Policy Liabilities

12 Months Ended

Dec. 31, 2024

Policyholder Account Balance [Abstract]

Policy Liabilities

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, 2024:

	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 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
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

	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at January 1, 2024	$	4,681,888	$	6,052,651	$	1,129,716	$	478,052	$	12,342,307
Beginning balance at original discount rates	4,523,329		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	(229,772)		(311,659)		(42,620)		(14,436)		(598,487)
Adjusted balance at January 1, 2024	4,211,209		5,324,234		1,005,919		428,531		10,969,893
Issuances(1)	798,952		491,440		120,683		23,911		1,434,986
Interest accrual(2)	220,959		292,843		55,198		22,875		591,875
Net premiums collected(3)	(551,066)		(603,605)		(134,778)		(45,041)		(1,334,490)
Effect of changes in the foreign exchange rate	(23,344)		—		—		—		(23,344)
Ending balance at original discount rates	4,656,710		5,504,912		1,047,022		430,276		11,638,920
Effect of change from original to current discount rates	(10,793)		117,994		1,425		9,771		118,397
Balance at December 31, 2024	$	4,645,917	$	5,622,906	$	1,048,447	$	440,047	$	11,757,317

(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 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
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 rates	9,061,833		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	(251,310)		(335,087)		(50,759)		(20,954)		(658,110)
Adjusted balance at January 1, 2024	8,706,025		8,271,559		3,245,657		3,483,878		23,707,119
Issuances(1)	794,225		491,437		120,702		23,912		1,430,276
Interest accrual(2)	492,966		474,451		178,617		210,344		1,356,378
Benefit payments(3)	(426,723)		(576,499)		(204,757)		(136,066)		(1,344,045)
Effect of changes in the foreign exchange rate	(57,904)		—		—		—		(57,904)
Ending balance at original discount rates	9,508,589		8,660,948		3,340,219		3,582,068		25,091,824
Effect of change from original to current discount rates	362,103		464,164		37,298		378,895		1,242,460
Balance at December 31, 2024	$	9,870,692	$	9,125,112	$	3,377,517	$	3,960,963	$	26,334,284

(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
	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 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).

	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 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).

	Life
	Net liability for future policy benefits as of December 31, 2024
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,851,879	$	3,156,036	$	2,293,197	$	3,151,792	$	13,452,904
Effect of changes in discount rate assumptions	372,896		346,170		35,873		369,124		1,124,063
Other adjustments(1)	122		18		—		33		173
Net liability for future policy benefits, after other adjustments, at current discount rates	5,224,897		3,502,224		2,329,070		3,520,949		14,577,140
Reinsurance recoverable	(167)		—		(7,953)		(35,368)		(43,488)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,224,730	$	3,502,224	$	2,321,117	$	3,485,581	$	14,533,652

(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).

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, 2024:

	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 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
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 rates	3,625,803		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	(43,846)		(56,720)		(29,652)		(16,088)		(2,937)		(149,243)
Adjusted balance at January 1, 2024	3,591,849		1,718,336		315,455		197,988		111,392		5,935,020
Issuances(1)	480,412		265,166		58,538		44,350		26,149		874,615
Interest accrual(2)	174,269		75,188		16,566		9,787		5,838		281,648
Net premiums collected(3)	(297,675)		(190,817)		(52,284)		(24,852)		(11,460)		(577,088)
Effect of changes in the foreign exchange rate	—		—		—		(2,132)		—		(2,132)
Ending balance at original discount rates	3,948,855		1,867,873		338,275		225,141		131,919		6,512,063
Effect of change from original to current discount rates	(63,325)		(132,998)		(1,156)		(1,894)		1,458		(197,915)
Balance at December 31, 2024	$	3,885,530	$	1,734,875	$	337,119	$	223,247	$	133,377	$	6,314,148

(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 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 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
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 rates	3,741,530		3,506,689		816,819		315,431		104,501		8,484,970
Effect of changes in assumptions on future cash flows	10,680		(5,054)		(2,775)		20,293		7,733		30,877
Effect of actual variances from expected experience	(35,532)		(63,595)		(30,258)		(18,601)		(2,420)		(150,406)
Adjusted balance at January 1, 2024	3,716,678		3,438,040		783,786		317,123		109,814		8,365,441
Issuances(1)	479,653		265,166		57,862		44,353		26,116		873,150
Interest accrual(2)	180,235		147,615		42,809		16,577		5,837		393,073
Benefit payments(3)	(349,706)		(138,777)		(93,317)		(25,214)		(13,792)		(620,806)
Effect of changes in the foreign exchange rate	—		—		—		(4,128)		—		(4,128)
Ending balance at original discount rates	4,026,860		3,712,044		791,140		348,711		127,975		9,006,730
Effect of change from original to current discount rates	(66,428)		(375,498)		13,555		6,592		1,302		(420,477)
Balance at December 31, 2024	$	3,960,432	$	3,336,546	$	804,695	$	355,303	$	129,277	$	8,586,253

(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
	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 (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

	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 (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

	Health
	Net liability for future policy benefits as of December 31, 2024
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	78,005		1,844,171		452,865		123,570		(3,944)		2,494,667
Effect of changes in discount rate assumptions	(3,103)		(242,500)		14,711		8,486		(156)		(222,562)
Other adjustments(1)	24,920		22		10,310		814		4,865		40,931
Net liability for future policy benefits, after other adjustments, at current discount rates	99,822		1,601,693		477,886		132,870		765		2,313,036
Reinsurance recoverable	(2,768)		—		(986)		—		—		(3,754)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	97,054	$	1,601,693	$	476,900	$	132,870	$	765	$	2,309,282

(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).

Remeasurement Gain or Loss—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 the three years ended December 31, 2024:

	Year Ended December 31,
	2024		2023		2022
Life Remeasurement Gain (Loss)—Experience:
American Income	$	19,606	$	9,430	1,965
Direct to Consumer	21,681		12,201		(2,243)
Liberty National	3,966		5,013		(1,348)
Other	4,872		4,760		1,354
Total Life Remeasurement Gain (Loss)—Experience	50,125		31,404		(272)
Life Remeasurement Gain (Loss)—Assumption Updates:
American Income	21,974		308		(8,707)
Direct to Consumer	21,744		1,763		(25,334)
Liberty National	12,224		(1,248)		(7,872)
Other	904		(2,836)		(5,241)
Total Life Remeasurement Gain (Loss)—Assumption Updates	56,846		(2,013)		(47,154)
Total Life Remeasurement Gain (Loss)	106,971		29,391		(47,426)
Health Remeasurement Gain (Loss)—Experience:
United American	(4,890)		(134)		3,502
Family Heritage	6,756		4,638		2,395
Liberty National	2,640		628		1,406
American Income	2,742		1,461		(2,545)
Direct to Consumer	22		23		148
Total Health Remeasurement Gain (Loss)—Experience	7,270		6,616		4,906
Health Remeasurement Gain (Loss)—Assumption Updates:
United American	1,205		762		(626)
Family Heritage	(3,063)		2,173		6,283
Liberty National	(234)		2,171		1,463
American Income	(8,036)		119		3,615
Direct to Consumer	(373)		8		(80)
Health Remeasurement Gain (Loss)—Assumption Updates	(10,501)		5,233		10,655
Total Health Remeasurement Gain (Loss)	$	(3,231)	$	11,849	15,561

The Company performed its annual review of 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 in the year ended December 31, 2024 as compared to a $3.2 million net remeasurement gain and a $36.5 million net remeasurement loss in the year ended December 31, 2023 and 2022, respectively.

Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $57.4 million net remeasurement gain, a $38.0 million net remeasurement gain, and a $4.6 million net remeasurement gain for the year ended December 31, 2024, 2023, and 2022, respectively.

The following table reconciles the liability for future policy benefits to the Consolidated Balance Sheets as of December 31, 2024, 2023, and 2022:

	At Original Discount Rates						At Current Discount Rates
	As of December 31,						As of December 31,
	2024		2023		2022		2024		2023		2022
Life(1):
American Income	$	4,851,995	$	4,538,775	$	4,163,111	$	5,224,897	$	5,482,036	$	4,846,063
Direct to Consumer	3,156,039		2,992,493		2,797,031		3,502,224		3,665,180		3,320,140
Liberty National	2,293,197		2,260,421		2,206,857		2,329,070		2,481,440		2,342,487
Other	3,151,824		3,062,966		2,954,522		3,520,949		3,761,633		3,505,457
Net liability for future policy benefits—long duration life	13,453,055		12,854,655		12,121,521		14,577,140		15,390,289		14,014,147
Health(1):
United American	100,480		124,021		141,362		99,822		127,537		142,383
Family Heritage	1,844,186		1,723,581		1,607,169		1,601,693		1,604,223		1,413,844
Liberty National	462,712		476,559		494,155		477,886		516,903		524,037
American Income	124,309		114,407		111,128		132,870		129,980		122,502
Direct to Consumer	738		737		979		765		772		1,023
Net liability for future policy benefits—long duration health	2,532,425		2,439,305		2,354,793		2,313,036		2,379,415		2,203,789
Deferred profit liability	178,199		174,717		175,883		178,199		174,717		175,883
Deferred annuity	656,573		773,039		954,318		656,573		773,039		954,318
Interest sensitive life	723,389		732,948		739,105		723,389		732,948		739,105
Other	8,923		9,951		10,106		8,926		9,945		10,099
Total future policy benefits	$	17,552,564	$	16,984,615	$	16,355,726	$	18,457,263	$	19,460,353	$	18,097,341

(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).

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, 2024, 2023, and 2022:

	As of December 31,
	2024				2023				2022
	Original discount rate		Current discount rate		Original discount rate		Current discount rate		Original discount rate		Current discount rate
Life
American Income	5.7	%	5.4	%	5.7	%	4.9	%	5.8	%	5.2	%
Direct to Consumer	6.0	%	5.5	%	6.0	%	5.0	%	6.0	%	5.2	%
Liberty National	5.6	%	5.5	%	5.6	%	5.0	%	5.6	%	5.2	%
Other	6.2	%	5.5	%	6.2	%	5.0	%	6.2	%	5.2	%
Health
United American	5.1	%	5.2	%	5.1	%	4.8	%	5.2	%	5.1	%
Family Heritage	4.2	%	5.3	%	4.3	%	4.9	%	4.3	%	5.2	%
Liberty National	5.8	%	5.4	%	5.8	%	4.9	%	5.8	%	5.2	%
American Income	5.8	%	5.2	%	5.8	%	4.8	%	5.9	%	5.1	%
Direct to Consumer	5.1	%	5.2	%	5.1	%	4.8	%	5.2	%	5.1	%

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of December 31, 2024, 2023, and 2022:

	As of December 31,
	2024		2023		2022
	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	22.73	22.76	23.01	23.45	22.86	23.28
Direct to Consumer	19.24	20.31	19.58	21.21	20.27	21.80
Liberty National	15.30	15.33	15.13	15.81	14.86	15.39
Other	15.99	16.92	16.26	17.92	16.59	18.15
Health
United American	11.72	10.65	11.46	10.89	11.37	10.65
Family Heritage	15.33	14.23	14.99	14.54	14.87	14.22
Liberty National	9.31	9.19	9.17	9.49	9.26	9.47
American Income	12.49	12.56	12.21	12.84	12.12	12.56
Direct to Consumer	11.72	10.65	11.46	10.89	11.37	10.65

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 for the three years ended December 31, 2024:

	Life
	Year Ended December 31, 2024				Year Ended December 31, 2023				Year Ended December 31, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense		Gross Premiums		Interest expense
American Income	$	1,696,918	$	272,007	$	1,587,304	$	252,277	$	1,503,537	$	234,098
Direct to Consumer	977,302		181,470		979,739		170,745		973,429		159,945
Liberty National	367,278		122,727		345,196		120,083		322,497		117,681
Other	202,234		185,619		205,998		179,513		208,390		172,967
Total	$	3,243,732	$	761,823	$	3,118,237	$	722,618	$	3,007,853	$	684,691

	Health
	Year Ended December 31, 2024				Year Ended December 31, 2023				Year Ended December 31, 2022
	Gross Premiums		Interest expense		Gross Premiums		Interest expense		Gross Premiums		Interest expense
United American	$	439,125	$	5,739	$	401,834	$	7,002	$	380,710	$	7,532
Family Heritage	427,640		71,900		396,211		65,892		366,803		59,983
Liberty National	189,650		26,144		187,095		27,248		186,268		28,477
American Income	117,644		6,790		113,605		6,542		111,623		6,408
Direct to Consumer	15,033		—		14,283		—		14,290		—
Total	$	1,189,092	$	110,573	$	1,113,028	$	106,684	$	1,059,694	$	102,400

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 for the three years ended December 31, 2024:

	Life
	As of December 31, 2024						As of December 31, 2023						As of December 31, 2022
	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	$	25,492,032	$	14,410,088	$	14,471,277	$	24,265,464	$	13,695,495	$	14,264,077	$	22,662,540	$	12,832,811	$	13,006,579
PV of expected future net premiums	8,233,110		4,656,710		4,645,917		8,001,107		4,523,329		4,681,888		7,480,182		4,246,723		4,273,156
PV of expected future policy benefits	31,831,310		9,508,589		9,870,692		30,623,947		9,061,833		10,163,627		28,318,683		8,409,761		9,119,104
DTC
PV of expected future gross premiums	$	17,372,446	$	9,077,304	$	9,258,880	$	17,506,091	$	9,150,049	$	9,761,706	$	17,346,469	$	9,086,945	$	9,432,882
PV of expected future net premiums	10,481,376		5,504,912		5,622,906		10,774,655		5,664,259		6,052,651		10,769,174		5,680,864		5,910,224
PV of expected future policy benefits	25,841,419		8,660,948		9,125,112		25,723,752		8,656,752		9,714,516		25,356,573		8,477,892		9,225,451
Liberty National
PV of expected future gross premiums	$	4,837,598	$	2,817,204	$	2,775,304	$	4,660,783	$	2,720,264	$	2,784,916	$	4,396,685	$	2,561,304	$	2,562,342
PV of expected future net premiums	1,849,200		1,047,022		1,048,447		1,897,696		1,077,831		1,129,716		1,885,533		1,066,123		1,094,407
PV of expected future policy benefits	9,073,624		3,340,219		3,377,517		8,905,815		3,338,252		3,605,392		8,613,975		3,272,980		3,429,256
Other
PV of expected future gross premiums	$	3,627,855	$	1,844,670	$	1,942,849	$	3,726,111	$	1,889,930	$	2,088,668	$	3,814,915	$	1,925,650	$	2,075,874
PV of expected future net premiums	885,362		430,276		440,047		910,786		443,949		478,052		922,500		449,209		470,741
PV of expected future policy benefits	12,466,943		3,582,068		3,960,963		12,431,963		3,506,859		4,239,623		12,371,696		3,403,704		3,976,150
Total
PV of expected future gross premiums	$	51,329,931	$	28,149,266	$	28,448,310	$	50,158,449	$	27,455,738	$	28,899,367	$	48,220,609	$	26,406,710	$	27,077,677
PV of expected future net premiums	21,449,048		11,638,920		11,757,317		21,584,244		11,709,368		12,342,307		21,057,389		11,442,919		11,748,528
PV of expected future policy benefits	79,213,296		25,091,824		26,334,284		77,685,477		24,563,696		27,723,158		74,660,927		23,564,337		25,749,961

As of December 31, 2024 for the life segment using current discount rates, the Company anticipates $28.4 billion of expected future gross premiums and $11.8 billion of expected future net premiums. As of December 31, 2023 and 2022 using current discount rates, the Company anticipated $28.9 billion and $27.1 billion of expected future gross premiums and $12.3 billion and $11.7 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, 2024						As of December 31, 2023						As of December 31, 2022
	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	$	9,350,851	$	5,738,332	$	5,643,454	$	8,682,707	$	5,295,148	$	5,396,402	$	6,801,987	$	4,285,863	$	4,233,647
PV of expected future net premiums	6,442,648		3,948,855		3,885,530		5,955,294		3,625,803		3,697,771		4,680,560		2,941,262		2,908,501
PV of expected future policy benefits	6,584,800		4,026,860		3,960,432		6,148,565		3,741,530		3,814,328		4,915,174		3,080,633		3,046,829
Family Heritage
PV of expected future gross premiums	$	7,242,884	$	4,220,293	$	3,938,234	$	6,739,913	$	3,982,571	$	3,844,287	$	6,329,183	$	3,787,020	$	3,518,288
PV of expected future net premiums	3,188,017		1,867,873		1,734,875		2,997,954		1,783,173		1,711,741		2,865,334		1,729,219		1,594,992
PV of expected future policy benefits	7,176,690		3,712,044		3,336,546		6,655,694		3,506,689		3,315,880		6,245,843		3,336,344		3,005,664
Liberty National
PV of expected future gross premiums	$	2,039,441	$	1,299,234	$	1,316,967	$	2,089,005	$	1,325,869	$	1,390,066	$	2,271,423	$	1,418,333	$	1,458,880
PV of expected future net premiums	500,297		338,275		337,119		518,008		348,570		358,472		652,858		415,442		423,490
PV of expected future policy benefits	1,374,959		791,140		804,695		1,413,211		816,819		865,808		1,600,943		904,865		941,574
American Income
PV of expected future gross premiums	$	1,770,862	$	992,641	$	1,012,919	$	1,768,231	$	991,448	$	1,047,348	$	1,750,393	$	977,846	$	1,004,239
PV of expected future net premiums	400,512		225,141		223,247		359,248		201,869		206,381		342,659		192,631		190,296
PV of expected future policy benefits	709,637		348,711		355,303		640,326		315,431		335,504		617,973		303,713		312,750
Direct to Consumer
PV of expected future gross premiums	$	248,646	$	157,812	$	159,862	$	236,776	$	149,119	$	156,612	$	177,131	$	116,212	$	119,457
PV of expected future net premiums	208,577		131,919		133,377		174,738		109,880		115,363		133,995		87,751		90,143
PV of expected future policy benefits	204,099		127,975		129,277		163,087		104,501		109,482		127,911		85,212		87,532
Total
PV of expected future gross premiums	$	20,652,684	$	12,408,312	$	12,071,436	$	19,516,632	$	11,744,155	$	11,834,715	$	17,330,117	$	10,585,274	$	10,334,511
PV of expected future net premiums	10,740,051		6,512,063		6,314,148		10,005,242		6,069,295		6,089,728		8,675,406		5,366,305		5,207,422
PV of expected future policy benefits	16,050,185		9,006,730		8,586,253		15,020,883		8,484,970		8,441,002		13,507,844		7,710,767		7,394,349

As of December 31, 2024 for the health segment using current discount rates, the Company anticipates $12.1 billion of expected future gross premiums and $6.3 billion of expected future net premiums. As of December 31, 2023 and 2022 using current discount rates, the Company anticipated $11.8 billion and $10.3 billion of expected future gross premiums and $6.1 billion and $5.2 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 for the three years ended December 31, 2024:

	Policyholders' Account Balances
	2024									2023									2022
	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,	$	732,948		$	773,039		$	236,958		$739,105			$	954,318		$	123,236		$	745,335		$	1,033,525		$	99,468
Issuances	—			875			—			—			896			—			—			1,528			—
Premiums received	20,928			11,332			240,802			22,036			13,209			122,136			23,439			22,873			30,591
Policy charges	(12,295)			—			—			(12,926)			—			—			(13,573)			—			—
Surrenders and withdrawals	(22,479)			(107,707)			(13,897)			(21,215)			(165,584)			(13,042)			(21,994)			(92,235)			(11,615)
Benefit payments	(30,512)			(43,955)			—			(29,909)			(57,937)			—			(32,889)			(44,456)			—
Interest credited	27,790			23,634			21,165			28,320			28,150			9,314			28,579			32,779			4,589
Other	7,009			(645)			(16,424)			7,537			(13)			(4,686)			10,208			304			203
Balance at December 31,	$	723,389		$	656,573		$	468,604		$	732,948		$	773,039		$	236,958		$	739,105		$	954,318		$	123,236
Weighted-average credit rate	3.82		%	3.31		%	6.00		%	3.85		%	3.26		%	5.17		%	3.85		%	3.30		%	4.12		%
Net amount at risk	$	1,663,496		N/A			N/A			$	1,766,170		N/A			N/A			$	1,873,315		N/A			N/A
Cash surrender value	$	677,111		$	656,573		$	468,604		$	671,596		$	773,039		$	236,958		$	689,546		$	954,309		$	123,236

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 December 31, 2024, 2023, and 2022:

	At December 31, 2024
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	1,812	$	373,584
3.00%-3.99%	29,251		473,191		3,182
4.00%-4.99%	604,412		181,570		55,876
Greater than 5.00%	89,726		—		35,962
Total	723,389		656,573		468,604
51-150 basis points above:
Less than 3.00%	—		—		—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		—
Greater than 5.00%	—		—		—
Total	—		—		—
Grand Total	$	723,389	$	656,573	$	468,604

	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