Assets:
Investments and cash:
Fixed maturity securities, available-for-sale
Consolidated Entity Excluding Variable Interest Entities (VIE)
58,640 59,683 60,485 63,584 65,204 63,547 61,841 68,261 62,582 66,452 69,578 66,369 70,739 74,174 71,936 70,026 75,611 85,795 94,206 96,285
Variable Interest Entity, Consolidated
4,208 3,545 3,636 3,692 3,675 3,597 3,428 4,031 3,677 3,678 3,712 3,432 3,766 3,925 3,805 3,617 3,820 4,170 4,490 4,437
Total fixed maturity securities, available-for-sale
62,848 63,228 64,121 67,276 68,879 67,144 65,269 72,292 66,259 70,130 73,290 69,801 74,505 78,099 75,741 73,643 79,431 89,965 98,696 100,722
Fixed maturity securities, held-to-maturity
15,505 15,752 16,120 16,955 17,434 16,888 15,966 17,698 15,685 16,689 17,819 16,899 17,436 18,936 19,056 17,466 18,507 20,672 22,000 22,613
Equity securities
925 851 887 885 882 764 796 808 728 762 1,088 990 965 1,087 1,091 1,064 1,149 1,415 1,603 1,461
Commercial mortgage and other loans
Variable Interest Entity, Consolidated
7,509 7,907 7,896 8,183 8,207 8,540 8,693 9,261 9,454 9,947 10,150 10,425 10,652 10,684 10,832 10,775 10,630 10,027 9,740 9,543
Total commercial mortgage and other loans
9,354 9,770 9,765 10,137 10,264 10,656 10,869 11,544 11,795 12,360 12,527 12,873 13,346 13,328 13,496 13,459 13,053 12,312 11,786 11,388
Other investments
Variable Interest Entity, Consolidated
2,389 2,331 2,320 2,305 2,220 2,151 2,176 2,704 2,571 2,443 2,381 2,278 2,163 2,049 1,909 1,815 1,823 1,624 1,535 1,272
Total other investments
8,251 7,937 6,622 7,495 7,345 6,763 5,958 7,647 7,102 6,677 4,530 5,241 5,491 5,241 4,070 4,186 4,102 3,960 3,842 3,612
Cash and cash equivalents
Variable Interest Entity, Consolidated
382 975
Total cash and cash equivalents
6,120 5,654 6,245 6,768 6,965 5,231 6,229 5,612 6,060 5,098 4,306 5,502 4,720 3,809 3,943 4,710 5,173 4,275 5,051 6,208
Total investments and cash
103,003 103,192 103,760 109,516 111,769 107,446 105,087 115,601 107,629 111,716 113,560 111,306 116,463 120,500 117,397 114,528 121,415 132,599 142,978 146,004
Receivables
895 947 835 852 873 894 779 814 880 1,038 848 712 755 789 647 655 687 730 672 787
Accrued investment income
733 695 718 702 753 682 710 696 726 693 731 687 719 701 745 684 714 683 737 701
Deferred policy acquisition costs
8,948 8,976 9,034 9,216 9,296 9,083 8,758 9,232 8,550 8,819 9,132 8,771 8,860 9,267 9,239 8,155 8,458 9,082 9,848 9,714
Property and equipment, at cost less accumulated depreciation
351 354 351 367 390 391 387 421 398 418 445 445 500 528 530 488 512 538 538 542
Other
2,031 2,116 1,772 1,653 1,655 1,762 1,845 1,678 1,985 2,058 2,008 3,190 3,329 3,181 3,180 3,590 3,843 3,414 3,092 2,849
Assets
Variable Interest Entity, Consolidated
14,147 13,826 13,897 14,224 14,147 14,337 14,350 16,048 15,760 16,125 16,298
Total assets
115,961 116,280 116,470 122,306 124,736 120,258 117,566 128,442 120,168 124,742 126,724 125,111 130,626 134,966 131,738 128,100 135,629 147,046 157,542 160,597
Liabilities and shareholders’ equity:
Liabilities:
Policy liabilities:
Future policy benefits
57,181 59,519 62,320 67,143 71,099 71,197 70,381 79,672 70,339 77,867 83,718 78,448 85,904 91,293 88,241 74,629 78,210 85,866 90,588 92,434
Unpaid policy claims
553 522 495 460 426 411 381 381 359 344 261 249 244 229 201 4,516 4,453 4,754 4,836 4,909
Unearned premiums
1,326 1,318 1,323 1,349 1,377 1,357 1,286 1,406 1,216 1,322 1,451 1,447 1,544 1,743 1,825 1,763 1,971 2,318 2,576 2,814
Other policyholders’ funds
5,288 5,423 5,445 5,785 6,002 5,863 5,460 6,095 5,439 5,831 6,169 5,884 6,115 6,668 6,643 5,632 5,984 6,705 7,072 7,286
Total policy liabilities
64,348 66,782 69,583 74,737 78,904 78,828 77,508 87,554 77,353 85,364 91,599 86,028 93,807 99,933 96,910 86,540 90,618 99,643 105,072 107,443
Income taxes
1,589 1,753 1,368 1,477 685 815 573 454 752 777 154 869 343 647 698 1,888 2,275 3,503 4,339 4,577
Payables for return of cash collateral on loaned securities
7,340 6,414 3,989 5,429 5,767 3,142 2,037 4,233 4,493 3,366 1,503 4,607 4,679 3,460 1,809 2,721 3,261 2,198 2,162 2,849
Notes payable and lease obligations
8,729 7,908 8,409 8,685 8,933 7,751 7,498 7,978 7,430 7,912 7,364 6,961 7,087 7,420 7,442 7,518 7,416 7,768 7,956 8,066
Other
3,643 3,462 3,631 3,290 3,247 3,384 3,852 3,393 4,093 3,786 4,119 3,977 4,271 3,722 4,739 5,281 5,672 4,407 4,760 4,110
Variable Interest Entity, Consolidated
887 806 765 685 589 642 604 623 700 583 507 442 450 399 390 463 457 427 414 356
Total liabilities
85,649 86,319 86,980 93,618 97,536 93,920 91,468 103,612 94,121 101,205 104,739 102,442 110,187 115,182 111,598 103,948 109,242 117,519 124,289 127,045
Shareholders’ equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2026 and 2025; issued 1,358,830 shares in 2026 and 1,357,909 shares in 2025
136 136 136 136 136 136 136 136 136 136 136 136 136 135 135 135 135 135 135 135
Additional paid-in capital
3,105 3,064 3,024 2,977 2,958 2,919 2,894 2,876 2,835 2,806 2,771 2,729 2,697 2,665 2,641 2,615 2,589 2,560 2,529 2,491
Retained earnings
56,218 55,702 54,682 53,923 52,595 52,308 52,277 50,972 51,345 49,872 47,993 48,257 46,937 45,555 44,367 44,892 43,547 42,413 41,381 40,830
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)
(5,048) (4,961) (4,847) (4,504) (4,282) (4,549) (4,998) (4,139) (5,091) (4,666) (4,069) (4,484) (4,249) (3,618) (3,564) (4,455) (3,289) (2,482) (2,013) (1,760)
Unrealized gains (losses) on fixed maturity securities
(2,753) (2,665) (1,809) (1,701) (1,828) (1,233) 24 557 401 1,092 1,139 (403) 1,978 1,289 (702) 1,131 2,930 5,787 9,602 9,731
Unrealized gains (losses) on derivatives
(16) (16) (13) (16) (17) (18) (20) (20) (22) (26) (22) (24) (25) (26) (27) (29) (29) (29) (30) (31)
Effect of changes in discount rate assumptions
10,415 9,458 8,035 6,832 5,594 3,899 2,006 (67) 1,425 (1,495) (2,560) (866) (5,059) (4,894) (2,100)
Pension liability adjustment
83 85 86 42 42 42 10 (8) (5) (7) (8) 17 17 (29) (36) (158) (160) (163) (166) (278)
Treasury stock, at average cost
(31,828) (30,842) (29,804) (29,001) (27,998) (27,166) (26,231) (25,477) (24,977) (24,175) (23,395) (22,693) (21,993) (21,293) (20,574) (19,979) (19,336) (18,694) (18,185) (17,566)
Total shareholders’ equity
30,312 29,961 29,490 28,688 27,200 26,338 26,098 24,830 26,047 23,537 21,985 22,669 20,439 19,784 20,140 19,946 19,558 17,560 17,031 33,552
Total liabilities and shareholders’ equity
115,961 116,280 116,470 122,306 124,736 120,258 117,566 128,442 120,168 124,742 126,724 125,111 130,626 134,966 131,738 128,100 135,629 147,046 157,542 160,597
