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Segment and Other Operating Information | 12 Months Ended
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Dec. 31, 2023
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 Domestic issues ordinary whole life, final expense, life products with living benefits, critical illness and credit life and credit disability policies throughout the U.S. Our Home Service Insurance segment operates through our subsidiaries SPLIC, MGLIC 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 funeral homes and independent agents who sell policies, collect premiums and service policyholders. Our Home Service Insurance segment also sold property insurance policies in Louisiana and Arkansas until operations were ceased effective June 30, 2023. 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. 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 reportable difference between segments and consolidated operations.
Year ended December 31, 2023 (In thousands) | Life Insurance |  | Home Service Insurance |  | Other Non-Insurance Enterprises |  | Consolidated
Revenues: |  |  |  |  |  |  |
Premiums: |  |  |  |  |  |  |
Life insurance | $ | 121,424 |  |  | 43,185 |  |  | — |  |  | 164,609 |
Accident and health insurance | 721 |  |  | 916 |  |  | — |  |  | 1,637 |
Property insurance | — |  |  | 793 |  |  | — |  |  | 793 |
Net investment income (loss) | 54,352 |  |  | 13,832 |  |  | 1,070 |  |  | 69,254 |
Investment related gains (losses), net | 301 |  |  | 522 |  |  | (63) |  |  | 760 |
Other income (loss) | 3,605 |  |  | 17 |  |  | 5 |  |  | 3,627 |
Total revenues | 180,403 |  |  | 59,265 |  |  | 1,012 |  |  | 240,680 |
Benefits and expenses: |  |  |  |  |  |  |
Insurance benefits paid or provided: |  |  |  |  |  |  |
Claims and surrenders | 113,428 |  |  | 22,565 |  |  | — |  |  | 135,993 |
Increase in future policy benefit reserves | (10,931) |  |  | 5,307 |  |  | — |  |  | (5,624) |
Policyholder liability remeasurement (gain) loss | 4,153 |  |  | 307 |  |  | — |  |  | 4,460 |
Policyholders' dividends | 5,512 |  |  | 30 |  |  | — |  |  | 5,542 |
Total insurance benefits paid or provided | 112,162 |  |  | 28,209 |  |  | — |  |  | 140,371 |
Commissions | 22,896 |  |  | 16,345 |  |  | — |  |  | 39,241 |
Other general expenses | 23,969 |  |  | 16,690 |  |  | 6,472 |  |  | 47,131 |
Capitalization of deferred policy acquisition costs | (20,251) |  |  | (8,050) |  |  | — |  |  | (28,301) |
Amortization of deferred policy acquisition costs | 12,895 |  |  | 2,565 |  |  | — |  |  | 15,460 |
Amortization of cost of insurance acquired | 111 |  |  | 493 |  |  | — |  |  | 604 |
Total benefits and expenses | 151,782 |  |  | 56,252 |  |  | 6,472 |  |  | 214,506 |
Income (loss) before federal income tax | $ | 28,621 |  |  | 3,013 |  |  | (5,460) |  |  | 26,174 |
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 revenues | 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 | 3,894 |  |  | 910 |  |  | — |  |  | 4,804 |
Policyholder liability remeasurement (gain) loss | 1,728 |  |  | 1,156 |  |  | — |  |  | 2,884 |
Policyholders' dividends | 5,990 |  |  | 23 |  |  | — |  |  | 6,013 |
Total insurance benefits paid or provided | 107,188 |  |  | 26,448 |  |  | — |  |  | 133,636 |
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 | 12,160 |  |  | 2,230 |  |  | — |  |  | 14,390 |
Amortization of cost of insurance acquired | 123 |  |  | 498 |  |  | — |  |  | 621 |
Total benefits and expenses | 144,752 |  |  | 54,854 |  |  | 5,541 |  |  | 205,147 |
Income (loss) before federal income tax | $ | 25,423 |  |  | 6,563 |  |  | (4,609) |  |  | 27,377 |
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 | 7,822 |  |  | 1,951 |  |  | — |  |  | 9,773 |
Policyholder liability remeasurement (gain) loss | 829 |  |  | 605 |  |  | — |  |  | 1,434 |
Policyholders' dividends | 6,140 |  |  | 40 |  |  | — |  |  | 6,180 |
Total insurance benefits paid or provided | 106,181 |  |  | 30,941 |  |  | — |  |  | 137,122 |
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 | 11,536 |  |  | 1,909 |  |  | — |  |  | 13,445 |
Amortization of cost of insurance acquired | 150 |  |  | 607 |  |  | — |  |  | 757 |
Goodwill impairment | 12,624 |  |  | — |  |  | — |  |  | 12,624 |
Total benefits and expenses | 153,910 |  |  | 58,346 |  |  | 7,785 |  |  | 220,041 |
Income (loss) before federal income tax | $ | 31,902 |  |  | 4,173 |  |  | (5,570) |  |  | 30,505 |
The table below summarizes assets by segment.
December 31, (In thousands) | 2023 |  | 2022
Assets: |  |  |
Segments: |  |  |
Life Insurance | $ | 1,267,243 |  |  | 1,194,285 |
Home Service Insurance | 359,773 |  |  | 341,671 |
Total Segments | 1,627,016 |  |  | 1,535,956 |
Other Non-Insurance Enterprises | 41,912 |  |  | 54,747 |
Total assets | $ | 1,668,928 |  |  | 1,590,703 |
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) | 2023 |  | 2022 |  | 2021
Area: |  |  |  |  |
United States | $ | 50,594 |  |  | 54,712 |  |  | 56,000 |
Colombia | 25,453 |  |  | 25,181 |  |  | 24,829 |
Taiwan | 17,760 |  |  | 18,236 |  |  | 19,042 |
Venezuela | 15,143 |  |  | 16,429 |  |  | 17,788 |
Ecuador | 13,379 |  |  | 12,992 |  |  | 13,115 |
Argentina | 9,533 |  |  | 9,251 |  |  | 9,160 |
Other foreign countries | 38,695 |  |  | 40,172 |  |  | 38,871 |
Net reinsurance | (3,518) |  |  | (3,259) |  |  | (4,077) |
Total premiums | $ | 167,039 |  |  | 173,714 |  |  | 174,728 |

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