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Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block) | 3 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Present Value Expected Net Premiums and Expected Future Policy Benefits | The following tables summarize balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expense payable.
|  | Quarter ended June 30, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |
|  | (In thousands) |
Present value of expected net premiums |  |  |  |  |  |
Balance, beginning of year |  | $ | 205,389 |  |  | $ | 223,118 |
Beginning balance at original discount rate |  | $ | 204,306 |  |  | $ | 225,071 |
Effect of changes in cash flow assumptions |  |  | — |  |  |  | — |
Effect of actual variances from expected experience |  |  | (367 | ) |  |  | 246 |
Adjusted beginning of year balance |  | $ | 203,939 |  |  | $ | 225,317 |
Issuances |  |  | 2,002 |  |  |  | 2,353 |
Interest accrual |  |  | 2,493 |  |  |  | 2,574 |
Net premium collected |  |  | (9,221 | ) |  |  | (9,769 | )
Other |  |  | — |  |  |  | — |
Ending balance at original discount rate |  | $ | 199,213 |  |  | $ | 220,475 |
Effect of changes in discount rate assumptions (AOCI) |  |  | (2,480 | ) |  |  | 2,166 |
Balance, end of period |  | $ | 196,733 |  |  | $ | 222,641 |
Present value of expected future policy benefits |  |  |  |  |  |
Balance, beginning of year |  | $ | 522,122 |  |  | $ | 530,983 |
Beginning balance at original discount rate |  | $ | 514,113 |  |  | $ | 533,688 |
Effect of changes in cash flow assumptions |  |  | — |  |  |  | — |
Effect of actual variances from expected experiences |  |  | (464 | ) |  |  | 355 |
Adjusted beginning of year balance |  | $ | 513,649 |  |  | $ | 534,043 |
Issuances |  |  | 2,002 |  |  |  | 2,398 |
Interest accrual |  |  | 6,279 |  |  |  | 6,534 |
Benefit payments |  |  | (14,142 | ) |  |  | (14,311 | )
Other |  |  | — |  |  |  | — |
Ending balance at original discount rate |  | $ | 507,788 |  |  | $ | 528,664 |
Effect of changes in discount rate assumptions (AOCI) |  |  | (4,331 | ) |  |  | 10,786 |
Balance, end of period |  | $ | 503,457 |  |  | $ | 539,450 |
End of period, LFPB net |  |  | 306,724 |  |  |  | 316,809 |
Payout annuities and market risk benefits |  |  | 24,569 |  |  |  | 31,375 |
Health insurance |  |  | 13,189 |  |  |  | 14,178 |
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable |  |  | 30,916 |  |  |  | 28,910 |
Life DPL / Other life and health |  |  | 9,408 |  |  |  | 10,195 |
LFPB flooring effect |  |  | 69 |  |  |  | — |
Life Insurance end of period balance |  |  | 384,875 |  |  |  | 401,467 |
Moving and Storage balance |  |  | 327,497 |  |  |  | 328,009 |
Property and Casualty balance |  |  | 129,489 |  |  |  | 148,960 |
Policy benefits and losses, claims and loss expenses balance, end of period |  |  | 841,861 |  |  | $ | 878,436 |
|  | Quarter ended June 30, |  |
|  | 2024 |  |  | 2023 |  |
| (Unaudited) |  |
|  | (In thousands, except for percentages and weighted average information) |  |
Expected gross premiums |  |  |  |  |  |  |
Undiscounted balance |  | $ | 358,097 |  |  | $ | 395,641 |  |
Discounted balance at original discount rate |  | $ | 278,118 |  |  | $ | 305,166 |  |
Discounted balance at current discount rate |  | $ | 274,345 |  |  | $ | 307,763 |  |
Expected policy benefits |  |  |  |  |  |  |
Undiscounted balance |  | $ | 732,006 |  |  | $ | 770,210 |  |
Discounted balance at original discount rate |  | $ | 507,787 |  |  | $ | 528,663 |  |
Discounted balance at current discount rate |  | $ | 503,456 |  |  | $ | 539,449 |  |
Mortality, lapses and morbidity |  |  |  |  |  |  |
Mortality actual experience |  |  | 5.49 |  | % |  | 5.29 |  | %
Mortality expected experience |  |  | 5.35 |  | % |  | 4.93 |  | %
Lapses actual experience |  |  | 1.92 |  | % |  | 1.71 |  | %
Lapses expected experience |  |  | 2.73 |  | % |  | 2.64 |  | %
Premiums and interest expense |  |  |  |  |  |  |
Gross premiums (1) |  | $ | 12,538 |  |  | $ | 13,414 |  |
Interest expense (2) |  | $ | 3,786 |  |  | $ | 3,960 |  |
Expected duration (persistency) of policies in-force (years) |  |  | 6.8 |  |  |  | 8.2 |  |
Weighted average original interest rate of the liability for future policy benefits |  |  | 4.98 |  | % |  | 5.23 |  | %
Weighted average current interest rate of the liability for future policy benefits |  |  | 4.97 |  | % |  | 4.87 |  | %
Balance Changes Liabilities Investment Contracts | The following tables present the balances and changes in Liabilities from investment contracts account balances:
|  | Quarter ended June 30, 2024 |
|  | Deferred Annuities |
|  | (Unaudited) |
|  | (In thousands, except for the average credited rate) |
Policyholder contract deposits account balance |  |  |
Beginning of year |  | $ | 2,411,352 |
Deposits received |  |  | 76,417 |
Surrenders and withdrawals |  |  | (94,440 | )
Benefit payments |  |  | (12,745 | )
Interest credited |  |  | 19,507 |
Other |  |  | 6,373 |
End of period |  | $ | 2,406,464 |
Weighted average credited rate |  |  | 3.27 |
Cash surrender value |  | $ | 2,084,896 |
|  | Quarter ended June 30, 2023 |
|  | Deferred Annuities |
|  | (Unaudited) |
|  | (In thousands, except for the average credited rate) |
Policyholder contract deposits account balance |  |  |
Beginning of year |  | $ | 2,398,884 |
Deposits received |  |  | 43,944 |
Surrenders and withdrawals |  |  | (64,445 | )
Benefit payments |  |  | (10,813 | )
Interest credited |  |  | 16,760 |
Other |  |  | — |
End of period |  | $ | 2,384,330 |
Weighted average credited rate |  |  | 2.79 |
Cash surrender value |  | $ | 2,069,292 |

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