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Policy Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Policyholder Account Balance [Abstract]

Schedule of Liability for Future Policy Benefit, Activity

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 month periods ended March 31, 2025 and 2024:


	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	—		—		—		—		—
Effect of actual variances from expected experience	(48,248)		(36,229)		(10,448)		(1,851)		(96,776)
Adjusted balance at January 1, 2024	4,475,081		5,628,030		1,067,383		442,098		11,612,592
Issuances(1)	211,847		149,231		26,164		5,931		393,173
Interest accrual(2)	53,823		73,420		13,839		5,764		146,846
Net premiums collected(3)	(135,686)		(152,631)		(33,901)		(11,401)		(333,619)

Effect of changes in the foreign exchange rate	(8,927)		—		—		—		(8,927)
Ending balance at original discount rates	4,596,138		5,698,050		1,073,485		442,392		11,810,065

Effect of change from original to current discount rates	56,533		247,209		28,724		21,777		354,243
Balance at March 31, 2024	$	4,652,671	$	5,945,259	$	1,102,209	$	464,169	$	12,164,308

Balance at January 1, 2025	$	4,645,917	$	5,622,906	$	1,048,447	$	440,047	$	11,757,317
Beginning balance at original discount rates	4,656,710		5,504,912		1,047,020		430,276		11,638,918
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(51,617)		(38,917)		(7,916)		(3,689)		(102,139)
Adjusted balance at January 1, 2025	4,605,093		5,465,995		1,039,104		426,587		11,536,779
Issuances(1)	195,634		121,780		25,780		5,210		348,404
Interest accrual(2)	56,466		72,207		13,521		5,625		147,819
Net premiums collected(3)	(139,565)		(147,711)		(33,262)		(10,986)		(331,524)

Effect of changes in the foreign exchange rate	2,105		—		—		—		2,105
Ending balance at original discount rates	4,719,733		5,512,271		1,045,143		426,436		11,703,583

Effect of change from original to current discount rates	37,311		173,844		13,553		13,834		238,542
Balance at March 31, 2025	$	4,757,044	$	5,686,115	$	1,058,696	$	440,270	$	11,942,125

(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, 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	—		—		—		—		—
Effect of actual variances from expected experience	(52,221)		(36,444)		(10,449)		(2,867)		(101,981)
Adjusted balance at January 1, 2024	9,009,612		8,620,308		3,327,803		3,503,992		24,461,715
Issuances(1)	211,847		149,231		26,164		5,931		393,173
Interest accrual(2)	120,201		117,925		44,554		52,136		334,816
Benefit payments(3)	(104,758)		(159,061)		(58,109)		(34,177)		(356,105)

Effect of changes in the foreign exchange rate	(20,637)		—		—		—		(20,637)
Ending balance at original discount rates	9,216,265		8,728,403		3,340,412		3,527,882		24,812,962
Effect of change from original to current discount rates	741,828		771,812		159,330		576,010		2,248,980
Balance at March 31, 2024	$	9,958,093	$	9,500,215	$	3,499,742	$	4,103,892	$	27,061,942





Balance at January 1, 2025	$	9,870,692	$	9,125,112	$	3,377,517	$	3,960,963	$	26,334,284
Beginning balance at original discount rates	9,508,588		8,660,948		3,340,219		3,582,068		25,091,823
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(55,814)		(41,948)		(8,711)		(5,447)		(111,920)
Adjusted balance at January 1, 2025	9,452,774		8,619,000		3,331,508		3,576,621		24,979,903
Issuances(1)	195,633		121,779		25,780		5,211		348,403
Interest accrual(2)	127,459		119,194		44,736		53,386		344,775
Benefit payments(3)	(109,126)		(150,039)		(54,594)		(34,896)		(348,655)

Effect of changes in the foreign exchange rate	4,347		—		—		—		4,347
Ending balance at original discount rates	9,671,087		8,709,934		3,347,430		3,600,322		25,328,773
Effect of change from original to current discount rates	441,809		543,806		68,427		409,657		1,463,699
Balance at March 31, 2025	$	10,112,896	$	9,253,740	$	3,415,857	$	4,009,979	$	26,792,472

(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 expected assumptions.


	Life
	Net liability for future policy benefits as of March 31, 2024
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,620,127	$	3,030,353	$	2,266,927	$	3,085,490	$	13,002,897
Effect of changes in discount rate assumptions	685,295		524,603		130,606		554,233		1,894,737
Other adjustments(1)	287		3,549		5,418		85		9,339
Net liability for future policy benefits, after other adjustments, at current discount rates	5,305,709		3,558,505		2,402,951		3,639,808		14,906,973
Reinsurance recoverable	(170)		—		(7,787)		(36,564)		(44,521)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,305,539	$	3,558,505	$	2,395,164	$	3,603,244	$	14,862,452

(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 March 31, 2025
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,951,354	$	3,197,663	$	2,302,287	$	3,173,886	$	13,625,190
Effect of changes in discount rate assumptions	404,498		369,962		54,874		395,823		1,225,157
Other adjustments(1)	224		208		—		75		507
Net liability for future policy benefits, after other adjustments, at current discount rates	5,356,076		3,567,833		2,357,161		3,569,784		14,850,854
Reinsurance recoverable	(186)		—		(7,922)		(14)		(8,122)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,355,890	$	3,567,833	$	2,349,239	$	3,569,770	$	14,842,732

(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 month periods ended March 31, 2025 and 2024:


	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
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	—		—		—		—		—		—
Effect of actual variances from expected experience	(40,531)		(17,092)		(11,410)		(3,550)		(2,316)		(74,899)
Adjusted balance at January 1, 2024	3,585,272		1,766,081		337,160		198,319		107,564		5,994,396
Issuances(1)	104,603		64,008		13,558		9,949		4,609		196,727
Interest accrual(2)	41,822		18,103		4,227		2,283		1,368		67,803
Net premiums collected(3)	(70,249)		(46,400)		(12,780)		(5,839)		(2,678)		(137,946)

Effect of changes in the foreign exchange rate	—		—		—		(862)		—		(862)
Ending balance at original discount rates	3,661,448		1,801,792		342,165		203,850		110,863		6,120,118

Effect of change from original to current discount rates	(8,053)		(107,766)		3,276		(55)		3,016		(109,582)
Balance at March 31, 2024	$	3,653,395	$	1,694,026	$	345,441	$	203,795	$	113,879	$	6,010,536

Balance at January 1, 2025	$	3,885,530	$	1,734,875	$	337,119	$	223,247	$	133,377	$	6,314,148
Beginning balance at original discount rates	3,948,856		1,867,873		338,275		225,141		131,919		6,512,064
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(28,215)		(13,901)		(10,720)		(4,881)		(1,415)		(59,132)
Adjusted balance at January 1, 2025	3,920,641		1,853,972		327,555		220,260		130,504		6,452,932
Issuances(1)	117,625		64,760		12,657		10,441		6,662		212,145
Interest accrual(2)	46,870		19,640		4,090		2,643		1,681		74,924
Net premiums collected(3)	(79,516)		(49,418)		(13,120)		(6,714)		(3,435)		(152,203)

Effect of changes in the foreign exchange rate	—		—		—		222		—		222
Ending balance at original discount rates	4,005,620		1,888,954		331,182		226,852		135,412		6,588,020

Effect of change from original to current discount rates	(11,927)		(111,603)		1,749		421		2,971		(118,389)
Balance at March 31, 2025	$	3,993,693	$	1,777,351	$	332,931	$	227,273	$	138,383	$	6,469,631

(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, 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	—		—		—		—		—		—
Effect of actual variances from expected experience	(40,325)		(19,049)		(12,821)		(4,002)		(2,321)		(78,518)
Adjusted balance at January 1, 2024	3,701,205		3,487,640		803,998		311,429		102,180		8,406,452
Issuances(1)	104,431		64,008		13,349		9,949		4,598		196,335
Interest accrual(2)	43,444		35,663		10,833		3,937		1,368		95,245
Benefit payments(3)	(82,085)		(33,037)		(23,864)		(6,402)		(3,096)		(148,484)

Effect of changes in the foreign exchange rate	—		—		—		(1,548)		—		(1,548)
Ending balance at original discount rates	3,766,995		3,554,274		804,316		317,365		105,050		8,548,000
Effect of change from original to current discount rates	(10,461)		(282,670)		29,690		11,418		2,725		(249,298)
Balance at March 31, 2024	$	3,756,534	$	3,271,604	$	834,006	$	328,783	$	107,775	$	8,298,702





Balance at January 1, 2025	$	3,960,432	$	3,336,546	$	804,695	$	355,303	$	129,277	$	8,586,253
Beginning balance at original discount rates	4,026,860		3,712,044		791,141		348,711		127,975		9,006,731
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(25,054)		(15,756)		(11,005)		(6,195)		(1,191)		(59,201)
Adjusted balance at January 1, 2025	4,001,806		3,696,288		780,136		342,516		126,784		8,947,530
Issuances(1)	117,400		64,760		12,478		10,441		6,630		211,709
Interest accrual(2)	47,983		38,756		10,470		4,456		1,681		103,346
Benefit payments(3)	(100,534)		(38,334)		(24,422)		(5,320)		(4,273)		(172,883)

Effect of changes in the foreign exchange rate	—		—		—		352		—		352
Ending balance at original discount rates	4,066,655		3,761,470		778,662		352,445		130,822		9,090,054
Effect of change from original to current discount rates	(15,333)		(330,868)		20,778		10,095		2,741		(312,587)
Balance at March 31, 2025	$	4,051,322	$	3,430,602	$	799,440	$	362,540	$	133,563	$	8,777,467

(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.

(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 expected assumptions.


	Health
	Net liability for future policy benefits as of March 31, 2024
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	105,547	$	1,752,482	$	462,151	$	113,515	$	(5,813)	$	2,427,882
Effect of changes in discount rate assumptions	(2,408)		(174,904)		26,414		11,473		(291)		(139,716)
Other adjustments(1)	14,449		444		11,254		749		6,838		33,734
Net liability for future policy benefits, after other adjustments, at current discount rates	117,588		1,578,022		499,819		125,737		734		2,321,900
Reinsurance recoverable	(3,096)		(10,577)		(1,224)		—		—		(14,897)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	114,492	$	1,567,445	$	498,595	$	125,737	$	734	$	2,307,003

(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 March 31, 2025
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	61,035		1,872,516		447,480		125,593		(4,590)		2,502,034
Effect of changes in discount rate assumptions	(3,406)		(219,265)		19,029		9,674		(230)		(194,198)
Other adjustments(1)	34,570		1,315		11,363		699		5,575		53,522
Net liability for future policy benefits, after other adjustments, at current discount rates	92,199		1,654,566		477,872		135,966		755		2,361,358
Reinsurance recoverable	(2,511)		—		(988)		—		—		(3,499)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	89,688	$	1,654,566	$	476,884	$	135,966	$	755	$	2,357,859

(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 three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
		2025		2024
Life Remeasurement Gain (Loss)—Experience:
American Income		$	4,179	$	3,972
Direct to Consumer		2,980		166
Liberty National		182		112
Other		1,184		606
Total Life Remeasurement Gain (Loss)—Experience		8,525		4,856

Life Remeasurement Gain (Loss)—Assumption Updates(1):
American Income		—		—
Direct to Consumer		—		—
Liberty National		—		—
Other		—		—
Total Life Remeasurement Gain (Loss)—Assumption Updates		—		—

Total Life Remeasurement Gain (Loss)		8,525		4,856

Health Remeasurement Gain (Loss)—Experience:
United American		(3,820)		(336)
Family Heritage		1,836		1,883
Liberty National		1,183		1,211
American Income		1,249		430
Direct to Consumer		(4)		20
Total Health Remeasurement Gain (Loss)—Experience		444		3,208

Health Remeasurement Gain (Loss)—Assumption Updates(1):
United American		—		—
Family Heritage		—		—
Liberty National		—		—
American Income		—		—
Direct to Consumer		—		—
Health Remeasurement Gain (Loss)—Assumption Updates		—		—

Total Health Remeasurement Gain (Loss)		$	444	$	3,208

Changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits occur annually. There were no changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits during the three months ended March 31, 2025 and 2024.

The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of March 31, 2025 and 2024:



	At Original Discount Rates				At Current Discount Rates
	As of March 31,				As of March 31,
	2025		2024		2025		2024
Life(1):
American Income	$	4,951,442	$	4,620,358	$	5,356,076	$	5,305,709
Direct to Consumer	3,197,663		3,030,353		3,567,833		3,558,505
Liberty National	2,302,287		2,265,329		2,357,161		2,402,951
Other	3,173,917		3,085,512		3,569,784		3,639,808
Net liability for future policy benefits—long duration life	13,625,309		13,001,552		14,850,854		14,906,973

Health(1):
United American	92,197		117,042		92,199		117,588
Family Heritage	1,872,606		1,752,138		1,654,566		1,578,022
Liberty National	458,182		472,140		477,872		499,819
American Income	126,186		114,146		135,966		125,737
Direct to Consumer	722		707		755		734
Net liability for future policy benefits—long duration health	2,549,893		2,456,173		2,361,358		2,321,900

Deferred profit liability	179,229		174,605		179,229		174,605
Deferred annuity	636,219		739,019		636,219		739,019
Interest sensitive life	720,269		729,721		720,269		729,721
Other	8,922		9,810		8,915		9,805
Total future policy benefits	$	17,719,841	$	17,110,880	$	18,756,844	$	18,882,023

(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 March 31, 2025 and 2024:


	As of March 31,
	2025				2024
	Original discount rate		Current discount rate		Original discount rate		Current discount rate
Life
American Income	5.7	%	5.4	%	5.7	%	5.2	%
Direct to Consumer	5.9	%	5.4	%	6.0	%	5.2	%
Liberty National	5.6	%	5.4	%	5.6	%	5.2	%
Other	6.2	%	5.5	%	6.2	%	5.2	%

Health
United American	5.1	%	5.1	%	5.1	%	5.0	%
Family Heritage	4.2	%	5.2	%	4.2	%	5.1	%
Liberty National	5.8	%	5.3	%	5.8	%	5.2	%
American Income	5.8	%	5.1	%	5.8	%	5.0	%
Direct to Consumer	5.1	%	5.1	%	5.1	%	5.0	%

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of March 31, 2025 and 2024:


	As of March 31,
	2025		2024
	At original discount rates	At current discount rates	At original discount rates	At current discount rates
Life
American Income	22.67	22.59	23.05	23.33
Direct to Consumer	19.17	20.11	19.57	21.01
Liberty National	15.32	15.27	15.16	15.60
Other	15.90	16.74	16.18	17.59

Health
United American	11.70	10.60	11.53	10.74
Family Heritage	15.31	14.16	15.07	14.34
Liberty National	9.37	9.24	9.23	9.39
American Income	12.47	12.50	12.28	12.67
Direct to Consumer	11.70	10.60	11.53	10.74

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 months ended March 31, 2025 and 2024:


	Life
	Three Months Ended March 31, 2025				Three Months Ended March 31, 2024
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
American Income	$	437,449	$	70,993	$	413,759	$	66,379
Direct to Consumer	242,870		46,967		245,194		44,460
Liberty National	95,300		31,049		89,871		30,542
Other	49,914		47,285		51,069		45,917
Total	$	825,533	$	196,294	$	799,893	$	187,298


	Health
	Three Months Ended March 31, 2025				Three Months Ended March 31, 2024
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
United American	$	116,396	$	1,049	$	104,097	$	1,567
Family Heritage	112,354		19,116		103,391		17,431
Liberty National	47,753		6,355		47,434		6,583
American Income	29,754		1,812		28,919		1,655
Direct to Consumer	4,136		—		3,657		—
Total	$	310,393	$	28,332	$	287,498	$	27,236

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 for the three months ended March 31, 2025 and 2024:


	Life
	As of March 31, 2025						As of March 31, 2024
	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	$	25,905,546	$	14,643,965	$	14,852,317	$	24,668,992	$	13,924,819	$	14,181,177
PV of expected future net premiums	8,346,487		4,719,733		4,757,044		8,131,005		4,596,138		4,652,671
PV of expected future policy benefits	32,329,867		9,671,087		10,112,896		31,114,756		9,216,265		9,958,093

DTC
PV of expected future gross premiums	$	17,440,657	$	9,119,222	$	9,393,586	$	17,617,001	$	9,214,360	$	9,597,417
PV of expected future net premiums	10,487,810		5,512,271		5,686,115		10,831,408		5,698,050		5,945,259
PV of expected future policy benefits	25,953,052		8,709,934		9,253,740		25,909,464		8,728,403		9,500,215

Liberty National
PV of expected future gross premiums	$	4,865,443	$	2,833,738	$	2,827,949	$	4,667,397	$	2,725,502	$	2,739,275
PV of expected future net premiums	1,844,879		1,045,143		1,058,696		1,888,084		1,073,485		1,102,209
PV of expected future policy benefits	9,102,330		3,347,430		3,415,857		8,916,134		3,340,412		3,499,742

Other
PV of expected future gross premiums	$	3,595,733	$	1,830,596	$	1,946,761	$	3,701,248	$	1,879,815	$	2,027,187
PV of expected future net premiums	877,282		426,436		440,270		906,921		442,392		464,169
PV of expected future policy benefits	12,457,676		3,600,322		4,009,979		12,437,133		3,527,882		4,103,892

Total
PV of expected future gross premiums	$	51,807,379	$	28,427,521	$	29,020,613	$	50,654,638	$	27,744,496	$	28,545,056
PV of expected future net premiums	21,556,458		11,703,583		11,942,125		21,757,418		11,810,065		12,164,308
PV of expected future policy benefits	79,842,925		25,328,773		26,792,472		78,377,487		24,812,962		27,061,942


	Health
	As of March 31, 2025						As of March 31, 2024
	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	$	9,431,321	$	5,798,787	$	5,779,686	$	8,757,778	$	5,349,917	$	5,334,881
PV of expected future net premiums	6,522,325		4,005,620		3,993,693		6,002,434		3,661,448		3,653,395
PV of expected future policy benefits	6,644,012		4,066,655		4,051,322		6,186,167		3,766,995		3,756,534

Family Heritage
PV of expected future gross premiums	$	7,377,322	$	4,282,970	$	4,048,299	$	6,854,106	$	4,037,762	$	3,816,256
PV of expected future net premiums	3,236,121		1,888,954		1,777,351		3,039,406		1,801,792		1,694,026
PV of expected future policy benefits	7,307,684		3,761,470		3,430,602		6,769,500		3,554,274		3,271,604

Liberty National
PV of expected future gross premiums	$	2,018,796	$	1,285,073	$	1,314,976	$	2,073,015	$	1,315,879	$	1,353,262
PV of expected future net premiums	491,199		331,182		332,931		509,069		342,165		345,441
PV of expected future policy benefits	1,358,567		778,662		799,440		1,395,561		804,316		834,006

American Income
PV of expected future gross premiums	$	1,782,370	$	998,794	$	1,029,082	$	1,768,477	$	991,946	$	1,024,262
PV of expected future net premiums	404,090		226,852		227,273		362,982		203,850		203,795
PV of expected future policy benefits	717,506		352,445		362,540		644,293		317,365		328,783

Direct to Consumer
PV of expected future gross premiums	$	251,621	$	159,881	$	163,737	$	238,499	$	150,065	$	154,223
PV of expected future net premiums	213,954		135,412		138,383		176,500		110,863		113,879
PV of expected future policy benefits	209,022		130,822		133,563		164,347		105,050		107,775

Total
PV of expected future gross premiums	$	20,861,430	$	12,525,505	$	12,335,780	$	19,691,875	$	11,845,569	$	11,682,884
PV of expected future net premiums	10,867,689		6,588,020		6,469,631		10,090,391		6,120,118		6,010,536
PV of expected future policy benefits	16,236,791		9,090,054		8,777,467		15,159,868		8,548,000		8,298,702

Schedule of Policyholder Account Balance

The following table summarizes the balances of, and changes in, policyholders’ account balances as of March 31, 2025 and 2024:


	Policyholders' Account Balances
	2025						2024
	Interest Sensitive Life		Deferred Annuity(1)		Other Policy-holders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policy-holders' Funds
Balance at January 1,	$	723,389	$	656,573	$	468,604	$	732,948	$	773,039	$	236,958
Issuances	—		171		—		—		198		—
Premiums and deposits received	5,250		3,766		86,885		5,624		3,573		166,700
Policy charges	(2,986)		—		—		(3,111)		—		—
Surrenders and withdrawals	(5,966)		(16,531)		(93,128)		(6,309)		(31,563)		(3,517)
Benefit payments	(8,329)		(12,831)		—		(9,140)		(12,771)		—

Interest credited	6,875		5,373		5,443		7,016		6,243		3,521
Other	2,036		(302)		(4,656)		2,693		300		(2,393)
Balance at March 31,	$	720,269	$	636,219	$	463,148	$	729,721	$	739,019	$	401,269


Weighted-average credit rate	3.86		%	3.37		%	4.76		%	3.89		%	3.34		%	4.49		%
Net amount at risk	$	1,636,687		N/A			N/A			$	1,740,325		N/A			N/A
Cash surrender value	$	674,838		$	636,138		$	463,148		$	669,721		$	739,019		$	401,269

(1) At March 31, 2025, $439 million has been reinsured with third-party reinsurers under existing reinsurance agreements.

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 policyholders and the respective guaranteed minimums as of March 31, 2025 and 2024:


	At March 31, 2025
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	1,866	$	368,459
3.00%-3.99%	29,408		455,618		3,145
4.00%-4.99%	601,367		178,735		55,767
Greater than 5.00%	89,494		—		35,777
Total	720,269		636,219		463,148






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






Grand Total	$	720,269	$	636,219	$	463,148


	At March 31, 2024
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	1,796	$	303,935
3.00%-3.99%	29,176		545,598		3,521
4.00%-4.99%	610,643		191,625		6,745
Greater than 5.00%	89,902		—		37,384
Total	729,721		739,019		351,585






51-150 basis points above:
Less than 3.00%	—		—		—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		49,684
Greater than 5.00%	—		—		—
Total	—		—		49,684






Grand Total	$	729,721	$	739,019	$	401,269