CASH SURRENDER VALUE OF LIFE INSURANCE POLICIES, NET

12 Months Ended

Dec. 31, 2025

CASH SURRENDER VALUE OF LIFE INSURANCE POLICIES, NET

CASH SURRENDER VALUE OF LIFE INSURANCE POLICIES, NET

NOTE 9. CASH SURRENDER VALUE OF LIFE INSURANCE POLICIES, NET

The cash surrender value of all life insurance policies held by us, net of loans and related accrued interest, was $48.0 million and $46.0 million as of December 31, 2025 and 2024, respectively.

Our wholly owned subsidiary, Earle M. Jorgensen Company (“EMJ”), is the owner and beneficiary of life insurance policies on certain former and current employees. Reliance is also the beneficiary of key person life insurance policies held by a grantor trust for the benefit of participants of the Reliance, Inc. Supplemental Executive Retirement Plan.

As of December 31, 2025 and 2024, loans and accrued interest outstanding on EMJ’s life insurance policies were $1.0 billion and $962.9 million, respectively.

Payments for premiums and interest owed on policy loans, net of proceeds from policy borrowings and redemptions are included in other investing activities in the accompanying consolidated statements of cash flows.

Income earned on our life insurance policies and redemptions, interest expense on borrowings against cash surrender values and cost of insurance charges are included in the Other (income) expense, net caption in the accompanying consolidated statements of income as follows (in millions):


Year Ended December 31,	2025			2024			2023
Investment income from life insurance policies	$	(107.3)		$	(101.4)		$	(97.5)
Interest expense on life insurance policy loans		109.3			103.5			98.4
Life insurance policy cost of insurance		18.8			17.6			16.9
Income from life insurance policy redemptions		(13.0)			(8.1)			(11.7)
Life insurance policy expense, net	$	7.8		$	11.6		$	6.1

RELIANCE, INC. 10-K