Deferred Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Schedule of Analysis of Deferred Acquisition Costs

The following table presents the Company's deferred policy acquisition costs before and after the Transition Date:

	January 1,		December 31,
	2021		2020(1)
Life:
American Income	$	1,647,761	$	1,647,761
Direct to Consumer	1,498,970		1,498,435
Liberty National	531,504		531,504
Other	304,786		304,459
Total life	3,983,021		3,982,159
Health:
United American	65,020		60,580
Family Heritage	364,751		364,751
Liberty National	124,754		124,888
American Income	39,477		39,477
Direct to Consumer	2,215		6,520
Total health	596,217		596,216
Annuity	8,309		3,216
Total DAC	$	4,587,547	$	4,581,591

(1)The amounts presented herein have been updated to reflect the immaterial correction of an error, as noted above.

The following table presents the effect of transition adjustments due to the adoption of ASU 2018-12 on shareholders' equity:

	Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Other(1)		Total
Shareholders’ Equity, as of December 31, 2020	$	5,874,109	$	3,029,244	$	(132,261)	$	8,771,092
Effect of changes in discount rate assumptions	—		(7,829,753)		—		(7,829,753)
Effect of capping and flooring	(38,992)		—		—		(38,992)
Effect of removal of unrealized gain (loss) on DAC	—		4,704		—		4,704
Other adjustments(2)	26,470		—		—		26,470
Shareholders’ Equity, as of January 1, 2021	$	5,861,587	$	(4,795,805)	$	(132,261)	$	933,521

(1)Other represents common stock, additional paid-in capital, and treasury stock, combining balances that were unaffected by the new standard.

(2)Other adjustments relates to an immaterial correction of an error, as noted above.

	Life
	American Income		DTC		Liberty National		Other		Total
Balance at January 1, 2021	$	1,647,760	$	1,498,971	$	531,504	$	304,786	$	3,983,021
Capitalizations	435,154		174,524		77,540		13,977		701,195
Amortization expense	(121,387)		(89,800)		(42,625)		(17,116)		(270,928)
Foreign exchange adjustment	(1,273)		—		—		—		(1,273)
Balance at December 31, 2021	$	1,960,254	$	1,583,695	$	566,419	$	301,647	$	4,412,015
Balance at January 1, 2022	$	1,960,254	$	1,583,695	$	566,419	$	301,647	$	4,412,015
Capitalizations	450,600		188,083		90,385		13,504		742,572
Amortization expense	(141,108)		(94,847)		(46,081)		(16,805)		(298,841)
Foreign exchange adjustment	(11,455)		—		—		—		(11,455)
Balance at December 31, 2022	$	2,258,291	$	1,676,931	$	610,723	$	298,346	$	4,844,291
Balance at January 1, 2023	$	2,258,291	$	1,676,931	$	610,723	$	298,346	$	4,844,291
Capitalizations	471,771		159,650		107,230		13,053		751,704
Amortization expense	(159,898)		(99,464)		(51,534)		(16,530)		(327,426)
Foreign exchange adjustment	3,206		—		—		—		3,206
Balance at December 31, 2023	$	2,573,370	$	1,737,117	$	666,419	$	294,869	$	5,271,775

	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at January 1, 2021	$	81,520	$	364,751	$	124,754	$	39,477	$	2,216	$	612,718
Capitalizations	4,427		48,051		15,822		12,992		2		81,294
Amortization expense	(4,807)		(23,835)		(13,039)		(2,957)		(186)		(44,824)
Foreign exchange adjustment	—		—		—		(106)		—		(106)
Balance at December 31, 2021	$	81,140	$	388,967	$	127,537	$	49,406	$	2,032	$	649,082
Balance at January 1, 2022	$	81,140	$	388,967	$	127,537	$	49,406	$	2,032	$	649,082
Capitalizations	2,135		53,117		18,737		12,378		4		86,371
Amortization expense	(5,881)		(25,476)		(13,178)		(3,467)		(182)		(48,184)
Foreign exchange adjustment	—		—		—		(506)		—		(506)
Balance at December 31, 2022	$	77,394	$	416,608	$	133,096	$	57,811	$	1,854	$	686,763
Balance at January 1, 2023	$	77,394	$	416,608	$	133,096	$	57,811	$	1,854	$	686,763
Capitalizations	1,941		63,366		20,309		12,849		—		98,465
Amortization expense	(5,846)		(27,131)		(13,464)		(3,982)		(175)		(50,598)
Foreign exchange adjustment	—		—		—		105		—		105
Balance at December 31, 2023	$	73,489	$	452,843	$	139,941	$	66,783	$	1,679	$	734,735

The following table presents a reconciliation of deferred policy acquisition costs to the Consolidated Balance Sheets as of December 31, 2023:

	December 31,
	2023		2022		2021
Life
American Income	$	2,573,370	$	2,258,291	$	1,960,254
Direct to Consumer	1,737,117		1,676,931		1,583,695
Liberty National	666,419		610,723		566,419
Other	294,869		298,346		301,647
Total DAC - Life	5,271,775		4,844,291		4,412,015
Health
United American	73,489		77,394		81,140
Family Heritage	452,843		416,608		388,967
Liberty National	139,941		133,096		127,537
American Income	66,783		57,811		49,406
Direct to Consumer	1,679		1,854		2,032
Total DAC - Health	734,735		686,763		649,082
Annuity	2,967		4,643		6,442
Total	$	6,009,477	$	5,535,697	$	5,067,539