We manage our business with four reportable segments: fully-insured dental HMO and indemnity (“dental HMO/IND”), fully-insured dental PPO, self-insured dental, and corporate, all other. Self-insured dental consists of the self-insured dental HMO, self-insured dental PPO and self-insured dental indemnity products. Corporate, all other primarily consists of revenue associated with our dental PPO and vision products underwritten by third-party insurance carriers and certain other corporate activities. We believe that our ability to continue this growth strategy is dependent on our ability to access additional capital to enhance information technology and new market entry.
Our strategy has focused on providing solutions to employers and individuals to manage the rising cost of dental care by leveraging our products. We give employer groups and members options that meet their needs. We strive to provide excellent customer service to our employer groups, members, brokers and providers. Additionally, we have increased the diversification of our membership base, not only through our newer products, but also by entering new geographic territories.
Fully-insured dental HMO/IND premium revenue for 2018 decreased by approximately $709,000 compared to 2017. A decrease in fully-insured dental HMO/IND sales volume resulted in a decrease in fully-insured dental HMO/IND premium revenue of approximately $975,000 that was offset by an increase in fully-insured dental HMO/IND revenue of approximately $266,000 due to higher overall premium rates on a PMPM basis. The fully-insured dental HMO/IND segment represented approximately 45.1% of our total dental business in 2018.
Self-insured dental revenue increased by approximately $2,441,000 due to new self-insured sales and an increase in membership for existing employer groups. Self-insured revenue increased by approximately $2,314,000 due to an increase in the self-insured claims revenue on a per member per month basis, as well as an increase of approximately $127,000 in self-insured administrative fee rates on a per member per month basis. The self-insured dental segment represented approximately 28.4% of our total dental business in 2018. The self-insured segment revenue has two components:
Dental Care Plus, an Ohio-domiciled insurance company dually licensed as a life and health insurer and a specialty health insuring corporation, is able to underwrite dental indemnity, dental PPO, dental HMO, and vision benefit products as well as other life and health insurance products in Ohio. The minimum required capital and surplus for Dental Care Plus licensed as a life and health insurance company in Ohio was $2.5 million at December 31, 2018.
Fully-Insured-Membership contracts are written on an annual basis and are subject to cancellation by the employer group upon thirty days written notice. The Company’s unearned premium revenue was approximately $33,149,000 and $36,818,000 at December 31, 2018 and 2017, respectively, and primarily relates to the estimated premium revenue associated with the remaining contract periods. Related amounts recorded in accounts receivable were approximately $31,151,000 and $35,281,000 at December 31, 2018 and 2017, respectively. Premiums are due monthly in advance and are recognized evenly as revenue during the period in which the Company is obligated to provide services to members. Any amounts not received by the end of a reporting period are recorded as accounts receivable by the Company. Any premiums received prior to the beginning of a reporting period are recognized as premiums received in advance and are included in unearned premium revenue in the accompanying consolidated balance sheets. Premiums received in advance were approximately $1,998,000 and $1,536,000 at December 31, 2018 and 2017, respectively. Management has determined that as of December 31, 2018 and 2017, respectively, no premium deficiency reserve is required. The Company’s premium deficiency reserve analysis includes an allocation of investment income.
Self-Insured-The Company provides administrative and claims processing services, benefit plan design, and access to the Company-managed provider networks for an administrative fee to self-insured groups. The Company has no underwriting risk arising from the provision or cost of any services provided to the self-insured groups. The Company recognizes and records self-insured premiums on a gross basis because it controls the services as evidenced by: (i) the Company is primarily responsible for fulfilling the service and (ii) the Company establishes the pricing for the services provided. The self-insured services constitute a series of distinct services accounted for as a single performance obligation.
In 2018 and 2017, the Board declared a per share cash dividend for all Redeemable Common Shares in the amounts of $45.00 and $42.50 per share, respectively. With the 2018 dividend, the holders of restricted share units and phantom shares received a cash dividend that resulted in an increase in the deferred compensation liability of approximately $129,000. With the 2017 dividend, the holders of restricted share units and phantom shares received an equivalent share based dividend that resulted in an increase in the deferred compensation liability of approximately $115,000. At December 31, 2018 and 2017, the deferred compensation liability was approximately $5,249,000 and $4,822,000, respectively.
Redeemable Provider Preferred Shares-2009 Series are entitled to a cumulative cash dividend equal to 5% of the year end book value of the Redeemable Provider Preferred Shares. As of December 31, 2018 and 2017, no Provider Preferred Shares were issued or are outstanding.
A summary of our unaudited quarterly results of operations for the years ended December 31, 2018 and 2017 is as follows (amounts in thousands):