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Policy Liabilities (Tables)
 9 Months Ended
Sep. 30, 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 and nine month periods ended September 30, 2025 and 2024:
Life
Present value of expected future net premiums
American IncomeDTCLiberty NationalOtherTotal
Balance at January 1, 2024
$4,681,888 $6,052,651 $1,129,716 $478,052 $12,342,307 
Beginning balance at original discount rates4,523,329 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(173,180)(226,062)(29,381)(9,292)(437,915)
Adjusted balance at January 1, 2024
4,267,801 5,409,831 1,019,158 433,675 11,130,465 
Issuances(1)
616,527 398,034 90,517 18,126 1,123,204 
Interest accrual(2)
164,917 220,485 41,610 17,213 444,225 
Net premiums collected(3)
(412,717)(455,625)(101,687)(33,960)(1,003,989)
Effect of changes in the foreign exchange rate(4,101)— — — (4,101)
Ending balance at original discount rates4,632,427 5,572,725 1,049,598 435,054 11,689,804 
Effect of change from original to current discount rates204,567 421,888 54,498 35,513 716,466 
Balance at September 30, 2024
$4,836,994 $5,994,613 $1,104,096 $470,567 $12,406,270 
Balance at January 1, 2025
$4,645,917 $5,622,906 $1,048,447 $440,047 $11,757,317 
Beginning balance at original discount rates4,656,710 5,504,912 1,047,020 430,276 11,638,918 
Effect of changes in assumptions on future cash flows
(136,473)(89,711)(52,204)(5,160)(283,548)
Effect of actual variances from expected experience(166,114)(203,565)(24,106)(14,207)(407,992)
Adjusted balance at January 1, 2025
4,354,123 5,211,636 970,710 410,909 10,947,378 
Issuances(1)
554,627 384,426 81,718 18,588 1,039,359 
Interest accrual(2)
169,466 215,586 40,194 16,683 441,929 
Net premiums collected(3)
(421,703)(440,708)(99,565)(32,654)(994,630)
Effect of changes in the foreign exchange rate10,349 — — — 10,349 
Ending balance at original discount rates4,666,862 5,370,940 993,057 413,526 11,444,385 
Effect of change from original to current discount rates106,621 259,166 26,011 19,941 411,739 
Balance at September 30, 2025
$4,773,483 $5,630,106 $1,019,068 $433,467 $11,856,124 
(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 net premiums
American IncomeDTCLiberty NationalOtherTotal
Balance at July 1, 2024
$4,635,903 $5,810,518 $1,085,233 $449,883 $11,981,537 
Beginning balance at original discount rates4,648,111 5,670,288 1,080,642 437,551 11,836,592 
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(59,483)(103,089)(12,113)(1,970)(176,655)
Adjusted balance at July 1, 2024
4,506,280 5,538,833 1,039,237 434,599 11,518,949 
Issuances(1)
203,828 110,993 30,298 5,969 351,088 
Interest accrual(2)
55,750 73,134 13,836 5,709 148,429 
Net premiums collected(3)
(138,552)(150,235)(33,773)(11,223)(333,783)
Effect of changes in the foreign exchange rate5,121 — — — 5,121 
Ending balance at original discount rates4,632,427 5,572,725 1,049,598 435,054 11,689,804 
Effect of change from original to current discount rates204,567 421,888 54,498 35,513 716,466 
Balance at September 30, 2024
$4,836,994 $5,994,613 $1,104,096 $470,567 $12,406,270 
Balance at July 1, 2025
$4,818,081 $5,682,370 $1,063,162 $436,784 $12,000,397 
Beginning balance at original discount rates4,771,460 5,498,605 1,047,994 422,810 11,740,869 
Effect of changes in assumptions on future cash flows
(136,473)(89,711)(52,204)(5,160)(283,548)
Effect of actual variances from expected experience(53,404)(90,898)(10,330)(5,320)(159,952)
Adjusted balance at July 1, 2025
4,581,583 5,317,996 985,460 412,330 11,297,369 
Issuances(1)
174,415 127,328 27,325 6,475 335,543 
Interest accrual(2)
55,825 71,053 13,138 5,472 145,488 
Net premiums collected(3)
(140,680)(145,437)(32,866)(10,751)(329,734)
Effect of changes in the foreign exchange rate(4,281)— — — (4,281)
Ending balance at original discount rates4,666,862 5,370,940 993,057 413,526 11,444,385 
Effect of change from original to current discount rates106,621 259,166 26,011 19,941 411,739 
Balance at September 30, 2025
$4,773,483 $5,630,106 $1,019,068 $433,467 $11,856,124 
(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 IncomeDTCLiberty NationalOtherTotal
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 rates9,061,833 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(187,711)(241,231)(34,722)(12,841)(476,505)
Adjusted balance at January 1, 2024
8,769,624 8,365,415 3,261,694 3,491,991 23,888,724 
Issuances(1)
611,802 398,032 90,518 18,127 1,118,479 
Interest accrual(2)
367,403 355,850 134,020 157,318 1,014,591 
Benefit payments(3)
(326,318)(439,992)(159,219)(103,998)(1,029,527)
Effect of changes in the foreign exchange rate(8,768)— — — (8,768)
Ending balance at original discount rates9,413,743 8,679,305 3,327,013 3,563,438 24,983,499 
Effect of change from original to current discount rates1,091,042 1,082,717 275,358 717,751 3,166,868 
Balance at September 30, 2024
$10,504,785 $9,762,022 $3,602,371 $4,281,189 $28,150,367 
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 rates9,508,588 8,660,948 3,340,219 3,582,068 25,091,823 
Effect of changes in assumptions on future cash flows(189,172)(129,189)(89,154)(9,081)(416,596)
Effect of actual variances from expected experience(184,713)(223,416)(32,071)(21,159)(461,359)
Adjusted balance at January 1, 2025
9,134,703 8,308,343 3,218,994 3,551,828 24,213,868 
Issuances(1)
554,627 384,425 81,716 18,588 1,039,356 
Interest accrual(2)
385,316 358,173 133,963 160,848 1,038,300 
Benefit payments(3)
(340,667)(428,849)(153,840)(105,916)(1,029,272)
Effect of changes in the foreign exchange rate24,400 — — — 24,400 
Ending balance at original discount rates9,758,379 8,622,092 3,280,833 3,625,348 25,286,652 
Effect of change from original to current discount rates607,423 695,305 121,891 479,664 1,904,283 
Balance at September 30, 2025
$10,365,802 $9,317,397 $3,402,724 $4,105,012 $27,190,935 
(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
Present value of expected future policy benefits
American IncomeDTCLiberty NationalOtherTotal
Balance at July 1, 2024
$9,811,407 $9,289,834 $3,424,768 $3,981,898 $26,507,907 
Beginning balance at original discount rates9,353,526 8,748,900 3,356,531 3,545,323 25,004,280 
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(65,766)(111,255)(15,385)(2,629)(195,035)
Adjusted balance at July 1, 2024
9,183,262 8,587,539 3,299,310 3,540,667 24,610,778 
Issuances(1)
199,097 110,991 30,298 5,970 346,356 
Interest accrual(2)
124,308 118,873 44,743 52,747 340,671 
Benefit payments(3)
(105,757)(138,098)(47,338)(35,946)(327,139)
Effect of changes in the foreign exchange rate12,833 — — — 12,833 
Ending balance at original discount rates9,413,743 8,679,305 3,327,013 3,563,438 24,983,499 
Effect of change from original to current discount rates1,091,042 1,082,717 275,358 717,751 3,166,868 
Balance at September 30, 2024
$10,504,785 $9,762,022 $3,602,371 $4,281,189 $28,150,367 
Balance at July 1, 2025
$10,234,154 $9,278,145 $3,421,818 $4,008,385 $26,942,502 
Beginning balance at original discount rates9,829,535 8,742,750 3,358,803 3,617,306 25,548,394 
Effect of changes in assumptions on future cash flows(189,172)(129,189)(89,154)(9,081)(416,596)
Effect of actual variances from expected experience(60,805)(100,922)(14,354)(8,215)(184,296)
Adjusted balance at July 1, 2025
9,579,558 8,512,639 3,255,295 3,600,010 24,947,502 
Issuances(1)
174,414 127,326 27,324 6,475 335,539 
Interest accrual(2)
128,559 119,076 44,398 53,827 345,860 
Benefit payments(3)
(113,819)(136,949)(46,184)(34,964)(331,916)
Effect of changes in the foreign exchange rate(10,333)— — — (10,333)
Ending balance at original discount rates9,758,379 8,622,092 3,280,833 3,625,348 25,286,652 
Effect of change from original to current discount rates607,423 695,305 121,891 479,664 1,904,283 
Balance at September 30, 2025
$10,365,802 $9,317,397 $3,402,724 $4,105,012 $27,190,935 
(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 September 30, 2024
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$4,781,316 $3,106,580 $2,277,415 $3,128,384 $13,293,695 
Effect of changes in discount rate assumptions886,475 660,829 220,860 682,238 2,450,402 
Other adjustments(1)
150 — — 37 187 
Net liability for future policy benefits, after other adjustments, at current discount rates
5,667,941 3,767,409 2,498,275 3,810,659 15,744,284 
Reinsurance recoverable
(170)— (7,885)(38,506)(46,561)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$5,667,771 $3,767,409 $2,490,390 $3,772,153 $15,697,723 
(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).



Life
Net liability for future policy benefits as of September 30, 2025
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$5,091,517 $3,251,152 $2,287,776 $3,211,822 $13,842,267 
Effect of changes in discount rate assumptions500,802 436,139 95,880 459,723 1,492,544 
Other adjustments(1)
146 — — 30 176 
Net liability for future policy benefits, after other adjustments, at current discount rates
5,592,465 3,687,291 2,383,656 3,671,575 15,334,987 
Reinsurance recoverable
(176)— (8,049)(14)(8,239)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$5,592,289 $3,687,291 $2,375,607 $3,671,561 $15,326,748 
(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 summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and nine month periods ended September 30, 2025 and 2024:
Health
Present value of expected future net premiums
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
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 rates3,625,803 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(18,894)(43,359)(26,123)(11,168)(1,818)(101,362)
Adjusted balance at January 1, 2024
3,616,801 1,731,697 318,984 202,908 112,511 5,982,901 
Issuances(1)
287,072 200,220 43,367 34,121 12,325 577,105 
Interest accrual(2)
128,533 55,733 12,450 7,135 4,221 208,072 
Net premiums collected(3)
(220,380)(141,735)(39,223)(18,171)(8,338)(427,847)
Effect of changes in the foreign exchange rate— — — (377)— (377)
Ending balance at original discount rates3,812,026 1,845,915 335,578 225,616 120,719 6,339,854 
Effect of change from original to current discount rates130,218 (44,372)11,529 8,173 7,153 112,701 
Balance at September 30, 2024
$3,942,244 $1,801,543 $347,107 $233,789 $127,872 $6,452,555 
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 rates3,948,856 1,867,873 338,275 225,141 131,919 6,512,064 
Effect of changes in assumptions on future cash flows
625,460 (72,130)29 12,588 25,985 591,932 
Effect of actual variances from expected experience22,236 (40,873)(20,200)(13,357)618 (51,576)
Adjusted balance at January 1, 2025
4,596,552 1,754,870 318,104 224,372 158,522 7,052,420 
Issuances(1)
378,649 210,220 41,777 30,425 18,983 680,054 
Interest accrual(2)
148,586 59,364 11,959 8,071 5,307 233,287 
Net premiums collected(3)
(249,382)(151,585)(40,275)(20,362)(10,442)(472,046)
Effect of changes in the foreign exchange rate— — — 991 — 991 
Ending balance at original discount rates4,874,405 1,872,869 331,565 243,497 172,370 7,494,706 
Effect of change from original to current discount rates72,577 (66,388)6,332 4,731 6,388 23,640 
Balance at September 30, 2025
$4,946,982 $1,806,481 $337,897 $248,228 $178,758 $7,518,346 
(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 net premiums
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at July 1, 2024
$3,658,491 $1,690,797 $337,741 $205,889 $114,876 $6,007,794 
Beginning balance at original discount rates3,720,108 1,823,728 338,934 208,867 113,247 6,204,884 
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 experience18,179 (12,068)(4,959)(4,110)644 (2,314)
Adjusted balance at July 1, 2024
3,748,179 1,803,543 330,512 216,964 118,340 6,217,538 
Issuances(1)
95,279 71,345 14,352 11,997 3,823 196,796 
Interest accrual(2)
43,903 19,016 4,104 2,493 1,460 70,976 
Net premiums collected(3)
(75,335)(47,989)(13,390)(6,300)(2,904)(145,918)
Effect of changes in the foreign exchange rate— — — 462 — 462 
Ending balance at original discount rates3,812,026 1,845,915 335,578 225,616 120,719 6,339,854 
Effect of change from original to current discount rates130,218 (44,372)11,529 8,173 7,153 112,701 
Balance at September 30, 2024
$3,942,244 $1,801,543 $347,107 $233,789 $127,872 $6,452,555 
Balance at July 1, 2025
$4,112,123 $1,810,846 $331,851 $229,830 $143,068 $6,627,718 
Beginning balance at original discount rates4,106,142 1,915,617 329,179 229,169 139,486 6,719,593 
Effect of changes in assumptions on future cash flows
625,460 (72,130)29 12,588 25,985 591,932 
Effect of actual variances from expected experience25,322 (13,649)(2,893)(3,613)917 6,084 
Adjusted balance at July 1, 2025
4,756,924 1,829,838 326,315 238,144 166,388 7,317,609 
Issuances(1)
149,755 74,742 14,888 9,774 7,549 256,708 
Interest accrual(2)
53,507 19,669 3,907 2,766 1,904 81,753 
Net premiums collected(3)
(85,781)(51,380)(13,545)(6,904)(3,471)(161,081)
Effect of changes in the foreign exchange rate— — — (283)— (283)
Ending balance at original discount rates4,874,405 1,872,869 331,565 243,497 172,370 7,494,706 
Effect of change from original to current discount rates72,577 (66,388)6,332 4,731 6,388 23,640 
Balance at September 30, 2025
$4,946,982 $1,806,481 $337,897 $248,228 $178,758 $7,518,346 
(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 AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
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 rates3,741,530 3,506,689 816,819 315,431 104,501 8,484,970 
Effect of changes in assumptions on future cash flows10,680 (5,054)(2,775)20,293 7,733 30,877 
Effect of actual variances from expected experience(15,162)(48,407)(26,421)(12,611)(1,509)(104,110)
Adjusted balance at January 1, 2024
3,737,048 3,453,228 787,623 323,113 110,725 8,411,737 
Issuances(1)
286,358 200,219 42,780 34,123 12,296 575,776 
Interest accrual(2)
133,143 109,479 32,202 12,145 4,220 291,189 
Benefit payments(3)
(248,769)(103,070)(69,649)(19,574)(9,655)(450,717)
Effect of changes in the foreign exchange rate— — — (646)— (646)
Ending balance at original discount rates3,907,780 3,659,856 792,956 349,161 117,586 8,827,339 
Effect of change from original to current discount rates131,531 (144,821)52,819 24,383 6,871 70,783 
Balance at September 30, 2024
$4,039,311 $3,515,035 $845,775 $373,544 $124,457 $8,898,122 
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 rates4,026,860 3,712,044 791,141 348,711 127,975 9,006,731 
Effect of changes in assumptions on future cash flows622,917 (79,615)210 16,611 22,160 582,283 
Effect of actual variances from expected experience16,726 (46,994)(19,140)(16,697)672 (65,433)
Adjusted balance at January 1, 2025
4,666,503 3,585,435 772,211 348,625 150,807 9,523,581 
Issuances(1)
377,636 210,219 41,259 30,423 18,932 678,469 
Interest accrual(2)
151,323 117,696 30,993 13,607 5,307 318,926 
Benefit payments(3)
(284,450)(121,671)(73,919)(17,710)(12,216)(509,966)
Effect of changes in the foreign exchange rate— — — 1,822 — 1,822 
Ending balance at original discount rates4,911,012 3,791,679 770,544 376,767 162,830 10,012,832 
Effect of change from original to current discount rates66,338 (230,187)32,570 16,990 5,871 (108,418)
Balance at September 30, 2025
$4,977,350 $3,561,492 $803,114 $393,757 $168,701 $9,904,414 
(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
Present value of expected future policy benefits
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at July 1, 2024
$3,758,487 $3,249,466 $815,778 $328,436 $108,617 $8,260,784 
Beginning balance at original discount rates3,823,510 3,605,315 799,316 322,706 107,143 8,657,990 
Effect of changes in assumptions on future cash flows10,680 (5,054)(2,775)20,293 7,733 30,877 
Effect of actual variances from expected experience21,522 (13,407)(4,998)(4,432)817 (498)
Adjusted balance at July 1, 2024
3,855,712 3,586,854 791,543 338,567 115,693 8,688,369 
Issuances(1)
95,126 71,345 14,177 11,997 3,811 196,456 
Interest accrual(2)
45,365 37,299 10,653 4,189 1,460 98,966 
Benefit payments(3)
(88,423)(35,642)(23,417)(6,502)(3,378)(157,362)
Effect of changes in the foreign exchange rate— — — 910 — 910 
Ending balance at original discount rates3,907,780 3,659,856 792,956 349,161 117,586 8,827,339 
Effect of change from original to current discount rates131,531 (144,821)52,819 24,383 6,871 70,783 
Balance at September 30, 2024
$4,039,311 $3,515,035 $845,775 $373,544 $124,457 $8,898,122 
Balance at July 1, 2025
$4,154,306 $3,491,041 $795,244 $367,366 $137,532 $8,945,489 
Beginning balance at original discount rates4,153,056 3,815,188 772,935 357,412 134,276 9,232,867 
Effect of changes in assumptions on future cash flows622,917 (79,615)210 16,611 22,160 582,283 
Effect of actual variances from expected experience23,354 (16,123)(3,885)(4,492)796 (350)
Adjusted balance at July 1, 2025
4,799,327 3,719,450 769,260 369,531 157,232 9,814,800 
Issuances(1)
149,526 74,742 14,728 9,773 7,540 256,309 
Interest accrual(2)
54,254 39,426 10,197 4,656 1,904 110,437 
Benefit payments(3)
(92,095)(41,939)(23,641)(6,584)(3,846)(168,105)
Effect of changes in the foreign exchange rate— — — (609)— (609)
Ending balance at original discount rates4,911,012 3,791,679 770,544 376,767 162,830 10,012,832 
Effect of change from original to current discount rates66,338 (230,187)32,570 16,990 5,871 (108,418)
Balance at September 30, 2025
$4,977,350 $3,561,492 $803,114 $393,757 $168,701 $9,904,414 
(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 expected assumptions.
Health
Net liability for future policy benefits as of September 30, 2024
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
$95,754 $1,813,941 $457,378 $123,545 $(3,133)$2,487,485 
Effect of changes in discount rate assumptions1,313 (100,449)41,290 16,210 (282)(41,918)
Other adjustments(1)
17,014 38 9,964 926 4,326 32,268 
Net liability for future policy benefits, after other adjustments, at current discount rates
114,081 1,713,530 508,632 140,681 911 2,477,835 
Reinsurance recoverable
(2,868)(11,613)(1,096)— — (15,577)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$111,213 $1,701,917 $507,536 $140,681 $911 $2,462,258 
(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 September 30, 2025
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
36,607 1,918,810 438,979 133,270 (9,540)2,518,126 
Effect of changes in discount rate assumptions(6,239)(163,799)26,238 12,259 (517)(132,058)
Other adjustments(1)
53,954 44 12,362 848 10,753 77,961 
Net liability for future policy benefits, after other adjustments, at current discount rates
84,322 1,755,055 477,579 146,377 696 2,464,029 
Reinsurance recoverable
(2,288)— (711)— — (2,999)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$82,034 $1,755,055 $476,868 $146,377 $696 $2,461,030 
(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 the three and nine month periods ended September 30, 2025 and 2024:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Life Remeasurement Gain (Loss)—Experience:
American Income$6,322 $4,771 $17,173 $12,619 
Direct to Consumer8,200 6,913 17,789 13,640 
Liberty National1,854 1,537 3,468 2,187 
Other2,173 508 5,389 2,533 
Total Life Remeasurement Gain (Loss)—Experience
18,549 13,729 43,819 30,979 
Life Remeasurement Gain (Loss)—Assumption Updates:
American Income52,731 21,974 52,731 21,974 
Direct to Consumer39,480 21,744 39,480 21,744 
Liberty National35,068 12,224 35,068 12,224 
Other3,647 904 3,647 904 
Total Life Remeasurement Gain (Loss)—Assumption Updates
130,926 56,846 130,926 56,846 
Total Life Remeasurement Gain (Loss)
149,475 70,575 174,745 87,825 
Health Remeasurement Gain (Loss)—Experience:
United American1,073 (2,100)(809)(1,423)
Family Heritage2,252 1,420 5,728 4,972 
Liberty National1,171 874 1,533 2,015 
American Income962 729 3,300 1,769 
Direct to Consumer25 28 53 74 
Total Health Remeasurement Gain (Loss)—Experience
5,483 951 9,805 7,407 
Health Remeasurement Gain (Loss)—Assumption Updates:
United American279 1,205 279 1,205 
Family Heritage7,492 (3,063)7,492 (3,063)
Liberty National(339)(234)(339)(234)
American Income(4,094)(8,036)(4,094)(8,036)
Direct to Consumer19 (373)19 (373)
Health Remeasurement Gain (Loss)—Assumption Updates
3,357 (10,501)3,357 (10,501)
Total Health Remeasurement Gain (Loss)
$8,840 $(9,550)$13,162 $(3,094)
The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of September 30, 2025 and 2024:
At Original Discount RatesAt Current Discount Rates
As of September 30,As of September 30,
2025202420252024
Life(1):
American Income$5,091,655 $4,781,464 $5,592,465 $5,667,941 
Direct to Consumer3,251,154 3,106,582 3,687,291 3,767,409 
Liberty National2,287,776 2,277,415 2,383,656 2,498,275 
Other3,211,850 3,128,419 3,671,575 3,810,659 
Net liability for future policy benefits—long duration life13,842,435 13,293,880 15,334,987 15,744,284 
Health(1):
United American84,212 110,384 84,322 114,081 
Family Heritage1,918,844 1,813,971 1,755,055 1,713,530 
Liberty National450,490 466,474 477,579 508,632 
American Income134,125 124,534 146,377 140,681 
Direct to Consumer669 877 696 911 
Net liability for future policy benefits—long duration health2,588,340 2,516,240 2,464,029 2,477,835 
Deferred profit liability184,563 177,108 184,563 177,108 
Deferred annuity595,506 680,849 595,506 680,849 
Interest sensitive life714,012 725,857 714,012 725,857 
Other8,870 8,983 8,868 8,980 
Total future policy benefits
$17,933,726 $17,402,917 $19,301,965 $19,814,913 
(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 September 30, 2025 and 2024:
As of September 30,
20252024
Original discount rateCurrent discount rateOriginal discount rateCurrent discount rate
Life
American Income5.7 %5.3 %5.7 %5.0 %
Direct to Consumer6.0 %5.3 %6.0 %5.0 %
Liberty National5.6 %5.3 %5.6 %5.0 %
Other6.2 %5.4 %6.2 %5.0 %
Health
United American5.1 %5.1 %5.1 %4.8 %
Family Heritage4.2 %5.2 %4.2 %4.9 %
Liberty National5.8 %5.1 %5.8 %4.8 %
American Income5.8 %5.1 %5.8 %4.8 %
Direct to Consumer5.1 %5.1 %5.1 %4.8 %
The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of September 30, 2025 and 2024:
As of September 30,
20252024
At original discount ratesAt current discount ratesAt original discount ratesAt current discount rates
Life
American Income22.4222.3222.8123.03
Direct to Consumer18.8319.7419.4220.81
Liberty National15.2915.2715.3115.80
Other15.6516.4616.0717.48
Health
United American12.4411.2711.7310.93
Family Heritage16.2715.0415.3414.60
Liberty National9.489.399.269.48
American Income13.2613.2912.5012.89
Direct to Consumer12.4411.2711.7310.93
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 and nine month periods ended September 30, 2025 and 2024:
Life
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Gross
Premiums
Required Interest
Expense
Gross
Premiums
Required Interest
Expense
American Income$1,333,578 $215,850 $1,264,474 $202,486 
Direct to Consumer728,565 142,531 734,860 135,249 
Liberty National288,920 93,372 273,746 91,890 
Other150,017 143,689 152,065 138,724 
Total$2,501,080 $595,442 $2,425,145 $568,349 
Life
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
Gross
Premiums
Interest
Expense
Gross
Premiums
Interest
Expense
American Income$450,840 $72,734 $427,543 $68,558 
Direct to Consumer242,123 48,005 243,625 45,708 
Liberty National97,289 31,148 92,636 30,737 
Other49,909 48,356 50,413 46,573 
Total$840,161 $200,243 $814,217 $191,576 
Health
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Gross
Premiums
Required Interest
Expense
Gross
Premiums
Required Interest
Expense
United American$364,762 $2,567 $325,415 $4,449 
Family Heritage346,850 58,331 317,065 53,357 
Liberty National142,340 18,954 142,051 19,679 
American Income89,394 5,536 88,017 5,010 
Direct to Consumer12,671 — 11,196 — 
Total$956,017 $85,388 $883,744 $82,495 
Health
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
Gross
Premiums
Interest
Expense
Gross
Premiums
Interest
Expense
United American$125,340 $700 $110,565 $1,408 
Family Heritage118,640 19,757 107,819 18,150 
Liberty National47,119 6,264 47,099 6,524 
American Income29,851 1,890 29,628 1,696 
Direct to Consumer4,321 — 3,806 — 
Total$325,271 $28,611 $298,917 $27,778 
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 as of September 30, 2025 and 2024:
Life
As of September 30, 2025As of September 30, 2024
Not discountedAt original discount ratesAt current discount ratesNot discountedAt original discount ratesAt current discount rates
American Income
PV of expected future gross premiums$26,374,505 $14,878,294 $15,314,060 $25,300,910 $14,305,914 $15,028,140 
PV of expected future net premiums8,272,473 4,666,862 4,773,483 8,185,825 4,632,427 4,836,994 
PV of expected future policy benefits32,774,486 9,758,379 10,365,802 31,554,905 9,413,743 10,504,785 
DTC
PV of expected future gross premiums$17,362,014 $9,081,677 $9,507,072 $17,506,090 $9,144,676 $9,825,694 
PV of expected future net premiums10,211,558 5,370,940 5,630,106 10,614,237 5,572,725 5,994,613 
PV of expected future policy benefits25,655,289 8,622,092 9,317,397 25,907,169 8,679,305 9,762,022 
Liberty National
PV of expected future gross premiums$4,948,417 $2,880,523 $2,914,411 $4,797,146 $2,792,129 $2,886,943 
PV of expected future net premiums1,753,665 993,057 1,019,068 1,855,536 1,049,598 1,104,096 
PV of expected future policy benefits8,975,235 3,280,833 3,402,724 9,028,196 3,327,013 3,602,371 
Other
PV of expected future gross premiums$3,508,043 $1,799,893 $1,942,685 $3,657,885 $1,857,769 $2,063,274 
PV of expected future net premiums847,850 413,526 433,467 894,843 435,054 470,567 
PV of expected future policy benefits12,306,339 3,625,348 4,105,012 12,471,336 3,563,438 4,281,189 
Total
PV of expected future gross premiums$52,192,979 $28,640,387 $29,678,228 $51,262,031 $28,100,488 $29,804,051 
PV of expected future net premiums21,085,546 11,444,385 11,856,124 21,550,441 11,689,804 12,406,270 
PV of expected future policy benefits79,711,349 25,286,652 27,190,935 78,961,606 24,983,499 28,150,367 
Health
As of September 30, 2025As of September 30, 2024
Not discountedAt original discount ratesAt current discount ratesNot discountedAt original discount ratesAt current discount rates
United American
PV of expected future gross premiums$11,818,419 $7,092,508 $7,196,611 $9,068,701 $5,556,347 $5,742,668 
PV of expected future net premiums8,133,104 4,874,405 4,946,982 6,229,763 3,812,026 3,942,244 
PV of expected future policy benefits8,216,151 4,911,012 4,977,350 6,390,307 3,907,780 4,039,311 
Family Heritage
PV of expected future gross premiums$7,399,117 $4,325,529 $4,188,178 $7,107,124 $4,155,037 $4,074,915 
PV of expected future net premiums3,189,479 1,872,869 1,806,481 3,139,624 1,845,915 1,801,543 
PV of expected future policy benefits7,398,497 3,791,679 3,561,492 7,043,880 3,659,856 3,515,035 
Liberty National
PV of expected future gross premiums$2,007,219 $1,278,863 $1,326,836 $2,037,319 $1,297,318 $1,370,521 
PV of expected future net premiums491,892 331,565 337,897 495,616 335,578 347,107 
PV of expected future policy benefits1,350,299 770,544 803,114 1,375,759 792,956 845,775 
American Income
PV of expected future gross premiums$1,994,296 $1,055,588 $1,104,323 $1,781,677 $999,161 $1,063,740 
PV of expected future net premiums458,318 243,497 248,228 400,683 225,616 233,789 
PV of expected future policy benefits813,952 376,767 393,757 710,352 349,161 373,544 
Direct to Consumer
PV of expected future gross premiums$365,728 $216,063 $224,492 $232,805 $147,193 $156,142 
PV of expected future net premiums293,021 172,370 178,758 191,566 120,719 127,872 
PV of expected future policy benefits268,352 162,830 168,701 187,260 117,586 124,457 
Total
PV of expected future gross premiums$23,584,779 $13,968,551 $14,040,440 $20,227,626 $12,155,056 $12,407,986 
PV of expected future net premiums12,565,814 7,494,706 7,518,346 10,457,252 6,339,854 6,452,555 
PV of expected future policy benefits18,047,251 10,012,832 9,904,414 15,707,558 8,827,339 8,898,122 
Schedule of Policyholder Account Balance
The following table summarizes the balances of, and changes in, policyholders’ account balances as of September 30, 2025 and 2024:
Policyholders' Account Balances
20252024
Interest Sensitive Life
Deferred Annuity(1)
Other Policy-holders' FundsInterest Sensitive LifeDeferred AnnuityOther Policy-holders' Funds
Balance at January 1,
$723,389 $656,573 $468,604 $732,948 $773,039 $236,958 
Issuances— 535 — — 495 — 
Premiums and deposits received15,179 9,629 180,189 16,187 8,857 239,114 
Policy charges(8,833)— — (9,253)— — 
Surrenders and withdrawals(17,803)(50,347)(129,685)(17,326)(84,893)(10,615)
Benefit payments(24,292)(35,642)— (23,357)(34,159)— 
Interest credited20,582 15,653 16,736 20,890 17,990 15,210 
Other5,790 (895)(13,711)5,768 (480)(11,379)
Balance at September 30,
$714,012 $595,506 $522,133 $725,857 $680,849 $469,288 
(1) At September 30, 2025, $411 million has been reinsured with third-party reinsurers under existing reinsurance agreements.
Policyholders' Account Balances
20252024
Interest Sensitive Life
Deferred Annuity(1)
Other Policy-holders' FundsInterest Sensitive LifeDeferred AnnuityOther Policy-holders' Funds
Balance at July 1,
$717,140 $615,897 $492,146 $728,097 $706,022 $400,625 
Issuances— 188 — — 137 — 
Premiums and deposits received
4,779 2,676 31,669 5,077 2,448 70,644 
Policy charges(2,955)— — (3,081)— — 
Surrenders and withdrawals(5,729)(18,282)(2,777)(5,850)(22,331)(3,264)
Benefit payments(7,960)(9,716)— (6,617)(10,022)— 
Interest credited6,824 5,092 5,833 6,922 5,777 6,106 
Other1,913 (349)(4,738)1,309 (1,182)(4,823)
Balance at September 30,
$714,012 $595,506 $522,133 $725,857 $680,849 $469,288 

Weighted-average credit rate3.87 %3.41 %4.68 %3.86 %3.37 %5.73 %
Net amount at risk$1,584,392 N/AN/A$1,687,182 N/AN/A
Cash surrender value$668,706 $595,506 $522,133 $678,556 $680,849 $469,288 
(1) At September 30, 2025, $411 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 September 30, 2025 and 2024:
At September 30, 2025
Range of guaranteed minimum crediting ratesInterest Sensitive Life
Deferred Annuity(1)
Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%
$— $2,181 $428,558 
3.00%-3.99%
29,433 419,069 3,100 
4.00%-4.99%
595,212 174,256 55,168 
Greater than 5.00%
89,367 — 35,307 
Total
714,012 595,506 522,133 
1-50 basis points above:
Less than 3.00%
— — — 
3.00%-3.99%
— — — 
4.00%-4.99%
— — — 
Greater than 5.00%
— — — 
Total
— — — 
51-150 basis points above:
Less than 3.00%
— — — 
3.00%-3.99%
— — — 
4.00%-4.99%
— — — 
Greater than 5.00%
— — — 
Total
— — — 
Grand Total
$714,012 $595,506 $522,133 
(1) At September 30, 2025, $411 million has been reinsured with third-party reinsurers under existing reinsurance agreements.
At September 30, 2024
Range of guaranteed minimum crediting ratesInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
At guaranteed minimum:
Less than 3.00%
$— $1,866 $373,729 
3.00%-3.99%
29,170 494,585 3,046 
4.00%-4.99%
606,425 184,398 6,548 
Greater than 5.00%
90,262 — 36,541 
Total
725,857 680,849 419,864 
1-50 basis points above:
Less than 3.00%
— — — 
3.00%-3.99%
— — — 
4.00%-4.99%
— — 1,678 
Greater than 5.00%
— — — 
Total
— — 1,678 
51-150 basis points above:
Less than 3.00%
— — — 
3.00%-3.99%
— — — 
4.00%-4.99%
— — 47,746 
Greater than 5.00%
— — — 
Total
— — 47,746 
Grand Total
$725,857 $680,849 $469,288