XML 31 R13.htm IDEA: XBRL DOCUMENT
v3.23.1

Policyholders' Liabilities | 3 Months Ended
--- | ---
Mar. 31, 2023
Insurance [Abstract] |
Policyholders' Liabilities | POLICYHOLDERS’ LIABILITIES LIABILITY FOR FUTURE POLICY BENEFITS The following tables summarize balances of and changes in the liability for future policy benefits for our reporting cohorts: Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies.
| Life Insurance Segment
March 31, 2023 (In thousands) | Permanent | Permanent Limited Pay |  | Total
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of year | $ | 235,228 |  | 10,209 |  |  | 245,437 |
Beginning balance at original discount rate | 247,601 |  | 10,682 |  |  | 258,283 |
Effects of actual variances from expected experience | 1,742 |  | 365 |  |  | 2,107 |
Adjusted beginning of year balance | 249,343 |  | 11,047 |  |  | 260,390 |
Issuances | 6,236 |  | 759 |  |  | 6,995 |
Interest accrual | 2,272 |  | 72 |  |  | 2,344 |
Net premiums collected | (9,715) |  | (751) |  |  | (10,466) |
Derecognition and other | 153 |  | 38 |  |  | 191 |
Ending balance at original discount rate | 248,289 |  | 11,165 |  |  | 259,454 |
Effect of changes in discount rates | (8,766) |  | (370) |  |  | (9,136) |
Balance, end of period | $ | 239,523 |  | 10,795 |  |  | 250,318 |
Present Value of Expected Future Policy Benefits |  |  |  |
Balance, beginning of year | $ | 947,415 |  | 195,612 |  |  | 1,143,027 |
Beginning balance at original discount rate | 996,169 |  | 208,051 |  |  | 1,204,220 |
Effects of actual variances from expected experience | 2,538 |  | 1,045 |  |  | 3,583 |
Adjusted beginning of year balance | 998,707 |  | 209,096 |  |  | 1,207,803 |
Issuances | 6,375 |  | 785 |  |  | 7,160 |
Interest accrual | 10,842 |  | 2,112 |  |  | 12,954 |
Benefit payments | (19,153) |  | (4,873) |  |  | (24,026) |
Derecognition and other | 14 |  | 12 |  |  | 26 |
Ending balance at original discount rate | 996,785 |  | 207,132 |  |  | 1,203,917 |
Effect of changes in discount rates | (31,065) |  | (9,459) |  |  | (40,524) |
Balance, end of period | $ | 965,720 |  | 197,673 |  |  | 1,163,393 |
Net liability for future policy benefits | $ | 726,197 |  | 186,878 |  |  | 913,075 |
The Life Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities primarily due to higher benefits than expected.
| Home Service Insurance
March 31, 2023 (In thousands) | Permanent | Permanent Limited Pay |  | Total
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of year | $ | 93,508 |  | 13,255 |  |  | 106,763 |
Beginning balance at original discount rate | 100,225 |  | 14,394 |  |  | 114,619 |
Effects of actual variances from expected experience | (1,371) |  | (809) |  |  | (2,180) |
Adjusted beginning of year balance | 98,854 |  | 13,585 |  |  | 112,439 |
Issuances | 4,789 |  | 1,176 |  |  | 5,965 |
Interest accrual | 986 |  | 114 |  |  | 1,100 |
Net premiums collected | (2,967) |  | 467 |  |  | (2,500) |
Derecognition and other | 132 |  | 46 |  |  | 178 |
Ending balance at original discount rate | 101,794 |  | 15,388 |  |  | 117,182 |
Effect of changes in discount rates | (4,925) |  | (873) |  |  | (5,798) |
Balance, end of period | $ | 96,869 |  | 14,515 |  |  | 111,384 |
Present Value of Expected Future Policy Benefits |  |  |  |
Balance, beginning of year | $ | 200,351 |  | 116,356 |  |  | 316,707 |
Beginning balance at original discount rate | 214,188 |  | 121,908 |  |  | 336,096 |
Effects of actual variances from expected experience | (1,299) |  | 25 |  |  | (1,274) |
Adjusted beginning of year balance | 212,889 |  | 121,933 |  |  | 334,822 |
Issuances | 4,789 |  | 1,176 |  |  | 5,965 |
Interest accrual | 2,310 |  | 1,410 |  |  | 3,720 |
Benefit payments | (4,178) |  | (1,748) |  |  | (5,926) |
Derecognition and other | 132 |  | 45 |  |  | 177 |
Ending balance at original discount rate | 215,942 |  | 122,816 |  |  | 338,758 |
Effect of changes in discount rates | (10,101) |  | (3,712) |  |  | (13,813) |
Balance, end of period | $ | 205,841 |  | 119,104 |  |  | 324,945 |
Net liability for future policy benefits | $ | 108,972 |  | 104,589 |  |  | 213,561 |
Net premiums collected are defined as the transactional gross premiums collected in the current period times the net premium ratio. Issuances are calculated as the present value, using the locked-in discount rate of the expected net premiums or the expected future policy benefits related to new policies issued during the three months ended March 31, 2023 and 2022. Interest accrual is the interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the locked-in discount rate. Benefit payments are the transactional benefits (death, lapse, surrenders and maturities) paid in the current period. Derecognition refers to a subset of the issuances or the present value of future premiums released on new issues that lapsed during the three months ended March 31, 2023 and 2022 as well as other reconciling items. The effects of actual variances from expected experience lines are primarily impacted by the actual policy cash flows during the period compared to that which was expected in the reserve assumptions. If the net of the two lines is a positive number, the implication is an unfavorable result with policy cash flows less favorable than assumed while a negative number implies a favorable result compared to assumptions. Our policy experience will vary from actual experience in any one period, either favorably or unfavorably. The Home Service Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities due to higher premiums collected than expected.
| Life Insurance
March 31, 2022 (In thousands) | Permanent | Permanent Limited Pay |  | Total
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of year | $ | 269,528 |  | 4,939 |  |  | 274,467 |
Beginning balance at original discount rate | 246,386 |  | 5,093 |  |  | 251,479 |
Effects of actual variances from expected experience | 1,693 |  | 422 |  |  | 2,115 |
Adjusted beginning of year balance | 248,079 |  | 5,515 |  |  | 253,594 |
Issuances | 5,795 |  | 1,121 |  |  | 6,916 |
Interest accrual | 2,088 |  | (2) |  |  | 2,086 |
Net premiums collected | (9,166) |  | 133 |  |  | (9,033) |
Derecognition and other | 57 |  | 24 |  |  | 81 |
Ending balance at original discount rate | 246,853 |  | 6,791 |  |  | 253,644 |
Effect of changes in discount rates | 6,040 |  | (291) |  |  | 5,749 |
Balance, end of period | $ | 252,893 |  | 6,500 |  |  | 259,393 |
Present Value of Expected Future Policy Benefits |  |  |  |
Balance, beginning of year | $ | 1,168,282 |  | 240,679 |  |  | 1,408,961 |
Beginning balance at original discount rate | 990,921 |  | 207,105 |  |  | 1,198,026 |
Effects of actual variances from expected experience | 1,998 |  | 1,407 |  |  | 3,405 |
Adjusted beginning of year balance | 992,919 |  | 208,512 |  |  | 1,201,431 |
Issuances | 5,863 |  | 1,141 |  |  | 7,004 |
Interest accrual | 10,658 |  | 2,125 |  |  | 12,783 |
Benefit payments | (17,715) |  | (3,918) |  |  | (21,633) |
Derecognition and other | (10) |  | 4 |  |  | (6) |
Ending balance at original discount rate | 991,715 |  | 207,864 |  |  | 1,199,579 |
Effect of changes in discount rates | 72,720 |  | 12,917 |  |  | 85,637 |
Balance, end of period | $ | 1,064,435 |  | 220,781 |  |  | 1,285,216 |
Net liability for future policy benefits | $ | 811,542 |  | 214,281 |  |  | 1,025,823 |
The Life Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities primarily due to higher benefits paid than expected.
| Home Service Insurance
March 31, 2022 (In thousands) | Permanent | Permanent Limited Pay |  | Total
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of year | $ | 104,556 |  | 10,196 |  |  | 114,752 |
Beginning balance at original discount rate | 90,012 |  | 9,532 |  |  | 99,544 |
Effects of actual variances from expected experience | 876 |  | (1,083) |  |  | (207) |
Adjusted beginning of year balance | 90,888 |  | 8,449 |  |  | 99,337 |
Issuances | 4,349 |  | 711 |  |  | 5,060 |
Interest accrual | 822 |  | 43 |  |  | 865 |
Net premiums collected | (2,723) |  | 1,610 |  |  | (1,113) |
Derecognition and other | (1,113) |  | 24 |  |  | (1,089) |
Ending balance at original discount rate | 92,223 |  | 10,837 |  |  | 103,060 |
Effect of changes in discount rates | 5,130 |  | (112) |  |  | 5,018 |
Balance, end of period | $ | 97,353 |  | 10,725 |  |  | 108,078 |
Present Value of Expected Future Policy Benefits |  |  |  |
Balance, beginning of year | $ | 266,206 |  | 161,715 |  |  | 427,921 |
Beginning balance at original discount rate | 205,340 |  | 117,425 |  |  | 322,765 |
Effects of actual variances from expected experience | 1,090 |  | 625 |  |  | 1,715 |
Adjusted beginning of year balance | 206,430 |  | 118,050 |  |  | 324,480 |
Issuances | 4,350 |  | 708 |  |  | 5,058 |
Interest accrual | 2,164 |  | 1,349 |  |  | 3,513 |
Benefit payments | (5,832) |  | (2,057) |  |  | (7,889) |
Derecognition and other | (1,114) |  | 24 |  |  | (1,090) |
Ending balance at original discount rate | 205,998 |  | 118,074 |  |  | 324,072 |
Effect of changes in discount rates | 28,342 |  | 23,076 |  |  | 51,418 |
Balance, end of period | $ | 234,340 |  | 141,150 |  |  | 375,490 |
Net liability for future policy benefits | $ | 136,987 |  | 130,425 |  |  | 267,412 |
The Home Service Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities due to higher premiums collected than expected. The following table reconciles the net liability for future policy benefits shown above to the liability for future policy benefits in the consolidated balance sheet.
| March 31, 2023 |  | March 31, 2022
(In thousands) | Life Insurance | Home Service Insurance | Consolidated |  | Life Insurance | Home Service Insurance | Consolidated
Life Insurance |  |  |  |  |  |  |
Permanent | $ | 726,197 |  | 108,972 |  | 835,169 |  |  | 811,542 |  | 136,987 |  | 948,529 |
Permanent limited pay | 186,878 |  | 104,589 |  | 291,467 |  |  | 214,281 |  | 130,425 |  | 344,706 |
Deferred profit liability | 26,347 |  | 25,113 |  | 51,460 |  |  | 23,042 |  | 22,502 |  | 45,544 |
Other | 26,474 |  | 13,725 |  | 40,199 |  |  | 27,918 |  | 13,403 |  | 41,321 |
Total life insurance | 965,896 |  | 252,399 |  | 1,218,295 |  |  | 1,076,783 |  | 303,317 |  | 1,380,100 |
Accident & Health |  |  |  |  |  |  |
Other | 599 |  | 249 |  | 848 |  |  | 521 |  | 245 |  | 766 |
Total | $ | 966,495 |  | 252,648 |  | 1,219,143 |  |  | 1,077,304 |  | 303,562 |  | 1,380,866 |
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for long-term duration contracts.
As of March 31, | 2023 |  | 2022
(In thousands) | Life Insurance |  | Home Service Insurance |  | Life Insurance |  | Home Service Insurance
Undiscounted: |  |  |  |  |  |  |
Permanent |  |  |  |  |  |  |
Expected future gross premiums | 607,319 |  |  | 463,491 |  |  | 623,969 |  |  | 459,627 |
Expected future benefit payments | $ | 1,478,777 |  |  | 478,978 |  |  | 1,468,066 |  |  | 453,855 |
Permanent Limited Pay |  |  |  |  |  |  |
Expected future gross premiums | 46,845 |  |  | 77,743 |  |  | 47,904 |  |  | 65,371 |
Expected future benefit payments | 321,985 |  |  | 319,390 |  |  | 322,955 |  |  | 304,278 |
Discounted: |  |  |  |  |  |  |
Permanent |  |  |  |  |  |  |
Expected future gross premiums | 474,777 |  |  | 277,098 |  |  | 523,290 |  |  | 308,271 |
Expected future benefit payments | $ | 965,720 |  |  | 205,841 |  |  | 1,064,435 |  |  | 234,340 |
Permanent Limited Pay |  |  |  |  |  |  |
Expected future gross premiums | 41,719 |  |  | 54,170 |  |  | 44,202 |  |  | 53,038 |
Expected future benefit payments | 197,673 |  |  | 119,104 |  |  | 220,781 |  |  | 141,150 |
The following tables summarize the amount of revenue and interest related to long-term duration contracts recognized in the consolidated statement of operations:
| Life Insurance |  | Home Service Insurance
Three Months Ended March 31, 2023 (In thousands) | Gross Premiums | Interest Expense |  | Gross Premiums | Interest Expense
Life Insurance |  |  |  |  |
Permanent | $ | 22,458 |  | 8,570 |  |  | 8,372 |  | 1,324 |
Permanent Limited Pay | 4,168 |  | 2,336 |  |  | 2,154 |  | 1,586 |
Other | 77 |  | — |  |  | 368 |  | — |
Reinsurance | (648) |  | — |  |  | (15) |  | — |
Total, net of reinsurance | 26,055 |  | 10,906 |  |  | 10,879 |  | 2,910 |
Accident & Health |  |  |  |  |
Other | 152 |  | — |  |  | 206 |  | — |
Reinsurance | — |  | — |  |  | — |  | — |
Total, net of reinsurance | 152 |  | — |  |  | 206 |  | — |
Total | $ | 26,207 |  | 10,906 |  |  | 11,085 |  | 2,910 |
| Life Insurance |  | Home Service Insurance
Three Months Ended March 31, 2022 (In thousands) | Gross Premiums | Interest Expense |  | Gross Premiums | Interest Expense
Life Insurance |  |  |  |  |
Permanent | $ | 22,257 |  | 8,570 |  |  | 8,456 |  | 1,342 |
Permanent Limited Pay | 3,656 |  | 2,350 |  |  | 2,041 |  | 1,559 |
Other | 1,425 |  | — |  |  | — |  | — |
Reinsurance | (500) |  | — |  |  | (14) |  | — |
Total, net of reinsurance | 26,838 |  | 10,920 |  |  | 10,483 |  | 2,901 |
Accident & Health |  |  |  |  |
Other | 94 |  | — |  |  | 193 |  | — |
Reinsurance | (1) |  | — |  |  | — |  | — |
Total, net of reinsurance | 93 |  | — |  |  | 193 |  | — |
Total | $ | 26,931 |  | 10,920 |  |  | 10,676 |  | 2,901 |
The following table provides the weighted-average durations of the liability for future policy benefits.
| March 31, 2023 |  | March 31, 2022
(In years) | Life Insurance | Home Service Insurance |  | Life Insurance | Home Service Insurance
Permanent |  |  |  |  |
Original duration | 8.1 | 15.9 |  | 8.8 | 16.0
Current duration | 8.4 | 16.1 |  | 9.1 | 16.3
Permanent Limited Pay |  |  |  |  |
Original duration | 7.6 | 14.5 |  | 8.0 | 15.2
Current duration | 7.6 | 15.2 |  | 8.4 | 17.5
The following table provides the weighted-average interest rates for the liability for future policy benefits.
| March 31, 2023 |  | March 31, 2022
(In thousands) | Life Insurance | Home Service Insurance |  | Life Insurance | Home Service Insurance
Permanent |  |  |  |  |
Original discount rate | 4.92 | % | 4.99 | % |  | 4.93 | % | 5.01 | %
Current discount rate | 4.86 | % | 5.09 | % |  | 3.43 | % | 3.68 | %
Permanent Limited Pay |  |  |  |  |
Original discount rate | 4.30 | % | 5.05 | % |  | 4.33 | % | 5.06 | %
Current discount rate | 4.85 | % | 5.08 | % |  | 3.38 | % | 3.67 | %
LIABILITY FOR POLICYHOLDERS’ ACCOUNT BALANCES The following table presents the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of the difference, in basis points, between rates being credited and the respective guaranteed minimums.
March 31, 2023 | At Guaranteed Minimum | 1 Basis Point-50 Basis Points Above | 51 Basis Points-150 Basis Points Above | Greater Than 150 Basis Points Above | Total
(In thousands) | Range of Guaranteed Minimum Crediting Rate
Life Insurance: |  |  |  |  |  |
SCWOLC (1) | 0.00% - 1.49% | $ | — |  | — |  | — |  | — |  | — |
1.50% - 2.99% | 1,452 |  | — |  | — |  | — |  | 1,452 |
3.00% - 4.49% | 33,940 |  | — |  | — |  | — |  | 33,940 |
Greater or equal to 4.50% | 134 |  | — |  | — |  | — |  | 134 |
Total | $ | 35,526 |  | — |  | — |  | — |  | 35,526 |
Fixed annuity | 0.00% - 1.49% | $ | 197 |  | — |  | 1,144 |  | — |  | 1,341 |
1.50% - 2.99% | 13,078 |  | — |  | 59 |  | — |  | 13,137 |
3.00% - 4.49% | 21,568 |  | 10 |  | — |  | — |  | 21,578 |
Greater or equal to 4.50% | 30,944 |  | — |  | — |  | — |  | 30,944 |
Total | $ | 65,787 |  | 10 |  | 1,203 |  | — |  | 67,000 |
Dividend accumulations | 0.00% - 1.49% | $ | 239 |  | — |  | — |  | 3,499 |  | 3,738 |
1.50% - 2.99% | 11,144 |  | 551 |  | 7 |  | — |  | 11,702 |
3.00% - 4.49% | 26,985 |  | — |  | — |  | — |  | 26,985 |
Greater or equal to 4.50% | 3 |  | — |  | — |  | — |  | 3 |
Total | $ | 38,371 |  | 551 |  | 7 |  | 3,499 |  | 42,428 |
Premiums paid in advance | 0.00% - 1.49% | $ | — |  | — |  | — |  | 34,122 |  | 34,122 |
1.50% - 2.99% | — |  | — |  | — |  | — |  | — |
3.00% - 4.49% | — |  | — |  | — |  | — |  | — |
Greater or equal to 4.50% | — |  | — |  | — |  | — |  | — |
Total | $ | — |  | — |  | — |  | 34,122 |  | 34,122 |
Home Service Insurance: |  |  |  |  |
SCWOLC (1) | 0.00% - 1.49% | $ | 4 |  | — |  | — |  | — |  | 4 |
1.50% - 2.99% | 250 |  | — |  | — |  | — |  | 250 |
3.00% - 4.49% | 55 |  | — |  | — |  | — |  | 55 |
Greater or equal to 4.50% | — |  | — |  | — |  | — |  | — |
Total | $ | 309 |  | — |  | — |  | — |  | 309 |
Fixed annuity | 0.00% - 1.49% | $ | 296 |  | — |  | — |  | 392 |  | 688 |
1.50% - 2.99% | — |  | — |  | — |  | — |  | — |
3.00% - 4.49% | 18,696 |  | — |  | — |  | — |  | 18,696 |
Greater or equal to 4.50% | 777 |  | — |  | — |  | — |  | 777 |
Total | $ | 19,769 |  | — |  | — |  | 392 |  | 20,161 |
Dividend accumulations | 0.00% - 1.49% | $ | — |  | — |  | — |  | 173 |  | 173 |
1.50% - 2.99% | 5 |  | 42 |  | — |  | — |  | 47 |
3.00% - 4.49% | 20 |  | — |  | — |  | — |  | 20 |
Greater or equal to 4.50% | — |  | — |  | — |  | — |  | — |
Total | $ | 25 |  | 42 |  | — |  | 173 |  | 240 |
(1) Supplemental Contracts Without Life Contingencies
March 31, 2022 |  | At Guaranteed Minimum | 1 Basis Point-50 Basis Points Above | 51 Basis Points-150 Basis Points Above | Greater Than 150 Basis Points Above | Total
(In thousands) | Range of Guaranteed Minimum Crediting Rate
Life Insurance: |  |  |  |  |  |
SCWOLC (1) | 0.00% - 1.49% | $ | — |  | — |  | — |  | — |  | — |
1.50% - 2.99% | 256 |  | — |  | — |  | — |  | 256 |
3.00% - 4.49% | 24,862 |  | — |  | — |  | — |  | 24,862 |
Greater or equal to 4.50% | 145 |  | — |  | — |  | — |  | 145 |
Total | $ | 25,263 |  | — |  | — |  | — |  | 25,263 |
Fixed annuity | 0.00% - 1.49% | $ | 203 |  | — |  | 813 |  | — |  | 1,016 |
1.50% - 2.99% | 10,584 |  | — |  | 12 |  | — |  | 10,596 |
3.00% - 4.49% | 21,976 |  | 9 |  | — |  | — |  | 21,985 |
Greater or equal to 4.50% | 30,662 |  | — |  | — |  | — |  | 30,662 |
Total | $ | 63,425 |  | 9 |  | 825 |  | — |  | 64,259 |
Dividend accumulations | 0.00% - 1.49% | $ | 250 |  | — |  | — |  | 3,529 |  | 3,779 |
1.50% - 2.99% | 8,501 |  | 533 |  | 11 |  | — |  | 9,045 |
3.00% - 4.49% | 25,507 |  | — |  | — |  | — |  | 25,507 |
Greater or equal to 4.50% | 3 |  | — |  | — |  | — |  | 3 |
Total | $ | 34,261 |  | 533 |  | 11 |  | 3,529 |  | 38,334 |
Premiums paid in advance | 0.00% - 1.49% | $ | — |  | — |  | — |  | 37,922 |  | 37,922 |
1.50% - 2.99% | — |  | — |  | — |  | — |  | — |
3.00% - 4.49% | — |  | — |  | — |  | — |  | — |
Greater or equal to 4.50% | — |  | — |  | — |  | — |  | — |
Total | $ | — |  | — |  | — |  | 37,922 |  | 37,922 |
Home Service Insurance: |  |  |  |  |
SCWOLC (1) | 0.00% - 1.49% | $ | 6 |  | — |  | — |  | — |  | 6 |
1.50% - 2.99% | 249 |  | — |  | — |  | — |  | 249 |
3.00% - 4.49% | 49 |  | — |  | — |  | — |  | 49 |
Greater or equal to 4.50% | — |  | — |  | — |  | — |  | — |
Total | $ | 304 |  | — |  | — |  | — |  | 304 |
Fixed annuity | 0.00% - 1.49% | $ | 284 |  | — |  | — |  | 408 |  | 692 |
1.50% - 2.99% | — |  | — |  | — |  | — |  | — |
3.00% - 4.49% | 18,743 |  | — |  | — |  | — |  | 18,743 |
Greater or equal to 4.50% | 903 |  | — |  | — |  | — |  | 903 |
Total | $ | 19,930 |  | — |  | — |  | 408 |  | 20,338 |
Dividend accumulations | 0.00% - 1.49% | $ | — |  | — |  | — |  | 173 |  | 173 |
1.50% - 2.99% | 5 |  | 44 |  | — |  | — |  | 49 |
3.00% - 4.49% | 19 |  | — |  | — |  | — |  | 19 |
Greater or equal to 4.50% | — |  | — |  | — |  | — |  | — |
Total | $ | 24 |  | 44 |  | — |  | 173 |  | 241 |
(1) Supplemental Contracts Without Life Contingencies
The following tables summarize balances of and changes in policyholders' account balances.
March 31, 2023 (In thousands) | SCWOLC (1) | Fixed Annuity | Dividend Accumulations | Premiums Paid in Advance
Life Insurance: |  |  |  |
Balance, beginning of year | $ | 32,667 |  | 66,543 |  | 41,424 |  | 34,603 |
Issuances | 4,788 |  | 536 |  | 147 |  | 905 |
Premiums received | 18 |  | 1,025 |  | 1,383 |  | 145 |
Interest credited | 341 |  | 536 |  | 322 |  | 226 |
Less: |  |  |  |
Surrenders and withdrawals | — |  | 1,640 |  | 848 |  | 1,757 |
Benefit payments | 2,288 |  | — |  | — |  | — |
Balance, end of period | $ | 35,526 |  | 67,000 |  | 42,428 |  | 34,122 |
Weighted-average crediting rates | 4.10 | % | 3.70 | % | 3.49 | % | 3.00 | %
Cash surrender value | $ | 35,526 |  | 67,000 |  | 42,428 |  | 34,122 |
Home Service Insurance: |  |  |  |
Balance, beginning of year | $ | 328 |  | 20,264 |  | 239 |  | — |
Issuances | — |  | 227 |  | 1 |  | — |
Premiums received | — |  | 145 |  | 1 |  | — |
Interest credited | 2 |  | 132 |  | 2 |  | — |
Less: |  |  |  |
Surrenders and withdrawals | — |  | 607 |  | 3 |  | — |
Benefit payments | 21 |  | — |  | — |  | — |
Balance, end of period | $ | 309 |  | 20,161 |  | 240 |  | — |
Weighted-average crediting rates | 2.20 | % | 3.10 | % | 3.09 | % | 4.00 | %
Cash surrender value | $ | 309 |  | 20,161 |  | 240 |  | — |
Consolidated: |  |  |  |
Balance, beginning of year | $ | 32,995 |  | 86,807 |  | 41,663 |  | 34,603 |
Issuances | 4,788 |  | 763 |  | 148 |  | 905 |
Premiums received | 18 |  | 1,170 |  | 1,384 |  | 145 |
Interest credited | 343 |  | 668 |  | 324 |  | 226 |
Less: |  |  |  |
Surrenders and withdrawals | — |  | 2,247 |  | 851 |  | 1,757 |
Benefit payments | 2,309 |  | — |  | — |  | — |
Balance, end of period | $ | 35,835 |  | 87,161 |  | 42,668 |  | 34,122 |
Weighted-average crediting rates | 4.05 | % | 3.57 | % | 3.05 | % | 2.98 | %
Cash surrender value | $ | 35,835 |  | 87,161 |  | 42,668 |  | 34,122 |
(1) Supplemental Contracts Without Life Contingencies |  |  |  |
March 31, 2022 (In thousands) | SCWOLC (1) | Fixed Annuity | Dividend Accumulations | Premiums Paid in Advance
Life Insurance: |  |  |  |
Balance, beginning of year | $ | 23,628 |  | 63,591 |  | 37,513 |  | 38,875 |
Issuances | 2,392 |  | 604 |  | 123 |  | 469 |
Premiums received | 12 |  | 995 |  | 1,264 |  | 132 |
Interest credited | 232 |  | 517 |  | 292 |  | 275 |
Less: |  |  |  |
Surrenders and withdrawals | — |  | 1,448 |  | 858 |  | 1,829 |
Benefit payments | 1,001 |  | — |  | — |  | — |
Balance, end of period | $ | 25,263 |  | 64,259 |  | 38,334 |  | 37,922 |
Weighted-average crediting rates | 4.11 | % | 3.76 | % | 3.50 | % | 3.09 | %
Cash surrender value | $ | 25,263 |  | 64,259 |  | 38,334 |  | 37,922 |
Home Service Insurance: |  |  |  |
Balance, beginning of year | $ | 322 |  | 20,326 |  | 247 |  | — |
Issuances | 10 |  | 213 |  | 3 |  | — |
Premiums received | — |  | 189 |  | 1 |  | — |
Interest credited | 2 |  | 140 |  | 2 |  | — |
Less: |  |  |  |
Surrenders and withdrawals | — |  | 530 |  | 12 |  | — |
Benefit payments | 30 |  | — |  | — |  | — |
Balance, end of period | $ | 304 |  | 20,338 |  | 241 |  | — |
Weighted-average crediting rates | 2.13 | % | 3.11 | % | 3.10 | % | 4.00 | %
Cash surrender value | $ | 304 |  | 20,338 |  | 241 |  | — |
Consolidated: |  |  |  |
Balance, beginning of year | $ | 23,950 |  | 83,917 |  | 37,760 |  | 38,875 |
Issuances | 2,402 |  | 817 |  | 126 |  | 469 |
Premiums received | 12 |  | 1,184 |  | 1,265 |  | 132 |
Interest credited | 234 |  | 657 |  | 294 |  | 275 |
Less: |  |  |  |
Surrenders and withdrawals | — |  | 1,978 |  | 870 |  | 1,829 |
Benefit payments | 1,031 |  | — |  | — |  | — |
Balance, end of period | $ | 25,567 |  | 84,597 |  | 38,575 |  | 37,922 |
Weighted-average crediting rates | 4.08 | % | 3.60 | % | 3.08 | % | 3.09 | %
Cash surrender value | $ | 25,567 |  | 84,597 |  | 38,575 |  | 37,922 |
(1) Supplemental Contracts Without Life Contingencies |  |  |  |
The following table reconciles policyholders' account balances to the policyholders' account balances' liability in the consolidated balance sheet.
| March 31, 2023 |  | March 31, 2022
(In thousands) | Life Insurance | Home Service Insurance | Consolidated |  | Life Insurance | Home Service Insurance | Consolidated
Annuities: |  |  |  |  |  |  |
SCWOLC (1) | $ | 35,526 |  | 309 |  | 35,835 |  |  | 25,263 |  | 304 |  | 25,567 |
Fixed annuity | 67,000 |  | 20,161 |  | 87,161 |  |  | 64,259 |  | 20,338 |  | 84,597 |
Unearned revenue reserve | — |  | 1,531 |  | 1,531 |  |  | — |  | 1,588 |  | 1,588 |
Other | 1 |  | — |  | 1 |  |  | — |  | (1) |  | (1) |
Total annuities | $ | 102,527 |  | 22,001 |  | 124,528 |  |  | 89,522 |  | 22,229 |  | 111,751 |
(1) Supplemental Contracts Without Life Contingencies |  |  |  |  |
Dividend Accumulations: |  |  |  |  |  |  |
Dividend accumulations | $ | 42,428 |  | 240 |  | 42,668 |  |  | 38,334 |  | 241 |  | 38,575 |
Other | 1 |  | (1) |  | — |  |  | — |  | — |  | — |
Total dividend accumulations | $ | 42,429 |  | 239 |  | 42,668 |  |  | 38,334 |  | 241 |  | 38,575 |
Premiums Paid in Advance: |  |  |  |  |  |  |
Premiums paid in advance | $ | 34,122 |  | — |  | 34,122 |  |  | 37,922 |  | — |  | 37,922 |
Other | 2,294 |  | 281 |  | 2,575 |  |  | 2,180 |  | 331 |  | 2,511 |
Total premiums paid in advance | $ | 36,416 |  | 281 |  | 36,697 |  |  | 40,102 |  | 331 |  | 40,433 |

X
- References No definition available. + Details
Name: | us-gaap_InsuranceAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI https://asc.fasb.org/subtopic&trid=2560295 + Details
Name: | us-gaap_LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration