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v3.25.3

Policy Liabilities | 9 Months Ended
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Sep. 30, 2025
Policyholder Account Balance [Abstract] |
Policy Liabilities | Note 6—Policy Liabilities The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. 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 Income |  | DTC |  | Liberty National |  | Other |  | Total
Balance at January 1, 2024 |  | $ | 4,681,888 |  |  | $ | 6,052,651 |  |  | $ | 1,129,716 |  |  | $ | 478,052 |  |  | $ | 12,342,307 |
Beginning balance at original discount rates |  | 4,523,329 |  |  | 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 rates |  | 4,632,427 |  |  | 5,572,725 |  |  | 1,049,598 |  |  | 435,054 |  |  | 11,689,804 |
Effect of change from original to current discount rates |  | 204,567 |  |  | 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 rates |  | 4,656,710 |  |  | 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 rate |  | 10,349 |  |  | — |  |  | — |  |  | — |  |  | 10,349 |
Ending balance at original discount rates |  | 4,666,862 |  |  | 5,370,940 |  |  | 993,057 |  |  | 413,526 |  |  | 11,444,385 |
Effect of change from original to current discount rates |  | 106,621 |  |  | 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 Income |  | DTC |  | Liberty National |  | Other |  | Total
Balance at July 1, 2024 |  | $ | 4,635,903 |  |  | $ | 5,810,518 |  |  | $ | 1,085,233 |  |  | $ | 449,883 |  |  | $ | 11,981,537 |
Beginning balance at original discount rates |  | 4,648,111 |  |  | 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 rate |  | 5,121 |  |  | — |  |  | — |  |  | — |  |  | 5,121 |
Ending balance at original discount rates |  | 4,632,427 |  |  | 5,572,725 |  |  | 1,049,598 |  |  | 435,054 |  |  | 11,689,804 |
Effect of change from original to current discount rates |  | 204,567 |  |  | 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 rates |  | 4,771,460 |  |  | 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 rates |  | 4,666,862 |  |  | 5,370,940 |  |  | 993,057 |  |  | 413,526 |  |  | 11,444,385 |
Effect of change from original to current discount rates |  | 106,621 |  |  | 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 Income |  | DTC |  | Liberty National |  | Other |  | Total
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 rates |  | 9,061,833 |  |  | 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 rates |  | 9,413,743 |  |  | 8,679,305 |  |  | 3,327,013 |  |  | 3,563,438 |  |  | 24,983,499 |
Effect of change from original to current discount rates |  | 1,091,042 |  |  | 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 rates |  | 9,508,588 |  |  | 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 rate |  | 24,400 |  |  | — |  |  | — |  |  | — |  |  | 24,400 |
Ending balance at original discount rates |  | 9,758,379 |  |  | 8,622,092 |  |  | 3,280,833 |  |  | 3,625,348 |  |  | 25,286,652 |
Effect of change from original to current discount rates |  | 607,423 |  |  | 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 Income |  | DTC |  | Liberty National |  | Other |  | Total
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 rates |  | 9,353,526 |  |  | 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 rate |  | 12,833 |  |  | — |  |  | — |  |  | — |  |  | 12,833 |
Ending balance at original discount rates |  | 9,413,743 |  |  | 8,679,305 |  |  | 3,327,013 |  |  | 3,563,438 |  |  | 24,983,499 |
Effect of change from original to current discount rates |  | 1,091,042 |  |  | 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 rates |  | 9,829,535 |  |  | 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 rates |  | 9,758,379 |  |  | 8,622,092 |  |  | 3,280,833 |  |  | 3,625,348 |  |  | 25,286,652 |
Effect of change from original to current discount rates |  | 607,423 |  |  | 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 Income |  | DTC |  | Liberty National |  | Other |  | Total
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 assumptions |  | 886,475 |  |  | 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 Income |  | DTC |  | Liberty National |  | Other |  | Total
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 assumptions |  | 500,802 |  |  | 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 American |  | Family Heritage |  | Liberty National |  | American Income |  | DTC |  | Total
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 rates |  | 3,625,803 |  |  | 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 rates |  | 3,812,026 |  |  | 1,845,915 |  |  | 335,578 |  |  | 225,616 |  |  | 120,719 |  |  | 6,339,854 |
Effect of change from original to current discount rates |  | 130,218 |  |  | (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 rates |  | 3,948,856 |  |  | 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 experience |  | 22,236 |  |  | (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 rates |  | 4,874,405 |  |  | 1,872,869 |  |  | 331,565 |  |  | 243,497 |  |  | 172,370 |  |  | 7,494,706 |
Effect of change from original to current discount rates |  | 72,577 |  |  | (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 American |  | Family Heritage |  | Liberty National |  | American Income |  | DTC |  | Total
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 rates |  | 3,720,108 |  |  | 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 experience |  | 18,179 |  |  | (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 rates |  | 3,812,026 |  |  | 1,845,915 |  |  | 335,578 |  |  | 225,616 |  |  | 120,719 |  |  | 6,339,854 |
Effect of change from original to current discount rates |  | 130,218 |  |  | (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 rates |  | 4,106,142 |  |  | 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 experience |  | 25,322 |  |  | (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 rates |  | 4,874,405 |  |  | 1,872,869 |  |  | 331,565 |  |  | 243,497 |  |  | 172,370 |  |  | 7,494,706 |
Effect of change from original to current discount rates |  | 72,577 |  |  | (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 American |  | Family Heritage |  | Liberty National |  | American Income |  | DTC |  | Total
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 rates |  | 3,741,530 |  |  | 3,506,689 |  |  | 816,819 |  |  | 315,431 |  |  | 104,501 |  |  | 8,484,970 |
Effect of changes in assumptions on future cash flows |  | 10,680 |  |  | (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 rates |  | 3,907,780 |  |  | 3,659,856 |  |  | 792,956 |  |  | 349,161 |  |  | 117,586 |  |  | 8,827,339 |
Effect of change from original to current discount rates |  | 131,531 |  |  | (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 rates |  | 4,026,860 |  |  | 3,712,044 |  |  | 791,141 |  |  | 348,711 |  |  | 127,975 |  |  | 9,006,731 |
Effect of changes in assumptions on future cash flows |  | 622,917 |  |  | (79,615) |  |  | 210 |  |  | 16,611 |  |  | 22,160 |  |  | 582,283 |
Effect of actual variances from expected experience |  | 16,726 |  |  | (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 rates |  | 4,911,012 |  |  | 3,791,679 |  |  | 770,544 |  |  | 376,767 |  |  | 162,830 |  |  | 10,012,832 |
Effect of change from original to current discount rates |  | 66,338 |  |  | (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 American |  | Family Heritage |  | Liberty National |  | American Income |  | DTC |  | Total
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 rates |  | 3,823,510 |  |  | 3,605,315 |  |  | 799,316 |  |  | 322,706 |  |  | 107,143 |  |  | 8,657,990 |
Effect of changes in assumptions on future cash flows |  | 10,680 |  |  | (5,054) |  |  | (2,775) |  |  | 20,293 |  |  | 7,733 |  |  | 30,877 |
Effect of actual variances from expected experience |  | 21,522 |  |  | (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 rates |  | 3,907,780 |  |  | 3,659,856 |  |  | 792,956 |  |  | 349,161 |  |  | 117,586 |  |  | 8,827,339 |
Effect of change from original to current discount rates |  | 131,531 |  |  | (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 rates |  | 4,153,056 |  |  | 3,815,188 |  |  | 772,935 |  |  | 357,412 |  |  | 134,276 |  |  | 9,232,867 |
Effect of changes in assumptions on future cash flows |  | 622,917 |  |  | (79,615) |  |  | 210 |  |  | 16,611 |  |  | 22,160 |  |  | 582,283 |
Effect of actual variances from expected experience |  | 23,354 |  |  | (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 rates |  | 4,911,012 |  |  | 3,791,679 |  |  | 770,544 |  |  | 376,767 |  |  | 162,830 |  |  | 10,012,832 |
Effect of change from original to current discount rates |  | 66,338 |  |  | (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 American |  | Family Heritage |  | Liberty National |  | American Income |  | Direct to Consumer |  | Total
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 assumptions |  | 1,313 |  |  | (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 American |  | Family Heritage |  | Liberty National |  | American Income |  | Direct to Consumer |  | Total
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). Remeasurement Gain or Loss—In accordance with the accounting guidance, the Company reviews, and updates as necessary, its assumptions utilized in the calculation of the liability for future benefits annually in the third quarter and recalculates the net premium ratio. The revised net premium ratio is used to update the liability for future policy benefits as of the beginning of the current reporting period, and is compared to the liability using the prior cash flow assumptions. The difference is recorded as a component of the remeasurement gain or loss for the current period, along with the effect of the difference between actual and expected experience for the period. The total remeasurement gain or loss is within life and heath policyholder benefits included in the Condensed Consolidated Statements of Operations. 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,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Life Remeasurement Gain (Loss)—Experience: |  |  |  |  |  |  |  |  |
American Income | $ | 6,322 |  |  | $ | 4,771 |  |  | $ | 17,173 |  |  | $ | 12,619 |  |  |
Direct to Consumer | 8,200 |  |  | 6,913 |  |  | 17,789 |  |  | 13,640 |  |  |
Liberty National | 1,854 |  |  | 1,537 |  |  | 3,468 |  |  | 2,187 |  |  |
Other | 2,173 |  |  | 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 Income | 52,731 |  |  | 21,974 |  |  | 52,731 |  |  | 21,974 |  |  |
Direct to Consumer | 39,480 |  |  | 21,744 |  |  | 39,480 |  |  | 21,744 |  |  |
Liberty National | 35,068 |  |  | 12,224 |  |  | 35,068 |  |  | 12,224 |  |  |
Other | 3,647 |  |  | 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 American | 1,073 |  |  | (2,100) |  |  | (809) |  |  | (1,423) |  |  |
Family Heritage | 2,252 |  |  | 1,420 |  |  | 5,728 |  |  | 4,972 |  |  |
Liberty National | 1,171 |  |  | 874 |  |  | 1,533 |  |  | 2,015 |  |  |
American Income | 962 |  |  | 729 |  |  | 3,300 |  |  | 1,769 |  |  |
Direct to Consumer | 25 |  |  | 28 |  |  | 53 |  |  | 74 |  |  |
Total Health Remeasurement Gain (Loss)—Experience | 5,483 |  |  | 951 |  |  | 9,805 |  |  | 7,407 |  |  |
Health Remeasurement Gain (Loss)—Assumption Updates: |  |  |  |  |  |  |  |  |
United American | 279 |  |  | 1,205 |  |  | 279 |  |  | 1,205 |  |  |
Family Heritage | 7,492 |  |  | (3,063) |  |  | 7,492 |  |  | (3,063) |  |  |
Liberty National | (339) |  |  | (234) |  |  | (339) |  |  | (234) |  |  |
American Income | (4,094) |  |  | (8,036) |  |  | (4,094) |  |  | (8,036) |  |  |
Direct to Consumer | 19 |  |  | (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 Company performed its annual review of assumptions during the third quarter. The assumption review process of the life and health segments resulted in a $134.3 million net remeasurement gain ($130.9 million and $3.4 million gains related to life and health, respectively) before tax as compared to a $46.3 million net remeasurement gain ($56.8 million gain and $10.5 million loss related to life and health, respectively) before tax in the year-ago quarter. This review process resulted in favorable changes to its mortality and lapse assumptions on life and health. Life assumption changes reflect continued favorable mortality experience along with slightly higher lapse rates which resulted in lower life policy obligations compared to our previous assumptions anticipated. Health assumption changes reflect slightly higher lapse rates and benefit enhancements implemented last year. Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $24.0 million net remeasurement gain ($18.5 million and $5.5 million gains related to life and health, respectively) before tax and a $14.7 million net remeasurement gain ($13.7 million and $1.0 million gains related to life and health, respectively) before tax for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company's results for actual variances from expected experience for both life and health produced a $53.6 million net remeasurement gain before tax and a $38.4 million net remeasurement gain before tax, respectively. 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 Rates |  | At Current Discount Rates
|  | As of September 30, |  | As of September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Life(1): |  |  |  |  |  |  |  |
American Income |  | $ | 5,091,655 |  |  | $ | 4,781,464 |  |  | $ | 5,592,465 |  |  | $ | 5,667,941 |
Direct to Consumer |  | 3,251,154 |  |  | 3,106,582 |  |  | 3,687,291 |  |  | 3,767,409 |
Liberty National |  | 2,287,776 |  |  | 2,277,415 |  |  | 2,383,656 |  |  | 2,498,275 |
Other |  | 3,211,850 |  |  | 3,128,419 |  |  | 3,671,575 |  |  | 3,810,659 |
Net liability for future policy benefits—long duration life |  | 13,842,435 |  |  | 13,293,880 |  |  | 15,334,987 |  |  | 15,744,284 |
Health(1): |  |  |  |  |  |  |  |
United American |  | 84,212 |  |  | 110,384 |  |  | 84,322 |  |  | 114,081 |
Family Heritage |  | 1,918,844 |  |  | 1,813,971 |  |  | 1,755,055 |  |  | 1,713,530 |
Liberty National |  | 450,490 |  |  | 466,474 |  |  | 477,579 |  |  | 508,632 |
American Income |  | 134,125 |  |  | 124,534 |  |  | 146,377 |  |  | 140,681 |
Direct to Consumer |  | 669 |  |  | 877 |  |  | 696 |  |  | 911 |
Net liability for future policy benefits—long duration health |  | 2,588,340 |  |  | 2,516,240 |  |  | 2,464,029 |  |  | 2,477,835 |
Deferred profit liability |  | 184,563 |  |  | 177,108 |  |  | 184,563 |  |  | 177,108 |
Deferred annuity |  | 595,506 |  |  | 680,849 |  |  | 595,506 |  |  | 680,849 |
Interest sensitive life |  | 714,012 |  |  | 725,857 |  |  | 714,012 |  |  | 725,857 |
Other |  | 8,870 |  |  | 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,
|  | 2025 |  | 2024 |  |
|  | Original discount rate |  | Current discount rate |  | Original discount rate |  | Current discount rate |  |  |  |
Life |  |  |  |  |  |  |  |  |  |  |  |
American Income |  | 5.7 | % |  | 5.3 | % |  | 5.7 | % |  | 5.0 | % |  |  |  |
Direct to Consumer |  | 6.0 | % |  | 5.3 | % |  | 6.0 | % |  | 5.0 | % |  |  |  |
Liberty National |  | 5.6 | % |  | 5.3 | % |  | 5.6 | % |  | 5.0 | % |  |  |  |
Other |  | 6.2 | % |  | 5.4 | % |  | 6.2 | % |  | 5.0 | % |  |  |  |
Health |  |  |  |  |  |  |  |  |  |  |  |
United American |  | 5.1 | % |  | 5.1 | % |  | 5.1 | % |  | 4.8 | % |  |  |  |
Family Heritage |  | 4.2 | % |  | 5.2 | % |  | 4.2 | % |  | 4.9 | % |  |  |  |
Liberty National |  | 5.8 | % |  | 5.1 | % |  | 5.8 | % |  | 4.8 | % |  |  |  |
American Income |  | 5.8 | % |  | 5.1 | % |  | 5.8 | % |  | 4.8 | % |  |  |  |
Direct to Consumer |  | 5.1 | % |  | 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,
| 2025 |  | 2024 |  |
|  | At original discount rates |  | At current discount rates |  | At original discount rates |  | At current discount rates |  |  |  |
Life |  |  |  |  |  |  |  |  |  |  |  |
American Income |  | 22.42 |  | 22.32 |  | 22.81 |  | 23.03 |  |  |  |
Direct to Consumer |  | 18.83 |  | 19.74 |  | 19.42 |  | 20.81 |  |  |  |
Liberty National |  | 15.29 |  | 15.27 |  | 15.31 |  | 15.80 |  |  |  |
Other |  | 15.65 |  | 16.46 |  | 16.07 |  | 17.48 |  |  |  |
Health |  |  |  |  |  |  |  |  |  |  |  |
United American |  | 12.44 |  | 11.27 |  | 11.73 |  | 10.93 |  |  |  |
Family Heritage |  | 16.27 |  | 15.04 |  | 15.34 |  | 14.60 |  |  |  |
Liberty National |  | 9.48 |  | 9.39 |  | 9.26 |  | 9.48 |  |  |  |
American Income |  | 13.26 |  | 13.29 |  | 12.50 |  | 12.89 |  |  |  |
Direct to Consumer |  | 12.44 |  | 11.27 |  | 11.73 |  | 10.93 |  |  |  |
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 Consumer |  | 728,565 |  |  | 142,531 |  |  | 734,860 |  |  | 135,249 |  |  |  |  |
Liberty National |  | 288,920 |  |  | 93,372 |  |  | 273,746 |  |  | 91,890 |  |  |  |  |
Other |  | 150,017 |  |  | 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 Consumer |  | 242,123 |  |  | 48,005 |  |  | 243,625 |  |  | 45,708 |
Liberty National |  | 97,289 |  |  | 31,148 |  |  | 92,636 |  |  | 30,737 |
Other |  | 49,909 |  |  | 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 Heritage |  | 346,850 |  |  | 58,331 |  |  | 317,065 |  |  | 53,357 |  |  |  |  |
Liberty National |  | 142,340 |  |  | 18,954 |  |  | 142,051 |  |  | 19,679 |  |  |  |  |
American Income |  | 89,394 |  |  | 5,536 |  |  | 88,017 |  |  | 5,010 |  |  |  |  |
Direct to Consumer |  | 12,671 |  |  | — |  |  | 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 Heritage |  | 118,640 |  |  | 19,757 |  |  | 107,819 |  |  | 18,150 |
Liberty National |  | 47,119 |  |  | 6,264 |  |  | 47,099 |  |  | 6,524 |
American Income |  | 29,851 |  |  | 1,890 |  |  | 29,628 |  |  | 1,696 |
Direct to Consumer |  | 4,321 |  |  | — |  |  | 3,806 |  |  | — |
Total |  | $ | 325,271 |  |  | $ | 28,611 |  |  | $ | 298,917 |  |  | $ | 27,778 |
Gross premiums are included within life and health premium on the Condensed Consolidated Statements of Operations, while the related interest expense is included in life and health policyholder benefits. 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, 2025 |  | As of September 30, 2024 |  |
|  | Not discounted |  | At original discount rates |  | At current discount rates |  | Not discounted |  | At original discount rates |  | At 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 premiums |  | 8,272,473 |  |  | 4,666,862 |  |  | 4,773,483 |  |  | 8,185,825 |  |  | 4,632,427 |  |  | 4,836,994 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 32,774,486 |  |  | 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 premiums |  | 10,211,558 |  |  | 5,370,940 |  |  | 5,630,106 |  |  | 10,614,237 |  |  | 5,572,725 |  |  | 5,994,613 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 25,655,289 |  |  | 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 premiums |  | 1,753,665 |  |  | 993,057 |  |  | 1,019,068 |  |  | 1,855,536 |  |  | 1,049,598 |  |  | 1,104,096 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 8,975,235 |  |  | 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 premiums |  | 847,850 |  |  | 413,526 |  |  | 433,467 |  |  | 894,843 |  |  | 435,054 |  |  | 470,567 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 12,306,339 |  |  | 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 premiums |  | 21,085,546 |  |  | 11,444,385 |  |  | 11,856,124 |  |  | 21,550,441 |  |  | 11,689,804 |  |  | 12,406,270 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 79,711,349 |  |  | 25,286,652 |  |  | 27,190,935 |  |  | 78,961,606 |  |  | 24,983,499 |  |  | 28,150,367 |  |  |  |  |  |  |
As of September 30, 2025, for the life segment using current discount rates, the Company anticipates $29.7 billion of expected future gross premiums and $11.9 billion of expected future net premiums. As of September 30, 2024, using current discount rates, the Company anticipated $29.8 billion of expected future gross premiums and $12.4 billion in expected future net premiums. The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $17.8 billion and $17.4 billion, as of September 30, 2025 and 2024, respectively, and rather only includes the expected future net premiums.
|  | Health
|  | As of September 30, 2025 |  | As of September 30, 2024 |  |
|  | Not discounted |  | At original discount rates |  | At current discount rates |  | Not discounted |  | At original discount rates |  | At 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 premiums |  | 8,133,104 |  |  | 4,874,405 |  |  | 4,946,982 |  |  | 6,229,763 |  |  | 3,812,026 |  |  | 3,942,244 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 8,216,151 |  |  | 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 premiums |  | 3,189,479 |  |  | 1,872,869 |  |  | 1,806,481 |  |  | 3,139,624 |  |  | 1,845,915 |  |  | 1,801,543 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 7,398,497 |  |  | 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 premiums |  | 491,892 |  |  | 331,565 |  |  | 337,897 |  |  | 495,616 |  |  | 335,578 |  |  | 347,107 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 1,350,299 |  |  | 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 premiums |  | 458,318 |  |  | 243,497 |  |  | 248,228 |  |  | 400,683 |  |  | 225,616 |  |  | 233,789 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 813,952 |  |  | 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 premiums |  | 293,021 |  |  | 172,370 |  |  | 178,758 |  |  | 191,566 |  |  | 120,719 |  |  | 127,872 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 268,352 |  |  | 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 premiums |  | 12,565,814 |  |  | 7,494,706 |  |  | 7,518,346 |  |  | 10,457,252 |  |  | 6,339,854 |  |  | 6,452,555 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 18,047,251 |  |  | 10,012,832 |  |  | 9,904,414 |  |  | 15,707,558 |  |  | 8,827,339 |  |  | 8,898,122 |  |  |  |  |  |  |
As of September 30, 2025, for the health segment using current discount rates, the Company anticipates $14.0 billion of expected future gross premiums and $7.5 billion of expected future net premiums. As of September 30, 2024, using current discount rates, the Company anticipated $12.4 billion of expected future gross premiums and $6.5 billion in expected future net premiums. The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $6.5 billion and $5.9 billion as of September 30, 2025 and 2024, respectively, and rather only includes the expected future net premiums. The following table summarizes the balances of, and changes in, policyholders’ account balances as of September 30, 2025 and 2024:
|  | Policyholders' Account Balances
|  | 2025 |  | 2024 |  |
|  | Interest Sensitive Life |  | Deferred Annuity(1) |  | Other Policy-holders' Funds |  | Interest Sensitive Life |  | Deferred Annuity |  | Other 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 received |  | 15,179 |  |  | 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 credited |  | 20,582 |  |  | 15,653 |  |  | 16,736 |  |  | 20,890 |  |  | 17,990 |  |  | 15,210 |  |  |  |  |  |  |
Other |  | 5,790 |  |  | (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
|  | 2025 |  | 2024 |  |
|  | Interest Sensitive Life |  | Deferred Annuity(1) |  | Other Policy-holders' Funds |  | Interest Sensitive Life |  | Deferred Annuity |  | Other 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 credited |  | 6,824 |  |  | 5,092 |  |  | 5,833 |  |  | 6,922 |  |  | 5,777 |  |  | 6,106 |  |  |  |  |  |  |
Other |  | 1,913 |  |  | (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 rate |  | 3.87 | % |  | 3.41 | % |  | 4.68 | % |  | 3.86 | % |  | 3.37 | % |  | 5.73 | % |  |  |  |  |  |
Net amount at risk |  | $ | 1,584,392 |  |  | N/A |  | N/A |  | $ | 1,687,182 |  |  | N/A |  | N/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. 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 rates |  | Interest 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 rates |  | Interest Sensitive Life |  | Deferred Annuity |  | Other 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 |

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- Definition The entire disclosure for long duration contracts. This may include the information pertinent to an understanding of the types of traditional and nontraditional insurance and investment contracts sold and serviced, including the nature and amount of estimated guaranteed obligations pertaining to such contracts and the assumptions underlying such estimated amounts, hedging strategies, and sales inducements offered. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (u) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2 + Details
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