| Deferred Policy Acquisition Costs |
(8) Deferred Policy Acquisition Costs The balances and activity in DAC were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
Year ended |
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
|
|
(In thousands) |
|
|
|
Term Life Insurance |
|
|
Segregated Funds (Canada) |
|
|
Term Life Insurance |
|
|
Segregated Funds (Canada) |
|
DAC balance, beginning of period |
|
$ |
3,608,599 |
|
|
$ |
55,303 |
|
|
$ |
3,366,281 |
|
|
$ |
63,029 |
|
Capitalization |
|
|
277,733 |
|
|
|
1,189 |
|
|
|
555,162 |
|
|
|
2,959 |
|
Amortization |
|
|
(155,308 |
) |
|
|
(2,705 |
) |
|
|
(291,488 |
) |
|
|
(5,443 |
) |
Foreign exchange translation and other |
|
|
13,339 |
|
|
|
3,021 |
|
|
|
(21,356 |
) |
|
|
(5,242 |
) |
DAC balance, at the end of period |
|
$ |
3,744,363 |
|
|
$ |
56,808 |
|
|
$ |
3,608,599 |
|
|
$ |
55,303 |
|
Reconciliation of DAC by product was as follows:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
|
|
(In thousands) |
|
Term Life Insurance |
|
$ |
3,744,363 |
|
|
$ |
3,608,599 |
|
Segregated Funds (Canada) |
|
|
56,808 |
|
|
|
55,303 |
|
Other |
|
|
15,948 |
|
|
|
16,528 |
|
Total DAC, net |
|
$ |
3,817,119 |
|
|
$ |
3,680,430 |
|
There were no material changes to the judgments, assumptions and methods used to amortize DAC during the six months ended June 30, 2025 and 2024.
|