Liability for Future Policy Benefits (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Insurance [Abstract] |
|
| Schedule of Balances and Changes in Liability for Future Policy Benefits |
The balances and changes in the liability for
future policy benefits as of and for the years ended December 31, 2025 and 2024 are summarized as follows:
| | |
December 31, 2025 | | |
December 31, 2024 | |
| | |
Present
Value of
Net | | |
Present
Value of | | |
Present
Value of
Net | | |
Present
Value of | |
| | |
Premiums | | |
Benefits | | |
Premiums | | |
Benefits | |
| Balance, beginning of year | |
$ | 451,431 | | |
$ | 819,597 | | |
$ | 465,751 | | |
$ | 868,412 | |
| Effect of changes in discount rate | |
| 8,672 | | |
| 140,047 | | |
| 7,301 | | |
| 105,379 | |
| Beginning balance at original discount rate | |
| 460,103 | | |
| 959,644 | | |
| 473,052 | | |
| 973,791 | |
| Effect of actual variances from expected | |
| 53,510 | | |
| 18,277 | | |
| 75,890 | | |
| 77,006 | |
| Trued-Up balance | |
| 513,613 | | |
| 977,921 | | |
| 548,942 | | |
| 1,050,797 | |
| New issuances | |
| 2,724 | | |
| 1,735 | | |
| 1,197 | | |
| 2,293 | |
| Net premium collected | |
| (148,855 | ) | |
| - | | |
| (111,324 | ) | |
| - | |
| Interest accrual | |
| 20,705 | | |
| 43,184 | | |
| 21,287 | | |
| 43,821 | |
| Withdrawal/surrenders | |
| - | | |
| (383 | ) | |
| - | | |
| (19,932 | ) |
| Benefit payments | |
| - | | |
| - | | |
| - | | |
| (117,335 | ) |
| Ending balance at original discount rate | |
| 388,187 | | |
| 1,022,457 | | |
| 460,103 | | |
| 959,644 | |
| Effect of changes in discount rate | |
| (1,765 | ) | |
| (41,963 | ) | |
| (8,671 | ) | |
| (140,048 | ) |
| Balance, end of year | |
$ | 386,422 | | |
$ | 980,494 | | |
$ | 451,431 | | |
$ | 819,596 | |
| Reinsurance recoverable | |
$ | - | | |
| | | |
$ | - | | |
| | |
| Net liability for future policy benefits | |
$ | 594,072 | | |
| | | |
$ | 368,165 | | |
| | |
| Deferred profit liability | |
$ | 1,283,668 | | |
| | | |
$ | 1,051,980 | | |
| | |
|
| Schedule of Future Policy Benefits |
The composition of future policy benefits as of
December 31, 2025 and 2024 is summarized as follows:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| Future policy benefits meeting ASU 2018-12 standards | |
$ | 594,072 | | |
$ | 368,165 | |
| Deferred policy liability | |
| 1,283,668 | | |
| 1,051,980 | |
| Total future policy benefits meeting ASU 2018-12 standards | |
| 1,877,740 | | |
| 1,420,145 | |
| Future policy benefits not meeting ASU 2018-12 standards: | |
| | | |
| | |
| Reduced paid up and child term rider life insurance contracts | |
| 6,815 | | |
| 6,270 | |
| Other | |
| 538,753 | | |
| 437,327 | |
| Total future policy benefits not meeting ASU 2018-12 standards | |
| 545,568 | | |
| 443,597 | |
| Total future policy benefits | |
$ | 2,423,308 | | |
$ | 1,863,742 | |
|
| Schedule of Undiscounted Expected Future Benefit Payments and Gross Premiums |
The undiscounted expected future benefit payments
and gross premiums as of December 31, 2025 and 2024 are summarized as follows:
| | |
December 31, 2025 | |
| | |
| | |
Original | | |
Current | |
| | |
Undiscounted | | |
Present
Value | | |
Present
Value | |
| Gross premiums | |
$ | 1,435,709 | | |
$ | 1,271,448 | | |
$ | 1,265,945 | |
| Benefits | |
| 4,430,666 | | |
| 1,022,457 | | |
| 980,494 | |
| | |
December 31, 2024 | |
| | |
| | |
Original | | |
Current | |
| | |
Undiscounted | | |
Present
Value | | |
Present
Value | |
| Gross premiums | |
$ | 1,728,893 | | |
$ | 1,515,773 | | |
$ | 1,487,209 | |
| Benefits | |
| 4,255,189 | | |
| 959,644 | | |
| 819,596 | |
|
| Schedule of Weighted Average Interest Rates |
The weighted-average interest rates as of December
31, 2025 and 2024 are summarized as follows:
| | |
December 31,
2025 | | |
December 31,
2024 | |
| | |
Weighted-
average
interest
rate | | |
Weighted-
average
interest
rate | |
| Original discount rate | |
| 4.50 | % | |
| 4.50 | % |
| Current discount rate | |
| 4.69 | % | |
| 5.22 | % |
|
| Schedule of Weighted Average Durations of Liability |
The weighted-average durations of the liability in years as of December
31, 2025 and 2024 are summarized as follows:
| | | December 31,
2025 | | | December 31,
2024 | | | | | Weighted-
average
duration of
liability | | | Weighted-
average
duration of
liability | | | Original duration of the liability in years | | | 23.97 | | | | 24.35 | | | Current duration of the liability in years | | | 23.36 | | | | 22.06 | |
|
| Schedule of Actual Experience |
The
actual experience during the years ended December 31, 2025 and 2024 compared to what was expected for the years ended December 31, 2025
and 2014 is summarized as follows:
| | |
December 31, 2025 | |
| | |
Amount | | |
| | |
| | |
| |
| | |
Inforce | | |
Mortality | | |
Lapsation | | |
Total | |
| Expected | |
$ | 16,710,479 | | |
$ | 7,439 | | |
$ | 16,697 | | |
$ | 24,136 | |
| Expected rate | |
| | | |
| 0.04 | % | |
| 0.10 | % | |
| 0.14 | % |
| Actual | |
$ | 17,303,297 | | |
$ | - | | |
$ | 383 | | |
$ | 383 | |
| Actual rate | |
| | | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % |
| Actual to expected ratio | |
| | | |
| - | | |
| 2.3 | % | |
| 1.6 | % |
| | |
December 31, 2024 | |
| | |
Amount | | |
| | |
| | |
| |
| | |
Inforce | | |
Mortality | | |
Lapsation | | |
Total | |
| Expected | |
$ | 17,104,872 | | |
$ | 8,498 | | |
$ | 14,209 | | |
$ | 22,708 | |
| Expected rate | |
| | | |
| 0.05 | % | |
| 0.08 | % | |
| 0.13 | % |
| Actual | |
$ | 16,955,839 | | |
$ | 117,335 | | |
$ | 19,932 | | |
$ | 137,267 | |
| Actual rate | |
| | | |
| 0.69 | % | |
| 0.12 | % | |
| 0.81 | % |
| Actual to expected ratio | |
| | | |
| 1,381 | % | |
| 140 | % | |
| 604 | % |
|