Savings Products segment |
|
|
100,899 |
|
|
|
81,271 |
|
|
Corporate and Other Distributed Products segment |
|
|
(6,341 |
) |
|
|
(6,741 |
) |
|
Total income before income taxes |
|
$ |
249,418 |
|
|
$ |
221,315 |
|
|
|