Future Policy Benefits (Tables)

3 Months Ended

Mar. 31, 2026

Summarize Balances and Changes in Liability for Future Policy Benefits

The following tables summarize balances and changes in the liability for future policy benefits for nonparticipating traditional and limited-payment contracts.


March 31, 2026	Traditional Premium Paying						Traditional Limited Pay						Total
		Present Value of Net Premiums			Present Value of Benefits			Present Value of Net Premiums			Present Value of Benefits			Present Value of Net Premiums			Present Value of Benefits
Balance, beginning of year	$	3,971,915		$	21,601,667		$	(10,695,983	)	$	28,599,439		$	(6,724,068	)	$	50,201,106
Beginning balance at original discount rate		4,193,882			22,968,581			(11,298,224	)		30,964,035			(7,104,342	)		53,932,616
Effect of changes in CF considerations		804,625			1,146,539			2,412,098			2,759,828			3,216,723			3,906,367
Effect of actual variances from expected		(123,404	)		(182,893	)		(163,991	)		(201,740	)		(287,395	)		(384,633	)

Adjusted beginning of period balance		4,875,103			23,932,227			(9,050,117	)		33,522,123			(4,175,014	)		57,454,350
New issuances		-			-			-			-			-			-
Interest accrual		301,005			2,025,061			699,261			1,536,997			1,000,266			3,562,058
Premiums		(244,724	)		-			(8,309	)		-			(253,033	)		-
Benefit Payments		-			(1,980,822	)		-			(1,350,001	)		-			(3,330,823	)

Ending balance at original discount rate		4,931,384			23,976,466			(8,359,165	)		33,709,119			(3,427,781	)		57,685,585
Effect of changes in discount rate		(314,063	)		(1,702,940	)		529,586			(3,157,162	)		215,523			(4,860,102	)

Balance, end of year	$	4,617,321		$	22,273,526		$	(7,829,579	)	$	30,551,957		$	(3,212,258	)	$	52,825,483

Net liability for future policy benefits	$17,656,205						$38,381,536						$56,037,741

Deferred profit liability	$0						$1,169,982						$1,169,982


March 31, 2025	Traditional Premium Paying						Traditional Limited Pay						Total
		Present Value of Net Premiums			Present Value of Benefits			Present Value of Net Premiums			Present Value of Benefits			Present Value of Net Premiums			Present Value of Benefits
Balance, beginning of year		4,293,082			22,118,278			(12,243,574	)		26,826,750			(7,950,492	)		48,945,028
Beginning balance at original discount rate		4,711,513			24,563,973			(13,416,148	)		30,636,495			(8,704,635	)		55,200,468
Effect of changes in CF considerations		-			-			-			-			-			-
Effect of actual variances from expected		(262,585	)		(280,702	)		682,111			745,613			419,526			464,911

Adjusted beginning of period balance		4,448,928			24,283,271			(12,734,037	)		31,382,108			(8,285,109	)		55,665,379
New issuances		-			-			-			-			-			-
Interest accrual		958,415			1,062,781			290,511			(70,475	)		1,248,926			992,306
Premiums		(167,360	)		-			(8,009	)		-			(175,369	)		-
Benefit Payments		-			(583,546	)		-			(391,763	)		-			(975,309	)

Ending balance at original discount rate		5,239,983			24,762,506			(12,451,535	)		30,919,870			(7,211,552	)		55,682,376
Effect of changes in discount rate		(369,914	)		(1,970,584	)		867,412			(3,150,783	)		497,498			(5,121,367	)

Balance, end of year	$	4,870,069		$	22,791,922		$	(11,584,123	)	$	27,769,087		$	(6,714,054	)	$	50,561,009

Net liability for future policy benefits	$17,921,853						$39,353,210						$57,275,063

Deferred profit liability	$0						$749,626						$749,626

Net Liability for Future Policy Benefits to Liability for Future Policy Benefits in Consolidated Balance Sheet

The following table reconciles the net liability for future policy benefits to the liability for future policy benefits in the consolidated balance sheet. The DPL for the limited pay products is presented together with the liability for future policy benefits in the consolidated balance sheet. Furthermore, there is a block of participating policies that was deemed outside the scope of the changes related to the LFPB as a result of ASU 2018-12. Thus this block continues to hold reserves consistent with historical. Lastly, a block that is 100% coinsured to Park Avenue Life Insurance Company (PALIC) was not considered in the roll forwards. The Company continues to hold a gross reserve utilizing an approach consistent with the pre-ASU-2018-12 reserves, with a net liability of zero.

		March 31, 2026		December 31, 2025
Traditional Premium Paying	$	17,656,205	$	17,629,752
Traditional Limited Pay		39,551,518		40,196,147
Participating Policies		40,664,988		40,810,267
Miscellaneous Reserves		2,088,813		2,108,019
PALIC		13,533,857		13,559,661
A&H		67,354		67,452
Total	$	113,562,735	$	114,371,298

Summary of Undiscounted Expected Future Benefit Payments and Gross Premiums

The undiscounted expected future benefit payments and gross premiums as of March 31, 2026, and 2025 are summarized as follows:


		Undiscounted		Original Present Value		Current Present Value
March 31, 2026
Gross premiums	$	11,632,160	$	8,697,920	$	8,144,074
Benefits		84,540,332		57,685,586		52,825,483
March 31, 2025
Gross premiums	$	15,211,817	$	11,037,712	$	10,258,479
Benefits		84,280,896		55,682,375		50,561,008

Summary of Weighted Average Interest Rates

The weighted-average interest rates as of March 31, 2026, and 2025 are summarized as follows:


	March 31, 2026		March 31, 2025
Original discount rate	3.92	%	3.92	%
Current discount rate	5.00	%	5.01	%

Summary of Weighted Average Durations of Liability

The weighted-average durations of the liability in years as of March 31, 2026, and 2025 are summarized as follows:

	March 31, 2026	March 31, 2025
Original duration of the liability in years	8.82	9.59
Current duration of the liability in years	8.28	9.01

Summary of Actual Experience

The actual experience during the years ended March 31, 2026, and 2025 compared to what was expected for the years ended March 31, 2026 and 2025 is summarized as follows:

March 31, 2026		Amount Inforce		Mortality			Lapsation			Maturity			Total Benefits
Expected	$	156,387,760	$	925,776		$	220,089		$	49,639		$	1,195,504
Expected rate				0.59	%		0.14	%		0.03	%		0.76	%
Actual	$	156,758,780	$	719,052		$	282,305		$	74,625		$	1,075,982
Actual rate				0.46	%		0.18	%		0.05	%		0.69	%
Actual to expected ratio				77.67	%		128.27	%		150.34	%		90.00	%

March 31, 2025		Amount Inforce		Mortality			Lapsation			Maturity			Total Benefits
Expected	$	163,647,604	$	911,463		$	228,670		$	59,704		$	1,199,837
Expected rate				0.56	%		0.14	%		0.04	%		0.74	%
Actual	$	163,667,836	$	975,310		$	277,491		$	64,437		$	1,317,238
Actual rate				0.60	%		0.17	%		0.04	%		0.81	%
Actual to expected ratio				107.00	%		121.35	%		107.93	%		109.78	%

Summary of Composition of Universal Life and Annuities Included in Policyholders Account Balances

The composition of universal life and annuities included in Policyholders’ Account Balances as of March 31, 2026, and December 31, 2025 is summarized as follows:

		March 31, 2026		December 31, 2025
Annuity	$	24,606,957	$	24,769,354
Universal Life		67,113,257		68,151,712
Total policyholder account balances	$	91,720,214	$	92,921,066

Range of Crediting Rates for Policyholders' Account Balances Compared to the Guaranteed Minimum Crediting Rates

The range of crediting rates for policyholders’ account balances compared to the guaranteed minimum crediting rates as of March 31, 2026, and 2025 are presented as follows:

March 31, 2026		At Guaranteed Minimum		1 Basis Point to 50 Basis Points Above Guaranteed Minimum		51 Basis Point to 150 Basis Points Above Guaranteed Minimum		Greater Than 150 Basis Points Above Guaranteed Minimum		Total
Less than 2.00%	$	749,191	$	-	$	-	$	-	$	749,191
2.00% to 2.99%		195,584		-		-		-		195,584
3.00% to 3.99%		5,328,031		-		-		-		5,328,031
Greater than 4.00%		67,363,713		215,159		17,868,536		-		85,447,408
Total	$	73,636,519	$	215,159	$	17,868,536	$	-	$	91,720,214

March 31, 2025		At Guaranteed Minimum		1 Basis Point to 50 Basis Points Above Guaranteed Minimum		51 Basis Point to 150 Basis Points Above Guaranteed Minimum		Greater Than 150 Basis Points Above Guaranteed Minimum		Total
Less than 2.00%	$	756,197	$	-	$	-	$	-	$	756,197
2.00% to 2.99%		223,603		-		-		-		223,603
3.00% to 3.99%		5,374,493		-		-		-		5,374,493
Greater than 4.00%		70,228,348		210,071		17,789,927		-		88,228,346
Total	$	76,582,641	$	210,071	$	17,789,927	$	-	$	94,582,639

Summary of Change in Policyholders Account Balances

The change in the policyholders account balances for the years ended March 31, 2026, and 2025 are summarized as follows:

	March 31, 2026						March 31, 2025
		Universal Life			Annuity			Universal Life			Annuity
Balance, beginning of year	$	68,151,712		$	24,769,354		$	69,836,708		$	25,403,323
Issuances		0			0			0			0
Premiums received		932,906			38,984			942,635			45,710
Policy charges		(1,276,125	)		0			(1,312,558	)		0
Benefit payments		(1,051,559	)		(349,404	)		(586,098	)		(161,205	)
Surrenders and withdrawals		(222,741	)		(124,796	)		(118,885	)		(308,991	)
Interest Credited		579,064			272,819			556,086			285,914

Balance, end of year	$	67,113,257		$	24,606,957		$	69,317,888		$	25,264,751

Weighted average crediting rate		4.45	%		4.01	%		4.42	%		4.02	%

Cash surrender value	$	52,901,113		$	24,592,609		$	55,118,128		$	25,247,675