Deferred Acquisition Costs (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Analysis of Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three month periods ended March 31, 2025 and 2024:


	Life
	American Income		DTC		Liberty National		Other		Total





Balance at January 1, 2024	$	2,573,370	$	1,737,117	$	666,419	$	294,869	$	5,271,775
Capitalizations	127,443		42,125		26,065		3,013		198,646
Amortization expense	(42,976)		(25,058)		(13,599)		(4,135)		(85,768)
Foreign exchange adjustment	(5,828)		—		—		—		(5,828)

Balance at March 31, 2024	$	2,652,009	$	1,754,184	$	678,885	$	293,747	$	5,378,825






Balance at January 1, 2025	$	2,900,229	$	1,781,230	$	728,790	$	290,506	$	5,700,755
Capitalizations	133,870		37,148		29,591		2,807		203,416
Amortization expense	(49,374)		(25,588)		(14,993)		(678)		(90,633)
Foreign exchange adjustment	1,282		—		—		—		1,282

Balance at March 31, 2025	$	2,986,007	$	1,792,790	$	743,388	$	292,635	$	5,814,820


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total





Balance at January 1, 2024	$	73,489	$	452,843	$	139,941	$	66,783	$	1,679	$	734,735
Capitalizations	496		16,690		7,979		3,530		1		28,696
Amortization expense	(1,381)		(7,187)		(3,607)		(1,099)		(37)		(13,311)
Foreign exchange adjustment	—		—		—		(276)		—		(276)

Balance at March 31, 2024	$	72,604	$	462,346	$	144,313	$	68,938	$	1,643	$	749,844
















Balance at January 1, 2025	$	70,530	$	496,119	$	148,920	$	76,319	$	1,533	$	793,421
Capitalizations	616		18,531		5,919		3,732		—		28,798
Amortization expense	(1,391)		(7,938)		(3,862)		(1,291)		(37)		(14,519)
Foreign exchange adjustment	—		—		—		73		—		73

Balance at March 31, 2025	$	69,755	$	506,712	$	150,977	$	78,833	$	1,496	$	807,773

The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets for the three months ended March 31, 2025 and 2024:


	March 31,
	2025		2024
Life
American Income	$	2,986,007	$	2,652,009
Direct to Consumer	1,792,790		1,754,184
Liberty National	743,388		678,885
Other	292,635		293,747
Total DAC—Life	5,814,820		5,378,825

Health
United American	69,755		72,604
Family Heritage	506,712		462,346
Liberty National	150,977		144,313
American Income	78,833		68,938
Direct to Consumer	1,496		1,643
Total DAC—Health	807,773		749,844

Annuity	1,051		2,568
Total	$	6,623,644	$	6,131,237