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Policyholders' Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

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.

September 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 changes in cash flow assumptions			(5,915)			4,119						(1,796)						831			(82)						749
Effect of actual variances from expected experience			(25,621)			867						(24,754)						(4,508)			(2,568)						(7,076)
Adjusted beginning of year balance			279,383			20,166						299,549						97,349			12,082						109,431
Issuances			85,513			2,971						88,484						10,668			1,626						12,294
Interest accrual			9,912			491						10,403						3,176			394						3,570
Net premiums collected			(41,992)			(4,144)						(46,136)						(9,054)			444						(8,610)
Derecognition and other			(6,592)			250						(6,342)						191			32						223
Ending balance at original discount rate			326,224			19,734						345,958						102,330			14,578						116,908
Effect of changes in discount rates			(413)			90						(323)						(3,354)			(336)						(3,690)
Balance, end of period			$	325,811		19,824						345,635						98,976			14,242						113,218
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 changes in cash flow assumptions			(7,051)			5,992						(1,059)						(624)			(306)						(930)
Effect of actual variances from expected experience			(24,376)			2,340						(22,036)						(4,499)			(889)						(5,388)
Adjusted beginning of year balance			1,020,066			210,129						1,230,195						213,432			121,821						335,253
Issuances			85,929			3,215						89,144						10,664			1,619						12,283
Interest accrual			34,698			6,182						40,880						7,284			4,317						11,601
Benefit payments			(86,637)			(16,113)						(102,750)						(11,706)			(4,382)						(16,088)
Derecognition and other			(7,141)			11						(7,130)						172			27						199
Ending balance at original discount rate			1,046,915			203,424						1,250,339						219,846			123,402						343,248
Effect of changes in discount rates			(19,237)			(10,085)						(29,322)						(13,648)			(8,858)						(22,506)
Balance, end of period			$	1,027,678		193,339						1,221,017						206,198			114,544						320,742
Net liability for future policy benefits			$	701,867		173,515						875,382						107,222			100,302						207,524
Plus: Flooring impact			(2)			—						(2)						—			—						—
Less: Reinsurance recoverable			5,786			—						5,786						—			—						—
Net liability for future policy benefits, after reinsurance recoverable			$	696,079		173,515						869,594						107,222			100,302						207,524

September 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 changes in cash flow assumptions			17,731			274						18,005						(462)			21						(441)
Effect of actual variances from expected experience			(12,203)			973						(11,230)						(5,784)			(3,526)						(9,310)
Adjusted beginning of year balance			257,954			14,780						272,734						95,799			12,007						107,806
Issuances			74,426			2,249						76,675						11,412			1,853						13,265
Interest accrual			8,342			380						8,722						3,193			394						3,587
Net premiums collected			(36,066)			(2,420)						(38,486)						(9,116)			892						(8,224)
Derecognition and other			(5,530)			92						(5,438)						317			57						374
Ending balance at original discount rate			299,126			15,081						314,207						101,605			15,203						116,808
Effect of changes in discount rates			(1,303)			(43)						(1,346)						(2,042)			(325)						(2,367)
Balance, end of period			$	297,823		15,038						312,861						99,563			14,878						114,441
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 changes in cash flow assumptions			18,320			734						19,054						(502)			(1,078)						(1,580)
Effect of actual variances from expected experience			(9,656)			2,916						(6,740)						(5,880)			(1,692)						(7,572)
Adjusted beginning of year balance			1,004,626			206,405						1,211,031						211,142			121,171						332,313
Issuances			75,132			2,352						77,484						11,407			1,858						13,265
Interest accrual			33,624			6,185						39,809						7,233			4,305						11,538
Benefit payments			(67,441)			(13,281)						(80,722)						(11,399)			(4,286)						(15,685)
Derecognition and other			(6,642)			16						(6,626)						301			51						352
Ending balance at original discount rate			1,039,299			201,677						1,240,976						218,684			123,099						341,783
Effect of changes in discount rates			(8,395)			(6,067)						(14,462)						(5,797)			(2,493)						(8,290)
Balance, end of period			$	1,030,904		195,610						1,226,514						212,887			120,606						333,493
Net liability for future policy benefits			$	733,081		180,572						913,653						113,324			105,728						219,052
Less: Reinsurance recoverable			1,308			—						1,308						—			—						—
Net liability for future policy benefits, after reinsurance recoverable			$	731,773		180,572						912,345						113,324			105,728						219,052

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.

			September 30, 2025												September 30, 2024
(In thousands)			Life Insurance			Home Service Insurance			Consolidated						Life Insurance			Home Service Insurance			Consolidated
Life Insurance:
Permanent			$	696,079		107,222			803,301						731,773			113,324			845,097
Permanent limited pay			173,515			100,302			273,817						180,572			105,728			286,300
Deferred profit liability			33,226			30,849			64,075						29,572			29,158			58,730
Other			36,780			14,417			51,197						32,426			14,320			46,746
Total life insurance			939,600			252,790			1,192,390						974,343			262,530			1,236,873
Accident & Health Insurance:
Other			712			529			1,241						586			412			998
Total future policy benefit reserves			$	940,312		253,319			1,193,631						974,929			262,942			1,237,871

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

			September 30, 2025												September 30, 2024
(In thousands)			Life Insurance						Home Service Insurance						Life Insurance						Home Service Insurance
Undiscounted:
Permanent:
Expected future gross premiums			$	841,337					440,922						731,580						448,837
Expected future benefit payments			1,650,874						495,085						1,586,017						487,851
Permanent Limited Pay:
Expected future gross premiums			50,368						75,656						46,270						76,032
Expected future benefit payments			337,949						323,121						322,188						320,318
Discounted:
Permanent:
Expected future gross premiums			$	630,663					262,157						564,242						272,938
Expected future benefit payments			1,027,678						206,198						1,030,904						212,887
Permanent Limited Pay:
Expected future gross premiums			45,453						49,168						41,999						51,752
Expected future benefit payments			193,339						114,544						195,610						120,606

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 September 30,																		Nine Months Ended September 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			$	29,882		8,149						27,930			8,391						84,864			24,786						76,047			25,282
Permanent Limited Pay			4,184			2,244						3,395			2,269						12,806			6,673						11,067			6,739
Other			1,826			—						2,508			—						5,124			—						7,550			—
Less:
Reinsurance			3,280			—						1,828			—						8,764			—						3,559			—
Total, net of reinsurance			32,612			10,393						32,005			10,660						94,030			31,459						91,105			32,021
Accident & Health Insurance:
Other			174			—						197			—						554			—						565			—
Less:
Reinsurance			1			—						1			—						2			—						3			—
Total, net of reinsurance			173			—						196			—						552			—						562			—
Total			$	32,785		10,393						32,201			10,660						94,582			31,459						91,667			32,021
Home Service Insurance Segment:
Life Insurance:
Permanent			$	8,035		1,371						8,257			1,349						24,184			4,108						24,723			4,040
Permanent Limited Pay			1,881			1,672						1,837			1,636						5,774			4,994						5,905			4,894
Other			351			—						367			—						1,258			—						1,114			—
Less:
Reinsurance			7			—						5			—						88			—						24			—
Total, net of reinsurance			10,260			3,043						10,456			2,985						31,128			9,102						31,718			8,934
Accident & Health Insurance:
Other			258			—						256			—						778			—						762			—
Total			$	10,518		3,043						10,712			2,985						31,906			9,102						32,480			8,934

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

			September 30, 2025									September 30, 2024
(In years)			Life Insurance			Home Service Insurance						Life Insurance			Home Service Insurance
Permanent:
Duration at original discount rate			8.8			15.3						8.6			16.0
Duration at current discount rate			8.8			14.3						8.6			15.6
Permanent Limited Pay:
Duration at original discount rate			8.6			13.8						8.1			14.7
Duration at current discount rate			8.0			13.1						7.8			14.7

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

			September 30, 2025									September 30, 2024
			Life Insurance			Home Service Insurance						Life Insurance			Home Service Insurance
Permanent:
Interest rate at original discount rate			4.85		%	4.83		%				4.87		%	4.96		%
Interest rate at current discount rate			4.81		%	5.35		%				4.61		%	5.03		%
Permanent Limited Pay:
Interest rate at original discount rate			4.28		%	4.88		%				4.28		%	5.03		%
Interest rate at current discount rate			4.88		%	5.32		%				4.63		%	5.02		%

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
September 30, 2025 (In thousands)
Range of Guaranteed Minimum Crediting Rates:
0.00% - 1.49%			$	870		—			—			33,360			34,230
1.50% - 2.99%			3,916			179			6			35,308			39,409
3.00% - 4.49%			113,376			385			26,965			—			140,726
Greater or equal to 4.50%			31,254			—			—			—			31,254
Total			$	149,416		564			26,971			68,668			245,619

			At Guaranteed Minimum			1 Basis Point-50 Basis Points Above			51 Basis Points-150 Basis Points Above			Greater Than 150 Basis Points Above			Total
September 30, 2024 (In thousands)
Range of Guaranteed Minimum Crediting Rates:
0.00% - 1.49%			$	816		—			726			34,772			36,314
1.50% - 2.99%			8,840			176			37			27,092			36,145
3.00% - 4.49%			101,646			346			16,039			—			118,031
Greater or equal to 4.50%			31,519			—			—			—			31,519
Total			$	142,821		522			16,802			61,864			222,009

Policyholder Account Balance

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

September 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			26,548			3,312			590			3,581
Premiums received			186			3,475			4,300			580
Interest credited			2,060			2,251			1,473			625
Other			3			—			—			—
Less:
Surrenders and withdrawals			—			10,149			3,986			6,125
Benefit payments			9,264			—			—			—
Balance, end of period			$	79,947		86,969			50,145			28,558
Weighted-average crediting rates			4.09		%	3.97		%	3.87		%	3.23		%
Cash surrender value			$	79,947		86,969			50,145			28,558

September 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			17,642			2,132			598			4,211
Premiums received			126			3,015			4,173			500
Interest credited			1,496			2,043			1,377			1,348
Less:
Surrenders and withdrawals			—			6,997			4,056			6,498
Benefit payments			6,803			—			—			—
Balance, end of period			$	57,030		87,327			47,052			30,600
Weighted-average crediting rates			4.00		%	3.67		%	3.53		%	2.99		%
Cash surrender value			$	57,030		87,327			47,052			30,600

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

As of September 30, (In thousands)			2025						2024
Annuities:
Supplemental contracts without life contingencies			$	79,947					57,030
Fixed annuity			86,969						87,327
Unearned revenue reserve			1,480						1,481
Total annuities			$	168,396					145,838
Premiums paid in advance:
Premiums paid in advance			$	28,558					30,600
Other			2,070						1,820
Total premiums paid in advance			$	30,628					32,420

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Tabular disclosure of beginning balance to ending balance for liability for future policy benefit, with separate presentation of expected future net premium and expected future benefit.

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