Policyholders' Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Liability for Future Policy Benefit, Activity

The following tables summarize balances of and changes in the liability for future policy benefits for our reporting cohorts: Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy,

and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies.

September 30, 2024 (In thousands)	Life Insurance				Home Service Insurance
	Permanent		Permanent Limited Pay	Total	Permanent	Permanent Limited Pay	Total
Present Value of Expected Net Premiums:
Balance, beginning of year	$	244,917	13,260	258,177	98,831	14,926	113,757
Beginning balance at original discount rate	252,426		13,533	265,959	102,045	15,512	117,557
Effect of changes in cash flow assumptions	17,731		274	18,005	(462)	21	(441)
Effect of actual variances from expected experience	(12,203)		973	(11,230)	(5,784)	(3,526)	(9,310)
Adjusted beginning of year balance	257,954		14,780	272,734	95,799	12,007	107,806
Issuances	74,426		2,249	76,675	11,412	1,853	13,265
Interest accrual	8,342		380	8,722	3,193	394	3,587
Net premiums collected	(36,066)		(2,420)	(38,486)	(9,116)	892	(8,224)
Derecognition and other	(5,530)		92	(5,438)	317	57	374
Ending balance at original discount rate	299,126		15,081	314,207	101,605	15,203	116,808
Effect of changes in discount rates	(1,303)		(43)	(1,346)	(2,042)	(325)	(2,367)
Balance, end of period	$	297,823	15,038	312,861	99,563	14,878	114,441
Present Value of Expected Future Policy Benefits:
Balance, beginning of year	$	973,350	195,122	1,168,472	211,946	122,784	334,730
Beginning balance at original discount rate	995,962		202,755	1,198,717	217,524	123,941	341,465
Effect of changes in cash flow assumptions	18,320		734	19,054	(502)	(1,078)	(1,580)
Effect of actual variances from expected experience	(9,656)		2,916	(6,740)	(5,880)	(1,692)	(7,572)
Adjusted beginning of year balance	1,004,626		206,405	1,211,031	211,142	121,171	332,313
Issuances	75,132		2,352	77,484	11,407	1,858	13,265
Interest accrual	33,624		6,185	39,809	7,233	4,305	11,538
Benefit payments	(67,441)		(13,281)	(80,722)	(11,399)	(4,286)	(15,685)
Derecognition and other	(6,642)		16	(6,626)	301	51	352
Ending balance at original discount rate	1,039,299		201,677	1,240,976	218,684	123,099	341,783
Effect of changes in discount rates	(8,395)		(6,067)	(14,462)	(5,797)	(2,493)	(8,290)
Balance, end of period	$	1,030,904	195,610	1,226,514	212,887	120,606	333,493
Net liability for future policy benefits	$	733,081	180,572	913,653	113,324	105,728	219,052
Less: Reinsurance recoverable	1,308		—	1,308	—	—	—
Net liability for future policy benefits, after reinsurance recoverable	$	731,773	180,572	912,345	113,324	105,728	219,052

September 30, 2023 (In thousands)	Life Insurance				Home Service Insurance
	Permanent		Permanent Limited Pay	Total	Permanent	Permanent Limited Pay	Total
Present Value of Expected Net Premiums:
Balance, beginning of year	$	235,228	10,209	245,437	93,508	13,255	106,763
Beginning balance at original discount rate	247,601		10,682	258,283	100,225	14,394	114,619
Effect of changes in cash flow assumptions	(210)		38	(172)	(343)	85	(258)
Effect of actual variances from expected experience	4,156		1,059	5,215	(5,631)	(4,477)	(10,108)
Adjusted beginning of year balance	251,547		11,779	263,326	94,251	10,002	104,253
Issuances	20,918		2,608	23,526	13,854	3,107	16,961
Interest accrual	6,897		248	7,145	3,019	348	3,367
Net premiums collected	(31,480)		(2,004)	(33,484)	(8,909)	2,019	(6,890)
Derecognition and other	567		240	807	475	113	588
Ending balance at original discount rate	248,449		12,871	261,320	102,690	15,589	118,279
Effect of changes in discount rates	(16,380)		(501)	(16,881)	(9,438)	(1,397)	(10,835)
Balance, end of period	$	232,069	12,370	244,439	93,252	14,192	107,444
Present Value of Expected Future Policy Benefits:
Balance, beginning of year	$	947,415	195,612	1,143,027	200,351	116,356	316,707
Beginning balance at original discount rate	996,169		208,051	1,204,220	214,188	121,908	336,096
Effect of changes in cash flow assumptions	(389)		(702)	(1,091)	(257)	331	74
Effect of actual variances from expected experience	6,338		3,489	9,827	(5,472)	(1,337)	(6,809)
Adjusted beginning of year balance	1,002,118		210,838	1,212,956	208,459	120,902	329,361
Issuances	21,360		2,798	24,158	13,854	3,115	16,969
Interest accrual	32,470		6,288	38,758	6,987	4,242	11,229
Benefit payments	(63,211)		(16,732)	(79,943)	(12,246)	(4,707)	(16,953)
Derecognition and other	97		42	139	464	109	573
Ending balance at original discount rate	992,834		203,234	1,196,068	217,518	123,661	341,179
Effect of changes in discount rates	(78,072)		(18,778)	(96,850)	(23,934)	(12,670)	(36,604)
Balance, end of period	$	914,762	184,456	1,099,218	193,584	110,991	304,575
Net liability for future policy benefits	$	682,693	172,086	854,779	100,332	96,799	197,131

The following table reconciles the net liability for future policy benefits shown above to the liability for future policy benefits reported in the consolidated balance sheets.

	September 30, 2024				September 30, 2023
(In thousands)	Life Insurance		Home Service Insurance	Consolidated	Life Insurance	Home Service Insurance	Consolidated
Life Insurance:
Permanent	$	731,773	113,324	845,097	682,693	100,332	783,025
Permanent limited pay	180,572		105,728	286,300	172,086	96,799	268,885
Deferred profit liability	29,572		29,158	58,730	27,616	26,138	53,754
Other	32,426		14,320	46,746	28,011	13,926	41,937
Total life insurance	974,343		262,530	1,236,873	910,406	237,195	1,147,601
Accident & Health:
Other	586		412	998	596	281	877
Total future policy benefit reserves	$	974,929	262,942	1,237,871	911,002	237,476	1,148,478

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for long-term duration contracts.

	September 30, 2024			September 30, 2023
(In thousands)	Life Insurance		Home Service Insurance	Life Insurance	Home Service Insurance
Undiscounted:
Permanent:
Expected future gross premiums	$	731,580	448,837	604,059	459,405
Expected future benefit payments	1,586,017		487,851	1,483,068	484,239
Permanent Limited Pay:
Expected future gross premiums	46,270		76,032	47,868	77,544
Expected future benefit payments	322,188		320,318	325,964	320,563
Discounted:
Permanent:
Expected future gross premiums	$	564,242	272,938	453,277	261,271
Expected future benefit payments	1,030,904		212,887	914,762	193,584
Permanent Limited Pay:
Expected future gross premiums	41,999		51,752	42,133	51,091
Expected future benefit payments	195,610		120,606	184,456	110,991

The following tables summarize the amount of revenue and interest related to long-term duration contracts recognized in the consolidated statement of operations and comprehensive income (loss):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2024			2023		2024		2023
(In thousands)	Gross Premiums		Interest Expense	Gross Premiums	Interest Expense	Gross Premiums	Interest Expense	Gross Premiums	Interest Expense
Life Insurance Segment:
Life Insurance:
Permanent	$	27,930	8,391	23,654	8,471	76,047	25,282	68,619	25,573
Permanent Limited Pay	3,395		2,269	3,555	2,308	11,067	6,739	11,333	6,811
Other	2,508		—	4,279	—	7,550	—	7,094	—
Less:
Reinsurance	1,828		—	392	—	3,559	—	1,452	—
Total, net of reinsurance	32,005		10,660	31,096	10,779	91,105	32,021	85,594	32,384
Accident & Health:
Other	197		—	53	—	565	—	537	—
Less:
Reinsurance	1		—	1	—	3	—	3	—
Total, net of reinsurance	196		—	52	—	562	—	534	—
Total	$	32,201	10,660	31,148	10,779	91,667	32,021	86,128	32,384
Home Service Insurance Segment:
Life Insurance:
Permanent	$	8,257	1,349	8,372	1,322	24,723	4,040	25,012	3,968
Permanent Limited Pay	1,837		1,636	2,154	1,599	5,905	4,894	6,425	4,777
Other	367		—	178	—	1,114	—	1,012	—
Less:
Reinsurance	5		—	6	—	24	—	23	—
Total, net of reinsurance	10,456		2,985	10,698	2,921	31,718	8,934	32,426	8,745
Accident & Health:
Other	256		—	244	—	762	—	667	—
Total	$	10,712	2,985	10,942	2,921	32,480	8,934	33,093	8,745

The following table provides the weighted-average durations of the liability for future policy benefits.

	September 30, 2024		September 30, 2023
(In years)	Life Insurance	Home Service Insurance	Life Insurance	Home Service Insurance
Permanent:
Duration at original discount rate	8.6	16.0	7.8	15.7
Duration at current discount rate	8.6	15.6	8.2	15.6
Permanent Limited Pay:
Duration at original discount rate	8.1	14.7	7.9	14.3
Duration at current discount rate	7.8	14.7	7.6	14.4

The following table provides the weighted-average interest rates for the liability for future policy benefits.

	September 30, 2024				September 30, 2023
	Life Insurance		Home Service Insurance		Life Insurance		Home Service Insurance
Permanent:
Interest rate at original discount rate	4.87	%	4.96	%	4.92	%	4.98	%
Interest rate at current discount rate	4.61	%	5.03	%	5.62	%	5.71	%
Permanent Limited Pay:
Interest rate at original discount rate	4.28	%	5.03	%	4.29	%	5.05	%
Interest rate at current discount rate	4.63	%	5.02	%	5.60	%	5.71	%

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following table presents the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of the difference, in basis points, between rates being credited and the respective guaranteed minimums.

	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above	51 Basis Points-150 Basis Points Above	Greater Than 150 Basis Points Above	Total
September 30, 2024 (In thousands)
Range of Guaranteed Minimum Crediting Rates:
0.00% - 1.49%	$	816	—	726	34,772	36,314
1.50% - 2.99%	8,840		176	37	27,092	36,145
3.00% - 4.49%	101,646		346	16,039	—	118,031
Greater or equal to 4.50%	31,519		—	—	—	31,519
Total	$	142,821	522	16,802	61,864	222,009

	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above	51 Basis Points-150 Basis Points Above	Greater Than 150 Basis Points Above	Total
September 30, 2023 (In thousands)
Range of Guaranteed Minimum Crediting Rates:
0.00% - 1.49%	$	746	—	1,138	37,233	39,117
1.50% - 2.99%	30,256		675	63	—	30,994
3.00% - 4.49%	104,304		10	—	—	104,314
Greater or equal to 4.50%	31,374		—	—	—	31,374
Total	$	166,680	685	1,201	37,233	205,799

Policyholder Account Balance

The following tables summarize balances of and changes in policyholders' account balances.

September 30, 2024 (In thousands, except for %)	Supplemental Contracts Without Life Contingencies			Fixed Annuity		Dividend Accumulations		Premiums Paid in Advance
Balance, beginning of year	$	44,569		87,134		44,960		31,039
Issuances	17,642			2,132		598		4,211
Premiums received	126			3,015		4,173		500
Interest credited	1,496			2,043		1,377		1,348
Less:
Surrenders and withdrawals	—			6,997		4,056		6,498
Benefit payments	6,803			—		—		—
Balance, end of period	$	57,030		87,327		47,052		30,600
Weighted-average crediting rates	4.00		%	3.67	%	3.53	%	2.99	%
Cash surrender value	$	57,030		87,327		47,052		30,600

September 30, 2023 (In thousands, except for %)	Supplemental Contracts Without Life Contingencies			Fixed Annuity		Dividend Accumulations		Premiums Paid in Advance
Balance, beginning of year	$	32,995		86,807		41,663		34,603
Issuances	16,086			2,160		474		3,200
Premiums received	85			3,273		4,210		659
Interest credited	1,103			1,988		993		948
Other	1			—		—		—
Less:
Surrenders and withdrawals	—			7,647		3,238		6,098
Benefit payments	8,466			—		—		—
Balance, end of period	$	41,804		86,581		44,102		33,312
Weighted-average crediting rates	4.01		%	3.57	%	3.05	%	2.96	%
Cash surrender value	$	41,804		86,581		44,102		33,312

The following table reconciles policyholders' account balances shown above to the policyholders' account balance liability in the consolidated balance sheets.

As of September 30, (In thousands)	2024		2023
Annuities:
Supplemental contracts without life contingencies	$	57,030	41,804
Fixed annuity	87,327		86,581
Unearned revenue reserve	1,481		1,524
Total annuities	$	145,838	129,909
Premiums paid in advance:
Premiums paid in advance	$	30,600	33,312
Other	1,820		2,141
Total premiums paid in advance	$	32,420	35,453