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Policy Benefits and Losses, Claims and Loss Expenses Payable
 3 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Policy Benefits and Losses, Claims and Loss Expenses Payable . Life Insurance Liabilities

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,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Present value of expected net premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

182,658

 

 

$

205,389

 

Beginning balance at original discount rate

 

$

185,508

 

 

$

204,306

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experience

 

 

(912

)

 

 

(367

)

Adjusted beginning of year balance

 

$

184,596

 

 

$

203,939

 

Issuances

 

 

1,726

 

 

 

2,002

 

Interest accrual

 

 

2,225

 

 

 

2,493

 

Net premium collected

 

 

(8,602

)

 

 

(9,221

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

179,945

 

 

$

199,213

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(579

)

 

 

(2,480

)

Balance, end of period

 

$

179,366

 

 

$

196,733

 

 

 

 

 

 

 

 

Present value of expected future policy benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of year

 

$

482,805

 

 

$

522,122

 

Beginning balance at original discount rate

 

$

490,975

 

 

$

514,113

 

Effect of changes in cash flow assumptions

 

 

—

 

 

 

—

 

Effect of actual variances from expected experiences

 

 

(336

)

 

 

(464

)

Adjusted beginning of year balance

 

$

490,639

 

 

$

513,649

 

Issuances

 

 

1,726

 

 

 

2,002

 

Interest accrual

 

 

5,915

 

 

 

6,279

 

Benefit payments

 

 

(16,748

)

 

 

(14,142

)

Other

 

 

—

 

 

 

—

 

Ending balance at original discount rate

 

$

481,532

 

 

$

507,788

 

Effect of changes in discount rate assumptions (AOCI)

 

 

(984

)

 

 

(4,331

)

Balance, end of period

 

$

480,548

 

 

$

503,457

 

End of period, LFPB net

 

 

301,182

 

 

 

306,724

 

Payout annuities and market risk benefits

 

 

24,063

 

 

 

24,569

 

Health insurance

 

 

9,736

 

 

 

13,189

 

Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable

 

 

27,301

 

 

 

30,916

 

Life DPL / Other life and health

 

 

8,668

 

 

 

9,408

 

LFPB flooring effect

 

 

—

 

 

 

69

 

Life Insurance end of period balance

 

 

370,950

 

 

 

384,875

 

Moving and Storage balance

 

 

376,877

 

 

 

327,497

 

Property and Casualty Insurance balance

 

 

123,703

 

 

 

129,489

 

Policy benefits and losses, claims and loss expenses balance, end of period

 

 

871,530

 

 

$

841,861

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended June 30,

 

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except for percentages and weighted average information)

 

 

Expected gross premiums

 

 

 

 

 

 

 

Undiscounted balance

 

$

332,228

 

 

$

358,097

 

 

Discounted balance at original discount rate

 

$

256,950

 

 

$

278,118

 

 

Discounted balance at current discount rate

 

$

256,112

 

 

$

274,345

 

 

 

 

 

 

 

 

 

 

Expected policy benefits

 

 

 

 

 

 

 

Undiscounted balance

 

$

692,712

 

 

$

732,006

 

 

Discounted balance at original discount rate

 

$

481,531

 

 

$

507,787

 

 

Discounted balance at current discount rate

 

$

480,547

 

 

$

503,456

 

 

 

 

 

 

 

 

 

 

Mortality, lapses and morbidity

 

 

 

 

 

 

 

Mortality actual experience

 

 

6.99

 

%

 

5.49

 

%

Mortality expected experience

 

 

5.80

 

%

 

5.35

 

%

Lapses actual experience

 

 

2.17

 

%

 

1.92

 

%

Lapses expected experience

 

 

3.14

 

%

 

2.73

 

%

 

 

 

 

 

 

 

 

Premiums and interest expense

 

 

 

 

 

 

 

Gross premiums (1)

 

$

11,967

 

 

$

12,538

 

 

Interest expense (2)

 

$

3,690

 

 

$

3,786

 

 

 

 

 

 

 

 

 

 

Expected duration (persistency) of policies in-force (years)

 

 

6.7

 

 

 

6.8

 

 

 

 

 

 

 

 

 

 

Weighted average original interest rate of the liability for future policy benefits

 

 

4.91

 

%

 

4.98

 

%

 

 

 

 

 

 

 

 

Weighted average current interest rate of the liability for future policy benefits

 

 

4.53

 

%

 

4.97

 

%

 

(1) Gross premiums are related to life insurance and are included in Life insurance premiums.

(2) Interest expense is included in Policy benefits and losses, claims and loss expenses payable.

 

The following tables present the balances and changes in liabilities from investment contracts account balances:

 

 

 

Quarter ended June 30, 2025

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

 

 

 

 

Beginning of year

 

$

2,511,422

 

Deposits received

 

 

135,224

 

Surrenders and withdrawals

 

 

(121,531

)

Benefit payments

 

 

(8,289

)

Interest credited

 

 

21,022

 

Other

 

 

—

 

End of period

 

$

2,537,848

 

Weighted average credited rate

 

 

3.33

 

Cash surrender value

 

$

2,217,636

 

 

 

 

Quarter ended June 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except for the average credited rate)

 

 

 

 

 

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