XML 47 R29.htm IDEA: XBRL DOCUMENT v3.24.3
Policy Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Policyholder Account Balance [Abstract]  
Schedule of Liability for Future Policy Benefit, Activity
Life
Present value of expected future net premiums
American IncomeDTCLiberty NationalOtherTotal
Balance at January 1, 2023
$4,273,156 $5,910,224 $1,094,407 $470,741 $11,748,528 
Beginning balance at original discount rates4,246,723 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(103,922)(219,723)(26,533)(13,882)(364,060)
Adjusted balance at January 1, 2023
4,157,066 5,497,311 1,044,768 443,746 11,142,891 
Issuances(1)
557,844 450,361 92,894 21,756 1,122,855 
Interest accrual(2)
147,968 214,988 40,362 17,071 420,389 
Net premiums collected(3)
(388,288)(461,367)(100,093)(34,542)(984,290)
Effect of changes in the foreign exchange rate(631)— — — (631)
Ending balance at original discount rates4,473,959 5,701,293 1,077,931 448,031 11,701,214 
Effect of change from original to current discount rates(155,254)(31,118)(18,702)(1,499)(206,573)
Balance at September 30, 2023
$4,318,705 $5,670,175 $1,059,229 $446,532 $11,494,641 
Balance at January 1, 2024
$4,681,888 $6,052,651 $1,129,716 $478,052 $12,342,307 
Beginning balance at original discount rates4,523,329 5,664,259 1,077,831 443,949 11,709,368 
Effect of changes in assumptions on future cash flows
(82,348)(28,366)(29,292)(982)(140,988)
Effect of actual variances from expected experience(173,180)(226,062)(29,381)(9,292)(437,915)
Adjusted balance at January 1, 2024
4,267,801 5,409,831 1,019,158 433,675 11,130,465 
Issuances(1)
616,527 398,034 90,517 18,126 1,123,204 
Interest accrual(2)
164,917 220,485 41,610 17,213 444,225 
Net premiums collected(3)
(412,717)(455,625)(101,687)(33,960)(1,003,989)
Effect of changes in the foreign exchange rate(4,101)— — — (4,101)
Ending balance at original discount rates4,632,427 5,572,725 1,049,598 435,054 11,689,804 
Effect of change from original to current discount rates204,567 421,888 54,498 35,513 716,466 
Balance at September 30, 2024
$4,836,994 $5,994,613 $1,104,096 $470,567 $12,406,270 
(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 IncomeDTCLiberty NationalOtherTotal
Balance at July 1, 2023
$4,472,847 $5,988,577 $1,110,017 $471,279 $12,042,720 
Beginning balance at original discount rates4,399,053 5,700,354 1,071,561 445,475 11,616,443 
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(34,571)(91,120)(10,938)(7,232)(143,861)
Adjusted balance at July 1, 2023
4,378,747 5,645,404 1,065,801 446,662 11,536,614 
Issuances(1)
181,823 136,611 32,045 7,143 357,622 
Interest accrual(2)
51,119 72,515 13,707 5,741 143,082 
Net premiums collected(3)
(131,329)(153,237)(33,622)(11,515)(329,703)
Effect of changes in the foreign exchange rate(6,401)— — — (6,401)
Ending balance at original discount rates4,473,959 5,701,293 1,077,931 448,031 11,701,214 
Effect of change from original to current discount rates(155,254)(31,118)(18,702)(1,499)(206,573)
Balance at September 30, 2023
$4,318,705 $5,670,175 $1,059,229 $446,532 $11,494,641 
Balance at July 1, 2024
$4,635,903 $5,810,518 $1,085,233 $449,883 $11,981,537 
Beginning balance at original discount rates4,648,111 5,670,288 1,080,642 437,551 11,836,592 
Effect of changes in assumptions on future cash flows
(82,348)(28,366)(29,292)(982)(140,988)
Effect of actual variances from expected experience(59,483)(103,089)(12,113)(1,970)(176,655)
Adjusted balance at July 1, 2024
4,506,280 5,538,833 1,039,237 434,599 11,518,949 
Issuances(1)
203,828 110,993 30,298 5,969 351,088 
Interest accrual(2)
55,750 73,134 13,836 5,709 148,429 
Net premiums collected(3)
(138,552)(150,235)(33,773)(11,223)(333,783)
Effect of changes in the foreign exchange rate5,121 — — — 5,121 
Ending balance at original discount rates4,632,427 5,572,725 1,049,598 435,054 11,689,804 
Effect of change from original to current discount rates204,567 421,888 54,498 35,513 716,466 
Balance at September 30, 2024
$4,836,994 $5,994,613 $1,104,096 $470,567 $12,406,270 
(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 policy benefits
American IncomeDTCLiberty NationalOtherTotal
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 rates8,409,761 8,477,892 3,272,980 3,403,704 23,564,337 
Effect of changes in assumptions on future cash flows13,344 34,407 6,156 11,661 65,568 
Effect of actual variances from expected experience(109,386)(227,639)(27,482)(17,962)(382,469)
Adjusted balance at January 1, 2023
8,313,719 8,284,660 3,251,654 3,397,403 23,247,436 
Issuances(1)
557,844 450,362 92,894 21,756 1,122,856 
Interest accrual(2)
335,349 342,208 130,712 152,378 960,647 
Benefit payments(3)
(296,133)(432,393)(153,294)(86,008)(967,828)
Effect of changes in the foreign exchange rate(819)— — — (819)
Ending balance at original discount rates8,909,960 8,644,837 3,321,966 3,485,529 24,362,292 
Effect of change from original to current discount rates80,477 228,607 (46,234)282,118 544,968 
Balance at September 30, 2023
$8,990,437 $8,873,444 $3,275,732 $3,767,647 $24,907,260 
Balance at January 1, 2024
$10,163,627 $9,714,516 $3,605,392 $4,239,623 $27,723,158 
Beginning balance at original discount rates9,061,833 8,656,752 3,338,252 3,506,859 24,563,696 
Effect of changes in assumptions on future cash flows(104,498)(50,106)(41,836)(2,027)(198,467)
Effect of actual variances from expected experience(187,711)(241,231)(34,722)(12,841)(476,505)
Adjusted balance at January 1, 2024
8,769,624 8,365,415 3,261,694 3,491,991 23,888,724 
Issuances(1)
611,802 398,032 90,518 18,127 1,118,479 
Interest accrual(2)
367,403 355,850 134,020 157,318 1,014,591 
Benefit payments(3)
(326,318)(439,992)(159,219)(103,998)(1,029,527)
Effect of changes in the foreign exchange rate(8,768)— — — (8,768)
Ending balance at original discount rates9,413,743 8,679,305 3,327,013 3,563,438 24,983,499 
Effect of change from original to current discount rates1,091,042 1,082,717 275,358 717,751 3,166,868 
Balance at September 30, 2024
$10,504,785 $9,762,022 $3,602,371 $4,281,189 $28,150,367 
(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, surrender, and maturity benefit payments based on the revised expected assumptions.
Life
Present value of expected future policy benefits
American IncomeDTCLiberty NationalOtherTotal
Balance at July 1, 2023
$9,668,207 $9,487,233 $3,507,845 $4,109,706 $26,772,991 
Beginning balance at original discount rates8,753,526 8,592,897 3,297,781 3,448,491 24,092,695 
Effect of changes in assumptions on future cash flows13,344 34,407 6,156 11,661 65,568 
Effect of actual variances from expected experience(36,998)(97,632)(14,364)(9,595)(158,589)
Adjusted balance at July 1, 2023
8,729,872 8,529,672 3,289,573 3,450,557 23,999,674 
Issuances(1)
181,822 136,612 32,046 7,145 357,625 
Interest accrual(2)
114,683 115,547 43,991 51,249 325,470 
Benefit payments(3)
(101,161)(136,994)(43,644)(23,422)(305,221)
Effect of changes in the foreign exchange rate(15,256)— — — (15,256)
Ending balance at original discount rates8,909,960 8,644,837 3,321,966 3,485,529 24,362,292 
Effect of change from original to current discount rates80,477 228,607 (46,234)282,118 544,968 
Balance at September 30, 2023
$8,990,437 $8,873,444 $3,275,732 $3,767,647 $24,907,260 
Balance at July 1, 2024
$9,811,407 $9,289,834 $3,424,768 $3,981,898 $26,507,907 
Beginning balance at original discount rates9,353,526 8,748,900 3,356,531 3,545,323 25,004,280 
Effect of changes in assumptions on future cash flows(104,498)(50,106)(41,836)(2,027)(198,467)
Effect of actual variances from expected experience(65,766)(111,255)(15,385)(2,629)(195,035)
Adjusted balance at July 1, 2024
9,183,262 8,587,539 3,299,310 3,540,667 24,610,778 
Issuances(1)
199,097 110,991 30,298 5,970 346,356 
Interest accrual(2)
124,308 118,873 44,743 52,747 340,671 
Benefit payments(3)
(105,757)(138,098)(47,338)(35,946)(327,139)
Effect of changes in the foreign exchange rate12,833 — — — 12,833 
Ending balance at original discount rates9,413,743 8,679,305 3,327,013 3,563,438 24,983,499 
Effect of change from original to current discount rates1,091,042 1,082,717 275,358 717,751 3,166,868 
Balance at September 30, 2024
$10,504,785 $9,762,022 $3,602,371 $4,281,189 $28,150,367 
(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, surrender, and maturity benefit payments based on the revised expected assumptions.
Life(2)
Net liability for future policy benefits as of September 30, 2023
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$4,436,001 $2,943,544 $2,244,035 $3,037,498 $12,661,078 
Effect of changes in discount rate assumptions235,731 259,725 (27,532)283,617 751,541 
Other adjustments(1)
508 3,982 6,272 466 11,228 
Net liability for future policy benefits, after other adjustments, at current discount rates
4,672,240 3,207,251 2,222,775 3,321,581 13,423,847 
Reinsurance recoverable
(141)— (7,661)(32,947)(40,749)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$4,672,099 $3,207,251 $2,215,114 $3,288,634 $13,383,098 
(1)Other adjustments include the Company's effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).
(2)Includes the immaterial error correction noted below.


Life
Net liability for future policy benefits as of September 30, 2024
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$4,781,316 $3,106,580 $2,277,415 $3,128,384 $13,293,695 
Effect of changes in discount rate assumptions886,475 660,829 220,860 682,238 2,450,402 
Other adjustments(1)
150 — — 37 187 
Net liability for future policy benefits, after other adjustments, at current discount rates
5,667,941 3,767,409 2,498,275 3,810,659 15,744,284 
Reinsurance recoverable
(170)— (7,885)(38,506)(46,561)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$5,667,771 $3,767,409 $2,490,390 $3,772,153 $15,697,723 
(1)Other adjustments include the Company's effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).
The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and nine month periods ended September 30, 2024 and 2023:
Health
Present value of expected future net premiums
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
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 rates2,941,261 1,729,219 415,442 192,631 87,751 5,366,304 
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(6,240)(50,052)(30,526)(7,643)(1,666)(96,127)
Adjusted balance at January 1, 2023
3,401,904 1,648,912 327,952 178,927 102,638 5,660,333 
Issuances(1)
226,363 202,561 43,373 30,667 6,532 509,496 
Interest accrual(2)
99,390 50,091 14,047 6,304 3,278 173,110 
Net premiums collected(3)
(202,669)(134,009)(38,322)(16,611)(8,028)(399,639)
Effect of changes in the foreign exchange rate— — — (165)— (165)
Ending balance at original discount rates3,524,988 1,767,555 347,050 199,122 104,420 5,943,135 
Effect of change from original to current discount rates(183,608)(192,981)(8,372)(9,976)(1,254)(396,191)
Balance at September 30, 2023
$3,341,380 $1,574,574 $338,678 $189,146 $103,166 $5,546,944 
Balance at January 1, 2024
$3,697,771 $1,711,741 $358,472 $206,381 $115,363 $6,089,728 
Beginning balance at original discount rates3,625,803 1,783,173 348,570 201,869 109,880 6,069,295 
Effect of changes in assumptions on future cash flows
9,892 (8,117)(3,463)12,207 4,449 14,968 
Effect of actual variances from expected experience(18,894)(43,359)(26,123)(11,168)(1,818)(101,362)
Adjusted balance at January 1, 2024
3,616,801 1,731,697 318,984 202,908 112,511 5,982,901 
Issuances(1)
287,072 200,220 43,367 34,121 12,325 577,105 
Interest accrual(2)
128,533 55,733 12,450 7,135 4,221 208,072 
Net premiums collected(3)
(220,380)(141,735)(39,223)(18,171)(8,338)(427,847)
Effect of changes in the foreign exchange rate— — — (377)— (377)
Ending balance at original discount rates3,812,026 1,845,915 335,578 225,616 120,719 6,339,854 
Effect of change from original to current discount rates130,218 (44,372)11,529 8,173 7,153 112,701 
Balance at September 30, 2024
$3,942,244 $1,801,543 $347,107 $233,789 $127,872 $6,452,555 
(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.
Health
Present value of expected future net premiums
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at July 1, 2023
$2,984,554 $1,661,020 $409,551 $201,844 $89,674 $5,346,643 
Beginning balance at original discount rates2,985,660 1,771,206 400,180 201,709 86,840 5,445,595 
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 experience22,683 (15,658)(2,692)(2,394)229 2,168 
Adjusted balance at July 1, 2023
3,475,226 1,725,293 340,524 193,254 103,622 5,837,919 
Issuances(1)
82,647 70,216 15,183 9,880 2,317 180,243 
Interest accrual(2)
35,536 17,272 4,380 2,170 1,160 60,518 
Net premiums collected(3)
(68,421)(45,226)(13,037)(5,630)(2,679)(134,993)
Effect of changes in the foreign exchange rate— — — (552)— (552)
Ending balance at original discount rates3,524,988 1,767,555 347,050 199,122 104,420 5,943,135 
Effect of change from original to current discount rates(183,608)(192,981)(8,372)(9,976)(1,254)(396,191)
Balance at September 30, 2023
$3,341,380 $1,574,574 $338,678 $189,146 $103,166 $5,546,944 
Balance at July 1, 2024
$3,658,491 $1,690,797 $337,741 $205,889 $114,876 $6,007,794 
Beginning balance at original discount rates3,720,108 1,823,728 338,934 208,867 113,247 6,204,884 
Effect of changes in assumptions on future cash flows
9,892 (8,117)(3,463)12,207 4,449 14,968 
Effect of actual variances from expected experience18,179 (12,068)(4,959)(4,110)644 (2,314)
Adjusted balance at July 1, 2024
3,748,179 1,803,543 330,512 216,964 118,340 6,217,538 
Issuances(1)
95,279 71,345 14,352 11,997 3,823 196,796 
Interest accrual(2)
43,903 19,016 4,104 2,493 1,460 70,976 
Net premiums collected(3)
(75,335)(47,989)(13,390)(6,300)(2,904)(145,918)
Effect of changes in the foreign exchange rate— — — 462 — 462 
Ending balance at original discount rates3,812,026 1,845,915 335,578 225,616 120,719 6,339,854 
Effect of change from original to current discount rates130,218 (44,372)11,529 8,173 7,153 112,701 
Balance at September 30, 2024
$3,942,244 $1,801,543 $347,107 $233,789 $127,872 $6,452,555 
(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.
Health
Present value of expected future policy benefits
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
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 rates3,080,633 3,336,344 904,865 303,713 85,212 7,710,767 
Effect of changes in assumptions on future cash flows464,652 (32,428)(60,437)(6,407)15,930 381,310 
Effect of actual variances from expected experience(5,530)(53,292)(29,581)(8,680)(1,925)(99,008)
Adjusted balance at January 1, 2023
3,539,755 3,250,624 814,847 288,626 99,217 7,993,069 
Issuances(1)
225,915 202,561 42,863 30,667 6,518 508,524 
Interest accrual(2)
104,932 99,344 34,699 11,199 3,278 253,452 
Benefit payments(3)
(221,753)(92,973)(73,614)(18,633)(9,502)(416,475)
Effect of changes in the foreign exchange rate— — — (217)— (217)
Ending balance at original discount rates3,648,849 3,459,556 818,795 311,642 99,511 8,338,353 
Effect of change from original to current discount rates(191,041)(498,312)(4,792)(5,601)(1,111)(700,857)
Balance at September 30, 2023
$3,457,808 $2,961,244 $814,003 $306,041 $98,400 $7,637,496 
Balance at January 1, 2024
$3,814,328 $3,315,880 $865,808 $335,504 $109,482 $8,441,002 
Beginning balance at original discount rates3,741,530 3,506,689 816,819 315,431 104,501 8,484,970 
Effect of changes in assumptions on future cash flows10,680 (5,054)(2,775)20,293 7,733 30,877 
Effect of actual variances from expected experience(15,162)(48,407)(26,421)(12,611)(1,509)(104,110)
Adjusted balance at January 1, 2024
3,737,048 3,453,228 787,623 323,113 110,725 8,411,737 
Issuances(1)
286,358 200,219 42,780 34,123 12,296 575,776 
Interest accrual(2)
133,143 109,479 32,202 12,145 4,220 291,189 
Benefit payments(3)
(248,769)(103,070)(69,649)(19,574)(9,655)(450,717)
Effect of changes in the foreign exchange rate— — — (646)— (646)
Ending balance at original discount rates3,907,780 3,659,856 792,956 349,161 117,586 8,827,339 
Effect of change from original to current discount rates131,531 (144,821)52,819 24,383 6,871 70,783 
Balance at September 30, 2024
$4,039,311 $3,515,035 $845,775 $373,544 $124,457 $8,898,122 
(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 based on the revised expected assumptions.
Health
Present value of expected future policy benefits
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at July 1, 2023
$3,116,389 $3,167,461 $923,148 $328,579 $85,856 $7,621,433 
Beginning balance at original discount rates3,116,768 3,436,167 880,879 315,087 83,188 7,832,089 
Effect of changes in assumptions on future cash flows464,652 (32,428)(60,437)(6,407)15,930 381,310 
Effect of actual variances from expected experience22,410 (17,000)(2,563)(2,662)(95)90 
Adjusted balance at July 1, 2023
3,603,830 3,386,739 817,879 306,018 99,023 8,213,489 
Issuances(1)
82,511 70,215 14,963 9,880 2,310 179,879 
Interest accrual(2)
37,340 34,024 11,173 3,810 1,160 87,507 
Benefit payments(3)
(74,832)(31,422)(25,220)(6,973)(2,982)(141,429)
Effect of changes in the foreign exchange rate— — — (1,093)— (1,093)
Ending balance at original discount rates3,648,849 3,459,556 818,795 311,642 99,511 8,338,353 
Effect of change from original to current discount rates(191,041)(498,312)(4,792)(5,601)(1,111)(700,857)
Balance at September 30, 2023
$3,457,808 $2,961,244 $814,003 $306,041 $98,400 $7,637,496 
Balance at July 1, 2024
$3,758,487 $3,249,466 $815,778 $328,436 $108,617 $8,260,784 
Beginning balance at original discount rates3,823,510 3,605,315 799,316 322,706 107,143 8,657,990 
Effect of changes in assumptions on future cash flows10,680 (5,054)(2,775)20,293 7,733 30,877 
Effect of actual variances from expected experience21,522 (13,407)(4,998)(4,432)817 (498)
Adjusted balance at July 1, 2024
3,855,712 3,586,854 791,543 338,567 115,693 8,688,369 
Issuances(1)
95,126 71,345 14,177 11,997 3,811 196,456 
Interest accrual(2)
45,365 37,299 10,653 4,189 1,460 98,966 
Benefit payments(3)
(88,423)(35,642)(23,417)(6,502)(3,378)(157,362)
Effect of changes in the foreign exchange rate— — — 910 — 910 
Ending balance at original discount rates3,907,780 3,659,856 792,956 349,161 117,586 8,827,339 
Effect of change from original to current discount rates131,531 (144,821)52,819 24,383 6,871 70,783 
Balance at September 30, 2024
$4,039,311 $3,515,035 $845,775 $373,544 $124,457 $8,898,122 
(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 based on the revised expected assumptions.
Health(2)
Net liability for future policy benefits as of September 30, 2023
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
$123,861 $1,692,001 $471,745 $112,520 $(4,909)$2,395,218 
Effect of changes in discount rate assumptions(7,433)(305,331)3,580 4,375 143 (304,666)
Other adjustments(1)
7,729 4,347 8,379 993 5,530 26,978 
Net liability for future policy benefits, after other adjustments, at current discount rates
124,157 1,391,017 483,704 117,888 764 2,117,530 
Reinsurance recoverable
(3,355)(9,064)(1,336)— — (13,755)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$120,802 $1,381,953 $482,368 $117,888 $764 $2,103,775 
(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).
(2)Includes the immaterial error correction noted below.
Health
Net liability for future policy benefits as of September 30, 2024
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
95,754 1,813,941 457,378 123,545 (3,133)2,487,485 
Effect of changes in discount rate assumptions1,313 (100,449)41,290 16,210 (282)(41,918)
Other adjustments(1)
17,014 38 9,964 926 4,326 32,268 
Net liability for future policy benefits, after other adjustments, at current discount rates
114,081 1,713,530 508,632 140,681 911 2,477,835 
Reinsurance recoverable
(2,868)(11,613)(1,096)— — (15,577)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$111,213 $1,701,917 $507,536 $140,681 $911 $2,462,258 
(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).
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 the three and nine month periods ended September 30, 2024 and 2023:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Life Remeasurement Gain (Loss)—Experience:
American Income$4,771 $2,388 $12,619 $5,276 
Direct to Consumer6,913 6,293 13,640 7,594 
Liberty National1,537 2,578 2,187 2,115 
Other508 2,082 2,533 3,487 
Total Life Remeasurement Gain (Loss)—Experience
13,729 13,341 30,979 18,472 
Life Remeasurement Gain (Loss)—Assumption Updates:
American Income21,974 308 21,974 308 
Direct to Consumer21,744 1,763 21,744 1,763 
Liberty National12,224 (1,248)12,224 (1,248)
Other904 (2,836)904 (2,836)
Total Life Remeasurement Gain (Loss)—Assumption Updates
56,846 (2,013)56,846 (2,013)
Total Life Remeasurement Gain (Loss)
70,575 11,328 87,825 16,459 
Health Remeasurement Gain (Loss)—Experience:
United American(2,100)239 (1,423)(651)
Family Heritage1,420 1,212 4,972 3,009 
Liberty National874 634 2,015 (284)
American Income729 457 1,769 1,025 
Direct to Consumer28 35 74 10 
Total Health Remeasurement Gain (Loss)—Experience
951 2,577 7,407 3,109 
Health Remeasurement Gain (Loss)—Assumption Updates:
United American1,205 762 1,205 762 
Family Heritage(3,063)2,173 (3,063)2,173 
Liberty National(234)2,171 (234)2,171 
American Income(8,036)119 (8,036)119 
Direct to Consumer(373)8 (373)8 
Health Remeasurement Gain (Loss)—Assumption Updates
(10,501)5,233 (10,501)5,233 
Total Health Remeasurement Gain (Loss)
$(9,550)$7,810 $(3,094)$8,342 

The Company performs an annual review of its assumptions during the third quarter. This review process resulted in favorable changes to its mortality and lapse assumptions on life and unfavorable changes to morbidity assumptions on health. Generally, in our life segment mortality assumptions were decreased across most channels in line with recent experience consistent with decreasing levels of excess deaths. Also, for the life segment lapse rate assumptions were slightly increased across all channels. For the health segment, morbidity assumptions were increased, causing higher future policy benefit reserves. The assumption review process of the life and health segments resulted in a $46.3 million net remeasurement gain as compared to a $3.2 million net remeasurement gain in the year-ago quarter.

Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $14.7 million net remeasurement gain and a $15.9 million net remeasurement gain for the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company's results for actual variances from expected experience for both life and health produced a $38.4 million net remeasurement gain and a $21.6 million net remeasurement gain, respectively.
The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of September 30, 2024 and 2023:
At Original Discount RatesAt Current Discount Rates
As of September 30,As of September 30,
2024
2023(2)
2024
2023(2)
Life(1):
American Income$4,781,464 $4,436,042 $5,667,941 $4,672,240 
Direct to Consumer3,106,582 2,943,544 3,767,409 3,207,251 
Liberty National2,277,415 2,244,035 2,498,275 2,222,775 
Other3,128,419 3,037,595 3,810,659 3,321,581 
Net liability for future policy benefits—long duration life13,293,880 12,661,216 15,744,284 13,423,847 
Health(1):
United American110,384 129,410 114,081 124,157 
Family Heritage1,813,971 1,692,080 1,713,530 1,391,017 
Liberty National466,474 479,394 508,632 483,704 
American Income124,534 113,340 140,681 117,888 
Direct to Consumer877 752 911 764 
Net liability for future policy benefits—long duration health2,516,240 2,414,976 2,477,835 2,117,530 
Deferred profit liability177,108 173,520 177,108 173,520 
Deferred annuity680,849 813,276 680,849 813,276 
Interest sensitive life725,857 735,025 725,857 735,025 
Other8,983 9,901 8,980 9,904 
Total future policy benefits
$17,402,917 $16,807,914 $19,814,913 $17,273,102 
(1)Balances are presented net of the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).
(2)Includes the immaterial error correction for reinsurance as noted above.
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 September 30, 2024 and 2023:
As of September 30,
20242023
Original discount rateCurrent discount rateOriginal discount rateCurrent discount rate
Life
American Income5.7 %5.0 %5.7 %5.6 %
Direct to Consumer6.0 %5.0 %6.0 %5.6 %
Liberty National5.6 %5.0 %5.6 %5.7 %
Other6.2 %5.0 %6.2 %5.7 %
Health
United American5.1 %4.8 %5.2 %5.5 %
Family Heritage4.2 %4.9 %4.3 %5.7 %
Liberty National5.8 %4.8 %5.8 %5.7 %
American Income5.8 %4.8 %5.9 %5.6 %
Direct to Consumer5.1 %4.8 %5.2 %5.5 %
The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of September 30, 2024 and 2023:
As of September 30,
20242023
At original discount ratesAt current discount ratesAt original discount ratesAt current discount rates
Life
American Income22.8123.0323.0823.29
Direct to Consumer19.4220.8119.7321.00
Liberty National15.3115.8015.1215.20
Other16.0717.4816.3417.42
Health
United American11.7310.9311.4010.34
Family Heritage15.3414.6014.9013.81
Liberty National9.269.489.118.97
American Income12.5012.8912.1412.20
Direct to Consumer11.7310.9311.4010.34
The following tables summarize the amount of gross premiums and interest related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations for the three and nine month periods ended September 30, 2024 and 2023:
Life
Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
American Income$1,264,474 $202,486 $1,181,247 $187,381 
Direct to Consumer734,860 135,249 735,374 127,040 
Liberty National273,746 91,890 256,641 89,765 
Other152,065 138,724 154,836 133,991 
Total$2,425,145 $568,349 $2,328,098 $538,177 
Life
Three Months Ended
September 30, 2024		Three Months Ended
September 30, 2023
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
American Income$427,543 $68,558 $399,794 $63,565 
Direct to Consumer243,625 45,708 244,931 42,978 
Liberty National92,636 30,737 87,071 30,095 
Other50,413 46,573 51,493 45,065 
Total$814,217 $191,576 $783,289 $181,703 
Health
Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
United American$325,415 $4,449 $298,964 $5,345 
Family Heritage317,065 53,357 294,047 48,904 
Liberty National142,051 19,679 139,875 20,567 
American Income88,017 5,010 84,863 4,896 
Direct to Consumer11,196 — 10,680 — 
Total$883,744 $82,495 $828,429 $79,712 
Health
Three Months Ended
September 30, 2024		Three Months Ended
September 30, 2023
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
United American$110,565 $1,408 $100,285 $1,741 
Family Heritage107,819 18,150 99,828 16,632 
Liberty National47,099 6,524 46,441 6,766 
American Income29,628 1,696 28,528 1,640 
Direct to Consumer3,806 — 3,583 — 
Total$298,917 $27,778 $278,665 $26,779 
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 as of September 30, 2024 and 2023:
Life
As of September 30, 2024As of September 30, 2023
Not discountedAt original discount ratesAt current discount ratesNot discountedAt original discount ratesAt current discount rates
American Income
PV of expected future gross premiums$25,300,910 $14,305,914 $15,028,140 $23,974,963 $13,530,015 $13,147,003 
PV of expected future net premiums8,185,825 4,632,427 4,836,994 7,912,903 4,473,959 4,318,705 
PV of expected future policy benefits31,554,905 9,413,743 10,504,785 30,182,319 8,909,960 8,990,437 
DTC
PV of expected future gross premiums$17,506,090 $9,144,676 $9,825,694 $17,575,618 $9,182,146 $9,112,202 
PV of expected future net premiums10,614,237 5,572,725 5,994,613 10,850,664 5,701,293 5,670,175 
PV of expected future policy benefits25,907,169 8,679,305 9,762,022 25,711,499 8,644,837 8,873,444 
Liberty National
PV of expected future gross premiums$4,797,146 $2,792,129 $2,886,943 $4,601,176 $2,681,034 $2,577,877 
PV of expected future net premiums1,855,536 1,049,598 1,104,096 1,901,039 1,077,931 1,059,229 
PV of expected future policy benefits9,028,196 3,327,013 3,602,371 8,852,345 3,321,966 3,275,732 
Other
PV of expected future gross premiums$3,657,885 $1,857,769 $2,063,274 $3,753,093 $1,901,531 $1,953,533 
PV of expected future net premiums894,843 435,054 470,567 919,200 448,031 446,532 
PV of expected future policy benefits12,471,336 3,563,438 4,281,189 12,427,646 3,485,529 3,767,647 
Total
PV of expected future gross premiums$51,262,031 $28,100,488 $29,804,051 $49,904,850 $27,294,726 $26,790,615 
PV of expected future net premiums21,550,441 11,689,804 12,406,270 21,583,806 11,701,214 11,494,641 
PV of expected future policy benefits78,961,606 24,983,499 28,150,367 77,173,809 24,362,292 24,907,260 
Health
As of September 30, 2024As of September 30, 2023
Not discountedAt original discount ratesAt current discount ratesNot discountedAt original discount ratesAt current discount rates
United American
PV of expected future gross premiums$9,068,701 $5,556,347 $5,742,668 $8,442,713 $5,141,771 $4,871,878 
PV of expected future net premiums6,229,763 3,812,026 3,942,244 5,799,017 3,524,988 3,341,380 
PV of expected future policy benefits6,390,307 3,907,780 4,039,311 5,998,770 3,648,849 3,457,808 
Family Heritage
PV of expected future gross premiums$7,107,124 $4,155,037 $4,074,915 $6,637,472 $3,932,327 $3,523,258 
PV of expected future net premiums3,139,624 1,845,915 1,801,543 2,962,973 1,767,555 1,574,574 
PV of expected future policy benefits7,043,880 3,659,856 3,515,035 6,549,339 3,459,556 2,961,244 
Liberty National
PV of expected future gross premiums$2,037,319 $1,297,318 $1,370,521 $2,084,428 $1,321,438 $1,308,898 
PV of expected future net premiums495,616 335,578 347,107 515,612 347,050 338,678 
PV of expected future policy benefits1,375,759 792,956 845,775 1,414,512 818,795 814,003 
American Income
PV of expected future gross premiums$1,781,677 $999,161 $1,063,740 $1,755,682 $984,122 $969,090 
PV of expected future net premiums400,683 225,616 233,789 354,120 199,122 189,146 
PV of expected future policy benefits710,352 349,161 373,544 632,349 311,642 306,041 
Direct to Consumer
PV of expected future gross premiums$232,805 $147,193 $156,142 $224,522 $141,374 $139,748 
PV of expected future net premiums191,566 120,719 127,872 166,099 104,420 103,166 
PV of expected future policy benefits187,260 117,586 124,457 154,931 99,511 98,400 
Total
PV of expected future gross premiums$20,227,626 $12,155,056 $12,407,986 $19,144,817 $11,521,032 $10,812,872 
PV of expected future net premiums10,457,252 6,339,854 6,452,555 9,797,821 5,943,135 5,546,944 
PV of expected future policy benefits15,707,558 8,827,339 8,898,122 14,749,901 8,338,353 7,637,496 
Schedule of Policyholder Account Balance
The following table summarizes the balances of, and changes in, policyholders’ account balances as of September 30, 2024 and 2023:
Policyholders' Account Balances
20242023
Interest Sensitive LifeDeferred AnnuityOther Policy-holders' FundsInterest Sensitive LifeDeferred AnnuityOther Policy-holders' Funds
Balance at January 1,
$732,948 $773,039 $236,958 $739,105 $954,318 $123,234 
Issuances— 495 — — 602 — 
Premiums received16,187 8,857 239,114 17,062 10,543 100,113 
Policy charges(9,253)— — (9,729)— — 
Surrenders and withdrawals(17,326)(84,893)(10,615)(16,204)(125,176)(9,106)
Benefit payments(23,357)(34,159)— (22,753)(48,459)— 
Interest credited20,890 17,990 15,210 21,274 21,608 6,164 
Other5,768 (480)(11,379)6,270 (161)(2,195)
Balance at September 30,
$725,857 $680,849 $469,288 $735,025 $813,275 $218,210 

Policyholders' Account Balances
20242023
Interest Sensitive LifeDeferred AnnuityOther Policy-holders' FundsInterest Sensitive LifeDeferred AnnuityOther Policy-holders' Funds
Balance at July 1,
$728,097 $706,022 $400,625 $736,920 $853,064 $187,873 
Issuances— 137 — — 231 — 
Premiums received5,077 2,448 70,644 5,398 2,439 31,704 
Policy charges(3,081)— — (3,213)— — 
Surrenders and withdrawals(5,850)(22,331)(3,264)(5,582)(37,905)(2,782)
Benefit payments(6,617)(10,022)— (7,258)(11,047)— 
Interest credited6,922 5,777 6,106 7,083 6,863 2,825 
Other1,309 (1,182)(4,823)1,677 (370)(1,410)
Balance at September 30,
$725,857 $680,849 $469,288 $735,025 $813,275 $218,210 

Weighted-average credit rate3.86 %3.37 %5.73 %3.91 %3.34 %5.68 %
Net amount at risk$1,687,182 N/AN/A$1,793,787 N/AN/A
Cash surrender value$678,556 $680,849 $469,288 $673,814 $813,276 $218,210 
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 as of September 30, 2024 and 2023:
At September 30, 2024
Range of guaranteed minimum crediting ratesInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
At guaranteed minimum
Less than 3.00%
$— $1,866 $373,729 
3.00%-3.99%
29,170 494,585 3,046 
4.00%-4.99%
606,425 184,398 6,548 
Greater than 5.00%
90,262 — 36,541 
Total
725,857 680,849 419,864 
1-50 basis points above
Less than 3.00%
— — — 
3.00%-3.99%
— — — 
4.00%-4.99%
— — 1,678 
Greater than 5.00%
— — — 
Total
— — 1,678 
51-150 basis points above
Less than 3.00%
— — — 
3.00%-3.99%
— — — 
4.00%-4.99%
— — 47,746 
Greater than 5.00%
— — — 
Total
— — 47,746 
Grand Total
$725,857 $680,849 $469,288 
At September 30, 2023
Range of guaranteed minimum crediting ratesInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
At guaranteed minimum
Less than 3.00%
$— $2,011 $118,565 
3.00%-3.99%
29,018 610,785 4,002 
4.00%-4.99%
615,835 199,724 6,851 
Greater than 5.00%
90,172 755 38,788 
Total
735,025 813,275 168,206 
1-50 basis points above
Less than 3.00%
— — — 
3.00%-3.99%
— — — 
4.00%-4.99%
— — — 
Greater than 5.00%
— — — 
Total
— — — 
51-150 basis points above
Less than 3.00%
— — — 
3.00%-3.99%
— — — 
4.00%-4.99%
— — 50,004 
Greater than 5.00%
— — — 
Total
— — 50,004 
Grand Total
$735,025 $813,275 $218,210