Midwest Holding (MDWT) 10-K 27 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 27, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-39812
Entity Registrant Name	MIDWEST HOLDING INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0362426
Entity Address, Address Line One	2900 S. 70th Street, Suite 400
Entity Address, City or Town	Lincoln
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68506
City Area Code	402
Local Phone Number	817-5701
Title of 12(b) Security	Voting Common Stock, $0.001 par value
Trading Symbol	MDWT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,727,976
Entity Public Float			$ 44.4
Auditor Name	Mazars USA LLP
Auditor Firm ID	339
Auditor Location	Fort Washington, Pennsylvania
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000355379
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	$ 1,214,635	$ 683,296
Mortgage loans on real estate, held for investment	227,047	183,203
Derivative instruments (See Note 4)	15,934	23,022
Equity securities, at fair value (cost: $5,592 in 2022 and $22,158 in 2021)	5,111	21,869
Other invested assets	112,431	35,293
Preferred stock	31,415	18,686
Deposits and notes receivable	8,359	10,071
Policy loans	25	87
Total investments	1,614,957	975,527
Cash and cash equivalents	191,414	142,013
Deferred acquisition costs, net	43,433	24,530
Premiums receivable	362	354
Accrued investment income	25,165	13,623
Reinsurance recoverables (See Note 8)	20,190	38,579
Property and equipment, net	1,897	386
Receivable for securities sold	10,518	19,732
Other assets	12,495	5,173
Total assets	1,920,431	1,219,917
Liabilities:
Benefit reserves	12,945	12,941
Deposit-type contracts (See Note 6)	1,743,348	1,075,439
Other policy-holder funds	4,105	238
Notes payable (See Note 7)	25,000
Deferred gain on coinsurance transactions	38,063	28,589
Payable for securities purchased	8,872	5,546
Other liabilities	53,721	11,408
Total liabilities	1,886,054	1,134,161
Stockholders' Equity:
Preferred stock, $0.001 par value; authorized 2,000,000 shares; no shares issued and outstanding as of December 31, 2022 or December 31, 2021
Voting common stock, $0.001 par value; authorized 20,000,000 shares; 3,727,976 shares issued and outstanding as of December 31, 2022 and 3,737,564 at December 31, 2021, respectively; non-voting common stock, $0.001 par value, 2,000,000 shares authorized; no shares issued and outstanding December 31, 2022 and December 31, 2021, respectively	4	4
Additional paid-in capital	138,482	138,452
Treasury stock	(175)	(175)
Accumulated deficit	(63,019)	(70,159)
Accumulated other comprehensive (loss) income	(51,386)	2,634
Total Midwest Holding Inc.'s stockholders' equity	23,906	70,756
Noncontrolling interests	10,471	15,000
Total stockholders' equity	34,377	85,756
Total liabilities and stockholders' equity	$ 1,920,431	$ 1,219,917

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Amortized Cost	$ 1,269,735	$ 679,921
Equity Securities, Amortized Cost	$ 5,592	$ 22,158
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	3,727,976	3,737,564
Common stock, shares outstanding	3,727,976	3,737,564
Non Voting Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Non Voting Common Stock, Shares Authorized	2,000,000	2,000,000
Non Voting Common Stock, Shares Issued	0	0
Non Voting Common Stock, Shares Outstanding	0	0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues
Investment income, net of expenses	$ 35,115	$ 15,737
Net realized (loss) gain on investments (See Note 3)	(14,878)	7,752
Amortization of deferred gain on reinsurance transactions	4,816	3,022
Policy administration fees	2,130	842
Service fee revenue, net of expenses	2,366	2,343
Other revenue	500	367
Total revenue	30,049	30,063
Expenses
Interest credited	(10,193)	7,012
Benefits	3,206	6
Amortization of deferred acquisition costs	4,788	2,886
Salaries and benefits	16,196	16,926
Other operating expenses	7,661	15,104
Total expenses	21,658	41,934
Net income (loss) before income tax expense	8,391	(11,871)
Income tax expense (See Note 9)	(7,600)	(4,766)
Net income (loss) after income tax benefit (expense)	791	(16,637)
Less: Income (loss) attributable to noncontrolling interest	(6,349)
Net income (loss) attributable to Midwest Holding Inc.	7,140	(16,637)
Comprehensive income (loss):
Unrealized (losses) on investments arising during the year ended December 31, 2022 and 2021, net of offsets, net of tax ($10.4 million and $0.2 million, respectively)	(54,975)	(1,422)
Less: Reclassification adjustment for net realized losses on investments, net of offsets dur-ing the year ended December 31, 2022 and 2021 (net of tax ($24.9 million) and $0.4 million, respectively)	955	(2,375)
Other comprehensive loss	(54,020)	(3,797)
Comprehensive loss	(46,880)	$ (20,434)
Total other-than-temporary impairment	1,415
Net other-than-temporary impairment loss recognized in net income	$ 1,415
Income (Loss) per common share
Basic (in dollars per share)	$ 1.91	$ (4.45)
Diluted (in dollars per share)	$ 1.88	$ (4.45)

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Loss
Unrealized gains (losses) on investments arising during period, net of tax	$ 10.4	$ 0.2
Reclassification adjustment for net realized losses on investments, net of tax	$ 24.9	$ (0.4)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands	Treasury Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	AOCI	Noncontrolling Interest	Total
Balance at Dec. 31, 2020	$ (175)	$ 4	$ 133,592	$ (53,522)	$ 6,431		$ 86,330
Net income (loss)				(16,637)			(16,637)
Additional capital raise related expenses			(121)				(121)
Employee stock options			4,981				4,981
Unrealized (gains) losses on investments, net of taxes					(3,797)		(3,797)
Noncontrolling interest						$ 15,000	15,000
Balance at Dec. 31, 2021	(175)	4	138,452	(70,159)	2,634	15,000	85,756
Net income (loss)				7,140			7,140
Employee stock options			30				30
Unrealized (gains) losses on investments, net of taxes					(54,020)		(54,020)
Noncontrolling interest						(4,529)	(4,529)
Balance at Dec. 31, 2022	$ (175)	$ 4	$ 138,482	$ (63,019)	$ (51,386)	$ 10,471	$ 34,377

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Income (loss) attributable to Midwest Holding Inc.	$ 7,140	$ (16,637)
Adjustments to arrive at cash provided by operating activities:
Net premium and discount on investments	(11,548)	(1,244)
Depreciation and amortization	338	50
Stock options	29	4,981
Amortization of deferred acquisition costs	4,788	2,886
Deferred acquisition costs capitalized	(23,857)	(14,018)
Net realized gain (loss) on investments	14,878	(7,752)
Deferred gain on coinsurance transactions	9,474	10,390
Changes in operating assets and liabilities:
Reinsurance recoverable	29,015	(6,434)
Interest and dividends due and accrued	(11,542)	(6,816)
Premiums receivable	(8)	(40)
Deposit-type liabilities	3,431	24,371
Policy liabilities	3,872	239
Receivable and payable for securities	12,540	(14,185)
Other assets and liabilities	34,612	(1,129)
Net cash provided by (used in) operating activities	73,162	(25,338)
Fixed maturities available for sale:
Purchases	(1,060,013)	(660,059)
Proceeds from sale or maturity	456,615	356,820
Mortgage loans on real estate, held for investment
Purchases	(110,381)	(160,714)
Proceeds from sale	69,365	72,064
Derivatives
Purchases	(24,112)	(23,944)
Proceeds from sale	3,232	14,578
Equity securities
Purchases		(22,097)
Proceeds from sale	16,986
Other invested assets
Purchases	(84,734)	(95,529)
Proceeds from sale	3,334	82,272
Purchase of restricted common stock	(806)	(500)
Preferred stock
Purchases		(14,926)
Proceeds from sale	23,579
Net change in policy loans	62	(41)
Net purchases of property and equipment	(1,835)	(331)
Net cash used in investing activities	(708,708)	(452,407)
Cash Flows from Financing Activities:
Net transfer to noncontrolling interest	(4,529)	15,000
Proceeds from term debt	25,000
Capital contribution		(121)
Receipts on deposit-type contracts	716,083	471,646
Withdrawals on deposit-type contracts	(51,607)	(18,446)
Net cash provided by financing activities	684,947	468,079
Net increase (decrease) in cash and cash equivalents	49,401	(9,666)
Cash and cash equivalents:
Beginning	142,013	151,679
Ending	191,414	142,013
Supplementary information
Cash paid for taxes	$ 2,870	$ 6,450

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Nature of Operations and Summary of Significant Accounting Policies.
Nature of Operations and Summary of Significant Accounting Policies	Note 1. Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Midwest Holding Inc. (“Midwest,” “the Company,” “we,” “our,” or “us”) was incorporated in Nebraska on October 31, 2003 for the primary purpose of operating a financial services company. The Company redomesticated from the State of Nebraska to the State of Delaware on August 27, 2020. The Company is in the life and annuity insurance business and operates through its wholly owned subsidiaries, American Life & Security Corp. (“American Life”), and 1505 Capital LLC (“1505 Capital”) as well as through its sponsored captive reinsurance company, Seneca Reinsurance Company, LLC (“Seneca Re”). American Life is a Nebraska-domiciled life insurance company, that was licensed to sell, underwrite, and market life insurance and annuity products in 23 states and the District of Columbia as of December 31, 2022. American Life received authorization to do business in Georgia as of February 24, 2023, bringing our operating jurisdictions to 24 states and the District of Columbia. Effective March 12, 2020, Seneca Re, a Vermont limited liability company, was formed by Midwest to operate as a sponsored captive insurance company for the purpose of insuring and reinsuring various types of risks of its participants through one or more protected cells and to conduct any other business or activity that is permitted for sponsored captive insurance companies under Vermont insurance regulations. On March 30, 2020, Seneca Re received its Certification of Authority to transact the business of a captive insurance company. On May 12, 2020, Midwest contributed $0.3 million to Seneca Re for a 100% ownership interest. On April 15, 2020, Midwest entered into an operating agreement with Seneca Re and as of December 31, 2022, Seneca Re has two incorporated cells, Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) and Seneca Re Incorporated Cell 2021-03 (“SRC3”), which are consolidated in our financial statements. Midwest initially owned a 100% interest in SRC1 by contributing a total of $21.4 million. On December 30, 2021, Midwest closed the sale of approximately 70% of SRC1 to a subsidiary of ORIX Corporation USA (“ORIX USA”) for $15.0 million. Under the terms of the agreement, Midwest now holds a 30% ownership interest in SRC1. ORIX Advisers, LLC, another subsidiary of ORIX USA, is the manager of the assets underlying SRC1’s reinsurance obligations going forward, replacing Midwest’s asset management arm, 1505 Capital. ​ On July 27, 2020, American Life entered into a reinsurance agreement (the “Reinsurance Agreement”) with a new protected cell formed by Seneca Re (Seneca Incorporated Cell, LLC 2020-02 (“SRC2”)). SRC2 was capitalized by Crestline Management, L.P. (“Crestline”), a significant shareholder of Midwest via a Crestline subsidiary, Crestline Re SPC1. The Reinsurance Agreement, which was effective as of April 24, 2020, was entered into pursuant to a Master Letter Agreement (the “Master Agreement”) dated and effective as of April 24, 2020, among American Life, Seneca Re and Crestline. The Reinsurance Agreement supports American Life’s new business production by providing reinsurance capacity for American Life to write certain kinds of fixed and multi-year guaranteed annuity products. Concurrently with the Reinsurance Agreement: ​ ● American Life and SRC2 each entered into investment management agreements with Crestline, pursuant to which Crestline manages the assets that support the reinsured business; and ● American Life and SRC2 entered into a trust agreement whereby SRC2 maintains for American Life’s benefit a trust account that supports the reinsured business. ​ Under the Master Agreement, Crestline agreed to provide reinsurance funding for a quota share percentage of 25% of the liabilities of American Life arising from its multi-year guaranteed annuities (“MYGA”) and a quota share percentage of 40% of the liabilities of American Life arising from its fixed indexed annuity (“FIA”) products. The Master Agreement expires on April 24, 2023. In addition, pursuant to the Master Agreement, the parties thereto have agreed to enter into one or more separate agreements whereby, among other things and subject to certain conditions, American Life will agree to reinsure additional new business production to one or more reinsurers formed and/or capitalized by Crestline, Midwest or an appropriate affiliate will be compensated for providing administrative services to certain advisory clients of Crestline, and American Life will consider investing in certain assets originated or sourced by Crestline. On June 26, 2021, the Nebraska Department of Insurance (‘NDOI”) issued its non-disapproval of the Modified Coinsurance Agreement (“Modco AEG Agreement”) of American Life with American Republic Insurance Company (“AEG”), an Iowa domiciled reinsurance company. The agreement closed on June 30, 2021. Under the Modco AEG Agreement, American Life cedes to AEG, on a modified coinsurance basis, 20% quota share of certain liabilities with respect to its MYGA-5 business and an initial 20% quota share of certain liabilities with respect to its FIA products. American Life has established a Modco Deposit Account to hold the assets for the Modco AEG Agreement. The initial settlement included net premium of $37.5 million and net reserves of $34.8 million for the modified coinsurance account. The amount paid to the Modified Deposit Account from AEG was $2.4 million. Effective February 28, 2023, AEG elected not to extend its commitment period for reinsuring liabilities under its Modco AEG Agreement. As a result, AEG’s current quota share with respect to MYGA and FIA policies is 0%. The AEG Coinsurance Agreement remains in place, and AEG remains responsible for previously ceded liabilities. ​ On November 10, 2021, Midwest purchased 100% ownership of an intermediary holding company for $5.7 million, which company thereupon contributed capital of $5.5 million to purchase 100% of SRC3 Class A and B capital stock. Also, on November 10, 2021, American Life and SRC3 entered into a Funds Withheld and Modified Coinsurance Agreement, whereby, SRC3 agreed to provide reinsurance funding for a quota share percentage of 45% of the liabilities of American Life arising from its MYGA products and quota share percentage of 45% of the liabilities of American Life arising from its FIA products. In the fourth quarter of 2022, the agreement with SRC3 was amended to provide a one time reinsurance funding for a quota share of $10.0 million of the liabilities of American Life arising from its FIA products. ​ On September 30, 2022, American Life entered into a reinsurance agreement (the “Reinsurance Agreement”) with a new protected cell formed by Seneca Re (Seneca Incorporated Cell, LLC 2022-04 (“SRC4”)). SRC4 was capitalized by loans from Embrace Software, Inc (“Embrace”) and Tillman Networks LLC (“Tillman”). The Reinsurance Agreement was effective as of July 1, 2022, among American Life and Seneca Re. The Reinsurance Agreement supports American Life’s new business production by providing reinsurance capacity for American Life to write certain kinds of fixed indexed and multi-year guaranteed annuity products. Under the Reinsurance Agreement, SRC4 agreed to provide reinsurance funding for a quota share percentage of 45% of the liabilities of American Life arising from its MYGA-5 products and a quota share percentage of 10% of the liabilities of American Life arising from its MYGA-3 products. American Life has established a Modco Deposit Account, a Funds Withheld custody account, and a Trust Account pursuant to the Reinsurance Agreement. The initial settlement included net premium of $21.4 million and net reserves of $21.5 million for the modified coinsurance account. ​ Also on September 30, 2022, American Life entered into an Investment Management Agreement (“IMA”) with CoVenture Management, LLC (“CoVenture”) naming CoVenture as the manager of certain assets held by American Life on behalf of SRC4. ​ Management evaluates the Company as one reporting segment in the life insurance industry. The Company is primarily engaged in the underwriting and marketing of annuity products through American Life, and then reinsuring such products with third-party reinsurers, and since May 13, 2020, with Seneca Re protected cells. American Life’s legacy product offerings consisted of a multi-benefit life insurance policy that combined cash value life insurance with a tax deferred annuity and a single premium term life product. American Life presently offers six annuity products: two MYGAs, two FIAs, and two bonus plans associated with the FIA product. It is not presently offering any traditional life insurance products. Basis of Presentation These consolidated financial statements for the year ended December 31, 2022 and 2021 have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Preparation of our consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The following is a summary of our significant accounting policies and estimates. These accounting policies inherently require significant judgment and assumptions, and actual operating results could differ significantly from management’s estimates determined using these policies. We believe the following accounting policies, judgments and estimates are the most critical to the understanding of our results of operations and financial position. All intercompany accounts and transactions have been eliminated in consolidation and certain immaterial reclassifications have been made to the prior period results to conform to the current period’s presentation with no impact on results of operations or total stockholders’ equity. Fixed Maturities All fixed maturities owned by the Company are considered available-for-sale and are included in the consolidated financial statements at their fair value as of the financial statement date. Premiums and discounts on fixed maturity debt instruments are amortized using the scientific-yield method over the term of the instruments. Realized gains and losses on securities sold during the year are determined using the specific identification method. Unrealized holding gains and losses, net of applicable income taxes, are included in accumulated other comprehensive (loss) income. Declines in the fair value of available-for-sale securities below their amortized cost are evaluated to assess whether any other-than-temporary impairment loss should be recorded. In determining if these losses are expected to be other-than-temporary, the Company considers severity of impairment, duration of impairment, forecasted recovery period, industry outlook, the financial condition of the issuer, issuer credit ratings, and the intent and ability of the Company to hold the investment until the recovery of the cost. Investment income consists of interest, dividends, gains and losses from investments, and real estate income, which are recognized on an accrual basis along with the amortization of premiums and discounts. Certain available-for-sale investments are maintained as collateral under Funds Withheld (“FW”) and Modified Coinsurance (“Modco”) agreements but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. American Life has treaties with several third-party reinsurers that have FW and Modco provisions. In a Modco agreement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a FW agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers to reduce the potential credit risk. The unrealized gains/losses on those investments are passed through to the third-party reinsurers as either a realized gain or loss on the Consolidated Statements of Comprehensive Loss. Mortgage Loans on Real Estate Mortgage loans on real estate, held for investment are carried at unpaid principal balances. Interest income is recognized in net investment income at the contract interest rate when earned. A mortgage loan is considered to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances for impairments on mortgage loans are established based upon losses expected by management to be realized in connection with future dispositions or settlements of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan’s original effective interest rate and disposition of collateral. These evaluations are revised as conditions change and new information becomes available. As of December 31, 2022, the Company held one asset valued at $7.7 million with a total impairment of $1.4 million. No such impairments were recognized as of December 31, 2021. Derivative Instruments Derivatives are used to hedge the risks experienced in our ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, or other underlying notional amounts. Derivative assets and liabilities are carried at fair value on the consolidated balance sheets. To qualify for hedge accounting, at the inception of the hedging relationship, the Company must formally document our designation of the hedge as a cash flow or fair value hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we would identify how the hedging instrument is expected to hedge the designated risks related to the hedged item, the method that would be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which would be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness would be formally assessed at inception and periodically throughout the life of the designated hedging relationship. During the last quarter of 2020, the Company began investing in futures to hedge the fluctuations in various aspects of our business. The formal documentation and hedge effectiveness was not completed at the date we entered into those futures contracts; therefore, they do not qualify for hedge accounting. The futures change in fair market values were recorded on our Consolidated Statements of Comprehensive Loss as realized gains or (losses). Additionally, reinsurance agreements written on a FW or Modco basis contain embedded derivatives on our annuity products. Gains or (losses) associated with the performance of assets maintained in the modified coinsurance deposit and funds withheld accounts are reflected as realized gains or (losses) in the Consolidated Statements of Comprehensive Loss. Equity Securities Equity securities at December 31, 2022, consisted of exchange traded funds (“ETFs”). The ETFs are carried at fair value with the change in fair value recorded through realized gains and losses in the Consolidated Statements of Comprehensive Loss. As of December 31, 2022, we held $5.1 million of ETFs and $21.9 million of ETFs as of December 31, 2021. Preferred Stock The company held a perpetual preferred stock investment of $10.0 million as of December 31, 2022. This investment is carried at fair market value. The change in fair market value is recorded in net investment income on the Statement of Comprehensive Loss. In 2020 American Life entered into a series of transactions with an unaffiliated entity, Ascona Group Holdings Ltd (“AGH”). Through these transactions American Life acquired preferred equity in AGH in British Pound Sterling (“GBP”) 3.6 million along with warrants bearing no initial assigned value. American Life subsequently created a special purpose vehicle, Ascona Asset Holding LLC (“AAH”), to hold the Preferred Equity and Warrants, and later created Ascona Collinwood HoldCo LLC (“ACH”) to be the sole member of AAH. American Life and Crestline Re SP1 own 74% and 26%, respectively, of ACH. American Life is carrying the preferred equity and warrants at a market value in USD of $2.2 million as of December 31, 2022 and $3.9 million of December 31, 2021. The change in market value for the preferred stock and warrants of $9.0 million was recorded in net investment income on the Consolidated Statements of Comprehensive Loss. Of the $9.0 million of investment income, $2.4 million was attributed to the noncontrolling interest held by Crestline Re SP1. Other Invested Assets Other invested assets consists of approximately $112.4 million of various investments. Of this total, approximately $98.4 million are primarily collateral loans, and $13.0 million of private credit and equipment leases. Also, we had an initial investment of $19.0 million investment in a private fund between American Life and an unaffiliated entity, PF Collinwood Holdings, LLC (“PFC”), with American Life owning 100% of the entity effective January 2021. The fair value of the PFC investment as of December 31, 2022, was $13.7 million and as of December 31, 2021, $14.5 million, respectively, with the change in fair market value recorded in unrealized gains and losses in equity on the balance sheet. On February 2, 2022, we established a special purpose vehicle, Python Asset Holding LLC, with American Life owning 100% of the entity with an initial investment of $7.4 million. As of September 30, 2022, our investment in Python was carried at the net asset value (“NAV”) plus approximately $0.4 million of investment income. Deposits and notes receivable Investment escrow The Company held in escrow $0.8 million and $3.6 million as of December 31, 2022 and 2021, respectively. The cash held at year end was used to purchased mortgages in January 2023 and 2022, respectively. Federal Home Loan Bank stock American Life initially purchased Federal Home Loan Bank of Topeka (“FHLB”) common stock on May 5, 2021. This investment was to solidify our membership with FHLB Topeka. The carrying value of FHLB stock approximates fair value since the Company can redeem the stock with FHLB at cost. As a member of the FHLB, the Company is required to purchase this stock, which is carried at cost and classified as restricted equity securities. Membership allows access to various funding arrangements to provide a source of additional liquidity. As of December 31, 2022, the Company had pledged assets with a market value of $121.1 million to FHLB to allow a borrowing capacity of $109.8 million and none pledged as of December 31, 2021. As of December 31, 2022, we had $29.0 million of outstanding funding arrangements. As of December 31, 2021, there were no outstanding funding arrangements. Notes Receivable The Company held notes receivable carried at fair value of $6.3 million and $6.0 million as of December 31, 2022 and 2021, respectively, between American Life and a related party. The note receivable has an annual interest rate of 5% which is paid in kind (“PIK”) interest per annum that increases the outstanding note balance. This note was rated BBB+ by a nationally recognized statistical rating organization. This note matures on June 18, 2050. See Note 15 – Related Party – Chelsea for details regarding this note. Policy Loans Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. No valuation allowance is established for these policy loans as the amount of the loan is fully secured by the death benefit of the policy and cash surrender value. Cash and Cash Equivalents The Company considers all liquid investments with original maturities of three months or less when purchased to be cash equivalents. As of December 31, 2022 and 2021, the Company held less than GBP 0.1 and approximately GBP 2.2 million in custody accounts, respectively. The USD equivalent held was less than $0.1 and $3.0 million, respectively. As of December 31, 2022 and 2021, the Company held approximately less than Euro 0.1 and 9.3 million, respectively. The USD equivalent held was approximately less than $0.1 and $10.6 million, respectively. As of December 31, 2022 and 2021, we had realized gains of approximately $3.7 million and approximately $2.0 million, respectively, related to the change in the foreign currency exchange rate of the GBP and Euro that were recorded in realized (losses) gains on investments in the Consolidated Statements of Comprehensive Loss. The Company had no money market investments as of December 31, 2022 and 2021, respectively. Deferred Acquisition Costs Deferred acquisition costs (“DAC”) consist of incremental direct costs, net of amounts ceded to third-party reinsurers, that result directly from and are essential to the contract acquisition transaction and would not have been incurred by the Company had the contract acquisition not occurred. These costs are capitalized, to the extent recoverable, and amortized over the life of the premiums produced. The Company evaluates the types of acquisition costs it capitalizes. The Company capitalizes agent compensation and benefits and other expenses that are directly related to the successful acquisition of contracts. The Company also capitalizes expenses directly related to activities performed by the Company, such as underwriting, policy issuance, and processing fees incurred in connection with successful contract acquisitions. The following table represents a roll forward of DAC, net of reinsurance: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 ​ December 31, 2021 Beginning balance ​ $ 24,530 ​ $ 13,456 Additions ​ ​ 23,857 ​ ​ 13,402 Amortization ​ ​ (3,905) ​ ​ (2,886) Interest ​ ​ (883) ​ ​ 632 Impact of unrealized investment losses ​ ​ (166) ​ ​ (74) Ending Balance ​ $ 43,433 ​ $ 24,530 ​ Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. The Company performs a recoverability analysis annually in the fourth quarter unless events occur which in management’s judgment require an immediate review. The Company performed a recoverability analysis during the fourth quarter of 2022 and determined that all DAC balances were recoverable as of December 31, 2022. Premiums Receivable Premiums receivable consists of premiums earned on our legacy insurance business which have been earned, but have not yet been collected. Amounts are receivable from our legacy business partners and were consistent at $0.4 million in both 2022 and 2021. Property and Equipment Property and equipment are stated at cost net of accumulated depreciation. Annual depreciation is primarily computed using straight-line methods for financial reporting and straight-line and accelerated methods for tax purposes. Furniture and equipment is depreciated over three During the first quarter of 2021, the Company began the implementation of a new cloud-based enterprise resource planning and enterprise performance management system. The Company expects to capitalize related consultation and support expenses relating to this system and will begin amortizing these fees over a period of five years from the date of implementation. The useful life of the system has been estimated at five years in accordance with guidance in ASC 350, Intangibles – Goodwill and Other Maintenance and repairs are expensed as incurred. Replacements and improvements which extend the useful life of the asset are capitalized. The net book value of assets sold or retired are removed from the accounts, and any resulting gain or loss is reflected in earnings. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset may not be recoverable and exceeds estimated future undiscounted cash flows of the asset. A recognized impairment loss reduces the carrying amount of the asset to its fair value. The Company determined that no such events occurred in the periods covered by the Consolidated Financial Statements that would indicate the carrying amounts may not be recoverable. Reinsurance We seek to reinsure a significant portion of our new annuity policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. Under these reinsurance agreements, we expect there will be a monthly or quarterly settlement of premiums, claims, surrenders, collateral, and other administration fees. We believe this will help preserve American Life’s capital while supporting its growth because American Life will have lower capital requirements when its business is reinsured due to lower overall financial exposure versus retaining the insurance policy business itself. See Note 8 below for further discussion of our reinsurance activities. There are two main categories of reinsurance transactions: 1) “indemnity,” where we cede a portion of our risk but retain the legal responsibility to our policyholders should our reinsurers not meet their financial obligations; and 2) “assumption,” where we transfer the risk and legal responsibilities to the reinsurers. The reinsurers are required to acquire the appropriate regulatory and policyholder approvals to convert indemnity policies to assumption policies. Our reinsurers may be domestic or foreign capital markets investors or traditional reinsurance companies seeking to assume U.S. insurance business. We plan to mitigate the credit risk relating to reinsurers generally by requiring other financial commitments from the reinsurers to secure the reinsured risks (such as posting substantial collateral). It should be noted that under indemnity reinsurance agreements American Life remains exposed to the credit risk of its reinsurers. If one or more reinsurers become insolvent or are otherwise unable or unwilling to pay claims under the terms of the applicable reinsurance agreement, American Life retains legal responsibility to pay policyholder claims, which in such event would likely materially and adversely affect the capital and surplus of American Life. Midwest formed Seneca Re in early 2020, followed by Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) and Seneca Incorporated Cell, LLC 2021-03 (“SRC3”) which are consolidated in these financial statements. Midwest sold 70% ownership of SRC1 to an ORIX Corporation USA subsidiary on December 30, 2021, and retained 30% ownership. Midwest maintains control over SRC1 and we continue to consolidate SRC1 in these financial statements and eliminate the noncontrolling interest. Additionally, Seneca Re has established Seneca Incorporated Cell, LLC 2022-04; however, management has determined that Midwest does not control the entity and thus it is not consolidated into these financial statements. American Life entered into a novation agreement with SRC2 and Crestline Re SPC, for and on behalf of Crestline Re SP1, under which the above-described reinsurance, trust and related asset management agreements were novated and replaced with substantially similar agreements entered into by American Life and Crestline Re SP1. Some reinsurers are not and may not be “accredited” or qualified as reinsurers under Nebraska law and regulations. In order to enter into reinsurance agreements with such reinsurers and to reduce potential credit risk, American Life holds a deposit or withholds funds from the reinsurer or requires the reinsurer to maintain a trust that holds assets backing up the reinsurer’s obligation to pay claims on the business it assumes. The reinsurer may also appoint an investment manager for such funds, which in some cases may be our investment adviser subsidiary, 1505 Capital, to manage these assets pursuant to guidelines adopted by us that are consistent with Nebraska investment statutes and reinsurance regulations. American Life currently has treaties with several third-party reinsurers and one related party reinsurer. In a Modco agreement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a FW agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers, to reduce the potential credit risk. Under those provisions with third-party reinsurers, the assets backing the treaties are maintained by American Life as investments but the assets and total returns or losses on the investments are owned by the reinsurers. Under GAAP, this arrangement is considered an embedded derivative as discussed in Comprehensive Loss and Note 4 below. Assets carried as investments on American Life’s financial statements for the third-party reinsurers contained cumulative unrealized losses of approximately $10.5 million and gains of $0.2 million as of December 31, 2022 and 2021, respectively. The terms of the contracts with the third-party reinsurers provide that changes in the unrealized gains and losses on the portfolios accrue to the third-party reinsurers. To recognize changes in the third-party unrealized gain (loss), American Life records the year -to-date change in the Consolidated Statements of Comprehensive Loss and in amounts recoverable from third-party reinsurers on the Consolidated Balance Sheets. As of December 31, 2022, and 2021, American Life recognized a current year gain in the embedded derivative of $10.6 million and losses of $2.8 million respectively. For further discussion see Note 4 below. Benefit Reserves The Company establishes liabilities for amounts payable under insurance policies, including traditional life insurance and annuities. Generally, amounts are payable over an extended period of time. Liabilities for future policy benefits of traditional life insurance have been computed by a net level premium method based upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality tables. Policy Claims Policy claims are based on reported claims plus estimated incurred but not reported claims developed from trends of historical data applied to current exposure. Deposit-type Contracts Deposit-type contracts consist of amounts on deposit associated with deferred annuity riders, premium deposit funds and supplemental contracts without life contingencies. Deposit-type contracts also include balances outstanding under funding agreements with the Federal Home Loan Bank of Topeka (“FHLB”). The funding agreements are carried at cost. Amounts received and repaid under FHLB funding agreements are classified as financing activities in the Company's Consolidated Statements of Cash Flows. ​ In 2021, the Company became a member of FHLB, which provides access to collateralized borrowings and other FHLB products. Any borrowing from FHLB requires the purchase of FHLB activity-based common stock in an amount equal to 4.5% of the borrowing. In 2022, the Board authorized a maximum amount equal to 5% of net aggregate admitted retained assets of American Life for FHLB advances and funding agreements combined. In 2022, American Life received advances of $29.0 million from FHLB under funding agreements and made no repayments on FHLB funding agreements. Outstanding advances under FHLB funding agreements are reported as part of deposit-type contracts in the Consolidated Balance Sheets and totaled $29.0 million as of December 31, 2022. Interest on the funding agreements accrues at their effective interest rates. ​ As of December 31, 2022, scheduled maturity dates for outstanding FHLB funding agreements were as follows: ​

Non-controlling Interest

Non-controlling Interest	12 Months Ended
	Dec. 31, 2022
Non-controlling Interest
Non-controlling Interest	Note 2. Non-controlling Interest ​ Disposal On December 30, 2021, Midwest closed the sale of approximately 70% of SRC1 to a subsidiary of ORIX Corporation USA for $15.0 million. Under the terms of the agreement, Midwest holds a 30% ownership interest in SRC1. ORIX Advisers, LLC, another subsidiary of ORIX USA, is the manager of the assets underlying SRC1’s reinsurance obligations, replacing Midwest’s asset management arm, 1505 Capital LLC. As of December 31, 2022, Midwest recognized the original purchase of $15.0 million less $7.3 million of losses as noncontrolling interest in the equity section of the Consolidated Balance Sheets. ​ Purchase In 2020 American Life entered into a series of transactions with an unaffiliated entity, Ascona Group Holdings Ltd (“AGH”). Through these transactions American Life acquired preferred equity in AGH in British Pound Sterling (“GBP”) of 3.6 million along with warrants bearing no initial assigned value. American Life subsequently created a special purpose vehicle, Ascona Asset Holding LLC (“AAH”), to hold the Preferred Equity and Warrants, and later created Ascona Collinwood HoldCo LLC (“ACH”) to be the sole member of AAH. American Life and Crestline Re SP1 own 74% and 26%, respectively, of ACH. American Life is carrying the preferred equity at a market USD value of $2.2 million as of December 31, 2022, and $3.9 million as of December 31, 2021. The change in market value for the year ended December 31, 2022, of $9.0 million for the preferred stock and warrants was recorded in net investment income on the Consolidated Statements of Comprehensive Loss. Of the $9.0 million of investment income, $2.4 million was attributable to noncontrolling interest. ​ ​

Investments

Investments	12 Months Ended
	Dec. 31, 2022
Investments.
Investments	Note 3. Investments The amortized cost and estimated fair value of investments classified as available-for-sale as of December 31, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated (In thousands) Cost Gains Losses Fair Value December 31, 2022: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ 1,343 ​ $ — ​ $ 81 ​ $ 1,262 Mortgage-backed securities ​ 316,105 ​ 469 ​ 22,508 ​ 294,066 Asset-backed securities ​ ​ 34,728 ​ ​ 17 ​ ​ 3,989 ​ ​ 30,756 Collateralized loan obligations ​ ​ 308,871 ​ ​ 726 ​ ​ 21,924 ​ ​ 287,673 States and political subdivisions-general obligations ​ 104 ​ — ​ 3 ​ 101 States and political subdivisions-special revenue ​ 228 ​ — ​ 23 ​ 205 Corporate ​ 46,700 ​ 415 ​ 5,515 ​ 41,600 Term loans ​ ​ 561,656 ​ ​ 1,923 ​ ​ 4,607 ​ ​ 558,972 Total fixed maturities ​ $ 1,269,735 ​ $ 3,550 ​ $ 58,650 ​ $ 1,214,635 Mortgage loans on real estate, held for investment ​ ​ 227,047 ​ ​ — ​ ​ — ​ ​ 227,047 Derivatives ​ ​ 30,239 ​ ​ 2,694 ​ ​ 16,999 ​ ​ 15,934 Equity securities ​ ​ 5,592 ​ ​ — ​ ​ 481 ​ ​ 5,111 Other invested assets ​ ​ 108,979 ​ ​ 3,667 ​ ​ 215 ​ ​ 112,431 Preferred stock ​ ​ 35,644 ​ ​ 1,757 ​ ​ 5,986 ​ ​ 31,415 Deposits and notes receivable ​ ​ 8,359 ​ ​ — ​ ​ — ​ ​ 8,359 Policy loans ​ ​ 25 ​ ​ — ​ ​ — ​ ​ 25 Total investments ​ $ 1,685,620 ​ $ 11,668 ​ $ 82,331 ​ $ 1,614,957 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ 1,855 ​ $ 32 ​ $ 5 ​ $ 1,882 Mortgage-backed securities ​ 55,667 ​ 368 ​ 755 ​ 55,280 Asset-backed securities ​ ​ 24,675 ​ ​ 443 ​ ​ 167 ​ ​ 24,951 Collateralized loan obligations ​ ​ 272,446 ​ ​ 2,928 ​ ​ 851 ​ ​ 274,523 States and political subdivisions-general obligations ​ 105 ​ 9 ​ — ​ 114 States and political subdivisions-special revenue ​ 4,487 ​ 1,129 ​ 4 ​ 5,612 Corporate ​ 35,392 ​ 1,846 ​ 99 ​ 37,139 Term loans ​ ​ 268,794 ​ ​ 441 ​ ​ 1,767 ​ ​ 267,468 Trust preferred ​ ​ 2,218 ​ ​ 19 ​ ​ — ​ ​ 2,237 Redeemable preferred stock ​ ​ 14,282 ​ ​ 53 ​ ​ 245 ​ ​ 14,090 Total fixed maturities ​ $ 679,921 ​ $ 7,268 ​ $ 3,893 ​ $ 683,296 Mortgage loans on real estate, held for investment ​ ​ 183,203 ​ ​ — ​ ​ — ​ ​ 183,203 Derivatives ​ ​ 18,654 ​ ​ 6,391 ​ ​ 2,023 ​ ​ 23,022 Equity securities ​ ​ 22,158 ​ ​ — ​ ​ 289 ​ ​ 21,869 Other invested assets ​ ​ 34,491 ​ ​ 813 ​ ​ 11 ​ ​ 35,293 Preferred stock ​ ​ 14,885 ​ ​ 3,801 ​ ​ — ​ ​ 18,686 Deposits and notes receivable ​ ​ 10,071 ​ ​ — ​ ​ — ​ ​ 10,071 Policy loans ​ ​ 87 ​ ​ — ​ ​ — ​ ​ 87 Total investments ​ $ 963,470 ​ $ 18,273 ​ $ 6,216 ​ $ 975,527 ​ ​ The following table shows the distribution of the credit ratings of our portfolio of fixed maturity securities by carrying value as of December 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ ​ ​ Carrying ​ ​ (In thousands) Value Percent Value Percent AAA and U.S. Government ​ $ 124,183 10.2 % $ 2,674 0.4 % AA ​ 815 0.1 ​ 482 0.1 ​ A ​ 371,371 30.6 ​ 168,141 24.6 ​ BBB ​ 619,516 51.0 ​ 462,699 67.7 ​ Total investment grade ​ 1,115,885 91.9 ​ 633,996 92.8 ​ BB and below ​ 98,750 8.1 ​ 49,300 7.2 ​ Total ​ $ 1,214,635 100.0 % $ 683,296 100.0 % ​ Reflecting the quality of securities maintained by us, as of December 31, 2022 and 2021, 91.9% and 92.8%, respectively, of all fixed maturity securities were investment grade. The BB and below also includes maturities that have no rating. ​ The following table summarizes, for all fixed maturity securities in an unrealized loss position as of December 31, 2022 and 2021 and the estimated fair value, pre-tax gross unrealized loss, and number of securities by consecutive months they have been in an unrealized loss position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Number ​ ​ ​ ​ Gross ​ Number ​ ​ Estimated ​ Unrealized ​ of ​ Estimated ​ Unrealized ​ of (In thousands) Fair Value Loss Securities (1) Fair Value Loss Securities (1) Fixed Maturities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ $ 1,135 ​ $ 70 13 ​ $ 104 ​ $ 2 ​ 1 Mortgage-backed securities ​ 233,624 ​ 18,464 89 ​ 35,403 ​ 755 ​ 35 Asset-backed securities ​ ​ 24,552 ​ ​ 3,278 ​ ​ 23 ​ ​ 12,355 ​ ​ 167 ​ ​ 13 Collateralized loan obligations ​ ​ 203,549 ​ ​ 16,730 ​ ​ 252 ​ ​ 90,731 ​ ​ 851 ​ ​ 115 States and political subdivisions-general obligations ​ ​ 101 ​ ​ 3 ​ ​ 1 ​ ​ — ​ — ​ — States and political subdivisions-special revenue ​ 47 ​ ​ 2 3 ​ 217 ​ 4 ​ 0 Term loans ​ ​ 558,337 ​ ​ 4,607 ​ ​ 36 ​ ​ 105,677 ​ ​ 1,767 ​ ​ 47 Redeemable preferred stock ​ ​ — ​ ​ — ​ ​ — ​ ​ 10,837 ​ ​ 245 ​ ​ 6 Corporate ​ 37,286 ​ 5,426 64 ​ 2,367 ​ 73 ​ 9 Greater than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ 126 ​ 11 5 ​ 66 ​ 3 ​ 3 Asset-backed securities ​ ​ 5,321 ​ 711 7 ​ — ​ — ​ — Collateralized loan obligations ​ 37,814 ​ 5,194 47 ​ — ​ — ​ — States and political subdivisions-special revenue ​ ​ 158 ​ ​ 21 ​ ​ 7 ​ ​ — ​ — ​ — Mortgage-backed securities ​ ​ 17,985 ​ ​ 4,044 ​ ​ 14 ​ ​ — ​ — ​ — Corporate ​ 376 ​ ​ 89 7 ​ 324 ​ ​ 26 ​ 2 Total fixed maturities ​ $ 1,120,411 ​ $ 58,650 568 ​ $ 258,081 ​ $ 3,893 ​ ​ 231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Our securities positions resulted in a gross unrealized loss position as of December 31, 2022 that was greater than the gross unrealized loss position at December 31, 2021 due to increases in the Federal Reserve interest rates. We performed an analysis and determined that there were no additional indicators other than the increase in the interest rates that would indicate a cash flow testing analysis should be performed. No impairment was required as of December 31, 2022 or December 31, 2021. ​ See the discussion above under “Comprehensive Loss” in Note 1 regarding unrealized gains/losses on investments that are owned by our reinsurers and the corresponding offset carried as a gain in the associated embedded derivatives. ​ The Company purchases and sells equipment leases in its investment portfolio. As of December 31, 2022, the Company owned several leases, all of which were performing. No impairment was required as of December 31, 2022. ​ The amortized cost and estimated fair value of fixed maturities as of December 31, 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Estimated (In thousands) Cost Fair Value Due in one year or less ​ $ 67,088 ​ $ 65,223 Due after one year through five years ​ 631,956 ​ 618,744 Due after five years through ten years ​ 481,819 ​ 452,108 Due after ten years through twenty years ​ ​ 57,113 ​ ​ 53,238 Due after twenty years ​ ​ 31,759 ​ ​ 25,322 ​ ​ $ 1,269,735 ​ $ 1,214,635 ​ The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. At December 31, 2022 and 2021, these required deposits had a total amortized cost of $1.2 million and $3.0 million, respectively, and fair values of $1.0 million and $3.0 million, respectively. Mortgage loans consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ December 31, 2022 ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ 1-4 Family ​ $ 59,579 ​ $ 72,324 Hospitality ​ ​ 12,902 ​ ​ 12,822 Land ​ ​ 62,119 ​ ​ 15,904 Multifamily (5+) ​ ​ 34,072 ​ ​ 31,583 Retail ​ ​ 22,119 ​ ​ 17,655 Other ​ ​ 36,256 ​ ​ 32,915 Total mortgage loans ​ $ 227,047 ​ $ 183,203 ​ Geographic Location: As of December 31, 2022, the commercial mortgages loans were secured by properties geographically dispersed (with the largest concentrations in loans secured by properties in New York (24%), Florida (15%), Delaware (10%), California (6%), and Arizona (5%)). As of December 31, 2021, the commercial mortgages loans were secured by properties geographically dispersed (with the largest concentrations in New York (32%), Arizona (4%), California (4%) and non-US (9%)). The loan-to-value ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A loan-to-value ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances. As of December 31, 2022, the Company held one asset valued at $7.7 million with an impairment of $1.4 million. No such valuations were established as of December 31, 2021. ​ ​ Commercial Mortgage Loans ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 ​ December 31, 2021 Loan-to-Value Ratio: ​ ​ ​ ​ ​ 0%-59.99% $ 108,281 ​ $ 91,104 60%-69.99% ​ 79,968 ​ ​ 42,819 70%-79.99% ​ 33,268 ​ ​ 44,106 80% or greater ​ 5,530 ​ ​ 5,174 Total mortgage loans $ 227,047 ​ $ 183,203 ​ The components of net investment income for the years ended December 31, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) 2022 2021 Fixed maturities ​ $ 38,299 ​ $ 16,443 Mortgage loans ​ ​ 2,456 ​ ​ 185 Other invested assets ​ ​ 1,854 ​ ​ 665 Other interest income ​ (1,517) ​ 298 Gross investment income ​ 41,092 ​ 17,591 Less: investment expenses ​ (5,977) ​ (1,854) Investment income, net of expenses ​ $ 35,115 ​ $ 15,737 ​ Proceeds for the years ended December 31, 2022 and 2021 from sales of investments classified as available-for-sale were $456.6 million, and $356.8 million, respectively. Gross gains of $1.7 million and $6.0 million and gross losses of $39.0 million and $1.4 million were realized on sales and the realized losses on sales during the years ended December 31, 2022 and 2021, respectively. The proceeds included those assets associated with the third-party reinsurers. The gains and losses relate only to the assets retained by American Life. Unrealized gain/loss included as part of net investment income were $69.2 million loss and $12.1 million gain for the year ended December 31, 2022 and 2021.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2022
Derivative Instruments
Derivative Instruments	Note 4. Derivative Instruments The Company enters into derivative instruments to manage risk, primarily equity, interest rate, credit, foreign currency and market volatility. Some of these derivative instruments are to hedge fixed indexed annuity products that guarantee the return of principal to the policyholders and credit interest based on a percentage of the gain in a specified market index. To hedge against adverse changes in equity indices, the Company entered into contracts to buy equity indexed options. The following is a summary of the asset derivatives not designated as hedges embedded derivatives in our FIA product as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands, except number of contracts) ​ Location in the ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Not Designated ​ Consolidated Notional ​ Number of ​ Estimated ​ Notional ​ Number of ​ Estimated as Hedging Instruments ​ Balance Sheets Amount ​ Contracts ​ Fair Value ​ Amount ​ Contracts ​ Fair Value Equity-indexed options ​ Derivatives $ 831,657 ​ 595 ​ $ 15,592 ​ $ 526,096 ​ 482 ​ $ 23,766 Equity-indexed embedded derivatives ​ Deposit-type ​ 782,997 ​ 6,131 ​ ​ 111,618 ​ ​ 525,548 ​ 4,205 ​ ​ 123,692 ​ ​ ​ At December 31, 2022, the value of the embedded derivative considers all amounts projected to be paid in excess of the minimum guarantee (the amounts payable without any indexation increases) over future periods. The host contract reflects the minimum guaranteed values. Due to price changes in the capital markets, our securities positions resulted in decreased unrealized gains at December 31, 2022, compared to 2021, reported in accumulated other comprehensive income on the balance sheet. The embedded derivative related to the asset portfolio belonging to the third-party reinsurers offset these unrealized gains. The unrealized losses as of December 31, 2022 were $10.6 million compared to unrealized gains of $2.8 million as of December 31, 2021. The following table summarizes the impact of those embedded derivatives related to the funds withheld provision where the total return on the asset portfolio is passed through to the third-party reinsurers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 (In thousands) ​ Book Value ​ Market Value ​ Total Return ​ Book Value ​ Market Value ​ Total Return Portfolio ​ Assets ​ Assets ​ Swap Value ​ Assets ​ Assets ​ Swap Value American Republic Insurance Company ​ $ 150,413 ​ $ 143,952 ​ $ 6,461 ​ $ 74,983 ​ $ 74,670 ​ $ 313 Crestline Re SP1 ​ ​ 354,806 ​ ​ 356,374 ​ ​ (1,568) ​ ​ 228,560 ​ ​ 228,450 ​ ​ 110 Ironbound ​ ​ 159,644 ​ ​ 154,477 ​ ​ 5,167 ​ ​ 154,867 ​ ​ 155,755 ​ ​ (888) Ascendent Re ​ ​ 56,064 ​ ​ 54,790 ​ ​ 1,274 ​ ​ 56,246 ​ ​ 56,078 ​ ​ 168 SRC4 ​ ​ 61,646 ​ ​ 62,516 ​ ​ (870) ​ ​ - ​ ​ - ​ ​ - US Alliance ​ ​ - ​ ​ - ​ ​ - ​ ​ 46,221 ​ ​ 46,085 ​ ​ 136 Total ​ $ 782,573 ​ $ 772,109 ​ $ 10,464 ​ $ 560,877 ​ $ 561,038 ​ $ (161) ​ Assets carried as investments on American Life’s financial statements for the third-party reinsurers contained cumulative unrealized losses of approximately $10.5 million as of December 31, 2022, and cumulative unrealized gains of $0.2 million as of December 31, 2021, respectively. The terms of the contracts with the third-party reinsurers provide that the changes in unrealized gains on the portfolios accrue to the third-party reinsurers. Accordingly, the change in unrealized losses on the assets held by American Life were offset by gains in the embedded derivative of $10.6 million and a gain in the embedded derivative of $2.8 million as of December 31, 2022 and 2021, respectively. We account for this unrealized (loss) pass-through by recording an equivalent realized gain on our Consolidated Statements of Comprehensive Loss and in amounts payable to our third-party reinsurers on the Consolidated Balance Sheets.

Fair Values of Financial Instru

Fair Values of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Values of Financial Instruments
Fair Values of Financial Instruments	Note 5. Fair Values of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. We use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, accounting standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. ● Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. ● Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the period in which the reclassifications occur. A description of the valuation methodologies used for assets measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Level 1 measurements Cash equivalents: Level 2 measurements Fixed maturity securities: Derivatives: Equity securities Preferred stock Deposits and notes receivable Level 3 measurements Term Loans Mortgage Loans Other Invested Assets Deposits and notes receivable: Preferred Stock Policy loans: ​ Deposit-type contracts: ​ Embedded derivative for equity-indexed contracts ​ ​ The following table presents the Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of December 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ In Active ​ Observable ​ Unobservable ​ ​ ​ ​ Estimated ​ ​ Markets ​ Inputs ​ Inputs ​ Net Asset ​ Fair (In thousands) (Level 1) (Level 2) (Level 3) ​ Value Value December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 1,262 ​ $ — ​ $ — ​ $ 1,262 Mortgage-backed securities ​ ​ — ​ ​ 294,066 ​ ​ — ​ ​ — ​ ​ 294,066 Asset-backed securities ​ ​ — ​ ​ 30,756 ​ ​ — ​ ​ — ​ ​ 30,756 Collateralized loan obligations ​ ​ — ​ ​ 287,673 ​ ​ — ​ ​ — ​ ​ 287,673 States and political subdivisions-general obligations ​ — ​ 101 ​ — ​ — ​ 101 States and political subdivisions-special revenue ​ — ​ 205 ​ — ​ — ​ 205 Corporate ​ — ​ 41,600 ​ — ​ — ​ 41,600 Term loans ​ ​ — ​ ​ — ​ 558,972 ​ ​ — ​ 558,972 Total fixed maturity securities ​ ​ — ​ ​ 655,663 ​ ​ 558,972 ​ ​ — ​ ​ 1,214,635 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 227,047 ​ ​ — ​ ​ 227,047 Derivatives ​ ​ — ​ ​ 15,934 ​ ​ — ​ ​ — ​ ​ 15,934 Equity securities ​ ​ — ​ ​ 5,111 ​ ​ — ​ ​ — ​ ​ 5,111 Other invested assets ​ ​ — ​ ​ — ​ ​ 99,997 ​ ​ 12,434 ​ ​ 112,431 Preferred stock ​ ​ — ​ ​ 9,544 ​ ​ 21,871 ​ ​ — ​ ​ 31,415 Deposits and notes receivable ​ ​ — ​ ​ 7,053 ​ ​ 1,306 ​ ​ — ​ ​ 8,359 Policy loans ​ ​ — ​ ​ — ​ ​ 25 ​ ​ — ​ 25 Total Investments ​ $ — ​ $ 693,305 ​ $ 909,218 ​ ​ 12,434 ​ $ 1,614,957 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ $ — ​ $ — ​ $ 111,618 ​ $ — ​ ​ 111,618 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 1,882 ​ $ — ​ $ — ​ $ 1,882 Mortgage-backed securities ​ ​ — ​ ​ 55,280 ​ ​ — ​ ​ — ​ ​ 55,280 Asset-backed securities ​ ​ — ​ ​ 24,951 ​ ​ — ​ ​ — ​ ​ 24,951 Collateralized loan obligations ​ ​ — ​ ​ 274,523 ​ ​ — ​ ​ — ​ ​ 274,523 States and political subdivisions-general obligations ​ ​ — ​ 114 ​ — ​ ​ — ​ 114 States and political subdivisions-special revenue ​ ​ — ​ 5,612 ​ — ​ ​ — ​ 5,612 Corporate ​ ​ — ​ 37,139 ​ — ​ ​ — ​ 37,139 Term loans ​ — ​ ​ — ​ 267,468 ​ ​ — ​ 267,468 Trust preferred ​ — ​ ​ 2,237 ​ ​ — ​ ​ — ​ ​ 2,237 Redeemable preferred stock ​ ​ — ​ ​ 14,090 ​ ​ — ​ ​ — ​ ​ 14,090 Total fixed maturity securities ​ ​ — ​ ​ 415,828 ​ ​ 267,468 ​ ​ — ​ ​ 683,296 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 183,203 ​ ​ — ​ ​ 183,203 Derivatives ​ ​ — ​ ​ 23,022 ​ ​ — ​ ​ — ​ ​ 23,022 Equity securities ​ ​ — ​ ​ 21,869 ​ ​ ​ ​ ​ — ​ ​ 21,869 Other invested assets ​ ​ — ​ ​ — ​ ​ 35,293 ​ ​ — ​ ​ 35,293 Preferred stock ​ ​ — ​ ​ — ​ ​ 18,686 ​ ​ — ​ ​ 18,686 Deposits and notes receivable ​ ​ — ​ ​ 9,571 ​ ​ 500 ​ ​ — ​ ​ 10,071 Policy loans ​ ​ — ​ ​ — ​ ​ 87 ​ ​ — ​ 87 Total Investments ​ $ — ​ $ 470,290 ​ $ 505,237 ​ ​ — ​ $ 975,527 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ $ — ​ $ — ​ $ 123,692 ​ $ — ​ $ 123,692 ​ There were no transfers of financial instruments between any levels during the years ended December 31, 2022 and 2021. Accounting standards require disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring basis are discussed above. As of December 31, 2022 or 2021, there were no financial assets or financial liabilities measured at fair value on a non-recurring basis. The following disclosure contains the carrying values, estimated fair values and their corresponding placement in the fair value hierarchy, for financial assets and financial liabilities as of December 31, 2022 and 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 25 ​ $ — ​ $ — ​ $ 25 ​ $ 25 Cash equivalents ​ 191,414 ​ — ​ 191,414 ​ — ​ 191,414 Liabilities: ​ ​ ​ ​ ​ Policyholder deposits (deposit-type contracts) ​ 1,743,348 ​ — ​ — ​ 1,743,348 ​ 1,743,348 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 87 ​ $ — ​ $ — ​ $ 87 ​ $ 87 Cash equivalents ​ 142,013 ​ — ​ 142,013 ​ — ​ 142,013 Liabilities: ​ ​ ​ ​ ​ ​ Policyholder deposits (deposit-type contracts) ​ 1,075,439 ​ — ​ — ​ 1,075,439 ​ 1,075,439 ​ ​ The following table presents a reconciliation of the beginning balance for all assets and liabilities measured at fair value on a recurring basis using level three inputs during the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Total realized and unrealized gains (losses) ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance ​ Included in Income ​ Included in OCI ​ Net Purchases, Issuances, Sales, and Settlements ​ Ending Balance (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ $ 267,468 ​ $ — ​ $ (2,683) ​ $ 294,187 ​ ​ 558,972 Mortgage loans on real estate, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ held for investment ​ ​ 183,203 ​ ​ — ​ ​ — ​ ​ 43,844 ​ ​ 227,047 Deposits and notes receivable ​ ​ 500 ​ ​ — ​ ​ — ​ ​ 806 ​ ​ 1,306 Other invested assets ​ ​ 35,293 ​ ​ — ​ ​ 3,452 ​ ​ 61,252 ​ ​ 99,997 Preferred stock ​ ​ 18,686 ​ ​ — ​ ​ (4,229) ​ ​ 7,414 ​ ​ 21,871 Policy loans ​ ​ 87 ​ ​ — ​ ​ — ​ ​ (62) ​ ​ 25 Total level 3 assets ​ $ 505,237 ​ $ — ​ $ (3,460) ​ $ 407,441 ​ $ 909,218 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ ​ (123,692) ​ ​ (10,193) ​ ​ — ​ ​ 22,267 ​ ​ (111,618) Total level 3 liabilities ​ $ (123,692) ​ $ (10,193) ​ $ — ​ $ 22,267 ​ $ (111,618) ​ ​ The following tables present a reconciliation of the beginning balance for all investments measured at fair value on a recurring basis using level three inputs during the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Total realized and unrealized gains (losses) ​ ​ ​ ​ ​ ​ (In thousands) Beginning Balance ​ Included in Income ​ Included in OCI ​ Net Purchases, Issuances, Sales, and Settlements ​ Ending Balance Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ $ 107,254 ​ $ (1,326) ​ $ 225 ​ $ 161,315 ​ $ 267,468 Mortgage loans on real estate, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ held for investment ​ ​ 94,990 ​ ​ — ​ ​ — ​ ​ 88,213 ​ ​ 183,203 Deposits and notes receivable ​ ​ — ​ ​ — ​ ​ — ​ ​ 500 ​ ​ 500 Other invested assets ​ ​ 21,897 ​ ​ 810 ​ ​ (671) ​ ​ 13,257 ​ ​ 35,293 Preferred stock ​ ​ 3,898 ​ ​ — ​ ​ 157 ​ ​ 14,631 ​ ​ 18,686 Policy loans ​ ​ 46 ​ ​ — ​ ​ — ​ ​ 31 ​ ​ 87 Total level 3 assets ​ $ 228,085 ​ $ (516) ​ $ (289) ​ $ 277,947 ​ $ 505,237 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ ​ (84,501) ​ ​ (4,169) ​ ​ — ​ ​ (35,022) ​ ​ (123,692) Total level 3 liabilities ​ $ (84,501) ​ $ (4,169) ​ $ — ​ $ (35,022) ​ $ (123,692) ​ Significant Unobservable Inputs —Significant unobservable inputs occur when we could not obtain or corroborate the quantitative detail of the inputs. This applies to fixed maturity securities, preferred stock, mortgage loans and certain derivatives, as well as embedded derivatives in liabilities. Additional significant unobservable inputs are described below. ​ Interest sensitive contract liabilities – embedded derivative – Significant unobservable inputs we use in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include: ​ ● Nonperformance risk – For contracts we issue, we use the credit spread, relative to the US Department of the Treasury (Treasury) curve based on our public credit rating as of the valuation date. This represents our credit risk for use in the estimate of the fair value of embedded derivatives. ​ ● Option budget – We assume future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth. ​ ● Policyholder behavior – We regularly review the lapse and withdrawal assumptions (surrender rate). These are based on our initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products. ​ Preferred equity and warrants – Significant unobservable inputs we use include surrender rate, discount rates, and EBITDA Multiples. ​ ● EBITDA Multiple -The warrants valued using a market approach guideline public company method ("GCPM") using a multiplier of EBITDA. ​ ● Discount Rates - For the preferred equity, discounted cash flow models are used to assist with the calculation the fair value. ​ Other Invested Assets ● EBITDA Multiple -The other invested assets valued using a market approach guideline public company method ("GCPM") using a multiplier of EBITDA. ● Discount Rates - For the other invested assets, discounted cash flow models are used to assist with the calculation the fair value. Term Loans Preferred Stock Mortgage Loans ​ ​ ​ ​ The following summarizes the unobservable inputs for available for sale and trading securities and the embedded derivatives of fixed indexed annuities and preferred stock (with associated detachable warrants): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 (In millions, except for percentages and multiples) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Term loans ​ $559.0 ​ Yield Analysis ​ Discount rates ​ 4.6% ​ 17.3% ​ 12.4% ​ Decrease Mortgage loans on real estate ​ $227.0 ​ Yield Analysis ​ Principal funded ​ NA ​ NA ​ NA ​ Decrease Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $111.6 ​ Option Budget Method ​ Nonperformance risk ​ 0.6% ​ 1.5% ​ 1.1% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 1.1% ​ 5.7% ​ 2.7% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 10.5% ​ Decrease Other invested assets ​ $100.0 ​ Market Approach ​ EBITDA Multiples ​ 2.6% ​ 3.1% ​ 2.8% ​ NA ​ ​ ​ ​ ​ ​ Discount rates ​ 8.0% ​ 25.5% ​ 14.5% ​ NA Preferred equity ​ $6.1 ​ Yield Analysis ​ Discount rates ​ 24.0% ​ 28.0% ​ 26.0% ​ Increase Detachable warrants ​ $2.2 ​ Market Approach GPCM ​ EBITDA Multiples ​ 10.0x% ​ 11.5x ​ 100.0% ​ Decrease Preferred stock ​ $31.4 ​ Market Approach ​ EBITDA Multiples ​ NA ​ NA ​ NA ​ Decrease * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (In millions, except for percentages and multiples) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $123.7 ​ Option Budget Method ​ Nonperformance risk ​ 0.3% ​ 1.1% ​ 0.6% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 1.1% ​ 3.4% ​ 2.4% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 7.7% ​ Decrease Preferred equity ​ $4.9 ​ Yield analysis ​ Discount rates ​ 17.5% ​ 19.5% ​ 18.5% ​ Increase Detachable warrants ​ $3.8 ​ Market Approach - GPCM ​ EBITDA Multiples ​ 9.0x ​ 10.0x ​ 100.0% ​ Increase * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Deposit-Type Contracts

Deposit-Type Contracts	12 Months Ended
	Dec. 31, 2022
Deposit-Type Contracts
Deposit-Type Contracts	Note 6. Deposit-Type Contracts The Company’s deposit-type contracts represent the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. Liabilities for these deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and less policyholder withdrawals. The following table provides information about deposit-type contracts for the years ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 December 31, 2021 Beginning balance ​ $ 1,075,439 ​ $ 597,868 US Alliance ​ (2,176) ​ 1,873 Unified Life Insurance Company ​ ​ (10) ​ ​ 468 Ironbound Reinsurance Company Limited ​ 5,959 ​ 6,579 Ascendant Re ​ ​ (3,185) ​ ​ 2,880 Crestline SP1 ​ ​ (11,623) ​ ​ 4,834 American Republic Insurance Company ​ ​ (4,080) ​ ​ 1,567 SRC4 ​ ​ 613 ​ ​ — Deposits received ​ 745,083 ​ 471,646 Investment earnings (includes embedded derivative) ​ (10,193) ​ 7,012 Withdrawals ​ (51,659) ​ (18,446) Policy charges ​ ​ (820) ​ ​ (842) Ending balance ​ $ 1,743,348 ​ $ 1,075,439 ​ ​ In addition, membership in FHLB provides the Company with access to additional short-term liquidity based on the level of investment in FHLB stock and pledged collateral. At December 31, 2022, a funding agreement of $29.0 million was outstanding. There were no borrowings outstanding with the FHLB at December 31, 2021.

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt
Debt	Note 7. Debt On November 22, 2022, the Company entered into a three-year senior secured revolving credit agreement (“Credit Agreement”) with Royal Bank of Canada and other lenders with a capacity of $30 million (the “Revolving Credit Facility”). The maturity date of the Credit Agreement is November 22, 2025. The obligations under the Credit Agreement are secured by a first priority lien on a variety of the Company’s assets. The balance of the revolving credit was $25.0 million at December 31, 2022, with $5.0 million unutilized credit. Under the terms of the Credit Agreement, the Company has the option of selecting an applicable variable interest rate of (a) an adjusted term standard overnight financing rate (“SOFR”), plus an applicable margin or (b) a base rate, plus an applicable margin. Depending on our debt to capitalization ratio, the applicable margin can range from 2.50% to 3.25% for the base rate and from 3.50% to 4.25% for an adjusted term SOFR loan. The terms of the Credit Agreement require the Company to maintain, among other things, certain financial measures including: ● Consolidated debt to capitalization must not be greater than 35% on the last day of any fiscal quarter; ● Risk-based capital of American Life & Security Corp. must not be less than 300% on the last day of any fiscal quarter; ● Consolidated liquidity must not be less than $3.0 million at any time; and ● The strength rating of American Life & Security Corp. from A.M. Best must not fall below “B++”. ​

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2022
Reinsurance
Reinsurance	Note 8. Reinsurance A summary of significant reinsurance amounts affecting the accompanying consolidated financial statements as of December 31, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 December 31, 2021 Assets: ​ ​ Reinsurance recoverables ​ $ 20,190 ​ $ 38,579 Liabilities: ​ ​ ​ ​ ​ ​ Deposit-type contracts ​ ​ ​ ​ ​ ​ Direct ​ $ 1,743,348 ​ ​ 1,075,439 Reinsurance ceded ​ ​ (912,982) ​ ​ (647,632) Retained deposit-type contracts ​ $ 830,366 ​ $ 427,807 ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 (In thousands) ​ ​ Premiums ​ ​ ​ ​ ​ Direct $ 238 ​ $ 258 Reinsurance ceded ​ (238) ​ ​ (258) Total Premiums $ — ​ $ — Future policy and other policy benefits ​ ​ ​ ​ ​ Direct $ 7 ​ $ 159 Reinsurance ceded (7) ​ (159) Total future policy and other policy benefits $ — ​ $ — ​ The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by third-party reinsurers as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable/ ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ (Payable) on Benefit ​ Ceded ​ Recoverable/ (In thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ (Payable) to/from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited ​ ​ NR ​ $ — ​ $ — ​ $ (344) ​ $ — ​ $ (344) Optimum Re Insurance Company ​ A ​ ​ — ​ ​ — ​ ​ 601 ​ ​ — ​ ​ 601 Sagicor Life Insurance Company ​ A- ​ — ​ 154 ​ 10,744 ​ (303) ​ 10,595 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ (2,130) ​ ​ — ​ ​ (2,130) Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ (3,357) ​ ​ — ​ ​ (3,357) American Republic Insurance Company ​ ​ A ​ ​ — ​ ​ — ​ ​ 5,879 ​ ​ — ​ ​ 5,879 SRC4 ​ ​ NR ​ ​ — ​ ​ — ​ ​ (44,442) ​ ​ — ​ ​ (44,442) Unified Life Insurance Company ​ ​ NR ​ ​ — ​ ​ 41 ​ ​ 986 ​ ​ (17) ​ ​ 1,010 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 52,400 ​ (22) ​ 52,378 ​ ​ ​ ​ ​ $ — ​ $ 195 ​ $ 20,337 ​ $ (342) ​ $ 20,190 ​ ​ ​ The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by third-party reinsurers as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable on ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ Benefit ​ Ceded ​ Recoverable (In thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited ​ ​ NR ​ $ — ​ $ — ​ $ (3,561) ​ $ — ​ $ (3,561) Optimum Re Insurance Company ​ A ​ ​ — ​ ​ — ​ ​ 561 ​ ​ — ​ ​ 561 Sagicor Life Insurance Company ​ A- ​ — ​ 157 ​ 10,901 ​ (303) ​ 10,755 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ 1,550 ​ ​ — ​ ​ 1,550 Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ 18,288 ​ ​ — ​ ​ 18,288 American Republic Insurance Company ​ ​ A ​ ​ — ​ ​ — ​ ​ 4,885 ​ ​ — ​ ​ 4,885 Unified Life Insurance Company ​ ​ NR ​ ​ — ​ ​ 45 ​ ​ 1,013 ​ ​ (21) ​ ​ 1,037 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 5,090 ​ (26) ​ 5,064 ​ ​ ​ ​ ​ $ — ​ $ 202 ​ $ 38,727 ​ $ (350) ​ $ 38,579 ​ Our securities positions resulted in changes in the unrealized gains position as of December 31, 2022, compared to December 31, 2021, that is reported in accumulated other comprehensive (loss) income on the Consolidated Balance Sheets. As discussed in Note 1, American Life has treaties with several third-party reinsurers that have FW and Modco provisions. Under those provisions, the assets backing the treaties are maintained by American Life as collateral but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. Under GAAP this arrangement is considered an embedded derivative as discussed in Note 4. Assets carried as investments on American Life’s financial statements for the third-party reinsurers contained cumulative unrealized losses of approximately $10.5 million as of December 31, 2022, and cumulative unrealized gains of $0.2 million at December 31, 2021. The terms of the contracts with the third-party reinsurers provide that the changes in unrealized gains and losses on the portfolios accrue to the third-party reinsurers. To recognize changes in the third-party unrealized gain (loss), American Life records the year-to-date change in the Consolidated Statements of Comprehensive Loss and in amounts recoverable from third-party reinsurers on the Consolidated Balance Sheets. As of December 31, 2022, American Life recognized a current year gain in the embedded derivative of $10.6 million and a loss in the embedded derivative of $2.8 million for the comparable period in 2021. On June 26, 2021, the NDOI issued its non-disapproval of the Modified Coinsurance Agreement (“Modco AEG Agreement”) with American Republic Insurance Company (“AEG”), an Iowa domiciled reinsurance company. The agreement closed on June 30, 2021. Under the Modco AEG Agreement, American Life cedes to AEG, on a modified coinsurance basis, a 20% quota share of certain liabilities with respect to its MYGA-5 business and an initial 20% quota share of certain liabilities with respect to its FIA business. American Life has established a Modco Deposit Account to hold the assets for the Modco AEG Agreement. The initial settlement included net premium income of $37.5 million and net statutory reserves of $34.8 million for the ModCo Deposit Account. The amount paid to the Modco Deposit Account from AEG was $2.4 million. Effective February 28, 2023, AEG elected not to extend its commitment period for reinsuring liabilities under its Modco AEG Agreement. As a result, AEG’s current quota share with respect to MYGA and FIA policies is 0%. The AEG Coinsurance Agreement remains in place, and AEG remains responsible for previously ceded liabilities. On November 10, 2021, the NDOI issued its non-disapproval of the Funds Withheld and Modified Coinsurance Agreement with SRC3, whereby, SRC3 agreed to provide reinsurance funding for a quota share percentage of 45% of the liabilities of American Life arising from its MYGA products and a quota share percentage of 45% of the liabilities of American Life arising from its FIA products. In the fourth quarter of 2022, the agreement with SRC3 was amended to provide a one time reinsurance funding for $10.0 million of the liabilities of American Life arising from its FIA products. American Life has established a FW and Modco Deposit Account to hold the assets for the FW and Modco Agreement. The initial settlement included net premium income of $37.5 million and net statutory reserves of $43.6 million. On September 21, 2022, the NDOI issued its non-disapproval of the conversion of American Life’s agreement with US Alliance to convert its block of business from a Funds Withheld agreement to a Funds Paid Coinsurance agreement. The conversion was effective as of October 1, 2022, and was triggered by US Alliance becoming a Qualified Institutional Buyer as specified in the original agreement. Upon conversion, American Life began transferring assets held on behalf of US Alliance to the reinsurer, with a corresponding entry made to Amounts Recoverable. The approximate value of assets transferred was $37.9 million. On September 30, 2022, American Life entered into a reinsurance agreement (the “Reinsurance Agreement”) with a new protected cell formed by Seneca Re (Seneca Incorporated Cell, LLC 2022-04 (“SRC4”)). SRC4 was capitalized by loans from Embrace Software, Inc (“Embrace”) and Tillman Networks LLC (“Tillman”). The Reinsurance Agreement was effective as of July 1, 2022, among American Life and Seneca Re. The Reinsurance Agreement supports American Life’s new business production by providing reinsurance capacity for American Life to write certain kinds of fixed indexed and multi-year guaranteed annuity products. Under the Reinsurance Agreement, SRC4 agreed to provide reinsurance funding for a quota share percentage of 45% of the liabilities of American Life arising from its MYGA-5 products and a quota share percentage of 10% of the liabilities of American Life arising from its MYGA-3 products. American Life has established a Modco Deposit Account, a Funds Withheld custody account, and a Trust Account pursuant to the Reinsurance Agreement. The initial settlement included net premium of $21.4 million and net reserves of $21.5 million for the modified coinsurance account. ​ Also on September 30, 2022, American Life entered into an Investment Management Agreement (“IMA”) with CoVenture Management, LLC (“CoVenture”) naming CoVenture as the manager of certain assets held by American Life on behalf of SRC4. The tables below shows the ceding commissions from the reinsurers excluding SRC1 and what was earned on a GAAP basis for the years ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) ​ 2022 ​ 2021 Reinsurer ​ Gross Ceding Commission ​ Expense Allowance (1) ​ Interest on Ceding Commission ​ Earned Ceding Commission ​ Gross Ceding Commission ​ Expense Allowance ​ Interest on Ceding Commission ​ Earned Ceding Commission Unified Life Insurance Company ​ $ — ​ $ — ​ $ — ​ $ 25 ​ $ — ​ $ — ​ $ — ​ $ 35 Ironbound Reinsurance Company Limited ​ ​ — ​ ​ — ​ ​ 193 ​ ​ 513 ​ ​ — ​ ​ (461) ​ ​ 211 ​ ​ 684 Ascendant Re ​ ​ — ​ ​ — ​ ​ 93 ​ ​ 332 ​ ​ 498 ​ ​ 904 ​ ​ 93 ​ ​ 367 US Alliance Life and Security Company ​ ​ — ​ ​ — ​ ​ 54 ​ ​ 348 ​ ​ 2 ​ ​ (75) ​ ​ 60 ​ ​ 401 Crestline SP1 ​ ​ 5,875 ​ ​ 8,754 ​ ​ 391 ​ ​ 2,569 ​ ​ 6,699 ​ ​ 12,321 ​ ​ 255 ​ ​ 1,185 American Republic Insurance Company ​ ​ 3,851 ​ ​ 6,189 ​ ​ 136 ​ ​ 863 ​ ​ 3,971 ​ ​ 7,039 ​ ​ 26 ​ ​ 350 SRC4 ​ ​ 1,770 ​ ​ 1,581 ​ ​ 21 ​ ​ 166 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ $ 11,496 ​ $ 16,524 ​ $ 888 ​ $ 4,816 ​ $ 11,170 ​ $ 19,728 ​ $ 645 ​ $ 3,022 ​ (1) Includes: acquisition and administrative expenses, commission expense allowance and product development fees. ​ The table below shows the ceding commissions deferred on each reinsurance transaction on a GAAP basis: ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ December 31, 2022 ​ December 31, 2021 Reinsurer Deferred Gain on Reinsurance Transactions ​ Deferred Gain on Reinsurance Transactions US Alliance Life and Security Company (1) $ 152 ​ $ 162 Unified Life Insurance Company (1) ​ 217 ​ ​ 242 Ironbound Reinsurance Company Limited (2) ​ ​ 4,876 ​ ​ 5,137 Ascendant Re ​ 2,947 ​ ​ 3,101 US Alliance Life and Security Company (2) ​ ​ 2,069 ​ ​ 2,286 American Republic Insurance Company (2) ​ ​ 7,502 ​ ​ 4,146 Crestline SP1 (2) ​ ​ 18,475 ​ ​ 13,515 SRC4 (2) ​ ​ 1,825 ​ ​ — ​ ​ $ 38,063 ​ $ 28,589 ​ 1) These reinsurance transactions on our legacy life insurance business received gross ceding commissions on the effective dates of the transaction. The difference between the statutory net adjusted reserves and the GAAP adjusted reserves plus the elimination of DAC and value of business acquired related to these businesses reduces the gross ceding commission with the remaining deferred and amortized over the lifetime of the blocks of business. 2) These reinsurance transactions include the ceding commissions and expense allowances which are accounted for as described in (1). The use of reinsurance does not relieve American Life of its primary liability to pay the full amount of the insurance benefit in the event of the failure of a reinsurer to honor its contractual obligation for all blocks of business except what is included in the Unified transaction. The reinsurance agreement with Unified discharges American Life’s responsibilities once all the policies have changed from indemnity to assumptive reinsurance. No reinsurer of business ceded by American Life has failed to pay policy claims (individually or in the aggregate) with respect to our ceded business. American Life monitors several factors that it considers relevant to satisfy itself as to the ongoing ability of a reinsurer to meet all obligations of the reinsurance agreements. These factors include the credit rating of the reinsurer, the financial strength of the reinsurer, significant changes or events of the reinsurer, and any other relevant factors. If American Life believes that any reinsurer would not be able to satisfy its obligations with American Life, separate contingency reserves may be established. As of December 31, 2022 and 2021, no contingency reserves were established. American Life expects to reinsure a significant portion of its new insurance policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. American Life may retain some business with the intent to reinsure some or all at a future date. Retained and Reinsured Balance Sheets The tables below shows the retained and reinsurance consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Retained ​ Reinsured ​ Consolidated ​ Retained ​ Reinsured ​ Consolidated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 812,177 ​ $ 802,780 ​ $ 1,614,957 ​ $ 414,418 ​ $ 561,109 ​ $ 975,527 Cash and cash equivalents ​ ​ 127,291 ​ ​ 64,123 ​ ​ 191,414 ​ ​ 95,406 ​ ​ 46,607 ​ ​ 142,013 Accrued investment income ​ ​ 11,307 ​ ​ 13,858 ​ ​ 25,165 ​ ​ 3,853 ​ ​ 9,770 ​ ​ 13,623 Deferred acquisition costs, net ​ ​ 43,433 ​ ​ — ​ ​ 43,433 ​ ​ 24,530 ​ ​ — ​ ​ 24,530 Reinsurance recoverables ​ ​ (6,853) ​ ​ 27,405 ​ ​ 20,552 ​ ​ — ​ ​ 38,579 ​ ​ 38,579 Other assets ​ ​ 16,189 ​ ​ 8,721 ​ ​ 24,910 ​ ​ 27,834 ​ ​ (2,189) ​ ​ 25,645 Total assets ​ $ 1,003,544 ​ $ 916,887 ​ $ 1,920,431 ​ $ 566,041 ​ $ 653,876 ​ $ 1,219,917 Liabilities and Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policyholder liabilities ​ $ 847,417 ​ $ 912,981 ​ $ 1,760,398 ​ $ 427,807 ​ $ 660,811 ​ $ 1,088,618 Note payable ​ ​ 25,000 ​ ​ — ​ ​ 25,000 ​ ​ — ​ ​ — ​ ​ — Deferred gain on coinsurance transactions ​ ​ 38,063 ​ ​ — ​ ​ 38,063 ​ ​ 28,589 ​ ​ — ​ ​ 28,589 Payable for securities purchased ​ ​ 8,872 ​ ​ — ​ ​ 8,872 ​ ​ 5,546 ​ ​ — ​ ​ 5,546 Other liabilities ​ ​ 49,815 ​ ​ 3,906 ​ ​ 53,721 ​ ​ 18,343 ​ ​ (6,935) ​ ​ 11,408 Total liabilities ​ $ 969,167 ​ $ 916,887 ​ $ 1,886,054 ​ $ 480,285 ​ $ 653,876 ​ $ 1,134,161 Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Voting common stock ​ ​ 4 ​ ​ — ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ 4 Additional paid-in capital ​ ​ 138,307 ​ ​ — ​ ​ 138,307 ​ ​ 138,277 ​ ​ — ​ ​ 138,277 Accumulated deficit ​ ​ (63,019) ​ ​ — ​ ​ (63,019) ​ ​ (70,159) ​ ​ — ​ ​ (70,159) Accumulated other comprehensive income (loss) ​ ​ (51,386) ​ ​ — ​ ​ (51,386) ​ ​ 2,634 ​ ​ — ​ ​ 2,634 Total Midwest Holding Inc.'s stockholders' equity ​ $ 23,906 ​ $ — ​ $ 23,906 ​ $ 70,756 ​ $ — ​ $ 70,756 Noncontrolling interest ​ ​ 10,471 ​ ​ — ​ ​ 10,471 ​ ​ 15,000 ​ ​ — ​ ​ 15,000 Total stockholders' equity ​ ​ 34,377 ​ ​ — ​ ​ 34,377 ​ ​ 85,756 ​ ​ — ​ ​ 85,756 Total liabilities and stockholders' equity ​ $ 1,003,544 ​ $ 916,887 ​ $ 1,920,431 ​ $ 566,041 ​ $ 653,876 ​ $ 1,219,917 ​

Income Tax Matters

Income Tax Matters	12 Months Ended
	Dec. 31, 2022
Income Tax Matters
Income Tax Matters	Note 9. Income Tax Matters Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 December 31, 2021 Deferred tax assets: ​ ​ Loss carryforwards ​ $ 2,672 ​ $ 2,244 Capitalized costs ​ 79 ​ 127 Stock option granted ​ ​ 1,066 ​ ​ 1,060 Policy acquisition costs ​ ​ 6,489 ​ ​ 3,640 General business credits ​ ​ 6 ​ ​ 6 Derivative option allowance ​ ​ — ​ ​ 510 Sec 163(j) limitation ​ ​ 171 ​ ​ 171 Benefit reserves ​ 12,010 ​ 5,186 Property and equipment ​ ​ — ​ ​ 33 Impairments ​ ​ 403 ​ ​ — Unrealized losses on investments ​ ​ 13,624 ​ ​ 1,534 Other ​ ​ 1,928 ​ ​ 1,464 Total deferred tax assets ​ 38,448 ​ 15,975 Less valuation allowance ​ (35,305) ​ (14,431) Total deferred tax assets, net of valuation allowance ​ 3,143 ​ 1,544 Deferred tax liabilities: ​ ​ Unrealized losses on investments ​ — ​ 1,084 Intangible assets ​ 147 ​ 147 Derivative option allowance ​ 2,150 ​ — Bond Discount ​ ​ 936 ​ ​ 313 Property and equipment ​ (90) ​ — Total deferred tax liabilities ​ 3,143 ​ 1,544 Net deferred tax assets ​ $ — ​ $ — ​ At December 31, 2022 and 2021, the Company recorded a valuation allowance of $35.3 million and $14.4 million, respectively, on the deferred tax assets to reduce the total to an amount that management believes will ultimately be realized. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry forwards are expected to be available to reduce taxable income. There was income tax expense of $7.6 million and $4.8 million for the years ended December 31, 2022 and 2021, respectively . This differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to pretax income, as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) 2022 2021 Computed expected income tax benefit (expense) ​ $ (1,762) ​ $ 2,815 Reduction (increase) in income taxes resulting from: ​ ​ ​ Interest maintenance reserve and reinsurance ​ ​ 212 ​ ​ (157) Nondeductible expenses ​ ​ (16) ​ ​ (9) Gain on sale of SRC1 ​ ​ — ​ ​ (368) Change in valuation allowance ​ (6,061) ​ ​ (7,429) Amended Return - 2019/2020 ​ ​ — ​ ​ (339) Adjustment to payable ​ ​ — ​ ​ 110 Deferred tax adjustment ​ ​ 14 ​ ​ 382 Prior year true-up ​ ​ 13 ​ ​ 229 Subtotal of increases ​ (5,838) ​ (7,581) Tax benefit (expense) ​ $ (7,600) ​ $ (4,766) ​ Section 382 of the Internal Revenue Code limits the utilization of U.S. net operating loss (“NOL”) carryforwards following a change of control, which occurred on June 28, 2018. As of December 31, 2022, the deferred tax assets included the expected tax benefit attributable to federal NOLs of $8.6 million. The federal NOLs generated by Midwest Holding and American Life prior to June 28, 2018 which are subject to the Section 382 limitation can be carried forward. If not utilized, the NOLs of $1.0 million prior to 2017 will expire through the year of 2032. ​ The NOLs generated by SRC1 prior to December 30, 2021 of $3.9 million are subject to Section 382 limitations due to the change in control. However, under the Tax Cuts and Jobs Act of 2017, they will not expire and can be carried forward indefinitely. The NOLs not subject to Section 382 which were generated from June 28, 2018 to December 31, 2022 do not expire and will carry forward indefinitely, however their utilization in any carry forward year is limited to 80% of taxable income in that year. The Company believes that it is more likely than not that the benefit from federal NOL carryforwards will not be realized; thus, we have recorded a full valuation allowance of $1.8 million on the deferred tax assets related to these federal NOL carryforwards.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	Note 10. Leases Our operating lease activities consist of leases for office space and equipment and do not include variable lease payments. Supplemental balance sheet information for our leases for the years ended December 31, 2022 and 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Classification December 31, 2022 December 31, 2021 Assets ​ ​ Operating Operating lease right-of-use assets ​ $ 2,119 ​ $ 2,360 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Operating lease Operating lease liabilities ​ $ 2,135 ​ $ 2,364 ​ Our operating lease expense for the years ended December 31, 2022 and 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) Classification 2022 2021 Operating General and administrative expense ​ $ 10 ​ $ 8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum contractual obligations for our leases as of December 31, 2022 are as follows: ​ ​ ​ ​ ​ (In thousands) Operating Leases 2023 ​ $ 342 2024 ​ 342 2025 ​ 342 2026 ​ ​ 345 2027 ​ ​ 353 2028 and after ​ ​ 1,404 Total remaining lease payments ​ $ 3,128 ​ The cash flows related to operating leases was approximately $0.1 million and less than $0.1 million as of December 31, 2022 and 2021, respectively. ​ The weighted average remaining lease terms of our operating leases were approximately eight and one half years

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity
Equity	Note 11. Equity Preferred stock As of December 31, 2022 and 2021, the Company had two million shares of preferred stock authorized with none issued or outstanding. Common Stock Our voting common stock is traded on The Nasdaq Capital Market under the symbol “MDWT.” Midwest has authorized 20 million shares of voting common stock and two million shares of non-voting common stock. As of December 31, 2022 and 2021, Midwest had 3,727,976 and 3,737,564 shares of voting common stock issued and outstanding, ​ Midwest holds approximately 4,500 shares of voting common stock in its treasury due to a reverse stock split. ​ Additional paid-in capital ​ Additional paid-in capital is primarily comprised of the cumulative cash that exceeds the par value received by the Company in conjunction with past issuances of its shares. It also is increased by the amortization expense of the consideration calculated at inception of the stock option grants as discussed in Note 12 – Long-Term Incentive Plans below. ​ Accumulated Other Comprehensive Income (AOCI) AOCI represents the cumulative other comprehensive income (loss) items that are reported separate from net loss and detailed on the Consolidated Statements of Comprehensive Loss. AOCI includes the unrealized gains and losses on investments and DAC, net of offsets and taxes as follows: ​ ​ ​ ​ ​ (In thousands) ​ Unrealized investment gains (losses) on fixed maturities, net of offsets Balance at December 31, 2020 ​ $ 6,431 Other comprehensive (loss) before reclassifications, net of tax ​ (1,422) Less: Reclassification adjustments for losses realized in net income ​ ​ (2,375) Balance, December 31, 2021 ​ ​ 2,634 Other comprehensive (loss) before reclassifications, net of tax ​ ​ (54,975) Less: Reclassification adjustments for losses realized in net income, net of tax ​ ​ 955 Balance, December 31, 2022 ​ $ (51,386) ​

Long-Term Incentive Plans

Long-Term Incentive Plans	12 Months Ended
	Dec. 31, 2022
Long-Term Incentive Plans
Long-Term Incentive Plans	Note 12. Long-Term Incentive Plans ​ In 2019, the Board approved the Midwest Holding Inc. (“MHI”) Long-Term Incentive Plan (the “2019 Plan”) that reserves up to 102,000 shares of MHI voting common stock for award issuances. It provides for the grant of options, restricted stock awards, restricted stock units, stock appreciation rights, performance units, performance bonuses, stock awards, and other incentive awards to eligible employees, consultants and eligible directors, subject to the conditions set forth in the 2019 Plan. In 2019, the shareholders of MHI approved the 2019 Plan. All awards are required to be established, approved, and/or granted by the Compensation Committee of the Board. ​ In 2020, the Board adopted a new equity incentive plan titled the 2020 Long-Term Incentive Plan (the “2020 Plan”) that reserves up to 350,000 shares of MHI voting common stock for award issuances. The terms of the 2020 Plan are essentially the same as the 2019 Plan. In 2021, the shareholders of MHI approved the 2020 Plan. During 2022, the Board approved the addition of 150,000 shares of voting common stock to be added to the 2020 Plan for future awards and these shares were approved by the shareholders of MHI. ​ Stock Options ​ In accordance with the stockholder-approved equity incentive plans above, the Company grants stock options to employees and directors for the purchase of common stock at exercise prices established at the date of the grants. Fair value and compensation at grant date are calculated using the Black Scholes Model. Compensation expense for option shares is expensed on a straight-line basis over the requisite service periods, accounting for forfeitures as they occur. Stock options become exercisable under various vesting schedules (typically two ​ Changes in outstanding options were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Exercise Price Per Share Range of Option Exercise Prices per Share ​ Total Outstanding Outstanding, Non-vested Vested and Exercisable December 31, 2021 $ 40.74 $16.37 - $55.02 ​ 399,053 298,180 100,873 Granted ​ 14.92 $11.20 - $21.16 ​ 117,367 117,367 - Vested ​ 36.53 $16.37 - $41.25 ​ - (45,777) 45,777 Exercised ​ - - ​ - - - Forfeited ​ 37.44 $15.57 - $55.02 ​ (110,653) (98,253) (12,400) Expired ​ 40.38 $25.00 - $41.25 ​ (86,646) - (86,646) December 31, 2022 $ 36.53 $11.20 - $55.02 ​ 319,121 271,517 47,604 ​ ​ Option information segregated by ranges of exercise prices were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Total Outstanding Options ​ Vested and Exercisable Range of Option Exercise Prices per Share Options ​ Weighted Average Exercise Price per Share Weighted Average Remaining Term ​ Options ​ Weighted Average Exercise Price per Share Weighted Average Remaining Term ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ > $50.00 52,603 $ 55.02 8.2 ​ - $ - - $40.00 - $49.99 127,751 ​ 41.25 8.2 ​ 36,042 ​ 41.25 7.6 $30.00 - $39.99 - ​ - - ​ - ​ - - $20.00 - $29.99 29,767 ​ 23.27 8.1 ​ 7,277 ​ 25.00 7.6 $10.00 - $19.99 109,000 ​ 13.28 9.5 ​ 4,285 ​ 16.37 9.0 < $10.00 - $ - - ​ - $ - - ​ The weighted average exercise prices of vested and exercisable options as of December 31, 2022 were $36.53. ​ As of December 31, 2022, based on a closing stock price of $12.74 per share, the aggregate intrinsic (in-the-money) values of vested options and all options outstanding were $0.0 million and $0.3 million, respectively. ​ Restricted Stock and Restricted Stock Units ​ In 2020, the Company awarded 18,597 shares of restricted stock, and in 2021 it awarded 5,089 restricted stock units (“RSUs”). ​ The restricted stock award shares had a grant date fair value of $41.25 per share and were subject to time-based vesting requirements of one-fourth ​ The 5,089 RSUs were granted to our non-employee directors and had a grant date fair value of $24.34 per share and vested on June 14, 2022, the date of the Company’s 2022 annual meeting of stockholders. The compensation expense relating to these awards was calculated using the grant date fair value and is amortizing on a straight-line basis over the requisite service periods. ​ On June 14, 2022, the Company granted 18,718 RSUs to our non-employee directors with a grant date fair value of $11.22 per share. The RSUs will vest at the earlier of the date of our 2023 annual meeting of stockholders or June 14, 2023. The compensation expense relating to these awards was calculated using the grant date fair value and is amortized on a straight-line basis over the requisite service periods. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Outstanding Units ​ Vested Units ​ ​ Units ​ Weighted Average Grand Date Fair Value ​ Units ​ Weighted Average Grant Date Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ 19,037 $ 47.62 ​ - $ - Granted ​ 18,718 ​ 11.22 ​ - ​ - Vested ​ (1,163) ​ 50.00 ​ 1,163 ​ 50.00 Forfeited ​ (10,810) ​ 40.41 ​ - ​ - Released ​ (9,738) ​ 45.35 ​ - ​ - December 31, 2022 ​ 17,207 $ 13.84 ​ 1,163 $ 50.00 ​ ​ The table below identifies the assumptions used in the Black Scholes Model to calculate the compensation expense: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Volatility ​ 4.16% - 4.26% ​ 4.4% - 66.3% Weighted-average volatility ​ 3.7% ​ 38.9% Expected term (in years) ​ 2 - 7 ​ 2 - 7 Risk-free rate ​ 0.02% - 2.15% ​ .8% - 1.5% ​ For the years ended December 31, 2022 and 2021, we amortized the compensation expense related to the 2019 and 2020 Plans, from the stock grants above, over vesting tranches which resulted in expense and an increase in additional paid in capital of less than $0.1 million and $5.0 million respectively. ​ The tables below shows the remaining non-vested shares under the 2019 and 2020 Plans as of December 31, 2022 and 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Awards Outstanding ​ Weighted Average Grant-Date Fair Value ​ Weighted Average Exercise Price Nonvested stock options and restricted ​ ​ ​ ​ ​ ​ ​ ​ stock unit awards at December 31, 2021 ​ 317,217 ​ $ 25.80 ​ $ 40.13 Options granted ​ 117,367 ​ ​ 9.57 ​ ​ 14.92 Restricted stock units granted ​ 18,718 ​ ​ — ​ ​ — Vested ​ (56,678) ​ ​ 21.12 ​ ​ 36.53 Forfeited ​ (109,063) ​ ​ 23.82 ​ ​ 38.87 Ending Balance at December 31, 2022 287,561 ​ $ 16.96 ​ $ 32.29 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Stock Options Outstanding ​ Weighted Average Grant-Date Fair Value ​ Weighted Average Exercise Price Nonvested stock options and restricted ​ ​ ​ ​ ​ ​ ​ ​ stock unit awards at December 31, 2020 ​ 100,972 ​ $ 22.91 ​ $ 34.70 Options granted ​ 333,880 ​ ​ 19.25 ​ ​ 42.84 Restricted stock units granted ​ 5,089 ​ ​ — ​ ​ — Vested ​ (85,957) ​ ​ 17.32 ​ ​ 30.20 Forfeited ​ (36,767) ​ ​ 23.91 ​ ​ 40.42 Ending Balance at December 31, 2021 317,217 ​ $ 25.80 ​ $ 40.13 ​

Statutory Net Income and Surplu

Statutory Net Income and Surplus	12 Months Ended
	Dec. 31, 2022
Statutory Net Income and Surplus
Statutory Net Income and Surplus	Note 13. Statutory Net Income and Surplus American Life and Seneca Re are required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Nebraska Department of Insurance and the Vermont Department of Insurance. Statutory practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. The following table represents the net gains or (losses) as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) ​ ​ 2022 2021 American Life ​ ​ $ 2,330 ​ $ (6,355) SRC1 ​ ​ $ 1,199 ​ $ (1,004) SRC3 ​ ​ $ 1,291 ​ $ (6,851) ​ The following table represents the Capital and Surplus as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ December 31, 2022 ​ December 31, 2021 American Life ​ ​ $ 69,936 ​ $ 74,011 SRC1 ​ ​ $ 9,615 ​ $ 8,415 SRC3 ​ ​ $ 6,088 ​ $ 3,150 The following table represents the premiums sales as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) ​ ​ 2022 2021 American Life ​ ​ $ 369,241 ​ $ 107,767 SRC1 ​ ​ $ - ​ $ 37,764 SRC3 ​ ​ $ 35,586 ​ $ 88,704 ​ State insurance laws require American Life to maintain certain minimum capital and surplus amounts on a statutory basis. American Life is subject to regulations that restrict the payment of dividends from statutory surplus and may require prior approval from its domiciliary insurance regulatory authorities. American Life is also subject to risk-based capital (“RBC”) requirements that may further affect its ability to pay dividends. American Life’s statutory capital and surplus as of December 31, 2022 and 2021, exceeded the amount of statutory capital and surplus necessary to satisfy regulatory requirements, including the RBC requirements as of those dates. As of December 31, 2020, American Life had an invested asset that was impaired as a result of the fair market of the underlying collateral being valued less that the book value. This was a non-admitted asset for statutory accounting purposes. This asset was held in our modified coinsurance account for Ironbound Reinsurance Company Limited so it was passed through to the third-party reinsurer through as a reduction of the investment income earned by the third-party reinsurer. As of March 31, 2021, this invested asset was sold for a loss of $2.4 million that was passed through to the third-party reinsurer as a reduction of its investment income earned. As of December 31, 2022 and 2021, American Life did not hold any participating policyholder contracts where dividends were required to be paid.

Third-party Administration

Third-party Administration	12 Months Ended
	Dec. 31, 2022
Third-party Administration
Third-party Administration	Note 14. Third-party Administration ​ The Company commenced its third-party administrative (“TPA”) services in 2012 as an additional revenue source. These services are offered to non-affiliated entities. These agreements, for various levels of administrative services on behalf of each customer, generate fee income for the Company. Services provided vary based on each customer’s needs and can include some or all aspects of back-office accounting and policy administration. TPA fee income earned for TPA services for the year ended December 31, 2022 and 2021 were $2.4 million and $2.3 million, respectively. Furthermore, as of December 31, 2022, 1505 Capital had $501.9 million of third-party assets under management. ​

Related Party

Related Party	12 Months Ended
	Dec. 31, 2022
Third-party Administration
Related Party	Note 15. Related Party ​ Crestline ​ On April 24, 2020, we entered into a Securities Purchase Agreement with Crestline Assurance Holdings LLC (“Crestline”) an institutional alternative investment management firm under which we issued 444,444 shares of our voting common stock to Crestline. We contributed $5.0 million of the net proceeds to American Life and used $3.3 million of the proceeds to capitalize Seneca Re and its first protected cell. We also entered into a Stockholders Agreement along with Xenith and Vespoint that grants Crestline certain rights. Also, Douglas K. Bratton, a principal of Crestline, was appointed as a director of both our Board and the American Life Board of Directors. In addition, on April 24, 2020, American Life entered into a three-year master letter agreement and related reinsurance, trust and asset management agreement with Seneca Re and a Crestline affiliate regarding the flow of annuity reinsurance and related asset management, whereby Crestline agreed to provide reinsurance funding for a quota share percentage of 25% of the liabilities of American Life arising from its MYGA and quota share percentage of 40% the liabilities of American Life arising from its FIA products. Through December 31, 2022, American Life had ceded $5.9 million face amount of annuities to Crestline SP1. American Life received total ceding commissions of $2.6 million and expense reimbursements of $8.8 million in connection with these transactions for the year ended December 31, 2022. The Reinsurance Agreement also contains the following agreements: ● American Life and Crestline SP1 each entered into investment management agreements with Crestline, pursuant to which Crestline manages the assets that support the reinsured business; and ● American Life and Crestline SP1 entered into a trust agreement whereby Crestline maintains for American Life’s benefit a trust account that supports the reinsured business. ​ On September 16, 2022, Midwest Holding and Crestline executed a Letter of Understanding relating to the Stockholders Agreement. The Company and Crestline agreed that Crestline’s representative on would resign from the Boards of Directors of the Company and American Life. Notwithstanding the foregoing, the parties agreed that the resignation and Crestline’s decision to no longer appoint a director does not constitute a permanent waiver of Crestline’s rights under the Stockholders Agreement to appoint a Crestline Designated Director. The Company and Crestline agreed that the foregoing described agreement will remain in place until the earlier to occur of the date (i) the parties reach written agreement otherwise, (ii) that Crestline is no longer an affiliate of a life insurance entity it recently acquired and (iii) on which Crestline no longer has the right to elect or appoint a Designated Director and Observer to the Board. ​ Currently, Crestline has approximately $423.6 million of the Company’s assets under management and is a subadvisor on approximately $134.3 million of additional investments. ​ Chelsea ​ On June 29, 2020, Midwest’s subsidiary, American Life, purchased a 17% interest in Financial Guaranty UK Limited through an economic interest in Chelsea Holdings Midwest LLC. American Life has a note receivable from Chelsea Holdings Midwest LLC with an interest rate of 5% per annum that was rated BBB+ by a nationally recognized statistical rating organization (“NRSRO”) and Class B preferred shares in Chelsea Holdings Midwest LLC. This note is being carried at cost plus PIK of $6.3 million, and the preferred shares are carried at a fair market value of $2.3 million, based upon valuations received from an independent their-party, as of December 31, 2022. ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies.
Commitments and Contingencies	Note 16. Commitments and Contingencies Contingent Commitments: ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 ​ December 31, 2021 Due in one year or less $ 52,951 ​ $ 19,245 Due in two years 43,604 ​ 26,753 Due in three years 7,731 ​ 4,705 Due in four years ​ 13,277 ​ ​ 8,741 Due in five years and after ​ 61,432 ​ ​ 86,497 ​ $ 178,995 ​ $ 145,941 ​ Legal Proceedings: ​ Regulatory Matters:

Schedule I Summary of Investmen

Schedule I Summary of Investments - Other Than Investments in Related Parties	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Summary of Investments - Other Than Investments in Related Parties	Midwest Holding Inc. and Subsidiaries Summary of Investments — Other Than Investments in Related Parties December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ Recognized in ​ ​ Amortized ​ ​ ​ ​ Consolidated (In thousands) Cost Fair Value Balance Sheets Type of Investment ​ ​ ​ Fixed maturities: ​ ​ ​ U.S. government obligations ​ $ 1,343 ​ $ 1,262 ​ $ 1,262 Foreign governments ​ ​ — ​ ​ — ​ ​ — Mortgage-backed securities ​ 316,105 ​ 294,066 ​ 294,066 Asset-backed securities ​ ​ 34,728 ​ ​ 30,756 ​ ​ 30,756 Collateralized loan obligations ​ ​ 308,871 ​ ​ 287,673 ​ ​ 287,673 States and political subdivisions-general obligations ​ 104 ​ 101 ​ 101 States and political subdivisions-special revenue ​ 228 ​ 205 ​ 205 Corporate ​ 46,700 ​ 41,600 ​ 41,600 Term loans ​ ​ 561,656 ​ ​ 558,972 ​ ​ 558,972 Trust preferred ​ ​ — ​ ​ — ​ ​ — Redeemable preferred stock ​ ​ — ​ ​ — ​ ​ — Total fixed maturity securities ​ $ 1,269,735 ​ $ 1,214,635 ​ $ 1,214,635 Mortgage loans on real estate, held for investment ​ ​ 227,047 ​ ​ 227,047 ​ ​ 227,047 Derivatives ​ ​ 30,239 ​ ​ 15,934 ​ ​ 15,934 Equity securities ​ ​ 5,592 ​ ​ 5,111 ​ ​ 5,111 Other invested assets ​ ​ 108,979 ​ ​ 112,431 ​ ​ 112,431 Preferred stock ​ ​ 35,644 ​ ​ 31,415 ​ ​ 31,415 Deposits and notes payable ​ ​ 8,359 ​ ​ 8,359 ​ ​ 8,359 Policy loans ​ 25 ​ ​ 25 ​ ​ 25 Total Investments ​ $ 1,685,620 ​ ​ 1,614,957 ​ $ 1,614,957 ​

Schedule II Condensed Financial

Schedule II Condensed Financial Information of Registrant Balance Sheets	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Registrant Balance Sheets	Midwest Holding Inc. (Parent Company) Condensed Financial Information of Parent Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (In thousands) 2022 2021 Assets: ​ ​ ​ ​ ​ ​ Investment in subsidiaries (1) ​ $ 56,054 ​ $ 79,532 Preferred stock ​ ​ 1 ​ ​ — Cash and cash equivalents ​ 115 ​ 7,540 Notes receivable ​ ​ 34 ​ ​ 31 Property and equipment, net ​ 1,878 ​ 334 Right of use assets ​ ​ 2,118 ​ ​ 2,360 Other assets ​ 5,750 ​ 3,257 Total assets ​ $ 65,950 ​ $ 93,054 Liabilities and Stockholders’ Equity ​ ​ Liabilities: ​ ​ Notes payable ​ 25,000 ​ 500 Lease liability ​ ​ 2,135 ​ ​ 2,364 Accounts payable and accrued expenses ​ 4,438 ​ 4,434 Total liabilities ​ $ 31,573 ​ $ 7,298 Stockholders’ Equity: ​ ​ Preferred stock, $0.001 par value; authorized 2,000,000 shares; no shares issued and outstanding as of December 31, 2022 or December 31, 2021 ​ — ​ — Voting common stock, $0.001 par value; authorized 20,000,000 shares; 3,727,976 shares issued and outstanding December 31, 2022 ​ 4 ​ 4 Additional paid-in capital ​ 138,482 ​ 138,452 Treasury stock ​ ​ (175) ​ ​ (175) Accumulated deficit ​ (63,019) ​ (70,159) Accumulated other comprehensive (loss) income ​ (51,386) ​ 2,634 Total Midwest Holding Inc.'s stockholders' equity ​ $ 23,906 ​ $ 70,756 Noncontrolling interest ​ 10,471 ​ 15,000 Total stockholders' equity ​ $ 34,377 ​ $ 85,756 Total liabilities and stockholders' equity ​ $ 65,950 ​ $ 93,054 ​ (1) eliminated in consolidation.

Schedule II Condensed Financi_2

Schedule II Condensed Financial Information of Registrant Statements of Comprehensive Loss	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Registrant Statements of Comprehensive Loss	Midwest Holding Inc. (Parent Company) Condensed Financial Information of Parent Statements of Comprehensive Loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (In thousands) 2022 2021 Income: ​ ​ Investment loss, net of expenses ​ $ — ​ $ — Miscellaneous income ​ 61 ​ 23 ​ ​ 61 ​ 23 Expenses: ​ ​ General ​ 1,494 ​ 7,193 ​ ​ ​ ​ ​ ​ ​ Loss from continuing operations before taxes ​ (1,433) ​ (7,170) Income tax expense (See Note 9) ​ — ​ (4,766) Loss before equity in loss of consolidated subsidiaries ​ (1,433) ​ (11,936) Equity in loss of consolidated subsidiaries ​ 2,224 ​ (4,701) Net gain (loss) ​ ​ 791 ​ ​ (16,637) Less: gain (loss) attributable to noncontrolling interest ​ ​ 6,349 ​ ​ — Net loss ​ ​ 7,140 ​ ​ (16,637) Comprehensive income: ​ ​ Unrealized gains on investments arising during period, net of tax ​ (54,975) ​ (1,422) Unrealized gains on foreign currency, net of tax ​ ​ — ​ ​ — Less: reclassification adjustment for net realized gains on investments ​ 955 ​ (2,375) Other comprehensive income, net of tax ​ (54,020) ​ (3,797) Comprehensive loss ​ $ (46,880) ​ $ (20,434) ​

Schedule II Condensed Financi_3

Schedule II Condensed Financial Information of Registrant Statements of Cash Flows	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Registrant Statements of Cash Flows	Midwest Holding Inc. (Parent Company) Condensed Financial Information of Parent Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In thousands) 2022 2021 Cash Flows from Operating Activities: ​ ​ Net income (loss) ​ $ 7,140 ​ $ (16,637) Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities: ​ ​ Equity in net loss of consolidated subsidiaries ​ 2,224 ​ 9,506 Depreciation ​ (297) ​ (295) Stock options ​ ​ 30 ​ ​ 4,982 Net transfers to noncontrolling interest ​ ​ — ​ ​ — Other assets and liabilities ​ (9,246) ​ 1,525 Net cash used by operating activities ​ (149) ​ (919) Cash Flows from Investing Activities: ​ ​ Purchase of preferred stock ​ (1) ​ — Net (purchases) disposals of property and equipment ​ (1,246) ​ — Net cash used by investing activities ​ (1,247) ​ — Cash Flows from Financing Activities: ​ ​ Capital contributions to consolidated subsidiaries ​ (26,000) ​ (14,102) Notes payable ​ ​ 24,500 ​ ​ — Net transfers to noncontrolling interest ​ ​ (4,529) ​ ​ 15,000 Net cash (used in) provided by financing activities ​ (6,029) ​ 777 Net decrease in cash and cash equivalents ​ (7,425) ​ (142) Cash and cash equivalents: ​ ​ Beginning ​ 7,540 ​ 7,682 Ending ​ $ 115 ​ $ 7,540 ​ ​ ​ ​ ​ ​ ​ Supplementary information ​ ​ Cash paid for taxes ​ $ — ​ $ — ​

Schedule III Supplementary Insu

Schedule III Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	Midwest Holding Inc. and Subsidiaries Supplementary Insurance Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ As of December 31, 2022 ​ For the Year Ended December 31, 2022 ​ ​ Future Policy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Death and ​ ​ ​ ​ ​ Benefits, ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ Other Benefits ​ ​ ​ ​ ​ Claims and ​ ​ ​ ​ Gain on ​ ​ ​ ​ Net ​ and Increase ​ Other ​ ​ Deposit-type ​ Advance ​ Coinsurance ​ Premium ​ Investment ​ in Benefit ​ Operating ​ Contracts Premiums Transaction Revenue Income Reserves Expenses Life Insurance ​ $ 1,760,398 ​ $ — ​ $ 38,063 ​ $ — ​ $ 35,115 ​ $ (2,199) ​ $ 23,857 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ As of December 31, 2021 ​ For the Year Ended December 31, 2021 ​ ​ Future Policy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Death and ​ ​ ​ ​ ​ Benefits, ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ Other Benefits ​ ​ ​ ​ ​ Claims and ​ ​ ​ ​ Gain on ​ ​ ​ ​ Net ​ and Increase ​ Other ​ ​ Deposit-type ​ Advance ​ Coinsurance ​ Premium ​ Investment ​ in Benefit ​ Operating ​ Contracts Premiums Transaction Revenue Income Reserves Expenses Life Insurance ​ $ 1,088,617 ​ $ 1 ​ $ 28,589 ​ $ — ​ $ 15,737 ​ $ 9,904 ​ $ 32,030 ​

Schedule IV Reinsurance Informa

Schedule IV Reinsurance Information	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance Information	Midwest Holding Inc. and Subsidiaries Reinsurance Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ceded to Other ​ ​ ​ (In thousands) Gross Amount Companies Net Amount Year ended December 31, 2022 ​ ​ ​ Life insurance in force ​ $ 44,236 ​ $ 42,398 ​ $ 1,838 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance premiums ​ $ 1,056 ​ $ 1,056 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ Life insurance in force ​ $ 45,930 ​ $ 44,090 ​ $ 1,840 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance premiums ​ $ 1,055 ​ ​ 1,055 ​ $ — ​

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Midwest Holding Inc. and Subsidiaries Valuation and Qualifying Accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In thousands) 2022 2021 Accumulated Depreciation: ​ ​ Beginning of the year ​ 1,072 ​ 1,023 Depreciation expense ​ 327 ​ 49 Disposals ​ (17) ​ — End of the year ​ $ 1,382 ​ $ 1,072 ​

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Nature of Operations and Summary of Significant Accounting Policies.
Nature of Operations	Nature of Operations Midwest Holding Inc. (“Midwest,” “the Company,” “we,” “our,” or “us”) was incorporated in Nebraska on October 31, 2003 for the primary purpose of operating a financial services company. The Company redomesticated from the State of Nebraska to the State of Delaware on August 27, 2020. The Company is in the life and annuity insurance business and operates through its wholly owned subsidiaries, American Life & Security Corp. (“American Life”), and 1505 Capital LLC (“1505 Capital”) as well as through its sponsored captive reinsurance company, Seneca Reinsurance Company, LLC (“Seneca Re”). American Life is a Nebraska-domiciled life insurance company, that was licensed to sell, underwrite, and market life insurance and annuity products in 23 states and the District of Columbia as of December 31, 2022. American Life received authorization to do business in Georgia as of February 24, 2023, bringing our operating jurisdictions to 24 states and the District of Columbia. Effective March 12, 2020, Seneca Re, a Vermont limited liability company, was formed by Midwest to operate as a sponsored captive insurance company for the purpose of insuring and reinsuring various types of risks of its participants through one or more protected cells and to conduct any other business or activity that is permitted for sponsored captive insurance companies under Vermont insurance regulations. On March 30, 2020, Seneca Re received its Certification of Authority to transact the business of a captive insurance company. On May 12, 2020, Midwest contributed $0.3 million to Seneca Re for a 100% ownership interest. On April 15, 2020, Midwest entered into an operating agreement with Seneca Re and as of December 31, 2022, Seneca Re has two incorporated cells, Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) and Seneca Re Incorporated Cell 2021-03 (“SRC3”), which are consolidated in our financial statements. Midwest initially owned a 100% interest in SRC1 by contributing a total of $21.4 million. On December 30, 2021, Midwest closed the sale of approximately 70% of SRC1 to a subsidiary of ORIX Corporation USA (“ORIX USA”) for $15.0 million. Under the terms of the agreement, Midwest now holds a 30% ownership interest in SRC1. ORIX Advisers, LLC, another subsidiary of ORIX USA, is the manager of the assets underlying SRC1’s reinsurance obligations going forward, replacing Midwest’s asset management arm, 1505 Capital. ​ On July 27, 2020, American Life entered into a reinsurance agreement (the “Reinsurance Agreement”) with a new protected cell formed by Seneca Re (Seneca Incorporated Cell, LLC 2020-02 (“SRC2”)). SRC2 was capitalized by Crestline Management, L.P. (“Crestline”), a significant shareholder of Midwest via a Crestline subsidiary, Crestline Re SPC1. The Reinsurance Agreement, which was effective as of April 24, 2020, was entered into pursuant to a Master Letter Agreement (the “Master Agreement”) dated and effective as of April 24, 2020, among American Life, Seneca Re and Crestline. The Reinsurance Agreement supports American Life’s new business production by providing reinsurance capacity for American Life to write certain kinds of fixed and multi-year guaranteed annuity products. Concurrently with the Reinsurance Agreement: ​ ● American Life and SRC2 each entered into investment management agreements with Crestline, pursuant to which Crestline manages the assets that support the reinsured business; and ● American Life and SRC2 entered into a trust agreement whereby SRC2 maintains for American Life’s benefit a trust account that supports the reinsured business. ​ Under the Master Agreement, Crestline agreed to provide reinsurance funding for a quota share percentage of 25% of the liabilities of American Life arising from its multi-year guaranteed annuities (“MYGA”) and a quota share percentage of 40% of the liabilities of American Life arising from its fixed indexed annuity (“FIA”) products. The Master Agreement expires on April 24, 2023. In addition, pursuant to the Master Agreement, the parties thereto have agreed to enter into one or more separate agreements whereby, among other things and subject to certain conditions, American Life will agree to reinsure additional new business production to one or more reinsurers formed and/or capitalized by Crestline, Midwest or an appropriate affiliate will be compensated for providing administrative services to certain advisory clients of Crestline, and American Life will consider investing in certain assets originated or sourced by Crestline. On June 26, 2021, the Nebraska Department of Insurance (‘NDOI”) issued its non-disapproval of the Modified Coinsurance Agreement (“Modco AEG Agreement”) of American Life with American Republic Insurance Company (“AEG”), an Iowa domiciled reinsurance company. The agreement closed on June 30, 2021. Under the Modco AEG Agreement, American Life cedes to AEG, on a modified coinsurance basis, 20% quota share of certain liabilities with respect to its MYGA-5 business and an initial 20% quota share of certain liabilities with respect to its FIA products. American Life has established a Modco Deposit Account to hold the assets for the Modco AEG Agreement. The initial settlement included net premium of $37.5 million and net reserves of $34.8 million for the modified coinsurance account. The amount paid to the Modified Deposit Account from AEG was $2.4 million. Effective February 28, 2023, AEG elected not to extend its commitment period for reinsuring liabilities under its Modco AEG Agreement. As a result, AEG’s current quota share with respect to MYGA and FIA policies is 0%. The AEG Coinsurance Agreement remains in place, and AEG remains responsible for previously ceded liabilities. ​ On November 10, 2021, Midwest purchased 100% ownership of an intermediary holding company for $5.7 million, which company thereupon contributed capital of $5.5 million to purchase 100% of SRC3 Class A and B capital stock. Also, on November 10, 2021, American Life and SRC3 entered into a Funds Withheld and Modified Coinsurance Agreement, whereby, SRC3 agreed to provide reinsurance funding for a quota share percentage of 45% of the liabilities of American Life arising from its MYGA products and quota share percentage of 45% of the liabilities of American Life arising from its FIA products. In the fourth quarter of 2022, the agreement with SRC3 was amended to provide a one time reinsurance funding for a quota share of $10.0 million of the liabilities of American Life arising from its FIA products. ​ On September 30, 2022, American Life entered into a reinsurance agreement (the “Reinsurance Agreement”) with a new protected cell formed by Seneca Re (Seneca Incorporated Cell, LLC 2022-04 (“SRC4”)). SRC4 was capitalized by loans from Embrace Software, Inc (“Embrace”) and Tillman Networks LLC (“Tillman”). The Reinsurance Agreement was effective as of July 1, 2022, among American Life and Seneca Re. The Reinsurance Agreement supports American Life’s new business production by providing reinsurance capacity for American Life to write certain kinds of fixed indexed and multi-year guaranteed annuity products. Under the Reinsurance Agreement, SRC4 agreed to provide reinsurance funding for a quota share percentage of 45% of the liabilities of American Life arising from its MYGA-5 products and a quota share percentage of 10% of the liabilities of American Life arising from its MYGA-3 products. American Life has established a Modco Deposit Account, a Funds Withheld custody account, and a Trust Account pursuant to the Reinsurance Agreement. The initial settlement included net premium of $21.4 million and net reserves of $21.5 million for the modified coinsurance account. ​ Also on September 30, 2022, American Life entered into an Investment Management Agreement (“IMA”) with CoVenture Management, LLC (“CoVenture”) naming CoVenture as the manager of certain assets held by American Life on behalf of SRC4. ​ Management evaluates the Company as one reporting segment in the life insurance industry. The Company is primarily engaged in the underwriting and marketing of annuity products through American Life, and then reinsuring such products with third-party reinsurers, and since May 13, 2020, with Seneca Re protected cells. American Life’s legacy product offerings consisted of a multi-benefit life insurance policy that combined cash value life insurance with a tax deferred annuity and a single premium term life product. American Life presently offers six annuity products: two MYGAs, two FIAs, and two bonus plans associated with the FIA product. It is not presently offering any traditional life insurance products.
Basis of Presentation	Basis of Presentation These consolidated financial statements for the year ended December 31, 2022 and 2021 have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Preparation of our consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The following is a summary of our significant accounting policies and estimates. These accounting policies inherently require significant judgment and assumptions, and actual operating results could differ significantly from management’s estimates determined using these policies. We believe the following accounting policies, judgments and estimates are the most critical to the understanding of our results of operations and financial position. All intercompany accounts and transactions have been eliminated in consolidation and certain immaterial reclassifications have been made to the prior period results to conform to the current period’s presentation with no impact on results of operations or total stockholders’ equity.
Fixed Maturities	Fixed Maturities All fixed maturities owned by the Company are considered available-for-sale and are included in the consolidated financial statements at their fair value as of the financial statement date. Premiums and discounts on fixed maturity debt instruments are amortized using the scientific-yield method over the term of the instruments. Realized gains and losses on securities sold during the year are determined using the specific identification method. Unrealized holding gains and losses, net of applicable income taxes, are included in accumulated other comprehensive (loss) income. Declines in the fair value of available-for-sale securities below their amortized cost are evaluated to assess whether any other-than-temporary impairment loss should be recorded. In determining if these losses are expected to be other-than-temporary, the Company considers severity of impairment, duration of impairment, forecasted recovery period, industry outlook, the financial condition of the issuer, issuer credit ratings, and the intent and ability of the Company to hold the investment until the recovery of the cost. Investment income consists of interest, dividends, gains and losses from investments, and real estate income, which are recognized on an accrual basis along with the amortization of premiums and discounts. Certain available-for-sale investments are maintained as collateral under Funds Withheld (“FW”) and Modified Coinsurance (“Modco”) agreements but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. American Life has treaties with several third-party reinsurers that have FW and Modco provisions. In a Modco agreement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a FW agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers to reduce the potential credit risk. The unrealized gains/losses on those investments are passed through to the third-party reinsurers as either a realized gain or loss on the Consolidated Statements of Comprehensive Loss.
Mortgage Loans on Real Estate	Mortgage Loans on Real Estate Mortgage loans on real estate, held for investment are carried at unpaid principal balances. Interest income is recognized in net investment income at the contract interest rate when earned. A mortgage loan is considered to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances for impairments on mortgage loans are established based upon losses expected by management to be realized in connection with future dispositions or settlements of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan’s original effective interest rate and disposition of collateral. These evaluations are revised as conditions change and new information becomes available. As of December 31, 2022, the Company held one asset valued at $7.7 million with a total impairment of $1.4 million. No such impairments were recognized as of December 31, 2021.
Derivative Instruments	Derivative Instruments Derivatives are used to hedge the risks experienced in our ongoing operations, such as equity, interest rate and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, or other underlying notional amounts. Derivative assets and liabilities are carried at fair value on the consolidated balance sheets. To qualify for hedge accounting, at the inception of the hedging relationship, the Company must formally document our designation of the hedge as a cash flow or fair value hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we would identify how the hedging instrument is expected to hedge the designated risks related to the hedged item, the method that would be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which would be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness would be formally assessed at inception and periodically throughout the life of the designated hedging relationship. During the last quarter of 2020, the Company began investing in futures to hedge the fluctuations in various aspects of our business. The formal documentation and hedge effectiveness was not completed at the date we entered into those futures contracts; therefore, they do not qualify for hedge accounting. The futures change in fair market values were recorded on our Consolidated Statements of Comprehensive Loss as realized gains or (losses). Additionally, reinsurance agreements written on a FW or Modco basis contain embedded derivatives on our annuity products. Gains or (losses) associated with the performance of assets maintained in the modified coinsurance deposit and funds withheld accounts are reflected as realized gains or (losses) in the Consolidated Statements of Comprehensive Loss.
Equity Securities	Equity Securities Equity securities at December 31, 2022, consisted of exchange traded funds (“ETFs”). The ETFs are carried at fair value with the change in fair value recorded through realized gains and losses in the Consolidated Statements of Comprehensive Loss. As of December 31, 2022, we held $5.1 million of ETFs and $21.9 million of ETFs as of December 31, 2021.
Preferred Stock	Preferred Stock The company held a perpetual preferred stock investment of $10.0 million as of December 31, 2022. This investment is carried at fair market value. The change in fair market value is recorded in net investment income on the Statement of Comprehensive Loss. In 2020 American Life entered into a series of transactions with an unaffiliated entity, Ascona Group Holdings Ltd (“AGH”). Through these transactions American Life acquired preferred equity in AGH in British Pound Sterling (“GBP”) 3.6 million along with warrants bearing no initial assigned value. American Life subsequently created a special purpose vehicle, Ascona Asset Holding LLC (“AAH”), to hold the Preferred Equity and Warrants, and later created Ascona Collinwood HoldCo LLC (“ACH”) to be the sole member of AAH. American Life and Crestline Re SP1 own 74% and 26%, respectively, of ACH. American Life is carrying the preferred equity and warrants at a market value in USD of $2.2 million as of December 31, 2022 and $3.9 million of December 31, 2021. The change in market value for the preferred stock and warrants of $9.0 million was recorded in net investment income on the Consolidated Statements of Comprehensive Loss. Of the $9.0 million of investment income, $2.4 million was attributed to the noncontrolling interest held by Crestline Re SP1.
Other Invested Assets	Other Invested Assets Other invested assets consists of approximately $112.4 million of various investments. Of this total, approximately $98.4 million are primarily collateral loans, and $13.0 million of private credit and equipment leases. Also, we had an initial investment of $19.0 million investment in a private fund between American Life and an unaffiliated entity, PF Collinwood Holdings, LLC (“PFC”), with American Life owning 100% of the entity effective January 2021. The fair value of the PFC investment as of December 31, 2022, was $13.7 million and as of December 31, 2021, $14.5 million, respectively, with the change in fair market value recorded in unrealized gains and losses in equity on the balance sheet. On February 2, 2022, we established a special purpose vehicle, Python Asset Holding LLC, with American Life owning 100% of the entity with an initial investment of $7.4 million. As of September 30, 2022, our investment in Python was carried at the net asset value (“NAV”) plus approximately $0.4 million of investment income.
Deposits and notes receivable	Deposits and notes receivable Investment escrow The Company held in escrow $0.8 million and $3.6 million as of December 31, 2022 and 2021, respectively. The cash held at year end was used to purchased mortgages in January 2023 and 2022, respectively. Federal Home Loan Bank stock American Life initially purchased Federal Home Loan Bank of Topeka (“FHLB”) common stock on May 5, 2021. This investment was to solidify our membership with FHLB Topeka. The carrying value of FHLB stock approximates fair value since the Company can redeem the stock with FHLB at cost. As a member of the FHLB, the Company is required to purchase this stock, which is carried at cost and classified as restricted equity securities. Membership allows access to various funding arrangements to provide a source of additional liquidity. As of December 31, 2022, the Company had pledged assets with a market value of $121.1 million to FHLB to allow a borrowing capacity of $109.8 million and none pledged as of December 31, 2021. As of December 31, 2022, we had $29.0 million of outstanding funding arrangements. As of December 31, 2021, there were no outstanding funding arrangements. Notes Receivable The Company held notes receivable carried at fair value of $6.3 million and $6.0 million as of December 31, 2022 and 2021, respectively, between American Life and a related party. The note receivable has an annual interest rate of 5% which is paid in kind (“PIK”) interest per annum that increases the outstanding note balance. This note was rated BBB+ by a nationally recognized statistical rating organization. This note matures on June 18, 2050. See Note 15 – Related Party – Chelsea for details regarding this note.
Policy Loans	Policy Loans Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. No valuation allowance is established for these policy loans as the amount of the loan is fully secured by the death benefit of the policy and cash surrender value.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all liquid investments with original maturities of three months or less when purchased to be cash equivalents. As of December 31, 2022 and 2021, the Company held less than GBP 0.1 and approximately GBP 2.2 million in custody accounts, respectively. The USD equivalent held was less than $0.1 and $3.0 million, respectively. As of December 31, 2022 and 2021, the Company held approximately less than Euro 0.1 and 9.3 million, respectively. The USD equivalent held was approximately less than $0.1 and $10.6 million, respectively. As of December 31, 2022 and 2021, we had realized gains of approximately $3.7 million and approximately $2.0 million, respectively, related to the change in the foreign currency exchange rate of the GBP and Euro that were recorded in realized (losses) gains on investments in the Consolidated Statements of Comprehensive Loss. The Company had no money market investments as of December 31, 2022 and 2021, respectively.
Deferred Acquisition Costs	Deferred Acquisition Costs Deferred acquisition costs (“DAC”) consist of incremental direct costs, net of amounts ceded to third-party reinsurers, that result directly from and are essential to the contract acquisition transaction and would not have been incurred by the Company had the contract acquisition not occurred. These costs are capitalized, to the extent recoverable, and amortized over the life of the premiums produced. The Company evaluates the types of acquisition costs it capitalizes. The Company capitalizes agent compensation and benefits and other expenses that are directly related to the successful acquisition of contracts. The Company also capitalizes expenses directly related to activities performed by the Company, such as underwriting, policy issuance, and processing fees incurred in connection with successful contract acquisitions. The following table represents a roll forward of DAC, net of reinsurance: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 ​ December 31, 2021 Beginning balance ​ $ 24,530 ​ $ 13,456 Additions ​ ​ 23,857 ​ ​ 13,402 Amortization ​ ​ (3,905) ​ ​ (2,886) Interest ​ ​ (883) ​ ​ 632 Impact of unrealized investment losses ​ ​ (166) ​ ​ (74) Ending Balance ​ $ 43,433 ​ $ 24,530 ​ Recoverability of deferred acquisition costs is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. The Company performs a recoverability analysis annually in the fourth quarter unless events occur which in management’s judgment require an immediate review. The Company performed a recoverability analysis during the fourth quarter of 2022 and determined that all DAC balances were recoverable as of December 31, 2022.
Premiums Receivable	Premiums Receivable Premiums receivable consists of premiums earned on our legacy insurance business which have been earned, but have not yet been collected. Amounts are receivable from our legacy business partners and were consistent at $0.4 million in both 2022 and 2021.
Property and Equipment	Property and Equipment Property and equipment are stated at cost net of accumulated depreciation. Annual depreciation is primarily computed using straight-line methods for financial reporting and straight-line and accelerated methods for tax purposes. Furniture and equipment is depreciated over three During the first quarter of 2021, the Company began the implementation of a new cloud-based enterprise resource planning and enterprise performance management system. The Company expects to capitalize related consultation and support expenses relating to this system and will begin amortizing these fees over a period of five years from the date of implementation. The useful life of the system has been estimated at five years in accordance with guidance in ASC 350, Intangibles – Goodwill and Other Maintenance and repairs are expensed as incurred. Replacements and improvements which extend the useful life of the asset are capitalized. The net book value of assets sold or retired are removed from the accounts, and any resulting gain or loss is reflected in earnings. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset may not be recoverable and exceeds estimated future undiscounted cash flows of the asset. A recognized impairment loss reduces the carrying amount of the asset to its fair value. The Company determined that no such events occurred in the periods covered by the Consolidated Financial Statements that would indicate the carrying amounts may not be recoverable.
Reinsurance	Reinsurance We seek to reinsure a significant portion of our new annuity policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. Under these reinsurance agreements, we expect there will be a monthly or quarterly settlement of premiums, claims, surrenders, collateral, and other administration fees. We believe this will help preserve American Life’s capital while supporting its growth because American Life will have lower capital requirements when its business is reinsured due to lower overall financial exposure versus retaining the insurance policy business itself. See Note 8 below for further discussion of our reinsurance activities. There are two main categories of reinsurance transactions: 1) “indemnity,” where we cede a portion of our risk but retain the legal responsibility to our policyholders should our reinsurers not meet their financial obligations; and 2) “assumption,” where we transfer the risk and legal responsibilities to the reinsurers. The reinsurers are required to acquire the appropriate regulatory and policyholder approvals to convert indemnity policies to assumption policies. Our reinsurers may be domestic or foreign capital markets investors or traditional reinsurance companies seeking to assume U.S. insurance business. We plan to mitigate the credit risk relating to reinsurers generally by requiring other financial commitments from the reinsurers to secure the reinsured risks (such as posting substantial collateral). It should be noted that under indemnity reinsurance agreements American Life remains exposed to the credit risk of its reinsurers. If one or more reinsurers become insolvent or are otherwise unable or unwilling to pay claims under the terms of the applicable reinsurance agreement, American Life retains legal responsibility to pay policyholder claims, which in such event would likely materially and adversely affect the capital and surplus of American Life. Midwest formed Seneca Re in early 2020, followed by Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) and Seneca Incorporated Cell, LLC 2021-03 (“SRC3”) which are consolidated in these financial statements. Midwest sold 70% ownership of SRC1 to an ORIX Corporation USA subsidiary on December 30, 2021, and retained 30% ownership. Midwest maintains control over SRC1 and we continue to consolidate SRC1 in these financial statements and eliminate the noncontrolling interest. Additionally, Seneca Re has established Seneca Incorporated Cell, LLC 2022-04; however, management has determined that Midwest does not control the entity and thus it is not consolidated into these financial statements. American Life entered into a novation agreement with SRC2 and Crestline Re SPC, for and on behalf of Crestline Re SP1, under which the above-described reinsurance, trust and related asset management agreements were novated and replaced with substantially similar agreements entered into by American Life and Crestline Re SP1. Some reinsurers are not and may not be “accredited” or qualified as reinsurers under Nebraska law and regulations. In order to enter into reinsurance agreements with such reinsurers and to reduce potential credit risk, American Life holds a deposit or withholds funds from the reinsurer or requires the reinsurer to maintain a trust that holds assets backing up the reinsurer’s obligation to pay claims on the business it assumes. The reinsurer may also appoint an investment manager for such funds, which in some cases may be our investment adviser subsidiary, 1505 Capital, to manage these assets pursuant to guidelines adopted by us that are consistent with Nebraska investment statutes and reinsurance regulations. American Life currently has treaties with several third-party reinsurers and one related party reinsurer. In a Modco agreement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a FW agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers, to reduce the potential credit risk. Under those provisions with third-party reinsurers, the assets backing the treaties are maintained by American Life as investments but the assets and total returns or losses on the investments are owned by the reinsurers. Under GAAP, this arrangement is considered an embedded derivative as discussed in Comprehensive Loss and Note 4 below. Assets carried as investments on American Life’s financial statements for the third-party reinsurers contained cumulative unrealized losses of approximately $10.5 million and gains of $0.2 million as of December 31, 2022 and 2021, respectively. The terms of the contracts with the third-party reinsurers provide that changes in the unrealized gains and losses on the portfolios accrue to the third-party reinsurers. To recognize changes in the third-party unrealized gain (loss), American Life records the year -to-date change in the Consolidated Statements of Comprehensive Loss and in amounts recoverable from third-party reinsurers on the Consolidated Balance Sheets. As of December 31, 2022, and 2021, American Life recognized a current year gain in the embedded derivative of $10.6 million and losses of $2.8 million respectively. For further discussion see Note 4 below.
Benefit Reserves	Benefit Reserves The Company establishes liabilities for amounts payable under insurance policies, including traditional life insurance and annuities. Generally, amounts are payable over an extended period of time. Liabilities for future policy benefits of traditional life insurance have been computed by a net level premium method based upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality tables.
Policy claims	Policy Claims Policy claims are based on reported claims plus estimated incurred but not reported claims developed from trends of historical data applied to current exposure.
Deposit-type Contracts	Deposit-type Contracts Deposit-type contracts consist of amounts on deposit associated with deferred annuity riders, premium deposit funds and supplemental contracts without life contingencies. Deposit-type contracts also include balances outstanding under funding agreements with the Federal Home Loan Bank of Topeka (“FHLB”). The funding agreements are carried at cost. Amounts received and repaid under FHLB funding agreements are classified as financing activities in the Company's Consolidated Statements of Cash Flows. ​ In 2021, the Company became a member of FHLB, which provides access to collateralized borrowings and other FHLB products. Any borrowing from FHLB requires the purchase of FHLB activity-based common stock in an amount equal to 4.5% of the borrowing. In 2022, the Board authorized a maximum amount equal to 5% of net aggregate admitted retained assets of American Life for FHLB advances and funding agreements combined. In 2022, American Life received advances of $29.0 million from FHLB under funding agreements and made no repayments on FHLB funding agreements. Outstanding advances under FHLB funding agreements are reported as part of deposit-type contracts in the Consolidated Balance Sheets and totaled $29.0 million as of December 31, 2022. Interest on the funding agreements accrues at their effective interest rates. ​ As of December 31, 2022, scheduled maturity dates for outstanding FHLB funding agreements were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (Dollar amounts in thousands) ​ Interest ​ ​ Maturity Date ​ Rate Amount January 22, 2025 ​ ​ 4.69% ​ $ 13,000 August 16, 2025 ​ ​ 4.96% ​ ​ 8,000 September 15, 2027 ​ ​ 4.97% ​ ​ 8,000 ​ ​ ​ ​ ​ $ 29,000 ​
Notes Payable	Note Payable On November 22, 2022, the Company entered into a three-year senior secured revolving credit agreement (“Credit Agreement”) with Royal Bank of Canada and other lenders with a capacity of $30.0 million (the “Revolving Credit Facility”). The maturity date of the Credit Agreement is November 22, 2025. The obligations under the Credit Agreement are secured by a first priority lien on a variety of our assets. The balance of the revolving credit was $25.0 million at December 31, 2022, with $5.0 million unutilized credit.
Deferred Gain on Coinsurance Transactions	Deferred Gain on Coinsurance Transactions American Life has entered into several reinsurance contracts where it has earned or is earning ceding commissions. These ceding commissions are recorded as a deferred liability and amortized over the life of the business ceded. American Life receives commission and administrative expenses from reinsurance transactions that represent recovery of acquisition costs. These remittances first reduce the DAC associated with the reinsured blocks of business with the remainder being included in the deferred gain on coinsurance transactions that is also being amortized.
Revenue Recognition and Related Expenses	Revenue Recognition and Related Expenses Amounts received as payment for annuities are recognized as deposits to policyholder account balances and are included in deposit-type liabilities. Revenues from these contracts are comprised of fees earned for administrative and contract-holder services and cost of insurance, which are recognized over the period of the contracts, and included in revenue. Deposits are shown as a financing activity in the Consolidated Statements of Cash Flows. Revenues on traditional life insurance products consist of direct and assumed premiums reported as earned when due. Liabilities for future policy benefits provided and acquisition costs are amortized by associating benefits and expenses with earned premiums to recognize related profits over the life of the contracts. Acquisition costs are amortized over the expected life of the annuity contracts. Service fee revenue is comprised of third-party administration (“TPA”) fees and investment management fees: ● The TPA fees are related to accounting services performed based on service agreements with varying lengths. Revenue associated with TPA fees are only recognized when the services are performed, which is typically on a monthly or quarterly basis. ● Fees for investment management fees are based on the total assets managed for each client at a contracted rate. The length of term on the contracts varies by client. The Company accrues investment advisory fees and recognizes revenue based on the market value of the client’s assets at the end of the applicable period, at the client’s contracted rate.
Income Taxes	Income Taxes The Company is subject to income taxes in the U.S. federal and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for the years before 2019. The Company is not currently under examination for any open years for income taxes. The provision for income taxes is based on income as reported in the financial statements. The income tax provision is calculated under the asset and liability method. Deferred tax assets are recorded based on the differences between the financial statement and tax basis of assets and liabilities at the enacted tax rates. The principal assets and liabilities giving rise to such differences are investments, insurance reserves, and DAC. A deferred tax asset valuation allowance is established when there is uncertainty that such assets would be realized. The Company has no uncertain tax positions that it believes are more-likely-than not that the benefit will not to be
Comprehensive Loss	Comprehensive Loss Comprehensive Loss is comprised of net income (loss) and other comprehensive loss. Other comprehensive loss includes unrealized gains and losses from fixed maturities classified as available for sale and unrealized gains and losses from foreign currency transactions, net of applicable taxes. American Life has treaties with several third-party reinsurers that have FW and Modco provisions. Under those provisions, the assets backing the treaties are maintained by American Life as collateral but are owned by the third-party reinsurers, thus, the total return on the asset portfolio belongs to the third-party reinsurers. Under GAAP this is considered an embedded derivative as discussed above under “Reinsurance” and in Note 8 below. Assets carried as investments on American Life’s financial statements for the third-party reinsurers contained cumulative unrealized losses of approximately $10.5 million as of December 31, 2022 and cumulative unrealized gains of $0.2 million as of December 31, 2021, respectively. The terms of the contracts with the third-party reinsurers provide that the changes in unrealized gains and losses on the portfolios accrue to the third-party reinsurers. To recognize changes in the third-party unrealized gain (loss), American Life records the year-to-date change in the Consolidated Statements of Comprehensive Loss and in amounts recoverable from third-party reinsurers on the Consolidated Balance Sheet. As of December 31, 2022, American Life recognized a current year gain in the embedded derivative of $10.6 million and a gain in the embedded derivative of $2.8 million for the comparable period in 2021. For further discussion see Note 4 below.
Earnings (Loss) Per Share	​ Earnings (Loss) Per Share Basic income (loss) per share for the year ended December 31, 2022 and 2021 was income of $1.91 and loss of $4.45, respectively, which included the aforementioned gain of $10.6 million and loss of $2.8 million, respectively. The Company has 20.0 million voting common shares authorized, two million non-voting common shares authorized, and two million preferred shares authorized. There were 3,727,976 voting common shares issued December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 (In thousands, except per share amounts) ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Midwest Holding Inc. ​ $ 7,140 ​ $ (16,637) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ ​ 3,736,283 ​ ​ 3,737,564 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options and deferred compensation agreements ​ ​ 68,000 ​ ​ — Denominator for earnings (loss) per common share ​ ​ 3,804,283 ​ ​ 3,737,564 ​ ​ ​ ​ ​ ​ ​ Income (loss) per common share ​ $ 1.91 ​ $ (4.45) ​ ​ ​ ​ ​ ​ ​ Income (loss) per common share, diluted ​ $ 1.88 ​ $ (4.45) ​
Adoption of New Accounting Standards	Adoption of New Accounting Standards In January 2020, the FASB issued ASU No. 2020-1, Equity Securities Investments-Equity Method and Joint Ventures and Derivatives and Hedging -Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computer Arrangement That is a Service Contract In December 2022, the FASB issued ASU no. 2022-06, Reference Rate Reform (Topic 846): Deferral of the Sunset Date of Topic 848. In 2020, the Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. The FASB included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022—12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in ASU 2022-06 defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Future Adoption of New Accounting Standards In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended by ASU 2019-09, Financial Services —Insurance (Topic 944). The new guidance (i) prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts, and requires assumptions for those liability valuations to be updated after contract inception, (ii) requires more market-based product guarantees on certain separate account and other account balance long-duration contracts to be accounted for at fair value, (iii) simplifies the amortization of DAC for virtually all long duration contracts, and (iv) introduces certain financial statement presentation requirements, as well as significant additional quantitative and qualitative disclosures. The new standard becomes effective for reporting periods after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2024 for companies eligible as smaller reporting companies. Early application of the amendments in Update 2018-12 is permitted. We anticipate that the adoption of ASU 2018-12 will have a broad impact on our consolidated financial statements and related disclosures and will require us to make changes to certain of our processes, systems and controls. The Company is evaluating the impact this guidance will have on its results of operations and financial position. ​ In November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The amendments in this update include items brought to the FASB’s attention by stakeholders to clarify the guidance in the amendments in ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) which was issued in June 2016. These updated amendments clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Under ASU 2016-13, the incurred loss impairment methodology in current GAAP is replaced with a methodology that reflects expected credit losses that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to maturity debt securities. It also applies to off-balance sheet credit exposures, not accounted for as insurance (loan commitments, standby letters of credit financial guarantees, and other instruments). In addition, ASU 2016-13 made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than a write-down on available for sale debt securities management does not intend to sell or believes that it is not more likely than not they will be required to sell. The new standard becomes effective for reporting periods beginning after December 15, 2022, and for most affected instruments must be adopted using a modified retrospective approach, with a cumulative effect adjustment recorded to beginning retained earnings. The segment of the Company’s investment portfolio that is not marked to market was approximately $1.0 million at December 31, 2022, and the Company does not have total impact amount at this time. ​ The Company’s implementation activities continue to be performed to evaluate The Company intends to utilize the modified retrospective method and the prospective transition approach for fixed maturities for which other-than-temporary impairment has been recognized prior to January 1, 2023. As of December 31, 2022, $1.4 million of other-than-temporary impairment has been recognized, compared to $0 in the prior year.

Nature of Operations and Summ_3

Nature of Operations and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Nature of Operations and Summary of Significant Accounting Policies.
Schedule of deferred acquisition costs	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 ​ December 31, 2021 Beginning balance ​ $ 24,530 ​ $ 13,456 Additions ​ ​ 23,857 ​ ​ 13,402 Amortization ​ ​ (3,905) ​ ​ (2,886) Interest ​ ​ (883) ​ ​ 632 Impact of unrealized investment losses ​ ​ (166) ​ ​ (74) Ending Balance ​ $ 43,433 ​ $ 24,530 ​
Summary of scheduled maturity dates for outstanding FHLB funding agreements	​ ​ ​ ​ ​ ​ ​ ​ (Dollar amounts in thousands) ​ Interest ​ ​ Maturity Date ​ Rate Amount January 22, 2025 ​ ​ 4.69% ​ $ 13,000 August 16, 2025 ​ ​ 4.96% ​ ​ 8,000 September 15, 2027 ​ ​ 4.97% ​ ​ 8,000 ​ ​ ​ ​ ​ $ 29,000 ​
Schedule of earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 (In thousands, except per share amounts) ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Midwest Holding Inc. ​ $ 7,140 ​ $ (16,637) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ ​ 3,736,283 ​ ​ 3,737,564 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options and deferred compensation agreements ​ ​ 68,000 ​ ​ — Denominator for earnings (loss) per common share ​ ​ 3,804,283 ​ ​ 3,737,564 ​ ​ ​ ​ ​ ​ ​ Income (loss) per common share ​ $ 1.91 ​ $ (4.45) ​ ​ ​ ​ ​ ​ ​ Income (loss) per common share, diluted ​ $ 1.88 ​ $ (4.45) ​

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Investments
Schedule of Available for Sale Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated (In thousands) Cost Gains Losses Fair Value December 31, 2022: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ 1,343 ​ $ — ​ $ 81 ​ $ 1,262 Mortgage-backed securities ​ 316,105 ​ 469 ​ 22,508 ​ 294,066 Asset-backed securities ​ ​ 34,728 ​ ​ 17 ​ ​ 3,989 ​ ​ 30,756 Collateralized loan obligations ​ ​ 308,871 ​ ​ 726 ​ ​ 21,924 ​ ​ 287,673 States and political subdivisions-general obligations ​ 104 ​ — ​ 3 ​ 101 States and political subdivisions-special revenue ​ 228 ​ — ​ 23 ​ 205 Corporate ​ 46,700 ​ 415 ​ 5,515 ​ 41,600 Term loans ​ ​ 561,656 ​ ​ 1,923 ​ ​ 4,607 ​ ​ 558,972 Total fixed maturities ​ $ 1,269,735 ​ $ 3,550 ​ $ 58,650 ​ $ 1,214,635 Mortgage loans on real estate, held for investment ​ ​ 227,047 ​ ​ — ​ ​ — ​ ​ 227,047 Derivatives ​ ​ 30,239 ​ ​ 2,694 ​ ​ 16,999 ​ ​ 15,934 Equity securities ​ ​ 5,592 ​ ​ — ​ ​ 481 ​ ​ 5,111 Other invested assets ​ ​ 108,979 ​ ​ 3,667 ​ ​ 215 ​ ​ 112,431 Preferred stock ​ ​ 35,644 ​ ​ 1,757 ​ ​ 5,986 ​ ​ 31,415 Deposits and notes receivable ​ ​ 8,359 ​ ​ — ​ ​ — ​ ​ 8,359 Policy loans ​ ​ 25 ​ ​ — ​ ​ — ​ ​ 25 Total investments ​ $ 1,685,620 ​ $ 11,668 ​ $ 82,331 ​ $ 1,614,957 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ Bonds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ 1,855 ​ $ 32 ​ $ 5 ​ $ 1,882 Mortgage-backed securities ​ 55,667 ​ 368 ​ 755 ​ 55,280 Asset-backed securities ​ ​ 24,675 ​ ​ 443 ​ ​ 167 ​ ​ 24,951 Collateralized loan obligations ​ ​ 272,446 ​ ​ 2,928 ​ ​ 851 ​ ​ 274,523 States and political subdivisions-general obligations ​ 105 ​ 9 ​ — ​ 114 States and political subdivisions-special revenue ​ 4,487 ​ 1,129 ​ 4 ​ 5,612 Corporate ​ 35,392 ​ 1,846 ​ 99 ​ 37,139 Term loans ​ ​ 268,794 ​ ​ 441 ​ ​ 1,767 ​ ​ 267,468 Trust preferred ​ ​ 2,218 ​ ​ 19 ​ ​ — ​ ​ 2,237 Redeemable preferred stock ​ ​ 14,282 ​ ​ 53 ​ ​ 245 ​ ​ 14,090 Total fixed maturities ​ $ 679,921 ​ $ 7,268 ​ $ 3,893 ​ $ 683,296 Mortgage loans on real estate, held for investment ​ ​ 183,203 ​ ​ — ​ ​ — ​ ​ 183,203 Derivatives ​ ​ 18,654 ​ ​ 6,391 ​ ​ 2,023 ​ ​ 23,022 Equity securities ​ ​ 22,158 ​ ​ — ​ ​ 289 ​ ​ 21,869 Other invested assets ​ ​ 34,491 ​ ​ 813 ​ ​ 11 ​ ​ 35,293 Preferred stock ​ ​ 14,885 ​ ​ 3,801 ​ ​ — ​ ​ 18,686 Deposits and notes receivable ​ ​ 10,071 ​ ​ — ​ ​ — ​ ​ 10,071 Policy loans ​ ​ 87 ​ ​ — ​ ​ — ​ ​ 87 Total investments ​ $ 963,470 ​ $ 18,273 ​ $ 6,216 ​ $ 975,527 ​
Schedule of credit ratings of fixed maturity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ ​ ​ Carrying ​ ​ (In thousands) Value Percent Value Percent AAA and U.S. Government ​ $ 124,183 10.2 % $ 2,674 0.4 % AA ​ 815 0.1 ​ 482 0.1 ​ A ​ 371,371 30.6 ​ 168,141 24.6 ​ BBB ​ 619,516 51.0 ​ 462,699 67.7 ​ Total investment grade ​ 1,115,885 91.9 ​ 633,996 92.8 ​ BB and below ​ 98,750 8.1 ​ 49,300 7.2 ​ Total ​ $ 1,214,635 100.0 % $ 683,296 100.0 % ​
Schedule of Unrealized Loss of Securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Number ​ ​ ​ ​ Gross ​ Number ​ ​ Estimated ​ Unrealized ​ of ​ Estimated ​ Unrealized ​ of (In thousands) Fair Value Loss Securities (1) Fair Value Loss Securities (1) Fixed Maturities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ $ 1,135 ​ $ 70 13 ​ $ 104 ​ $ 2 ​ 1 Mortgage-backed securities ​ 233,624 ​ 18,464 89 ​ 35,403 ​ 755 ​ 35 Asset-backed securities ​ ​ 24,552 ​ ​ 3,278 ​ ​ 23 ​ ​ 12,355 ​ ​ 167 ​ ​ 13 Collateralized loan obligations ​ ​ 203,549 ​ ​ 16,730 ​ ​ 252 ​ ​ 90,731 ​ ​ 851 ​ ​ 115 States and political subdivisions-general obligations ​ ​ 101 ​ ​ 3 ​ ​ 1 ​ ​ — ​ — ​ — States and political subdivisions-special revenue ​ 47 ​ ​ 2 3 ​ 217 ​ 4 ​ 0 Term loans ​ ​ 558,337 ​ ​ 4,607 ​ ​ 36 ​ ​ 105,677 ​ ​ 1,767 ​ ​ 47 Redeemable preferred stock ​ ​ — ​ ​ — ​ ​ — ​ ​ 10,837 ​ ​ 245 ​ ​ 6 Corporate ​ 37,286 ​ 5,426 64 ​ 2,367 ​ 73 ​ 9 Greater than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ 126 ​ 11 5 ​ 66 ​ 3 ​ 3 Asset-backed securities ​ ​ 5,321 ​ 711 7 ​ — ​ — ​ — Collateralized loan obligations ​ 37,814 ​ 5,194 47 ​ — ​ — ​ — States and political subdivisions-special revenue ​ ​ 158 ​ ​ 21 ​ ​ 7 ​ ​ — ​ — ​ — Mortgage-backed securities ​ ​ 17,985 ​ ​ 4,044 ​ ​ 14 ​ ​ — ​ — ​ — Corporate ​ 376 ​ ​ 89 7 ​ 324 ​ ​ 26 ​ 2 Total fixed maturities ​ $ 1,120,411 ​ $ 58,650 568 ​ $ 258,081 ​ $ 3,893 ​ ​ 231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1)
Schedule of Fixed Maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Estimated (In thousands) Cost Fair Value Due in one year or less ​ $ 67,088 ​ $ 65,223 Due after one year through five years ​ 631,956 ​ 618,744 Due after five years through ten years ​ 481,819 ​ 452,108 Due after ten years through twenty years ​ ​ 57,113 ​ ​ 53,238 Due after twenty years ​ ​ 31,759 ​ ​ 25,322 ​ ​ $ 1,269,735 ​ $ 1,214,635 ​
Schedule of investment in mortgage loans	​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 ​ December 31, 2021 Loan-to-Value Ratio: ​ ​ ​ ​ ​ 0%-59.99% $ 108,281 ​ $ 91,104 60%-69.99% ​ 79,968 ​ ​ 42,819 70%-79.99% ​ 33,268 ​ ​ 44,106 80% or greater ​ 5,530 ​ ​ 5,174 Total mortgage loans $ 227,047 ​ $ 183,203 ​
Components of net investment income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) 2022 2021 Fixed maturities ​ $ 38,299 ​ $ 16,443 Mortgage loans ​ ​ 2,456 ​ ​ 185 Other invested assets ​ ​ 1,854 ​ ​ 665 Other interest income ​ (1,517) ​ 298 Gross investment income ​ 41,092 ​ 17,591 Less: investment expenses ​ (5,977) ​ (1,854) Investment income, net of expenses ​ $ 35,115 ​ $ 15,737 ​
Mortgage-back securities
Investments
Schedule of Mortgage Loan Activity	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ December 31, 2022 ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ 1-4 Family ​ $ 59,579 ​ $ 72,324 Hospitality ​ ​ 12,902 ​ ​ 12,822 Land ​ ​ 62,119 ​ ​ 15,904 Multifamily (5+) ​ ​ 34,072 ​ ​ 31,583 Retail ​ ​ 22,119 ​ ​ 17,655 Other ​ ​ 36,256 ​ ​ 32,915 Total mortgage loans ​ $ 227,047 ​ $ 183,203 ​

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments
Summary of the derivatives not designated as hedges	The following is a summary of the asset derivatives not designated as hedges embedded derivatives in our FIA product as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands, except number of contracts) ​ Location in the ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Not Designated ​ Consolidated Notional ​ Number of ​ Estimated ​ Notional ​ Number of ​ Estimated as Hedging Instruments ​ Balance Sheets Amount ​ Contracts ​ Fair Value ​ Amount ​ Contracts ​ Fair Value Equity-indexed options ​ Derivatives $ 831,657 ​ 595 ​ $ 15,592 ​ $ 526,096 ​ 482 ​ $ 23,766 Equity-indexed embedded derivatives ​ Deposit-type ​ 782,997 ​ 6,131 ​ ​ 111,618 ​ ​ 525,548 ​ 4,205 ​ ​ 123,692 ​
Summary of embedded derivatives related to the funds withheld provision	The following table summarizes the impact of those embedded derivatives related to the funds withheld provision where the total return on the asset portfolio is passed through to the third-party reinsurers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 (In thousands) ​ Book Value ​ Market Value ​ Total Return ​ Book Value ​ Market Value ​ Total Return Portfolio ​ Assets ​ Assets ​ Swap Value ​ Assets ​ Assets ​ Swap Value American Republic Insurance Company ​ $ 150,413 ​ $ 143,952 ​ $ 6,461 ​ $ 74,983 ​ $ 74,670 ​ $ 313 Crestline Re SP1 ​ ​ 354,806 ​ ​ 356,374 ​ ​ (1,568) ​ ​ 228,560 ​ ​ 228,450 ​ ​ 110 Ironbound ​ ​ 159,644 ​ ​ 154,477 ​ ​ 5,167 ​ ​ 154,867 ​ ​ 155,755 ​ ​ (888) Ascendent Re ​ ​ 56,064 ​ ​ 54,790 ​ ​ 1,274 ​ ​ 56,246 ​ ​ 56,078 ​ ​ 168 SRC4 ​ ​ 61,646 ​ ​ 62,516 ​ ​ (870) ​ ​ - ​ ​ - ​ ​ - US Alliance ​ ​ - ​ ​ - ​ ​ - ​ ​ 46,221 ​ ​ 46,085 ​ ​ 136 Total ​ $ 782,573 ​ $ 772,109 ​ $ 10,464 ​ $ 560,877 ​ $ 561,038 ​ $ (161) ​

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Values of Financial Instruments
Schedule of Financial Instruments at Fair Value Measured on a Recurring Basis	The following table presents the Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of December 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ In Active ​ Observable ​ Unobservable ​ ​ ​ ​ Estimated ​ ​ Markets ​ Inputs ​ Inputs ​ Net Asset ​ Fair (In thousands) (Level 1) (Level 2) (Level 3) ​ Value Value December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 1,262 ​ $ — ​ $ — ​ $ 1,262 Mortgage-backed securities ​ ​ — ​ ​ 294,066 ​ ​ — ​ ​ — ​ ​ 294,066 Asset-backed securities ​ ​ — ​ ​ 30,756 ​ ​ — ​ ​ — ​ ​ 30,756 Collateralized loan obligations ​ ​ — ​ ​ 287,673 ​ ​ — ​ ​ — ​ ​ 287,673 States and political subdivisions-general obligations ​ — ​ 101 ​ — ​ — ​ 101 States and political subdivisions-special revenue ​ — ​ 205 ​ — ​ — ​ 205 Corporate ​ — ​ 41,600 ​ — ​ — ​ 41,600 Term loans ​ ​ — ​ ​ — ​ 558,972 ​ ​ — ​ 558,972 Total fixed maturity securities ​ ​ — ​ ​ 655,663 ​ ​ 558,972 ​ ​ — ​ ​ 1,214,635 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 227,047 ​ ​ — ​ ​ 227,047 Derivatives ​ ​ — ​ ​ 15,934 ​ ​ — ​ ​ — ​ ​ 15,934 Equity securities ​ ​ — ​ ​ 5,111 ​ ​ — ​ ​ — ​ ​ 5,111 Other invested assets ​ ​ — ​ ​ — ​ ​ 99,997 ​ ​ 12,434 ​ ​ 112,431 Preferred stock ​ ​ — ​ ​ 9,544 ​ ​ 21,871 ​ ​ — ​ ​ 31,415 Deposits and notes receivable ​ ​ — ​ ​ 7,053 ​ ​ 1,306 ​ ​ — ​ ​ 8,359 Policy loans ​ ​ — ​ ​ — ​ ​ 25 ​ ​ — ​ 25 Total Investments ​ $ — ​ $ 693,305 ​ $ 909,218 ​ ​ 12,434 ​ $ 1,614,957 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ $ — ​ $ — ​ $ 111,618 ​ $ — ​ ​ 111,618 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 1,882 ​ $ — ​ $ — ​ $ 1,882 Mortgage-backed securities ​ ​ — ​ ​ 55,280 ​ ​ — ​ ​ — ​ ​ 55,280 Asset-backed securities ​ ​ — ​ ​ 24,951 ​ ​ — ​ ​ — ​ ​ 24,951 Collateralized loan obligations ​ ​ — ​ ​ 274,523 ​ ​ — ​ ​ — ​ ​ 274,523 States and political subdivisions-general obligations ​ ​ — ​ 114 ​ — ​ ​ — ​ 114 States and political subdivisions-special revenue ​ ​ — ​ 5,612 ​ — ​ ​ — ​ 5,612 Corporate ​ ​ — ​ 37,139 ​ — ​ ​ — ​ 37,139 Term loans ​ — ​ ​ — ​ 267,468 ​ ​ — ​ 267,468 Trust preferred ​ — ​ ​ 2,237 ​ ​ — ​ ​ — ​ ​ 2,237 Redeemable preferred stock ​ ​ — ​ ​ 14,090 ​ ​ — ​ ​ — ​ ​ 14,090 Total fixed maturity securities ​ ​ — ​ ​ 415,828 ​ ​ 267,468 ​ ​ — ​ ​ 683,296 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 183,203 ​ ​ — ​ ​ 183,203 Derivatives ​ ​ — ​ ​ 23,022 ​ ​ — ​ ​ — ​ ​ 23,022 Equity securities ​ ​ — ​ ​ 21,869 ​ ​ ​ ​ ​ — ​ ​ 21,869 Other invested assets ​ ​ — ​ ​ — ​ ​ 35,293 ​ ​ — ​ ​ 35,293 Preferred stock ​ ​ — ​ ​ — ​ ​ 18,686 ​ ​ — ​ ​ 18,686 Deposits and notes receivable ​ ​ — ​ ​ 9,571 ​ ​ 500 ​ ​ — ​ ​ 10,071 Policy loans ​ ​ — ​ ​ — ​ ​ 87 ​ ​ — ​ 87 Total Investments ​ $ — ​ $ 470,290 ​ $ 505,237 ​ ​ — ​ $ 975,527 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ $ — ​ $ — ​ $ 123,692 ​ $ — ​ $ 123,692 ​
Schedule of Financial Assets and Liabilities at Fair Value	The following disclosure contains the carrying values, estimated fair values and their corresponding placement in the fair value hierarchy, for financial assets and financial liabilities as of December 31, 2022 and 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 25 ​ $ — ​ $ — ​ $ 25 ​ $ 25 Cash equivalents ​ 191,414 ​ — ​ 191,414 ​ — ​ 191,414 Liabilities: ​ ​ ​ ​ ​ Policyholder deposits (deposit-type contracts) ​ 1,743,348 ​ — ​ — ​ 1,743,348 ​ 1,743,348 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 87 ​ $ — ​ $ — ​ $ 87 ​ $ 87 Cash equivalents ​ 142,013 ​ — ​ 142,013 ​ — ​ 142,013 Liabilities: ​ ​ ​ ​ ​ ​ Policyholder deposits (deposit-type contracts) ​ 1,075,439 ​ — ​ — ​ 1,075,439 ​ 1,075,439 ​
Schedule of Recurring Basis Using Level Three Inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ Total realized and unrealized gains (losses) ​ ​ ​ ​ ​ ​ ​ ​ Beginning Balance ​ Included in Income ​ Included in OCI ​ Net Purchases, Issuances, Sales, and Settlements ​ Ending Balance (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ $ 267,468 ​ $ — ​ $ (2,683) ​ $ 294,187 ​ ​ 558,972 Mortgage loans on real estate, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ held for investment ​ ​ 183,203 ​ ​ — ​ ​ — ​ ​ 43,844 ​ ​ 227,047 Deposits and notes receivable ​ ​ 500 ​ ​ — ​ ​ — ​ ​ 806 ​ ​ 1,306 Other invested assets ​ ​ 35,293 ​ ​ — ​ ​ 3,452 ​ ​ 61,252 ​ ​ 99,997 Preferred stock ​ ​ 18,686 ​ ​ — ​ ​ (4,229) ​ ​ 7,414 ​ ​ 21,871 Policy loans ​ ​ 87 ​ ​ — ​ ​ — ​ ​ (62) ​ ​ 25 Total level 3 assets ​ $ 505,237 ​ $ — ​ $ (3,460) ​ $ 407,441 ​ $ 909,218 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ ​ (123,692) ​ ​ (10,193) ​ ​ — ​ ​ 22,267 ​ ​ (111,618) Total level 3 liabilities ​ $ (123,692) ​ $ (10,193) ​ $ — ​ $ 22,267 ​ $ (111,618) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Total realized and unrealized gains (losses) ​ ​ ​ ​ ​ ​ (In thousands) Beginning Balance ​ Included in Income ​ Included in OCI ​ Net Purchases, Issuances, Sales, and Settlements ​ Ending Balance Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Term loans ​ $ 107,254 ​ $ (1,326) ​ $ 225 ​ $ 161,315 ​ $ 267,468 Mortgage loans on real estate, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ held for investment ​ ​ 94,990 ​ ​ — ​ ​ — ​ ​ 88,213 ​ ​ 183,203 Deposits and notes receivable ​ ​ — ​ ​ — ​ ​ — ​ ​ 500 ​ ​ 500 Other invested assets ​ ​ 21,897 ​ ​ 810 ​ ​ (671) ​ ​ 13,257 ​ ​ 35,293 Preferred stock ​ ​ 3,898 ​ ​ — ​ ​ 157 ​ ​ 14,631 ​ ​ 18,686 Policy loans ​ ​ 46 ​ ​ — ​ ​ — ​ ​ 31 ​ ​ 87 Total level 3 assets ​ $ 228,085 ​ $ (516) ​ $ (289) ​ $ 277,947 ​ $ 505,237 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ ​ (84,501) ​ ​ (4,169) ​ ​ — ​ ​ (35,022) ​ ​ (123,692) Total level 3 liabilities ​ $ (84,501) ​ $ (4,169) ​ $ — ​ $ (35,022) ​ $ (123,692) ​
Summary of unobservable inputs for AFS and trading securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 (In millions, except for percentages and multiples) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Term loans ​ $559.0 ​ Yield Analysis ​ Discount rates ​ 4.6% ​ 17.3% ​ 12.4% ​ Decrease Mortgage loans on real estate ​ $227.0 ​ Yield Analysis ​ Principal funded ​ NA ​ NA ​ NA ​ Decrease Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $111.6 ​ Option Budget Method ​ Nonperformance risk ​ 0.6% ​ 1.5% ​ 1.1% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 1.1% ​ 5.7% ​ 2.7% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 10.5% ​ Decrease Other invested assets ​ $100.0 ​ Market Approach ​ EBITDA Multiples ​ 2.6% ​ 3.1% ​ 2.8% ​ NA ​ ​ ​ ​ ​ ​ Discount rates ​ 8.0% ​ 25.5% ​ 14.5% ​ NA Preferred equity ​ $6.1 ​ Yield Analysis ​ Discount rates ​ 24.0% ​ 28.0% ​ 26.0% ​ Increase Detachable warrants ​ $2.2 ​ Market Approach GPCM ​ EBITDA Multiples ​ 10.0x% ​ 11.5x ​ 100.0% ​ Decrease Preferred stock ​ $31.4 ​ Market Approach ​ EBITDA Multiples ​ NA ​ NA ​ NA ​ Decrease * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (In millions, except for percentages and multiples) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $123.7 ​ Option Budget Method ​ Nonperformance risk ​ 0.3% ​ 1.1% ​ 0.6% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 1.1% ​ 3.4% ​ 2.4% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 7.7% ​ Decrease Preferred equity ​ $4.9 ​ Yield analysis ​ Discount rates ​ 17.5% ​ 19.5% ​ 18.5% ​ Increase Detachable warrants ​ $3.8 ​ Market Approach - GPCM ​ EBITDA Multiples ​ 9.0x ​ 10.0x ​ 100.0% ​ Increase * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Deposit-Type Contracts (Tables)

Deposit-Type Contracts (Tables)	12 Months Ended
	Dec. 31, 2022
Deposit Type Contracts [Abstract]
Schedule of deposit-type contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 December 31, 2021 Beginning balance ​ $ 1,075,439 ​ $ 597,868 US Alliance ​ (2,176) ​ 1,873 Unified Life Insurance Company ​ ​ (10) ​ ​ 468 Ironbound Reinsurance Company Limited ​ 5,959 ​ 6,579 Ascendant Re ​ ​ (3,185) ​ ​ 2,880 Crestline SP1 ​ ​ (11,623) ​ ​ 4,834 American Republic Insurance Company ​ ​ (4,080) ​ ​ 1,567 SRC4 ​ ​ 613 ​ ​ — Deposits received ​ 745,083 ​ 471,646 Investment earnings (includes embedded derivative) ​ (10,193) ​ 7,012 Withdrawals ​ (51,659) ​ (18,446) Policy charges ​ ​ (820) ​ ​ (842) Ending balance ​ $ 1,743,348 ​ $ 1,075,439

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2022
Reinsurance
Summary of significant reinsurance amounts	A summary of significant reinsurance amounts affecting the accompanying consolidated financial statements as of December 31, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 December 31, 2021 Assets: ​ ​ Reinsurance recoverables ​ $ 20,190 ​ $ 38,579 Liabilities: ​ ​ ​ ​ ​ ​ Deposit-type contracts ​ ​ ​ ​ ​ ​ Direct ​ $ 1,743,348 ​ ​ 1,075,439 Reinsurance ceded ​ ​ (912,982) ​ ​ (647,632) Retained deposit-type contracts ​ $ 830,366 ​ $ 427,807 ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 (In thousands) ​ ​ Premiums ​ ​ ​ ​ ​ Direct $ 238 ​ $ 258 Reinsurance ceded ​ (238) ​ ​ (258) Total Premiums $ — ​ $ — Future policy and other policy benefits ​ ​ ​ ​ ​ Direct $ 7 ​ $ 159 Reinsurance ceded (7) ​ (159) Total future policy and other policy benefits $ — ​ $ — ​
Schedule of significant reinsurance balances	The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by third-party reinsurers as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable/ ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ (Payable) on Benefit ​ Ceded ​ Recoverable/ (In thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ (Payable) to/from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited ​ ​ NR ​ $ — ​ $ — ​ $ (344) ​ $ — ​ $ (344) Optimum Re Insurance Company ​ A ​ ​ — ​ ​ — ​ ​ 601 ​ ​ — ​ ​ 601 Sagicor Life Insurance Company ​ A- ​ — ​ 154 ​ 10,744 ​ (303) ​ 10,595 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ (2,130) ​ ​ — ​ ​ (2,130) Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ (3,357) ​ ​ — ​ ​ (3,357) American Republic Insurance Company ​ ​ A ​ ​ — ​ ​ — ​ ​ 5,879 ​ ​ — ​ ​ 5,879 SRC4 ​ ​ NR ​ ​ — ​ ​ — ​ ​ (44,442) ​ ​ — ​ ​ (44,442) Unified Life Insurance Company ​ ​ NR ​ ​ — ​ ​ 41 ​ ​ 986 ​ ​ (17) ​ ​ 1,010 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 52,400 ​ (22) ​ 52,378 ​ ​ ​ ​ ​ $ — ​ $ 195 ​ $ 20,337 ​ $ (342) ​ $ 20,190 ​ ​ ​ The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by third-party reinsurers as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable on ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ Benefit ​ Ceded ​ Recoverable (In thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited ​ ​ NR ​ $ — ​ $ — ​ $ (3,561) ​ $ — ​ $ (3,561) Optimum Re Insurance Company ​ A ​ ​ — ​ ​ — ​ ​ 561 ​ ​ — ​ ​ 561 Sagicor Life Insurance Company ​ A- ​ — ​ 157 ​ 10,901 ​ (303) ​ 10,755 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ 1,550 ​ ​ — ​ ​ 1,550 Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ 18,288 ​ ​ — ​ ​ 18,288 American Republic Insurance Company ​ ​ A ​ ​ — ​ ​ — ​ ​ 4,885 ​ ​ — ​ ​ 4,885 Unified Life Insurance Company ​ ​ NR ​ ​ — ​ ​ 45 ​ ​ 1,013 ​ ​ (21) ​ ​ 1,037 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 5,090 ​ (26) ​ 5,064 ​ ​ ​ ​ ​ $ — ​ $ 202 ​ $ 38,727 ​ $ (350) ​ $ 38,579 ​
Schedule of ceding commissions from the reinsurers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) ​ 2022 ​ 2021 Reinsurer ​ Gross Ceding Commission ​ Expense Allowance (1) ​ Interest on Ceding Commission ​ Earned Ceding Commission ​ Gross Ceding Commission ​ Expense Allowance ​ Interest on Ceding Commission ​ Earned Ceding Commission Unified Life Insurance Company ​ $ — ​ $ — ​ $ — ​ $ 25 ​ $ — ​ $ — ​ $ — ​ $ 35 Ironbound Reinsurance Company Limited ​ ​ — ​ ​ — ​ ​ 193 ​ ​ 513 ​ ​ — ​ ​ (461) ​ ​ 211 ​ ​ 684 Ascendant Re ​ ​ — ​ ​ — ​ ​ 93 ​ ​ 332 ​ ​ 498 ​ ​ 904 ​ ​ 93 ​ ​ 367 US Alliance Life and Security Company ​ ​ — ​ ​ — ​ ​ 54 ​ ​ 348 ​ ​ 2 ​ ​ (75) ​ ​ 60 ​ ​ 401 Crestline SP1 ​ ​ 5,875 ​ ​ 8,754 ​ ​ 391 ​ ​ 2,569 ​ ​ 6,699 ​ ​ 12,321 ​ ​ 255 ​ ​ 1,185 American Republic Insurance Company ​ ​ 3,851 ​ ​ 6,189 ​ ​ 136 ​ ​ 863 ​ ​ 3,971 ​ ​ 7,039 ​ ​ 26 ​ ​ 350 SRC4 ​ ​ 1,770 ​ ​ 1,581 ​ ​ 21 ​ ​ 166 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ $ 11,496 ​ $ 16,524 ​ $ 888 ​ $ 4,816 ​ $ 11,170 ​ $ 19,728 ​ $ 645 ​ $ 3,022 ​ (1) Includes: acquisition and administrative expenses, commission expense allowance and product development fees. ​
Schedule of ceding commissions deferred on each reinsurance transaction	​ ​ ​ ​ ​ ​ ​ (In thousands) ​ December 31, 2022 ​ December 31, 2021 Reinsurer Deferred Gain on Reinsurance Transactions ​ Deferred Gain on Reinsurance Transactions US Alliance Life and Security Company (1) $ 152 ​ $ 162 Unified Life Insurance Company (1) ​ 217 ​ ​ 242 Ironbound Reinsurance Company Limited (2) ​ ​ 4,876 ​ ​ 5,137 Ascendant Re ​ 2,947 ​ ​ 3,101 US Alliance Life and Security Company (2) ​ ​ 2,069 ​ ​ 2,286 American Republic Insurance Company (2) ​ ​ 7,502 ​ ​ 4,146 Crestline SP1 (2) ​ ​ 18,475 ​ ​ 13,515 SRC4 (2) ​ ​ 1,825 ​ ​ — ​ ​ $ 38,063 ​ $ 28,589 ​ 1) These reinsurance transactions on our legacy life insurance business received gross ceding commissions on the effective dates of the transaction. The difference between the statutory net adjusted reserves and the GAAP adjusted reserves plus the elimination of DAC and value of business acquired related to these businesses reduces the gross ceding commission with the remaining deferred and amortized over the lifetime of the blocks of business. 2) These reinsurance transactions include the ceding commissions and expense allowances which are accounted for as described in (1).
Schedule of retained and reinsurance balance sheets	The tables below shows the retained and reinsurance consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Retained ​ Reinsured ​ Consolidated ​ Retained ​ Reinsured ​ Consolidated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 812,177 ​ $ 802,780 ​ $ 1,614,957 ​ $ 414,418 ​ $ 561,109 ​ $ 975,527 Cash and cash equivalents ​ ​ 127,291 ​ ​ 64,123 ​ ​ 191,414 ​ ​ 95,406 ​ ​ 46,607 ​ ​ 142,013 Accrued investment income ​ ​ 11,307 ​ ​ 13,858 ​ ​ 25,165 ​ ​ 3,853 ​ ​ 9,770 ​ ​ 13,623 Deferred acquisition costs, net ​ ​ 43,433 ​ ​ — ​ ​ 43,433 ​ ​ 24,530 ​ ​ — ​ ​ 24,530 Reinsurance recoverables ​ ​ (6,853) ​ ​ 27,405 ​ ​ 20,552 ​ ​ — ​ ​ 38,579 ​ ​ 38,579 Other assets ​ ​ 16,189 ​ ​ 8,721 ​ ​ 24,910 ​ ​ 27,834 ​ ​ (2,189) ​ ​ 25,645 Total assets ​ $ 1,003,544 ​ $ 916,887 ​ $ 1,920,431 ​ $ 566,041 ​ $ 653,876 ​ $ 1,219,917 Liabilities and Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policyholder liabilities ​ $ 847,417 ​ $ 912,981 ​ $ 1,760,398 ​ $ 427,807 ​ $ 660,811 ​ $ 1,088,618 Note payable ​ ​ 25,000 ​ ​ — ​ ​ 25,000 ​ ​ — ​ ​ — ​ ​ — Deferred gain on coinsurance transactions ​ ​ 38,063 ​ ​ — ​ ​ 38,063 ​ ​ 28,589 ​ ​ — ​ ​ 28,589 Payable for securities purchased ​ ​ 8,872 ​ ​ — ​ ​ 8,872 ​ ​ 5,546 ​ ​ — ​ ​ 5,546 Other liabilities ​ ​ 49,815 ​ ​ 3,906 ​ ​ 53,721 ​ ​ 18,343 ​ ​ (6,935) ​ ​ 11,408 Total liabilities ​ $ 969,167 ​ $ 916,887 ​ $ 1,886,054 ​ $ 480,285 ​ $ 653,876 ​ $ 1,134,161 Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Voting common stock ​ ​ 4 ​ ​ — ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ 4 Additional paid-in capital ​ ​ 138,307 ​ ​ — ​ ​ 138,307 ​ ​ 138,277 ​ ​ — ​ ​ 138,277 Accumulated deficit ​ ​ (63,019) ​ ​ — ​ ​ (63,019) ​ ​ (70,159) ​ ​ — ​ ​ (70,159) Accumulated other comprehensive income (loss) ​ ​ (51,386) ​ ​ — ​ ​ (51,386) ​ ​ 2,634 ​ ​ — ​ ​ 2,634 Total Midwest Holding Inc.'s stockholders' equity ​ $ 23,906 ​ $ — ​ $ 23,906 ​ $ 70,756 ​ $ — ​ $ 70,756 Noncontrolling interest ​ ​ 10,471 ​ ​ — ​ ​ 10,471 ​ ​ 15,000 ​ ​ — ​ ​ 15,000 Total stockholders' equity ​ ​ 34,377 ​ ​ — ​ ​ 34,377 ​ ​ 85,756 ​ ​ — ​ ​ 85,756 Total liabilities and stockholders' equity ​ $ 1,003,544 ​ $ 916,887 ​ $ 1,920,431 ​ $ 566,041 ​ $ 653,876 ​ $ 1,219,917

Income Tax Matters (Tables)

Income Tax Matters (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Matters
Schedule of deferred tax assets and liabilities	Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 December 31, 2021 Deferred tax assets: ​ ​ Loss carryforwards ​ $ 2,672 ​ $ 2,244 Capitalized costs ​ 79 ​ 127 Stock option granted ​ ​ 1,066 ​ ​ 1,060 Policy acquisition costs ​ ​ 6,489 ​ ​ 3,640 General business credits ​ ​ 6 ​ ​ 6 Derivative option allowance ​ ​ — ​ ​ 510 Sec 163(j) limitation ​ ​ 171 ​ ​ 171 Benefit reserves ​ 12,010 ​ 5,186 Property and equipment ​ ​ — ​ ​ 33 Impairments ​ ​ 403 ​ ​ — Unrealized losses on investments ​ ​ 13,624 ​ ​ 1,534 Other ​ ​ 1,928 ​ ​ 1,464 Total deferred tax assets ​ 38,448 ​ 15,975 Less valuation allowance ​ (35,305) ​ (14,431) Total deferred tax assets, net of valuation allowance ​ 3,143 ​ 1,544 Deferred tax liabilities: ​ ​ Unrealized losses on investments ​ — ​ 1,084 Intangible assets ​ 147 ​ 147 Derivative option allowance ​ 2,150 ​ — Bond Discount ​ ​ 936 ​ ​ 313 Property and equipment ​ (90) ​ — Total deferred tax liabilities ​ 3,143 ​ 1,544 Net deferred tax assets ​ $ — ​ $ — ​
Schedule of effective tax rate reconciliation	There was income tax expense of $7.6 million and $4.8 million for the years ended December 31, 2022 and 2021, respectively . This differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to pretax income, as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) 2022 2021 Computed expected income tax benefit (expense) ​ $ (1,762) ​ $ 2,815 Reduction (increase) in income taxes resulting from: ​ ​ ​ Interest maintenance reserve and reinsurance ​ ​ 212 ​ ​ (157) Nondeductible expenses ​ ​ (16) ​ ​ (9) Gain on sale of SRC1 ​ ​ — ​ ​ (368) Change in valuation allowance ​ (6,061) ​ ​ (7,429) Amended Return - 2019/2020 ​ ​ — ​ ​ (339) Adjustment to payable ​ ​ — ​ ​ 110 Deferred tax adjustment ​ ​ 14 ​ ​ 382 Prior year true-up ​ ​ 13 ​ ​ 229 Subtotal of increases ​ (5,838) ​ (7,581) Tax benefit (expense) ​ $ (7,600) ​ $ (4,766) ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information for our leases for the years ended December 31, 2022 and 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Classification December 31, 2022 December 31, 2021 Assets ​ ​ Operating Operating lease right-of-use assets ​ $ 2,119 ​ $ 2,360 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Operating lease Operating lease liabilities ​ $ 2,135 ​ $ 2,364 ​
Schedule of Components of Lease Expenses	Our operating lease expense for the years ended December 31, 2022 and 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) Classification 2022 2021 Operating General and administrative expense ​ $ 10 ​ $ 8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Finance and Operating Leases Minimum	Minimum contractual obligations for our leases as of December 31, 2022 are as follows: ​ ​ ​ ​ ​ (In thousands) Operating Leases 2023 ​ $ 342 2024 ​ 342 2025 ​ 342 2026 ​ ​ 345 2027 ​ ​ 353 2028 and after ​ ​ 1,404 Total remaining lease payments ​ $ 3,128 ​

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity
Summary of Balance of and Changes in Each Component of AOCI	​ ​ ​ ​ ​ (In thousands) ​ Unrealized investment gains (losses) on fixed maturities, net of offsets Balance at December 31, 2020 ​ $ 6,431 Other comprehensive (loss) before reclassifications, net of tax ​ (1,422) Less: Reclassification adjustments for losses realized in net income ​ ​ (2,375) Balance, December 31, 2021 ​ ​ 2,634 Other comprehensive (loss) before reclassifications, net of tax ​ ​ (54,975) Less: Reclassification adjustments for losses realized in net income, net of tax ​ ​ 955 Balance, December 31, 2022 ​ $ (51,386)

Long-Term Incentive Plans (Tabl

Long-Term Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Long-Term Incentive Plans
Schedule of Changes in outstanding options activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Exercise Price Per Share Range of Option Exercise Prices per Share ​ Total Outstanding Outstanding, Non-vested Vested and Exercisable December 31, 2021 $ 40.74 $16.37 - $55.02 ​ 399,053 298,180 100,873 Granted ​ 14.92 $11.20 - $21.16 ​ 117,367 117,367 - Vested ​ 36.53 $16.37 - $41.25 ​ - (45,777) 45,777 Exercised ​ - - ​ - - - Forfeited ​ 37.44 $15.57 - $55.02 ​ (110,653) (98,253) (12,400) Expired ​ 40.38 $25.00 - $41.25 ​ (86,646) - (86,646) December 31, 2022 $ 36.53 $11.20 - $55.02 ​ 319,121 271,517 47,604 ​
Schedule of Option information segregated by ranges of exercise prices	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Total Outstanding Options ​ Vested and Exercisable Range of Option Exercise Prices per Share Options ​ Weighted Average Exercise Price per Share Weighted Average Remaining Term ​ Options ​ Weighted Average Exercise Price per Share Weighted Average Remaining Term ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ > $50.00 52,603 $ 55.02 8.2 ​ - $ - - $40.00 - $49.99 127,751 ​ 41.25 8.2 ​ 36,042 ​ 41.25 7.6 $30.00 - $39.99 - ​ - - ​ - ​ - - $20.00 - $29.99 29,767 ​ 23.27 8.1 ​ 7,277 ​ 25.00 7.6 $10.00 - $19.99 109,000 ​ 13.28 9.5 ​ 4,285 ​ 16.37 9.0 < $10.00 - $ - - ​ - $ - - ​
Schedule of outstanding restricted stock and restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Outstanding Units ​ Vested Units ​ ​ Units ​ Weighted Average Grand Date Fair Value ​ Units ​ Weighted Average Grant Date Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ 19,037 $ 47.62 ​ - $ - Granted ​ 18,718 ​ 11.22 ​ - ​ - Vested ​ (1,163) ​ 50.00 ​ 1,163 ​ 50.00 Forfeited ​ (10,810) ​ 40.41 ​ - ​ - Released ​ (9,738) ​ 45.35 ​ - ​ - December 31, 2022 ​ 17,207 $ 13.84 ​ 1,163 $ 50.00 ​
Schedule of assumptions used to calculate compensation expense	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Volatility ​ 4.16% - 4.26% ​ 4.4% - 66.3% Weighted-average volatility ​ 3.7% ​ 38.9% Expected term (in years) ​ 2 - 7 ​ 2 - 7 Risk-free rate ​ 0.02% - 2.15% ​ .8% - 1.5% ​
Schedule of outstanding remaining non-vested shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Awards Outstanding ​ Weighted Average Grant-Date Fair Value ​ Weighted Average Exercise Price Nonvested stock options and restricted ​ ​ ​ ​ ​ ​ ​ ​ stock unit awards at December 31, 2021 ​ 317,217 ​ $ 25.80 ​ $ 40.13 Options granted ​ 117,367 ​ ​ 9.57 ​ ​ 14.92 Restricted stock units granted ​ 18,718 ​ ​ — ​ ​ — Vested ​ (56,678) ​ ​ 21.12 ​ ​ 36.53 Forfeited ​ (109,063) ​ ​ 23.82 ​ ​ 38.87 Ending Balance at December 31, 2022 287,561 ​ $ 16.96 ​ $ 32.29 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Stock Options Outstanding ​ Weighted Average Grant-Date Fair Value ​ Weighted Average Exercise Price Nonvested stock options and restricted ​ ​ ​ ​ ​ ​ ​ ​ stock unit awards at December 31, 2020 ​ 100,972 ​ $ 22.91 ​ $ 34.70 Options granted ​ 333,880 ​ ​ 19.25 ​ ​ 42.84 Restricted stock units granted ​ 5,089 ​ ​ — ​ ​ — Vested ​ (85,957) ​ ​ 17.32 ​ ​ 30.20 Forfeited ​ (36,767) ​ ​ 23.91 ​ ​ 40.42 Ending Balance at December 31, 2021 317,217 ​ $ 25.80 ​ $ 40.13

Statutory Net Income and Surp_2

Statutory Net Income and Surplus (Tables)	12 Months Ended
	Dec. 31, 2022
Statutory Net Income and Surplus
Statutory Accounting Practices Disclosure	The following table represents the net gains or (losses) as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) ​ ​ 2022 2021 American Life ​ ​ $ 2,330 ​ $ (6,355) SRC1 ​ ​ $ 1,199 ​ $ (1,004) SRC3 ​ ​ $ 1,291 ​ $ (6,851) ​ The following table represents the Capital and Surplus as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ December 31, 2022 ​ December 31, 2021 American Life ​ ​ $ 69,936 ​ $ 74,011 SRC1 ​ ​ $ 9,615 ​ $ 8,415 SRC3 ​ ​ $ 6,088 ​ $ 3,150 The following table represents the premiums sales as filed in the statutory-basis annual statement with the Nebraska Department of Insurance for American Life and the Vermont Department of Insurance for SRC1 and SRC3: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, (In thousands) ​ ​ 2022 2021 American Life ​ ​ $ 369,241 ​ $ 107,767 SRC1 ​ ​ $ - ​ $ 37,764 SRC3 ​ ​ $ 35,586 ​ $ 88,704 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies.
Schedule of other commitments	​ ​ ​ ​ ​ ​ ​ (In thousands) December 31, 2022 ​ December 31, 2021 Due in one year or less $ 52,951 ​ $ 19,245 Due in two years 43,604 ​ 26,753 Due in three years 7,731 ​ 4,705 Due in four years ​ 13,277 ​ ​ 8,741 Due in five years and after ​ 61,432 ​ ​ 86,497 ​ $ 178,995 ​ $ 145,941 ​

Nature of Operations and Summ_4

Nature of Operations and Summary of Significant Accounting Policies - (Narrative) (Details) $ / shares in Units, € in Millions, £ in Millions										12 Months Ended
	Feb. 28, 2023	Nov. 22, 2022 USD ($)	Sep. 30, 2022 USD ($)	Feb. 02, 2022 USD ($)	Dec. 30, 2021 USD ($)	Nov. 10, 2021 USD ($)	Sep. 28, 2020 GBP (£)	May 12, 2020 USD ($)	Apr. 24, 2020	Dec. 31, 2022 USD ($) product segment $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 GBP (£)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 EUR (€)
Number of reporting segment | segment										1
Number of products | product										6
Number of bonus plans | product										2
Mortgage backed and asset backed securities at fair value										$ 7,700,000
Mortgage servicing rights MSR impairment recovery										1,400,000
Valuation allowances on mortgage loans											$ 0
Equity securities, fair value										5,111,000	21,869,000
Investment escrow										800,000	3,600,000
Fund investments										84,734,000	95,529,000
Other investments in fund										19,000,000
Other investments in private credit and equipment leases										13,000,000
Pledged assets, market value										121,100,000	0
Premiums receivable										362,000	354,000
FHLB borrowing capacity										109,800,000
Other invested assets										112,431,000	35,293,000
Impairment allowance on investment										0	0
Perpetual preferred stock										10,000,000
Impairment on preferred stock										1,415,000
Notes receivable										6,300,000	6,000,000
Valuation allowance on policy loans										0
Realized gains (losses) on foreign exchange translation										3,700,000		€ 2
Money market investments										0	0
Depreciation										300,000	100,000
Accumulated depreciation										1,400,000	1,100,000
Unrealized gains (losses)										(10,500,000)	200,000
Embedded derivative gains										10,600,000
Embedded derivatives gain loss										$ 10,600,000	$ (2,800,000)
Basic Income (loss) per common share | $ / shares										$ 1.91	$ (4.45)
Investment portfolio not marked to market										$ 1,000,000
Other-than-temporary impairment										1,400,000	$ 0
Outstanding advances under FHLB funding agreements										$ 29,000,000
BBB+
Interest rate										5%				5%	5%
Ascona Group Holdings Ltd
Preferred equity | £													£ 3.6
Market value										$ 2,200,000	3,900,000
Warrants market value										9,000,000
Investment income										9,000,000
Investment income, non-controlling interest										2,400,000
SRC3
Ownership interest						100%
Ascona Asset Holding LLC
Preferred equity | £							£ 3.6
PF Collinwood Holdings LLC
Other invested assets										13,700,000	14,500,000
SRC1
Payments to acquire SRC						$ 21,400,000
Sale of non controlling interest											15,000,000
Python Asset Holding LLC
Fund investments				$ 400,000
Other investments in fund				$ 7,400,000
Ownership (as a percent)				100%
United Kingdom, Pounds
Cash held in custody accounts										100,000	3,000,000			£ 0.1		£ 2.2
Euro Member Countries, Euro
Cash held in custody accounts										$ 100,000	10,600,000				€ 0.1		€ 9.3
Computer Software, Intangible Asset
Useful life of intangible assets										5 years
Capitalized software										$ 1,400,000	$ 1,200,000
Furniture and Fixtures | Minimum
Useful life										3 years
Furniture and Fixtures | Maximum
Useful life										7 years
Computer Software, Intangible Asset
Useful life										3 years
FHLB advances
Percentage of borrowing equals the purchase of FHLB activity-based common stock											4.50%	4.50%
Percentage of net aggregate admitted retained assets equals the maximum amount of borrowing											5%	5%
Advances received from FHLB under funding agreements										$ 29,000,000
Repayments on FHLB funding agreements										0
Outstanding advances under FHLB funding agreements										29,000,000	$ 0
FHLB funding agreements, matured on January 22, 2025
Outstanding advances under FHLB funding agreements										$ 13,000,000
Interest Rate										4.69%				4.69%	4.69%
FHLB funding agreements, matured on August 16, 2025
Outstanding advances under FHLB funding agreements										$ 8,000,000
Interest Rate										4.96%				4.96%	4.96%
FHLB funding agreements, matured on September 15, 2027
Outstanding advances under FHLB funding agreements										$ 8,000,000
Interest Rate										4.97%				4.97%	4.97%
Securities Purchase Agreement | SRC1
Ownership (as a percent)										30%				30%	30%
Seneca Re Agreement
Basic Income (loss) per common share | $ / shares										$ (1.91)
Seneca Re Agreement | MYGA
Percentage of indemnity coinsurance									25%
Seneca Re Agreement | FIA
Percentage of indemnity coinsurance									40%
Seneca Re Agreement | SRC1 | MYGA-3
Percentage of multi year guaranteed annuity			10%
SRC1 | SRC1
Ownership (as a percent)						100%
SRC3
Shares sold, value						$ 5,700,000
Proceeds from capital contribution						$ 5,500,000
Credit Agreement | Revolving Credit Facility
Loan term		3 years
Maximum borrowing capacity		$ 30,000,000
Outstanding balance										$ 25,000,000
Unutilized credit										5,000,000
American Life and Security National Life Insurance
Percentage of quota share of liabilities	0%
Net premium income										37,500,000	37,500,000
Net statutory reserves										34,800,000	34,800,000
Amount owed deposit account										$ 2,400,000	$ 2,400,000
American Life and Security National Life Insurance | US Alliance Agreement | MYGA
Percentage of multi year guaranteed annuity											20%	20%
American Life and Security National Life Insurance | US Alliance Agreement | FIA
Percentage of fixed indexed annuity										20%	20%	20%
SRC4
Net premium income			$ 21,400,000							$ 21,400,000
Net statutory reserves										$ 21,500,000
Amount owed deposit account			$ 21,500,000
SRC4 | Seneca Re Agreement | MYGA-5
Percentage of multi year guaranteed annuity			45%
Percentage of indemnity coinsurance										45%
SRC4 | Seneca Re Agreement | MYGA-3
Percentage of indemnity coinsurance										10%
Multi Year Guaranteed Annuity
Number of products | product										2
Multi Year Guaranteed Annuity | SRC3
Percentage of indemnity coinsurance						45%
Multi Year Guaranteed Annuity | Crestline Assurance Holdings LLC | Master Letter Agreement
Percentage of indemnity coinsurance									25%
Fixed Index Annuity
Number of products | product										2
Fixed Index Annuity | SRC3
Percentage of indemnity coinsurance						45%
One time reinsurance funding for a quota share of the liabilities										$ 10,000,000
Fixed Index Annuity | Crestline Assurance Holdings LLC | Master Letter Agreement
Percentage of indemnity coinsurance									40%
Exchange Traded Funds
Equity securities, fair value										5,100,000	$ 21,900,000
ORIX USA | SRC1
Ownership (as a percent)					30%						30%					30%	30%
Sale of non controlling interest					$ 15,000,000					$ 15,000,000
Percentage of ownership interest sold					70%						70%	70%
ORIX USA | Securities Purchase Agreement
Percentage of ownership interest sold										70%
American Life | PF Collinwood Holdings LLC
Ownership (as a percent)										100%				100%	100%
Investment Manager
Other investments in fund										$ 98,400,000
Other invested assets										$ 112,400,000
American Life | Ascona Group Holdings Ltd
Ownership interest										74%				74%	74%
Seneca Reinsurance Company, LLC
Contributions made								$ 300,000
Ownership percentage acquired								100%
Crestline Assurance Holdings LLC | Ascona Group Holdings Ltd
Ownership interest										26%				26%	26%

Nature of Operations and Summ_5

Nature of Operations and Summary of Significant Accounting Policies - Deferred acquisition costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred Acquisition Costs
Deferred Policy Acquisition Cost, Beginning Balance	$ 24,530	$ 13,456
Additions	23,857	13,402
Amortization	(3,905)	(2,886)
Interest	(883)	632
Impact of unrealized investment losses	(166)	(74)
Deferred Policy Acquisition Cost, Ending Balance	$ 43,433	$ 24,530

Nature of Operations and Summ_6

Nature of Operations and Summary of Significant Accounting Policies - Earnings (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Nature of Operations and Summary of Significant Accounting Policies.
Net income (loss) attributable to Midwest Holding Inc.	$ 7,140	$ (16,637)
Weighted average common shares outstanding	3,736,283	3,737,564
Stock options and deferred compensation agreements	68,000
Denominator for earnings (loss) per common share	3,804,283	3,737,564
Basic Income (loss) per common share	$ 1.91	$ (4.45)
Diluted Income (loss) per common share	$ 1.88	$ (4.45)
Common stock, shares issued	3,727,976	3,737,564
Common stock, shares outstanding	3,727,976	3,737,564
Non-voting common shares authorized	2,000,000	2,000,000
Common stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares authorized	2,000,000	2,000,000

Non-controlling Interest (Detai

Non-controlling Interest (Details) £ in Millions, $ in Millions			12 Months Ended
	Dec. 30, 2021 USD ($)	Sep. 28, 2020 GBP (£)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020
SRC1
Sale of non controlling interest				$ 15
Ascona Collinwood HoldCo LLC (ACH)
Market value			$ 9
Ascona Asset Holding LLC
Preferred equity | £		£ 3.6
American Life | Ascona Collinwood HoldCo LLC (ACH)
Fair value of preferred stock			2.2	$ 3.9
American Life | Ascona Collinwood HoldCo LLC (ACH) | Ascona Collinwood HoldCo LLC (ACH)
Ownership interest					74%
Crestline SP 1 | Ascona Collinwood HoldCo LLC (ACH)
Market value			2.4
Crestline SP 1 | Ascona Collinwood HoldCo LLC (ACH) | Ascona Asset Holding LLC
Ownership interest					26%
ORIX USA | SRC1
Percentage of ownership interest sold	70%			70%
Sale of non controlling interest	$ 15		15
Ownership (as a percent)	30%			30%
Income attributable to non-controlling interest			$ 7.3

Investments (Schedule of Amorti

Investments (Schedule of Amortized Cost and Estimated Fair Value of Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost	$ 1,269,735	$ 679,921
Total fixed maturities	1,214,635	683,296
Mortgage loans on real estate, held for investment	227,047	183,203
Derivatives, Cost	30,239	18,654
Derivatives, Gross Unrealized Gains	2,694	6,391
Derivatives, Gross Unrealized Losses	16,999	2,023
Estimated Fair Value	15,934	23,022
Equity Securities, Amortized Cost	5,592	22,158
Equity securities, Gross Unrealized Losses	481	289
Equity securities, fair value	5,111	21,869
Other invested assets, Cost	108,979	34,491
Other invested assets, Gross Unrealized Gains	3,667	813
Other invested assets, Gross Unrealized Losses	215	11
Other invested assets	112,431	35,293
Investment escrow	800	3,600
Preferred stock , Amortized cost	35,644	14,885
Preferred stock, Gross Unrealized Gains	1,757	3,801
Preferred stock, Gross Unrealized Losses	5,986
Preferred stock, Fair value	31,415	18,686
Deposits and notes receivable, Amortized Cost	8,359	10,071
Deposits and notes receivable, Estimated Fair Value	8,359	10,071
Notes receivable	6,300	6,000
Policy Loans	25	87
Total investments, Amortized Cost	1,685,620	963,470
Investments, Gross Unrealized Gains	11,668	18,273
Investments, Gross Unrealized Losses	82,331	6,216
Investments, Fair Value Disclosure	1,614,957	975,527
Estimated Fair Value	1,614,957
Redeemable preferred stock
Amortized Cost		14,282
Gross Unrealized Gains		53
Gross Unrealized Losses		245
Total fixed maturities		14,090
Fixed Maturities
Amortized Cost	1,269,735	679,921
Gross Unrealized Gains	3,550	7,268
Gross Unrealized Losses	58,650	3,893
Total fixed maturities	1,214,635	683,296
U.S. government obligations
Amortized Cost	1,343	1,855
Gross Unrealized Gains		32
Gross Unrealized Losses	81	5
Total fixed maturities	1,262	1,882
Mortgage-back securities
Amortized Cost	316,105	55,667
Gross Unrealized Gains	469	368
Gross Unrealized Losses	22,508	755
Total fixed maturities	294,066	55,280
Asset-backed securities
Amortized Cost	34,728	24,675
Gross Unrealized Gains	17	443
Gross Unrealized Losses	3,989	167
Total fixed maturities	30,756	24,951
Collateralized loan obligation
Amortized Cost	308,871	272,446
Gross Unrealized Gains	726	2,928
Gross Unrealized Losses	21,924	851
Total fixed maturities	287,673	274,523
States and Political Subdivisions - general obligations
Amortized Cost	104	105
Gross Unrealized Gains		9
Gross Unrealized Losses	3
Total fixed maturities	101	114
States and Political Subdivisions - special revenue
Amortized Cost	228	4,487
Gross Unrealized Gains		1,129
Gross Unrealized Losses	23	4
Total fixed maturities	205	5,612
Corporate
Amortized Cost	46,700	35,392
Gross Unrealized Gains	415	1,846
Gross Unrealized Losses	5,515	99
Total fixed maturities	41,600	37,139
Term loans
Amortized Cost	561,656	268,794
Gross Unrealized Gains	1,923	441
Gross Unrealized Losses	4,607	1,767
Total fixed maturities	$ 558,972	267,468
Trust preferred.
Amortized Cost		2,218
Gross Unrealized Gains		19
Total fixed maturities		$ 2,237

Investments (Schedule of Credit

Investments (Schedule of Credit Ratings of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Total fixed maturities	$ 1,214,635	$ 683,296
Fixed Maturities
Marketable Securities [Line Items]
Total fixed maturities	$ 1,214,635	$ 683,296
Percent	100%	100%
Fixed Maturities | Investment grade
Marketable Securities [Line Items]
Total fixed maturities	$ 1,115,885	$ 633,996
Percent	91.90%	92.80%
Fixed Maturities | Investment grade | AAA and U.S. Government
Marketable Securities [Line Items]
Total fixed maturities	$ 124,183	$ 2,674
Percent	10.20%	0.40%
Fixed Maturities | Investment grade | AA
Marketable Securities [Line Items]
Total fixed maturities	$ 815	$ 482
Percent	0.10%	0.10%
Fixed Maturities | Investment grade | A
Marketable Securities [Line Items]
Total fixed maturities	$ 371,371	$ 168,141
Percent	30.60%	24.60%
Fixed Maturities | Investment grade | BBB
Marketable Securities [Line Items]
Total fixed maturities	$ 619,516	$ 462,699
Percent	51%	67.70%
Fixed Maturities | Non investment grade | BB and other
Marketable Securities [Line Items]
Total fixed maturities	$ 98,750	$ 49,300
Percent	8.10%	7.20%

Investments (Schedule of Unreal

Investments (Schedule of Unrealized Loss of Securities) (Details) $ in Thousands	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Redeemable preferred stock
Estimated Fair Value, Less than 12 months		$ 10,837
Gross Unrealized Loss, Less than 12 months		$ 245
Number of Securities, Less than 12 months | security		6
Fixed Maturities
Estimated Fair Value, Total	$ 1,120,411	$ 258,081
Gross Unrealized Loss, Total	$ 58,650	$ 3,893
Number of Securities, Total | security	568	231
U.S. government obligations
Estimated Fair Value, Less than 12 months	$ 1,135	$ 104
Gross Unrealized Loss, Less than 12 months	$ 70	$ 2
Number of Securities, Less than 12 months | security	13	1
Estimated Fair value, Greater than 12 months	$ 126	$ 66
Gross Unrealized Loss, Greater than 12 months	$ 11	$ 3
Number of Securities, Greater than 12 months | security	5	3
Mortgage-back securities
Estimated Fair Value, Less than 12 months	$ 233,624	$ 35,403
Gross Unrealized Loss, Less than 12 months	$ 18,464	$ 755
Number of Securities, Less than 12 months | security	89	35
Estimated Fair value, Greater than 12 months	$ 17,985
Gross Unrealized Loss, Greater than 12 months	$ 4,044
Number of Securities, Greater than 12 months | security	14
Asset-backed securities
Estimated Fair Value, Less than 12 months	$ 24,552	$ 12,355
Gross Unrealized Loss, Less than 12 months	$ 3,278	$ 167
Number of Securities, Less than 12 months | security	23	13
Estimated Fair value, Greater than 12 months	$ 5,321
Gross Unrealized Loss, Greater than 12 months	$ 711
Number of Securities, Greater than 12 months | security	7
Collateralized loan obligation
Estimated Fair Value, Less than 12 months	$ 203,549	$ 90,731
Gross Unrealized Loss, Less than 12 months	$ 16,730	$ 851
Number of Securities, Less than 12 months | security	252	115
Estimated Fair value, Greater than 12 months	$ 37,814
Gross Unrealized Loss, Greater than 12 months	$ 5,194
Number of Securities, Greater than 12 months | security	47
States and Political Subdivisions - general obligations
Estimated Fair Value, Less than 12 months	$ 101
Gross Unrealized Loss, Less than 12 months	$ 3
Number of Securities, Less than 12 months | security	1
States and Political Subdivisions - special revenue
Estimated Fair Value, Less than 12 months	$ 47	$ 217
Gross Unrealized Loss, Less than 12 months	$ 2	$ 4
Number of Securities, Less than 12 months | security	3	0
Estimated Fair value, Greater than 12 months	$ 158
Gross Unrealized Loss, Greater than 12 months	$ 21
Number of Securities, Greater than 12 months | security	7
Corporate
Estimated Fair Value, Less than 12 months	$ 37,286	$ 2,367
Gross Unrealized Loss, Less than 12 months	$ 5,426	$ 73
Number of Securities, Less than 12 months | security	64	9
Estimated Fair value, Greater than 12 months	$ 376	$ 324
Gross Unrealized Loss, Greater than 12 months	$ 89	$ 26
Number of Securities, Greater than 12 months | security	7	2
Term loans
Estimated Fair Value, Less than 12 months	$ 558,337	$ 105,677
Gross Unrealized Loss, Less than 12 months	$ 4,607	$ 1,767
Number of Securities, Less than 12 months | security	36	47

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments.
Amortized Cost, Due in one year or less	$ 67,088
Amortized Cost, Due after one year through five years	631,956
Amortized Cost, Due after five years through ten years	481,819
Amortized Cost, Due after ten years through twenty years	57,113
Amortized Cost, Due after twenty years	31,759
Amortized Cost	1,269,735	$ 679,921
Estimated Fair Value, Due in one year or less	65,223
Estimated Fair Value, Due after one year through five years	618,744
Estimated Fair Value, Due after five years through ten years	452,108
Estimated Fair Value, Due after ten years through twenty years	53,238
Estimated Fair Value, Due after twenty years	25,322
Estimated Fair Value	$ 1,214,635	$ 683,296

Investments (Schedule of Invest

Investments (Schedule of Investments Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	$ 227,047	$ 183,203
1-4 Family
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	59,579	72,324
Hospitality
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	12,902	12,822
Land
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	62,119	15,904
Multifamily(5+)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	34,072	31,583
Retail Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	22,119	17,655
Other.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	36,256	32,915
Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	$ 227,047	$ 183,203

Investments (Schedule of Mortga

Investments (Schedule of Mortgage Loan Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Mortgage loans on real estate, held for investment	$ 227,047	$ 183,203
0%-59.99%
Mortgage loans on real estate, held for investment	108,281	91,104
60%-69.99%
Mortgage loans on real estate, held for investment	79,968	42,819
70%-79.99%
Mortgage loans on real estate, held for investment	33,268	44,106
80% or greater
Mortgage loans on real estate, held for investment	$ 5,530	$ 5,174

Investments (Components of Net

Investments (Components of Net Investment Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Gross investment income	$ 41,092	$ 17,591
Less: investment (expenses) refund	(5,977)	(1,854)
Investment income, net of expenses	35,115	15,737
Fixed Maturities
Gross investment income	38,299	16,443
Mortgage loans
Gross investment income	2,456	185
Other invested assets
Gross investment income	1,854	665
Other interest income
Gross investment income	$ (1,517)	$ 298

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Impairment on fixed maturities	$ 0	$ 0
Amortized cost	1,200,000	3,000,000
Fair value	1,000,000	3,000,000
Mortgage backed and asset backed securities at fair value	7,700,000
Mortgage servicing rights MSR impairment recovery	1,400,000
Valuation allowances on mortgage loans		0
Proceeds from sales of available-for-sale investments	456,600,000	356,800,000
Gross realized gain	1,700,000	6,000,000
Gross realized losses	39,000,000	1,400,000
Unrealized gains (losses) associated with assets of third party reinsurers that are retained by American Life	$ (69,200,000)	$ 12,100,000
Mortgage Loans Secured by Property | Delaware | Geographic Concentration Risk
Concentration risk percentage	10%
Mortgage Loans Secured by Property | New York | Geographic Concentration Risk
Concentration risk percentage	24%	32%
Mortgage Loans Secured by Property | Arizona | Geographic Concentration Risk
Concentration risk percentage	5%	4%
Mortgage Loans Secured by Property | California | Geographic Concentration Risk
Concentration risk percentage	6%	4%
Mortgage Loans Secured by Property | Florida | Geographic Concentration Risk
Concentration risk percentage	15%
Mortgage Loans Secured by Property | Non-US | Geographic Concentration Risk
Concentration risk percentage		9%

Derivative Instruments (Details

Derivative Instruments (Details) $ in Thousands	Dec. 31, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated Fair Value	$ 15,934	$ 23,022
Derivatives not designated as hedge | Equity-indexed options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 831,657	$ 526,096
Number of Contracts | contract	595	482
Estimated Fair Value	$ 15,592	$ 23,766
Derivatives not designated as hedge | Equity-indexed embedded derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 782,997	$ 525,548
Number of Contracts | contract	6,131	4,205
Estimated Fair Value	$ 111,618	$ 123,692

Derivative Instruments - Funds

Derivative Instruments - Funds Withheld Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total return swap value	$ 10,600	$ (2,800)
Unrealized gains (losses)	(10,500)	200
Unrealized gains (losses)	54,020	3,797
Reinsurance recoverables (See Note 8)	20,190	38,579
Embedded derivative losses		2,800
Embedded derivative gains	10,600
Embedded derivatives gain loss	10,600	(2,800)
American Republic Insurance Company
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reinsurance recoverables (See Note 8)	5,879	4,885
Crestline SP 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reinsurance recoverables (See Note 8)		18,288
US Alliance Life and Security Company
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reinsurance recoverables (See Note 8)	52,378	5,064
Funds With held Provision Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	782,573	560,877
Market value of assets	772,109	561,038
Total return swap value	10,464	(161)
Unrealized gain (loss) on embedded derivatives	(10,600)	2,800
Embedded derivatives gain loss	10,464	(161)
Funds With held Provision Agreement | American Republic Insurance Company
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	150,413	74,983
Market value of assets	143,952	74,670
Total return swap value	6,461	313
Embedded derivatives gain loss	6,461	313
Funds With held Provision Agreement | Crestline SP 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	354,806	228,560
Market value of assets	356,374	228,450
Total return swap value	(1,568)	110
Embedded derivatives gain loss	(1,568)	110
Funds With held Provision Agreement | Ironbound Reinsurance Company Limited
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	159,644	154,867
Market value of assets	154,477	155,755
Total return swap value	5,167	(888)
Embedded derivatives gain loss	5,167	(888)
Funds With held Provision Agreement | Ascendent Re
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	56,064	56,246
Market value of assets	54,790	56,078
Total return swap value	1,274	168
Embedded derivatives gain loss	1,274	168
Funds With held Provision Agreement | SRC1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	61,646
Market value of assets	62,516
Total return swap value	(870)
Embedded derivatives gain loss	$ (870)
Funds With held Provision Agreement | US Alliance Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets		46,221
Market value of assets		46,085
Total return swap value		136
Embedded derivatives gain loss		$ 136

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Schedule of Financial Instruments at Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 1,214,635	$ 683,296
Mortgage loans on real estate, held for investment	227,047	183,203
Derivative instruments (See Note 4)	15,934	23,022
Equity securities, fair value	5,111	21,869
Other Invested assets	112,431	35,293
Investment escrow	800	3,600
Preferred stock	31,415	18,686
Deposits and notes receivable	8,359	10,071
Notes receivable	6,300	6,000
Policy Loans	25	87
Total Investments	1,614,957	975,527
Embedded derivative for equity-indexed contracts	111,618	123,692
Transfers between levels	0	0
Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		14,090
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Invested assets	12,434
Total Investments	12,434
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments (See Note 4)	15,934	23,022
Equity securities, fair value	5,111	21,869
Preferred stock	9,544
Deposits and notes receivable	7,053	9,571
Total Investments	693,305	470,290
Fair Value, Inputs, Level 2 | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		14,090
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans on real estate, held for investment	227,047	183,203
Other Invested assets	99,997	35,293
Preferred stock	21,871	18,686
Deposits and notes receivable	1,306	500
Policy Loans	25	87
Total Investments	909,218	505,237
Embedded derivative for equity-indexed contracts	111,618	123,692
Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	1,214,635	683,296
Fixed Maturities | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	655,663	415,828
Fixed Maturities | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	558,972	267,468
U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	1,262	1,882
U.S. government obligations | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	1,262	1,882
Mortgage-back securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	294,066	55,280
Mortgage-back securities | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	294,066	55,280
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	30,756	24,951
Asset-backed securities | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	30,756	24,951
Collateralized loan obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	287,673	274,523
Collateralized loan obligation | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	287,673	274,523
States and Political Subdivisions - general obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	101	114
States and Political Subdivisions - general obligations | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	101	114
States and Political Subdivisions - special revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	205	5,612
States and Political Subdivisions - special revenue | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	205	5,612
Trust preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		2,237
Trust preferred | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		2,237
Trust preferred.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		2,237
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	41,600	37,139
Corporate | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	41,600	37,139
Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	558,972	267,468
Term loans | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	558,972	$ 267,468
Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	31,415
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 112,431

Fair Values of Financial Inst_4

Fair Values of Financial Instruments (Schedule of Financial Assets and Liabilities at Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash	$ 191,414	$ 142,013
Liabilities:
Notes payable	25,000
Fair Value, Inputs, Level 2
Assets
Cash	191,414	142,013
Fair Value, Inputs, Level 3
Assets
Policy loans	25	87
Liabilities:
Policyholder deposits (Deposit-type contracts)	1,743,348	1,075,439
Carrying Amount
Assets
Policy loans	25	87
Cash	191,414	142,013
Liabilities:
Policyholder deposits (Deposit-type contracts)	1,743,348	1,075,439
Fair Value
Assets
Policy loans	25	87
Cash	191,414	142,013
Liabilities:
Policyholder deposits (Deposit-type contracts)	$ 1,743,348	$ 1,075,439

Fair Values of Financial Inst_5

Fair Values of Financial Instruments (Recurring Basis Level 3) (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Assets
Beginning Balance	$ 505,237	$ 228,085
Total realized and unrealized gains (losses) Included In Income		$ (516)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Net realized gains (losses) on investments
Total realized and unrealized gains (losses) Included In AOCI	$ (3,460)	$ (289)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other comprehensive (loss) before reclassifications, net of tax	Other comprehensive (loss) before reclassifications, net of tax
Net Purchases, Issuances, Sales, and Settlements	$ 407,441	$ 277,947
Ending Balance	909,218	505,237
Liabilities
Beginning Balance	(123,692)	(84,501)
Total realized and unrealized gains (losses) Included In Income	$ (10,193)	$ (4,169)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized gains (losses) on investments	Net realized gains (losses) on investments
Net Purchases, Issuances, Sales, and Settlements	$ 22,267	$ (35,022)
Ending Balance	(111,618)	(123,692)
Equity-indexed embedded derivative
Liabilities
Beginning Balance	(123,692)	(84,501)
Total realized and unrealized gains (losses) Included In Income	(10,193)	(4,169)
Net Purchases, Issuances, Sales, and Settlements	22,267	(35,022)
Ending Balance	(111,618)	(123,692)
Term loans
Assets
Beginning Balance	267,468	107,254
Total realized and unrealized gains (losses) Included In Income		(1,326)
Total realized and unrealized gains (losses) Included In AOCI	(2,683)	225
Net Purchases, Issuances, Sales, and Settlements	294,187	161,315
Ending Balance	558,972	267,468
Policy loans
Assets
Beginning Balance	87	46
Net Purchases, Issuances, Sales, and Settlements	(62)	31
Ending Balance	25	87
Mortgage loans on real estate, held for investment
Assets
Beginning Balance	183,203	94,990
Net Purchases, Issuances, Sales, and Settlements	43,844	88,213
Ending Balance	227,047	183,203
Deposits and notes receivable
Assets
Beginning Balance	500
Net Purchases, Issuances, Sales, and Settlements	806	500
Ending Balance	1,306	500
Other invested assets
Assets
Beginning Balance	35,293	21,897
Total realized and unrealized gains (losses) Included In Income		810
Total realized and unrealized gains (losses) Included In AOCI	3,452	(671)
Net Purchases, Issuances, Sales, and Settlements	61,252	13,257
Ending Balance	99,997	35,293
Preferred Stock
Assets
Beginning Balance	18,686	3,898
Total realized and unrealized gains (losses) Included In AOCI	(4,229)	157
Net Purchases, Issuances, Sales, and Settlements	7,414	14,631
Ending Balance	$ 21,871	$ 18,686

Fair Values of Financial Inst_6

Fair Values of Financial Instruments (Summary of unobservable inputs) (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 1,214,635	$ 683,296
Mortgage loans on real estate, held for investment	227,047	183,203
Other Invested assets	112,431	35,293
Preferred stock	31,415	18,686
Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	558,972	267,468
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans on real estate, held for investment	$ 227,047	183,203
Mortgage Loans on Real Estate, Valuation Technique [Extensible Enumeration]	mdwt:ValuationTechniqueYieldAnalysisMember
Mortgage Loans on Real Estate, Measurement Input [Extensible Enumeration]	Principal funded
Other Invested assets	$ 99,997	35,293
Preferred stock	$ 21,871	18,686
Preferred Stock, Valuation Technique [Extensible Enumeration]	us-gaap:MarketApproachValuationTechniqueMember
Preferred Stock, Measurement Input [Extensible Enumeration]	EBITDA Multiple
Fair Value, Inputs, Level 3 | Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 558,972	267,468
Fair Value, Inputs, Level 3 | Non performance risk | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 111,600	$ 123,700
Embedded Derivative Liability, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueOptionPricingModelMember	us-gaap:ValuationTechniqueOptionPricingModelMember
Fair Value, Inputs, Level 3 | Non performance risk | Minimum | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.006	0.003
Fair Value, Inputs, Level 3 | Non performance risk | Maximum | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.015	0.011
Fair Value, Inputs, Level 3 | Non performance risk | Weighted average | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.011	0.006
Fair Value, Inputs, Level 3 | Option budget | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.011
Fair Value, Inputs, Level 3 | Option budget | Minimum | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)		0.011
Fair Value, Inputs, Level 3 | Option budget | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.057
Fair Value, Inputs, Level 3 | Option budget | Maximum | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)		0.034
Fair Value, Inputs, Level 3 | Option budget | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.027
Fair Value, Inputs, Level 3 | Option budget | Weighted average | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)		0.024
Fair Value, Inputs, Level 3 | Discount rates | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 6,100	$ 4,900
Embedded Derivative Liability, Valuation Technique [Extensible List]	mdwt:ValuationTechniqueYieldAnalysisMember	mdwt:ValuationTechniqueYieldAnalysisMember
Embedded Derivative Liability, Measurement Input [Extensible Enumeration]	Discount rates	Discount rates
Fair Value, Inputs, Level 3 | Discount rates | Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 559,000
Debt Securities, Available-for-sale, Valuation Technique [Extensible List]	mdwt:ValuationTechniqueYieldAnalysisMember
Debt Securities, Available-for-Sale, Measurement Input [Extensible Enumeration]	Discount rates
Fair Value, Inputs, Level 3 | Discount rates | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, other invested assets (as a percent)	0.080
Fair Value, Inputs, Level 3 | Discount rates | Minimum | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.240	0.175
Fair Value, Inputs, Level 3 | Discount rates | Minimum | Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, term loans (as a percent)	0.046
Fair Value, Inputs, Level 3 | Discount rates | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, other invested assets (as a percent)	0.255
Fair Value, Inputs, Level 3 | Discount rates | Maximum | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.280	0.195
Fair Value, Inputs, Level 3 | Discount rates | Maximum | Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, term loans (as a percent)	0.173
Fair Value, Inputs, Level 3 | Discount rates | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, other invested assets (as a percent)	0.145
Fair Value, Inputs, Level 3 | Discount rates | Weighted average | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.260	0.185
Fair Value, Inputs, Level 3 | Discount rates | Weighted average | Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, term loans (as a percent)	0.124
Fair Value, Inputs, Level 3 | EBITDA Multiple
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Invested assets	$ 100,000
Alternative Investment, Valuation Technique [Extensible Enumeration]	us-gaap:MarketApproachValuationTechniqueMember
Preferred stock	$ 31,400
Fair Value, Inputs, Level 3 | EBITDA Multiple | Detachable warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 2,200	$ 3,800
Embedded Derivative Liability, Valuation Technique [Extensible List]	us-gaap:MarketApproachValuationTechniqueMember	us-gaap:MarketApproachValuationTechniqueMember
Embedded Derivative Liability, Measurement Input [Extensible Enumeration]	EBITDA Multiple	EBITDA Multiple
Fair Value, Inputs, Level 3 | EBITDA Multiple | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, other invested assets (as a percent)	0.026
Fair Value, Inputs, Level 3 | EBITDA Multiple | Minimum | Detachable warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.100	9
Fair Value, Inputs, Level 3 | EBITDA Multiple | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, other invested assets (as a percent)	0.031
Fair Value, Inputs, Level 3 | EBITDA Multiple | Maximum | Detachable warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.115	10
Fair Value, Inputs, Level 3 | EBITDA Multiple | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, other invested assets (as a percent)	0.028
Fair Value, Inputs, Level 3 | EBITDA Multiple | Weighted average | Detachable warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	1	1
Fair Value, Inputs, Level 3 | Surrender rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.005
Fair Value, Inputs, Level 3 | Surrender rate | Minimum | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)		0.005
Fair Value, Inputs, Level 3 | Surrender rate | Maximum | Base | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.15	0.15
Fair Value, Inputs, Level 3 | Surrender rate | Maximum | Additional Shock | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.30	0.30
Fair Value, Inputs, Level 3 | Surrender rate | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.105
Fair Value, Inputs, Level 3 | Surrender rate | Weighted average | Interest sensitive contract liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)		0.077
Fair Value, Inputs, Level 3 | Principal funded
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans on real estate, held for investment	$ 227,000

Fair Values of Financial Inst_7

Fair Values of Financial Instruments (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investment escrow	$ 800,000	$ 3,600,000
Equity securities, fair value	5,111,000	21,869,000
Notes receivable	6,300,000	6,000,000
Mortgage backed and asset backed securities at fair value	7,700,000
Mortgage servicing rights MSR impairment recovery	1,400,000
Valuation allowances on mortgage loans		0
Perpetual preferred stock	10,000,000
Preferred stock	31,415,000	18,686,000
Other Invested assets	112,431,000	35,293,000
Transfers between levels	$ 0	0
BBB+
Interest rate	5%
Exchange Traded Funds
Equity securities, fair value	$ 5,100,000	$ 21,900,000

Deposit-Type Contracts (Details

Deposit-Type Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Beginning balance	$ 1,075,439	$ 597,868
US Alliance	(2,176)	1,873
Unified Life Insurance Company	(10)	468
Deposits received	745,083	471,646
Investment earnings (includes embedded derivative)	(10,193)	7,012
Withdrawals	(51,659)	(18,446)
Policy charges	(820)	(842)
Ending balance	1,743,348	1,075,439
FHLB borrowings outstanding	29,000	0
Ironbound Reinsurance Company Limited
Ironbound Reinsurance Company Limited	5,959	6,579
Ascendant Re
Deposit contract	(3,185)	2,880
Crestline SP 1
Deposit contract	(11,623)	4,834
American Republic Insurance Company
Deposit contract	(4,080)	$ 1,567
SRC4
Deposit contract	$ 613

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Nov. 22, 2022	Dec. 31, 2022
Minimum
Line of Credit Facility [Line Items]
Percentage of risk based capital percent		300%
Minimum consolidated liquidity requirement		$ 3
Maximum
Line of Credit Facility [Line Items]
Percentage of consolidated debt to capitalization		35%
Revolving Credit Facility | Credit Agreement
Line of Credit Facility [Line Items]
Loan term	3 years
Maximum borrowing capacity	$ 30
Outstanding balance		$ 25
Unutilized credit		$ 5
Revolving Credit Facility | Credit Agreement | Minimum | Base rate
Line of Credit Facility [Line Items]
Applicable margin	2.50%
Revolving Credit Facility | Credit Agreement | Minimum | SOFR
Line of Credit Facility [Line Items]
Applicable margin	3.50%
Revolving Credit Facility | Credit Agreement | Maximum | Base rate
Line of Credit Facility [Line Items]
Applicable margin	3.25%
Revolving Credit Facility | Credit Agreement | Maximum | SOFR
Line of Credit Facility [Line Items]
Applicable margin	4.25%

Reinsurance (Summary of Signifi

Reinsurance (Summary of Significant Reinsurance Amounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reinsurance
Reinsurance recoverables	$ 20,190	$ 38,579
Deposit-type contracts	1,743,348	1,075,439	$ 597,868
Deposit-type contracts Reinsurance ceded	(912,982)	(647,632)
Retained deposit-type contracts	830,366	427,807
Premiums
Direct	238	258
Reinsurance ceded	(238)	(258)
Future policy and other policy benefits
Direct	7	159
Reinsurance ceded	$ (7)	$ (159)

Reinsurance (Schedule of Signif

Reinsurance (Schedule of Significant Reinsurance Balances) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Recoverable on Unpaid Losses	$ 195	$ 202
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	20,337	38,727
Ceded Due Premiums	(342)	(350)
Reinsurance recoverables	$ 20,190	$ 38,579
Ironbound Reinsurance Company Limited [Member]
AM Best Rating	NR	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ (344)	$ (3,561)
Reinsurance payable	$ (344)	$ (3,561)
Optimum Reinsurance Company [Member]
AM Best Rating	A	A
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 601	$ 561
Reinsurance recoverables	$ 601	$ 561
Sagicor Life Insurance Company [Member]
AM Best Rating	A-	A-
Recoverable on Unpaid Losses	$ 154	$ 157
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	10,744	10,901
Ceded Due Premiums	(303)	(303)
Reinsurance recoverables	$ 10,595	$ 10,755
Ascendant Re
AM Best Rating	NR	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ (2,130)	$ 1,550
Reinsurance payable	$ (2,130)
Reinsurance recoverables		$ 1,550
Crestline SP 1
AM Best Rating	NR	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ (3,357)	$ 18,288
Reinsurance payable	$ (3,357)
Reinsurance recoverables		$ 18,288
American Republic Insurance Company
AM Best Rating	A	A
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 5,879	$ 4,885
Reinsurance recoverables	$ 5,879	$ 4,885
Unified Life Insurance Company
AM Best Rating	NR	NR
Recoverable on Unpaid Losses	$ 41	$ 45
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	986	1,013
Ceded Due Premiums	(17)	(21)
Reinsurance recoverables	$ 1,010	$ 1,037
US Alliance Life and Security Company
AM Best Rating	NR	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 52,400	$ 5,090
Ceded Due Premiums	(22)	(26)
Reinsurance recoverables	$ 52,378	$ 5,064
SRC4
AM Best Rating	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ (44,442)
Reinsurance payable	$ (44,442)

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details) - USD ($) $ in Thousands					12 Months Ended
	Feb. 28, 2023	Sep. 30, 2022	Nov. 10, 2021	Apr. 24, 2020	Dec. 31, 2022	Dec. 31, 2021
Reinsurance recoverables (See Note 7)					$ 20,190	$ 38,579
Unrealized gains (losses)					(10,500)	200
Embedded derivative gains					10,600
Embedded derivative losses						2,800
Contingency reserves					0	0
Seneca Re Agreement | MYGA
Percentage of indemnity coinsurance				25%
Seneca Re Agreement | FIA
Percentage of indemnity coinsurance				40%
SRC3 | Multi Year Guaranteed Annuity
Percentage of indemnity coinsurance			45%
SRC3 | Fixed Index Annuity
Percentage of indemnity coinsurance			45%
One time reinsurance funding					10,000
US Alliance Life and Security Company
Reinsurance recoverables (See Note 7)					52,378	5,064
Value of assets transferred to the reinsurer					$ 37,900
US Alliance Life and Security Company | US Alliance Agreement | MYGA
Percentage of multi year guaranteed annuity					20%
American Life
Net premium income					$ 37,500
Net statutory reserves					$ 43,600
American Life | FW, Modco Agreement | MYGA
Percentage of multi year guaranteed annuity					45%
American Life | FW, Modco Agreement | FIA
Percentage of fixed indexed annuity					45%
Unified Life Insurance Company
Reinsurance recoverables (See Note 7)					$ 1,010	1,037
Optimum Reinsurance Company [Member]
Reinsurance recoverables (See Note 7)					601	561
Sagicor Life Insurance Company [Member]
Reinsurance recoverables (See Note 7)					10,595	10,755
American Life and Security National Life Insurance [Member]
Percentage of quota share of liabilities	0%
Net premium income					37,500	37,500
Net statutory reserves					34,800	34,800
Amount owed deposit account					$ 2,400	$ 2,400
American Life and Security National Life Insurance [Member] | US Alliance Agreement | MYGA
Percentage of multi year guaranteed annuity						20%
American Life and Security National Life Insurance [Member] | US Alliance Agreement | FIA
Percentage of fixed indexed annuity					20%	20%
Crestline SP 1
Reinsurance recoverables (See Note 7)						$ 18,288
SRC4
Net premium income		$ 21,400			$ 21,400
Net statutory reserves					$ 21,500
Amount owed deposit account		$ 21,500
SRC4 | Seneca Re Agreement | MYGA-5
Percentage of indemnity coinsurance					45%
Percentage of multi year guaranteed annuity		45%
SRC4 | Seneca Re Agreement | MYGA-3
Percentage of indemnity coinsurance					10%

Reinsurance (Ceding commissions

Reinsurance (Ceding commissions deferred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Ceded Commission Earned	$ 11,496	$ 11,170
Expense Allowances	16,524	19,728
Interest On Ceding Commissions	888	645
Earned Ceding Commission	4,816	3,022
Deferred gain on coinsurance transactions	38,063	28,589
Unified Life Insurance Company
Earned Ceding Commission	25	35
Deferred gain on coinsurance transactions	217	242
Ironbound Reinsurance Company Limited [Member]
Expense Allowances		(461)
Interest On Ceding Commissions	193	211
Earned Ceding Commission	513	684
Deferred gain on coinsurance transactions	4,876	5,137
Ascendant Re
Ceded Commission Earned		498
Expense Allowances		904
Interest On Ceding Commissions	93	93
Earned Ceding Commission	332	367
Deferred gain on coinsurance transactions	2,947	3,101
US Alliance Life and Security Company
Ceded Commission Earned		2
Expense Allowances		(75)
Interest On Ceding Commissions	54	60
Earned Ceding Commission	348	401
Deferred gain on coinsurance transactions	152	162
Crestline SP 1
Ceded Commission Earned	5,875	6,699
Expense Allowances	8,754	12,321
Interest On Ceding Commissions	391	255
Earned Ceding Commission	2,569	1,185
Deferred gain on coinsurance transactions	18,475	13,515
American Republic Insurance Company
Ceded Commission Earned	3,851	3,971
Expense Allowances	6,189	7,039
Interest On Ceding Commissions	136	26
Earned Ceding Commission	863	350
Deferred gain on coinsurance transactions	7,502	4,146
US Alliance Life and Security Company(3)
Deferred gain on coinsurance transactions	2,069	$ 2,286
SRC4
Ceded Commission Earned	1,770
Expense Allowances	1,581
Interest On Ceding Commissions	21
Earned Ceding Commission	166
Deferred gain on coinsurance transactions	$ 1,825

Reinsurance (Retained and Reins

Reinsurance (Retained and Reinsured Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Total investments	$ 1,614,957	$ 975,527
Cash and cash equivalents	191,414	142,013
Accrued investment income	25,165	13,623
Deferred acquisition costs, net	43,433	24,530	$ 13,456
Reinsurance recoverables	20,552	38,579
Other assets	24,910	25,645
Total assets	1,920,431	1,219,917
Liabilities:
Policyholder liabilities	1,760,398	1,088,618
Notes payable	25,000
Deferred gain on coinsurance transactions	38,063	28,589
Payable for securities purchased	8,872	5,546
Other liabilities	53,721	11,408
Total liabilities	1,886,054	1,134,161
Stockholders' Equity:
Voting common stock	4	4
Additional paid-in capital	138,307	138,277
Retained Earnings (Accumulated Deficit)	(63,019)	(70,159)
Accumulated other comprehensive income (loss)	(51,386)	2,634
Total Midwest Holding Inc.'s stockholders' equity	23,906	70,756
Noncontrolling interests	10,471	15,000
Total stockholders' equity	34,377	85,756	$ 86,330
Total liabilities and stockholders' equity	1,920,431	1,219,917
Reinsurance Contract [Axis]: Reinsurance [Member]
Assets [Abstract]
Total investments	802,780	561,109
Cash and cash equivalents	64,123	46,607
Accrued investment income	13,858	9,770
Reinsurance recoverables	27,405	38,579
Other assets	8,721	(2,189)
Total assets	916,887	653,876
Liabilities:
Policyholder liabilities	912,981	660,811
Other liabilities	3,906	(6,935)
Total liabilities	916,887	653,876
Stockholders' Equity:
Total liabilities and stockholders' equity	916,887	653,876
Reinsurance Contract [Axis]: Retained [Member]
Assets [Abstract]
Total investments	812,177	414,418
Cash and cash equivalents	127,291	95,406
Accrued investment income	11,307	3,853
Deferred acquisition costs, net	43,433	24,530
Reinsurance recoverables	(6,853)
Other assets	16,189	27,834
Total assets	1,003,544	566,041
Liabilities:
Policyholder liabilities	847,417	427,807
Notes payable	25,000
Deferred gain on coinsurance transactions	38,063	28,589
Payable for securities purchased	8,872	5,546
Other liabilities	49,815	18,343
Total liabilities	969,167	480,285
Stockholders' Equity:
Voting common stock	4	4
Additional paid-in capital	138,307	138,277
Retained Earnings (Accumulated Deficit)	(63,019)	(70,159)
Accumulated other comprehensive income (loss)	(51,386)	2,634
Total Midwest Holding Inc.'s stockholders' equity	23,906	70,756
Noncontrolling interests	10,471	15,000
Total stockholders' equity	34,377	85,756
Total liabilities and stockholders' equity	$ 1,003,544	$ 566,041

Income Tax Matters (Schedule of

Income Tax Matters (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Loss carryforwards	$ 2,672	$ 2,244
Capitalized costs	79	127
Stock option granted	1,066	1,060
Policy acquisition costs	6,489	3,640
General business credits	6	6
Derivative option allowance		510
Sec 163(j) limitation	171	171
Benefit reserves	12,010	5,186
Property and equipment		33
Impairments	403
Unrealized losses on investments	13,624	1,534
Other	1,928	1,464
Total deferred tax assets	38,448	15,975
Less valuation allowance	(35,305)	(14,431)
Total deferred tax assets, net of valuation allowance	3,143	1,544
Deferred tax liabilities:
Unrealized losses on investments		1,084
Intangible assets	147	147
Derivative option allowance	2,150
Bond Discount	936	313
Property and equipment	(90)
Total deferred tax liabilities	3,143	1,544
Net deferred tax assets

Income Tax Matters (Schedule _2

Income Tax Matters (Schedule of Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Matters
Computed expected income tax benefit (expense)	$ (1,762)	$ 2,815
Reduction (increase) in income taxes resulting from:
Interest maintenance reserve and reinsurance	212	(157)
Non deductible expenses	(16)	(9)
Gain on sale of SRC1		(368)
Change in valuation allowance	(6,061)	(7,429)
Amended Return - 2019/2020		(339)
Adjustment to payable		110
Deferred tax adjustment	14	382
Prior year true-up	13	229
Subtotal of increases	(5,838)	(7,581)
Tax benefit (expense)	$ (7,600)	$ (4,766)

Income Tax Matters (Narratives)

Income Tax Matters (Narratives) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2016
Deferred Tax Assets, Valuation Allowance	$ 35,305,000	$ 14,431,000
U.S. federal income tax rate	21%
Net operating loss ("NOL") carryforwards	$ 8,600,000		$ 1
Percentage of carry forward year limited taxable income	80%
NOLs carryforwards, valuation allowance	$ 1,800,000
Income tax (benefit) expense	$ 7,600,000	4,766,000
SRC1
Net operating loss ("NOL") carryforwards		$ 3,900,000

Leases (Schedule of Supplementa

Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Noncurrent:
Operating lease right of use assets	$ 2,119	$ 2,360
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Liabilities
Operating lease	$ 2,135	$ 2,364
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

Leases (Schedule of Finance and

Leases (Schedule of Finance and Operating Leases Mature) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 342
2024	342
2025	342
2026	345
2027	353
2028 and after	1,404
Total remaining lease payments	$ 3,128

Leases (Schedule of Components

Leases (Schedule of Components of Leases Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease cost (General and administrative expense)	$ 10	$ 8

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating cash flows from operating leases	$ 0.1
Weighted Average Remaining Term - Operating lease	8 years 6 months	10 years
Weighted Average Discount Rate - Operating lease	8%	8%
Maximum
Lessee, Lease, Description [Line Items]
Operating cash flows from operating leases		$ 0.1

Equity (Narrative) (Details)

Equity (Narrative) (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Preferred stock
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	3,727,976	3,737,564
Common stock, shares outstanding	3,727,976	3,737,564
Non Voting Common Stock, Shares Issued	0	0
Non Voting Common Stock, Shares Outstanding	0	0
Reverse stock split fractions retired (in shares)	4,500
Voting common share
Common Stock
Common stock, shares authorized	20,000,000	20,000,000
Non-voting common shares
Common Stock
Common stock, shares authorized	2,000,000	2,000,000

Equity (AOCI) (Details)

Equity (AOCI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 85,756	$ 86,330
Other comprehensive (loss) before reclassifications, net of tax	(54,975)	(1,422)
Less: Reclassification adjustments for losses realized in net income, net of tax	955	(2,375)
Balance	34,377	85,756
Unrealized investment gains (losses) on fixed maturities, net of offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	2,634	6,431
Other comprehensive (loss) before reclassifications, net of tax	(54,975)	(1,422)
Less: Reclassification adjustments for losses realized in net income, net of tax	955	(2,375)
Balance	$ (51,386)	$ 2,634

Long-Term Incentive Plans (Deta

Long-Term Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Jun. 14, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee stock options			$ 30	$ 4,981
Stock Options
Expiration period			10 years
Exercise price grant date intrinsic value			$ 0
Weighted average exercise prices of vested and exercisable (in dollars per share)			36.53
Share price			$ 12.74
Vested options			$ 0
Options outstanding			$ 300
Restricted Stock
Restricted stock granted (in shares)					18,597
Vesting percentage					0.25%
Restricted stock granted (in dollars per share)					$ 41.25
Vested (in shares)		5,812
Forfeited (in shares)		12,785
Restricted stock unit
Restricted stock granted (in shares)	18,718		18,718	5,089
Restricted stock granted (in dollars per share)	$ 11.22		$ 11.22	$ 24.34
Vested (in shares)			1,163
Forfeited (in shares)			10,810
Minimum | Stock Options
Vesting period			2 years
Maximum | Stock Options
Vesting period			4 years
Long-Term Incentive Plans.
Restricted stock granted (in shares)			18,718	5,089
2019 LTIP | Maximum
Employee stock options			$ 100
2019 LTIP | Maximum | Stock Options
Shares authorized						102,000
2020 LTIP
Additional shares authorized			150,000
Employee stock options				$ 5,000
2020 LTIP | Maximum | Stock Options
Shares authorized					350,000

Long-Term Incentive Plans (Opti

Long-Term Incentive Plans (Options Outstanding) (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Weighted Average Exercise Price Per Share
Balance at the end (in dollars per share)	$ 36.53
Granted (in dollars per share)	14.92
Vested (in dollars per share)	36.53
Forfeited (in dollars per share)	37.44
Expired (in dollars per share)	40.38
Balance at the beginning (in dollars per share)	$ 40.74
Total Outstanding
Outstanding at the beginning (in shares) | shares	399,053
Granted (in shares) | shares	117,367
Vested (in shares) | shares	45,777
Forfeited (in shares) | shares	(110,653)
Expired (in shares) | shares	(86,646)
Outstanding at the end (in shares) | shares	319,121
Outstanding, Non-vested
Outstanding, Non-vested Options at beginning (in shares) | shares	298,180
Granted (in shares) | shares	117,367
Vested (in shares) | shares	(45,777)
Forfeited (in shares) | shares	(98,253)
Outstanding, Non-vested Options at ending (in shares) | shares	271,517
Vested and Exercisable
Vested and Exercisable Balance at the beginning (in shares) | shares	100,873
Vested and Exercisable Vested (in shares) | shares	45,777
Vested and Exercisable Forfeited (in shares) | shares	(12,400)
Vested and Exercisable Expired (in shares) | shares	(86,646)
Vested and Exercisable Balance at the end (in shares) | shares	47,604
Minimum
Range of Option Exercise Prices Per Share
Balance at the beginning (in dollars per share)	$ 16.37
Granted (in dollars per share)	11.20
Vested (in dollars per share)	16.37
Forfeited (in dollars per share)	15.57
Expired (in dollars per share)	25
Balance at the end (in dollars per share)	11.20
Maximum
Range of Option Exercise Prices Per Share
Balance at the beginning (in dollars per share)	55.02
Granted (in dollars per share)	21.16
Vested (in dollars per share)	41.25
Forfeited (in dollars per share)	55.02
Expired (in dollars per share)	41.25
Balance at the end (in dollars per share)	$ 55.02

Long-Term Incentive Plans (Op_2

Long-Term Incentive Plans (Option information segregated by ranges of exercise prices) (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Greater than $50.00
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, upper limit	$ 50
Outstanding options | shares	52,603
Outstanding, Exercise price (in dollars per share)	$ 55.02
Outstanding, Remaining term	8 years 2 months 12 days
$40.00 - $49.99
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit	$ 40
Exercise price range, upper limit	$ 49.99
Outstanding options | shares	127,751
Outstanding, Exercise price (in dollars per share)	$ 41.25
Outstanding, Remaining term	8 years 2 months 12 days
Vested and exercisable options | shares	36,042
Vested and exercisable, Exercise price (in dollars per share)	$ 41.25
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term	7 years 7 months 6 days
$30.00 - $39.99
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit	$ 30
Exercise price range, upper limit	39.99
$20.00 - $29.99
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit	20
Exercise price range, upper limit	$ 29.99
Outstanding options | shares	29,767
Outstanding, Exercise price (in dollars per share)	$ 23.27
Outstanding, Remaining term	8 years 1 month 6 days
Vested and exercisable options | shares	7,277
Vested and exercisable, Exercise price (in dollars per share)	$ 25
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term	7 years 7 months 6 days
$10.00 - $19.99
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit	$ 10
Exercise price range, upper limit	$ 19.99
Outstanding options | shares	109,000
Outstanding, Exercise price (in dollars per share)	$ 13.28
Outstanding, Remaining term	9 years 6 months
Vested and exercisable options | shares	4,285
Vested and exercisable, Exercise price (in dollars per share)	$ 16.37
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term	9 years
Less than $10.00
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit	$ 10

Long-Term Incentive Plans (Rest

Long-Term Incentive Plans (Restricted Stock Units) (Details) - Restricted stock unit - $ / shares		12 Months Ended
	Jun. 14, 2022	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock and Restricted Stock Units (RSUs)
Outstanding at beginning (in shares)		19,037
Granted (in shares)	18,718	18,718	5,089
Vested (in shares)		(1,163)
Forfeited (in shares)		(10,810)
Vested (in shares)		(9,738)
Outstanding at ending (in shares)		17,207	19,037
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value, at the beginning (in dollars per share)		$ 47.62
Weighted average grant-date fair value, Granted (in dollars per share)	$ 11.22	11.22	$ 24.34
Weighted average grant-date fair value, Vested (in dollars per share)		50
Weighted average grant-date fair value, Awards Forfeited (in dollars per share)		40.41
Weighted average grant-date fair value, Awards released (in dollars per share)		45.35
Weighted average grant-date fair value, at the ending (in dollars per share)		$ 13.84	$ 47.62
Vested (in shares)		1,163
Weighted average grant-date fair value, Vested (in dollars per share)		$ 50

Long-Term Incentive Plans (Assu

Long-Term Incentive Plans (Assumptions) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair value assumptions
Expected volatility, minimum (as a percent)	4.16%	4.40%
Expected volatility, maximum (as a percent)	4.26%	66.30%
Weighted-average volatility (as a percent)	3.70%	38.90%
Risk free rate, minimum (as a percent)	0.02%	0.80%
Risk free rate, maximum (as a percent)	2.15%	1.50%
Minimum
Fair value assumptions
Expected term (in years)	2 years	2 years
Maximum
Fair value assumptions
Expected term (in years)	7 years	7 years

Long-Term Incentive Plans (Non-

Long-Term Incentive Plans (Non-vested shares) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Outstanding, Non-vested Options at beginning (in shares)	298,180
Granted (in shares)	117,367
Vested (in shares)	(45,777)
Forfeited (in shares)	(98,253)
Expired (in shares)	(86,646)
Outstanding, Non-vested Options at ending (in shares)	271,517	298,180
Balance at the beginning (in dollars per share)	$ 40.74
Granted (in dollars per share)	14.92
Vested (in dollars per share)	36.53
Expired, weighted average exercise price (in dollars per share)	40.38
Balance at the end (in dollars per share)	$ 36.53	$ 40.74
Long-Term Incentive Plans.
Outstanding, Non-vested Options at beginning (in shares)	317,217	100,972
Granted (in shares)	117,367	333,880
Restricted stock granted (in shares)	18,718	5,089
Vested (in shares)	(56,678)	(85,957)
Forfeited (in shares)	(109,063)	(36,767)
Outstanding, Non-vested Options at ending (in shares)	287,561	317,217
Outstanding at beginning (in dollars per share)	$ 25.80	$ 22.91
Options granted (in dollars per share)	9.57	19.25
Vested (in dollars per share)	21.12	17.32
Forfeited (in dollars per share)	23.82	23.91
Outstanding at ending (in dollars per share)	16.96	25.80
Balance at the beginning (in dollars per share)	40.13	34.70
Granted (in dollars per share)	14.92	42.84
Vested (in dollars per share)	36.53	30.20
Forfeited, weighted average exercise price (in dollars per share)	38.87	40.42
Balance at the end (in dollars per share)	$ 32.29	$ 40.13

Statutory Net Income and Surp_3

Statutory Net Income and Surplus (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Net realized loss on investments		$ (14,878)	$ 7,752
SRC1
Statutory Net Income/(Loss)		1,199	(1,004)
Statutory Capital and Surplus		9,615	8,415
Premiums Sales			37,764
SRC3
Statutory Net Income/(Loss)		1,291	(6,851)
Statutory Capital and Surplus		6,088	3,150
Premiums Sales		35,586	88,704
Ironbound Reinsurance Company Limited | FW, Modco Agreement
Net realized loss on investments	$ 2,400
American Life and Security Corporation
Statutory Net Income/(Loss)		2,330	(6,355)
Statutory Capital and Surplus		69,936	74,011
Premiums Sales		$ 369,241	$ 107,767

Third-party Administration (Det

Third-party Administration (Details) - TPA [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Amount of transaction	$ 2.4	$ 2.3
Third party assets under management	$ 501.9

Related Party (Details)

Related Party (Details) - USD ($) $ in Millions			12 Months Ended
	Jun. 29, 2022	Apr. 24, 2020	Dec. 31, 2022
BBB+
Related Party Transaction [Line Items]
Interest rate			5%
Seneca Re Agreement
Related Party Transaction [Line Items]
Reinsurance term		3 years
Seneca Re Agreement | MYGA
Related Party Transaction [Line Items]
Percentage of indemnity coinsurance		25%
Seneca Re Agreement | FIA
Related Party Transaction [Line Items]
Percentage of indemnity coinsurance		40%
Crestline Assurance Holdings LLC
Related Party Transaction [Line Items]
Assets under management			$ 423.6
Additional investments			134.3
Crestline Assurance Holdings LLC | Securities Purchase Agreement
Related Party Transaction [Line Items]
Shares issued		444,444
American Life
Related Party Transaction [Line Items]
Capital contribution		$ 5
American Life | UK Limited
Related Party Transaction [Line Items]
Percentage of interest acquired in financial guarantee	17%
SRC1
Related Party Transaction [Line Items]
Capital contribution		$ 3.3
Chelsea Holdings Midwest LLC | BBB+
Related Party Transaction [Line Items]
Interest rate	5%
Fair market value			6.3
Chelsea Holdings Midwest LLC | Series B Preferred Stock | BBB+
Related Party Transaction [Line Items]
Fair market value			2.3
Crestline SP 1
Related Party Transaction [Line Items]
Reinsurance ceded amount			5.9
Reinsurance ceded commissions			2.6
Reinsurance ceded expense reimbursements			$ 8.8

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
American Life and Security Corporation
Other Commitments [Line Items]
Number of jurisdiction licensed | item	23
Unfunded Commitments
Other Commitments [Line Items]
Commitments	$ 178,995	$ 145,941
Commitments reinsurance	135,000
Unfunded Commitment
Due in one year or less	52,951	19,245
Due in two years	43,604	26,753
Due in three years	7,731	4,705
Due in four years	13,277	8,741
Due in five years and after	61,432	86,497
Total	178,995	$ 145,941
Unfunded Commitments | American Life and Security Corporation
Other Commitments [Line Items]
Commitments	44,000
Unfunded Commitment
Total	$ 44,000

Schedule I Summary of Investm_2

Schedule I Summary of Investments - Other Than Investments in Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost	$ 1,269,735	$ 679,921
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	1,214,635	683,296
Total fixed maturities	1,214,635	683,296
Total investments, Amortized Cost	1,685,620
Estimated Fair Value	1,614,957
Total investments	1,614,957	975,527
Deposits and notes receivable, Amortized Cost	8,359	10,071
Deposits and notes receivable, Estimated Fair Value	8,359	10,071
Deposits and notes receivable	8,359	10,071
Fixed Maturities
Amortized Cost	1,269,735	679,921
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	1,214,635	683,296
Total fixed maturities	1,214,635	683,296
U.S. government obligations
Amortized Cost	1,343	1,855
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	1,262	1,882
Total fixed maturities	1,262	1,882
Mortgage-back securities
Amortized Cost	316,105	55,667
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	294,066	55,280
Total fixed maturities	294,066	55,280
Asset-backed securities
Amortized Cost	34,728	24,675
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	30,756	24,951
Total fixed maturities	30,756	24,951
Collateralized loan obligation
Amortized Cost	308,871	272,446
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	287,673	274,523
Total fixed maturities	287,673	274,523
States and Political Subdivisions - general obligations
Amortized Cost	104	105
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	101	114
Total fixed maturities	101	114
States and Political Subdivisions - special revenue
Amortized Cost	228	4,487
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	205	5,612
Total fixed maturities	205	5,612
Trust preferred
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)		2,237
Total fixed maturities		2,237
Term loans
Amortized Cost	561,656	268,794
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	558,972	267,468
Total fixed maturities	558,972	267,468
Corporate
Amortized Cost	46,700	35,392
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	41,600	37,139
Total fixed maturities	41,600	$ 37,139
Mortgage loans on real estate, held for investment
Total investments, Amortized Cost	227,047
Estimated Fair Value	227,047
Total investments	227,047
Derivatives
Total investments, Amortized Cost	30,239
Estimated Fair Value	15,934
Total investments	15,934
Preferred Stock
Amortized Cost	35,644
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	31,415
Total fixed maturities	31,415
Deposits and notes payable
Deposits and notes receivable, Amortized Cost	8,359
Deposits and notes receivable, Estimated Fair Value	8,359
Deposits and notes receivable	8,359
Other invested assets
Amortized Cost	108,979
Fixed maturities, available for sale, at fair value(amortized cost: $1,269,735 and $679,921, respectively) (See Note 3)	112,431
Total fixed maturities	112,431
Equity Securities [Member]
Total investments, Amortized Cost	5,592
Estimated Fair Value	5,111
Total investments	5,111
Policy loans
Total investments, Amortized Cost	25
Estimated Fair Value	25
Total investments	$ 25

Schedule II Condensed Financi_4

Schedule II Condensed Financial Information of Registrant Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Preferred stock	$ 31,415	$ 18,686
Cash and cash equivalents	191,414	142,013
Notes receivable	6,300	6,000
Property and equipment, net	1,897	386
Operating lease right of use assets	2,119	2,360
Other assets	12,495	5,173
Total assets	1,920,431	1,219,917
Liabilities:
Lease Liability	2,135	2,364
Total liabilities	1,886,054	1,134,161
Stockholders' Equity:
Preferred stock, $0.001 par value; authorized 2,000,000 shares; no shares issued and out-standing as of December 31, 2022 or December 31, 2021
Voting common stock, $0.001 par value; authorized 20,000,000 shares; 3,727,976 shares issued and outstanding as of December 31, 2022 and 3,737,564 at December 31, 2021, respectively; non-voting common stock, $0.001 par value, 2,000,000 shares authorized; no shares issued and outstanding December 31, 2022 and December 31, 2021, respectively	4	4
Additional Paid in Capital.	138,482	138,452
Treasury stock	(175)	(175)
Retained Earnings (Accumulated Deficit)	(63,019)	(70,159)
Accumulated other comprehensive (loss) income	(51,386)	2,634
Total Midwest Holding Inc.'s stockholders' equity	23,906	70,756
Noncontrolling interests	10,471	15,000
Total stockholders' equity	34,377	85,756	$ 86,330
Total liabilities and stockholders' equity	1,920,431	1,219,917
Parent Company [Member]
Assets [Abstract]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	56,054	79,532
Preferred stock	1
Cash and cash equivalents	115	7,540	$ 7,682
Notes receivable	34	31
Property and equipment, net	1,878	334
Operating lease right of use assets	2,118	2,360
Other assets	5,750	3,257
Total assets	65,950	93,054
Liabilities:
Notes payable	25,000	500
Lease Liability	2,135	2,364
Accounts payable and accrued expenses	4,438	4,434
Total liabilities	31,573	7,298
Stockholders' Equity:
Preferred stock, $0.001 par value; authorized 2,000,000 shares; no shares issued and out-standing as of December 31, 2022 or December 31, 2021
Voting common stock, $0.001 par value; authorized 20,000,000 shares; 3,727,976 shares issued and outstanding as of December 31, 2022 and 3,737,564 at December 31, 2021, respectively; non-voting common stock, $0.001 par value, 2,000,000 shares authorized; no shares issued and outstanding December 31, 2022 and December 31, 2021, respectively	4	4
Additional Paid in Capital.	138,482	138,452
Treasury stock	(175)	(175)
Retained Earnings (Accumulated Deficit)	(63,019)	(70,159)
Accumulated other comprehensive (loss) income	(51,386)	2,634
Total Midwest Holding Inc.'s stockholders' equity	23,906	70,756
Noncontrolling interests	10,471	15,000
Total stockholders' equity	34,377	85,756
Total liabilities and stockholders' equity	$ 65,950	$ 93,054

Schedule II Condensed Financi_5

Schedule II Condensed Financial Information of Registrant Balance Sheets (Parenthetical) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	3,727,976	3,737,564
Common stock, shares outstanding	3,727,976	3,737,564
Non Voting Common Stock, Shares Authorized	2,000,000	2,000,000
Non Voting Common Stock, Shares Issued	0	0
Non Voting Common Stock, Shares Outstanding	0	0
Non-voting common shares
Common stock, shares authorized	2,000,000	2,000,000
Parent Company [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	3,727,976	3,737,564
Common stock, shares outstanding	3,727,976	3,737,564
Non Voting Common Stock, Shares Authorized	2,000,000	2,000,000
Non Voting Common Stock, Shares Issued	0	0
Non Voting Common Stock, Shares Outstanding	0	0
Parent Company [Member] | Non-voting common shares
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

Schedule II Condensed Financi_6

Schedule II Condensed Financial Information of Registrant Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues
Investment income, net of expenses	$ 35,115	$ 15,737
Fee income and other revenues	500	367
Revenues [Default Label]	30,049	30,063
Expenses
Federal income tax	7,600	4,766
Net gain (loss)	791	(16,637)
Less: gain (loss) attributable to noncontrolling interest	6,349
Net income (loss) attributable to Midwest Holding Inc.	7,140	(16,637)
Comprehensive Income:
Unrealized (losses) on investments arising during the year ended December 31, 2022 and 2021, net of offsets, net of tax ($10.4 million and $0.2 million, respectively)	(54,975)	(1,422)
Less: Reclassification adjustments for losses realized in net income, net of tax	955	(2,375)
Other comprehensive income, net of tax	(54,020)	(3,797)
Comprehensive loss	(46,880)	(20,434)
Parent Company [Member]
Revenues
Fee income and other revenues	61	23
Revenues [Default Label]	61	23
Expenses
General	1,494	7,193
Loss from continuing operations before taxes	(1,433)	(7,170)
Federal income tax		(4,766)
Loss before equity in loss of consolidated subsidiaries	(1,433)	(11,936)
Equity in loss of consolidated subsidiaries	2,224	(4,701)
Net gain (loss)	791	(16,637)
Less: gain (loss) attributable to noncontrolling interest	6,349
Net income (loss) attributable to Midwest Holding Inc.	7,140	(16,637)
Comprehensive Income:
Unrealized (losses) on investments arising during the year ended December 31, 2022 and 2021, net of offsets, net of tax ($10.4 million and $0.2 million, respectively)	(54,975)	(1,422)
Less: Reclassification adjustments for losses realized in net income, net of tax	955	(2,375)
Other comprehensive income, net of tax	(54,020)	(3,797)
Comprehensive loss	$ (46,880)	$ (20,434)

Schedule II Condensed Financi_7

Schedule II Condensed Financial Information of Registrant Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income (loss)	$ 7,140	$ (16,637)
Adjustments to arrive at cash provided by operating activities:
Depreciation and amortization	338	50
Stock options	29	4,981
Other assets and liabilities	34,612	(1,129)
Net cash provided by (used in) operating activities	73,162	(25,338)
Cash Flows from Investing Activities:
Net (purchases) disposals of property and equipment	(1,835)	(331)
Net cash used in investing activities	(708,708)	(452,407)
Cash Flows from Financing Activities:
Capital contribution		(121)
Net transfer to noncontrolling interest	(4,529)	15,000
Net cash provided by financing activities	684,947	468,079
Net increase (decrease) in cash and cash equivalents	49,401	(9,666)
Cash and cash equivalents:
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	142,013
Cash and Cash Equivalents, at Carrying Value, Ending Balance	191,414	142,013
Supplementary information
Cash paid for taxes	2,870	6,450
Parent Company [Member]
Cash Flows from Operating Activities:
Net income (loss)	7,140	(16,637)
Adjustments to arrive at cash provided by operating activities:
Equity in net loss of consolidated subsidiaries	2,224	9,506
Depreciation and amortization	(297)	(295)
Stock options	30	4,982
Other assets and liabilities	(9,246)	1,525
Net cash provided by (used in) operating activities	(149)	(919)
Cash Flows from Investing Activities:
Purchase of preferred stock	(1)
Net (purchases) disposals of property and equipment	(1,246)
Net cash used in investing activities	(1,247)
Cash Flows from Financing Activities:
Capital contribution	(26,000)	(14,102)
Common stock purchased	24,500
Net transfer to noncontrolling interest	(4,529)	15,000
Net cash provided by financing activities	(6,029)	777
Net increase (decrease) in cash and cash equivalents	(7,425)	(142)
Cash and cash equivalents:
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	7,540	7,682
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 115	$ 7,540

Schedule III Supplementary In_2

Schedule III Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred gain on coinsurance transactions	$ 38,063	$ 28,589
Life Insurance Premiums [Member]
Future Policy Benefits, Claims and Deposit-type Contracts	1,760,398	1,088,617
Advance Premiums		1
Deferred gain on coinsurance transactions	38,063	28,589
Net Investment Income	35,115	15,737
Death and Other Benefits and Increase in Benefit Reserves	(2,199)	9,904
Other Operating Expenses	$ 23,857	$ 32,030

Schedule IV Reinsurance Infor_2

Schedule IV Reinsurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Life Insurance Force [Member]
Direct Premiums Earned	$ 44,236	$ 45,930
Premiums ceded	42,398	44,090
Insurance premiums	1,838	1,840
Life Insurance Premiums [Member]
Direct Premiums Earned	1,056	1,055
Premiums ceded	$ 1,056	$ 1,055

Valuation and Qualifying Acco_2

Valuation and Qualifying Accounts (Details) - Reduced Depreciation [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning of the year	$ 1,072	$ 1,023
Depreciation expense	327	49
Disposals	(17)
End of the year	$ 1,382	$ 1,072