
	Life
	American Income		DTC		Liberty National		Other		Total







Balance at January 1, 2024	$	2,573,370	$	1,737,117	$	666,419	$	294,869	$	5,271,775
Capitalizations	259,856		78,976		58,100		6,280		403,212
Amortization expense	(87,377)		(50,420)		(27,614)		(8,272)		(173,683)
Foreign exchange adjustment	(5,711)		—		—		—		(5,711)

Balance at June 30, 2024	$	2,740,138	$	1,765,673	$	696,905	$	292,877	$	5,495,593

Balance at January 1, 2025	$	2,900,229	$	1,781,230	$	728,790	$	290,506	$	5,700,755
Capitalizations	268,475		73,401		59,258		6,172		407,306
Amortization expense	(100,155)		(51,493)		(30,352)		(4,834)		(186,834)
Foreign exchange adjustment	9,821		—		—		—		9,821

Balance at June 30, 2025	$	3,078,370	$	1,803,138	$	757,696	$	291,844	$	5,931,048


	Life
	American Income		DTC		Liberty National		Other		Total





Balance at April 1, 2024	$	2,652,009	$	1,754,184	$	678,885	$	293,747	$	5,378,825
Capitalizations	132,413		36,851		32,035		3,267		204,566
Amortization expense	(44,401)		(25,362)		(14,015)		(4,137)		(87,915)
Foreign exchange adjustment	117		—		—		—		117

Balance at June 30, 2024	$	2,740,138	$	1,765,673	$	696,905	$	292,877	$	5,495,593






Balance at April 1, 2025	$	2,986,007	$	1,792,790	$	743,388	$	292,635	$	5,814,820
Capitalizations	134,605		36,253		29,667		3,365		203,890
Amortization expense	(50,781)		(25,905)		(15,359)		(4,156)		(96,201)
Foreign exchange adjustment	8,539		—		—		—		8,539

Balance at June 30, 2025	$	3,078,370	$	1,803,138	$	757,696	$	291,844	$	5,931,048


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total







Balance at January 1, 2024	$	73,489	$	452,843	$	139,941	$	66,783	$	1,679	$	734,735
Capitalizations	1,289		33,932		12,444		7,280		2		54,947
Amortization expense	(2,803)		(14,521)		(7,288)		(2,237)		(73)		(26,922)
Foreign exchange adjustment	—		—		—		(237)		—		(237)

Balance at June 30, 2024	$	71,975	$	472,254	$	145,097	$	71,589	$	1,608	$	762,523

Balance at January 1, 2025	$	70,530	$	496,119	$	148,920	$	76,319	$	1,533	$	793,421
Capitalizations	1,352		38,104		11,721		7,403		—		58,580
Amortization expense	(2,809)		(16,040)		(7,819)		(2,618)		(74)		(29,360)
Foreign exchange adjustment	—		—		—		441		—		441

Balance at June 30, 2025	$	69,073	$	518,183	$	152,822	$	81,545	$	1,459	$	823,082


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total





Balance at April 1, 2024	$	72,604	$	462,346	$	144,313	$	68,938	$	1,643	$	749,844
Capitalizations	793		17,242		4,465		3,750		1		26,251
Amortization expense	(1,422)		(7,334)		(3,681)		(1,138)		(36)		(13,611)
Foreign exchange adjustment	—		—		—		39		—		39

Balance at June 30, 2024	$	71,975	$	472,254	$	145,097	$	71,589	$	1,608	$	762,523
















Balance at April 1, 2025	$	69,755	$	506,712	$	150,977	$	78,833	$	1,496	$	807,773
Capitalizations	736		19,573		5,802		3,671		—		29,782
Amortization expense	(1,418)		(8,102)		(3,957)		(1,327)		(37)		(14,841)
Foreign exchange adjustment	—		—		—		368		—		368

Balance at June 30, 2025	$	69,073	$	518,183	$	152,822	$	81,545	$	1,459	$	823,082

The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets as of June 30, 2025 and 2024:


	June 30,
	2025		2024
Life
American Income	$	3,078,370	$	2,740,138
Direct to Consumer	1,803,138		1,765,673
Liberty National	757,696		696,905
Other	291,844		292,877
Total DAC—Life	5,931,048		5,495,593

Health
United American	69,073		71,975
Family Heritage	518,183		472,254
Liberty National	152,822		145,097
American Income	81,545		71,589
Direct to Consumer	1,459		1,608
Total DAC—Health	823,082		762,523

Annuity	691		2,178
Total	$	6,754,821	$	6,260,294