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Policy Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Policyholder Account Balance [Abstract]

Schedule of Liability for Future Policy Benefit, Activity

The following tables summarize the balance of and changes to the liability for future policy benefits for traditional life and health long-duration contracts on the Transition Date due to the adoption of ASU 2018-12:


	Net Liability for Future Policy Benefits - Long Duration Life
	American Income		DTC		Liberty National		Other		Total
Balance, net of reinsurance, at original discount rates as of December 31, 2020	$	3,541,317	$	2,492,226	$	2,140,071	$	2,736,804	$	10,910,418
Effect of changes in discount rate assumptions	3,334,600		2,195,430		1,229,610		2,297,835		9,057,475
Effect of capping and flooring(1)	—		16,899		2,433		2		19,334
Balance, net of reinsurance, at current discount rates as of January 1, 2021	$	6,875,917	$	4,704,555	$	3,372,114	$	5,034,641	$	19,987,227


	Net liability for Future Policy Benefits - Long Duration Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance, net of reinsurance, at original discount rates as of December 31, 2020	$	131,505	$	1,383,128	$	501,312	$	101,998	$	(2,941)	$	2,115,002
Effect of changes in discount rate assumptions	75,652		497,250		219,992		60,366		346		853,606
Effect of capping and flooring(1)	6,506		—		19,324		—		4,193		30,023
Balance, net of reinsurance, at current discount rates as of January 1, 2021	$	213,663	$	1,880,378	$	740,628	$	162,364	$	1,598	$	2,998,631

(1)When the present value of expected future net premiums exceeds the present value of expected future gross premiums for a given cohort (capping), or the present value of future policy benefits and related termination expenses exceeds the present value of expected future net premiums (flooring), an adjustment is made to the liability for future policy benefits.

The following table presents total policy liabilities, both before and after the Transition Date:


	January 1,		December 31,
	2021		2020

Future policy benefits:
Net liability for future policy benefits—long duration life	$	19,987,227	$	10,910,418
Net liability for future policy benefits—long duration health	2,998,631		2,115,002





Additional insurance liabilities(1),(2)	2,008,399		2,218,116
Total future policy benefits	24,994,257		15,243,536

Unearned and advance premium(1)	243,369		61,728

Policy claims and other benefits payable(1)	473,524		399,507

Other policyholders' funds(1)	98,459		97,968
Total policy liabilities	$	25,809,609	$	15,802,739

(1)In addition to the discount rate related adjustments to future policy benefits, the Company reclassified certain balances within total policy liabilities on the Consolidated Balance Sheets as a result of adopting ASU 2018-12. The reclassifications had an immaterial impact on Shareholders' Equity. See table summarizing the transition adjustments to Shareholders' Equity below.

(2)The Company's additional insurance liabilities consist primarily of: 1) deferred profit liability on limited-payment contracts; and 2) reserves on deferred annuity and interest sensitive life blocks of business. See Note 6—Policy Liabilities for additional information.

The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and six month periods ended June 30, 2023 and 2022:


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at January 1, 2022	$	4,925,192	$	7,264,905	$	1,332,469	$	559,972	$	14,082,538
Beginning balance at original discount rates	3,906,098		5,533,741		1,040,242		416,141		10,896,222
Effect of changes in assumptions of future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(17,340)		(91,461)		(9,125)		(3,497)		(121,423)
Adjusted balance at January 1, 2022	3,888,758		5,442,280		1,031,117		412,644		10,774,799
Issuances(1)	420,277		338,996		48,806		15,597		823,676
Interest accrual(2)	86,841		135,858		25,585		10,304		258,588
Net premiums collected(3)	(242,510)		(300,778)		(63,353)		(21,627)		(628,268)

Effect of changes in the foreign exchange rate	(7,272)		—		—		—		(7,272)
Ending balance at original discount rates	4,146,094		5,616,356		1,042,155		416,918		11,221,523

Effect of change from original to current discount rates	233,402		548,590		80,917		45,046		907,955
Balance at June 30, 2022	$	4,379,496	$	6,164,946	$	1,123,072	$	461,964	$	12,129,478

Balance at January 1, 2023	$	4,273,156	$	5,910,224	$	1,094,407	$	470,741	$	11,748,528
Beginning balance at original discount rates	4,246,723		5,680,864		1,066,123		449,209		11,442,919
Effect of changes in assumptions of future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(69,352)		(128,602)		(15,593)		(6,650)		(220,197)
Adjusted balance at January 1, 2023	4,177,371		5,552,262		1,050,530		442,559		11,222,722
Issuances(1)	376,021		313,748		60,848		14,611		765,228
Interest accrual(2)	96,850		142,473		26,655		11,331		277,309
Net premiums collected(3)	(256,959)		(308,129)		(66,472)		(23,026)		(654,586)

Effect of changes in the foreign exchange rate	5,770		—		—		—		5,770
Ending balance at original discount rates	4,399,053		5,700,354		1,071,561		445,475		11,616,443

Effect of change from original to current discount rates	73,794		288,223		38,456		25,804		426,277
Balance at June 30, 2023	$	4,472,847	$	5,988,577	$	1,110,017	$	471,279	$	12,042,720

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio, and the gross premiums collected during the period on the in-force business.


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at April 1, 2022	$	4,646,747	$	6,710,655	$	1,224,988	$	511,832	$	13,094,222
Beginning balance at original discount rates	4,043,480		5,595,772		1,043,765		419,434		11,102,451
Effect of changes in assumptions of future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(13,025)		(61,865)		(8,500)		(5,149)		(88,539)
Adjusted balance at April 1, 2022	4,030,455		5,533,907		1,035,265		414,285		11,013,912
Issuances(1)	204,351		165,221		25,841		8,297		403,710
Interest accrual(2)	43,767		68,250		12,775		5,132		129,924
Net premiums collected(3)	(122,307)		(151,022)		(31,726)		(10,796)		(315,851)

Effect of changes in the foreign exchange rate	(10,172)		—		—		—		(10,172)
Ending balance at original discount rates	4,146,094		5,616,356		1,042,155		416,918		11,221,523

Effect of change from original to current discount rates	233,402		548,590		80,917		45,046		907,955
Balance at June 30, 2022	$	4,379,496	$	6,164,946	$	1,123,072	$	461,964	$	12,129,478

Balance at April 1, 2023	$	4,467,637	$	6,110,550	$	1,128,083	$	483,056	$	12,189,326
Beginning balance at original discount rates	4,325,957		5,718,900		1,070,775		448,677		11,564,309
Effect of changes in assumptions of future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(39,371)		(80,616)		(10,004)		(4,764)		(134,755)
Adjusted balance at April 1, 2023	4,286,586		5,638,284		1,060,771		443,913		11,429,554
Issuances(1)	183,466		144,796		30,706		7,370		366,338
Interest accrual(2)	48,952		71,484		13,368		5,661		139,465
Net premiums collected(3)	(129,720)		(154,210)		(33,284)		(11,469)		(328,683)

Effect of changes in the foreign exchange rate	9,769		—		—		—		9,769
Ending balance at original discount rates	4,399,053		5,700,354		1,071,561		445,475		11,616,443

Effect of change from original to current discount rates	73,794		288,223		38,456		25,804		426,277
Balance at June 30, 2023	$	4,472,847	$	5,988,577	$	1,110,017	$	471,279	$	12,042,720

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(3)Net premiums collected represent the product of the current period net premium ratio, and the gross premiums collected during the period on the in-force business.


	Life
	Present value of expected future policy benefits
	American Income		DTC		Liberty National		Other		Total
Balance at January 1, 2022	$	11,773,519	$	11,859,408	$	4,542,697	$	5,488,684	$	33,664,308
Beginning balance at original discount rates	7,744,201		8,157,259		3,206,164		3,267,306		22,374,930
Effect of changes in assumptions of future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(17,082)		(87,036)		(9,466)		(4,473)		(118,057)
Adjusted balance at January 1, 2022	7,727,119		8,070,223		3,196,698		3,262,833		22,256,873
Issuances(1)	420,277		338,995		48,806		15,597		823,675
Interest accrual(2)	202,147		214,751		84,422		96,844		598,164
Benefit payments(3)	(198,179)		(329,201)		(114,615)		(63,170)		(705,165)

Effect of changes in the foreign exchange rate	(16,658)		—		—		—		(16,658)
Ending balance at original discount rates	8,134,706		8,294,768		3,215,311		3,312,104		22,956,889
Effect of change from original to current discount rates	1,377,565		1,369,441		407,331		908,726		4,063,063
Balance at June 30, 2022	$	9,512,271	$	9,664,209	$	3,622,642	$	4,220,830	$	27,019,952





Balance at January 1, 2023	$	9,119,104	$	9,225,451	$	3,429,256	$	3,976,150	$	25,749,961
Beginning balance at original discount rates	8,409,761		8,477,892		3,272,980		3,403,704		23,564,337
Effect of changes in assumptions of future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(72,388)		(130,006)		(13,119)		(8,367)		(223,880)
Adjusted balance at January 1, 2023	8,337,373		8,347,886		3,259,861		3,395,337		23,340,457
Issuances(1)	376,021		313,749		60,848		14,611		765,229
Interest accrual(2)	220,666		226,661		86,722		101,129		635,178
Benefit payments(3)	(194,971)		(295,399)		(109,650)		(62,586)		(662,606)

Effect of changes in the foreign exchange rate	14,437		—		—		—		14,437
Ending balance at original discount rates	8,753,526		8,592,897		3,297,781		3,448,491		24,092,695
Effect of change from original to current discount rates	914,681		894,336		210,064		661,215		2,680,296
Balance at June 30, 2023	$	9,668,207	$	9,487,233	$	3,507,845	$	4,109,706	$	26,772,991

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, lapse, and maturity benefit payments based on the revised expected assumptions.


	Life
	Present value of expected future policy benefits
	American Income		DTC		Liberty National		Other		Total
Balance at April 1, 2022	$	10,652,256	$	10,750,349	$	4,066,234	$	4,848,375	$	30,317,214
Beginning balance at original discount rates	7,959,694		8,238,501		3,208,055		3,290,269		22,696,519
Effect of changes in assumptions of future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(14,123)		(61,186)		(9,619)		(6,153)		(91,081)
Adjusted balance at April 1, 2022	7,945,571		8,177,315		3,198,436		3,284,116		22,605,438
Issuances(1)	204,351		165,220		25,841		8,297		403,709
Interest accrual(2)	101,811		107,823		42,192		48,564		300,390
Benefit payments(3)	(93,858)		(155,590)		(51,158)		(28,873)		(329,479)

Effect of changes in the foreign exchange rate	(23,169)		—		—		—		(23,169)
Ending balance at original discount rates	8,134,706		8,294,768		3,215,311		3,312,104		22,956,889
Effect of change from original to current discount rates	1,377,565		1,369,441		407,331		908,726		4,063,063
Balance at June 30, 2022	$	9,512,271	$	9,664,209	$	3,622,642	$	4,220,830	$	27,019,952





Balance at April 1, 2023	$	9,637,463	$	9,624,680	$	3,559,012	$	4,166,527	$	26,987,682
Beginning balance at original discount rates	8,573,734		8,563,604		3,284,594		3,427,535		23,849,467
Effect of changes in assumptions of future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(40,862)		(81,059)		(6,065)		(5,471)		(133,457)
Adjusted balance at April 1, 2023	8,532,872		8,482,545		3,278,529		3,422,064		23,716,010
Issuances(1)	183,466		144,797		30,706		7,370		366,339
Interest accrual(2)	111,337		113,893		43,466		50,751		319,447
Benefit payments(3)	(98,297)		(148,338)		(54,920)		(31,694)		(333,249)

Effect of changes in the foreign exchange rate	24,148		—		—		—		24,148
Ending balance at original discount rates	8,753,526		8,592,897		3,297,781		3,448,491		24,092,695
Effect of change from original to current discount rates	914,681		894,336		210,064		661,215		2,680,296
Balance at June 30, 2023	$	9,668,207	$	9,487,233	$	3,507,845	$	4,109,706	$	26,772,991

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.


	Life
	Net liability for future policy benefits as of June 30, 2022
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	3,988,612	$	2,678,412	$	2,173,156	$	2,895,186	$	11,735,366
Effect of changes in discount rate assumptions	1,144,163		820,851		326,414		863,680		3,155,108
Net liability for future policy benefits at current discount rates	5,132,775		3,499,263		2,499,570		3,758,866		14,890,474
Other Adjustments(1)	21		2,239		(10,874)		(37,397)		(46,011)
Net liability for future policy benefits, after other adjustments, at current discount rates	$	5,132,796	$	3,501,502	$	2,488,696	$	3,721,469	$	14,844,463

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.


	Life
	Net liability for future policy benefits as of June 30, 2023
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,354,473	$	2,892,543	$	2,226,220	$	3,003,016	$	12,476,252
Effect of changes in discount rate assumptions	840,887		606,113		171,608		635,411		2,254,019
Net liability for future policy benefits at current discount rates	5,195,360		3,498,656		2,397,828		3,638,427		14,730,271
Other Adjustments(1)	(70)		4,750		58		(36,437)		(31,699)
Net liability for future policy benefits, after other adjustments, at current discount rates	$	5,195,290	$	3,503,406	$	2,397,886	$	3,601,990	$	14,698,572

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and six month periods ended June 30, 2023 and 2022:


	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at January 1, 2022	$	3,611,659	$	1,944,714	$	517,368	$	222,553	$	121,724	$	6,418,018
Beginning balance at original discount rates	2,949,851		1,688,590		414,409		178,801		96,776		5,328,427
Effect of changes in assumptions of future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(35,736)		(35,913)		(24,189)		(5,260)		(1,543)		(102,641)
Adjusted balance at January 1, 2022	2,914,115		1,652,677		390,220		173,541		95,233		5,225,786
Issuances(1)	175,070		109,933		22,613		20,424		2,323		330,363
Interest accrual(2)	61,205		30,014		9,593		3,680		2,353		106,845
Net premiums collected(3)	(127,736)		(85,830)		(25,685)		(10,540)		(5,157)		(254,948)

Effect of changes in the foreign exchange rate	—		—		—		(807)		—		(807)
Ending balance at original discount rates	3,022,654		1,706,794		396,741		186,298		94,752		5,407,239

Effect of change from original to current discount rates	116,052		(56,287)		28,536		7,238		7,681		103,220
Balance at June 30, 2022	$	3,138,706	$	1,650,507	$	425,277	$	193,536	$	102,433	$	5,510,459

Balance at January 1, 2023	$	2,908,501	$	1,594,992	$	423,490	$	190,296	$	90,143	$	5,207,422
Beginning balance at original discount rates	2,941,261		1,729,219		415,442		192,631		87,751		5,366,304
Effect of changes in assumptions of future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(28,923)		(34,394)		(27,833)		(5,249)		(1,895)		(98,294)
Adjusted balance at January 1, 2023	2,912,338		1,694,825		387,609		187,382		85,856		5,268,010
Issuances(1)	143,716		132,346		28,191		20,787		4,215		329,255
Interest accrual(2)	63,854		32,819		9,666		4,134		2,118		112,591
Net premiums collected(3)	(134,248)		(88,784)		(25,286)		(10,981)		(5,349)		(264,648)

Effect of changes in the foreign exchange rate	—		—		—		387		—		387
Ending balance at original discount rates	2,985,660		1,771,206		400,180		201,709		86,840		5,445,595

Effect of change from original to current discount rates	(1,106)		(110,186)		9,371		135		2,834		(98,952)
Balance at June 30, 2023	$	2,984,554	$	1,661,020	$	409,551	$	201,844	$	89,674	$	5,346,643

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(3)Net premiums collected represent the product of the current period net premium ratio, and the gross premiums collected during the period on the in-force business.


	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at April 1, 2022	$	3,337,152	$	1,790,237	$	463,452	$	208,064	$	109,734	$	5,908,639
Beginning balance at original discount rates	2,957,769		1,699,135		401,751		183,679		94,408		5,336,742
Effect of changes in assumptions of future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	13,826		(20,751)		(8,728)		(2,795)		336		(18,112)
Adjusted balance at April 1, 2022	2,971,595		1,678,384		393,023		180,884		94,744		5,318,630
Issuances(1)	85,036		56,415		11,798		9,972		1,443		164,664
Interest accrual(2)	30,866		15,074		4,721		1,849		1,171		53,681
Net premiums collected(3)	(64,843)		(43,079)		(12,801)		(5,288)		(2,606)		(128,617)

Effect of changes in the foreign exchange rate	—		—		—		(1,119)		—		(1,119)
Ending balance at original discount rates	3,022,654		1,706,794		396,741		186,298		94,752		5,407,239

Effect of change from original to current discount rates	116,052		(56,287)		28,536		7,238		7,681		103,220
Balance at June 30, 2022	$	3,138,706	$	1,650,507	$	425,277	$	193,536	$	102,433	$	5,510,459

Balance at April 1, 2023	$	2,997,723	$	1,664,414	$	421,447	$	200,666	$	90,243	$	5,374,493
Beginning balance at original discount rates	2,948,641		1,750,468		404,647		197,446		85,966		5,387,168
Effect of changes in assumptions of future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	5,210		(15,636)		(11,249)		(3,629)		679		(24,625)
Adjusted balance at April 1, 2023	2,953,851		1,734,832		393,398		193,817		86,645		5,362,543
Issuances(1)	67,875		64,559		14,888		10,575		1,823		159,720
Interest accrual(2)	32,267		16,620		4,776		2,098		1,061		56,822
Net premiums collected(3)	(68,333)		(44,805)		(12,882)		(5,556)		(2,689)		(134,265)

Effect of changes in the foreign exchange rate	—		—		—		775		—		775
Ending balance at original discount rates	2,985,660		1,771,206		400,180		201,709		86,840		5,445,595

Effect of change from original to current discount rates	(1,106)		(110,186)		9,371		135		2,834		(98,952)
Balance at June 30, 2023	$	2,984,554	$	1,661,020	$	409,551	$	201,844	$	89,674	$	5,346,643

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(3)Net premiums collected represent the product of the current period net premium ratio, and the gross premiums collected during the period on the in-force business.


	Health
	Present value of expected future policy benefits
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at January 1, 2022	$	3,810,559	$	3,840,322	$	1,201,317	$	380,915	$	119,888	$	9,353,001
Beginning balance at original discount rates	3,090,901		3,193,342		921,608		285,604		95,628		7,587,083
Effect of changes in assumptions of future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(38,057)		(37,106)		(23,919)		(5,684)		(1,615)		(106,381)
Adjusted balance at January 1, 2022	3,052,844		3,156,236		897,689		279,920		94,013		7,480,702
Issuances(1)	174,828		109,933		22,792		20,424		2,310		330,287
Interest accrual(2)	65,107		59,584		24,035		6,886		2,352		157,964
Benefit payments(3)	(132,751)		(58,509)		(48,379)		(10,192)		(6,532)		(256,363)

Effect of changes in the foreign exchange rate	—		—		—		(1,467)		—		(1,467)
Ending balance at original discount rates	3,160,028		3,267,244		896,137		295,571		92,143		7,711,123
Effect of change from original to current discount rates	125,668		(137,367)		89,077		26,397		7,341		111,116
Balance at June 30, 2022	$	3,285,696	$	3,129,877	$	985,214	$	321,968	$	99,484	$	7,822,239





Balance at January 1, 2023	$	3,046,829	$	3,005,664	$	941,574	$	312,750	$	87,532	$	7,394,349
Beginning balance at original discount rates	3,080,633		3,336,344		904,865		303,713		85,212		7,710,767
Effect of changes in assumptions of future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(27,940)		(36,292)		(27,018)		(6,018)		(1,830)		(99,098)
Adjusted balance at January 1, 2023	3,052,693		3,300,052		877,847		297,695		83,382		7,611,669
Issuances(1)	143,404		132,346		27,901		20,787		4,208		328,646
Interest accrual(2)	67,592		65,320		23,526		7,389		2,118		165,945
Benefit payments(3)	(146,921)		(61,551)		(48,395)		(11,660)		(6,520)		(275,047)

Effect of changes in the foreign exchange rate	—		—		—		876		—		876
Ending balance at original discount rates	3,116,768		3,436,167		880,879		315,087		83,188		7,832,089
Effect of change from original to current discount rates	(379)		(268,706)		42,269		13,492		2,668		(210,656)
Balance at June 30, 2023	$	3,116,389	$	3,167,461	$	923,148	$	328,579	$	85,856	$	7,621,433

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.


	Health
	Present value of expected future policy benefits
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at April 1, 2022	$	3,508,485	$	3,476,639	$	1,082,425	$	351,631	$	107,034	$	8,526,214
Beginning balance at original discount rates	3,095,417		3,232,281		905,739		292,356		92,272		7,618,065
Effect of changes in assumptions of future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	12,396		(21,437)		(8,130)		(3,040)		410		(19,801)
Adjusted balance at April 1, 2022	3,107,813		3,210,844		897,609		289,316		92,682		7,598,264
Issuances(1)	84,924		56,415		11,926		9,972		1,434		164,671
Interest accrual(2)	32,799		30,001		11,916		3,454		1,170		79,340
Benefit payments(3)	(65,508)		(30,016)		(25,314)		(5,148)		(3,143)		(129,129)

Effect of changes in the foreign exchange rate	—		—		—		(2,023)		—		(2,023)
Ending balance at original discount rates	3,160,028		3,267,244		896,137		295,571		92,143		7,711,123
Effect of change from original to current discount rates	125,668		(137,367)		89,077		26,397		7,341		111,116
Balance at June 30, 2022	$	3,285,696	$	3,129,877	$	985,214	$	321,968	$	99,484	$	7,822,239





Balance at April 1, 2023	$	3,132,462	$	3,174,672	$	949,996	$	326,533	$	87,090	$	7,670,753
Beginning balance at original discount rates	3,079,790		3,387,380		890,019		308,170		83,001		7,748,360
Effect of changes in assumptions of future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	3,503		(16,513)		(11,023)		(4,439)		472		(28,000)
Adjusted balance at April 1, 2023	3,083,293		3,370,867		878,996		303,731		83,473		7,720,360
Issuances(1)	67,721		64,559		14,616		10,575		1,820		159,291
Interest accrual(2)	34,112		33,031		11,686		3,721		1,061		83,611
Benefit payments(3)	(68,358)		(32,290)		(24,419)		(4,523)		(3,166)		(132,756)

Effect of changes in the foreign exchange rate	—		—		—		1,583		—		1,583
Ending balance at original discount rates	3,116,768		3,436,167		880,879		315,087		83,188		7,832,089
Effect of change from original to current discount rates	(379)		(268,706)		42,269		13,492		2,668		(210,656)
Balance at June 30, 2023	$	3,116,389	$	3,167,461	$	923,148	$	328,579	$	85,856	$	7,621,433

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.


	Health
	Net liability for future policy benefits as of June 30, 2022
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	137,374	$	1,560,450	$	499,396	$	109,273	$	(2,609)	$	2,303,884
Effect of changes in discount rate assumptions	9,616		(81,080)		60,541		19,159		(340)		7,896
Net liability for future policy benefits at current discount rates	146,990		1,479,370		559,937		128,432		(2,949)		2,311,780
Other Adjustments(1)	(1,405)		(6,461)		1,998		48		4,007		(1,813)
Net liability for future policy benefits, after other adjustments, at current discount rates	$	145,585	$	1,472,909	$	561,935	$	128,480	$	1,058	$	2,309,967

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.


	Health
	Net liability for future policy benefits as of June 30, 2023
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	131,108		1,664,961		480,699		113,378		(3,652)		2,386,494
Effect of changes in discount rate assumptions	727		(158,520)		32,898		13,357		(166)		(111,704)
Net liability for future policy benefits at current discount rates	131,835		1,506,441		513,597		126,735		(3,818)		2,274,790
Other Adjustments(1)	1,104		(9,797)		4,671		605		4,645		1,228
Net liability for future policy benefits, after other adjustments, at current discount rates	$	132,939	$	1,496,644	$	518,268	$	127,340	$	827	$	2,276,018

(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

The following table reconciles the liability for future policy benefits to the Consolidated Balance Sheets as of June 30, 2023:



	At Original Discount Rates				At Current Discount Rates
	As of June 30,				As of June 30,
	2023		2022		2023		2022
Life(1):
American Income	$	4,354,403	$	3,988,588	$	5,195,290	$	5,132,796
Direct to Consumer	2,892,543		2,678,413		3,503,406		3,501,502
Liberty National	2,218,639		2,161,743		2,397,886		2,488,696
Other	2,976,680		2,870,179		3,601,990		3,721,469
Net liability for future policy benefits—long duration life	12,442,265		11,698,923		14,698,572		14,844,463

Health(1):
United American	130,624		135,532		132,939		145,585
Family Heritage	1,654,616		1,551,200		1,496,644		1,472,909
Liberty National	484,458		500,950		518,268		561,935
American Income	113,981		109,318		127,340		128,480
Direct to Consumer	798		993		827		1,058
Net liability for future policy benefits—long duration health	2,384,477		2,297,993		2,276,018		2,309,967

Deferred profit liability	172,531		184,680		172,531		184,680
Deferred annuity	853,064		1,015,804		853,064		1,015,804
Interest sensitive life	736,920		742,293		736,920		742,293
Other	9,406		8,121		9,409		8,127
Total future policy benefits	$	16,598,663	$	15,947,814	$	18,746,514	$	19,105,334

(1)Balances are presented net of the reinsurance recoverable and the effects of flooring the liability.

The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of June 30, 2023 and 2022:


	Life
	Weighted-average Discount Rates
	As of June 30, 2023								As of June 30, 2022
	American Income		DTC		Liberty National		Other		American Income		DTC		Liberty National		Other

Original discount rate	5.8	%	6.0	%	5.6	%	6.2	%	5.8	%	6.0	%	5.6	%	6.2	%
Current discount rate	5.0	%	5.1	%	5.1	%	5.1	%	4.8	%	4.8	%	4.7	%	4.7	%


	Health
	Weighted-average Discount Rates
	As of June 30, 2023										As of June 30, 2022
	United American		Family Heritage		Liberty National		American Income		DTC		United American		Family Heritage		Liberty National		American Income		DTC

Original discount rate	5.1	%	4.3	%	5.8	%	5.9	%	5.1	%	5.2	%	4.3	%	5.8	%	5.9	%	5.2	%
Current discount rate	4.9	%	5.1	%	5.1	%	4.9	%	4.9	%	4.6	%	4.8	%	4.6	%	4.6	%	4.6	%

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of June 30, 2023 and 2022:


	As of June 30,
	2023		2022
	At original discount rates	At current discount rates	At original discount rates	At current discount rates
Life
American Income	22.91	23.45	22.88	23.50
Direct to Consumer	20.12	21.81	20.78	22.51
Liberty National	14.97	15.69	15.11	16.09
Other	16.44	18.19	16.70	18.76

Health
United American	11.37	10.79	11.74	11.23
Family Heritage	14.87	14.41	15.36	15.00
Liberty National	9.34	9.68	9.02	9.52
American Income	12.12	12.73	12.51	13.25
Direct to Consumer	11.37	10.79	11.74	11.23

The following tables summarize the amount of gross premiums and interest, net of reinsurance, related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations:


	Life
	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	781,453	$	123,816	$	745,128	$	115,305
Direct to Consumer	490,443		84,062		486,929		78,834
Liberty National	169,570		59,670		159,453		58,592
Other	103,343		88,926		104,550		85,713
Total	$	1,544,809	$	356,474	$	1,496,060	$	338,444


	Life
	Three Months Ended June 30, 2023				Three Months Ended June 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	394,308	$	62,385	$	375,391	$	58,043
Direct to Consumer	245,736		42,348		244,267		39,542
Liberty National	85,498		29,901		80,105		29,307
Other	51,507		44,652		52,163		43,016
Total	$	777,049	$	179,286	$	751,926	$	169,908


	Health
	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	198,679	$	3,604	$	187,881	$	3,791
Family Heritage	194,219		32,272		180,298		29,371
Liberty National	93,434		13,801		94,097		14,398
American Income	56,335		3,256		55,941		3,206
Direct to Consumer	7,097		—		7,130		—
Total	$	549,764	$	52,933	$	525,347	$	50,766


	Health
	Three Months Ended June 30, 2023				Three Months Ended June 30, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	100,847	$	1,782	$	95,615	$	1,878
Family Heritage	98,129		16,295		90,758		14,826
Liberty National	46,690		6,881		46,601		7,172
American Income	28,239		1,624		28,004		1,605
Direct to Consumer	3,555		—		3,594		—
Total	$	277,460	$	26,582	$	264,572	$	25,481

Schedule of Undiscounted and Discounted Expected Future Gross Premiums and Expected Future Benefits And Expenses

The following tables provide the undiscounted and discounted expected future net premiums, expected future gross premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts:


	Life
	As of June 30, 2023						As of June 30, 2022
	Not discounted		At original discount rates		At current discount rates		Not discounted		At original discount rates		At current discount rates
American Income
PV of expected future gross premiums	$	23,507,444	$	13,292,363	$	13,604,682	$	22,241,655	$	12,593,870	$	13,403,810
PV of expected future net premiums	7,764,339		4,399,053		4,472,847		7,299,282		4,146,094		4,379,496
PV of expected future policy benefits	29,442,642		8,753,526		9,668,207		27,485,575		8,134,706		9,512,271

DTC
PV of expected future gross premiums	$	17,486,509	$	9,157,664	$	9,599,872	$	17,479,973	$	9,139,637	$	10,021,214
PV of expected future net premiums	10,811,358		5,700,354		5,988,577		10,669,169		5,616,356		6,164,946
PV of expected future policy benefits	25,685,249		8,592,897		9,487,233		25,039,202		8,294,768		9,664,209

Liberty National
PV of expected future gross premiums	$	4,511,931	$	2,630,182	$	2,657,925	$	4,305,035	$	2,511,938	$	2,653,354
PV of expected future net premiums	1,891,335		1,071,561		1,110,017		1,849,968		1,042,155		1,123,072
PV of expected future policy benefits	8,710,626		3,297,781		3,507,845		8,542,769		3,215,311		3,622,642

Other
PV of expected future gross premiums	$	3,773,740	$	1,909,405	$	2,075,784	$	3,888,394	$	1,943,515	$	2,219,226
PV of expected future net premiums	914,258		445,475		471,279		865,231		416,918		461,964
PV of expected future policy benefits	12,398,774		3,448,491		4,109,706		12,297,303		3,312,104		4,220,830

Total
PV of expected future gross premiums	$	49,279,624	$	26,989,614	$	27,938,263	$	47,915,057	$	26,188,960	$	28,297,604
PV of expected future net premiums	21,381,290		11,616,443		12,042,720		20,683,650		11,221,523		12,129,478
PV of expected future policy benefits	76,237,291		24,092,695		26,772,991		73,364,849		22,956,889		27,019,952


	Health
	As of June 30, 2023						As of June 30, 2022
	Not discounted		At original discount rates		At current discount rates		Not discounted		At original discount rates		At current discount rates
United American
PV of expected future gross premiums	$	6,896,513	$	4,338,871	$	4,335,298	$	7,009,500	$	4,355,843	$	4,522,406
PV of expected future net premiums	4,754,498		2,985,660		2,984,554		4,881,053		3,022,654		3,138,706
PV of expected future policy benefits	4,976,470		3,116,768		3,116,389		5,161,077		3,160,028		3,285,696

Family Heritage
PV of expected future gross premiums	$	6,569,913	$	3,903,618	$	3,684,436	$	5,972,275	$	3,605,039	$	3,512,619
PV of expected future net premiums	2,958,074		1,771,206		1,661,020		2,805,839		1,706,794		1,650,507
PV of expected future policy benefits	6,483,691		3,436,167		3,167,461		6,083,626		3,267,244		3,129,877

Liberty National
PV of expected future gross premiums	$	2,212,104	$	1,382,884	$	1,429,939	$	2,146,129	$	1,341,205	$	1,450,309
PV of expected future net premiums	627,206		400,180		409,551		631,366		396,741		425,277
PV of expected future policy benefits	1,561,839		880,879		923,148		1,576,325		896,137		985,214

American Income
PV of expected future gross premiums	$	1,787,907	$	998,307	$	1,035,471	$	1,734,015	$	969,006	$	1,043,861
PV of expected future net premiums	360,163		201,709		201,844		328,892		186,298		193,536
PV of expected future policy benefits	640,722		315,087		328,579		605,818		295,571		321,968

Direct to Consumer
PV of expected future gross premiums	$	174,681	$	114,216	$	118,015	$	203,964	$	129,704	$	140,200
PV of expected future net premiums	133,047		86,840		89,674		149,366		94,752		102,433
PV of expected future policy benefits	125,192		83,188		85,856		143,327		92,143		99,484

Total
PV of expected future gross premiums	$	17,641,118	$	10,737,896	$	10,603,159	$	17,065,883	$	10,400,797	$	10,669,395
PV of expected future net premiums	8,832,988		5,445,595		5,346,643		8,796,516		5,407,239		5,510,459
PV of expected future policy benefits	13,787,914		7,832,089		7,621,433		13,570,173		7,711,123		7,822,239

Schedule of Policyholder Account Balance

The following table summarizes the balances of, and changes in, policyholders’ account balances as of June 30, 2023 and 2022:


	Policyholders' Account Balances
	2023						2022
	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
Balance at January 1,	$	739,105	$	954,318	$	123,234	$	745,335	$	1,033,525	$	99,468
Issuances	—		371		—		—		693		—
Premiums received	11,664		8,104		68,409		12,387		14,074		3,892
Policy charges	(6,516)		—		—		(6,874)		—		—
Surrenders and withdrawals	(10,622)		(87,271)		(6,324)		(10,753)		(26,116)		(5,642)
Benefit payments	(15,495)		(37,412)		—		(18,361)		(23,452)		—

Interest credited	14,191		14,745		3,339		14,365		16,590		2,258
Other	4,593		209		(785)		6,194		490		258
Balance at June 30,	$	736,920	$	853,064	$	187,873	$	742,293	$	1,015,804	$	100,234


	Policyholders' Account Balances
	2023						2022
	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
Balance at April 1,	$	737,900	$	907,797	$	142,686	$	744,244	$	1,027,087	$	100,124
Issuances	—		169		—		—		353		—
Premiums received	5,634		3,328		46,747		6,090		5,858		1,848
Policy charges	(3,197)		—		—		(3,400)		—		—
Surrenders and withdrawals	(5,238)		(43,738)		(3,021)		(5,473)		(14,243)		(2,837)
Benefit payments	(7,651)		(21,628)		—		(9,362)		(11,379)		—

Interest credited	7,056		7,185		2,101		7,195		8,300		1,133
Other	2,416		(49)		(640)		2,999		(172)		(34)
Balance at June 30,	$	736,920	$	853,064	$	187,873	$	742,293	$	1,015,804	$	100,234


Weighted-average credit rate	3.88		%	3.30	%	5.18	%	3.93		%	3.29	%	4.60	%
Net amount at risk	$	1,819,695		N/A		N/A		$	1,924,662		N/A		N/A
Cash surrender value	675,044			853,064		187,872		691,193			1,015,786		100,234

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of difference, if any, in basis points between rates being credited to policy holders and the respective guaranteed minimums:


	At June 30, 2023
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%	$	—	$	2,076	$	88,301
3.00%-3.99%	29,014		647,355		4,025
4.00%-4.99%	618,071		203,633		8,587
Greater than 5.00%	89,835		—		38,594
Total	736,920		853,064		139,507






51-150 basis points above
Less than 3.00%	—		—		—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		48,366
Greater than 5.00%	—		—		—
Total	—		—		48,366





Grand Total	$	736,920	$	853,064	$	187,873


	At June 30, 2022
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%	$	—	$	2,168	$	—
3.00%-3.99%	28,699		801,318		2,937
4.00%-4.99%	624,330		212,318		58,981
Greater than 5.00%	89,264		—		38,316
Total	$	742,293	$	1,015,804	$	100,234
51-150 basis points above
Less than 3.00%	$	—	$	—	$	—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		—
Greater than 5.00%	—		—		—
Total	—		—		—






Grand Total	$	742,293	$	1,015,804	$	100,234