Future Policy Benefits and Unpaid Claims

12 Months Ended

Dec. 31, 2022

Insurance [Abstract]

Future Policy Benefits and Unpaid Claims

22) Future Policy Benefits and Unpaid Claims

The Company reports future policy benefits and unpaid claims pursuant to the accounting policy discussed in Note 1 of the Notes to Consolidated Financial Statements.

The following table provides information regarding future policy benefits and unpaid claims and the related receivable from reinsurers.

	December 31
	2022		2021
Life	$	726,462,594	$	698,366,477
Annuities		106,637,094		107,992,830
Policyholder account balances		41,146,171		42,939,055
Accident and health		603,526		629,302
Other policyholder funds		4,279,218		4,352,217
Reported but unpaid claims		5,651,030		4,887,934
Incurred but not reported claims		4,547,670		4,106,878
Gross future policy benefits and unpaid claims	$	889,327,303	$	863,274,693
Receivable from reinsurers
Life		10,600,613		10,482,428
Annuities		4,225,873		4,082,877
Accident and health		79,467		88,474
Reported but unpaid claims		110,985		177,829
Incurred but not reported claims		17,000		19,000
Total receivable from reinsurers		15,033,938		14,850,608
Net future policy benefits and unpaid claims	$	874,293,365	$	848,424,085
Net unpaid claims	$	10,070,715	$	8,797,983

The following table provides a rollforward of the Company’s liability for reported but unpaid claims and incurred but not reported claims, net of the related receivable from reinsurers.

	Life			Annuities			Accident and Health			Total
Balance at 12/31/2020	$	10,286,319		$	1,111,441		$	17,000		$	11,414,760
Incurred		63,247,616	(1)		14,036,473	(2)		230,395	(3)		77,514,484
Settled		(65,518,834	)		(14,469,536	)		(142,891	)		(80,131,261	)
Balance at 12/31/2021		8,015,101			678,378			104,504			8,797,983
Incurred		59,377,962	(1)		13,987,576	(2)		40,744	(3)		73,406,282
Settled		(57,988,800	)		(14,016,502	)		(128,248	)		(72,133,550	)
Balance at 12/31/2022	$	9,404,263		$	649,452		$	17,000		$	10,070,715

(1) See death benefits on the consolidated statements of earnings

(2) Included in increase in future benefits on the consolidated statements of earnings

(3) Included in surrender and other policy benefits on the consolidated statements of earnings

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2022 and 2021