Segments. We have two primary operating segments — Term Life Insurance and Investment and Savings Products. The Term Life Insurance segment includes underwriting profits on our in-force book of term life insurance policies, net of reinsurance, which are underwritten by our life insurance company subsidiaries. The Investment and Savings Products segment includes retail and managed mutual funds and annuities distributed through licensed broker-dealer subsidiaries and includes segregated funds, an individual annuity savings product that we underwrite in Canada through Primerica Life Canada. In the United States, we distribute mutual fund and annuity products of several third-party companies. We also earn fees for transfer agent recordkeeping functions and non-bank custodial services that we provide for certain mutual funds products we distribute. In Canada, we offer a Primerica-branded fund-of-funds mutual fund product, as well as mutual funds of well-known mutual fund companies. These two operating segments are managed separately because their products serve different needs — term life insurance income protection versus wealth-building savings products.

We also have a Corporate and Other Distributed Products segment, which consists primarily of revenues and expenses related to several discontinued lines of insurance other than our core term life insurance products and the distribution of various other financial products generally underwritten or offered by third-party providers. All of the Company’s net investment income, except for the portion allocated to the Term Life Insurance segment that represents the assumed interest accreted to its U.S. GAAP-measured future policy benefit reserve liability less DAC, is attributed to the Corporate and Other Distributed Products segment. In addition, interest expense incurred by the Company as well as realized gains and losses on our invested asset portfolio are entirely attributed to the Corporate and Other Distributed Products segment.

		Year ended December 31,
		2018			2017			2016
	(In thousands)
Revenues:
Term life insurance segment		$	1,123,200		$	992,224		$	866,382
Investment and savings products segment			655,076			572,747			524,621
Corporate and other distributed products segment			121,567			124,131			128,081
Total revenues		$	1,899,843		$	1,689,102		$	1,519,084

Net investment income:
Term life insurance segment		$	13,747		$	9,931		$	7,634
Investment and savings products segment			-			-			-
Corporate and other distributed products segment			67,683			69,086			71,391
Total net investment income		$	81,430		$	79,017		$	79,025

Amortization of DAC:
Term life insurance segment		$	228,613		$	201,751		$	172,812
Investment and savings products segment			9,766			6,168			6,148
Corporate and other distributed products segment			1,351			1,480			1,622
Total amortization of DAC		$	239,730		$	209,399		$	180,582

Non-cash share-based compensation expense:
Term life insurance segment		$	4,135		$	2,662		$	2,652
Investment and savings products segment			2,695			2,208			2,179
Corporate and other distributed products segment			10,421			10,397			8,611
Total non-cash share-based compensation expense		$	17,251		$	15,267		$	13,442

Income (loss) before income taxes:
Term life insurance segment		$	281,904		$	245,657		$	213,361
Investment and savings products segment			173,912			162,836			144,356
Corporate and other distributed products segment			(39,732	)		(28,973	)		(20,122	)
Total income before income taxes		$	416,084		$	379,520		$	337,595

Insurance expenses and other operating expenses directly attributable to the Term Life Insurance and the Investment and Savings Products segments are recorded directly to the applicable segment. We allocate certain other revenue and operating expenses that are not directly attributable to a specific operating segment based on the relative sizes of the life-licensed and securities-licensed independent sales forces. These allocated items include fees charged for access to our proprietary sales force support system and costs incurred for field technology, supervision, training and certain miscellaneous costs. We also allocate certain technology and occupancy costs to our operating segments based on estimated usage. Any remaining unallocated revenue and expense items, as well as realized investment gains and losses, are reported in the Corporate and Other Distributed Products segment. We measure income and loss for the segments on an income before income taxes basis.

		December 31, 2018		December 31, 2017		December 31, 2016
	(In thousands)
Assets:
Term life insurance segment		$	6,322,555	$	6,205,837	$	5,945,502
Investment and savings products segment ⁽¹⁾			2,298,238		2,684,717		2,391,512
Corporate and other distributed products segment			3,974,255		3,570,149		3,101,929
Total assets		$	12,595,048	$	12,460,703	$	11,438,943

⁽¹⁾ The Investment and Savings Products segment includes assets held in separate accounts. Excluding separate accounts, the Investment and Savings Products segment assets were $102.8 million, $112.0 million, and $103.7 million as of December 31, 2018, 2017, and 2016, respectively.

Assets specifically related to a segment are held in that segment. All invested assets held by the Company, including the deposit asset recognized in connection with our 10% coinsurance agreement (the “10% Coinsurance Agreement”) and the held-to-maturity security received in connection with the Vidalia Re Coinsurance Agreement, are reported as assets of the Corporate and Other Distributed Products segment. DAC is recognized in a particular segment based on the product to which it relates. Separate account assets supporting the segregated funds product in Canada are held in the Investment and Savings Products segment. Any remaining unallocated assets are reported in the Corporate and Other Distributed Products segment.

Geographical Information. Results of operations by country and long-lived assets — primarily tangible assets reported in other assets in our consolidated balance sheets —were as follows:

		Year ended December 31,
		2018		2017		2016
	(In thousands)
Revenues by country:
United States		$	1,607,140	$	1,419,658	$	1,281,580
Canada			292,703		269,444		237,504
Total revenues		$	1,899,843	$	1,689,102	$	1,519,084
Income before income taxes by country:
United States		$	337,914	$	299,764	$	269,791
Canada			78,170		79,756		67,804
Total income before income taxes		$	416,084	$	379,520	$	337,595