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:


	Three months ended			Year ended
	March 31, 2026			December 31, 2025
	(In thousands)
Present Value of Expected Net Premiums	Term Life Insurance
Balance at then current discount rate, beginning of period	$	14,067,204		$	13,854,794
Balance at original discount rate, beginning of period		14,051,078			14,233,996
Effect of changes in cash flow assumptions		(151	)		(354,521	)
Effect of actual variances from expected experience		(148,230	)		(384,313	)
Adjusted balance, beginning of period		13,902,697			13,495,162
Issuances		432,393			1,651,384
Interest accrual at original discount rate		154,711			627,419
Net premiums collected		(443,446	)		(1,770,529	)
Foreign currency translation		(19,165	)		47,642
Expected net premiums at original discount rate, end of period		14,027,190			14,051,078
Effect of changes in discount rate assumptions		(175,352	)		16,126
Expected net premiums at then current discount rate, end of period	$	13,851,838		$	14,067,204

Present Value of Expected Future Policy Benefits
Balance at then current discount rate, beginning of period	$	20,681,705		$	20,155,487
Balance at original discount rate, beginning of period		20,742,060			20,763,900
Effect of changes in cash flow assumptions		(146	)		(436,663	)
Effect of actual variances from expected experience		(167,489	)		(426,822	)
Adjusted balance, beginning of period		20,574,425			19,900,415
Issuances		431,865			1,655,501
Interest accrual at original discount rate		238,583			958,540
Benefit payments		(446,710	)		(1,846,085	)
Foreign currency translation		(29,201	)		73,689
Expected future policy benefits at original discount rate, end of period		20,768,962			20,742,060
Effect of changes in discount rate assumptions		(388,502	)		(60,355	)
Expected future policy benefits at then current discount rate, end of period	$	20,380,460		$	20,681,705

	March 31, 2026			December 31, 2025
	(Dollars in thousands)
	Term Life Insurance
LFPB	$	6,528,622		$	6,614,501
Less: reinsurance recoverables		2,465,179			2,550,187
Net LFPB, after reinsurance recoverables	$	4,063,443		$	4,064,314
Weighted-average duration of net LFPB (in years)		8.3			8.3

During the three months ended March 31, 2026, we recognized a remeasurement gain, consisting of experience variances, of $7.6 million for the Term Life Insurance segment, with a corresponding decrease to the LFPB, net of reinsurance. The remeasurement gain recognized was largely due to higher policy lapses and lower mortality experience during the period versus our current actuarial assumptions. We did not update our actuarial assumptions during the three months ended March 31, 2026, as management concluded that the emerging experience during the period did not provide sufficient evidence that an update to the current assumptions was warranted at this time. We will continue to monitor experience and update assumptions in future periods, as appropriate.

There were no significant changes to the inputs, judgments, assumptions, or methods used in measuring the LFPB during the three months ended March 31, 2026 and 2025.

Losses recognized as a result of capping the net premium ratio at 100% were immaterial during the three months ended March 31, 2026 and 2025.

There were no changes to the methods used to determine the discount rates during the three months ended March 31, 2026 and the twelve months ended December 31, 2025.