Deferred Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Analysis of Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three years ended December 31, 2025:


	Life
	American Income		DTC		Liberty National		Other		Total
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

Balance at January 1, 2025	$	2,900,229	$	1,781,230	$	728,790	$	290,506	$	5,700,755
Capitalizations	546,709		140,809		124,461		12,443		824,422
Amortization expense	(207,054)		(103,919)		(62,264)		(13,213)		(386,450)
Foreign exchange adjustment	9,023		—		—		—		9,023

Balance at December 31, 2025	$	3,248,907	$	1,818,120	$	790,987	$	289,736	$	6,147,750


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total
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

Balance at January 1, 2025	$	70,530	$	496,119	$	148,920	$	76,319	$	1,533	$	793,421
Capitalizations	2,852		80,747		18,951		14,949		1		117,500
Amortization expense	(5,430)		(33,487)		(15,661)		(5,184)		(135)		(59,897)
Foreign exchange adjustment	—		—		—		362		—		362

Balance at December 31, 2025	$	67,952	$	543,379	$	152,210	$	86,446	$	1,399	$	851,386

The following table presents a reconciliation of deferred policy acquisition costs to the Consolidated Balance Sheets the three years ended December 31, 2025:


	December 31,
	2025		2024		2023
Life
American Income	$	3,248,907	$	2,900,229	$	2,573,370
Direct to Consumer	1,818,120		1,781,230		1,737,117
Liberty National	790,987		728,790		666,419
Other	289,736		290,506		294,869
Total DAC—Life	6,147,750		5,700,755		5,271,775

Health
United American	67,952		70,530		73,489
Family Heritage	543,379		496,119		452,843
Liberty National	152,210		148,920		139,941
American Income	86,446		76,319		66,783
Direct to Consumer	1,399		1,533		1,679
Total DAC—Health	851,386		793,421		734,735

Annuity	—		1,413		2,967
Total	$	6,999,136	$	6,495,589	$	6,009,477