v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net income     $ 392,374 $ 347,395  
Adjustments to reconcile net income to cash provided by (used in) operating activities:          
Change in future policy benefits and other policy liabilities     91,855 93,709  
Deferral of policy acquisition costs     (252,522) (275,342)  
Amortization of deferred policy acquisition costs $ 85,128 $ 80,043 169,388 158,592  
Change in income taxes     (93,968) (49,947)  
Investment (gains) losses (1,691) 2,866 (2,087) 2,109  
Accretion and amortization of investments     (1,582) (1,579)  
Depreciation and amortization     7,901 10,024  
Change in reinsurance recoverables     72,995 88,798  
Change in agent balances, due premiums and other receivables     (16,215) (12,825)  
Trading securities sold, matured, called or (acquired), net     (19,737) 123  
Share-based compensation     15,551 15,477  
Change in other operating assets and liabilities, net     (13,343) (16,492)  
Net cash provided by (used in) operating activities     350,610 360,042  
Available-for-sale investments sold, matured or called:          
Fixed-maturity securities — sold     3,030 1,329  
Fixed-maturity securities — matured or called     297,185 235,712  
Equity securities — sold     0 26  
Equity securities — matured or called     0 1,829  
Available-for-sale investments acquired:          
Fixed-maturity securities     (539,815) (326,997)  
Short-term investments     (4,950) 0  
Equity securities — acquired     (123) (112)  
Purchases of property and equipment and other investing activities, net     (35,795) (12,258)  
Cash collateral received (returned) on loaned securities, net     3,703 (2,609)  
Sales (purchases) of short-term investments using securities lending collateral, net     (3,703) 2,609  
Cash received from redemption of deposit asset     131,418 0  
Net cash provided by (used in) investing activities     (149,050) (100,471)  
Cash flows from financing activities:          
Dividends paid     (75,597) (68,945)  
Common stock repurchased     (270,227) (247,098)  
Excise tax paid on common stock repurchased     (4,208) (3,910)  
Tax withholdings on share-based compensation     (6,061) (8,655)  
Finance leases     (117) (137)  
Net cash provided by (used in) financing activities     (356,210) (328,745)  
Effect of foreign exchange rate changes on cash     (1,394) 2,551  
Change in cash and cash equivalents     (156,044) (66,623)  
Cash and cash equivalents, beginning of period     756,227 687,821 $ 687,821
Cash and cash equivalents, end of period $ 600,183 $ 621,198 $ 600,183 $ 621,198 $ 756,227