| Schedule of Balances and Changes in Present Value of Expected Net Premiums and Present Value of Expected Future Policy Benefits Underlying LFPB |
The following tables summarize balances and changes in the present value of expected net premiums and the present value of expected future policy benefits underlying the LFPB:
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
Year ended |
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
|
|
(Dollars in thousands) |
|
Present Value of Expected Net Premiums |
|
Term Life Insurance |
|
Balance at then current discount rate, beginning of period |
|
$ |
13,854,794 |
|
|
$ |
13,977,353 |
|
Balance at original discount rate, beginning of period |
|
|
14,233,996 |
|
|
|
14,012,553 |
|
Effect of changes in cash flow assumptions |
|
|
- |
|
|
|
(74,233 |
) |
Effect of actual variances from expected experience |
|
|
(221,771 |
) |
|
|
(373,646 |
) |
Adjusted balance, beginning of period |
|
|
14,012,225 |
|
|
|
13,564,674 |
|
Issuances |
|
|
931,555 |
|
|
|
1,884,054 |
|
Interest accrual at original discount rate |
|
|
314,588 |
|
|
|
608,588 |
|
Net premiums collected |
|
|
(882,397 |
) |
|
|
(1,733,262 |
) |
Foreign currency translation |
|
|
56,193 |
|
|
|
(90,058 |
) |
Expected net premiums at original discount rate, end of period |
|
|
14,432,164 |
|
|
|
14,233,996 |
|
Effect of changes in discount rate assumptions |
|
|
(129,596 |
) |
|
|
(379,202 |
) |
Expected net premiums at then current discount rate, end of period |
|
$ |
14,302,568 |
|
|
$ |
13,854,794 |
|
|
|
|
|
|
|
|
Present Value of Expected Future Policy Benefits |
|
|
|
|
|
|
Balance at then current discount rate, beginning of period |
|
$ |
20,155,487 |
|
|
$ |
20,508,435 |
|
Balance at original discount rate, beginning of period |
|
|
20,763,900 |
|
|
|
20,391,694 |
|
Effect of changes in cash flow assumptions |
|
|
- |
|
|
|
(83,975 |
) |
Effect of actual variances from expected experience |
|
|
(231,573 |
) |
|
|
(386,512 |
) |
Adjusted balance, beginning of period |
|
|
20,532,327 |
|
|
|
19,921,207 |
|
Issuances |
|
|
937,242 |
|
|
|
1,892,529 |
|
Interest accrual at original discount rate |
|
|
479,202 |
|
|
|
929,078 |
|
Benefit payments |
|
|
(948,856 |
) |
|
|
(1,841,162 |
) |
Foreign currency translation |
|
|
85,479 |
|
|
|
(137,752 |
) |
Expected future policy benefits at original discount rate, end of period |
|
|
21,085,394 |
|
|
|
20,763,900 |
|
Effect of changes in discount rate assumptions |
|
|
(266,692 |
) |
|
|
(608,413 |
) |
Expected future policy benefits at then current discount rate, end of period |
|
$ |
20,818,702 |
|
|
$ |
20,155,487 |
|
|
|
|
|
|
|
|
LFPB |
|
$ |
6,516,134 |
|
|
$ |
6,300,693 |
|
Less: reinsurance recoverables |
|
|
2,683,481 |
|
|
|
2,729,022 |
|
Net LFPB, after reinsurance recoverables |
|
$ |
3,832,653 |
|
|
$ |
3,571,671 |
|
Weighted-average duration of net LFPB (in years) |
|
|
8.1 |
|
|
|
8.0 |
|
|
| Schedule of Amount of Discounted (using the then current discount rate) and Undiscounted Expected Gross Premiums and Expected Future Benefit Payments |
The amount of discounted (using the then current discount rate) and undiscounted expected gross premiums and expected future benefit payments were as follows:
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|
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|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
|
(In thousands) |
|
Term Life Insurance |
|
|
|
Undiscounted |
|
|
Discounted |
|
|
Undiscounted |
|
|
Discounted |
|
Expected future benefit payments |
$ |
34,624,556 |
|
|
$ |
20,818,702 |
|
|
$ |
33,966,483 |
|
|
$ |
20,155,489 |
|
Expected future gross premiums |
$ |
40,073,448 |
|
|
$ |
27,260,908 |
|
|
$ |
39,389,917 |
|
|
$ |
26,414,010 |
|
|