
	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	268,475		73,401		59,258		6,172		407,306
Amortization expense	(100,155)		(51,493)		(30,352)		(4,834)		(186,834)
Foreign exchange adjustment	9,821		—		—		—		9,821

Balance at June 30, 2025	$	3,078,370	$	1,803,138	$	757,696	$	291,844	$	5,931,048

Balance at January 1, 2026	$	3,248,907	$	1,818,120	$	790,987	$	289,736	$	6,147,750
Capitalizations	274,007		72,887		65,135		6,554		418,583
Amortization expense	(112,647)		(53,020)		(33,301)		(8,377)		(207,345)
Foreign exchange adjustment	(7,459)		—		—		—		(7,459)

Balance at June 30, 2026	$	3,402,808	$	1,837,987	$	822,821	$	287,913	$	6,351,529


	Life
	American Income		DTC		Liberty National		Other		Total





Balance at April 1, 2025	$	2,986,007	$	1,792,790	$	743,388	$	292,635	$	5,814,820
Capitalizations	134,605		36,253		29,667		3,365		203,890
Amortization expense	(50,781)		(25,905)		(15,359)		(4,156)		(96,201)
Foreign exchange adjustment	8,539		—		—		—		8,539

Balance at June 30, 2025	$	3,078,370	$	1,803,138	$	757,696	$	291,844	$	5,931,048






Balance at April 1, 2026	$	3,329,644	$	1,830,728	$	804,800	$	288,673	$	6,253,845
Capitalizations	137,555		33,910		34,881		3,428		209,774
Amortization expense	(56,952)		(26,651)		(16,860)		(4,188)		(104,651)
Foreign exchange adjustment	(7,439)		—		—		—		(7,439)

Balance at June 30, 2026	$	3,402,808	$	1,837,987	$	822,821	$	287,913	$	6,351,529


	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	1,352		38,104		11,721		7,403		—		58,580
Amortization expense	(2,809)		(16,040)		(7,819)		(2,618)		(74)		(29,360)
Foreign exchange adjustment	—		—		—		441		—		441

Balance at June 30, 2025	$	69,073	$	518,183	$	152,822	$	81,545	$	1,459	$	823,082

Balance at January 1, 2026	$	67,952	$	543,379	$	152,210	$	86,446	$	1,399	$	851,386
Capitalizations	1,691		43,569		6,371		7,398		1		59,030
Amortization expense	(2,615)		(18,410)		(7,718)		(2,674)		(57)		(31,474)
Foreign exchange adjustment	—		—		—		(302)		—		(302)

Balance at June 30, 2026	$	67,028	$	568,538	$	150,863	$	90,868	$	1,343	$	878,640


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total





Balance at April 1, 2025	$	69,755	$	506,712	$	150,977	$	78,833	$	1,496	$	807,773
Capitalizations	736		19,573		5,802		3,671		—		29,782
Amortization expense	(1,418)		(8,102)		(3,957)		(1,327)		(37)		(14,841)
Foreign exchange adjustment	—		—		—		368		—		368

Balance at June 30, 2025	$	69,073	$	518,183	$	152,822	$	81,545	$	1,459	$	823,082
















Balance at April 1, 2026	$	67,488	$	555,779	$	151,815	$	88,822	$	1,371	$	865,275
Capitalizations	885		22,064		2,905		3,715		—		29,569
Amortization expense	(1,345)		(9,305)		(3,857)		(1,351)		(28)		(15,886)
Foreign exchange adjustment	—		—		—		(318)		—		(318)

Balance at June 30, 2026	$	67,028	$	568,538	$	150,863	$	90,868	$	1,343	$	878,640

The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets as of June 30, 2026 and 2025:


	June 30,
	2026		2025
Life
American Income	$	3,402,808	$	3,078,370
Direct to Consumer	1,837,987		1,803,138
Liberty National	822,821		757,696
Other	287,913		291,844
Total DAC—Life	6,351,529		5,931,048

Health
United American	67,028		69,073
Family Heritage	568,538		518,183
Liberty National	150,863		152,822
American Income	90,868		81,545
Direct to Consumer	1,343		1,459
Total DAC—Health	878,640		823,082

Annuity	—		691
Total	$	7,230,169	$	6,754,821