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v3.22.2

Segment and Geographical Information (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Summary of Assets and Profit or Loss by Segment | Notable information included in profit or loss by segment was as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term life insurance segment |  | $ | 410,707 |  |  | $ | 383,536 |  |  | $ | 829,136 |  |  | $ | 765,565 |
Investment and savings products segment |  |  | 222,416 |  |  |  | 238,012 |  |  |  | 463,455 |  |  |  | 461,434 |
Senior health segment |  |  | 11,814 |  |  | N/A |  |  |  | 17,645 |  |  | N/A |
Corporate and other distributed products segment |  |  | 23,745 |  |  |  | 33,138 |  |  |  | 49,673 |  |  |  | 65,400 |
Total revenues |  | $ | 668,682 |  |  | $ | 654,686 |  |  | $ | 1,359,909 |  |  | $ | 1,292,399 |
Net investment income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term life insurance segment |  | $ | 12,286 |  |  | $ | 8,751 |  |  | $ | 23,731 |  |  | $ | 17,004 |
Investment and savings products segment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Senior health segment |  |  | - |  |  | N/A |  |  |  | - |  |  | N/A |
Corporate and other distributed products segment |  |  | 8,998 |  |  |  | 11,784 |  |  |  | 16,458 |  |  |  | 23,584 |
Total net investment income |  | $ | 21,284 |  |  | $ | 20,535 |  |  | $ | 40,189 |  |  | $ | 40,588 |
Amortization of DAC: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term life insurance segment |  | $ | 79,668 |  |  | $ | 52,235 |  |  | $ | 161,551 |  |  | $ | 114,820 |
Investment and savings products segment |  |  | 5,463 |  |  |  | 1,786 |  |  |  | 9,388 |  |  |  | 5,061 |
Senior health segment |  |  | - |  |  | N/A |  |  |  | - |  |  | N/A |
Corporate and other distributed products segment |  |  | 248 |  |  |  | 265 |  |  |  | 503 |  |  |  | 509 |
Total amortization of DAC |  | $ | 85,379 |  |  | $ | 54,286 |  |  | $ | 171,442 |  |  | $ | 120,390 |
Non-cash share-based compensation expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term life insurance segment |  | $ | 618 |  |  | $ | 744 |  |  | $ | 2,743 |  |  | $ | 2,733 |
Investment and savings products segment |  |  | 683 |  |  |  | 658 |  |  |  | 1,887 |  |  |  | 1,866 |
Senior health segment |  |  | - |  |  | N/A |  |  |  | - |  |  | N/A |
Corporate and other distributed products segment |  |  | 4,853 |  |  |  | 1,137 |  |  |  | 13,961 |  |  |  | 9,593 |
Total non-cash share-based compensation expense |  | $ | 6,154 |  |  | $ | 2,539 |  |  | $ | 18,591 |  |  | $ | 14,192 |
Income (loss) before income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term life insurance segment |  | $ | 119,879 |  |  | $ | 116,776 |  |  | $ | 211,455 |  |  | $ | 205,012 |
Investment and savings products segment |  |  | 58,975 |  |  |  | 71,154 |  |  |  | 123,535 |  |  |  | 134,515 |
Senior health segment |  |  | (16,150 | ) |  | N/A |  |  |  | (39,235 | ) |  | N/A |
Corporate and other distributed products segment |  |  | (25,404 | ) |  |  | (18,464 | ) |  |  | (55,451 | ) |  |  | (41,754 | )
Total income before income taxes |  | $ | 137,300 |  |  | $ | 169,466 |  |  | $ | 240,304 |  |  | $ | 297,773 |
Total Assets by Segment | Total assets by segment were as follows:
|  | June 30, 2022 |  |  | December 31, 2021 |  |
|  | (In thousands)
Assets: |  |  |  |  |  |  |  |  |
Term life insurance segment |  | $ | 7,170,540 |  |  | $ | 7,274,820 |  |
Investment and savings products segment (1) |  |  | 2,471,475 |  |  |  | 2,920,271 |  |
Senior health segment |  |  | 483,123 |  |  |  | 528,974 |  |
Corporate and other distributed products segment |  |  | 5,203,867 |  |  |  | 5,399,158 |  |
Total assets |  | $ | 15,329,005 |  |  | $ | 16,123,223 |  |
(1) The Investment and Savings Products segment includes assets held in separate accounts. Excluding separate accounts, the Investment and Savings Products segment assets were $112.5 million and $120.3 million as of June 30, 2022 and December 31, 2021, respectively.
Long Lived Assets and Continuing Operations by Country | Geographical Information. Results of operations by country and long-lived assets, primarily tangible assets reported in other assets in our unaudited condensed consolidated balance sheets and condensed consolidated statements of income, were as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Revenues by country: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 575,517 |  |  | $ | 554,516 |  |  | $ | 1,161,671 |  |  | $ | 1,093,462 |
Canada |  |  | 93,165 |  |  |  | 100,170 |  |  |  | 198,238 |  |  |  | 198,937 |
Total revenues |  | $ | 668,682 |  |  | $ | 654,686 |  |  | $ | 1,359,909 |  |  | $ | 1,292,399 |
|  | June 30, 2022 |  |  | December 31, 2021 |  |
|  | (In thousands)
Long-lived assets by country: |  |  |  |  |  |  |  |  |
United States |  | $ | 53,735 |  |  | $ | 62,921 |  |
Canada |  |  | 3,451 |  |  |  | 3,871 |  |
Other |  |  | 232 |  |  |  | 230 |  |
Total long-lived assets |  | $ | 57,418 |  |  | $ | 67,022 |  |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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