Policyholders' Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Liability for Future Policy Benefit, Activity

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.


March 31, 2025 (In thousands)	Life Insurance				Home Service Insurance
	Permanent		Permanent Limited Pay	Total		Permanent	Permanent Limited Pay	Total
Present Value of Expected Net Premiums:
Balance, beginning of year	$	299,918	14,962	314,880		94,458	13,878	108,336
Beginning balance at original discount rate	310,919		15,180	326,099		101,026	14,732	115,758

Effect of actual variances from expected experience	(8,002)		424	(7,578)		(1,714)	(653)	(2,367)
Adjusted beginning of year balance	302,917		15,604	318,521		99,312	14,079	113,391
Issuances	26,908		985	27,893		3,632	547	4,179
Interest accrual	3,241		147	3,388		1,053	133	1,186
Net premiums collected	(13,087)		(1,442)	(14,529)		(3,017)	(53)	(3,070)
Derecognition and other	(2,484)		118	(2,366)		(49)	(21)	(70)
Ending balance at original discount rate	317,495		15,412	332,907		100,931	14,685	115,616
Effect of changes in discount rates	(7,228)		(113)	(7,341)		(5,556)	(680)	(6,236)
Balance, end of period	$	310,267	15,299	325,566		95,375	14,005	109,380

Present Value of Expected Future Policy Benefits:
Balance, beginning of year	$	996,556	187,066	1,183,622		198,809	111,639	310,448
Beginning balance at original discount rate	1,051,493		201,797	1,253,290		218,555	123,016	341,571

Effect of actual variances from expected experience	(8,017)		1,025	(6,992)		(1,849)	(319)	(2,168)
Adjusted beginning of year balance	1,043,476		202,822	1,246,298		216,706	122,697	339,403
Issuances	27,035		1,113	28,148		3,633	541	4,174
Interest accrual	11,608		2,056	13,664		2,419	1,437	3,856
Benefit payments	(26,576)		(5,644)	(32,220)		(3,703)	(1,358)	(5,061)
Derecognition and other	(2,639)		(12)	(2,651)		(57)	(23)	(80)
Ending balance at original discount rate	1,052,904		200,335	1,253,239		218,998	123,294	342,292
Effect of changes in discount rates	(44,101)		(13,331)	(57,432)		(18,431)	(11,109)	(29,540)
Balance, end of period	$	1,008,803	187,004	1,195,807		200,567	112,185	312,752

Net liability for future policy benefits	$	698,536	171,705	870,241		105,192	98,180	203,372

Less: Reinsurance recoverable	2,875		—	2,875		—	—	—
Net liability for future policy benefits, after reinsurance recoverable	$	695,661	171,705	867,366		105,192	98,180	203,372


March 31, 2024 (In thousands)	Life Insurance				Home Service Insurance
	Permanent		Permanent Limited Pay	Total		Permanent	Permanent Limited Pay	Total
Present Value of Expected Net Premiums:
Balance, beginning of year	$	244,917	13,260	258,177		98,831	14,926	113,757
Beginning balance at original discount rate	252,426		13,533	265,959		102,045	15,512	117,557

Effect of actual variances from expected experience	(1,772)		204	(1,568)		(1,703)	(1,078)	(2,781)
Adjusted beginning of year balance	250,654		13,737	264,391		100,342	14,434	114,776
Issuances	18,208		604	18,812		4,152	685	4,837
Interest accrual	2,550		117	2,667		1,057	132	1,189
Net premiums collected	(10,497)		(683)	(11,180)		(3,016)	80	(2,936)
Derecognition and other	(2,456)		47	(2,409)		74	7	81
Ending balance at original discount rate	258,459		13,822	272,281		102,609	15,338	117,947
Effect of changes in discount rates	(9,285)		(325)	(9,610)		(5,401)	(832)	(6,233)
Balance, end of period	$	249,174	13,497	262,671		97,208	14,506	111,714

Present Value of Expected Future Policy Benefits:
Balance, beginning of year	$	973,350	195,122	1,168,472		211,946	122,784	334,730
Beginning balance at original discount rate	995,962		202,755	1,198,717		217,524	123,941	341,465

Effect of actual variances from expected experience	(1,592)		1,094	(498)		(1,697)	(748)	(2,445)
Adjusted beginning of year balance	994,370		203,849	1,198,219		215,827	123,193	339,020
Issuances	18,424		649	19,073		4,153	683	4,836
Interest accrual	11,014		2,066	13,080		2,401	1,437	3,838
Benefit payments	(20,342)		(4,411)	(24,753)		(3,672)	(1,436)	(5,108)
Derecognition and other	(2,976)		2	(2,974)		73	7	80
Ending balance at original discount rate	1,000,490		202,155	1,202,645		218,782	123,884	342,666
Effect of changes in discount rates	(41,718)		(12,311)	(54,029)		(13,926)	(6,975)	(20,901)
Balance, end of period	$	958,772	189,844	1,148,616		204,856	116,909	321,765

Net liability for future policy benefits	$	709,598	176,347	885,945		107,648	102,403	210,051

The following table reconciles the net liability for future policy benefits shown above to the liability for future policy benefits reported in the consolidated balance sheets.


	March 31, 2025				March 31, 2024
(In thousands)	Life Insurance		Home Service Insurance	Consolidated	Life Insurance	Home Service Insurance	Consolidated
Life Insurance:
Permanent	$	695,661	105,192	800,853	709,598	107,648	817,246
Permanent limited pay	171,705		98,180	269,885	176,347	102,403	278,750
Deferred profit liability	31,816		30,073	61,889	29,258	27,432	56,690
Other	30,284		14,175	44,459	28,818	13,926	42,744
Total life insurance	929,466		247,620	1,177,086	944,021	251,409	1,195,430
Accident & Health:

Other	645		468	1,113	514	330	844

Total future policy benefit reserves	$	930,111	248,088	1,178,199	944,535	251,739	1,196,274

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for long-term duration contracts.


	March 31, 2025			March 31, 2024
(In thousands)	Life Insurance		Home Service Insurance	Life Insurance	Home Service Insurance
Undiscounted:
Permanent:
Expected future gross premiums	$	797,323	444,274	658,547	455,252
Expected future benefit payments	1,637,362		489,999	1,514,326	488,264

Permanent Limited Pay:
Expected future gross premiums	45,977		75,039	46,558	76,799
Expected future benefit payments	323,489		320,033	326,302	320,554





Discounted:
Permanent:
Expected future gross premiums	$	593,281	259,462	499,821	268,852
Expected future benefit payments	1,008,803		200,567	958,772	204,856

Permanent Limited Pay:
Expected future gross premiums	41,185		48,866	41,378	51,413
Expected future benefit payments	187,004		112,185	189,844	116,909

The following tables summarize the amount of revenue and interest related to long-term duration contracts recognized in the consolidated statement of operations and comprehensive income (loss):


	Three Months Ended March 31,
		2025			2024
(In thousands)			Gross Premiums		Interest Expense	Gross Premiums	Interest Expense
Life Insurance Segment:
Life Insurance:
Permanent			$	27,052	8,367	23,316	8,464
Permanent Limited Pay			4,627		2,214	3,646	2,263
Other			(172)		—	1,109	—
Less:
Reinsurance			2,540		—	373	—
Total, net of reinsurance			28,967		10,581	27,698	10,727
Accident & Health:

Other			188		—	164	—
Less:
Reinsurance			1		—	1	—
Total, net of reinsurance			187		—	163	—
Total			$	29,154	10,581	27,861	10,727

Home Service Insurance Segment:
Life Insurance:
Permanent			$	8,104	1,366	8,241	1,344
Permanent Limited Pay			1,957		1,657	2,040	1,626
Other			333		—	294	—
Less:
Reinsurance			12		—	12	—
Total, net of reinsurance			10,382		3,023	10,563	2,970
Accident & Health:

Other			261		—	251	—



Total			$	10,643	3,023	10,814	2,970

The following table provides the weighted-average durations of the liability for future policy benefits.


	March 31, 2025		March 31, 2024
(In years)	Life Insurance	Home Service Insurance	Life Insurance	Home Service Insurance
Permanent:
Duration at original discount rate	8.5	15.2	8.2	16.0
Duration at current discount rate	8.6	14.5	8.5	15.8

Permanent Limited Pay:
Duration at original discount rate	8.0	13.7	8.1	14.5
Duration at current discount rate	7.6	13.3	7.8	14.5

The following table provides the weighted-average interest rates for the liability for future policy benefits.


	March 31, 2025				March 31, 2024
	Life Insurance		Home Service Insurance		Life Insurance		Home Service Insurance
Permanent:
Interest rate at original discount rate	4.86	%	4.82	%	4.89	%	4.97	%
Interest rate at current discount rate	5.13	%	5.49	%	5.10	%	5.31	%

Permanent Limited Pay:
Interest rate at original discount rate	4.25	%	4.87	%	4.28	%	5.03	%
Interest rate at current discount rate	5.15	%	5.47	%	5.09	%	5.31	%

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

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.


	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above	51 Basis Points-150 Basis Points Above	Greater Than 150 Basis Points Above	Total
March 31, 2025 (In thousands)
Range of Guaranteed Minimum Crediting Rates:
0.00% - 1.49%	$	815	—	—	34,612	35,427
1.50% - 2.99%	3,956		187	6	35,108	39,257
3.00% - 4.49%	109,012		381	19,578	—	128,971
Greater or equal to 4.50%	31,457		—	—	—	31,457
Total	$	145,240	568	19,584	69,720	235,112


	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above	51 Basis Points-150 Basis Points Above	Greater Than 150 Basis Points Above	Total
March 31, 2024 (In thousands)
Range of Guaranteed Minimum Crediting Rates:
0.00% - 1.49%	$	792	—	1,031	34,391	36,214
1.50% - 2.99%	22,353		531	37	11,622	34,543
3.00% - 4.49%	100,882		131	8,498	—	109,511
Greater or equal to 4.50%	31,447		—	—	—	31,447
Total	$	155,474	662	9,566	46,013	211,715

Policyholder Account Balance

The following tables summarize balances of and changes in policyholders' account balances.


March 31, 2025 (In thousands, except for %)	Supplemental Contracts Without Life Contingencies			Fixed Annuity		Dividend Accumulations		Premiums Paid in Advance
Balance, beginning of year	$	60,414		88,080		47,768		29,897
Issuances	9,719			1,001		183		1,249
Premiums received	39			1,135		1,416		212

Interest credited	655			759		454		222

Less:
Surrenders and withdrawals	—			2,267		1,228		1,607
Benefit payments	2,989			—		—		—
Balance, end of period	$	67,838		88,708		48,593		29,973
Weighted-average crediting rates	4.08		%	3.97	%	3.78	%	3.19	%

Cash surrender value	$	67,838		88,708		48,593		29,973


March 31, 2024 (In thousands, except for %)	Supplemental Contracts Without Life Contingencies			Fixed Annuity		Dividend Accumulations		Premiums Paid in Advance
Balance, beginning of year	$	44,569		87,134		44,960		31,039
Issuances	5,721			594		138		806
Premiums received	27			985		1,358		194

Interest credited	474			663		472		431

Less:
Surrenders and withdrawals	—			2,572		1,168		1,989
Benefit payments	2,121			—		—		—
Balance, end of period	$	48,670		86,804		45,760		30,481
Weighted-average crediting rates	3.96		%	3.57	%	3.28	%	2.93	%

Cash surrender value	$	48,670		86,804		45,760		30,481

The following table reconciles policyholders' account balances shown above to the policyholders' account balance liability in the consolidated balance sheets.


As of March 31, (In thousands)	2025		2024
Annuities:
Supplemental contracts without life contingencies	$	67,838	48,670
Fixed annuity	88,708		86,804
Unearned revenue reserve	1,488		1,491

Total annuities	$	158,034	136,965







Premiums paid in advance:
Premiums paid in advance	$	29,973	30,481
Other	1,991		1,910
Total premiums paid in advance	$	31,964	32,391