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Reinsurance (Tables) | 6 Months Ended
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Jun. 30, 2025
Reinsurance Disclosures [Abstract] |
In-force Life Insurance | Details on in-force life insurance were as follows:
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | (Dollars in thousands) |
Direct life insurance in-force |  | $ | 970,278,989 |  |  | $ | 955,610,523 |
Amounts ceded to other companies |  |  | (828,854,218 | ) |  |  | (817,825,296 | )
Net life insurance in-force |  | $ | 141,424,771 |  |  | $ | 137,785,227 |
Percentage of reinsured life insurance in-force |  |  | 85 | % |  |  | 86 | %
Reinsurance Recoverable Estimated by Reinsurer and Financial Strength Ratings of Reinsurer | Reinsurance recoverables include ceded policy benefit reserve balances, ceded claim liabilities, and ceded claims paid that have not been reimbursed. The Company allocated reinsurance recoverables estimated at the cohort level to individual reinsurers for disclosure purposes. Reinsurance recoverables estimated by reinsurer and the financial strength ratings of those reinsurers were as follows:
|  | June 30, 2025 |  | December 31, 2024
|  | Reinsurance recoverables |  |  | A.M. Best rating |  | Reinsurance recoverables |  |  | A.M. Best rating
|  | (In thousands)
Swiss Re Life & Health America Inc. (Novated from Pecan Re Inc.) (1) |  | $ | 2,049,871 |  |  | A+ |  | $ | 2,074,945 |  |  | A+
Munich Re of Malta (1)(2) |  |  | 214,938 |  |  | NR |  |  | 210,822 |  |  | NR
SCOR Global Life Reinsurance Companies (3) |  |  | 126,929 |  |  | A |  |  | 148,899 |  |  | A
American Health and Life Insurance Company (1) |  |  | 124,969 |  |  | B++ |  |  | 127,601 |  |  | B++
RGA Reinsurance Company |  |  | 47,769 |  |  | A+ |  |  | 44,132 |  |  | A+
Swiss Re Life & Health America Inc. (4) |  |  | 47,385 |  |  | A+ |  |  | 43,826 |  |  | A+
Korean Reinsurance Company |  |  | 40,904 |  |  | A |  |  | 40,781 |  |  | A
Munich American Reassurance Company |  |  | 32,175 |  |  | A+ |  |  | 36,487 |  |  | A+
All other reinsurers |  |  | 14,386 |  |  | - |  |  | 17,887 |  |  | -
Allowance for credit losses |  |  | (1,182 | ) |  |  |  |  | (1,215 | ) |  |
Reinsurance recoverables |  | $ | 2,698,144 |  |  |  |  | $ | 2,744,165 |  |  |
NR – not rated by A.M. Best (1) Reinsurance recoverables include balances ceded under coinsurance transactions of term life insurance policies that were in-force as of December 31, 2009. Amounts shown are net of their share of the reinsurance recoverable from other reinsurers. Arrangements with these reinsurers include collateral trust agreements held in support of reinsurance recoverables. (2) Entity is rated AA by S&P as of June 30, 2025. (3) Includes amounts ceded to Transamerica Reinsurance Companies and fully retroceded to SCOR Global Life Reinsurance Companies. (4) Includes amounts ceded to Lincoln National Life Insurance and fully retroceded to Swiss Re Life & Health America Inc.
Allowance for Credit Loss on Reinsurance Recoverable | The rollforward of the allowance for credit losses on reinsurance recoverables were as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Balance, beginning of period |  | $ | 1,104 |  |  | $ | 1,048 |  |  | $ | 1,215 |  |  | $ | 1,120 |
Current period (benefit) provision for expected credit losses |  |  | 78 |  |  |  | 74 |  |  |  | (33 | ) |  |  | 2 |
Balance, at the end of period |  | $ | 1,182 |  |  | $ | 1,122 |  |  | $ | 1,182 |  |  | $ | 1,122 |

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- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 605 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-1 + Details
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- Definition Tabular disclosure of allowance for credit loss on reinsurance recoverable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of reinsurer or group of reinsurers for whom the entity has a concentration of credit risk. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 1B -SubTopic 825 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477351/944-825-50-1B + Details
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