Policy Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Policyholder Account Balance [Abstract]

Schedule of Liability for Future Policy Benefit, Activity

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 and six month periods ended June 30, 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	(112,710)		(112,667)		(13,776)		(8,888)		(248,041)
Adjusted balance at January 1, 2025	4,544,000		5,392,245		1,033,244		421,388		11,390,877
Issuances(1)	380,213		257,099		54,393		12,114		703,819
Interest accrual(2)	113,641		144,532		27,056		11,211		296,440
Net premiums collected(3)	(281,023)		(295,271)		(66,699)		(21,904)		(664,897)

Effect of changes in the foreign exchange rate	14,630		—		—		—		14,630
Ending balance at original discount rates	4,771,461		5,498,605		1,047,994		422,809		11,740,869

Effect of change from original to current discount rates	46,620		183,765		15,168		13,975		259,528
Balance at June 30, 2025	$	4,818,081	$	5,682,370	$	1,063,162	$	436,784	$	12,000,397




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	(117,931)		(150,568)		(20,468)		(6,473)		(295,440)
Adjusted balance at January 1, 2026	4,592,372		5,170,545		968,375		402,476		11,133,768
Issuances(1)	342,094		236,412		56,143		10,388		645,037
Interest accrual(2)	111,883		138,540		25,004		10,642		286,069
Net premiums collected(3)	(284,261)		(284,783)		(63,093)		(21,181)		(653,318)

Effect of changes in the foreign exchange rate	(10,873)		—		—		—		(10,873)
Ending balance at original discount rates	4,751,215		5,260,714		986,429		402,325		11,400,683

Effect of change from original to current discount rates	23,922		137,514		5,719		9,761		176,916
Balance at June 30, 2026	$	4,775,137	$	5,398,228	$	992,148	$	412,086	$	11,577,599

(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 net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at April 1, 2025	$	4,757,044	$	5,686,115	$	1,058,696	$	440,270	$	11,942,125
Beginning balance at original discount rates	4,719,733		5,512,271		1,045,143		426,436		11,703,583
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(61,093)		(73,750)		(5,858)		(5,199)		(145,900)
Adjusted balance at April 1, 2025	4,658,640		5,438,521		1,039,285		421,237		11,557,683
Issuances(1)	184,580		135,319		28,611		6,902		355,412
Interest accrual(2)	57,175		72,325		13,535		5,586		148,621
Net premiums collected(3)	(141,459)		(147,560)		(33,437)		(10,916)		(333,372)

Effect of changes in the foreign exchange rate	12,525		—		—		—		12,525
Ending balance at original discount rates	4,771,461		5,498,605		1,047,994		422,809		11,740,869

Effect of change from original to current discount rates	46,620		183,765		15,168		13,975		259,528
Balance at June 30, 2025	$	4,818,081	$	5,682,370	$	1,063,162	$	436,784	$	12,000,397

Balance at April 1, 2026	$	4,740,702	$	5,431,703	$	990,014	$	415,764	$	11,578,183
Beginning balance at original discount rates	4,731,583		5,303,589		986,343		406,978		11,428,493
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(58,064)		(84,834)		(10,193)		(4,448)		(157,539)
Adjusted balance at April 1, 2026	4,673,519		5,218,755		976,150		402,530		11,270,954
Issuances(1)	175,081		114,943		29,331		5,179		324,534
Interest accrual(2)	56,068		69,095		12,489		5,296		142,948
Net premiums collected(3)	(143,018)		(142,079)		(31,541)		(10,680)		(327,318)

Effect of changes in the foreign exchange rate	(10,435)		—		—		—		(10,435)
Ending balance at original discount rates	4,751,215		5,260,714		986,429		402,325		11,400,683

Effect of change from original to current discount rates	23,922		137,514		5,719		9,761		176,916
Balance at June 30, 2026	$	4,775,137	$	5,398,228	$	992,148	$	412,086	$	11,577,599

(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.


	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	(123,908)		(122,494)		(17,717)		(12,945)		(277,064)
Adjusted balance at January 1, 2025	9,384,680		8,538,454		3,322,502		3,569,123		24,814,759
Issuances(1)	380,214		257,097		54,393		12,115		703,819
Interest accrual(2)	256,757		239,097		89,565		107,021		692,440
Benefit payments(3)	(226,848)		(291,899)		(107,656)		(70,952)		(697,355)

Effect of changes in the foreign exchange rate	34,732		—		—		—		34,732
Ending balance at original discount rates	9,829,535		8,742,749		3,358,804		3,617,307		25,548,395
Effect of change from original to current discount rates	404,619		535,396		63,014		391,078		1,394,107
Balance at June 30, 2025	$	10,234,154	$	9,278,145	$	3,421,818	$	4,008,385	$	26,942,502

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	(133,143)		(171,791)		(25,929)		(11,718)		(342,581)
Adjusted balance at January 1, 2026	9,772,288		8,445,138		3,265,961		3,631,674		25,115,061
Issuances(1)	342,093		236,410		56,142		10,387		645,032
Interest accrual(2)	263,320		237,189		87,650		108,837		696,996
Benefit payments(3)	(235,113)		(269,600)		(103,848)		(77,065)		(685,626)

Effect of changes in the foreign exchange rate	(26,770)		—		—		—		(26,770)
Ending balance at original discount rates	10,115,818		8,649,137		3,305,905		3,673,833		25,744,693
Effect of change from original to current discount rates	338,849		459,950		33,678		355,230		1,187,707
Balance at June 30, 2026	$	10,454,667	$	9,109,087	$	3,339,583	$	4,029,063	$	26,932,400

(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
	Present value of expected future policy benefits
	American Income		DTC		Liberty National		Other		Total
Balance at April 1, 2025	$	10,112,896	$	9,253,740	$	3,415,857	$	4,009,979	$	26,792,472
Beginning balance at original discount rates	9,671,087		8,709,934		3,347,430		3,600,322		25,328,773
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(68,094)		(80,546)		(9,006)		(7,498)		(165,144)
Adjusted balance at April 1, 2025	9,602,993		8,629,388		3,338,424		3,592,824		25,163,629
Issuances(1)	184,580		135,318		28,612		6,905		355,415
Interest accrual(2)	129,298		119,903		44,830		53,634		347,665
Benefit payments(3)	(117,722)		(141,860)		(53,062)		(36,056)		(348,700)

Effect of changes in the foreign exchange rate	30,386		—		—		—		30,386
Ending balance at original discount rates	9,829,535		8,742,749		3,358,804		3,617,307		25,548,395
Effect of change from original to current discount rates	404,619		535,396		63,014		391,078		1,394,107
Balance at June 30, 2025	$	10,234,154	$	9,278,145	$	3,421,818	$	4,008,385	$	26,942,502





Balance at April 1, 2026	$	10,260,857	$	9,059,095	$	3,310,768	$	3,979,309	$	26,610,029
Beginning balance at original discount rates	10,022,164		8,646,842		3,297,638		3,659,701		25,626,345
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(66,295)		(96,067)		(13,806)		(7,921)		(184,089)
Adjusted balance at April 1, 2026	9,955,869		8,550,775		3,283,832		3,651,780		25,442,256
Issuances(1)	175,079		114,942		29,331		5,178		324,530
Interest accrual(2)	132,306		118,721		43,853		54,524		349,404
Benefit payments(3)	(121,541)		(135,301)		(51,111)		(37,649)		(345,602)

Effect of changes in the foreign exchange rate	(25,895)		—		—		—		(25,895)
Ending balance at original discount rates	10,115,818		8,649,137		3,305,905		3,673,833		25,744,693
Effect of change from original to current discount rates	338,849		459,950		33,678		355,230		1,187,707
Balance at June 30, 2026	$	10,454,667	$	9,109,087	$	3,339,583	$	4,029,063	$	26,932,400

(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.


	Life
	Net liability for future policy benefits as of June 30, 2025
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	5,058,074	$	3,244,144	$	2,310,810	$	3,194,498	$	13,807,526
Effect of changes in discount rate assumptions	357,999		351,631		47,846		377,103		1,134,579
Other adjustments(1)	75		—		—		35		110
Net liability for future policy benefits, after other adjustments, at current discount rates	5,416,148		3,595,775		2,358,656		3,571,636		14,942,215
Reinsurance recoverable	(177)		—		(7,984)		(14)		(8,175)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,415,971	$	3,595,775	$	2,350,672	$	3,571,622	$	14,934,040

(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 June 30, 2026
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	5,364,603	$	3,388,423	$	2,319,476	$	3,271,508	$	14,344,010
Effect of changes in discount rate assumptions	314,927		322,436		27,959		345,469		1,010,791
Other adjustments(1)	103		130		—		24		257
Net liability for future policy benefits, after other adjustments, at current discount rates	5,679,633		3,710,989		2,347,435		3,617,001		15,355,058
Reinsurance recoverable	(194)		—		(8,223)		(12)		(8,429)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,679,439	$	3,710,989	$	2,339,212	$	3,616,989	$	15,346,629

(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 and six month periods ended June 30, 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	(3,085)		(27,223)		(17,307)		(9,744)		(299)		(57,658)
Adjusted balance at January 1, 2025	3,945,771		1,840,650		320,968		215,397		131,620		6,454,406
Issuances(1)	228,892		135,477		26,889		20,650		11,434		423,342
Interest accrual(2)	95,079		39,696		8,053		5,305		3,403		151,536
Net premiums collected(3)	(163,600)		(100,206)		(26,730)		(13,457)		(6,971)		(310,964)

Effect of changes in the foreign exchange rate	—		—		—		1,274		—		1,274
Ending balance at original discount rates	4,106,142		1,915,617		329,180		229,169		139,486		6,719,594

Effect of change from original to current discount rates	5,981		(104,771)		2,671		661		3,582		(91,876)
Balance at June 30, 2025	$	4,112,123	$	1,810,846	$	331,851	$	229,830	$	143,068	$	6,627,718

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	(17,009)		(20,847)		(15,128)		(6,934)		84		(59,834)
Adjusted balance at January 1, 2026	5,256,266		1,874,956		316,286		238,366		201,533		7,887,407
Issuances(1)	413,747		139,050		24,517		17,422		4,836		599,572
Interest accrual(2)	125,360		40,179		7,624		5,700		4,558		183,421
Net premiums collected(3)	(202,309)		(106,621)		(26,592)		(14,065)		(8,092)		(357,679)

Effect of changes in the foreign exchange rate	—		—		—		(936)		—		(936)
Ending balance at original discount rates	5,593,064		1,947,564		321,835		246,487		202,835		8,311,785

Effect of change from original to current discount rates	(9,826)		(92,906)		706		429		3,299		(98,298)
Balance at June 30, 2026	$	5,583,238	$	1,854,658	$	322,541	$	246,916	$	206,134	$	8,213,487

(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 net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at April 1, 2025	$	3,993,693	$	1,777,351	$	332,931	$	227,273	$	138,383	$	6,469,631
Beginning balance at original discount rates	4,005,620		1,888,954		331,182		226,852		135,412		6,588,020
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	25,129		(13,323)		(6,587)		(4,863)		1,116		1,472
Adjusted balance at April 1, 2025	4,030,749		1,875,631		324,595		221,989		136,528		6,589,492
Issuances(1)	111,268		70,716		14,233		10,209		4,770		211,196
Interest accrual(2)	48,210		20,056		3,962		2,662		1,723		76,613
Net premiums collected(3)	(84,085)		(50,786)		(13,610)		(6,743)		(3,535)		(158,759)

Effect of changes in the foreign exchange rate	—		—		—		1,052		—		1,052
Ending balance at original discount rates	4,106,142		1,915,617		329,180		229,169		139,486		6,719,594

Effect of change from original to current discount rates	5,981		(104,771)		2,671		661		3,582		(91,876)
Balance at June 30, 2025	$	4,112,123	$	1,810,846	$	331,851	$	229,830	$	143,068	$	6,627,718

Balance at April 1, 2026	$	5,423,604	$	1,818,022	$	328,101	$	245,651	$	206,901	$	8,022,279
Beginning balance at original discount rates	5,452,371		1,918,528		327,215		246,382		204,304		8,148,800
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	5,481		(7,955)		(8,117)		(3,626)		293		(13,924)
Adjusted balance at April 1, 2026	5,457,852		1,910,573		319,098		242,756		204,597		8,134,876
Issuances(1)	178,610		70,633		12,425		8,842		29		270,539
Interest accrual(2)	63,559		20,251		3,743		2,856		2,267		92,676
Net premiums collected(3)	(106,957)		(53,893)		(13,431)		(7,052)		(4,058)		(185,391)

Effect of changes in the foreign exchange rate	—		—		—		(915)		—		(915)
Ending balance at original discount rates	5,593,064		1,947,564		321,835		246,487		202,835		8,311,785

Effect of change from original to current discount rates	(9,826)		(92,906)		706		429		3,299		(98,298)
Balance at June 30, 2026	$	5,583,238	$	1,854,658	$	322,541	$	246,916	$	206,134	$	8,213,487

(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	(6,629)		(30,870)		(15,255)		(12,205)		(124)		(65,083)
Adjusted balance at January 1, 2025	4,020,231		3,681,174		775,886		336,506		127,851		8,941,648
Issuances(1)	228,111		135,476		26,531		20,650		11,392		422,160
Interest accrual(2)	97,069		78,270		20,796		8,951		3,403		208,489
Benefit payments(3)	(192,355)		(79,732)		(50,278)		(11,126)		(8,370)		(341,861)

Effect of changes in the foreign exchange rate	—		—		—		2,431		—		2,431
Ending balance at original discount rates	4,153,056		3,815,188		772,935		357,412		134,276		9,232,867
Effect of change from original to current discount rates	1,250		(324,147)		22,309		9,954		3,256		(287,378)
Balance at June 30, 2025	$	4,154,306	$	3,491,041	$	795,244	$	367,366	$	137,532	$	8,945,489

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	(23,121)		(25,479)		(11,994)		(8,547)		(1,148)		(70,289)
Adjusted balance at January 1, 2026	5,273,062		3,820,169		753,970		371,535		190,124		10,408,860
Issuances(1)	413,043		139,051		24,199		17,421		4,815		598,529
Interest accrual(2)	126,014		81,642		19,832		9,606		4,558		241,652
Benefit payments(3)	(226,539)		(84,885)		(49,267)		(14,485)		(9,458)		(384,634)

Effect of changes in the foreign exchange rate	—		—		—		(1,842)		—		(1,842)
Ending balance at original discount rates	5,585,580		3,955,977		748,734		382,235		190,039		10,862,565
Effect of change from original to current discount rates	(17,453)		(294,093)		15,704		9,022		3,015		(283,805)
Balance at June 30, 2026	$	5,568,127	$	3,661,884	$	764,438	$	391,257	$	193,054	$	10,578,760

(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
	Present value of expected future policy benefits
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at April 1, 2025	$	4,051,322	$	3,430,602	$	799,440	$	362,540	$	133,563	$	8,777,467
Beginning balance at original discount rates	4,066,655		3,761,470		778,662		352,443		130,822		9,090,052
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	18,426		(15,115)		(4,250)		(6,009)		1,067		(5,881)
Adjusted balance at April 1, 2025	4,085,081		3,746,355		774,412		346,434		131,889		9,084,171
Issuances(1)	110,710		70,717		14,054		10,209		4,762		210,452
Interest accrual(2)	49,086		39,514		10,326		4,496		1,722		105,144
Benefit payments(3)	(91,821)		(41,398)		(25,857)		(5,806)		(4,097)		(168,979)

Effect of changes in the foreign exchange rate	—		—		—		2,079		—		2,079
Ending balance at original discount rates	4,153,056		3,815,188		772,935		357,412		134,276		9,232,867
Effect of change from original to current discount rates	1,250		(324,147)		22,309		9,954		3,256		(287,378)
Balance at June 30, 2025	$	4,154,306	$	3,491,041	$	795,244	$	367,366	$	137,532	$	8,945,489





Balance at April 1, 2026	$	5,416,679	$	3,573,366	$	770,261	$	388,886	$	194,911	$	10,344,103
Beginning balance at original discount rates	5,454,228		3,898,901		755,268		382,027		192,496		10,682,920
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	4,265		(9,984)		(3,842)		(4,571)		(314)		(14,446)
Adjusted balance at April 1, 2026	5,458,493		3,888,917		751,426		377,456		192,182		10,668,474
Issuances(1)	178,252		70,634		12,259		8,841		28		270,014
Interest accrual(2)	63,754		41,155		9,845		4,810		2,267		121,831
Benefit payments(3)	(114,919)		(44,729)		(24,796)		(7,067)		(4,438)		(195,949)

Effect of changes in the foreign exchange rate	—		—		—		(1,805)		—		(1,805)
Ending balance at original discount rates	5,585,580		3,955,977		748,734		382,235		190,039		10,862,565
Effect of change from original to current discount rates	(17,453)		(294,093)		15,704		9,022		3,015		(283,805)
Balance at June 30, 2026	$	5,568,127	$	3,661,884	$	764,438	$	391,257	$	193,054	$	10,578,760

(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 June 30, 2025
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	46,914	$	1,899,571	$	443,755	$	128,243	$	(5,210)	$	2,513,273
Effect of changes in discount rate assumptions	(4,731)		(219,376)		19,638		9,293		(326)		(195,502)
Other adjustments(1)	45,814		16		10,861		702		6,259		63,652
Net liability for future policy benefits, after other adjustments, at current discount rates	87,997		1,680,211		474,254		138,238		723		2,381,423
Reinsurance recoverable	(2,376)		—		(890)		—		—		(3,266)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	85,621	$	1,680,211	$	473,364	$	138,238	$	723	$	2,378,157

(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 June 30, 2026
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	(7,484)		2,008,413		426,899		135,748		(12,796)		2,550,780
Effect of changes in discount rate assumptions	(7,627)		(201,187)		14,998		8,593		(284)		(185,507)
Other adjustments(1)	82,714		96		13,388		692		13,635		110,525
Net liability for future policy benefits, after other adjustments, at current discount rates	67,603		1,807,322		455,285		145,033		555		2,475,798
Reinsurance recoverable	(1,788)		—		(601)		—		—		(2,389)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	65,815	$	1,807,322	$	454,684	$	145,033	$	555	$	2,473,409

(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 the three and six month periods ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Life Remeasurement Gain (Loss)—Experience:
American Income	$	7,936	$	6,672	$	14,996	$	10,851
Direct to Consumer	11,015		6,609		20,834		9,589
Liberty National	1,685		1,432		2,639		1,614
Other	2,847		2,032		3,954		3,216
Total Life Remeasurement Gain (Loss)—Experience	23,483		16,745		42,423		25,270

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)	23,483		16,745		42,423		25,270

Health Remeasurement Gain (Loss)—Experience:
United American	(170)		1,938		1,753		(1,882)
Family Heritage	2,001		1,640		4,559		3,476
Liberty National	(1,434)		(821)		(600)		362
American Income	875		1,089		1,531		2,338
Direct to Consumer	22		32		67		28
Total Health Remeasurement Gain (Loss)—Experience	1,294		3,878		7,310		4,322

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

Total Health Remeasurement Gain (Loss)	$	1,294	$	3,878	$	7,310	$	4,322

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 six months ended June 30, 2026 and 2025.

The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of June 30, 2026 and 2025:



	At Original Discount Rates				At Current Discount Rates
	As of June 30,				As of June 30,
	2026		2025		2026		2025
Life(1):
American Income	$	5,364,702	$	5,058,139	$	5,679,633	$	5,416,148
Direct to Consumer	3,388,555		3,244,145		3,710,989		3,595,775
Liberty National	2,319,476		2,310,810		2,347,435		2,358,656
Other	3,271,530		3,194,531		3,617,001		3,571,636
Net liability for future policy benefits—long duration life	14,344,263		13,807,625		15,355,058		14,942,215

Health(1):
United American	69,893		88,003		67,603		87,997
Family Heritage	2,008,581		1,899,578		1,807,322		1,680,211
Liberty National	439,682		454,025		455,285		474,254
American Income	136,419		128,924		145,033		138,238
Direct to Consumer	533		708		555		723
Net liability for future policy benefits—long duration health	2,655,108		2,571,238		2,475,798		2,381,423

Deferred profit liability	189,461		181,140		189,461		181,140
Deferred annuity	550,688		615,897		550,688		615,897
Interest sensitive life	706,527		717,140		706,527		717,140
Other	8,862		8,939		8,863		8,940
Total future policy benefits	$	18,454,909	$	17,901,979	$	19,286,395	$	18,846,755

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 June 30, 2026 and 2025:


	As of June 30,
	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	%	5.5	%	6.0	%	5.5	%
Liberty National	5.6	%	5.5	%	5.6	%	5.5	%
Other	6.2	%	5.6	%	6.2	%	5.5	%

Health
United American	5.1	%	5.2	%	5.1	%	5.1	%
Family Heritage	4.2	%	5.4	%	4.2	%	5.3	%
Liberty National	5.8	%	5.4	%	5.8	%	5.3	%
American Income	5.8	%	5.3	%	5.8	%	5.2	%
Direct to Consumer	5.1	%	5.2	%	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 June 30, 2026 and 2025:


	As of June 30,
	2026		2025
	At original discount rates	At current discount rates	At original discount rates	At current discount rates
Life
American Income	22.12	21.98	22.60	22.42
Direct to Consumer	18.44	19.24	19.07	19.86
Liberty National	15.29	15.14	15.35	15.18
Other	15.39	16.04	15.83	16.53

Health
United American	12.42	11.15	11.68	10.49
Family Heritage	16.24	14.90	15.28	14.00
Liberty National	9.60	9.42	9.41	9.22
American Income	13.24	13.16	12.45	12.37
Direct to Consumer	12.42	11.15	11.68	10.49

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 the three and six month periods ended June 30, 2026 and 2025


	Life
	Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
	Gross Premiums		Required Interest Expense		Gross Premiums		Required Interest Expense
American Income	$	924,861	$	151,437	$	882,738	$	143,116
Direct to Consumer	483,267		98,620		486,442		94,526
Liberty National	198,832		62,480		191,631		62,224
Other	98,490		98,195		100,108		95,333
Total	$	1,705,450	$	410,732	$	1,660,919	$	395,199


	Life
	Three Months Ended June 30, 2026				Three Months Ended June 30, 2025
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
American Income	$	465,980	$	76,237	$	445,289	$	72,123
Direct to Consumer	241,656		49,612		243,572		47,559
Liberty National	99,688		31,292		96,331		31,175
Other	49,127		49,228		50,194		48,048
Total	$	856,451	$	206,369	$	835,386	$	198,905


	Health
	Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
	Gross Premiums		Required Interest Expense		Gross Premiums		Required Interest Expense
United American	$	296,358	$	583	$	239,422	$	1,867
Family Heritage	249,412		41,462		228,210		38,574
Liberty National	94,674		12,160		95,221		12,690
American Income	59,589		3,906		59,543		3,646
Direct to Consumer	10,182		—		8,350		—
Total	$	710,215	$	58,111	$	630,746	$	56,777


	Health
	Three Months Ended June 30, 2026				Three Months Ended June 30, 2025
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
United American	$	157,317	$	163	$	123,026	$	818
Family Heritage	126,273		20,904		115,856		19,458
Liberty National	47,243		6,077		47,468		6,335
American Income	29,788		1,955		29,789		1,834
Direct to Consumer	5,141		—		4,214		—
Total	$	365,762	$	29,099	$	320,353	$	28,445

Schedule of Undiscounted and Discounted Expected Future Gross Premiums and Expected Future Benefits And Expenses

The following tables provide the undiscounted and discounted expected future gross premiums, expected future net premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts as of June 30, 2026 and 2025:


	Life
	As of June 30, 2026						As of June 30, 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	$	27,141,808	$	15,293,634	$	15,460,145	$	26,323,656	$	14,880,435	$	15,115,288
PV of expected future net premiums	8,435,850		4,751,215		4,775,137		8,440,381		4,771,461		4,818,081
PV of expected future policy benefits	33,867,034		10,115,818		10,454,667		32,858,954		9,829,535		10,234,154

DTC
PV of expected future gross premiums	$	17,184,687	$	9,003,407	$	9,227,482	$	17,465,145	$	9,138,361	$	9,430,064
PV of expected future net premiums	9,983,044		5,260,714		5,398,228		10,454,351		5,498,605		5,682,370
PV of expected future policy benefits	25,645,454		8,649,137		9,109,087		26,022,344		8,742,749		9,278,145

Liberty National
PV of expected future gross premiums	$	5,055,775	$	2,941,856	$	2,923,681	$	4,928,564	$	2,871,400	$	2,869,264
PV of expected future net premiums	1,739,597		986,429		992,148		1,848,910		1,047,994		1,063,162
PV of expected future policy benefits	9,071,350		3,305,905		3,339,583		9,159,106		3,358,804		3,421,818

Other
PV of expected future gross premiums	$	3,412,424	$	1,757,383	$	1,853,837	$	3,571,030	$	1,820,383	$	1,938,264
PV of expected future net premiums	823,718		402,325		412,086		869,582		422,809		436,784
PV of expected future policy benefits	12,248,940		3,673,833		4,029,063		12,451,064		3,617,307		4,008,385

Total
PV of expected future gross premiums	$	52,794,694	$	28,996,280	$	29,465,145	$	52,288,395	$	28,710,579	$	29,352,880
PV of expected future net premiums	20,982,209		11,400,683		11,577,599		21,613,224		11,740,869		12,000,397
PV of expected future policy benefits	80,832,778		25,744,693		26,932,400		80,491,468		25,548,395		26,942,502


	Health
	As of June 30, 2026						As of June 30, 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	$	13,529,278	$	8,168,981	$	8,153,609	$	9,701,771	$	5,974,711	$	5,982,760
PV of expected future net premiums	9,271,574		5,593,064		5,583,238		6,674,188		4,106,142		4,112,123
PV of expected future policy benefits	9,360,545		5,585,580		5,568,127		6,782,252		4,153,056		4,154,306

Family Heritage
PV of expected future gross premiums	$	7,855,732	$	4,546,335	$	4,345,127	$	7,545,828	$	4,365,220	$	4,145,063
PV of expected future net premiums	3,350,379		1,947,564		1,854,658		3,293,461		1,915,617		1,810,846
PV of expected future policy benefits	7,843,369		3,955,977		3,661,884		7,465,105		3,815,188		3,491,041

Liberty National
PV of expected future gross premiums	$	1,965,930	$	1,249,002	$	1,272,494	$	2,006,456	$	1,276,610	$	1,309,873
PV of expected future net premiums	482,498		321,835		322,541		489,624		329,180		331,851
PV of expected future policy benefits	1,324,987		748,734		764,438		1,353,104		772,935		795,244

American Income
PV of expected future gross premiums	$	1,993,118	$	1,053,728	$	1,081,418	$	1,795,279	$	1,005,844	$	1,036,573
PV of expected future net premiums	465,807		246,487		246,916		408,732		229,169		229,830
PV of expected future policy benefits	826,833		382,235		391,257		728,196		357,412		367,366

Direct to Consumer
PV of expected future gross premiums	$	425,902	$	254,873	$	259,508	$	256,043	$	163,050	$	167,656
PV of expected future net premiums	340,104		202,835		206,134		220,022		139,486		143,068
PV of expected future policy benefits	312,948		190,039		193,054		214,895		134,276		137,532

Total
PV of expected future gross premiums	$	25,769,960	$	15,272,919	$	15,112,156	$	21,305,377	$	12,785,435	$	12,641,925
PV of expected future net premiums	13,910,362		8,311,785		8,213,487		11,086,027		6,719,594		6,627,718
PV of expected future policy benefits	19,668,682		10,862,565		10,578,760		16,543,552		9,232,867		8,945,489

Schedule of Policyholder Account Balance

The following table summarizes the balances of, and changes in, policyholders’ account balances as of June 30, 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	—		473		—		—		347		—
Premiums and deposits received	9,882		6,972		255,930		10,400		6,953		148,520
Policy charges	(5,564)		—		—		(5,878)		—		—
Surrenders and withdrawals	(11,511)		(27,905)		(211,943)		(12,074)		(32,065)		(126,908)
Benefit payments	(13,814)		(18,648)		—		(16,332)		(25,926)		—

Interest credited	13,518		9,481		11,413		13,758		10,561		10,903
Other	2,329		(354)		(9,507)		3,877		(546)		(8,973)
Balance at June 30,	$	706,527	$	550,688	$	577,940	$	717,140	$	615,897	$	492,146

(1) At June 30, 2026 and 2025, $377 million and $427 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.


	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 April 1,	$	708,729	$	568,078	$	576,452	$	720,269	$	636,219	$	463,148
Issuances	—		287		—		—		176		—
Premiums and deposits received	4,833		2,903		69,116		5,150		3,187		61,635
Policy charges	(2,760)		—		—		(2,892)		—		—
Surrenders and withdrawals	(5,884)		(14,183)		(68,625)		(6,108)		(15,534)		(33,780)
Benefit payments	(6,563)		(10,872)		—		(8,003)		(13,095)		—

Interest credited	6,754		4,738		5,809		6,883		5,188		5,460
Other	1,418		(263)		(4,812)		1,841		(244)		(4,317)
Balance at June 30,	$	706,527	$	550,688	$	577,940	$	717,140	$	615,897	$	492,146


Weighted-average credit rate	3.87		%	3.43		%	4.09		%	3.89		%	3.36		%	4.65		%
Net amount at risk	$	1,512,781		N/A			N/A			$	1,609,774		N/A			N/A
Cash surrender value	$	662,772		$	550,688		$	577,940		$	671,517		$	615,897		$	492,146

(1) At June 30, 2026 and 2025, $377 million and $427 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

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 June 30, 2026 and 2025:


	At June 30, 2026
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity(1)		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	2,090	$	485,407
3.00%-3.99%	29,413		378,618		3,170
4.00%-4.99%	587,960		169,980		54,836
Greater than 5.00%	89,154		—		34,527



















Total	$	706,527	$	550,688	$	577,940

(1) At June 30, 2026, $377 million has been reinsured with third-party reinsurers under existing reinsurance agreements.


	At June 30, 2025
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity(1)		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	2,244	$	398,451
3.00%-3.99%	29,395		436,884		3,140
4.00%-4.99%	598,244		176,769		55,368
Greater than 5.00%	89,501		—		35,187



















Total	$	717,140	$	615,897	$	492,146

(1) At June 30, 2025, $427 million has been reinsured with third-party reinsurers under existing reinsurance agreements.