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Segment and Other Operating Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting Information, Operating Income (Loss) [Abstract] |
Segment and Other Operating Information | The Company's segments are defined by management's reporting structure and operating activities. The chief operating decision maker ("CODM"), our President and Chief Executive Officer, reviews and analyzes income statement information by segment to make decisions, assess financial performance and allocate resources across the Company in order to meet the overall strategic objectives of the Company. 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 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 whole life, final expense and life products with living benefits throughout the U.S. Our Home Service Insurance segment operates through our subsidiaries SPLIC and MGLIC, and focuses on the life insurance needs of the lower-income markets, primarily in Louisiana, Mississippi and Arkansas. SPLIC also issues critical illness policies. Our policies are sold and serviced through funeral homes and independent agents who sell policies, collect premiums and service policyholders. SPFIC sold property insurance policies in Louisiana and Arkansas until operations were ceased effective June 30, 2023. SPFIC was dissolved during 2024. 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 CODM 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, 2024 (In thousands) | Life Insurance |  | Home Service Insurance |  | Other Non-Insurance Enterprises |  | Consolidated
Revenues: |  |  |  |  |  |  |
Premiums: |  |  |  |  |  |  |
Life insurance | $ | 129,426 |  |  | 42,135 |  |  | — |  |  | 171,561 |
Accident and health insurance | 763 |  |  | 1,022 |  |  | — |  |  | 1,785 |
Property insurance | — |  |  | (18) |  |  | — |  |  | (18) |
Net investment income (loss) | 54,666 |  |  | 14,162 |  |  | 884 |  |  | 69,712 |
Investment related gains (losses), net | (2,185) |  |  | (424) |  |  | (17) |  |  | (2,626) |
Other income (loss) | 4,483 |  |  | 21 |  |  | 83 |  |  | 4,587 |
Total revenues | 187,153 |  |  | 56,898 |  |  | 950 |  |  | 245,001 |
Benefits and expenses: |  |  |  |  |  |  |
Insurance benefits paid or provided: |  |  |  |  |  |  |
Claims and surrenders | 123,020 |  |  | 23,062 |  |  | — |  |  | 146,082 |
Increase in future policy benefit reserves | (10,501) |  |  | 6,215 |  |  | — |  |  | (4,286) |
Policyholder liability remeasurement (gain) loss | 5,380 |  |  | (624) |  |  | — |  |  | 4,756 |
Policyholders' dividends | 5,332 |  |  | 23 |  |  | — |  |  | 5,355 |
Total insurance benefits paid or provided | 123,231 |  |  | 28,676 |  |  | — |  |  | 151,907 |
Commissions | 35,795 |  |  | 13,323 |  |  | — |  |  | 49,118 |
Other general expenses | 25,898 |  |  | 14,972 |  |  | 11,396 |  |  | 52,266 |
Capitalization of deferred policy acquisition costs | (35,404) |  |  | (5,898) |  |  | — |  |  | (41,302) |
Amortization of deferred policy acquisition costs | 14,584 |  |  | 2,851 |  |  | — |  |  | 17,435 |
Amortization of cost of insurance acquired | 103 |  |  | 494 |  |  | — |  |  | 597 |
Total benefits and expenses | 164,207 |  |  | 54,418 |  |  | 11,396 |  |  | 230,021 |
Income (loss) before federal income tax | $ | 22,946 |  |  | 2,480 |  |  | (10,446) |  |  | 14,980 |
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 |
The Company categorizes premiums in two categories - first year premiums are premiums received within the first 12 months of a policy's issuance and any premiums received thereafter are renewal premiums. A summary of the direct premiums for the Life Insurance segment is detailed below.
Years ended December 31, (In thousands) |  |  |  |  | Life Insurance Segment
|  |  |  | 2024 |  | 2023 |  |
Premiums: |  |  |  |  |  |  |  |  |
Direct premiums: |  |  |  |  |  |  |  |  |
First year |  |  |  |  | $ | 27,796 |  |  | 13,479 |  |  |
Renewal |  |  |  |  | 107,861 |  |  | 110,372 |  |  |
Total direct premiums |  |  |  |  | 135,657 |  |  | 123,851 |  |  |
Reinsurance |  |  |  |  | (5,468) |  |  | (1,706) |  |  |
Total premiums |  |  |  |  | $ | 130,189 |  |  | 122,145 |  |  |
Since the property casualty business was dissolved during 2024, a summary of the Home Service Insurance segment direct life and A&H premium breakout is detailed below.
Years ended December 31, (In thousands) | Home Service Insurance Segment
2024 |  | 2023 |  |
Direct life and A&H premiums: |  |  |  |  |
First year | $ | 5,226 |  |  | 5,810 |  |  |
Renewal | 37,958 |  |  | 38,316 |  |  |
Total direct life and A&H premiums | $ | 43,184 |  |  | 44,126 |  |  |
The table below summarizes assets by segment.
December 31, (In thousands) | 2024 |  | 2023
Assets: |  |  |
Segments: |  |  |
Life Insurance | $ | 1,291,300 |  |  | 1,267,243 |
Home Service Insurance | 358,788 |  |  | 359,773 |
Total Segments | 1,650,088 |  |  | 1,627,016 |
Other Non-Insurance Enterprises | 35,237 |  |  | 41,912 |
Total assets | $ | 1,685,325 |  |  | 1,668,928 |
GEOGRAPHIC INFORMATION The following table sets forth the Company's annual total of earned premiums by country of policyholder residence for the years indicated.
Years ended December 31, (In thousands) | 2024 |  | 2023 |  |
Area: |  |  |  |  |
United States | $ | 58,468 |  |  | 50,594 |  |  |
Colombia | 25,727 |  |  | 25,453 |  |  |
Taiwan | 16,690 |  |  | 17,760 |  |  |
Venezuela | 14,305 |  |  | 15,143 |  |  |
Ecuador | 13,159 |  |  | 13,379 |  |  |
Argentina | 10,319 |  |  | 9,533 |  |  |
Other foreign countries | 39,317 |  |  | 38,943 |  |  |
Reinsurance and change in premium accruals | (4,657) |  |  | (3,766) |  |  |
Total premiums | $ | 173,328 |  |  | 167,039 |  |  |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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