| Present Value Expected Net Premiums and Expected Future Policy Benefits |
The following tables summarize balances and changes in the liability for future policy benefits for life insurance contracts and a reconciliation to policy benefits and losses, claims and loss expense payable.
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|
|
|
|
|
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|
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|
Six months ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(Unaudited) |
|
|
|
(In thousands) |
|
Present value of expected net premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of year |
|
$ |
182,658 |
|
|
$ |
205,389 |
|
Beginning balance at original discount rate |
|
$ |
185,508 |
|
|
$ |
204,306 |
|
Effect of changes in cash flow assumptions |
|
|
(2,922 |
) |
|
|
— |
|
Effect of actual variances from expected experience |
|
|
(1,044 |
) |
|
|
(715 |
) |
Adjusted beginning of year balance |
|
$ |
181,542 |
|
|
$ |
203,591 |
|
Issuances |
|
|
2,410 |
|
|
|
4,780 |
|
Interest accrual |
|
|
4,403 |
|
|
|
4,998 |
|
Net premium collected |
|
|
(16,776 |
) |
|
|
(18,397 |
) |
Other |
|
|
— |
|
|
|
— |
|
Ending balance at original discount rate |
|
$ |
171,579 |
|
|
$ |
194,972 |
|
Effect of changes in discount rate assumptions (AOCI) |
|
|
298 |
|
|
|
(4,091 |
) |
Balance, end of period |
|
$ |
171,877 |
|
|
$ |
190,881 |
|
|
|
|
|
|
|
|
Present value of expected future policy benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of year |
|
$ |
482,805 |
|
|
$ |
522,122 |
|
Beginning balance at original discount rate |
|
$ |
490,975 |
|
|
$ |
514,113 |
|
Effect of changes in cash flow assumptions |
|
|
(3,887 |
) |
|
|
— |
|
Effect of actual variances from expected experiences |
|
|
(731 |
) |
|
|
(1,393 |
) |
Adjusted beginning of year balance |
|
$ |
486,357 |
|
|
$ |
512,720 |
|
Issuances |
|
|
2,410 |
|
|
|
4,780 |
|
Interest accrual |
|
|
11,797 |
|
|
|
12,587 |
|
Benefit payments |
|
|
(30,450 |
) |
|
|
(26,560 |
) |
Other |
|
|
— |
|
|
|
— |
|
Ending balance at original discount rate |
|
$ |
470,114 |
|
|
$ |
503,527 |
|
Effect of changes in discount rate assumptions (AOCI) |
|
|
1,269 |
|
|
|
(10,313 |
) |
Balance, end of period |
|
$ |
471,383 |
|
|
$ |
493,214 |
|
End of period, LFPB net |
|
|
299,511 |
|
|
|
302,332 |
|
Payout annuities and market risk benefits |
|
|
22,818 |
|
|
|
24,448 |
|
Health insurance |
|
|
10,179 |
|
|
|
17,238 |
|
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable |
|
|
28,229 |
|
|
|
28,952 |
|
Life DPL / Other life and health |
|
|
8,214 |
|
|
|
9,553 |
|
LFPB flooring effect |
|
|
— |
|
|
|
176 |
|
Life Insurance end of period balance |
|
$ |
368,951 |
|
|
$ |
382,699 |
|
Moving and Storage balance |
|
|
404,844 |
|
|
|
318,669 |
|
Property and Casualty Insurance balance |
|
|
126,507 |
|
|
|
132,264 |
|
Policy benefits and losses, claims and loss expenses balance, end of period |
|
$ |
900,302 |
|
|
$ |
833,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended September 30, |
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(Unaudited) |
|
|
|
|
(In thousands, except for percentages and weighted average information) |
|
|
Expected gross premiums |
|
|
|
|
|
|
|
Undiscounted balance |
|
$ |
319,669 |
|
|
$ |
350,890 |
|
|
Discounted balance at original discount rate |
|
$ |
247,543 |
|
|
$ |
272,992 |
|
|
Discounted balance at current discount rate |
|
$ |
248,018 |
|
|
$ |
266,964 |
|
|
|
|
|
|
|
|
|
|
Expected policy benefits |
|
|
|
|
|
|
|
Undiscounted balance |
|
$ |
675,928 |
|
|
$ |
723,862 |
|
|
Discounted balance at original discount rate |
|
$ |
470,113 |
|
|
$ |
503,526 |
|
|
Discounted balance at current discount rate |
|
$ |
471,382 |
|
|
$ |
493,213 |
|
|
|
|
|
|
|
|
|
|
Mortality, lapses and morbidity |
|
|
|
|
|
|
|
Mortality actual experience |
|
|
7.15 |
|
% |
|
5.06 |
|
% |
Mortality expected experience |
|
|
6.67 |
|
% |
|
5.44 |
|
% |
Lapses actual experience |
|
|
2.31 |
|
% |
|
1.90 |
|
% |
Lapses expected experience |
|
|
3.12 |
|
% |
|
2.73 |
|
% |
|
|
|
|
|
|
|
|
Premiums and interest expense |
|
|
|
|
|
|
|
Gross premiums (1) |
|
$ |
23,444 |
|
|
$ |
25,043 |
|
|
Interest expense (2) |
|
$ |
7,394 |
|
|
$ |
7,589 |
|
|
|
|
|
|
|
|
|
|
Expected duration (persistency) of policies in-force (years) |
|
|
6.7 |
|
|
|
6.8 |
|
|
|
|
|
|
|
|
|
|
Weighted average original interest rate of the liability for future policy benefits |
|
|
4.91 |
|
% |
|
4.97 |
|
% |
|
|
|
|
|
|
|
|
Weighted average current interest rate of the liability for future policy benefits |
|
|
4.37 |
|
% |
|
5.13 |
|
% |
|
| Balance Changes Liabilities Investment Contracts |
The following tables present the balances and changes in liabilities from investment contracts account balances:
|
|
|
|
|
|
|
Six Months Ended September 30, 2025 |
|
|
|
(Unaudited) |
|
|
|
(In thousands, except for the average credited rate) |
|
Policyholder contract deposits account balance |
|
|
|
Beginning of year |
|
$ |
2,511,422 |
|
Deposits received |
|
|
181,834 |
|
Surrenders and withdrawals |
|
|
(205,014 |
) |
Benefit payments |
|
|
(17,448 |
) |
Interest credited |
|
|
47,809 |
|
Other |
|
|
— |
|
End of period |
|
$ |
2,518,603 |
|
Weighted average credited rate |
|
|
3.80 |
|
Cash surrender value |
|
$ |
2,210,645 |
|
|
|
|
|
|
|
|
Six Months Ended September 30, 2024 |
|
|
|
(Unaudited) |
|
|
|
(In thousands, except for the average credited rate) |
|
Policyholder contract deposits account balance |
|
|
|
Beginning of year |
|
$ |
2,411,352 |
|
Deposits received |
|
|
226,771 |
|
Surrenders and withdrawals |
|
|
(164,919 |
) |
Benefit payments |
|
|
(19,625 |
) |
Interest credited |
|
|
37,584 |
|
Other |
|
|
5,868 |
|
End of period |
|
$ |
2,497,031 |
|
Weighted average credited rate |
|
|
3.29 |
|
Cash surrender value |
|
$ |
2,172,013 |
|
|