v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net income $ 190,096 $ 169,051  
Adjustments to reconcile net income to cash provided by (used in) operating activities:      
Change in future policy benefits and other policy liabilities 42,356 46,754  
Deferral of policy acquisition costs (126,814) (139,042)  
Amortization of deferred policy acquisition costs 84,260 78,550  
Change in income taxes (52,092) 2,274  
Investment (gains) losses (396) (757)  
Accretion and amortization of investments (672) (875)  
Depreciation and amortization 3,866 4,774  
Change in reinsurance recoverables 53,893 43,276  
Change in agent balances, due premiums and other receivables (4,952) 1,114  
Trading securities sold, matured, called or (acquired), net (19,812) 59  
Share-based compensation 12,593 13,251  
Change in other operating assets and liabilities, net (25,536) (20,963)  
Net cash provided by (used in) operating activities 156,790 197,466  
Available-for-sale investments sold, matured or called:      
Fixed-maturity securities — sold 1,993 1,232  
Fixed-maturity securities — matured or called 152,692 98,809  
Equity securities — sold 0 1  
Equity securities — matured or called 0 1,000  
Available-for-sale investments acquired:      
Fixed-maturity securities (364,423) (191,017)  
Equity securities — acquired (60) (55)  
Purchases of property and equipment and other investing activities, net (9,065) (8,722)  
Cash collateral received (returned) on loaned securities, net 144 11,526  
Sales (purchases) of short-term investments using securities lending collateral, net (144) (11,526)  
Cash received from redemption of deposit asset 131,418 0  
Net cash provided by (used in) investing activities (87,445) (98,752)  
Cash flows from financing activities:      
Dividends paid (38,117) (34,736)  
Common stock repurchased (135,002) (117,990)  
Tax withholdings on share-based compensation (5,987) (8,646)  
Finance leases (58) (68)  
Net cash provided by (used in) financing activities (179,164) (161,440)  
Effect of foreign exchange rate changes on cash (597) (23)  
Change in cash and cash equivalents (110,416) (62,749)  
Cash and cash equivalents, beginning of period 756,227 687,821 $ 687,821
Cash and cash equivalents, end of period $ 645,811 $ 625,072 $ 756,227