Future Policy Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Schedule of Balances and Changes in Present Value of Expected Net Premiums and Present Value of Expected Future Policy Benefits Underlying LFPB

The following tables summarize balances and changes in the present value of expected net premiums and the present value of expected future policy benefits underlying the LFPB:

	Six months ended			Year ended
	June 30, 2024			December 31, 2023
	(Dollars in thousands)
Present Value of Expected Net Premiums	Term Life Insurance
Balance at then current discount rate, beginning of period	$	13,977,353		$	13,053,386
Balance at original discount rate, beginning of period		14,012,553			13,521,221
Effect of changes in cash flow assumptions		-			(5,364	)
Effect of actual variances from expected experience		(234,156	)		(229,884	)
Adjusted balance, beginning of period		13,778,397			13,285,973
Issuances		1,003,321			1,836,290
Interest accrual at original discount rate		299,575			544,806
Net premiums collected		(858,255	)		(1,682,924	)
Foreign currency translation		(38,685	)		28,408
Expected net premiums at original discount rate, end of period		14,184,353			14,012,553
Effect of changes in discount rate assumptions		(444,845	)		(35,200	)
Expected net premiums at then current discount rate, end of period	$	13,739,508		$	13,977,353
Present Value of Expected Future Policy Benefits
Balance at then current discount rate, beginning of period	$	20,508,435		$	19,143,253
Balance at original discount rate, beginning of period		20,391,694			19,706,818
Effect of changes in cash flow assumptions		-			(7,254	)
Effect of actual variances from expected experience		(238,305	)		(225,539	)
Adjusted balance, beginning of period		20,153,389			19,474,025
Issuances		1,008,739			1,840,996
Interest accrual at original discount rate		458,419			856,727
Benefit payments		(932,348	)		(1,823,542	)
Foreign currency translation		(59,142	)		43,488
Expected future policy benefits at original discount rate, end of period		20,629,057			20,391,694
Effect of changes in discount rate assumptions		(651,747	)		116,741
Expected future policy benefits at then current discount rate, end of period	$	19,977,310		$	20,508,435
LFPB	$	6,237,802		$	6,531,082
Less: reinsurance recoverables		2,819,445			3,001,074
Net LFPB, after reinsurance recoverables	$	3,418,357		$	3,530,008
Weighted-average duration of net LFPB (in years)		7.9			7.9

Schedule of Reconcile LFPB

The following table reconciles the LFPB to the unaudited condensed consolidated balance sheets:

	June 30, 2024		December 31, 2023
	(In thousands)
Term Life Insurance	$	6,237,802	$	6,531,082
Other		198,530		210,943
Total	$	6,436,332	$	6,742,025

Schedule of Reconcile Reinsurance Recoverables

The following table reconciles the reinsurance recoverables to the unaudited condensed consolidated balance sheets:

	June 30, 2024		December 31, 2023
	(In thousands)
Term Life Insurance	$	2,819,445	$	3,001,074
Other		13,610		14,703
Total	$	2,833,055	$	3,015,777

Schedule of Amount of Discounted (using the then current discount rate) and Undiscounted Expected Gross Premiums and Expected Future Benefit Payments

The amount of discounted (using the then current discount rate) and undiscounted expected gross premiums and expected future benefit payments were as follows:

	June 30, 2024				December 31, 2023
	(In thousands)
Term Life Insurance
	Undiscounted		Discounted		Undiscounted		Discounted
Expected future benefit payments	$	33,839,938	$	19,977,311	$	33,342,272	$	20,508,435
Expected future gross premiums	$	39,155,381	$	26,164,310	$	38,701,869	$	26,687,880

Schedule of Amount of Revenue and Interest Recognized

The amount of revenue and interest recognized in our unaudited condensed consolidated statements of income were as follows:

	Three months ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
	(In thousands)
Term Life Insurance
Gross premiums	$	840,668		$	823,297		$	1,676,989		$	1,636,177
Interest accretion (expense)	$	(81,252	)	$	(77,101	)	$	(158,845	)	$	(153,785	)

Schedule of Weighted Average Discount Rates

The weighted-average discount rates were as follows:

	June 30, 2024			December 31, 2023
Term Life Insurance
Original discount rate		4.99	%		4.93	%
Current discount rate		5.47	%		4.91	%