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Segment and Other Operating Information | 12 Months Ended
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Dec. 31, 2022
Segment Reporting Information, Operating Income (Loss) [Abstract] |
Segment and Other Operating Information | The Company has two reportable segments: Life Insurance and Home Service Insurance. Our Life Insurance segment issues endowment contracts, which are principally accumulation contracts that incorporate an element of life insurance protection, and ordinary whole life insurance to non-U.S. residents through CICA International. These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured and may utilize rider benefits to provide additional coverage and annuity benefits to enhance accumulations. CICA issues credit life and credit disability and accident and health related policies throughout the Midwest and southern U.S. CNLIC issues ordinary whole life and critical illness products. Our Home Service Insurance segment operates through our subsidiaries SPLIC, Magnolia and SPFIC, and focuses on the life insurance needs of the middle- and lower-income markets, primarily in Louisiana, Mississippi and Arkansas. Our policies are sold and serviced through 165 funeral homes and 430 independent agents who sell policies, collect premiums and service policyholders. Our Home Service Insurance segment also sells property insurance policies in Louisiana. The Life Insurance and Home Service Insurance portions of the Company constitute separate businesses. In addition to the Life Insurance and Home Service Insurance business, the Company also operates other non-insurance portions of the Company ("Other Non-Insurance Enterprises"), which primarily include the Company’s IT and Corporate-support functions that is included in the tables presented below to properly reconcile the segment information with the consolidated financial statements of the Company. The accounting policies of the reportable segments and Other Non-Insurance Enterprises are presented in accordance with U.S. GAAP and are the same as those described in the summary of significant accounting policies. The Company evaluates profit and loss performance based on U.S. GAAP net income (loss) before federal income taxes for its two reportable segments. The Company's Other Non-Insurance Enterprises represents the only difference between segments and reported consolidated operations.
Year ended December 31, 2022 (In thousands) | Life Insurance |  | Home Service Insurance |  | Other Non-Insurance Enterprises |  | Consolidated
Revenues: |  |  |  |  |  |  |
Premiums |  |  |  |  |  |  |
Life insurance | $ | 124,156 |  |  | 43,430 |  |  | — |  |  | 167,586 |
Accident and health insurance | 497 |  |  | 781 |  |  | — |  |  | 1,278 |
Property insurance | — |  |  | 4,850 |  |  | — |  |  | 4,850 |
Net investment income (loss) | 50,680 |  |  | 13,632 |  |  | 1,114 |  |  | 65,426 |
Investment related gains (losses), net | (8,826) |  |  | (1,277) |  |  | (188) |  |  | (10,291) |
Other income (loss) | 3,668 |  |  | 1 |  |  | 6 |  |  | 3,675 |
Total revenue | 170,175 |  |  | 61,417 |  |  | 932 |  |  | 232,524 |
Benefits and expenses: |  |  |  |  |  |  |
Insurance benefits paid or provided: |  |  |  |  |  |  |
Claims and surrenders | 95,576 |  |  | 24,359 |  |  | — |  |  | 119,935 |
Increase in future policy benefit reserves | 23,938 |  |  | 5,702 |  |  | — |  |  | 29,640 |
Policyholders' dividends | 5,990 |  |  | 23 |  |  | — |  |  | 6,013 |
Total insurance benefits paid or provided | 125,504 |  |  | 30,084 |  |  | — |  |  | 155,588 |
Commissions | 20,031 |  |  | 16,191 |  |  | — |  |  | 36,222 |
Other general expenses | 23,192 |  |  | 16,444 |  |  | 5,541 |  |  | 45,177 |
Capitalization of deferred policy acquisition costs | (17,942) |  |  | (6,957) |  |  | — |  |  | (24,899) |
Amortization of deferred policy acquisition costs | 19,810 |  |  | 6,719 |  |  | — |  |  | 26,529 |
Amortization of cost of insurance acquired | 262 |  |  | 712 |  |  | — |  |  | 974 |
Total benefits and expenses | 170,857 |  |  | 63,193 |  |  | 5,541 |  |  | 239,591 |
Income (loss) before federal income tax | $ | (682) |  |  | (1,776) |  |  | (4,609) |  |  | (7,067) |
Year ended December 31, 2021 (In thousands) | Life Insurance |  | Home Service Insurance |  | Other Non-Insurance Enterprises |  | Consolidated
Revenues: |  |  |  |  |  |  |
Premiums |  |  |  |  |  |  |
Life insurance | $ | 125,558 |  |  | 44,243 |  |  | — |  |  | 169,801 |
Accident and health insurance | 500 |  |  | 750 |  |  | — |  |  | 1,250 |
Property insurance | — |  |  | 3,677 |  |  | — |  |  | 3,677 |
Net investment income (loss) | 47,216 |  |  | 13,224 |  |  | 1,055 |  |  | 61,495 |
Investment related gains (losses), net | 9,176 |  |  | 618 |  |  | 1,197 |  |  | 10,991 |
Other income (loss) | 3,362 |  |  | 7 |  |  | (37) |  |  | 3,332 |
Total revenue | 185,812 |  |  | 62,519 |  |  | 2,215 |  |  | 250,546 |
Benefits and expenses: |  |  |  |  |  |  |
Insurance benefits paid or provided: |  |  |  |  |  |  |
Claims and surrenders | 91,390 |  |  | 28,345 |  |  | — |  |  | 119,735 |
Increase in future policy benefit reserves | 29,407 |  |  | 7,037 |  |  | — |  |  | 36,444 |
Policyholders' dividends | 6,140 |  |  | 40 |  |  | — |  |  | 6,180 |
Total insurance benefits paid or provided | 126,937 |  |  | 35,422 |  |  | — |  |  | 162,359 |
Commissions | 18,747 |  |  | 16,716 |  |  | — |  |  | 35,463 |
Other general expenses | 20,846 |  |  | 14,739 |  |  | 7,785 |  |  | 43,370 |
Capitalization of deferred policy acquisition costs | (16,174) |  |  | (6,566) |  |  | — |  |  | (22,740) |
Amortization of deferred policy acquisition costs | 21,571 |  |  | 3,381 |  |  | — |  |  | 24,952 |
Amortization of cost of insurance acquired | 343 |  |  | 863 |  |  | — |  |  | 1,206 |
Goodwill impairment | 12,624 |  |  | — |  |  | — |  |  | 12,624 |
Total benefits and expenses | 184,894 |  |  | 64,555 |  |  | 7,785 |  |  | 257,234 |
Income (loss) before federal income tax | $ | 918 |  |  | (2,036) |  |  | (5,570) |  |  | (6,688) |
The table below summarizes assets by segment.
December 31, (In thousands) | 2022 |  | 2021
Assets: |  |  |
Life Insurance | $ | 1,176,246 |  |  | 1,390,392 |
Home Service Insurance | 338,977 |  |  | 407,603 |
Other Non-Insurance Enterprises | 54,747 |  |  | 56,516 |
Total assets | $ | 1,569,970 |  |  | 1,854,511 |
GEOGRAPHIC INFORMATION The following table sets forth, by country, the Company's annual total of earned premiums from geographic area for the years indicated:
Years ended December 31, (In thousands) | 2022 |  | 2021 |  |
Area: |  |  |  |  |
United States | $ | 54,712 |  |  | 56,000 |  |  |
Colombia | 25,181 |  |  | 24,829 |  |  |
Taiwan | 18,236 |  |  | 19,042 |  |  |
Venezuela | 16,429 |  |  | 17,788 |  |  |
Ecuador | 12,992 |  |  | 13,115 |  |  |
Argentina | 9,251 |  |  | 9,160 |  |  |
Other foreign countries | 40,172 |  |  | 38,871 |  |  |
Net reinsurance | (3,259) |  |  | (4,077) |  |  |
Total premiums | $ | 173,714 |  |  | 174,728 |  |  |

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