Revision of Previously Issued Condensed Consolidated Financial Statements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Revision of Previously Issued Condensed Consolidated Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revision of Previously Issued Condensed Consolidated Financial Statements |
Note 12 – Revision of Previously Issued Condensed Consolidated Financial Statements
As disclosed in Note 17 of the December 31, 2025 Form 10-K filing,
the Company
adopted ASU 2018-12 on December 31, 2025, for the liability for future policy
benefits. ASU 2018-12 was adopted on a modified retrospective basis such that
the balance for the liability for future policy benefits was adjusted to
conform to ASU 2018-12 effective January 1, 2024. With respect to an analysis
for market risk benefits, the Company concluded that it had no market-based
options or guarantees associated with its liability for policyholders’ account
balances. Also, the Company does not currently have a deferred acquisition cost
asset and did not have such an asset at January 1, 2024. To improve the consistency and comparability of the 2025 quarterly
condensed consolidated financial statements, Management has revised the June 30,
2025 condensed consolidated financial statements and related disclosures to reflect
the implementation.
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