
	Life
	American Income		DTC		Liberty National		Other		Total





Balance at January 1, 2025	$	2,900,229	$	1,781,230	$	728,790	$	290,506	$	5,700,755
Capitalizations	133,870		37,148		29,591		2,807		203,416
Amortization expense	(49,374)		(25,588)		(14,993)		(678)		(90,633)
Foreign exchange adjustment	1,282		—		—		—		1,282

Balance at March 31, 2025	$	2,986,007	$	1,792,790	$	743,388	$	292,635	$	5,814,820






Balance at January 1, 2026	$	3,248,907	$	1,818,120	$	790,987	$	289,736	$	6,147,750
Capitalizations	136,452		38,977		30,254		3,126		208,809
Amortization expense	(55,695)		(26,369)		(16,441)		(4,189)		(102,694)
Foreign exchange adjustment	(20)		—		—		—		(20)

Balance at March 31, 2026	$	3,329,644	$	1,830,728	$	804,800	$	288,673	$	6,253,845


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total





Balance at January 1, 2025	$	70,530	$	496,119	$	148,920	$	76,319	$	1,533	$	793,421
Capitalizations	616		18,531		5,919		3,732		—		28,798
Amortization expense	(1,391)		(7,938)		(3,862)		(1,291)		(37)		(14,519)
Foreign exchange adjustment	—		—		—		73		—		73

Balance at March 31, 2025	$	69,755	$	506,712	$	150,977	$	78,833	$	1,496	$	807,773
















Balance at January 1, 2026	$	67,952	$	543,379	$	152,210	$	86,446	$	1,399	$	851,386
Capitalizations	806		21,505		3,466		3,683		1		29,461
Amortization expense	(1,270)		(9,105)		(3,861)		(1,323)		(29)		(15,588)
Foreign exchange adjustment	—		—		—		16		—		16

Balance at March 31, 2026	$	67,488	$	555,779	$	151,815	$	88,822	$	1,371	$	865,275

The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets for the three months ended March 31, 2026 and 2025:


	March 31,
	2026		2025
Life
American Income	$	3,329,644	$	2,986,007
Direct to Consumer	1,830,728		1,792,790
Liberty National	804,800		743,388
Other	288,673		292,635
Total DAC—Life	6,253,845		5,814,820

Health
United American	67,488		69,755
Family Heritage	555,779		506,712
Liberty National	151,815		150,977
American Income	88,822		78,833
Direct to Consumer	1,371		1,496
Total DAC—Health	865,275		807,773

Annuity	—		1,051
Total	$	7,119,120	$	6,623,644