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Policy Liabilities

12 Months Ended

Dec. 31, 2023

Policyholder Account Balance [Abstract]

Note 6—Policy Liabilities

The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders.

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 years ended December 31, 2023.


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at January 1, 2021	$	4,498,278	$	7,028,713	$	1,327,203	$	571,165	$	13,425,359
Beginning balance at original discount rates	3,263,663		4,963,806		967,173		393,287		9,587,929
Effect of changes in assumptions on future cash flows	5,854		18,076		5,104		2,499		31,533
Effect of actual variances from expected experience	43,249		7,439		61,583		(1,592)		110,679
Adjusted balance at January 1, 2021	3,312,766		4,989,321		1,033,860		394,194		9,730,141
Issuances(1)	866,716		860,279		77,272		43,978		1,848,245
Interest accrual(2)	169,543		267,314		51,274		20,806		508,937
Net premiums collected(3)	(443,095)		(583,173)		(122,164)		(42,837)		(1,191,269)

Effect of changes in the foreign exchange rate	168		—		—		—		168
Ending balance at original discount rates	3,906,098		5,533,741		1,040,242		416,141		10,896,222

Effect of change from original to current discount rates	1,019,094		1,731,164		292,227		143,831		3,186,316
Balance at December 31, 2021	$	4,925,192	$	7,264,905	$	1,332,469	$	559,972	$	14,082,538

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 on future cash flows	34,266		79,571		17,719		35,214		166,770
Effect of actual variances from expected experience	(121,230)		(264,286)		(20,027)		(10,929)		(416,472)
Adjusted balance at January 1, 2022	3,819,134		5,349,026		1,037,934		440,426		10,646,520
Issuances(1)	760,857		663,790		104,982		31,815		1,561,444
Interest accrual(2)	176,102		273,494		51,326		21,150		522,072
Net premiums collected(3)	(491,168)		(605,446)		(128,119)		(44,182)		(1,268,915)

Effect of changes in the foreign exchange rate	(18,202)		—		—		—		(18,202)
Ending balance at original discount rates	4,246,723		5,680,864		1,066,123		449,209		11,442,919

Effect of change from original to current discount rates	26,433		229,360		28,284		21,532		305,609
Balance at December 31, 2022	$	4,273,156	$	5,910,224	$	1,094,407	$	470,741	$	11,748,528


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
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 on future cash flows	14,265		36,170		5,178		8,419		64,032
Effect of actual variances from expected experience	(155,293)		(306,004)		(40,961)		(18,441)		(520,699)
Adjusted balance at January 1, 2023	4,105,695		5,411,030		1,030,340		439,187		10,986,252
Issuances(1)	733,702		579,363		127,048		27,959		1,468,072
Interest accrual(2)	200,363		287,615		54,147		22,804		564,929
Net premiums collected(3)	(521,521)		(613,749)		(133,704)		(46,001)		(1,314,975)

Effect of changes in the foreign exchange rate	5,090		—		—		—		5,090
Ending balance at original discount rates	4,523,329		5,664,259		1,077,831		443,949		11,709,368

Effect of change from original to current discount rates	158,559		388,392		51,885		34,103		632,939
Balance at December 31, 2023	$	4,681,888	$	6,052,651	$	1,129,716	$	478,052	$	12,342,307

(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 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 policy benefits
	American Income		DTC		Liberty National		Other		Total
Balance at January 1, 2021	$	11,374,299	$	11,733,268	$	4,710,075	$	5,655,261	$	33,472,903
Beginning balance at original discount rates	6,805,088		7,472,930		3,120,435		3,151,846		20,550,299
Effect of changes in assumptions on future cash flows	6,584		20,319		5,837		2,850		35,590
Effect of actual variances from expected experience	45,921		13,675		62,981		(3,040)		119,537
Adjusted balance at January 1, 2021	6,857,593		7,506,924		3,189,253		3,151,656		20,705,426
Issuances(1)	866,707		860,279		77,272		43,978		1,848,236
Interest accrual(2)	389,384		421,762		168,794		189,778		1,169,718
Benefit payments(3)	(370,275)		(631,706)		(229,155)		(118,106)		(1,349,242)

Effect of changes in the foreign exchange rate	792		—		—		—		792
Ending balance at original discount rates	7,744,201		8,157,259		3,206,164		3,267,306		22,374,930
Effect of change from original to current discount rates	4,029,318		3,702,149		1,336,533		2,221,378		11,289,378
Balance at December 31, 2021	$	11,773,519	$	11,859,408	$	4,542,697	$	5,488,684	$	33,664,308


	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 on future cash flows	48,534		104,910		33,457		39,725		226,626
Effect of actual variances from expected experience	(127,626)		(259,285)		(18,535)		(12,787)		(418,233)
Adjusted balance at January 1, 2022	7,665,109		8,002,884		3,221,086		3,294,244		22,183,323
Issuances(1)	760,856		663,786		105,006		31,815		1,561,463
Interest accrual(2)	410,201		433,611		169,578		195,792		1,209,182
Benefit payments(3)	(382,142)		(622,389)		(222,690)		(118,147)		(1,345,368)

Effect of changes in the foreign exchange rate	(44,263)		—		—		—		(44,263)
Ending balance at original discount rates	8,409,761		8,477,892		3,272,980		3,403,704		23,564,337
Effect of change from original to current discount rates	709,343		747,559		156,276		572,446		2,185,624
Balance at December 31, 2022	$	9,119,104	$	9,225,451	$	3,429,256	$	3,976,150	$	25,749,961

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 on future cash flows	13,344		34,407		6,156		11,661		65,568
Effect of actual variances from expected experience	(164,900)		(318,687)		(46,341)		(24,195)		(554,123)
Adjusted balance at January 1, 2023	8,258,205		8,193,612		3,232,795		3,391,170		23,075,782
Issuances(1)	733,700		579,365		127,062		27,959		1,468,086
Interest accrual(2)	452,640		458,587		174,995		204,083		1,290,305
Benefit payments(3)	(396,031)		(574,812)		(196,600)		(116,353)		(1,283,796)

Effect of changes in the foreign exchange rate	13,319		—		—		—		13,319
Ending balance at original discount rates	9,061,833		8,656,752		3,338,252		3,506,859		24,563,696
Effect of change from original to current discount rates	1,101,794		1,057,764		267,140		732,764		3,159,462
Balance at December 31, 2023	$	10,163,627	$	9,714,516	$	3,605,392	$	4,239,623	$	27,723,158

(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
	Net liability for future policy benefits as of December 31, 2021
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	3,838,103	$	2,623,518	$	2,165,922	$	2,851,165	$	11,478,708
Effect of changes in discount rate assumptions	3,010,224		1,970,985		1,044,306		2,077,547		8,103,062
Other Adjustments(1)	156		2,511		674		72		3,413
Net liability for future policy benefits, after other adjustments, at current discount rates	6,848,483		4,597,014		3,210,902		4,928,784		19,585,183
Reinsurance recoverable	(105)		—		(11,131)		(49,899)		(61,135)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	6,848,378	$	4,597,014	$	3,199,771	$	4,878,885	$	19,524,048

(1)Other adjustments include the effects of capping and flooring the liability.


	Life
	Net liability for future policy benefits as of December 31, 2022
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,163,038	$	2,797,028	$	2,206,857	$	2,954,495	$	12,121,418
Effect of changes in discount rate assumptions	682,910		518,199		127,992		550,914		1,880,015
Other Adjustments(1)	115		4,913		7,638		48		12,714
Net liability for future policy benefits, after other adjustments, at current discount rates	4,846,063		3,320,140		2,342,487		3,505,457		14,014,147
Reinsurance recoverable	(123)		—		(7,477)		(34,830)		(42,430)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	4,845,940	$	3,320,140	$	2,335,010	$	3,470,627	$	13,971,717

(1)Other adjustments include the effects of capping and flooring the liability.


	Life
	Net liability for future policy benefits as of December 31, 2023
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,538,504	$	2,992,493	$	2,260,421	$	3,062,910	$	12,854,328
Effect of changes in discount rate assumptions	943,235		669,372		215,255		698,661		2,526,523
Other Adjustments(1)	297		3,315		5,764		62		9,438
Net liability for future policy benefits, after other adjustments, at current discount rates	5,482,036		3,665,180		2,481,440		3,761,633		15,390,289
Reinsurance recoverable	(141)		—		(7,719)		(37,848)		(45,708)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,481,895	$	3,665,180	$	2,473,721	$	3,723,785	$	15,344,581

(1)Other adjustments include 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 years ended December 31, 2023:


	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at January 1, 2021	$	3,432,493	$	1,889,970	$	578,518	$	205,601	$	133,832	$	6,240,414
Beginning balance at original discount rates	2,573,470		1,537,512		430,962		150,095		100,380		4,792,419
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	86,186		(26,975)		(34,535)		(4,314)		(1,695)		18,667
Adjusted balance at January 1, 2021	2,659,656		1,510,537		396,427		145,781		98,685		4,811,086
Issuances(1)	413,289		282,898		47,043		45,612		3,859		792,701
Interest accrual(2)	117,151		59,554		20,736		7,416		4,966		209,823
Net premiums collected(3)	(240,245)		(164,399)		(49,797)		(19,931)		(10,734)		(485,106)

Effect of changes in the foreign exchange rate	—		—		—		(77)		—		(77)
Ending balance at original discount rates	2,949,851		1,688,590		414,409		178,801		96,776		5,328,427

Effect of change from original to current discount rates	661,808		256,124		102,959		43,752		24,948		1,089,591
Balance at December 31, 2021	$	3,611,659	$	1,944,714	$	517,368	$	222,553	$	121,724	$	6,418,018




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 on future cash flows	(195,560)		(20,931)		19,846		(17,911)		(9,035)		(223,591)
Effect of actual variances from expected experience	(37,437)		(67,419)		(39,029)		7,911		(2,301)		(138,275)
Adjusted balance at January 1, 2022	2,716,854		1,600,240		395,226		168,801		85,440		4,966,561
Issuances(1)	360,942		241,052		51,827		39,003		8,224		701,048
Interest accrual(2)	122,064		60,303		19,141		7,399		4,554		213,461
Net premiums collected(3)	(258,598)		(172,376)		(50,752)		(21,085)		(10,467)		(513,278)

Effect of changes in the foreign exchange rate	—		—		—		(1,487)		—		(1,487)
Ending balance at original discount rates	2,941,262		1,729,219		415,442		192,631		87,751		5,366,305

Effect of change from original to current discount rates	(32,761)		(134,227)		8,048		(2,335)		2,392		(158,883)
Balance at December 31, 2022	$	2,908,501	$	1,594,992	$	423,490	$	190,296	$	90,143	$	5,207,422

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	2,941,262		1,729,219		415,442		192,631		87,751		5,366,305
Effect of changes in assumptions on future cash flows	466,883		(30,255)		(56,964)		(6,061)		16,553		390,156
Effect of actual variances from expected experience	(27,178)		(69,878)		(36,850)		(11,152)		(2,850)		(147,908)
Adjusted balance at January 1, 2023	3,380,967		1,629,086		321,628		175,418		101,454		5,608,553
Issuances(1)	377,097		266,375		59,768		39,825		14,467		757,532
Interest accrual(2)	139,824		67,743		18,255		8,528		4,616		238,966
Net premiums collected(3)	(272,085)		(180,031)		(51,081)		(22,325)		(10,657)		(536,179)

Effect of changes in the foreign exchange rate	—		—		—		423		—		423
Ending balance at original discount rates	3,625,803		1,783,173		348,570		201,869		109,880		6,069,295

Effect of change from original to current discount rates	71,968		(71,432)		9,902		4,512		5,483		20,433
Balance at December 31, 2023	$	3,697,771	$	1,711,741	$	358,472	$	206,381	$	115,363	$	6,089,728

(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, 2021	$	3,651,359	$	3,782,662	$	1,320,597	$	367,965	$	134,967	$	9,257,550
Beginning balance at original discount rates	2,715,869		2,928,457		953,238		252,092		101,632		6,951,288
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	88,696		(27,704)		(34,859)		(4,570)		(1,614)		19,949
Adjusted balance at January 1, 2021	2,804,565		2,900,753		918,379		247,522		100,018		6,971,237
Issuances(1)	413,289		282,898		47,453		45,612		3,859		793,111
Interest accrual(2)	125,346		114,543		50,415		13,679		4,991		308,974
Benefit payments(3)	(252,299)		(104,852)		(94,639)		(21,147)		(13,240)		(486,177)

Effect of changes in the foreign exchange rate	—		—		—		(62)		—		(62)
Ending balance at original discount rates	3,090,901		3,193,342		921,608		285,604		95,628		7,587,083
Effect of change from original to current discount rates	719,658		646,980		279,709		95,311		24,260		1,765,918
Balance at December 31, 2021	$	3,810,559	$	3,840,322	$	1,201,317	$	380,915	$	119,888	$	9,353,001

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 on future cash flows	(194,936)		(27,211)		18,065		(21,559)		(8,270)		(233,911)
Effect of actual variances from expected experience	(40,316)		(70,690)		(40,597)		10,402		(2,621)		(143,822)
Adjusted balance at January 1, 2022	2,855,649		3,095,441		899,076		274,447		84,737		7,209,350
Issuances(1)	360,642		241,052		52,257		39,006		8,202		701,159
Interest accrual(2)	129,842		120,700		47,719		13,806		4,553		316,620
Benefit payments(3)	(265,500)		(120,849)		(94,187)		(20,413)		(12,280)		(513,229)

Effect of changes in the foreign exchange rate	—		—		—		(3,133)		—		(3,133)
Ending balance at original discount rates	3,080,633		3,336,344		904,865		303,713		85,212		7,710,767
Effect of change from original to current discount rates	(33,804)		(330,680)		36,709		9,037		2,320		(316,418)
Balance at December 31, 2022	$	3,046,829	$	3,005,664	$	941,574	$	312,750	$	87,532	$	7,394,349

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 on future cash flows	464,652		(32,428)		(60,437)		(6,407)		15,930		381,310
Effect of actual variances from expected experience	(26,718)		(74,797)		(36,910)		(12,661)		(3,325)		(154,411)
Adjusted balance at January 1, 2023	3,518,567		3,229,119		807,518		284,645		97,817		7,937,666
Issuances(1)	376,573		266,375		59,158		39,825		14,446		756,377
Interest accrual(2)	147,082		134,107		45,614		15,070		4,616		346,489
Benefit payments(3)	(300,692)		(122,912)		(95,471)		(24,987)		(12,378)		(556,440)

Effect of changes in the foreign exchange rate	—		—		—		878		—		878
Ending balance at original discount rates	3,741,530		3,506,689		816,819		315,431		104,501		8,484,970
Effect of change from original to current discount rates	72,798		(190,809)		48,989		20,073		4,981		(43,968)
Balance at December 31, 2023	$	3,814,328	$	3,315,880	$	865,808	$	335,504	$	109,482	$	8,441,002

(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 December 31, 2021
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	141,050	$	1,504,752	$	507,199	$	106,803	$	(1,148)	$	2,258,656
Effect of changes in discount rate assumptions	57,850		390,856		176,750		51,559		(688)		676,327
Other Adjustments(1)	1,683		43		2,752		27		3,175		7,680
Net liability for future policy benefits, after other adjustments, at current discount rates	200,583		1,895,651		686,701		158,389		1,339		2,942,663
Reinsurance recoverable	(4,173)		(12,442)		(1,715)		—		—		(18,330)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	196,410	$	1,883,209	$	684,986	$	158,389	$	1,339	$	2,924,333

(1)Other adjustments include the effects of capping and flooring the liability.


	Health
	Net liability for future policy benefits as of December 31, 2022
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	139,371	$	1,607,125	$	489,423	$	111,082	$	(2,539)	$	2,344,462
Effect of changes in discount rate assumptions	(1,043)		(196,453)		28,661		11,372		(72)		(157,535)
Other Adjustments(1)	4,055		3,172		5,953		48		3,634		16,862
Net liability for future policy benefits, after other adjustments, at current discount rates	142,383		1,413,844		524,037		122,502		1,023		2,203,789
Reinsurance recoverable	(3,820)		(9,027)		(1,498)		—		—		(14,345)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	138,563	$	1,404,817	$	522,539	$	122,502	$	1,023	$	2,189,444

(1)Other adjustments include the effects of capping and flooring the liability.


	Health
	Net liability for future policy benefits as of December 31, 2023
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	115,727		1,723,516		468,249		113,562		(5,379)		2,415,675
Effect of changes in discount rate assumptions	830		(119,377)		39,087		15,561		(502)		(64,401)
Other Adjustments(1)	10,980		84		9,567		857		6,653		28,141
Net liability for future policy benefits, after other adjustments, at current discount rates	127,537		1,604,223		516,903		129,980		772		2,379,415
Reinsurance recoverable	(3,287)		(10,718)		(1,317)		—		—		(15,322)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	124,250	$	1,593,505	$	515,586	$	129,980	$	772	$	2,364,093

(1)Other adjustments include the effects of capping and flooring the liability.

In accordance with the accounting guidance, the Company reviews, and updates as necessary, its assumptions utilized in the calculation of the liability for future benefits annually in the third quarter and recalculates the net premium ratio. The revised net premium ratio is used to update the liability for future policy benefits as of the beginning of the current reporting period, and is compared to the liability using the prior cash flow assumptions. The difference is recorded as a component of the remeasurement gain or loss for the current period, along with the effect of the difference between actual and expected experience for the period. The total remeasurement gain or loss is included in the Consolidated Statements of Operations.

The following tables include the total remeasurement gain or loss, bifurcated between the gain or loss due to differences between actual and expected experience and the amount due to assumption updates, for each of the three years-ended December 31, 2023.



	2023	2022	2021
Life Remeasurement Gain (Loss)—Experience
American Income	9,430	1,965	(2,008)
Direct to Consumer	12,201	(2,243)	(4,782)
Liberty National	5,013	(1,348)	(865)
Other	4,760	1,354	664
	31,404	(272)	(6,991)
Life Remeasurement Gain (Loss)—Assumption Unlocking
American Income	308	(8,707)	(750)
Direct to Consumer	1,763	(25,334)	(2,242)
Liberty National	(1,248)	(7,872)	(733)
Other	(2,836)	(5,241)	(350)
	(2,013)	(47,154)	(4,075)

Total Life Remeasurement Gain (Loss)	29,391	(47,426)	(11,066)

Health Remeasurement Gain (Loss)—Experience
United American	(134)	3,502	(2,343)
Family Heritage	4,638	2,395	594
Liberty National	628	1,406	304
American Income	1,461	(2,545)	199
Direct to Consumer	23	148	16
	6,616	4,906	(1,230)
Health Remeasurement Gain (Loss)—Assumption Unlocking
United American	762	(626)	—
Family Heritage	2,173	6,283	—
Liberty National	2,171	1,463	—
American Income	119	3,615	—
Direct to Consumer	8	(80)	—
	5,233	10,655	—

Total Health Remeasurement Gain (Loss)	11,849	15,561	(1,230)

The Company performed its annual assumptions review and updated both its life and health assumptions of lapses, mortality, and morbidity, resulting in a net remeasurement gain, due to assumption changes only, of $3.2 million for the period ended December 31, 2023, as compared to a net remeasurement loss of $36.5 million for the period ended December 31, 2022 and a net remeasurement loss of $4.1 million for the period ended December 31, 2021. For the life segment, the updates to our assumptions of lapses and mortality resulted in a remeasurement loss of $2.0 million, $47.2 million, and $4.1 million for the year-ended December 31, 2023, 2022, and 2021, respectively. For the health segment, the updates to our assumptions of lapses and morbidity resulted in a remeasurement gain of $5.2 million, $10.7 million, and $0 for the year-ended December 31, 2023, 2022, and 2021, respectively. The Company did not adjust its assumptions for the health segment in 2021 due to the uncertainty of expected experience during the pandemic.

Excluding the impact of assumption changes, during the year ended December 31, 2023 and 2022, the Company's results for actual variances from expected experience produced net remeasurement gains of $38.0 million and $4.6 million, respectively, and a net remeasurement loss of $8.2 million for the year ended December 31, 2021. The variance of actual experience from expected experience during the year ended 2023 was primarily due to favorable variances from our assumptions as compared to actual experience in our life insurance segment (a $31.4 million gain), and favorable variances from our assumptions as compared to actual experience in our health insurance segment (a $6.6 million gain). The variance of actual experience from expected experience during the year ended 2022 was primarily due to unfavorable variances from our assumptions of life experience as compared to actual experience in our life insurance segment (a $272 thousand loss), and favorable variances from our assumptions of health experience as compared to actual experience in our health insurance segment (a $4.9 million gain). The variance of actual experience from expected experience during the year ended 2021 was primarily due to unfavorable variances from our assumptions of life experience as compared to actual experience in our life insurance segment (a $7.0 million loss), as well as unfavorable variances from our assumptions of health experience as compared to actual experience in our health insurance segment (a $1.2 million loss).

The following table reconciles the liability for future policy benefits to the Consolidated Balance Sheets as of December 31, 2023, 2022, and 2021:



	At Original Discount Rates						At Current Discount Rates
	As of December 31,						As of December 31,
	2023		2022		2021		2023		2022		2021
Life(1):
American Income	$	4,538,775	$	4,163,111	$	3,838,212	$	5,482,036	$	4,846,063	$	6,848,483
Direct to Consumer	2,992,493		2,797,031		2,623,521		3,665,180		3,320,140		4,597,014
Liberty National	2,260,421		2,206,857		2,165,922		2,481,440		2,342,487		3,210,902
Other	3,062,966		2,954,522		2,851,189		3,761,633		3,505,457		4,928,784
Net liability for future policy benefits—long duration life	12,854,655		12,121,521		11,478,844		15,390,289		14,014,147		19,585,183

Health(1):
United American	124,021		141,362		142,189		127,537		142,383		200,583
Family Heritage	1,723,581		1,607,169		1,504,797		1,604,223		1,413,844		1,895,651
Liberty National	476,559		494,155		509,714		516,903		524,037		686,701
American Income	114,407		111,128		106,848		129,980		122,502		158,389
Direct to Consumer	737		979		1,111		772		1,023		1,339
Net liability for future policy benefits—long duration health	2,439,305		2,354,793		2,264,659		2,379,415		2,203,789		2,942,663

Deferred profit liability	174,717		175,883		184,743		174,717		175,883		184,743
Deferred annuity	773,039		954,318		1,033,525		773,039		954,318		1,033,525
Interest sensitive life	732,948		739,105		745,335		732,948		739,105		745,335
Other	9,951		10,106		8,193		9,945		10,099		8,191
Total future policy benefits	$	16,984,615	$	16,355,726	$	15,715,299	$	19,460,353	$	18,097,341	$	24,499,640

(1)Balances are presented net of the effects of capping and 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 December 31, 2023, 2022, and 2021:


	As of December 31,
	2023				2022				2021
	Original discount rate		Current discount rate		Original discount rate		Current discount rate		Original discount rate		Current discount rate
Life
American Income	5.7	%	4.9	%	5.8	%	5.2	%	5.9	%	3.3	%
Direct to Consumer	6.0	%	5.0	%	6.0	%	5.2	%	6.0	%	3.4	%
Liberty National	5.6	%	5.0	%	5.6	%	5.2	%	5.6	%	3.1	%
Other	6.2	%	5.0	%	6.2	%	5.2	%	6.2	%	3.2	%

Health
United American	5.1	%	4.8	%	5.2	%	5.1	%	5.1	%	2.7	%
Family Heritage	4.3	%	4.9	%	4.3	%	5.2	%	4.3	%	2.9	%
Liberty National	5.8	%	4.9	%	5.8	%	5.2	%	5.8	%	2.7	%
American Income	5.8	%	4.8	%	5.9	%	5.1	%	6.0	%	3.0	%
Direct to Consumer	5.1	%	4.8	%	5.2	%	5.1	%	5.1	%	2.7	%

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of December 31, 2023, 2022, and 2021:


	As of December 31,
	2023		2022		2021
	At original discount rates	At current discount rates	At original discount rates	At current discount rates	At original discount rates	At current discount rates
Life
American Income	23.01	23.45	22.86	23.28	22.56	23.76
Direct to Consumer	19.58	21.21	20.27	21.80	20.70	22.98
Liberty National	15.13	15.81	14.86	15.39	15.01	17.27
Other	16.26	17.92	16.59	18.15	16.81	20.09

Health
United American	11.46	10.89	11.37	10.65	14.11	13.70
Family Heritage	14.99	14.54	14.87	14.22	16.39	16.54
Liberty National	9.17	9.49	9.26	9.47	9.01	10.53
American Income	12.21	12.84	12.12	12.56	12.37	14.43
Direct to Consumer	11.46	10.89	11.37	10.65	14.11	13.70

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


	Life
	Year Ended December 31, 2023				Year Ended December 31, 2022				Year Ended December 31, 2021
	Gross Premiums		Interest expense		Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	1,587,304	$	252,277	$	1,503,537	$	234,098	$	1,400,501	$	219,842
Direct to Consumer	979,739		170,745		973,429		159,945		955,754		154,376
Liberty National	345,196		120,083		322,497		117,681		306,054		116,981
Other	205,998		179,513		208,390		172,967		210,908		167,378
Total	$	3,118,237	$	722,618	$	3,007,853	$	684,691	$	2,873,217	$	658,577


	Health
	Year Ended December 31, 2023				Year Ended December 31, 2022				Year Ended December 31, 2021
	Gross Premiums		Interest expense		Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	401,834	$	7,002	$	380,710	$	7,532	$	356,580	$	7,948
Family Heritage	396,211		65,892		366,803		59,983		343,839		54,634
Liberty National	187,095		27,248		186,268		28,477		186,520		29,586
American Income	113,605		6,542		111,623		6,408		108,740		6,262
Direct to Consumer	14,283		—		14,290		—		14,844		25
Total	$	1,113,028	$	106,684	$	1,059,694	$	102,400	$	1,010,523	$	98,455

Gross premiums are included within life and health premium on the Consolidated Statements of Operations, while the related interest expense is included in life and health policyholder benefits.

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 December 31, 2023						As of December 31, 2022						As of December 31, 2021
	Not discounted		At original discount rates		At current discount rates		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	$	24,265,464	$	13,695,495	$	14,264,077	$	22,662,540	$	12,832,811	$	13,006,579	$	21,317,703	$	12,034,708	$	15,278,295
PV of expected future net premiums	8,001,107		4,523,329		4,681,888		7,480,182		4,246,723		4,273,156		6,896,793		3,906,098		4,925,192
PV of expected future policy benefits	30,623,947		9,061,833		10,163,627		28,318,683		8,409,761		9,119,104		26,284,945		7,744,201		11,773,519

DTC
PV of expected future gross premiums	$	17,506,091	$	9,150,049	$	9,761,706	$	17,346,469	$	9,086,945	$	9,432,882	$	17,247,115	$	9,023,170	$	11,852,808
PV of expected future net premiums	10,774,655		5,664,259		6,052,651		10,769,174		5,680,864		5,910,224		10,500,169		5,533,741		7,264,905
PV of expected future policy benefits	25,723,752		8,656,752		9,714,516		25,356,573		8,477,892		9,225,451		24,612,198		8,157,259		11,859,408

Liberty National
PV of expected future gross premiums	$	4,660,783	$	2,720,264	$	2,784,916	$	4,396,685	$	2,561,304	$	2,562,342	$	4,239,223	$	2,468,402	$	3,076,801
PV of expected future net premiums	1,897,696		1,077,831		1,129,716		1,885,533		1,066,123		1,094,407		1,850,891		1,040,242		1,332,469
PV of expected future policy benefits	8,905,815		3,338,252		3,605,392		8,613,975		3,272,980		3,429,256		8,499,589		3,206,164		4,542,697

Other
PV of expected future gross premiums	$	3,726,111	$	1,889,930	$	2,088,668	$	3,814,915	$	1,925,650	$	2,075,874	$	3,922,419	$	1,956,472	$	2,692,682
PV of expected future net premiums	910,786		443,949		478,052		922,500		449,209		470,741		863,126		416,141		559,972
PV of expected future policy benefits	12,431,963		3,506,859		4,239,623		12,371,696		3,403,704		3,976,150		12,248,389		3,267,306		5,488,684

Total
PV of expected future gross premiums	$	50,158,449	$	27,455,738	$	28,899,367	$	48,220,609	$	26,406,710	$	27,077,677	$	46,726,460	$	25,482,752	$	32,900,586
PV of expected future net premiums	21,584,244		11,709,368		12,342,307		21,057,389		11,442,919		11,748,528		20,110,979		10,896,222		14,082,538
PV of expected future policy benefits	77,685,477		24,563,696		27,723,158		74,660,927		23,564,337		25,749,961		71,645,121		22,374,930		33,664,308

As of December 31, 2023 for the life segment using current discount rates, the Company anticipates $28.9 billion of expected future gross premiums and $12.3 billion of expected future net premiums. As of December 31, 2022 and December 31, 2021 using current discount rates, the Company anticipated $27.1 billion and $32.9 billion of expected future gross premiums and $11.7 billion and $14.1 billion in expected future net premiums, respectively. For each respective period, only expected future net premiums are included in the determination of the liability for future policy benefits on the balance sheet, while the difference between the expected future gross premiums and the expected future net premiums is not.


	Health
	As of December 31, 2023						As of December 31, 2022						As of December 31, 2021
	Not discounted		At original discount rates		At current discount rates		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	$	8,682,707	$	5,295,148	$	5,396,402	$	6,801,987	$	4,285,863	$	4,233,647	$	6,694,635	$	4,198,446	$	5,136,704
PV of expected future net premiums	5,955,294		3,625,803		3,697,771		4,680,560		2,941,262		2,908,501		4,719,914		2,949,851		3,611,659
PV of expected future policy benefits	6,148,565		3,741,530		3,814,328		4,915,174		3,080,633		3,046,829		5,015,967		3,090,901		3,810,559

Family Heritage
PV of expected future gross premiums	$	6,739,913	$	3,982,571	$	3,844,287	$	6,329,183	$	3,787,020	$	3,518,288	$	5,816,502	$	3,531,178	$	4,100,733
PV of expected future net premiums	2,997,954		1,783,173		1,711,741		2,865,334		1,729,219		1,594,992		2,757,983		1,688,590		1,944,714
PV of expected future policy benefits	6,655,694		3,506,689		3,315,880		6,245,843		3,336,344		3,005,664		5,916,149		3,193,342		3,840,322

Liberty National
PV of expected future gross premiums	$	2,089,005	$	1,325,869	$	1,390,066	$	2,271,423	$	1,418,333	$	1,458,880	$	2,209,171	$	1,378,848	$	1,732,660
PV of expected future net premiums	518,008		348,570		358,472		652,858		415,442		423,490		661,269		414,409		517,368
PV of expected future policy benefits	1,413,211		816,819		865,808		1,600,943		904,865		941,574		1,620,379		921,608		1,201,317

American Income
PV of expected future gross premiums	$	1,768,231	$	991,448	$	1,047,348	$	1,750,393	$	977,846	$	1,004,239	$	1,698,676	$	946,772	$	1,218,899
PV of expected future net premiums	359,248		201,869		206,381		342,659		192,631		190,296		316,084		178,801		222,553
PV of expected future policy benefits	640,326		315,431		335,504		617,973		303,713		312,750		586,799		285,604		380,915

Direct to Consumer
PV of expected future gross premiums	$	236,776	$	149,119	$	156,612	$	177,131	$	116,212	$	119,457	$	206,986	$	131,858	$	165,674
PV of expected future net premiums	174,738		109,880		115,363		133,995		87,751		90,143		152,336		96,776		121,724
PV of expected future policy benefits	163,087		104,501		109,482		127,911		85,212		87,532		148,843		95,628		119,888

Total
PV of expected future gross premiums	$	19,516,632	$	11,744,155	$	11,834,715	$	17,330,117	$	10,585,274	$	10,334,511	$	16,625,970	$	10,187,102	$	12,354,670
PV of expected future net premiums	10,005,242		6,069,295		6,089,728		8,675,406		5,366,305		5,207,422		8,607,586		5,328,427		6,418,018
PV of expected future policy benefits	15,020,883		8,484,970		8,441,002		13,507,844		7,710,767		7,394,349		13,288,137		7,587,083		9,353,001

As of December 31, 2023 for the health segment using current discount rates, the Company anticipates $11.8 billion of expected future gross premiums and $6.1 billion of expected future net premiums. As of December 31, 2022 and December 31, 2021 using current discount rates, the Company anticipated $10.3 billion and $12.4 billion of expected future gross premiums and $5.2 billion and $6.4 billion in expected future net premiums, respectively. For each respective period, only expected future net premiums are included in the determination of the liability for future

policy benefits on the balance sheet, while the difference between the expected future gross premiums and the expected future net premiums is not.

The following table summarizes the balances of, and changes in, policyholders’ account balances as of December 31, 2023 and 2022:


	Policyholders' Account Balances
	2023						2022						2021
	Interest Sensitive Life		Deferred Annuity		Other Policy-holders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policy-holders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policy-holders' Funds
Balance at January 1,	$	739,105	$	954,318	$	123,236	$	745,335	$	1,033,525	$	99,468	$	750,892	$	1,062,999	$	98,460
Issuances	—		896		—		—		1,528		—		—		1,738		—
Premiums received	22,036		13,209		122,136		23,439		22,873		30,591		25,038		28,126		7,784
Policy charges	(12,926)		—		—		(13,573)		—		—		(14,261)		—		—
Surrenders and withdrawals	(21,215)		(165,584)		(13,042)		(21,994)		(92,235)		(11,615)		(21,029)		(48,641)		(11,452)
Benefit payments	(29,909)		(57,937)		—		(32,889)		(44,456)		—		(36,661)		(45,967)		—

Interest credited	28,320		28,150		9,314		28,579		32,779		4,589		28,941		33,866		4,503
Other	7,537		(13)		(4,686)		10,208		304		203		12,415		1,404		173
Balance at December 31,	$	732,948	$	773,039	$	236,958	$	739,105	$	954,318	$	123,236	$	745,335	$	1,033,525	$	99,468

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 December 31, 2023
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%	$	—	$	1,945	$	138,684
3.00%-3.99%	29,086		574,939		3,790
4.00%-4.99%	613,704		195,390		6,861
Greater than 5.00%	90,158		765		37,556
Total	732,948		773,039		186,891






51-150 basis points above
Less than 3.00%	—		—		—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		50,067
Greater than 5.00%	—		—		—
Total	—		—		50,067





Grand Total	$	732,948	$	773,039	$	236,958


	At December 31, 2022
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%	$	—	$	2,040	$	23,042
3.00%-3.99%	28,867		743,299		4,074
4.00%-4.99%	620,594		208,979		58,251
Greater than 5.00%	89,644		—		37,869
Total	$	739,105	$	954,318	$	123,236
51-150 basis points above
Less than 3.00%	$	—	$	—	$	—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		—
Greater than 5.00%	—		—		—
Total	—		—		—






Grand Total	$	739,105	$	954,318	$	123,236


	At December 31, 2021
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%	$	—	$	2,182	$	—
3.00%-3.99%	28,562		816,031		2,893
4.00%-4.99%	627,486		215,312		58,660
Greater than 5.00%	89,287		—		37,915
Total	$	745,335	$	1,033,525	$	99,468
51-150 basis points above
Less than 3.00%	$	—	$	—	$	—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		—
Greater than 5.00%	—		—		—
Total	—		—		—






Grand Total	$	745,335	$	1,033,525	$	99,468