Deferred Acquisition Costs

12 Months Ended

Dec. 31, 2024

Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three years ended December 31, 2024:


	Life
	American Income		DTC		Liberty National		Other		Total
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

Balance at January 1, 2024	$	2,573,370	$	1,737,117	$	666,419	$	294,869	$	5,271,775
Capitalizations	524,980		145,538		119,203		12,172		801,893
Amortization expense	(181,431)		(101,425)		(56,832)		(16,535)		(356,223)
Foreign exchange adjustment	(16,690)		—		—		—		(16,690)

Balance at December 31, 2024	$	2,900,229	$	1,781,230	$	728,790	$	290,506	$	5,700,755


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total
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

Balance at January 1, 2024	$	73,489	$	452,843	$	139,941	$	66,783	$	1,679	$	734,735
Capitalizations	2,608		70,311		23,775		14,955		2		111,651
Amortization expense	(5,567)		(27,035)		(14,796)		(4,678)		(148)		(52,224)
Foreign exchange adjustment	—		—		—		(741)		—		(741)

Balance at December 31, 2024	$	70,530	$	496,119	$	148,920	$	76,319	$	1,533	$	793,421

The following table presents a reconciliation of deferred policy acquisition costs to the Consolidated Balance Sheets for the three years ended December 31, 2024:


	December 31,
	2024		2023		2022
Life
American Income	$	2,900,229	$	2,573,370	$	2,258,291
Direct to Consumer	1,781,230		1,737,117		1,676,931
Liberty National	728,790		666,419		610,723
Other	290,506		294,869		298,346
Total DAC—Life	5,700,755		5,271,775		4,844,291

Health
United American	70,530		73,489		77,394
Family Heritage	496,119		452,843		416,608
Liberty National	148,920		139,941		133,096
American Income	76,319		66,783		57,811
Direct to Consumer	1,533		1,679		1,854
Total DAC—Health	793,421		734,735		686,763

Annuity	1,413		2,967		4,643
Total	$	6,495,589	$	6,009,477	$	5,535,697