Deferred Acquisition Costs

9 Months Ended

Sep. 30, 2025

Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three and nine month periods ended September 30, 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	391,707		112,198		88,355		9,304		601,564
Amortization expense	(133,410)		(75,898)		(42,041)		(12,404)		(263,753)
Foreign exchange adjustment	(1,857)		—		—		—		(1,857)

Balance at September 30, 2024	$	2,829,810	$	1,773,417	$	712,733	$	291,769	$	5,607,729

Balance at January 1, 2025	$	2,900,229	$	1,781,230	$	728,790	$	290,506	$	5,700,755
Capitalizations	405,232		108,408		90,524		9,319		613,483
Amortization expense	(152,732)		(77,604)		(46,071)		(9,010)		(285,417)
Foreign exchange adjustment	6,735		—		—		—		6,735

Balance at September 30, 2025	$	3,159,464	$	1,812,034	$	773,243	$	290,815	$	6,035,556


	Life
	American Income		DTC		Liberty National		Other		Total





Balance at July 1, 2024	$	2,740,138	$	1,765,673	$	696,905	$	292,877	$	5,495,593
Capitalizations	131,851		33,222		30,255		3,024		198,352
Amortization expense	(46,033)		(25,478)		(14,427)		(4,132)		(90,070)
Foreign exchange adjustment	3,854		—		—		—		3,854

Balance at September 30, 2024	$	2,829,810	$	1,773,417	$	712,733	$	291,769	$	5,607,729






Balance at July 1, 2025	$	3,078,370	$	1,803,138	$	757,696	$	291,844	$	5,931,048
Capitalizations	136,757		35,007		31,266		3,147		206,177
Amortization expense	(52,577)		(26,111)		(15,719)		(4,176)		(98,583)
Foreign exchange adjustment	(3,086)		—		—		—		(3,086)

Balance at September 30, 2025	$	3,159,464	$	1,812,034	$	773,243	$	290,815	$	6,035,556


	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	2,069		52,055		18,033		11,097		2		83,256
Amortization expense	(4,197)		(22,038)		(11,003)		(3,426)		(110)		(40,774)
Foreign exchange adjustment	—		—		—		(55)		—		(55)

Balance at September 30, 2024	$	71,361	$	482,860	$	146,971	$	74,399	$	1,571	$	777,162

Balance at January 1, 2025	$	70,530	$	496,119	$	148,920	$	76,319	$	1,533	$	793,421
Capitalizations	2,230		58,565		15,474		10,968		1		87,238
Amortization expense	(4,144)		(24,581)		(11,764)		(3,902)		(106)		(44,497)
Foreign exchange adjustment	—		—		—		287		—		287

Balance at September 30, 2025	$	68,616	$	530,103	$	152,630	$	83,672	$	1,428	$	836,449


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total





Balance at July 1, 2024	$	71,975	$	472,254	$	145,097	$	71,589	$	1,608	$	762,523
Capitalizations	780		18,123		5,589		3,817		—		28,309
Amortization expense	(1,394)		(7,517)		(3,715)		(1,189)		(37)		(13,852)
Foreign exchange adjustment	—		—		—		182		—		182

Balance at September 30, 2024	$	71,361	$	482,860	$	146,971	$	74,399	$	1,571	$	777,162
















Balance at July 1, 2025	$	69,073	$	518,183	$	152,822	$	81,545	$	1,459	$	823,082
Capitalizations	878		20,461		3,753		3,565		1		28,658
Amortization expense	(1,335)		(8,541)		(3,945)		(1,284)		(32)		(15,137)
Foreign exchange adjustment	—		—		—		(154)		—		(154)

Balance at September 30, 2025	$	68,616	$	530,103	$	152,630	$	83,672	$	1,428	$	836,449

The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets as of September 30, 2025 and 2024:


	September 30,
	2025		2024
Life
American Income	$	3,159,464	$	2,829,810
Direct to Consumer	1,812,034		1,773,417
Liberty National	773,243		712,733
Other	290,815		291,769
Total DAC—Life	6,035,556		5,607,729

Health
United American	68,616		71,361
Family Heritage	530,103		482,860
Liberty National	152,630		146,971
American Income	83,672		74,399
Direct to Consumer	1,428		1,571
Total DAC—Health	836,449		777,162

Annuity	337		1,791
Total	$	6,872,342	$	6,386,682