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Future Policy Benefits (Tables)

9 Months Ended

Sep. 30, 2025

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Schedule of Balances and Changes in Present Value of Expected Net Premiums and Present Value of Expected Future Policy Benefits Underlying LFPB

The following tables summarize balances and changes in the present value of expected net premiums and the present value of expected future policy benefits underlying the LFPB:


		Nine months ended				Year ended
		September 30, 2025				December 31, 2024
		(Dollars in thousands)
Present Value of Expected Net Premiums		Term Life Insurance
Balance at then current discount rate, beginning of period		$	13,854,794			$	13,977,353
Balance at original discount rate, beginning of period			14,233,996				14,012,553
Effect of changes in cash flow assumptions			(354,522	)			(74,233	)
Effect of actual variances from expected experience			(307,049	)			(373,646	)
Adjusted balance, beginning of period			13,572,425				13,564,674
Issuances			1,268,255				1,884,054
Interest accrual at original discount rate			472,864				608,588
Net premiums collected			(1,328,106	)			(1,733,262	)
Foreign currency translation			32,288				(90,058	)
Expected net premiums at original discount rate, end of period			14,017,726				14,233,996
Effect of changes in discount rate assumptions			47,455				(379,202	)
Expected net premiums at then current discount rate, end of period		$	14,065,181			$	13,854,794

Present Value of Expected Future Policy Benefits
Balance at then current discount rate, beginning of period		$	20,155,487			$	20,508,435
Balance at original discount rate, beginning of period			20,763,900				20,391,694
Effect of changes in cash flow assumptions			(436,663	)			(83,975	)
Effect of actual variances from expected experience			(333,555	)			(386,512	)
Adjusted balance, beginning of period			19,993,682				19,921,207
Issuances			1,272,194				1,892,529
Interest accrual at original discount rate			720,798				929,078
Benefit payments			(1,393,709	)			(1,841,162	)
Foreign currency translation			49,605				(137,752	)
Expected future policy benefits at original discount rate, end of period			20,642,570				20,763,900
Effect of changes in discount rate assumptions			32,085				(608,413	)
Expected future policy benefits at then current discount rate, end of period		$	20,674,655			$	20,155,487

LFPB		$	6,609,474			$	6,300,693
Less: reinsurance recoverables			2,581,440				2,729,022
Net LFPB, after reinsurance recoverables		$	4,028,034			$	3,571,671
Weighted-average duration of net LFPB (in years)			8.2				8.0

Schedule of Reconcile LFPB

The following table reconciles the LFPB to the unaudited condensed consolidated balance sheets:


		September 30, 2025				December 31, 2024
		(In thousands)
Term Life Insurance		$	6,609,474			$	6,300,693
Other			207,304				202,371
Total		$	6,816,778			$	6,503,064

Schedule of Reconcile Reinsurance Recoverables

The following table reconciles the reinsurance recoverables to the unaudited condensed consolidated balance sheets:


		September 30, 2025				December 31, 2024
		(In thousands)
Term Life Insurance		$	2,581,440			$	2,729,022
Other			15,157				15,143
Total		$	2,596,597			$	2,744,165

Schedule of Amount of Discounted (using the then current discount rate) and Undiscounted Expected Gross Premiums and Expected Future Benefit Payments

The amount of discounted (using the then current discount rate) and undiscounted expected gross premiums and expected future benefit payments were as follows:


	September 30, 2025								December 31, 2024
	(In thousands)
Term Life Insurance
	Undiscounted				Discounted				Undiscounted				Discounted
Expected future benefit payments	$	33,841,648			$	20,674,656			$	33,966,483			$	20,155,489
Expected future gross premiums	$	39,267,157			$	27,188,836			$	39,389,917			$	26,414,010

Schedule of Amount of Revenue and Interest Recognized

The amount of revenue and interest recognized in our unaudited condensed consolidated statements of income were as follows:


	Three months ended September 30,								Nine months ended September 30,
	2025				2024				2025				2024
	(In thousands)
Term Life Insurance
Gross premiums	$	864,047			$	847,626			$	2,580,396			$	2,524,615
Interest accretion (expense)	$	(83,320	)		$	(80,375	)		$	(247,934	)		$	(239,220	)

Schedule of Weighted Average Discount Rates

The weighted-average discount rates were as follows:


	September 30, 2025				December 31, 2024
Term Life Insurance
Original discount rate		5.02	%			4.95	%
Current discount rate		5.65	%			5.69	%