Policyholders' Liabilities (Tables)

6 Months Ended

Jun. 30, 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.


June 30, 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	(16,659)		910	(15,749)		(2,315)	(1,191)	(3,506)
Adjusted beginning of year balance	294,260		16,090	310,350		98,711	13,541	112,252
Issuances	55,982		1,840	57,822		7,241	1,140	8,381
Interest accrual	6,577		298	6,875		2,121	267	2,388
Net premiums collected	(27,005)		(2,683)	(29,688)		(6,037)	(108)	(6,145)
Derecognition and other	(4,405)		149	(4,256)		57	6	63
Ending balance at original discount rate	325,409		15,694	341,103		102,093	14,846	116,939
Effect of changes in discount rates	(6,052)		(36)	(6,088)		(5,670)	(641)	(6,311)
Balance, end of period	$	319,357	15,658	335,015		96,423	14,205	110,628

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	(15,805)		2,064	(13,741)		(2,147)	(371)	(2,518)
Adjusted beginning of year balance	1,035,688		203,861	1,239,549		216,408	122,645	339,053
Issuances	56,302		1,994	58,296		7,240	1,135	8,375
Interest accrual	23,214		4,101	27,315		4,858	2,879	7,737
Benefit payments	(55,261)		(10,447)	(65,708)		(8,125)	(2,952)	(11,077)
Derecognition and other	(4,771)		(2)	(4,773)		47	3	50
Ending balance at original discount rate	1,055,172		199,507	1,254,679		220,428	123,710	344,138
Effect of changes in discount rates	(43,994)		(13,276)	(57,270)		(20,044)	(12,490)	(32,534)
Balance, end of period	$	1,011,178	186,231	1,197,409		200,384	111,220	311,604

Net liability for future policy benefits	$	691,821	170,573	862,394		103,961	97,015	200,976

Less: Reinsurance recoverable	3,986		—	3,986		—	—	—
Net liability for future policy benefits, after reinsurance recoverable	$	687,835	170,573	858,408		103,961	97,015	200,976


June 30, 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	(3,880)		456	(3,424)		(2,791)	(1,813)	(4,604)
Adjusted beginning of year balance	248,546		13,989	262,535		99,254	13,699	112,953
Issuances	39,391		1,566	40,957		8,038	1,278	9,316
Interest accrual	5,243		245	5,488		2,135	266	2,401
Net premiums collected	(21,932)		(1,537)	(23,469)		(6,056)	159	(5,897)
Derecognition and other	(3,417)		97	(3,320)		190	35	225
Ending balance at original discount rate	267,831		14,360	282,191		103,561	15,437	118,998
Effect of changes in discount rates	(10,055)		(333)	(10,388)		(5,741)	(867)	(6,608)
Balance, end of period	$	257,776	14,027	271,803		97,820	14,570	112,390

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	(2,480)		2,137	(343)		(2,714)	(917)	(3,631)
Adjusted beginning of year balance	993,482		204,892	1,198,374		214,810	123,024	337,834
Issuances	39,803		1,650	41,453		8,037	1,280	9,317
Interest accrual	22,134		4,127	26,261		4,826	2,878	7,704
Benefit payments	(42,634)		(9,283)	(51,917)		(7,789)	(3,037)	(10,826)
Derecognition and other	(4,154)		16	(4,138)		187	32	219
Ending balance at original discount rate	1,008,631		201,402	1,210,033		220,071	124,177	344,248
Effect of changes in discount rates	(45,573)		(13,063)	(58,636)		(15,138)	(7,865)	(23,003)
Balance, end of period	$	963,058	188,339	1,151,397		204,933	116,312	321,245

Net liability for future policy benefits	$	705,282	174,312	879,594		107,113	101,742	208,855

Less: Reinsurance recoverable	142		—	142		—	—	—
Net liability for future policy benefits, after flooring impact	$	705,140	174,312	879,452		107,113	101,742	208,855

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.


	June 30, 2025				June 30, 2024
(In thousands)	Life Insurance		Home Service Insurance	Consolidated	Life Insurance	Home Service Insurance	Consolidated
Life Insurance:
Permanent	$	687,835	103,961	791,796	705,140	107,113	812,253
Permanent limited pay	170,573		97,015	267,588	174,312	101,742	276,054
Deferred profit liability	32,288		30,370	62,658	29,749	27,849	57,598
Other	33,630		14,444	48,074	29,609	14,079	43,688
Total life insurance	924,326		245,790	1,170,116	938,810	250,783	1,189,593
Accident & Health Insurance:

Other	737		503	1,240	634	361	995

Total future policy benefit reserves	$	925,063	246,293	1,171,356	939,444	251,144	1,190,588

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


	June 30, 2025			June 30, 2024
(In thousands)	Life Insurance		Home Service Insurance	Life Insurance	Home Service Insurance
Undiscounted:
Permanent:
Expected future gross premiums	$	824,655	445,487	687,927	455,504
Expected future benefit payments	1,654,150		494,455	1,538,163	491,992

Permanent Limited Pay:
Expected future gross premiums	45,791		76,469	46,682	77,217
Expected future benefit payments	323,376		321,480	325,481	321,190





Discounted:
Permanent:
Expected future gross premiums	$	612,505	259,470	517,392	267,791
Expected future benefit payments	1,011,178		200,384	963,058	204,933

Permanent Limited Pay:
Expected future gross premiums	41,192		49,205	41,444	51,050
Expected future benefit payments	186,231		111,220	188,339	116,312

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 June 30,					Six Months Ended June 30,
	2025			2024		2025		2024
(In thousands)	Gross Premiums		Interest Expense	Gross Premiums	Interest Expense	Gross Premiums	Interest Expense	Gross Premiums	Interest Expense
Life Insurance Segment:
Life Insurance:
Permanent	$	27,930	8,270	24,801	8,427	54,982	16,637	48,117	16,891
Permanent Limited Pay	3,995		2,215	4,026	2,207	8,622	4,429	7,672	4,470
Other	3,470		—	3,933	—	3,298	—	5,042	—
Less:
Reinsurance	2,944		—	1,358	—	5,484	—	1,731	—
Total, net of reinsurance	32,451		10,485	31,402	10,634	61,418	21,066	59,100	21,361
Accident & Health Insurance:

Other	192		—	204	—	380	—	368	—
Less:
Reinsurance	—		—	1	—	1	—	2	—
Total, net of reinsurance	192		—	203	—	379	—	366	—
Total	$	32,643	10,485	31,605	10,634	61,797	21,066	59,466	21,361

Home Service Insurance Segment:
Life Insurance:
Permanent	$	8,045	1,371	8,225	1,347	16,149	2,737	16,466	2,691
Permanent Limited Pay	1,936		1,665	2,028	1,632	3,893	3,322	4,068	3,258
Other	574		—	453	—	907	—	747	—
Less:
Reinsurance	69		—	7	—	81	—	19	—
Total, net of reinsurance	10,486		3,036	10,699	2,979	20,868	6,059	21,262	5,949
Accident & Health Insurance:

Other	259		—	255	—	520	—	506	—



Total	$	10,745	3,036	10,954	2,979	21,388	6,059	21,768	5,949

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


	June 30, 2025		June 30, 2024
(In years)	Life Insurance	Home Service Insurance	Life Insurance	Home Service Insurance
Permanent:
Duration at original discount rate	8.5	15.1	8.3	16.1
Duration at current discount rate	8.5	14.2	8.5	15.7

Permanent Limited Pay:
Duration at original discount rate	8.0	13.7	8.1	14.5
Duration at current discount rate	7.6	13.1	7.8	14.4

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


	June 30, 2025				June 30, 2024
	Life Insurance		Home Service Insurance		Life Insurance		Home Service Insurance
Permanent:
Interest rate at original discount rate	4.86	%	4.84	%	4.88	%	4.96	%
Interest rate at current discount rate	5.12	%	5.62	%	5.18	%	5.37	%

Permanent Limited Pay:
Interest rate at original discount rate	4.26	%	4.89	%	4.28	%	5.03	%
Interest rate at current discount rate	5.12	%	5.58	%	5.18	%	5.37	%

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
June 30, 2025 (In thousands)
Range of Guaranteed Minimum Crediting Rates:
0.00% - 1.49%	$	851	—	—	33,465	34,316
1.50% - 2.99%	3,905		180	6	33,683	37,774
3.00% - 4.49%	104,553		381	26,989	—	131,923
Greater or equal to 4.50%	31,349		—	—	—	31,349
Total	$	140,658	561	26,995	67,148	235,362


	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above	51 Basis Points-150 Basis Points Above	Greater Than 150 Basis Points Above	Total
June 30, 2024 (In thousands)
Range of Guaranteed Minimum Crediting Rates:
0.00% - 1.49%	$	786	—	877	34,729	36,392
1.50% - 2.99%	15,451		175	37	19,688	35,351
3.00% - 4.49%	100,357		200	13,728	—	114,285
Greater or equal to 4.50%	31,367		—	—	—	31,367
Total	$	147,961	375	14,642	54,417	217,395

Policyholder Account Balance

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


June 30, 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	15,737			1,887		348		2,453
Premiums received	93			2,315		2,855		425

Interest credited	1,308			1,496		966		421

Less:
Surrenders and withdrawals	—			7,967		2,656		4,281
Benefit payments	6,197			—		—		—
Balance, end of period	$	71,355		85,811		49,281		28,915
Weighted-average crediting rates	4.09		%	3.97	%	3.84	%	3.21	%

Cash surrender value	$	71,355		85,811		49,281		28,915


June 30, 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	12,324			1,347		401		2,336
Premiums received	59			1,823		2,736		585

Interest credited	988			1,343		917		890

Less:
Surrenders and withdrawals	—			4,855		2,370		4,223
Benefit payments	4,608			—		—		—
Balance, end of period	$	53,332		86,792		46,644		30,627
Weighted-average crediting rates	3.98		%	3.61	%	3.44	%	2.96	%

Cash surrender value	$	53,332		86,792		46,644		30,627

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


As of June 30, (In thousands)	2025		2024
Annuities:
Supplemental contracts without life contingencies	$	71,355	53,332
Fixed annuity	85,811		86,792
Unearned revenue reserve	1,486		1,479

Total annuities	$	158,652	141,603







Premiums paid in advance:
Premiums paid in advance	$	28,915	30,627
Other	2,148		2,110
Total premiums paid in advance	$	31,063	32,737