| 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:
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
Year ended |
|
|
|
June 30, 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 |
|
|
(221,639 |
) |
|
|
(384,313 |
) |
Adjusted balance, beginning of period |
|
|
13,829,288 |
|
|
|
13,495,162 |
|
Issuances |
|
|
855,799 |
|
|
|
1,651,384 |
|
Interest accrual at original discount rate |
|
|
309,722 |
|
|
|
627,419 |
|
Net premiums collected |
|
|
(890,150 |
) |
|
|
(1,770,529 |
) |
Foreign currency translation |
|
|
(36,825 |
) |
|
|
47,642 |
|
Expected net premiums at original discount rate, end of period |
|
|
14,067,834 |
|
|
|
14,051,078 |
|
Effect of changes in discount rate assumptions |
|
|
(171,811 |
) |
|
|
16,126 |
|
Expected net premiums at then current discount rate, end of period |
|
$ |
13,896,023 |
|
|
$ |
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 |
|
|
(250,755 |
) |
|
|
(426,822 |
) |
Adjusted balance, beginning of period |
|
|
20,491,159 |
|
|
|
19,900,415 |
|
Issuances |
|
|
854,643 |
|
|
|
1,655,501 |
|
Interest accrual at original discount rate |
|
|
477,902 |
|
|
|
958,540 |
|
Benefit payments |
|
|
(918,565 |
) |
|
|
(1,846,085 |
) |
Foreign currency translation |
|
|
(55,936 |
) |
|
|
73,689 |
|
Expected future policy benefits at original discount rate, end of period |
|
|
20,849,203 |
|
|
|
20,742,060 |
|
Effect of changes in discount rate assumptions |
|
|
(350,639 |
) |
|
|
(60,355 |
) |
Expected future policy benefits at then current discount rate, end of period |
|
$ |
20,498,564 |
|
|
$ |
20,681,705 |
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
|
(Dollars in thousands) |
|
|
|
Term Life Insurance |
|
LFPB |
|
$ |
6,602,541 |
|
|
$ |
6,614,501 |
|
Less: reinsurance recoverables |
|
|
2,435,774 |
|
|
|
2,550,187 |
|
Net LFPB, after reinsurance recoverables |
|
$ |
4,166,767 |
|
|
$ |
4,064,314 |
|
Weighted-average duration of net LFPB (in years) |
|
|
8.4 |
|
|
|
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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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
(In thousands) |
|
Term Life Insurance |
|
|
|
Undiscounted |
|
|
Discounted |
|
|
Undiscounted |
|
|
Discounted |
|
Expected future benefit payments |
$ |
34,275,032 |
|
|
$ |
20,498,564 |
|
|
$ |
34,009,893 |
|
|
$ |
20,681,706 |
|
Expected future gross premiums |
$ |
39,536,069 |
|
|
$ |
26,880,097 |
|
|
$ |
39,384,920 |
|
|
$ |
27,195,943 |
|
|