Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Taxes

The following table discloses significant components of income taxes for each year presented:

	Year Ended December 31,
	2025		2024		2023
Income tax expense (benefit) from operations:
Current income tax expense (benefit)—federal	$	196,988	$	217,929	$	145,700
Current income tax expense (benefit)—state	219		206		180
Deferred income tax expense (benefit)—federal	77,530		37,740		77,631
Provision for income tax expense (benefit)	274,737		255,875		223,511
Shareholders’ equity:
Other comprehensive income (loss)	68,656		197,427		4,762
	$	343,393	$	453,302	$	228,273

Schedule of Effective Income Tax Rate

The effective income tax rate differed from the expected U.S. federal statutory rate of 21.0% as shown below:

	Year Ended December 31,
	2025		%	2024		%	2023		%
U.S. federal statutory tax rate	$	301,555	21.0	$	278,594	21.0	$	250,796	21.0
State and local income taxes, net of federal income tax effect(1)	173		—	163		—	142		—
Tax credits:
LIH credits	(11,906)		(0.8)	(9,700)		(0.7)	(14,291)		(1.2)
Purchased solar credits	(4,988)		(0.3)	(3,000)		(0.2)	—		—
Increasing research activities credit	(1,400)		(0.1)	(2,000)		(0.2)	—		—
Nontaxable or nondeductible items:
Share-based awards	377		—	1,341		0.1	(4,724)		(0.4)
Tax exempt investment income	(9,522)		(0.7)	(9,644)		(0.7)	(9,644)		(0.8)
Other adjustments	448		—	121		—	1,232		0.1
Effective tax rate	$	274,737	19.1	$	255,875	19.3	$	223,511	18.7

(1)State taxes in Texas and California made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Income Taxes Paid (Net of Refunds Received)

The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes:

	Year Ended December 31,
	2025		2024		2023
Federal	$	140,527	$	128,005	$	120,658
State	173		189		144
Foreign	226		201		232
Total income taxes paid (received)	$	140,926	$	128,395	$	121,034

The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdiction in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received):

	Year Ended December 31,
	2025		%	2024		%	2023		%
Federal	$	140,527	99.7	$	128,005	99.7	$	120,658	99.7
Other	399		0.3	390		0.3	376		0.3
Total	$	140,926	100.0	$	128,395	100.0	$	121,034	100.0

The following table summarizes certain amounts paid during the period:

	Year Ended December 31,
	2025		2024		2023
Interest paid	$	144,680	$	116,993	$	99,545
Income taxes paid(1)	175,907		175,400		121,034

(1)Income taxes paid includes cash paid of $35 million, $47 million, and $0 for the purchase of transferable tax credits as of December 31, 2025, 2024, and 2023, respectively.

Schedule of Income Tax Expense (Benefit) and Income before Income Tax From Continuing Operations

	Year Ended December 31,
	2025		2024		2023
Income tax expense (or benefit) from continuing operations:
Federal	$	274,518	$	255,669	$	223,331
State	219		206		180
Total	$	274,737	$	255,875	$	223,511

Schedule of Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

	December 31,
	2025		2024
Deferred tax assets:
Unrealized losses	$	460,158	$	532,756
Carryover of tax losses	15,052		10,342
Total gross deferred tax assets	475,210		543,098
Less valuation allowance	(2,632)		(3,383)
Net deferred tax assets	472,578		539,715
Deferred tax liabilities:
Employee and agent compensation	115,604		104,385
Deferred acquisition costs	961,915		961,406
Future policy benefits, unearned and advance premiums, and policy claims	254,277		228,117
Other liabilities	75,843		24,432
Total gross deferred tax liabilities	1,407,639		1,318,340
Net deferred tax liability	$	935,061	$	778,625