Liability For Future Policy Benefits (Tables)

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Liability for Future Policy Benefit

The balances of and changes in benefit reserves as of and for the periods indicated consist of the three tables presented below: present value of expected net premiums rollforward, present value of expected future policy benefits rollforward, and net liability for future policy benefits.

	Nine Months Ended September 30, 2025
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	10,414,702	$	0	$	10,414,702
Effect of cumulative changes in discount rate assumptions, beginning of period	567,443		0		567,443
Balance at original discount rate, beginning of period	10,982,145		0		10,982,145
Effect of assumption update	(207,935)		0		(207,935)
Effect of actual variances from expected experience and other activity	(82,734)		(103)		(82,837)
Adjusted balance, beginning of period	10,691,476		(103)		10,691,373
Issuances	600,543		33,584		634,127
Net premiums / considerations collected	(999,857)		(33,481)		(1,033,338)
Interest accrual	384,453		0		384,453
Other adjustments	41,149		0		41,149
Balance at original discount rate, end of period	10,717,764		0		10,717,764
Effect of cumulative changes in discount rate assumptions, end of period	(242,687)		0		(242,687)
Balance, end of period	$	10,475,077	$	0	$	10,475,077

	Nine Months Ended September 30, 2025
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	17,689,399	$	238,086	$	17,927,485
Effect of cumulative changes in discount rate assumptions, beginning of period	1,091,673		19,442		1,111,115
Balance at original discount rate, beginning of period	18,781,072		257,528		19,038,600
Effect of assumption update	(332,969)		0		(332,969)
Effect of actual variances from expected experience and other activity	(84,768)		3,276		(81,492)
Adjusted balance, beginning of period	18,363,335		260,804		18,624,139
Issuances	600,543		37,384		637,927
Interest accrual	672,719		7,829		680,548
Benefit payments	(1,092,614)		(25,922)		(1,118,536)
Other adjustments	40,027		(171)		39,856
Balance at original discount rate, end of period	18,584,010		279,924		18,863,934
Effect of cumulative changes in discount rate assumptions, end of period	(496,333)		(8,031)		(504,364)
Balance, end of period	$	18,087,677	$	271,893	18,359,570
Other, end of period					1,474
Total balance, end of period					$	18,361,044

	Nine Months Ended September 30, 2025
	Net Liability for Future Policy Benefits  (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,612,600	$	271,893	$	7,884,493
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,612,644		271,893		7,884,537
Less: Reinsurance recoverables	6,883,224		21,717		6,904,941
Balance after reinsurance recoverables, end of period, post-flooring	$	729,420	$	250,176	$	979,596

	Nine Months Ended September 30, 2024
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	10,927,833	$	0	$	10,927,833
Effect of cumulative changes in discount rate assumptions, beginning of period	225,711		0		225,711
Balance at original discount rate, beginning of period	11,153,544		0		11,153,544
Effect of assumption update	21,466		0		21,466
Effect of actual variances from expected experience and other activity	(198,894)		201		(198,693)
Adjusted balance, beginning of period	10,976,116		201		10,976,317
Issuances	608,144		25,850		633,994
Net premiums / considerations collected	(992,948)		(26,051)		(1,018,999)
Interest accrual	383,336		0		383,336
Other adjustments	7,091		0		7,091
Balance at original discount rate, end of period	10,981,739		0		10,981,739
Effect of cumulative changes in discount rate assumptions, end of period	(111,296)		0		(111,296)
Balance, end of period	$	10,870,443	$	0	$	10,870,443

	Nine Months Ended September 30, 2024
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	18,426,207	$	228,788	$	18,654,995
Effect of cumulative changes in discount rate assumptions, beginning of period	331,571		19,521		351,092
Balance at original discount rate, beginning of period	18,757,778		248,309		19,006,087
Effect of assumption update	21,480		(3,643)		17,837
Effect of actual variances from expected experience and other activity	(245,193)		391		(244,802)
Adjusted balance, beginning of period	18,534,065		245,057		18,779,122
Issuances	608,144		25,850		633,994
Interest accrual	668,751		6,752		675,503
Benefit payments	(1,062,328)		(23,877)		(1,086,205)
Other adjustments	10,421		(149)		10,272
Balance at original discount rate, end of period	18,759,053		253,633		19,012,686
Effect of cumulative changes in discount rate assumptions, end of period	(159,410)		(14,751)		(174,161)
Balance, end of period	$	18,599,643	$	238,882	18,838,525
Other, end of period					1,610
Total balance, end of period					$	18,840,135

	Nine Months Ended September 30, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,729,200	$	238,882	$	7,968,082
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,729,244		238,882		7,968,126
Less: Reinsurance recoverables	6,910,121		20,461		6,930,582
Balance after reinsurance recoverables, end of period, post-flooring	$	819,123	$	218,421	$	1,037,544

The following tables provide supplemental information related to the balances of and changes in benefit reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:

	Nine Months Ended September 30, 2025
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	22,011,057		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,901,235		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,612,031		$	0
Undiscounted expected future benefits and expenses	$	28,900,904		$	375,454
Weighted-average duration of the liability in years (at original discount rate)	9			6
Weighted-average duration of the liability in years (at current discount rate)	9			6
Weighted-average interest rate (at original discount rate)	5.11		%	4.15		%
Weighted-average interest rate (at current discount rate)	5.19		%	5.07		%

	Nine Months Ended September 30, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,790,252		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,899,016		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,780,675		$	0
Undiscounted expected future benefits and expenses	$	29,134,537		$	341,000
Weighted-average duration of the liability in years (at original discount rate)	10			7
Weighted-average duration of the liability in years (at current discount rate)	9			6
Weighted-average interest rate (at original discount rate)	5.13		%	3.90		%
Weighted-average interest rate (at current discount rate)	4.91		%	4.82		%

The balances of and changes in DPL as of and for the periods indicated are as follows:

	Nine Months Ended September 30,
	2025		2024
	Fixed Annuities
	(in thousands)
Balance, beginning of period, post-flooring	$	22,939	$	14,818
Effect of assumption update	0		2,110
Effect of actual variances from expected experience and other activity	(1,886)		465
Adjusted balance, beginning of period	21,053		17,393
Profits deferred	3,429		3,786
Interest accrual	725		505
Amortization	(2,189)		(1,689)
Other adjustments	(8)		(16)
Balance, end of period, post-flooring	23,010		19,979
Less: Reinsurance recoverables	2,274		1,504
Balance after reinsurance recoverables, end of period	$	20,736	$	18,475

The following table shows a rollforward of AIR balances for variable and universal life and fixed annuities products for the periods indicated, along with a reconciliation to the Company's total AIR balance:

	Nine Months Ended September 30, 2025
	Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	16,351,053	$	0	$	16,351,053
Flooring impact and amounts in AOCI	617,186		0		617,186
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	16,968,239		0		16,968,239
Effect of assumption update	(41,977)		0		(41,977)
Effect of actual variances from expected experience and other activity	173,587		62,992		236,579
Adjusted balance, beginning of period	17,099,849		62,992		17,162,841
Assessments collected(1)	846,682		43,033		889,715
Interest accrual	438,236		1,330		439,566
Benefits paid	(294,911)		0		(294,911)
Balance, excluding amounts in AOCI, end of period, pre-flooring	18,089,856		107,355		18,197,211
Flooring impact and amounts in AOCI	(407,664)		(7,264)		(414,928)
Balance, including amounts in AOCI, end of period, post-flooring	17,682,192		100,091		17,782,283
Less: Reinsurance recoverables	17,442,639		0		17,442,639
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	239,553	$	100,091	339,644
Other					6,905
Total balance after reinsurance recoverables					$	346,549

	Nine Months Ended September 30, 2024
	Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	14,280,793	$	0	$	14,280,793
Flooring impact and amounts in AOCI	831,583		0		831,583
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	15,112,376		0		15,112,376
Effect of assumption update	154,058		0		154,058
Effect of actual variances from expected experience and other activity	326,790		0		326,790
Adjusted balance, beginning of period	15,593,224		0		15,593,224
Assessments collected(1)	843,853		0		843,853
Interest accrual	397,904		0		397,904
Benefits paid	(258,579)		0		(258,579)
Balance, excluding amounts in AOCI, end of period, pre-flooring	16,576,402		0		16,576,402
Flooring impact and amounts in AOCI	(343,625)		0		(343,625)
Balance, including amounts in AOCI, end of period, post-flooring	16,232,777		0		16,232,777
Less: Reinsurance recoverables	16,005,948		0		16,005,948
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	226,829	$	0	226,829
Other					0
Total balance after reinsurance recoverables					$	226,829

(1) Represents the portion of gross assessments required to fund the future policy benefits.

	Nine Months Ended September 30, 2025
	Variable and Universal Life		Fixed Annuities
Weighted-average duration of the liability in years (at original discount rate)	21		22
Weighted-average interest rate (at original discount rate)	3.34	%	2.73	%

	Nine Months Ended September 30, 2024
	Variable and Universal Life		Fixed Annuities
Weighted-average duration of the liability in years (at original discount rate)	22		N/A
Weighted-average interest rate (at original discount rate)	3.39	%	N/A

The following table presents the reconciliation of the ending balances from the above rollforwards, benefit reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for future policy benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

	Nine Months Ended September 30,
	2025		2024
	(in thousands)
Benefit reserves, end of period, post-flooring	$	7,884,537	$	7,968,126
Deferred profit liability, end of period, post-flooring	23,010		19,979
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	17,782,283		16,232,777
Subtotal of amounts disclosed above	25,689,830		24,220,882
Other Future policy benefits reserves(1)	1,107,667		1,032,177
Total Future policy benefits	$	26,797,497	$	25,253,059

(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

The following tables present revenue and interest expense related to benefit reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

	Nine Months Ended September 30, 2025
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,376,032	$	0	$	37,160	$	1,413,192
Deferred profit liability	0		0		(71)		(71)
Additional insurance reserves	0		1,136,423		40,696		1,177,119
Total	$	1,376,032	$	1,136,423	$	77,785	$	2,590,240

	Nine Months Ended September 30, 2024
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,352,988	$	0	$	30,007	$	1,382,995
Deferred profit liability	0		0		(5,161)		(5,161)
Additional insurance reserves	0		1,349,352		0		1,349,352
Total	$	1,352,988	$	1,349,352	$	24,846	$	2,727,186

(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.

	Nine Months Ended September 30, 2025
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	288,265	$	0	$	7,829	$	296,094
Deferred profit liability	0		0		725		725
Additional insurance reserves	0		438,236		1,331		439,567
Total	$	288,265	$	438,236	$	9,885	$	736,386

	Nine Months Ended September 30, 2024
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	285,415	$	0	$	6,752	$	292,167
Deferred profit liability	0		0		505		505
Additional insurance reserves	0		397,904		0		397,904
Total	$	285,415	$	397,904	$	7,257	$	690,576