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Segment and Geographical Information | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Segment and Geographical Information | (2) Segment and Geographical Information Segments. We have three primary operating segments — Term Life Insurance, Investment and Savings Products, and (as of July 1, 2021) Senior Health. We also have a Corporate and Other Distributed Products 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 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. 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -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 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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