Policy Benefits and Losses, Claims and Loss Expenses Payable (Table Text Block)

3 Months Ended

Jun. 30, 2024

Insurance [Abstract]

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.

	Quarter ended June 30,
	2024			2023
	(Unaudited)
	(In thousands)
Present value of expected net premiums
Balance, beginning of year	$	205,389		$	223,118
Beginning balance at original discount rate	$	204,306		$	225,071
Effect of changes in cash flow assumptions		—			—
Effect of actual variances from expected experience		(367	)		246
Adjusted beginning of year balance	$	203,939		$	225,317
Issuances		2,002			2,353
Interest accrual		2,493			2,574
Net premium collected		(9,221	)		(9,769	)
Other		—			—
Ending balance at original discount rate	$	199,213		$	220,475
Effect of changes in discount rate assumptions (AOCI)		(2,480	)		2,166
Balance, end of period	$	196,733		$	222,641
Present value of expected future policy benefits
Balance, beginning of year	$	522,122		$	530,983
Beginning balance at original discount rate	$	514,113		$	533,688
Effect of changes in cash flow assumptions		—			—
Effect of actual variances from expected experiences		(464	)		355
Adjusted beginning of year balance	$	513,649		$	534,043
Issuances		2,002			2,398
Interest accrual		6,279			6,534
Benefit payments		(14,142	)		(14,311	)
Other		—			—
Ending balance at original discount rate	$	507,788		$	528,664
Effect of changes in discount rate assumptions (AOCI)		(4,331	)		10,786
Balance, end of period	$	503,457		$	539,450
End of period, LFPB net		306,724			316,809
Payout annuities and market risk benefits		24,569			31,375
Health insurance		13,189			14,178
Life and annuity claims in course of settlement and claims incurred but not yet reported / Reinsurance losses payable		30,916			28,910
Life DPL / Other life and health		9,408			10,195
LFPB flooring effect		69			—
Life Insurance end of period balance		384,875			401,467
Moving and Storage balance		327,497			328,009
Property and Casualty balance		129,489			148,960
Policy benefits and losses, claims and loss expenses balance, end of period		841,861		$	878,436

		Quarter ended June 30,
		2024			2023
	(Unaudited)
		(In thousands, except for percentages and weighted average information)
Expected gross premiums
Undiscounted balance		$	358,097		$	395,641
Discounted balance at original discount rate		$	278,118		$	305,166
Discounted balance at current discount rate		$	274,345		$	307,763
Expected policy benefits
Undiscounted balance		$	732,006		$	770,210
Discounted balance at original discount rate		$	507,787		$	528,663
Discounted balance at current discount rate		$	503,456		$	539,449
Mortality, lapses and morbidity
Mortality actual experience			5.49	%		5.29	%
Mortality expected experience			5.35	%		4.93	%
Lapses actual experience			1.92	%		1.71	%
Lapses expected experience			2.73	%		2.64	%
Premiums and interest expense
Gross premiums (1)		$	12,538		$	13,414
Interest expense (2)		$	3,786		$	3,960
Expected duration (persistency) of policies in-force (years)			6.8			8.2
Weighted average original interest rate of the liability for future policy benefits			4.98	%		5.23	%
Weighted average current interest rate of the liability for future policy benefits			4.97	%		4.87	%

Balance Changes Liabilities Investment Contracts

The following tables present the balances and changes in Liabilities from investment contracts account balances:

	Quarter ended June 30, 2024
	Deferred Annuities
	(Unaudited)
	(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,411,352
Deposits received		76,417
Surrenders and withdrawals		(94,440	)
Benefit payments		(12,745	)
Interest credited		19,507
Other		6,373
End of period	$	2,406,464
Weighted average credited rate		3.27
Cash surrender value	$	2,084,896

	Quarter ended June 30, 2023
	Deferred Annuities
	(Unaudited)
	(In thousands, except for the average credited rate)
Policyholder contract deposits account balance
Beginning of year	$	2,398,884
Deposits received		43,944
Surrenders and withdrawals		(64,445	)
Benefit payments		(10,813	)
Interest credited		16,760
Other		—
End of period	$	2,384,330
Weighted average credited rate		2.79
Cash surrender value	$	2,069,292