| Investment in Debt and Equity Securities and Other Trading Assets [Text Block] |
2. Investments
Investments in fixed maturity available-for-sale securities as of June 30, 2026 and December 31, 2025 are summarized as follows:
| |
|
|
|
|
|
Gross
|
|
|
Gross
|
|
|
|
|
|
| |
|
Amortized Cost
|
|
|
Unrealized
|
|
|
Unrealized
|
|
|
Fair
|
|
| |
|
or Cost
|
|
|
Gains
|
|
|
Losses
|
|
|
Value
|
|
| |
|
June 30, 2026 (Unaudited)
|
|
|
Fixed maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and U.S. government agencies
|
|
$ |
4,284,833 |
|
|
$ |
568 |
|
|
$ |
39,606 |
|
|
$ |
4,245,795 |
|
|
States and political subdivisions
|
|
|
6,402,163 |
|
|
|
36,554 |
|
|
|
265,522 |
|
|
|
6,173,195 |
|
|
U.S. government agency mortgage backed securities
|
|
|
49,869,894 |
|
|
|
310,075 |
|
|
|
494,820 |
|
|
|
49,685,149 |
|
|
Commercial mortgage-backed securities
|
|
|
27,306,242 |
|
|
|
88,847 |
|
|
|
1,023,730 |
|
|
|
26,371,359 |
|
|
Residential mortgage-backed securities
|
|
|
4,922,246 |
|
|
|
5,888 |
|
|
|
80,008 |
|
|
|
4,848,126 |
|
|
Corporate bonds
|
|
|
108,783,363 |
|
|
|
328,576 |
|
|
|
5,521,379 |
|
|
|
103,590,560 |
|
|
Asset-backed securities
|
|
|
14,259,658 |
|
|
|
40,267 |
|
|
|
526,064 |
|
|
|
13,773,861 |
|
|
Foreign bonds
|
|
|
25,785,374 |
|
|
|
17,483 |
|
|
|
1,292,560 |
|
|
|
24,510,297 |
|
|
Redeemable preferred securities
|
|
|
1,250,000 |
|
|
|
- |
|
|
|
235,000 |
|
|
|
1,015,000 |
|
|
Total fixed maturity securities
|
|
$ |
242,863,773 |
|
|
$ |
828,258 |
|
|
$ |
9,478,689 |
|
|
$ |
234,213,342 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities held in trust under coinsurance agreement
|
|
$ |
12,902,523 |
|
|
$ |
- |
|
|
$ |
3,812,428 |
|
|
$ |
9,090,095 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2025
|
|
|
Fixed maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and U.S. government agencies
|
|
$ |
4,277,139 |
|
|
$ |
8,812 |
|
|
$ |
- |
|
|
$ |
4,285,951 |
|
|
States and political subdivisions
|
|
|
6,645,125 |
|
|
|
81,942 |
|
|
|
221,635 |
|
|
|
6,505,432 |
|
|
U.S. government agency mortgage backed securities
|
|
|
35,136,311 |
|
|
|
549,560 |
|
|
|
145,116 |
|
|
|
35,540,755 |
|
|
Commercial mortgage-backed securities
|
|
|
24,293,112 |
|
|
|
270,654 |
|
|
|
912,864 |
|
|
|
23,650,902 |
|
|
Residential mortgage-backed securities
|
|
|
2,490,458 |
|
|
|
5,498 |
|
|
|
28,357 |
|
|
|
2,467,599 |
|
|
Corporate bonds
|
|
|
102,571,386 |
|
|
|
744,128 |
|
|
|
4,714,451 |
|
|
|
98,601,063 |
|
|
Asset-backed securities
|
|
|
11,988,613 |
|
|
|
59,759 |
|
|
|
478,278 |
|
|
|
11,570,094 |
|
|
Exchange traded securities
|
|
|
500,000 |
|
|
|
- |
|
|
|
8,000 |
|
|
|
492,000 |
|
|
Foreign bonds
|
|
|
26,837,279 |
|
|
|
79,509 |
|
|
|
1,124,079 |
|
|
|
25,792,709 |
|
|
Redeemable preferred securities
|
|
|
1,250,000 |
|
|
|
- |
|
|
|
230,000 |
|
|
|
1,020,000 |
|
|
Total fixed maturity securities
|
|
$ |
215,989,423 |
|
|
$ |
1,799,862 |
|
|
$ |
7,862,780 |
|
|
$ |
209,926,505 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities held in trust under coinsurance agreement
|
|
$ |
16,595,881 |
|
|
$ |
- |
|
|
$ |
4,218,278 |
|
|
$ |
12,377,603 |
|
All securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of June 30, 2026 and December 31, 2025 are summarized as follows:
| |
|
|
|
|
|
Unrealized
|
|
|
Number of
|
|
| |
|
Fair Value
|
|
|
Loss
|
|
|
Securities
|
|
| |
|
June 30, 2026 (Unaudited)
|
|
|
Fixed maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 months in an unrealized loss position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and U.S. government agencies
|
|
$ |
3,674,792 |
|
|
$ |
39,606 |
|
|
|
4 |
|
|
States and political subdivisions
|
|
|
1,650,354 |
|
|
|
59,295 |
|
|
|
7 |
|
|
U.S. government agency mortgage backed securities
|
|
|
27,692,727 |
|
|
|
494,820 |
|
|
|
37 |
|
|
Commercial mortgage-backed securities
|
|
|
8,689,550 |
|
|
|
74,081 |
|
|
|
14 |
|
|
Residential mortgage-backed securities
|
|
|
4,833,975 |
|
|
|
80,008 |
|
|
|
7 |
|
|
Corporate bonds
|
|
|
24,973,089 |
|
|
|
445,889 |
|
|
|
64 |
|
|
Asset-backed securities
|
|
|
4,923,406 |
|
|
|
33,752 |
|
|
|
15 |
|
|
Foreign bonds
|
|
|
5,822,083 |
|
|
|
40,159 |
|
|
|
15 |
|
|
Total less than 12 months in an unrealized loss position
|
|
|
82,259,976 |
|
|
|
1,267,610 |
|
|
|
163 |
|
|
More than 12 months in an unrealized loss position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and political subdivisions
|
|
|
1,923,513 |
|
|
|
206,227 |
|
|
|
10 |
|
|
Commercial mortgage-backed securities
|
|
|
7,148,688 |
|
|
|
949,649 |
|
|
|
18 |
|
|
Corporate bonds
|
|
|
53,886,038 |
|
|
|
5,075,490 |
|
|
|
148 |
|
|
Asset-backed securities
|
|
|
7,164,045 |
|
|
|
492,312 |
|
|
|
21 |
|
|
Foreign bonds
|
|
|
17,227,221 |
|
|
|
1,252,401 |
|
|
|
39 |
|
|
Redeemable preferred securities
|
|
|
1,015,000 |
|
|
|
235,000 |
|
|
|
4 |
|
|
Total more than 12 months in an unrealized loss position
|
|
|
88,364,505 |
|
|
|
8,211,079 |
|
|
|
240 |
|
|
Total fixed maturity securities in an unrealized loss position
|
|
$ |
170,624,481 |
|
|
$ |
9,478,689 |
|
|
|
403 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities held in trust under coinsurance agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total more than 12 months in an unrealized loss position
|
|
$ |
9,090,095 |
|
|
$ |
3,812,428 |
|
|
|
45 |
|
|
Total fixed maturity securities held in trust under coinsurance agreement in a unrealized loss position
|
|
$ |
9,090,095 |
|
|
$ |
3,812,428 |
|
|
|
45 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2025
|
|
|
Fixed maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 months in an unrealized loss position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and political subdivisions
|
|
$ |
1,307,678 |
|
|
$ |
44,604 |
|
|
|
5 |
|
|
U.S. government agency mortgage backed securities
|
|
|
5,160,399 |
|
|
|
123,520 |
|
|
|
6 |
|
|
Commercial mortgage-backed securities
|
|
|
695,052 |
|
|
|
1,718 |
|
|
|
1 |
|
|
Residential mortgage-backed securities
|
|
|
2,453,338 |
|
|
|
28,357 |
|
|
|
3 |
|
|
Corporate bonds
|
|
|
7,377,235 |
|
|
|
138,721 |
|
|
|
20 |
|
|
Asset-backed securities
|
|
|
1,210,524 |
|
|
|
5,917 |
|
|
|
5 |
|
|
Total less than 12 months in an unrealized loss position
|
|
|
18,204,226 |
|
|
|
342,837 |
|
|
|
40 |
|
|
More than 12 months in an unrealized loss position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and political subdivisions
|
|
|
2,239,531 |
|
|
|
177,031 |
|
|
|
11 |
|
|
U.S. government agency mortgage backed securities
|
|
|
1,911,879 |
|
|
|
21,596 |
|
|
|
3 |
|
|
Commercial mortgage-backed securities
|
|
|
7,905,115 |
|
|
|
911,146 |
|
|
|
20 |
|
|
Corporate bonds
|
|
|
57,656,183 |
|
|
|
4,575,730 |
|
|
|
159 |
|
|
Asset-backed securities
|
|
|
7,139,007 |
|
|
|
472,361 |
|
|
|
20 |
|
|
Exchange traded securities
|
|
|
492,000 |
|
|
|
8,000 |
|
|
|
2 |
|
|
Foreign bonds
|
|
|
19,057,958 |
|
|
|
1,124,079 |
|
|
|
44 |
|
|
Redeemable preferred securities
|
|
|
1,020,000 |
|
|
|
230,000 |
|
|
|
4 |
|
|
Total more than 12 months in an unrealized loss position
|
|
|
97,421,673 |
|
|
|
7,519,943 |
|
|
|
263 |
|
|
Total fixed maturity securities in an unrealized loss position
|
|
$ |
115,625,899 |
|
|
$ |
7,862,780 |
|
|
|
303 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities held in trust under coinsurance agreement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total less than 12 months in an unrealized loss position
|
|
$ |
89,555 |
|
|
$ |
356 |
|
|
|
1 |
|
|
Total more than 12 months in an unrealized loss position
|
|
|
12,288,048 |
|
|
|
4,217,922 |
|
|
|
56 |
|
|
Total fixed maturity securities held in trust under coinsurance agreement in a unrealized loss position
|
|
$ |
12,377,603 |
|
|
$ |
4,218,278 |
|
|
|
57 |
|
As of June 30, 2026, the Company held 403 available-for-sale fixed maturity securities with an unrealized loss of $9,478,689, fair value of $170,624,481 and amortized cost of $180,103,170. These unrealized losses were primarily due to the market interest rate movements in the bond market as of June 30, 2026. The ratio of the fair value to the amortized cost of these 403 securities is 95%.
As of December 31, 2025, the Company held 303 available-for-sale fixed maturity securities with an unrealized loss of $7,862,780, fair value of $115,625,899 and amortized cost of $123,488,679. These unrealized losses were primarily due to market interest rate movements in the bond market as of December 31, 2025. The ratio of the fair value to the amortized cost of these 303 securities is 94%.
The change in the current estimate of credit losses on fixed maturity available-for-sale securities for the six months ended June 30, 2026 and December 31, 2025, are summarized as follows:
| |
|
(Unaudited)
|
|
|
|
|
|
| |
|
June 30, 2026
|
|
|
December 31, 2025
|
|
| |
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
$ |
(529,984 |
) |
|
$ |
(725,960 |
) |
|
Current estimate of credit losses
|
|
|
(67,185 |
) |
|
|
195,976 |
|
|
Ending balance
|
|
$ |
(597,169 |
) |
|
$ |
(529,984 |
) |
Net unrealized losses included in other comprehensive income (loss) for investments classified as available-for-sale, net of the effect of deferred income taxes and future policy benefits related to discount rates as of June 30, 2026 and December 31, 2025, are summarized as follows:
| |
|
(Unaudited)
|
|
|
|
|
|
| |
|
June 30, 2026
|
|
|
December 31, 2025
|
|
|
Unrealized depreciation
|
|
|
|
|
|
|
|
|
|
Available-for-sale fixed maturity securities
|
|
$ |
(8,650,431 |
) |
|
$ |
(6,062,918 |
) |
|
Other long-term investments
|
|
|
(49,645 |
) |
|
|
(50,714 |
) |
|
Future policy benefits related to discount rate
|
|
|
18,215,710 |
|
|
|
16,873,830 |
|
|
Deferred income taxes
|
|
|
(1,998,283 |
) |
|
|
(2,259,642 |
) |
|
Accumulated other comprehensive income
|
|
$ |
7,517,351 |
|
|
$ |
8,500,556 |
|
| |
|
|
|
|
|
|
|
|
|
Assets held in trust under coinsurance agreement
|
|
|
|
|
|
|
|
|
|
Unrealized depreciation on fixed maturity securities available-for-sale
|
|
$ |
(3,812,428 |
) |
|
$ |
(4,218,278 |
) |
The information on future policy benefits related to discount rate is discussed in Note 10.
The Company’s other long-term investments as of June 30, 2026 and December 31, 2025 are summarized as follows:
| |
|
(Unaudited)
|
|
|
|
|
|
| |
|
June 30, 2026
|
|
|
December 31, 2025
|
|
|
Lotteries
|
|
$ |
47,788,375 |
|
|
$ |
50,487,453 |
|
|
Co-op loans
|
|
|
550,597 |
|
|
|
556,682 |
|
|
Commercial mortgage-backed securities
|
|
|
338,461 |
|
|
|
231,984 |
|
| |
|
|
|
|
|
|
|
|
|
Total long-term investments
|
|
$ |
48,677,433 |
|
|
$ |
51,276,119 |
|
The Company’s other long-term investments in lottery prize cash flows were $47,788,375 and $50,487,453 as of June 30, 2026 and December 31, 2025, respectively. The lottery prize cash flows are assignments of the future rights from lottery winners purchased at a discounted price. Payments on these investments are made by state run lotteries.
The Company’s other long-term investments in co-op loans were $550,597 and $556,682 as of June 30, 2026 and December 31, 2025, respectively. A co-op ownership is represented by shares of stock in a corporation that owns the real estate. Co-op loans use the shares of stock and not the real estate to secure the debt.
The Company’s amortized cost of other long-term investments in investments in specified properties were $388,106 and $282,698, as of June 30, 2026 and December 31, 2025, respectively. The Company’s fair value of other long-term investments in investments in specified properties were $338,461 and $231,984, as of June 30, 2026 and December 31, 2025, respectively. The Company has unfunded commitments for new investments totaling $4,766,466 and $4,872,846 as of June 30, 2026 and December 31, 2025, respectively.
The amortized cost and fair value of fixed maturity available-for-sale securities and other long-term investments as of June 30, 2026, by contractual maturity, are summarized as follows:
| |
|
June 30, 2026 (Unaudited)
|
|
| |
|
Fixed Maturity Available-For-Sale Securities
|
|
|
Lottery Prize Cash Flows
|
|
| |
|
Amortized Cost
|
|
|
Fair Value
|
|
|
Amortized Cost
|
|
|
Fair Value
|
|
|
Due in one year or less
|
|
$ |
4,197,617 |
|
|
$ |
4,155,338 |
|
|
$ |
10,386,150 |
|
|
$ |
10,470,865 |
|
|
Due after one year through five years
|
|
|
29,103,834 |
|
|
|
27,917,279 |
|
|
|
22,067,329 |
|
|
|
23,272,834 |
|
|
Due after five years through ten years
|
|
|
59,641,153 |
|
|
|
57,817,727 |
|
|
|
9,578,870 |
|
|
|
11,029,253 |
|
|
Due after ten years
|
|
|
116,288,108 |
|
|
|
111,983,586 |
|
|
|
5,756,026 |
|
|
|
7,282,305 |
|
|
Due at multiple maturity dates
|
|
|
33,633,061 |
|
|
|
32,339,412 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
242,863,773 |
|
|
$ |
234,213,342 |
|
|
$ |
47,788,375 |
|
|
$ |
52,055,257 |
|
The amortized cost and fair value of fixed maturity available-for-sale securities held in trust under coinsurance agreement as of June 30, 2026, by contractual maturity, are summarized as follows:
| |
|
June 30, 2026 (Unaudited)
|
|
| |
|
Fixed Maturity Available-For-Sale Securities
|
|
| |
|
Amortized Cost
|
|
|
Fair Value
|
|
|
Due in one year or less
|
|
$ |
380,225 |
|
|
$ |
379,377 |
|
|
Due after one year through five years
|
|
|
- |
|
|
|
- |
|
|
Due after five years through ten years
|
|
|
140,000 |
|
|
|
119,137 |
|
|
Due after ten years
|
|
|
11,890,074 |
|
|
|
8,201,205 |
|
|
Due at multiple maturity dates
|
|
|
492,224 |
|
|
|
390,376 |
|
| |
|
|
|
|
|
|
|
|
| |
|
$ |
12,902,523 |
|
|
$ |
9,090,095 |
|
Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Proceeds and gross realized gains (losses) from the sales, calls and maturities of fixed maturity securities available-for-sale, mortgage loans on real estate, investment real estate and equity securities for the three and six months ended June 30, 2026 and 2025 are summarized as follows:
| |
|
Three Months Ended June 30, (Unaudited)
|
|
| |
|
Fixed Maturity Securities
|
|
|
Mortgage Loans on Real Estate
|
|
|
Investment Real Estate
|
|
|
Equity Securities
|
|
| |
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
Proceeds
|
|
$ |
3,909,828 |
|
|
$ |
23,889,372 |
|
|
$ |
19,688,748 |
|
|
$ |
38,122,063 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
4,222 |
|
|
Gross realized gains
|
|
|
48,980 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,222 |
|
|
Gross realized losses
|
|
|
(7,145 |
) |
|
|
(73,291 |
) |
|
|
|
|
|
|
(1,137 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Loss on impairments
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| |
|
Six Months Ended June 30, (Unaudited)
|
|
| |
|
Fixed Maturity Securities
|
|
|
Mortgage Loans on Real Estate
|
|
|
Investment Real Estate
|
|
|
Equity Securities
|
|
| |
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
Proceeds
|
|
$ |
12,401,062 |
|
|
$ |
55,696,776 |
|
|
$ |
38,148,884 |
|
|
$ |
58,809,803 |
|
|
$ |
184,832 |
|
|
$ |
294,982 |
|
|
$ |
- |
|
|
$ |
6,944 |
|
|
Gross realized gains
|
|
|
54,924 |
|
|
|
221,430 |
|
|
|
- |
|
|
|
- |
|
|
|
34,462 |
|
|
|
29,412 |
|
|
|
- |
|
|
|
6,944 |
|
|
Gross realized losses
|
|
|
(7,567 |
) |
|
|
(68,641 |
) |
|
|
- |
|
|
|
(1,137 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Loss on impairments
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
The accumulated change in unrealized investment gains (losses) for fixed maturity available-for-sale securities and other long-term investments for the three and six months ended June 30, 2026 and 2025 and the amount of net realized investment gains (losses) on fixed maturity securities available-for-sale, mortgage loans on real estate, investment real estate and equity securities for the three and six months ended June 30, 2026 and 2025 are summarized as follows:
| |
|
Three Months Ended June 30, (Unaudited)
|
|
|
Six Months Ended June 30, (Unaudited)
|
|
| |
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
Change in unrealized investment gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities
|
|
$ |
91,489 |
|
|
$ |
631,473 |
|
|
$ |
(2,587,513 |
) |
|
$ |
4,479,851 |
|
|
Fixed maturity securities held in trust under coinsurance agreement
|
|
|
395,099 |
|
|
|
37,699 |
|
|
|
405,850 |
|
|
|
223,632 |
|
|
Other long-term investments
|
|
|
1,017 |
|
|
|
(52,192 |
) |
|
|
1,069 |
|
|
|
(52,192 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized investment gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities
|
|
|
41,835 |
|
|
|
(73,291 |
) |
|
|
47,357 |
|
|
|
152,789 |
|
|
Fixed maturity securities credit losses
|
|
|
(27,301 |
) |
|
|
(13,056 |
) |
|
|
(67,185 |
) |
|
|
618,110 |
|
|
Mortgage loans on real estate
|
|
|
- |
|
|
|
(1,137 |
) |
|
|
- |
|
|
|
(1,137 |
) |
|
Investment real estate
|
|
|
- |
|
|
|
- |
|
|
|
34,462 |
|
|
|
29,412 |
|
|
Equity securities
|
|
|
- |
|
|
|
4,222 |
|
|
|
- |
|
|
|
6,944 |
|
|
Equity securities, changes in fair value
|
|
|
(106,350 |
) |
|
|
60,304 |
|
|
|
63,663 |
|
|
|
33,128 |
|
Major categories of net investment income for the three and six months ended June 30, 2026 and 2025 are summarized as follows:
| |
|
Three Months Ended June 30, (Unaudited)
|
|
|
Six Months Ended June 30, (Unaudited)
|
|
| |
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
Fixed maturity securities
|
|
$ |
2,734,698 |
|
|
$ |
2,530,774 |
|
|
$ |
5,316,105 |
|
|
$ |
4,670,728 |
|
|
Equity securities
|
|
|
114,810 |
|
|
|
86,081 |
|
|
|
216,784 |
|
|
|
163,027 |
|
|
Other long-term investments
|
|
|
929,687 |
|
|
|
1,069,651 |
|
|
|
1,906,527 |
|
|
|
2,191,549 |
|
|
Mortgage loans
|
|
|
5,383,012 |
|
|
|
5,612,876 |
|
|
|
10,784,741 |
|
|
|
10,456,826 |
|
|
Policy loans
|
|
|
108,801 |
|
|
|
88,103 |
|
|
|
209,226 |
|
|
|
171,410 |
|
|
Short-term and other investments
|
|
|
298,478 |
|
|
|
410,977 |
|
|
|
567,123 |
|
|
|
741,125 |
|
|
Gross investment income
|
|
|
9,569,486 |
|
|
|
9,798,462 |
|
|
|
19,000,506 |
|
|
|
18,394,665 |
|
|
Investment expenses
|
|
|
(642,255 |
) |
|
|
(687,224 |
) |
|
|
(1,214,703 |
) |
|
|
(1,465,144 |
) |
|
Net investment income
|
|
$ |
8,927,231 |
|
|
$ |
9,111,238 |
|
|
$ |
17,785,803 |
|
|
$ |
16,929,521 |
|
TLIC and FBLIC are required to hold assets on deposit with various state insurance departments for the benefit of policyholders and other special deposits in accordance with statutory rules and regulations. As of June 30, 2026 and December 31, 2025, these required deposits, included in investment assets, had amortized costs that totaled $5,082,632 and $5,074,730, respectively. As of June 30, 2026 and December 31, 2025, these required deposits had fair values that totaled $5,038,316 and $5,077,193, respectively.
The Company’s mortgage loans by property type as of June 30, 2026 and December 31, 2025 are summarized as follows:
| |
|
(Unaudited)
|
|
|
|
|
|
| |
|
June 30, 2026
|
|
|
December 31, 2025
|
|
|
Residential mortgage loans
|
|
$ |
219,472,643 |
|
|
$ |
221,015,308 |
|
| |
|
|
|
|
|
|
|
|
|
Commercial mortgage loans by property type
|
|
|
|
|
|
|
|
|
|
Agricultural
|
|
|
240,428 |
|
|
|
241,755 |
|
|
Apartment
|
|
|
7,513,027 |
|
|
|
6,556,864 |
|
|
Industrial
|
|
|
5,592,636 |
|
|
|
2,631,676 |
|
|
Lodging
|
|
|
2,787,415 |
|
|
|
1,235,173 |
|
|
Office building
|
|
|
7,040,496 |
|
|
|
5,746,795 |
|
|
Retail
|
|
|
14,524,791 |
|
|
|
13,472,143 |
|
| |
|
|
|
|
|
|
|
|
|
Total commercial mortgage loans by property type
|
|
|
37,698,793 |
|
|
|
29,884,406 |
|
| |
|
|
|
|
|
|
|
|
|
Total mortgage loans
|
|
$ |
257,171,436 |
|
|
$ |
250,899,714 |
|
| |
|
|
|
|
|
|
|
|
|
Mortgage loans held in trust under coinsurance agreement
|
|
|
|
|
|
|
|
|
|
Commercial mortgage loans
|
|
$ |
4,853,932 |
|
|
$ |
5,298,828 |
|
| |
|
|
|
|
|
|
|
|
|
Total mortgage loans held in trust under coinsurance agreement
|
|
$ |
4,853,932 |
|
|
$ |
5,298,828 |
|
There were 35 mortgage loans with a remaining principal balance of $6,435,923 that were more than 90 days past due as of June 30, 2026. There were 33 mortgage loans with a remaining principal balance of $7,935,123 that were more than 90 days past due as of June 30, 2025.
There were 10 mortgage loans in default and in the foreclosure process with a remaining principal balance of $1,034,571 as of June 30, 2026. There were 10 mortgage loans in default and in the foreclosure process with a remaining principal balance of $2,304,822 as of June 30, 2025.
The Company’s investment real estate as of June 30, 2026 and December 31, 2025 is summarized as follows:
| |
|
(Unaudited)
|
|
|
|
|
|
| |
|
June 30, 2026
|
|
|
December 31, 2025
|
|
|
Land - held for investment
|
|
$ |
411,000 |
|
|
$ |
411,000 |
|
|
Residential real estate - held for sale
|
|
|
2,272,607 |
|
|
|
2,115,085 |
|
|
Total investment in real estate
|
|
$ |
2,683,607 |
|
|
$ |
2,526,085 |
|
TLIC owns approximately three acres of undeveloped land located in Topeka, Kansas with a carrying value of $280,000.
FBLIC owns approximately one-half acre of undeveloped land located in Jefferson City, Missouri with a carrying value of $131,000.
During 2026, the Company foreclosed on residential mortgage loans of real estate totaling $307,892 and transferred those properties to investment real estate held for sale.
During 2025, the Company foreclosed on residential mortgage loans of real estate totaling $459,180 and transferred those properties to investment real estate held for sale.
During 2026, the Company sold investment real estate property with an aggregate carrying value of $150,370. The Company recorded a gross realized investment gain on sale of $34,462 based on an aggregate sales price of $184,832.
During 2025, the Company sold investment real estate property with an aggregate carrying value of $452,370. The Company recorded a gross realized investment gain on sale of $44,054 based on an aggregate sales price of $496,424.
|