Deferred Acquisition Costs

6 Months Ended

Jun. 30, 2023

Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three and six month periods ended June 30, 2023 and 2022:


	Life
	American Income		DTC		Liberty National		Other		Total
Balance at January 1, 2022	$	1,960,254	$	1,583,695	$	566,419	$	301,647	$	4,412,015
Capitalizations	230,021		93,657		42,814		7,018		373,510
Amortization expense	(68,264)		(46,618)		(22,335)		(8,393)		(145,610)
Foreign exchange adjustment	(5,240)		—		—		—		(5,240)
Experience adjustment	—		—		—		—		—
Balance at June 30, 2022	$	2,116,771	$	1,630,734	$	586,898	$	300,272	$	4,634,675






Balance at January 1, 2023	$	2,258,291	$	1,676,931	$	610,723	$	298,346	$	4,844,291
Capitalizations	234,172		87,389		50,649		6,767		378,977
Amortization expense	(77,742)		(49,605)		(25,163)		(8,252)		(160,762)
Foreign exchange adjustment	2,759		—		—		—		2,759
Experience adjustment	—		—		—		—		—
Balance at June 30, 2023	$	2,417,480	$	1,714,715	$	636,209	$	296,861	$	5,065,265


	Life
	American Income		DTC		Liberty National		Other		Total





Balance at April 1, 2022	$	2,042,907	$	1,608,739	$	575,838	$	300,936	$	4,528,420
Capitalizations	115,593		45,441		22,349		3,531		186,914
Amortization expense	(34,751)		(23,446)		(11,289)		(4,195)		(73,681)
Foreign exchange adjustment	(6,978)		—		—		—		(6,978)
Experience adjustment	—		—		—		—		—
Balance at June 30, 2022	$	2,116,771	$	1,630,734	$	586,898	$	300,272	$	4,634,675






Balance at April 1, 2023	$	2,332,600	$	1,699,588	$	622,532	$	297,542	$	4,952,262
Capitalizations	118,777		39,979		26,428		3,446		188,630
Amortization expense	(39,443)		(24,852)		(12,751)		(4,127)		(81,173)
Foreign exchange adjustment	5,546		—		—		—		5,546
Experience adjustment	—		—		—		—		—
Balance at June 30, 2023	$	2,417,480	$	1,714,715	$	636,209	$	296,861	$	5,065,265


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total





Balance at January 1, 2022	$	81,140	$	388,967	$	127,537	$	49,406	$	2,032	$	649,082
Capitalizations	1,068		25,430		8,736		6,345		2		41,581
Amortization expense	(3,034)		(12,675)		(6,681)		(1,687)		(89)		(24,166)
Foreign exchange adjustment	—		—		—		(288)		—		(288)
Experience adjustment	—		—		—		—		—		—
Balance at June 30, 2022	$	79,174	$	401,722	$	129,592	$	53,776	$	1,945	$	666,209
















Balance at January 1, 2023	$	77,394	$	416,608	$	133,096	$	57,811	$	1,854	$	686,763
Capitalizations	996		30,591		9,734		6,320		—		47,641
Amortization expense	(3,041)		(13,200)		(6,554)		(1,903)		(94)		(24,792)
Foreign exchange adjustment	—		—		—		57		—		57
Experience adjustment	—		—		—		—		—		—
Balance at June 30, 2023	$	75,349	$	433,999	$	136,276	$	62,285	$	1,760	$	709,669


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total





Balance at April 1, 2022	$	80,204	$	394,925	$	128,338	$	51,820	$	1,988	$	657,275
Capitalizations	488		13,067		4,615		3,190		2		21,362
Amortization expense	(1,518)		(6,270)		(3,361)		(858)		(45)		(12,052)
Foreign exchange adjustment	—		—		—		(376)		—		(376)
Experience adjustment	—		—		—		—		—		—
Balance at June 30, 2022	$	79,174	$	401,722	$	129,592	$	53,776	$	1,945	$	666,209
















Balance at April 1, 2023	$	76,388	$	425,145	$	134,728	$	59,890	$	1,807	$	697,958
Capitalizations	489		15,494		4,852		3,177		—		24,012
Amortization expense	(1,528)		(6,640)		(3,304)		(965)		(47)		(12,484)
Foreign exchange adjustment	—		—		—		183		—		183
Experience adjustment	—		—		—		—		—		—
Balance at June 30, 2023	$	75,349	$	433,999	$	136,276	$	62,285	$	1,760	$	709,669

The following table presents a reconciliation of deferred policy acquisition costs to the Consolidated Balance Sheets as of June 30, 2023: