| Schedule of Fair Value Measurements on a Recurring and Nonrecurring Basis by Asset Class and Level of Input |
The following tables present our fair value measurements on a recurring and nonrecurring basis by asset class and level of input as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | (in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | | Recurring fair value measurements: | | | | | | | | | | Available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 761,885 | | | $ | 1,275 | | | $ | 760,256 | | | $ | 354 | | | Collateralized debt obligations | | 243,276 | | | 0 | | | 243,276 | | | 0 | | | Commercial mortgage-backed securities | | 156,230 | | | 0 | | | 132,348 | | | 23,882 | | | Residential mortgage-backed securities | | 208,027 | | | 0 | | | 205,468 | | | 2,559 | | | Other debt securities | | 41,131 | | | 0 | | | 41,131 | | | 0 | | | U.S. Treasury | | 840 | | | 0 | | | 840 | | | 0 | | Total available-for-sale securities (1) | | 1,411,389 | | | 1,275 | | | 1,383,319 | | | 26,795 | | | Equity securities: | | | | | | | | | | Exchange-traded funds | | 79,803 | | | 79,803 | | | 0 | | | 0 | | | Non-redeemable preferred stocks: | | | | | | | | | | Financial services sector | | 62,370 | | | 510 | | | 61,843 | | | 17 | | | Utilities sector | | 545 | | | 0 | | | 545 | | | 0 | | | Energy sector | | 3,530 | | | 0 | | | 3,530 | | | 0 | | | Consumer sector | | 2,887 | | | 0 | | | 2,881 | | | 6 | | | Technology sector | | 26 | | | 0 | | | 0 | | | 26 | | | | | | | | | | | | Communications sector | | 1,440 | | | 0 | | | 1,440 | | | 0 | | Total non-redeemable preferred stocks (2) | | 70,798 | | | 510 | | | 70,239 | | | 49 | | | Total equity securities | | 150,601 | | | 80,313 | | | 70,239 | | | 49 | | | | | | | | | | | | Total recurring fair value measurements | | $ | 1,561,990 | | | $ | 81,588 | | | $ | 1,453,558 | | | $ | 26,844 | | Nonrecurring fair value measurements-equity securities (3) | | $ | 4,521 | | | $ | 0 | | | $ | 0 | | | $ | 4,521 | | | | | | | | | | |
(1)This includes $42.3 million of securities lent under a securities lending agreement. (2)This includes $14.1 million of securities lent under a securities lending agreement. (3)This excludes $11.7 million of equity securities without readily determinable fair values that were not remeasured at fair value during the reporting period. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | | Recurring fair value measurements: | | | | | | | | | | Available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 844,479 | | | $ | 998 | | | $ | 839,542 | | | $ | 3,939 | | | Collateralized debt obligations | | 133,267 | | | 0 | | | 133,267 | | | 0 | | | Commercial mortgage-backed securities | | 140,541 | | | 0 | | | 117,520 | | | 23,021 | | | Residential mortgage-backed securities | | 187,226 | | | 0 | | | 186,432 | | | 794 | | | Other debt securities | | 35,152 | | | 0 | | | 35,152 | | | 0 | | | U.S. Treasury | | 24,163 | | | 0 | | | 24,163 | | | 0 | | Total available-for-sale securities (1) | | 1,364,828 | | | 998 | | | 1,336,076 | | | 27,754 | | | Equity securities: | | | | | | | | | | Non-redeemable preferred stocks: | | | | | | | | | Financial services sector (2) | | 69,114 | | | 2,593 | | | 66,350 | | | 171 | | | Utilities sector | | 3,696 | | | 0 | | | 3,696 | | | 0 | | | Energy sector | | 2,713 | | | 0 | | | 2,713 | | | 0 | | Consumer sector (2) | | 2,403 | | | 0 | | | 2,393 | | | 10 | | Technology sector (2) | | 0 | | | 0 | | | 0 | | | 0 | | | | | | | | | | | | Communications sector | | 953 | | | 0 | | | 953 | | | 0 | | Total non-redeemable preferred stocks (3) | | 78,879 | | | 2,593 | | | 76,105 | | | 181 | | | Total equity securities | | 78,879 | | | 2,593 | | | 76,105 | | | 181 | | Total recurring fair value measurements (2) | | $ | 1,443,707 | | | $ | 3,591 | | | $ | 1,412,181 | | | $ | 27,935 | | Nonrecurring fair value measurements-equity securities (2) | | $ | 3,161 | | | $ | 0 | | | $ | 0 | | | $ | 3,161 | | | | | | | | | | |
(1) This includes $44.4 million of securities lent under a securities lending agreement. (2) Prior-period amounts have been revised to separately present nonrecurring fair value measurements and to exclude $8.7 million of equity securities without readily determinable fair values that were not remeasured at fair value during the reporting period. These revisions are not material and the impact was limited to our financial statement footnote disclosures. (3) This includes $20.1 million of securities lent under a securities lending agreement.
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| Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis |
Level 3 Assets – 2026 Quarterly Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Beginning balance at June 30, 2026 | | Included in earnings(1) | | Included
in other
comprehensive
income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2026 | | Available-for-sale securities: | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 478 | | | $ | (31) | | | $ | 12 | | | $ | 2 | | | $ | (107) | | | $ | 0 | | | $ | 0 | | | $ | 354 | | | | | | | | | | | | | | | | | | | | Commercial mortgage-backed securities | | 12,962 | | | 36 | | | (466) | | | 2,763 | | | (2) | | | 12,248 | | | (3,659) | | | 23,882 | | | Residential mortgage-backed securities | | 1,095 | | | (1) | | | (51) | | | 0 | | | (40) | | | 2,015 | | | (459) | | | 2,559 | | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 14,535 | | | 4 | | | (505) | | | 2,765 | | | (149) | | | 14,263 | | | (4,118) | | | 26,795 | | Equity securities (3) | | 135 | | | 8 | | | — | | | 0 | | | (94) | | | 0 | | | 0 | | | 49 | | | Total Level 3 securities | | $ | 14,670 | | | $ | 12 | | | $ | (505) | | | $ | 2,765 | | | $ | (243) | | | $ | 14,263 | | | $ | (4,118) | | | $ | 26,844 | |
Level 3 Assets – 2026 Year-to-Date Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Beginning balance at December 31, 2025 | | Included in earnings(1) | | Included
in other
comprehensive
income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2026 | | Available-for-sale securities: | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 3,939 | | | $ | (130) | | | $ | (8) | | | $ | 818 | | | $ | (4,321) | | | $ | 1,023 | | | $ | (967) | | | $ | 354 | | | | | | | | | | | | | | | | | | | | Commercial mortgage-backed securities | | 23,021 | | | (863) | | | (472) | | | 2,763 | | | (1,278) | | | 22,783 | | | (22,072) | | | 23,882 | | | Residential mortgage-backed securities | | 794 | | | (1) | | | (65) | | | 0 | | | (78) | | | 3,248 | | | (1,339) | | | 2,559 | | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 27,754 | | | (994) | | | (545) | | | 3,581 | | | (5,677) | | | 27,054 | | | (24,378) | | | 26,795 | | Equity securities (3) | | 181 | | | (21) | | | — | | | 0 | | | (138) | | | 27 | | | 0 | | | 49 | | | Total Level 3 securities | | $ | 27,935 | | | $ | (1,015) | | | $ | (545) | | | $ | 3,581 | | | $ | (5,815) | | | $ | 27,081 | | | $ | (24,378) | | | $ | 26,844 | |
Level 3 Assets – 2025 Quarterly Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Beginning balance at June 30, 2025 | | Included in earnings(1) | | Included
in other
comprehensive
income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2025 | | Available-for-sale securities: | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 6,176 | | | $ | 21 | | | $ | 45 | | | $ | 0 | | | $ | (1,252) | | | $ | 1,139 | | | $ | (3,074) | | | $ | 3,055 | | | | | | | | | | | | | | | | | | | | Commercial mortgage-backed securities | | 16,434 | | | (226) | | | 99 | | | 0 | | | (347) | | | 5,331 | | | (3,525) | | | 17,766 | | | Residential mortgage-backed securities | | 0 | | | 0 | | | 0 | | | 0 | | | 0 | | | 1,284 | | | 0 | | | 1,284 | | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 22,610 | | | (205) | | | 144 | | | 0 | | | (1,599) | | | 7,754 | | | (6,599) | | | 22,105 | | Equity securities (3) | | 6 | | | 0 | | | — | | | 0 | | | 0 | | | 0 | | | 0 | | | 6 | | | Total Level 3 securities | | $ | 22,616 | | | $ | (205) | | | $ | 144 | | | $ | 0 | | | $ | (1,599) | | | $ | 7,754 | | | $ | (6,599) | | | $ | 22,111 | |
Level 3 Assets – 2025 Year-to-Date Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Beginning balance at December 31, 2024 | | Included in earnings(1) | | Included
in other
comprehensive
income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2025 | | Available-for-sale securities: | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 6,268 | | | $ | 51 | | | $ | 12 | | | $ | 3,085 | | | $ | (2,044) | | | $ | 4,615 | | | $ | (8,932) | | | $ | 3,055 | | | Collateralized debt obligations | | 0 | | | (4) | | | 0 | | | 700 | | | (696) | | | 0 | | | 0 | | | 0 | | | Commercial mortgage-backed securities | | 24,089 | | | (848) | | | 503 | | | 1,997 | | | (2,734) | | | 16,403 | | | (21,644) | | | 17,766 | | | Residential mortgage-backed securities | | 0 | | | 0 | | | 0 | | | 0 | | | (18) | | | 2,207 | | | (905) | | | 1,284 | | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 30,357 | | | (801) | | | 515 | | | 5,782 | | | (5,492) | | | 23,225 | | | (31,481) | | | 22,105 | | Equity securities (3) | | 500 | | | (14) | | | — | | | 0 | | | 0 | | | 18 | | | (498) | | | 6 | | | Total Level 3 securities | | $ | 30,857 | | | $ | (815) | | | $ | 515 | | | $ | 5,782 | | | $ | (5,492) | | | $ | 23,243 | | | $ | (31,979) | | | $ | 22,111 | |
(1)These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above. (2)Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. (3)Prior-period amounts have been revised to exclude equity securities without readily determinable fair values. These revisions are not material and the impact was limited to our financial statement footnote disclosures.
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| Schedule of Financial Instruments Not Carried at Fair Value |
The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | (in thousands) | | Carrying value | | Fair value | | Carrying value | | Fair value | Agent loans, net (1) | | $ | 118,738 | | | $ | 107,835 | | | $ | 109,331 | | | $ | 113,850 | | Other loans receivable, net (2) | | 20,146 | | | 16,176 | | | 15,491 | | | 12,509 | | | | | | | | | | | | | | | | | | | | Held-to-maturity securities, net (3) | | 4,833 | | | 4,261 | | | 4,833 | | | 4,863 | |
(1) The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of Financial Position. (2) The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively, in the Consolidated Statements of Financial Position. (3) Held-to-maturity securities are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position.
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