Policy Liabilities

3 Months Ended

Mar. 31, 2026

Policyholder Account Balance [Abstract]

Note 6—Policy Liabilities

The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders.

The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three month periods ended March 31, 2026 and 2025:


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at January 1, 2025	$	4,645,917	$	5,622,906	$	1,048,447	$	440,047	$	11,757,317
Beginning balance at original discount rates	4,656,710		5,504,912		1,047,020		430,276		11,638,918
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(51,617)		(38,917)		(7,916)		(3,689)		(102,139)
Adjusted balance at January 1, 2025	4,605,093		5,465,995		1,039,104		426,587		11,536,779
Issuances(1)	195,634		121,780		25,780		5,210		348,404
Interest accrual(2)	56,466		72,207		13,521		5,625		147,819
Net premiums collected(3)	(139,565)		(147,711)		(33,262)		(10,986)		(331,524)

Effect of changes in the foreign exchange rate	2,105		—		—		—		2,105
Ending balance at original discount rates	4,719,733		5,512,271		1,045,143		426,436		11,703,583

Effect of change from original to current discount rates	37,311		173,844		13,553		13,834		238,542
Balance at March 31, 2025	$	4,757,044	$	5,686,115	$	1,058,696	$	440,270	$	11,942,125

Balance at January 1, 2026	$	4,792,153	$	5,542,616	$	1,008,538	$	425,338	$	11,768,645
Beginning balance at original discount rates	4,710,303		5,321,113		988,843		408,949		11,429,208
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(59,866)		(65,733)		(10,275)		(2,025)		(137,899)
Adjusted balance at January 1, 2026	4,650,437		5,255,380		978,568		406,924		11,291,309
Issuances(1)	167,012		121,469		26,812		5,209		320,502
Interest accrual(2)	55,815		69,444		12,515		5,346		143,120
Net premiums collected(3)	(141,243)		(142,704)		(31,552)		(10,501)		(326,000)

Effect of changes in the foreign exchange rate	(438)		—		—		—		(438)
Ending balance at original discount rates	4,731,583		5,303,589		986,343		406,978		11,428,493

Effect of change from original to current discount rates	9,119		128,114		3,671		8,786		149,690
Balance at March 31, 2026	$	4,740,702	$	5,431,703	$	990,014	$	415,764	$	11,578,183

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.


	Life
	Present value of expected future policy benefits
	American Income		DTC		Liberty National		Other		Total
Balance at January 1, 2025	$	9,870,692	$	9,125,112	$	3,377,517	$	3,960,963	$	26,334,284
Beginning balance at original discount rates	9,508,588		8,660,948		3,340,219		3,582,068		25,091,823
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(55,814)		(41,948)		(8,711)		(5,447)		(111,920)
Adjusted balance at January 1, 2025	9,452,774		8,619,000		3,331,508		3,576,621		24,979,903
Issuances(1)	195,633		121,779		25,780		5,211		348,403
Interest accrual(2)	127,459		119,194		44,736		53,386		344,775
Benefit payments(3)	(109,126)		(150,039)		(54,594)		(34,896)		(348,655)

Effect of changes in the foreign exchange rate	4,347		—		—		—		4,347
Ending balance at original discount rates	9,671,087		8,709,934		3,347,430		3,600,322		25,328,773
Effect of change from original to current discount rates	441,809		543,806		68,427		409,657		1,463,699
Balance at March 31, 2025	$	10,112,896	$	9,253,740	$	3,415,857	$	4,009,979	$	26,792,472





Balance at January 1, 2026	$	10,358,054	$	9,205,616	$	3,371,175	$	4,054,000	$	26,988,845
Beginning balance at original discount rates	9,905,431		8,616,929		3,291,890		3,643,392		25,457,642
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(66,848)		(75,724)		(12,123)		(3,796)		(158,491)
Adjusted balance at January 1, 2026	9,838,583		8,541,205		3,279,767		3,639,596		25,299,151
Issuances(1)	167,013		121,469		26,812		5,208		320,502
Interest accrual(2)	131,015		118,467		43,797		54,313		347,592
Benefit payments(3)	(113,572)		(134,299)		(52,738)		(39,416)		(340,025)

Effect of changes in the foreign exchange rate	(875)		—		—		—		(875)
Ending balance at original discount rates	10,022,164		8,646,842		3,297,638		3,659,701		25,626,345
Effect of change from original to current discount rates	238,693		412,253		13,130		319,608		983,684
Balance at March 31, 2026	$	10,260,857	$	9,059,095	$	3,310,768	$	3,979,309	$	26,610,029

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the expected assumptions.


	Life
	Net liability for future policy benefits as of March 31, 2025
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,951,354	$	3,197,663	$	2,302,287	$	3,173,886	$	13,625,190
Effect of changes in discount rate assumptions	404,498		369,962		54,874		395,823		1,225,157
Other adjustments(1)	224		208		—		75		507
Net liability for future policy benefits, after other adjustments, at current discount rates	5,356,076		3,567,833		2,357,161		3,569,784		14,850,854
Reinsurance recoverable	(186)		—		(7,922)		(14)		(8,122)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,355,890	$	3,567,833	$	2,349,239	$	3,569,770	$	14,842,732

(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).


	Life
	Net liability for future policy benefits as of March 31, 2026
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	5,290,581	$	3,343,253	$	2,311,295	$	3,252,723	$	14,197,852
Effect of changes in discount rate assumptions	229,574		284,139		9,459		310,822		833,994
Other adjustments(1)	204		214		1		33		452
Net liability for future policy benefits, after other adjustments, at current discount rates	5,520,359		3,627,606		2,320,755		3,563,578		15,032,298
Reinsurance recoverable	(195)		—		(8,162)		(12)		(8,369)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,520,164	$	3,627,606	$	2,312,593	$	3,563,566	$	15,023,929

(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three month periods ended March 31, 2026 and 2025:


	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at January 1, 2025	$	3,885,530	$	1,734,875	$	337,119	$	223,247	$	133,377	$	6,314,148
Beginning balance at original discount rates	3,948,856		1,867,873		338,275		225,141		131,919		6,512,064
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(28,215)		(13,901)		(10,720)		(4,881)		(1,415)		(59,132)
Adjusted balance at January 1, 2025	3,920,641		1,853,972		327,555		220,260		130,504		6,452,932
Issuances(1)	117,625		64,760		12,657		10,441		6,662		212,145
Interest accrual(2)	46,870		19,640		4,090		2,643		1,681		74,924
Net premiums collected(3)	(79,516)		(49,418)		(13,120)		(6,714)		(3,435)		(152,203)

Effect of changes in the foreign exchange rate	—		—		—		222		—		222
Ending balance at original discount rates	4,005,620		1,888,954		331,182		226,852		135,412		6,588,020

Effect of change from original to current discount rates	(11,927)		(111,603)		1,749		421		2,971		(118,389)
Balance at March 31, 2025	$	3,993,693	$	1,777,351	$	332,931	$	227,273	$	138,383	$	6,469,631

Balance at January 1, 2026	$	5,330,081	$	1,822,012	$	336,843	$	248,400	$	207,323	$	7,944,659
Beginning balance at original discount rates	5,273,275		1,895,803		331,414		245,300		201,449		7,947,241
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(22,490)		(12,892)		(7,011)		(3,307)		(209)		(45,909)
Adjusted balance at January 1, 2026	5,250,785		1,882,911		324,403		241,993		201,240		7,901,332
Issuances(1)	235,135		68,417		12,092		8,578		4,807		329,029
Interest accrual(2)	61,802		19,928		3,882		2,845		2,292		90,749
Net premiums collected(3)	(95,351)		(52,728)		(13,162)		(7,013)		(4,035)		(172,289)

Effect of changes in the foreign exchange rate	—		—		—		(21)		—		(21)
Ending balance at original discount rates	5,452,371		1,918,528		327,215		246,382		204,304		8,148,800

Effect of change from original to current discount rates	(28,767)		(100,506)		886		(731)		2,597		(126,521)
Balance at March 31, 2026	$	5,423,604	$	1,818,022	$	328,101	$	245,651	$	206,901	$	8,022,279

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.


	Health
	Present value of expected future policy benefits
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at January 1, 2025	$	3,960,432	$	3,336,546	$	804,695	$	355,303	$	129,277	$	8,586,253
Beginning balance at original discount rates	4,026,860		3,712,044		791,141		348,711		127,975		9,006,731
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(25,054)		(15,756)		(11,005)		(6,195)		(1,191)		(59,201)
Adjusted balance at January 1, 2025	4,001,806		3,696,288		780,136		342,516		126,784		8,947,530
Issuances(1)	117,400		64,760		12,478		10,441		6,630		211,709
Interest accrual(2)	47,983		38,756		10,470		4,456		1,681		103,346
Benefit payments(3)	(100,534)		(38,334)		(24,422)		(5,320)		(4,273)		(172,883)

Effect of changes in the foreign exchange rate	—		—		—		352		—		352
Ending balance at original discount rates	4,066,655		3,761,470		778,662		352,445		130,822		9,090,054
Effect of change from original to current discount rates	(15,333)		(330,868)		20,778		10,095		2,741		(312,587)
Balance at March 31, 2025	$	4,051,322	$	3,430,602	$	799,440	$	362,540	$	133,563	$	8,777,467





Balance at January 1, 2026	$	5,345,453	$	3,586,908	$	793,855	$	393,599	$	196,732	$	10,316,547
Beginning balance at original discount rates	5,296,183		3,845,648		765,964		380,082		191,272		10,479,149
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(27,386)		(15,495)		(8,151)		(3,975)		(834)		(55,841)
Adjusted balance at January 1, 2026	5,268,797		3,830,153		757,813		376,107		190,438		10,423,308
Issuances(1)	234,791		68,418		11,939		8,579		4,787		328,514
Interest accrual(2)	62,260		40,486		9,987		4,796		2,291		119,820
Benefit payments(3)	(111,620)		(40,156)		(24,471)		(7,418)		(5,020)		(188,685)

Effect of changes in the foreign exchange rate	—		—		—		(37)		—		(37)
Ending balance at original discount rates	5,454,228		3,898,901		755,268		382,027		192,496		10,682,920
Effect of change from original to current discount rates	(37,549)		(325,535)		14,993		6,859		2,415		(338,817)
Balance at March 31, 2026	$	5,416,679	$	3,573,366	$	770,261	$	388,886	$	194,911	$	10,344,103

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the expected assumptions.


	Health
	Net liability for future policy benefits as of March 31, 2025
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	61,035	$	1,872,516	$	447,480	$	125,593	$	(4,590)	$	2,502,034
Effect of changes in discount rate assumptions	(3,406)		(219,265)		19,029		9,674		(230)		(194,198)
Other adjustments(1)	34,570		1,315		11,363		699		5,575		53,522
Net liability for future policy benefits, after other adjustments, at current discount rates	92,199		1,654,566		477,872		135,966		755		2,361,358
Reinsurance recoverable	(2,511)		—		(988)		—		—		(3,499)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	89,688	$	1,654,566	$	476,884	$	135,966	$	755	$	2,357,859

(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).


	Health
	Net liability for future policy benefits as of March 31, 2026
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	1,857		1,980,373		428,053		135,645		(11,808)		2,534,120
Effect of changes in discount rate assumptions	(8,782)		(225,029)		14,107		7,590		(182)		(212,296)
Other adjustments(1)	77,590		694		15,577		647		12,553		107,061
Net liability for future policy benefits, after other adjustments, at current discount rates	70,665		1,756,038		457,737		143,882		563		2,428,885
Reinsurance recoverable	(1,976)		—		(674)		—		—		(2,650)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	68,689	$	1,756,038	$	457,063	$	143,882	$	563	$	2,426,235

(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

The following tables include the total remeasurement gain or loss, bifurcated between the gain or loss due to differences between actual and expected experience for three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
Life Remeasurement Gain (Loss)—Experience:
American Income		$	7,060	$	4,179
Direct to Consumer		9,819		2,980
Liberty National		954		182
Other		1,107		1,184
Total Life Remeasurement Gain (Loss)—Experience		18,940		8,525

Life Remeasurement Gain (Loss)—Assumption Updates:
American Income		—		—
Direct to Consumer		—		—
Liberty National		—		—
Other		—		—
Total Life Remeasurement Gain (Loss)—Assumption Updates(1)		—		—

Total Life Remeasurement Gain (Loss)		18,940		8,525

Health Remeasurement Gain (Loss)—Experience:
United American		1,923		(3,820)
Family Heritage		2,558		1,836
Liberty National		834		1,183
American Income		656		1,249
Direct to Consumer		45		(4)
Total Health Remeasurement Gain (Loss)—Experience		6,016		444

Health Remeasurement Gain (Loss)—Assumption Updates:
United American		—		—
Family Heritage		—		—
Liberty National		—		—
American Income		—		—
Direct to Consumer		—		—
Health Remeasurement Gain (Loss)—Assumption Updates(1)		—		—

Total Health Remeasurement Gain (Loss)		$	6,016	$	444

Changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits occur annually, unless otherwise necessary. There were no changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits during the three months ended March 31, 2026 and 2025.

The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of March 31, 2026 and 2025:



	At Original Discount Rates				At Current Discount Rates
	As of March 31,				As of March 31,
	2026		2025		2026		2025
Life(1):
American Income	$	5,290,725	$	4,951,442	$	5,520,359	$	5,356,076
Direct to Consumer	3,343,456		3,197,663		3,627,606		3,567,833
Liberty National	2,311,295		2,302,287		2,320,755		2,357,161
Other	3,252,747		3,173,917		3,563,578		3,569,784
Net liability for future policy benefits—long duration life	14,198,223		13,625,309		15,032,298		14,850,854

Health(1):
United American	72,957		92,197		70,665		92,199
Family Heritage	1,980,710		1,872,606		1,756,038		1,654,566
Liberty National	442,831		458,182		457,737		477,872
American Income	136,224		126,186		143,882		135,966
Direct to Consumer	544		722		563		755
Net liability for future policy benefits—long duration health	2,633,266		2,549,893		2,428,885		2,361,358

Deferred profit liability	187,323		179,229		187,323		179,229
Deferred annuity	568,078		636,219		568,078		636,219
Interest sensitive life	708,729		720,269		708,729		720,269
Other	8,819		8,922		8,822		8,915
Total future policy benefits	$	18,304,438	$	17,719,841	$	18,934,135	$	18,756,844

(1)Balances are presented net of the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of March 31, 2026 and 2025:


	As of March 31,
	2026				2025
	Original discount rate		Current discount rate		Original discount rate		Current discount rate
Life
American Income	5.7	%	5.5	%	5.7	%	5.4	%
Direct to Consumer	6.0	%	5.6	%	5.9	%	5.4	%
Liberty National	5.6	%	5.6	%	5.6	%	5.4	%
Other	6.2	%	5.6	%	6.2	%	5.5	%

Health
United American	5.1	%	5.3	%	5.1	%	5.1	%
Family Heritage	4.2	%	5.4	%	4.2	%	5.2	%
Liberty National	5.8	%	5.4	%	5.8	%	5.3	%
American Income	5.8	%	5.3	%	5.8	%	5.1	%
Direct to Consumer	5.1	%	5.3	%	5.1	%	5.1	%

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of March 31, 2026 and 2025:


	As of March 31,
	2026		2025
	At original discount rates	At current discount rates	At original discount rates	At current discount rates
Life
American Income	22.19	21.92	22.67	22.59
Direct to Consumer	18.56	19.23	19.17	20.11
Liberty National	15.26	14.97	15.32	15.27
Other	15.48	15.99	15.90	16.74

Health
United American	12.42	11.05	11.70	10.60
Family Heritage	16.24	14.76	15.31	14.16
Liberty National	9.59	9.32	9.37	9.24
American Income	13.24	13.03	12.47	12.50
Direct to Consumer	12.42	11.05	11.70	10.60

The following tables summarize the amount of gross premiums and interest related to long duration life and health contracts that are recognized on the Condensed Consolidated Statements of Operations for three months ended March 31, 2026 and 2025:


	Life
	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
American Income	$	458,881	$	75,200	$	437,449	$	70,993
Direct to Consumer	241,611		49,008		242,870		46,967
Liberty National	99,144		31,188		95,300		31,049
Other	49,363		48,967		49,914		47,285
Total	$	848,999	$	204,363	$	825,533	$	196,294


	Health
	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
United American	$	139,041	$	420	$	116,396	$	1,049
Family Heritage	123,139		20,558		112,354		19,116
Liberty National	47,431		6,083		47,753		6,355
American Income	29,801		1,951		29,754		1,812
Direct to Consumer	5,041		—		4,136		—
Total	$	344,453	$	29,012	$	310,393	$	28,332

Gross premiums are included within life and health premium on the Condensed Consolidated Statements of Operations, while the related interest expense is included in life and health policyholder benefits.

The following tables provide the undiscounted and discounted expected future net premiums, expected future gross premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts for three months ended March 31, 2026 and 2025:


	Life
	As of March 31, 2026						As of March 31, 2025
	Not discounted		At original discount rates		At current discount rates		Not discounted		At original discount rates		At current discount rates
American Income
PV of expected future gross premiums	$	26,921,746	$	15,186,466	$	15,307,810	$	25,905,546	$	14,643,965	$	14,852,317
PV of expected future net premiums	8,390,282		4,731,583		4,740,702		8,346,487		4,719,733		4,757,044
PV of expected future policy benefits	33,544,821		10,022,164		10,260,857		32,329,867		9,671,087		10,112,896

DTC
PV of expected future gross premiums	$	17,254,089	$	9,037,770	$	9,243,111	$	17,440,657	$	9,119,222	$	9,393,586
PV of expected future net premiums	10,067,844		5,303,589		5,431,703		10,487,810		5,512,271		5,686,115
PV of expected future policy benefits	25,660,408		8,646,842		9,059,095		25,953,052		8,709,934		9,253,740

Liberty National
PV of expected future gross premiums	$	5,008,059	$	2,916,980	$	2,890,910	$	4,865,443	$	2,833,738	$	2,827,949
PV of expected future net premiums	1,739,456		986,343		990,014		1,844,879		1,045,143		1,058,696
PV of expected future policy benefits	9,032,064		3,297,638		3,310,768		9,102,330		3,347,430		3,415,857

Other
PV of expected future gross premiums	$	3,443,306	$	1,770,835	$	1,865,492	$	3,595,733	$	1,830,596	$	1,946,761
PV of expected future net premiums	833,554		406,978		415,764		877,282		426,436		440,270
PV of expected future policy benefits	12,277,250		3,659,701		3,979,309		12,457,676		3,600,322		4,009,979

Total
PV of expected future gross premiums	$	52,627,200	$	28,912,051	$	29,307,323	$	51,807,379	$	28,427,521	$	29,020,613
PV of expected future net premiums	21,031,136		11,428,493		11,578,183		21,556,458		11,703,583		11,942,125
PV of expected future policy benefits	80,514,543		25,626,345		26,610,029		79,842,925		25,328,773		26,792,472

The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $17.7 billion and $17.1 billion, as of March 31, 2026 and 2025, respectively, and rather only includes the expected future net premiums.


	Health
	As of March 31, 2026						As of March 31, 2025
	Not discounted		At original discount rates		At current discount rates		Not discounted		At original discount rates		At current discount rates
United American
PV of expected future gross premiums	$	13,070,849	$	7,895,697	$	7,853,610	$	9,431,321	$	5,798,787	$	5,779,686
PV of expected future net premiums	9,036,083		5,452,371		5,423,604		6,522,325		4,005,620		3,993,693
PV of expected future policy benefits	9,125,080		5,454,228		5,416,679		6,644,012		4,066,655		4,051,322

Family Heritage
PV of expected future gross premiums	$	7,687,714	$	4,465,719	$	4,247,355	$	7,377,322	$	4,282,970	$	4,048,299
PV of expected future net premiums	3,288,161		1,918,528		1,818,022		3,236,121		1,888,954		1,777,351
PV of expected future policy benefits	7,684,497		3,898,901		3,573,366		7,307,684		3,761,470		3,430,602

Liberty National
PV of expected future gross premiums	$	1,990,546	$	1,267,561	$	1,291,727	$	2,018,796	$	1,285,073	$	1,314,976
PV of expected future net premiums	487,956		327,215		328,101		491,199		331,182		332,931
PV of expected future policy benefits	1,331,674		755,268		770,261		1,358,567		778,662		799,440

American Income
PV of expected future gross premiums	$	2,001,385	$	1,058,815	$	1,082,465	$	1,782,370	$	998,794	$	1,029,082
PV of expected future net premiums	464,828		246,382		245,651		404,090		226,852		227,273
PV of expected future policy benefits	825,910		382,027		388,886		717,506		352,445		362,540

Direct to Consumer
PV of expected future gross premiums	$	423,910	$	252,978	$	256,788	$	251,621	$	159,881	$	163,737
PV of expected future net premiums	343,496		204,304		206,901		213,954		135,412		138,383
PV of expected future policy benefits	317,375		192,496		194,911		209,022		130,822		133,563

Total
PV of expected future gross premiums	$	25,174,404	$	14,940,770	$	14,731,945	$	20,861,430	$	12,525,505	$	12,335,780
PV of expected future net premiums	13,620,524		8,148,800		8,022,279		10,867,689		6,588,020		6,469,631
PV of expected future policy benefits	19,284,536		10,682,920		10,344,103		16,236,791		9,090,054		8,777,467

The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $6.7 billion and $5.8 billion as of March 31, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

The following table summarizes the balances of, and changes in, policyholders’ account balances as of March 31, 2026 and 2025:


	Policyholders' Account Balances
	2026						2025
	Interest Sensitive Life		Deferred Annuity(1)		Other Policy-holders' Funds		Interest Sensitive Life		Deferred Annuity(1)		Other Policy-holders' Funds
Balance at January 1,	$	711,687	$	580,669	$	532,047	$	723,389	$	656,573	$	468,604
Issuances	—		186		—		—		171		—
Premiums and deposits received	5,049		4,069		186,814		5,250		3,766		86,885
Policy charges	(2,804)		—		—		(2,986)		—		—
Surrenders and withdrawals	(5,627)		(13,722)		(143,318)		(5,966)		(16,531)		(93,128)
Benefit payments	(7,251)		(7,776)		—		(8,329)		(12,831)		—

Interest credited	6,764		4,743		5,604		6,875		5,373		5,443
Other	911		(91)		(4,695)		2,036		(302)		(4,656)
Balance at March 31,	$	708,729	$	568,078	$	576,452	$	720,269	$	636,219	$	463,148


Weighted-average credit rate	3.86		%	3.34		%	4.11		%	3.86		%	3.37		%	4.76		%
Net amount at risk	$	1,537,256		N/A			N/A			$	1,636,687		N/A			N/A
Cash surrender value	$	664,968		$	568,078		$	576,452		$	674,838		$	636,138		$	463,148

(1) At March 31, 2026 and 2025, $389 million and $439 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.

The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of difference, if any, in basis points between rates being credited to policyholders and the respective guaranteed minimums as of March 31, 2026 and 2025:


	At March 31, 2026
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity(1)		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	2,014	$	483,399
3.00%-3.99%	29,372		393,470		3,158
4.00%-4.99%	590,468		88,022		55,134
Greater than 5.00%	88,889		84,572		34,761



















Total	$	708,729	$	568,078	$	576,452

(1) At March 31, 2026, $389 million has been reinsured with third-party reinsurers under existing reinsurance agreements.


	At March 31, 2025
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity(1)		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	1,866	$	368,459
3.00%-3.99%	29,408		455,618		3,145
4.00%-4.99%	601,367		178,735		55,767
Greater than 5.00%	89,494		—		35,777



















Total	$	720,269	$	636,219	$	463,148

(1) At March 31, 2025, $439 million has been reinsured with third-party reinsurers under existing reinsurance agreements.