| 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:
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| 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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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
(In thousands) |
|
Term Life Insurance |
|
|
|
Undiscounted |
|
|
Discounted |
|
|
Undiscounted |
|
|
Discounted |
|
Expected future benefit payments |
$ |
34,081,573 |
|
|
$ |
20,380,460 |
|
|
$ |
34,009,893 |
|
|
$ |
20,681,706 |
|
Expected future gross premiums |
$ |
39,365,448 |
|
|
$ |
26,796,671 |
|
|
$ |
39,384,920 |
|
|
$ |
27,195,943 |
|
|