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Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customers

(16) Revenue from Contracts with Customers

Our revenues from contracts with customers primarily include:

•
Commissions and fees earned for the marketing and distribution of investment and savings products underwritten by mutual fund companies and annuity providers. For purposes of revenue recognition, mutual fund companies and annuity providers are considered the customers in marketing and distribution arrangements;
•
Fees earned for investment advisory and administrative services within our managed investments program and shareholder service fees earned in Canada for mutual funds for which we serve as principal distributor;
•
Account-based fees for transfer agent recordkeeping functions and non-bank custodial services;
•
Fees associated with mortgage distribution and the distribution of other third-party financial products; and
•
Other revenue from the sale of miscellaneous products and services including monthly subscription fees from the independent sales representatives for access to POL, our primary independent sales force support tool.

Premiums from insurance contracts we underwrite, fees received from segregated funds insurance contracts we underwrite, and income earned on our invested assets are excluded from the definition of revenues from contracts with customers in accordance with U.S. GAAP.

Further discussion on the Company’s revenues from contracts with customers and revenue recognition policies are included in Note 20 (Revenue from Contracts with Customers) to our consolidated financial statements in our 2024 Annual Report.

The disaggregation of our revenues from contracts with customers were as follows:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Term Life Insurance segment revenues:

 

 

 

 

 

 

 

 

 

 

 

 

  Other, net

 

$

12,189

 

 

$

14,206

 

 

$

37,155

 

 

$

39,479

 

    Total segment revenues from contracts with customers

 

 

12,189

 

 

 

14,206

 

 

 

37,155

 

 

 

39,479

 

  Revenues from sources other than contracts with customers

 

 

451,112

 

 

 

436,100

 

 

 

1,325,820

 

 

 

1,278,182

 

      Total Term Life Insurance segment revenues

 

$

463,301

 

 

$

450,306

 

 

$

1,362,975

 

 

$

1,317,661

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment and Savings Products segment revenues:

 

 

 

 

 

 

 

 

 

 

 

 

  Commissions and fees

 

 

 

 

 

 

 

 

 

 

 

 

    Sales-based revenues

 

$

118,637

 

 

$

96,269

 

 

$

345,841

 

 

$

286,192

 

    Asset-based revenues

 

 

158,681

 

 

 

128,296

 

 

 

439,624

 

 

 

362,406

 

    Account-based revenues

 

 

24,420

 

 

 

24,107

 

 

 

73,008

 

 

 

71,027

 

  Other, net

 

 

3,445

 

 

 

3,646

 

 

 

10,013

 

 

 

10,128

 

      Total segment revenues from contracts with customers

 

 

305,183

 

 

 

252,318

 

 

 

868,486

 

 

 

729,753

 

  Revenues from sources other than contracts
    with customers (segregated funds)

 

 

13,605

 

 

 

13,755

 

 

 

39,412

 

 

 

40,942

 

        Total Investment and Savings Products segment revenues

 

$

318,788

 

 

$

266,073

 

 

$

907,898

 

 

$

770,695

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other Distributed Products segment revenues:

 

 

 

 

 

 

 

 

 

 

 

 

  Commissions and fees

 

$

10,147

 

 

$

9,474

 

 

$

30,593

 

 

$

28,472

 

  Other, net

 

 

1,098

 

 

 

1,251

 

 

 

3,093

 

 

 

2,719

 

    Total segment revenues from contracts with customers

 

 

11,245

 

 

 

10,725

 

 

 

33,686

 

 

 

31,191

 

  Revenues from sources other than contracts with customers

 

 

46,518

 

 

 

47,025

 

 

 

133,469

 

 

 

181,486

 

      Total Corporate and Other Distributed Products segment revenues

 

$

57,763

 

 

$

57,750

 

 

$

167,155

 

 

$

212,677

 

Renewal Commissions Receivable. For revenue associated with ongoing renewal commissions in the Corporate and Other Distributed Products segment, we record a renewal commission receivable contract asset for the amount of ongoing renewal commissions we anticipate collecting in reporting periods subsequent to the satisfaction of the performance obligation, less amounts that are constrained, in Other assets in the accompanying unaudited condensed consolidated balance sheets. The renewal commissions receivable is reduced for commissions that are billed and become due receivables from product providers during the reporting period.

Activity in the renewal commissions receivable account was as follows:

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Balance, beginning of period

 

$

56,815

 

 

$

59,880

 

 

$

58,079

 

 

$

61,372

 

Commissions revenue

 

 

4,830

 

 

 

4,988

 

 

 

15,906

 

 

 

15,890

 

Less: collections

 

 

(6,207

)

 

 

(6,263

)

 

 

(18,547

)

 

 

(18,657

)

Balance, at the end of period

 

$

55,438

 

 

$

58,605

 

 

$

55,438

 

 

$

58,605

 

 

Incremental costs to obtain or fulfill contracts, most notably sales commissions to the independent sales representatives, are not incurred prior to the recognition of the related revenue. Therefore, we have no assets recognized for incremental costs to obtain or fulfill contracts.