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Segment and Geographical Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Summary of Assets and Profit or Loss by Segment | Income (loss) before income taxes by segment, including significant expense categories, was as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Term Life Insurance segment: |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 463,301 |  |  | $ | 450,306 |  |  | $ | 1,362,975 |  |  | $ | 1,317,661 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Benefits and claims |  |  | 168,319 |  |  |  | 160,652 |  |  |  | 488,287 |  |  |  | 470,766 |
Future policy benefits remeasurement (gain) loss |  |  | (23,392 | ) |  |  | (28,203 | ) |  |  | (32,537 | ) |  |  | (32,802 | )
Amortization of DAC |  |  | 79,876 |  |  |  | 73,698 |  |  |  | 235,184 |  |  |  | 216,105 |
Insurance expenses |  |  | 63,058 |  |  |  | 62,395 |  |  |  | 189,919 |  |  |  | 185,849 |
Insurance commissions |  |  | 2,755 |  |  |  | 3,410 |  |  |  | 7,641 |  |  |  | 13,242 |
Total benefits and expenses |  |  | 290,616 |  |  |  | 271,952 |  |  |  | 888,494 |  |  |  | 853,160 |
Income before income taxes |  | $ | 172,685 |  |  | $ | 178,354 |  |  | $ | 474,481 |  |  | $ | 464,501 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Investment and Savings Products segment: |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 318,788 |  |  | $ | 266,073 |  |  | $ | 907,898 |  |  | $ | 770,695 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of DAC |  |  | 1,355 |  |  |  | 1,540 |  |  |  | 4,060 |  |  |  | 4,219 |
Insurance commissions |  |  | 3,485 |  |  |  | 3,499 |  |  |  | 10,229 |  |  |  | 10,242 |
Sales commissions: |  |  |  |  |  |  |  |  |  |  |  |
Sales-based |  |  | 82,867 |  |  |  | 66,333 |  |  |  | 243,069 |  |  |  | 199,655 |
Asset-based |  |  | 87,337 |  |  |  | 71,012 |  |  |  | 241,593 |  |  |  | 201,745 |
Other operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Fees based on client asset values |  |  | 12,285 |  |  |  | 10,156 |  |  |  | 34,604 |  |  |  | 29,046 |
Fees based on fee-generating positions |  |  | 10,341 |  |  |  | 10,392 |  |  |  | 33,766 |  |  |  | 32,300 |
Other expenses |  |  | 26,896 |  |  |  | 23,230 |  |  |  | 85,662 |  |  |  | 73,231 |
Total expenses |  |  | 224,566 |  |  |  | 186,162 |  |  |  | 652,983 |  |  |  | 550,438 |
Income before income taxes |  | $ | 94,222 |  |  | $ | 79,911 |  |  | $ | 254,915 |  |  | $ | 220,257 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Corporate and Other Distributed Products segment: |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 57,763 |  |  | $ | 57,750 |  |  | $ | 167,155 |  |  | $ | 212,677 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Benefits and claims |  |  | 3,833 |  |  |  | 3,711 |  |  |  | 11,220 |  |  |  | 9,948 |
Future policy benefits remeasurement (gain) loss |  |  | 278 |  |  |  | 5,184 |  |  |  | 255 |  |  |  | 5,508 |
Amortization of DAC |  |  | 267 |  |  |  | 301 |  |  |  | 847 |  |  |  | 907 |
Insurance expenses |  |  | 1,073 |  |  |  | 1,134 |  |  |  | 3,380 |  |  |  | 3,514 |
Insurance commissions |  |  | (741 | ) |  |  | 271 |  |  |  | (496 | ) |  |  | 729 |
Sales commissions |  |  | 4,484 |  |  |  | 4,909 |  |  |  | 14,435 |  |  |  | 14,146 |
Interest expense |  |  | 5,985 |  |  |  | 6,093 |  |  |  | 17,990 |  |  |  | 18,964 |
Other operating expenses |  |  | 37,812 |  |  |  | 39,834 |  |  |  | 121,430 |  |  |  | 122,984 |
Total benefits and expenses |  |  | 52,991 |  |  |  | 61,437 |  |  |  | 169,061 |  |  |  | 176,700 |
Income (loss) before income taxes |  | $ | 4,772 |  |  | $ | (3,687 | ) |  | $ | (1,906 | ) |  | $ | 35,977 |
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 from continuing operations before income taxes in the unaudited condensed consolidated statements of income:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Term Life Insurance segment |  | $ | 463,301 |  |  | $ | 450,306 |  |  | $ | 1,362,975 |  |  | $ | 1,317,661 |
Investment and Savings Products segment |  |  | 318,788 |  |  |  | 266,073 |  |  |  | 907,898 |  |  |  | 770,695 |
Corporate and Other Distributed Products segment |  |  | 57,763 |  |  |  | 57,750 |  |  |  | 167,155 |  |  |  | 212,677 |
Total revenues |  | $ | 839,852 |  |  | $ | 774,129 |  |  | $ | 2,438,028 |  |  | $ | 2,301,033 |
Income (loss) from continuing operations before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Term Life Insurance segment |  | $ | 172,685 |  |  | $ | 178,354 |  |  | $ | 474,481 |  |  | $ | 464,501 |
Investment and Savings Products segment |  |  | 94,222 |  |  |  | 79,911 |  |  |  | 254,915 |  |  |  | 220,257 |
Corporate and Other Distributed Products segment |  |  | 4,772 |  |  |  | (3,687 | ) |  |  | (1,906 | ) |  |  | 35,977 |
Total income from continuing operations before income taxes |  | $ | 271,679 |  |  | $ | 254,578 |  |  | $ | 727,490 |  |  | $ | 720,735 |

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