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Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Revenue $ 4,890,220 $ 4,666,272 $ 4,456,017
Net investment income 1,130,198 1,135,631 1,056,884
Realized gains (losses) (27,788) (24,188) (65,676)
Other income 1,688 354 308
Total revenue 5,994,318 5,778,069 5,447,533
Benefits and expenses:      
Total policyholder benefits 2,884,294 2,894,443 2,864,251
Amortization of deferred acquisition costs 447,760 410,001 379,700
Commissions, premium taxes, and non-deferred acquisition costs 642,700 600,753 559,167
Other operating expense 442,368 419,143 347,833
Interest expense 141,221 127,092 102,316
Total benefits and expenses 4,558,343 4,451,432 4,253,267
Income before income taxes 1,435,975 1,326,637 1,194,266
Income tax benefit (expense) (274,737) (255,875) (223,511)
Net income $ 1,161,238 $ 1,070,762 $ 970,755
Basic net income per common share (in dollars per share) $ 14.27 $ 11.99 $ 10.21
Diluted net income per common share (in dollars per share) $ 14.07 $ 11.94 $ 10.07
Life Insurance      
Revenue:      
Revenue $ 3,363,470 $ 3,261,347 $ 3,137,244
Benefits and expenses:      
Total policyholder benefits [1] 1,924,929 2,000,977 2,050,789
Health Insurance      
Revenue:      
Revenue 1,526,750 1,404,925 1,318,773
Benefits and expenses:      
Total policyholder benefits [2] 931,141 851,577 776,362
Other      
Benefits and expenses:      
Total policyholder benefits $ 28,224 $ 41,889 $ 37,100
[1] Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain (loss) of $192.2 million, $107.0 million, and $29.4 million for the year ended December 31, 2025, 2024, and 2023, respectively.
[2] Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain (loss) of $20.1 million, $(3.2) million, and $11.8 million for the year ended December 31, 2025, 2024, and 2023, respectively.