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Future Policy Benefits and Unpaid Claims
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Future Policy Benefits and Unpaid Claims

21) Future Policy Benefits and Unpaid Claims

 

The Company reports future policy benefits and unpaid claims pursuant to the accounting policy discussed in Note 1.

 

The following table provides information regarding future policy benefits and unpaid claims and the related receivable from reinsurers.

   2024   2023 
   December 31, 
   2024   2023 
Life  $790,212,538   $756,936,902 
Annuities   105,815,690    106,285,010 
Policyholder account balances   37,066,043    39,245,123 
Accident and health   543,792    572,689 
Other policyholder funds   4,482,462    4,411,108 
Reported but unpaid claims   2,463,220    3,525,774 
Incurred but not reported claims   4,228,098    5,062,010 
           
Gross future policy benefits and unpaid claims  $944,811,843   $916,038,616 
           
Receivable from reinsurers          
           
Life   10,285,092    10,478,863 
Annuities   3,415,644    4,238,934 
Accident and health   74,762    77,917 
Reported but unpaid claims   45,595    48,345 
Incurred but not reported claims   10,000    13,000 
           
Total receivable from reinsurers   13,831,093    14,857,059 
           
Net future policy benefits and unpaid claims  $930,980,750   $901,181,557 
           
Net unpaid claims  $6,635,723   $8,526,439 

 

The following table provides a roll forward of the Company’s liability for reported but unpaid claims and incurred but not reported claims, net of the related receivable from reinsurers.

 

   Life   Annuities   Accident and Health   Total 
Balance at 12/31/2022  $9,404,263   $649,452   $17,000   $10,070,715 
Incurred   61,390,517(1)   12,669,463(2)   30,408(3)   74,090,388 
Settled   (62,665,619)   (12,939,637)   (29,408)   (75,634,664)
Balance at 12/31/2023   8,129,161    379,278    18,000    8,526,439 
Incurred   58,116,837(1)   12,416,335(2)   2,767(3)   70,535,939 
Settled   (59,882,755)   (12,540,133)   (3,767)   (72,426,655)
Balance at 12/31/2024  $6,363,243   $255,480   $17,000   $6,635,723 

 

 

(1)See death benefits on the consolidated statements of earnings
(2)Included in increase in future benefits on the consolidated statements of earnings
(3)Included in surrender and other policy benefits on the consolidated statements of earnings

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2024 and 2023