| Present Value Expected Net Premiums and Expected Future Policy Benefits |
The following tables summarize the 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.
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
|
|
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 |
|
|
(2,788 |
) |
|
|
— |
|
Effect of actual variances from expected experience |
|
|
(1,396 |
) |
|
|
(2,233 |
) |
Adjusted beginning of year balance |
|
$ |
181,324 |
|
|
$ |
202,073 |
|
Issuances |
|
|
3,058 |
|
|
|
7,353 |
|
Interest accrual |
|
|
6,624 |
|
|
|
7,486 |
|
Net premium collected |
|
|
(24,750 |
) |
|
|
(27,224 |
) |
Other |
|
|
— |
|
|
|
— |
|
Ending balance at original discount rate |
|
$ |
166,256 |
|
|
$ |
189,688 |
|
Effect of changes in discount rate assumptions (AOCI) |
|
|
1,445 |
|
|
|
3,322 |
|
Balance, end of period |
|
$ |
167,701 |
|
|
$ |
193,010 |
|
|
|
|
|
|
|
|
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 |
|
|
(3,773 |
) |
|
|
— |
|
Effect of actual variances from expected experiences |
|
|
(1,591 |
) |
|
|
(4,279 |
) |
Adjusted beginning of year balance |
|
$ |
485,611 |
|
|
$ |
509,834 |
|
Issuances |
|
|
3,057 |
|
|
|
7,353 |
|
Interest accrual |
|
|
17,739 |
|
|
|
18,888 |
|
Benefit payments |
|
|
(42,413 |
) |
|
|
(39,689 |
) |
Other |
|
|
— |
|
|
|
— |
|
Ending balance at original discount rate |
|
$ |
463,994 |
|
|
$ |
496,386 |
|
Effect of changes in discount rate assumptions (AOCI) |
|
|
5,426 |
|
|
|
13,778 |
|
Balance, end of period |
|
$ |
469,420 |
|
|
$ |
510,164 |
|
End of period, LFPB net |
|
|
301,719 |
|
|
|
317,153 |
|
Payout annuities and market risk benefits |
|
|
22,637 |
|
|
|
24,752 |
|
Health insurance |
|
|
10,042 |
|
|
|
11,598 |
|
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable |
|
|
23,222 |
|
|
|
24,527 |
|
Life DPL / Other life and health |
|
|
8,085 |
|
|
|
8,941 |
|
LFPB flooring effect |
|
|
(1 |
) |
|
|
52 |
|
Life Insurance end of period balance |
|
$ |
365,704 |
|
|
$ |
387,023 |
|
Moving and Storage balance |
|
|
440,597 |
|
|
|
313,439 |
|
Property and Casualty Insurance balance |
|
|
124,463 |
|
|
|
129,530 |
|
Policy benefits and losses, claims and loss expenses balance, end of period |
|
$ |
930,764 |
|
|
$ |
829,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(Unaudited) |
|
|
|
|
(In thousands, except for percentages and weighted average information) |
|
|
Expected gross premiums |
|
|
|
|
|
|
|
Undiscounted balance |
|
$ |
309,987 |
|
|
$ |
348,354 |
|
|
Discounted balance at original discount rate |
|
$ |
240,279 |
|
|
$ |
270,029 |
|
|
Discounted balance at current discount rate |
|
$ |
242,432 |
|
|
$ |
274,428 |
|
|
|
|
|
|
|
|
|
|
Expected policy benefits |
|
|
|
|
|
|
|
Undiscounted balance |
|
$ |
665,628 |
|
|
$ |
714,265 |
|
|
Discounted balance at original discount rate |
|
$ |
463,993 |
|
|
$ |
496,385 |
|
|
Discounted balance at current discount rate |
|
$ |
469,419 |
|
|
$ |
510,163 |
|
|
|
|
|
|
|
|
|
|
Mortality, lapses and morbidity |
|
|
|
|
|
|
|
Mortality actual experience |
|
|
6.53 |
|
% |
|
4.89 |
|
% |
Mortality expected experience |
|
|
6.58 |
|
% |
|
5.43 |
|
% |
Lapses actual experience |
|
|
2.14 |
|
% |
|
2.18 |
|
% |
Lapses expected experience |
|
|
3.10 |
|
% |
|
2.72 |
|
% |
|
|
|
|
|
|
|
|
Premiums and interest expense |
|
|
|
|
|
|
|
Gross premiums (1) |
|
$ |
34,519 |
|
|
$ |
37,561 |
|
|
Interest expense (2) |
|
$ |
11,115 |
|
|
$ |
11,402 |
|
|
|
|
|
|
|
|
|
|
Expected duration (persistency) of policies in-force (years) |
|
|
6.7 |
|
|
|
6.8 |
|
|
|
|
|
|
|
|
|
|
Weighted average original interest rate of the liability for future policy benefits |
|
|
4.90 |
|
% |
|
4.97 |
|
% |
|
|
|
|
|
|
|
|
Weighted average current interest rate of the liability for future policy benefits |
|
|
4.28 |
|
% |
|
5.20 |
|
% |
|
The following tables summarize the 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.
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
|
|
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 |
|
|
(2,788 |
) |
|
|
— |
|
Effect of actual variances from expected experience |
|
|
(1,396 |
) |
|
|
(2,233 |
) |
Adjusted beginning of year balance |
|
$ |
181,324 |
|
|
$ |
202,073 |
|
Issuances |
|
|
3,058 |
|
|
|
7,353 |
|
Interest accrual |
|
|
6,624 |
|
|
|
7,486 |
|
Net premium collected |
|
|
(24,750 |
) |
|
|
(27,224 |
) |
Other |
|
|
— |
|
|
|
— |
|
Ending balance at original discount rate |
|
$ |
166,256 |
|
|
$ |
189,688 |
|
Effect of changes in discount rate assumptions (AOCI) |
|
|
1,445 |
|
|
|
3,322 |
|
Balance, end of period |
|
$ |
167,701 |
|
|
$ |
193,010 |
|
|
|
|
|
|
|
|
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 |
|
|
(3,773 |
) |
|
|
— |
|
Effect of actual variances from expected experiences |
|
|
(1,591 |
) |
|
|
(4,279 |
) |
Adjusted beginning of year balance |
|
$ |
485,611 |
|
|
$ |
509,834 |
|
Issuances |
|
|
3,057 |
|
|
|
7,353 |
|
Interest accrual |
|
|
17,739 |
|
|
|
18,888 |
|
Benefit payments |
|
|
(42,413 |
) |
|
|
(39,689 |
) |
Other |
|
|
— |
|
|
|
— |
|
Ending balance at original discount rate |
|
$ |
463,994 |
|
|
$ |
496,386 |
|
Effect of changes in discount rate assumptions (AOCI) |
|
|
5,426 |
|
|
|
13,778 |
|
Balance, end of period |
|
$ |
469,420 |
|
|
$ |
510,164 |
|
End of period, LFPB net |
|
|
301,719 |
|
|
|
317,153 |
|
Payout annuities and market risk benefits |
|
|
22,637 |
|
|
|
24,752 |
|
Health insurance |
|
|
10,042 |
|
|
|
11,598 |
|
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable |
|
|
23,222 |
|
|
|
24,527 |
|
Life DPL / Other life and health |
|
|
8,085 |
|
|
|
8,941 |
|
LFPB flooring effect |
|
|
(1 |
) |
|
|
52 |
|
Life Insurance end of period balance |
|
$ |
365,704 |
|
|
$ |
387,023 |
|
Moving and Storage balance |
|
|
440,597 |
|
|
|
313,439 |
|
Property and Casualty Insurance balance |
|
|
124,463 |
|
|
|
129,530 |
|
Policy benefits and losses, claims and loss expenses balance, end of period |
|
$ |
930,764 |
|
|
$ |
829,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(Unaudited) |
|
|
|
|
(In thousands, except for percentages and weighted average information) |
|
|
Expected gross premiums |
|
|
|
|
|
|
|
Undiscounted balance |
|
$ |
309,987 |
|
|
$ |
348,354 |
|
|
Discounted balance at original discount rate |
|
$ |
240,279 |
|
|
$ |
270,029 |
|
|
Discounted balance at current discount rate |
|
$ |
242,432 |
|
|
$ |
274,428 |
|
|
|
|
|
|
|
|
|
|
Expected policy benefits |
|
|
|
|
|
|
|
Undiscounted balance |
|
$ |
665,628 |
|
|
$ |
714,265 |
|
|
Discounted balance at original discount rate |
|
$ |
463,993 |
|
|
$ |
496,385 |
|
|
Discounted balance at current discount rate |
|
$ |
469,419 |
|
|
$ |
510,163 |
|
|
|
|
|
|
|
|
|
|
Mortality, lapses and morbidity |
|
|
|
|
|
|
|
Mortality actual experience |
|
|
6.53 |
|
% |
|
4.89 |
|
% |
Mortality expected experience |
|
|
6.58 |
|
% |
|
5.43 |
|
% |
Lapses actual experience |
|
|
2.14 |
|
% |
|
2.18 |
|
% |
Lapses expected experience |
|
|
3.10 |
|
% |
|
2.72 |
|
% |
|
|
|
|
|
|
|
|
Premiums and interest expense |
|
|
|
|
|
|
|
Gross premiums (1) |
|
$ |
34,519 |
|
|
$ |
37,561 |
|
|
Interest expense (2) |
|
$ |
11,115 |
|
|
$ |
11,402 |
|
|
|
|
|
|
|
|
|
|
Expected duration (persistency) of policies in-force (years) |
|
|
6.7 |
|
|
|
6.8 |
|
|
|
|
|
|
|
|
|
|
Weighted average original interest rate of the liability for future policy benefits |
|
|
4.90 |
|
% |
|
4.97 |
|
% |
|
|
|
|
|
|
|
|
Weighted average current interest rate of the liability for future policy benefits |
|
|
4.28 |
|
% |
|
5.20 |
|
% |
|
| Balance Changes Liabilities Investment Contracts |
The following tables present the balances and changes in liabilities from investment contracts account balances:
|
|
|
|
|
|
|
Nine months ended December 31, 2025 |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
(In thousands, except for the average credited rate) |
|
Policyholder contract deposits account balance |
|
|
|
Beginning of year |
|
$ |
2,511,422 |
|
Deposits received |
|
|
247,328 |
|
Surrenders and withdrawals |
|
|
(353,662 |
) |
Benefit payments |
|
|
(24,715 |
) |
Interest credited |
|
|
72,952 |
|
Other |
|
|
— |
|
End of period |
|
$ |
2,453,325 |
|
Weighted average credited rate |
|
|
3.92 |
|
Cash surrender value |
|
$ |
2,157,343 |
|
|
|
|
|
|
|
|
Nine months ended December 31, 2024 |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
(In thousands, except for the average credited rate) |
|
Policyholder contract deposits account balance |
|
|
|
Beginning of year |
|
$ |
2,411,352 |
|
Deposits received |
|
|
389,848 |
|
Surrenders and withdrawals |
|
|
(290,875 |
) |
Benefit payments |
|
|
(27,130 |
) |
Interest credited |
|
|
58,290 |
|
Other |
|
|
5,455 |
|
End of period |
|
$ |
2,546,940 |
|
Weighted average credited rate |
|
|
3.35 |
|
Cash surrender value |
|
$ |
2,257,207 |
|
|
The following tables present the balances and changes in liabilities from investment contracts account balances:
|
|
|
|
|
|
|
Nine months ended December 31, 2025 |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
(In thousands, except for the average credited rate) |
|
Policyholder contract deposits account balance |
|
|
|
Beginning of year |
|
$ |
2,511,422 |
|
Deposits received |
|
|
247,328 |
|
Surrenders and withdrawals |
|
|
(353,662 |
) |
Benefit payments |
|
|
(24,715 |
) |
Interest credited |
|
|
72,952 |
|
Other |
|
|
— |
|
End of period |
|
$ |
2,453,325 |
|
Weighted average credited rate |
|
|
3.92 |
|
Cash surrender value |
|
$ |
2,157,343 |
|
|
|
|
|
|
|
|
Nine months ended December 31, 2024 |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
(In thousands, except for the average credited rate) |
|
Policyholder contract deposits account balance |
|
|
|
Beginning of year |
|
$ |
2,411,352 |
|
Deposits received |
|
|
389,848 |
|
Surrenders and withdrawals |
|
|
(290,875 |
) |
Benefit payments |
|
|
(27,130 |
) |
Interest credited |
|
|
58,290 |
|
Other |
|
|
5,455 |
|
End of period |
|
$ |
2,546,940 |
|
Weighted average credited rate |
|
|
3.35 |
|
Cash surrender value |
|
$ |
2,257,207 |
|
|