| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
(Unaudited) |
|
Assets |
|
(In thousands) |
|
Fixed maturities - available for sale |
|
$ |
2,501,436 |
|
|
$ |
— |
|
|
$ |
2,501,436 |
|
|
$ |
— |
|
Preferred stock |
|
|
8,075 |
|
|
|
8,075 |
|
|
|
— |
|
|
|
— |
|
Common stock |
|
|
49,343 |
|
|
|
49,343 |
|
|
|
— |
|
|
|
— |
|
Derivatives |
|
|
10,624 |
|
|
|
8,314 |
|
|
|
2,310 |
|
|
|
— |
|
Total |
|
$ |
2,569,478 |
|
|
$ |
65,732 |
|
|
$ |
2,503,746 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
|
$ |
411 |
|
|
$ |
— |
|
|
$ |
411 |
|
|
$ |
— |
|
Embedded derivatives |
|
|
8,966 |
|
|
|
— |
|
|
|
— |
|
|
|
8,966 |
|
Market risk benefits |
|
|
12,123 |
|
|
|
— |
|
|
|
— |
|
|
|
12,123 |
|
Total |
|
$ |
21,500 |
|
|
$ |
— |
|
|
$ |
411 |
|
|
$ |
21,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2025 |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
(Unaudited) |
|
Assets |
|
(In thousands) |
|
Fixed maturities - available for sale |
|
$ |
2,479,498 |
|
|
$ |
— |
|
|
$ |
2,479,498 |
|
|
$ |
— |
|
Preferred stock |
|
|
22,136 |
|
|
|
22,136 |
|
|
|
— |
|
|
|
— |
|
Common stock |
|
|
43,413 |
|
|
|
43,413 |
|
|
|
— |
|
|
|
— |
|
Derivatives |
|
|
13,200 |
|
|
|
8,819 |
|
|
|
4,381 |
|
|
|
— |
|
Total |
|
$ |
2,558,247 |
|
|
$ |
74,368 |
|
|
$ |
2,483,879 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives |
|
$ |
777 |
|
|
$ |
— |
|
|
$ |
777 |
|
|
$ |
— |
|
Embedded derivatives |
|
|
8,693 |
|
|
|
— |
|
|
|
— |
|
|
|
8,693 |
|
Market risk benefits |
|
|
13,432 |
|
|
|
— |
|
|
|
— |
|
|
|
13,432 |
|
Total |
|
$ |
22,902 |
|
|
$ |
— |
|
|
$ |
777 |
|
|
$ |
22,125 |
|
|
| Financial Instruments, Carrying and Estimated fair values |
The following tables represent our financial instruments not carried at fair value on the consolidated balance sheets and corresponding placement in the fair value hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy |
|
|
|
Carrying |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
As of December 31, 2025 |
|
Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value |
|
|
|
(Unaudited) |
|
Assets |
|
(In thousands) |
|
Trade receivables, net |
|
$ |
140,467 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
140,467 |
|
|
$ |
140,467 |
|
Mortgage loans, net |
|
|
699,878 |
|
|
|
— |
|
|
|
— |
|
|
|
695,362 |
|
|
|
695,362 |
|
Policy loans |
|
|
12,521 |
|
|
|
— |
|
|
|
— |
|
|
|
12,521 |
|
|
|
12,521 |
|
Total |
|
$ |
852,866 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
848,350 |
|
|
$ |
848,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes, loans and finance leases payable |
|
$ |
8,058,179 |
|
|
$ |
— |
|
|
$ |
7,462,822 |
|
|
$ |
— |
|
|
$ |
7,462,822 |
|
Liabilities from investment contracts |
|
|
2,444,359 |
|
|
|
— |
|
|
|
— |
|
|
|
2,406,345 |
|
|
|
2,406,345 |
|
Total |
|
$ |
10,502,538 |
|
|
$ |
— |
|
|
$ |
7,462,822 |
|
|
$ |
2,406,345 |
|
|
$ |
9,869,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy |
|
|
|
Carrying |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
As of March 31, 2025 |
|
Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Fair Value |
|
|
|
(Unaudited) |
|
Assets |
|
(In thousands) |
|
Trade receivables, net |
|
$ |
195,710 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
195,710 |
|
|
$ |
195,710 |
|
Mortgage loans, net |
|
|
657,567 |
|
|
|
— |
|
|
|
— |
|
|
|
639,162 |
|
|
|
639,162 |
|
Policy loans |
|
|
11,868 |
|
|
|
— |
|
|
|
— |
|
|
|
11,868 |
|
|
|
11,868 |
|
Total |
|
$ |
865,145 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
846,740 |
|
|
$ |
846,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes, loans and finance leases payable |
|
$ |
7,229,341 |
|
|
$ |
— |
|
|
$ |
6,703,510 |
|
|
|
— |
|
|
$ |
6,703,510 |
|
Liabilities from investment contracts |
|
|
2,502,729 |
|
|
|
— |
|
|
|
— |
|
|
|
2,436,537 |
|
|
|
2,436,537 |
|
Total |
|
$ |
9,732,070 |
|
|
$ |
— |
|
|
$ |
6,703,510 |
|
|
$ |
2,436,537 |
|
|
$ |
9,140,047 |
|
|