XML 20 R10.htm IDEA: XBRL DOCUMENT v3.22.2.2
Policy Liabilities
6 Months Ended
Jun. 30, 2022
Insurance [Abstract]  
Policy Liabilities

Note 3 – Policy Liabilities

Future Policy Benefits

Future policy benefits represent the reserve for direct and assumed traditional life insurance policies and annuities in payout status.

The annuities in payout status are certain structured settlement contracts. The policy liability for structured settlement contracts of $14,715 and $19,398 at June 30, 2022 and December 31, 2021, respectively, is computed as the present value of contractually specified future benefits. The amount included in the policy liability for structured settlements that are life contingent at June 30, 2022 and December 31, 2021, is $11,393 and $15,557, respectively.

To the extent that unrealized gains on fixed maturities would result in a premium deficiency had those gains actually been realized, a premium deficiency reserve is recorded. A liability of $1,883 and $6,403 is included as part of the liability for structured settlements with respect to this deficiency at June 30, 2022 and December 31, 2021, respectively. The offset to this liability is recorded as a reduction of the unrealized capital gains included in AOCI.

Participating life insurance in-force was 5.7% and 7.5% of the face value of total life insurance at June 30, 2022 and December 31, 2021, respectively.