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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Total income tax expense (benefit) is allocated as follows:
| Year Ended December 31
| 2025 |  | 2024 |  | 2023
| (in millions of dollars)
Net Income | $ | 195.0 |  |  | $ | 472.2 |  |  | $ | 356.3 |
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) |  |  |  |  |
Change in Net Unrealized Gain (Loss) on Securities | 200.4 |  |  | (226.6) |  |  | 300.6 |
Change in the Effect of Discount Rate Assumptions on the Liability for Future Policy and Contract Benefits, Net of Reinsurance | (66.2) |  |  | 488.9 |  |  | (256.5) |
Change in Net Loss on Derivatives | (3.1) |  |  | (51.5) |  |  | (17.0) |
Change in Foreign Currency Translation Adjustment | 0.1 |  |  | 1.1 |  |  | 0.9 |
Change in Unrecognized Pension and Postretirement Benefit Costs | 35.6 |  |  | 12.0 |  |  | (2.7) |
Total | $ | 361.8 |  |  | $ | 696.1 |  |  | $ | 381.6 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax provision at the U.S. federal statutory rate to the income tax rate as reported in our consolidated statements of income is presented below. Certain prior period amounts have been reclassified to conform to the current period presentation.
(in millions of dollars, except rates) |  |  |  |  |  |  |  |
| Year Ended December 31
| 2025 |  | 2024 |  | 2023
| Amount | Percent |  | Amount | Percent |  | Amount | Percent
U.S. federal statutory rate | $ | 196.0 |  | 21.0 | % |  | $ | 472.8 |  | 21.0 | % |  | $ | 344.4 |  | 21.0 | %
State and local income tax, net of federal income tax effect 1 | 1.8 |  | 0.2 |  |  | (7.3) |  | (0.3) |  |  | (3.5) |  | (0.2) |
Foreign tax effects | 0.1 |  | — |  |  | 2.8 |  | 0.1 |  |  | (2.0) |  | (0.1) |
Effect of cross-border tax laws | 3.5 |  | 0.4 |  |  | (0.9) |  | — |  |  | 8.4 |  | 0.5 |
Tax credits | (10.4) |  | (1.1) |  |  | (2.1) |  | (0.1) |  |  | (2.3) |  | (0.1) |
Nontaxable or nondeductible items | (4.8) |  | (0.5) |  |  | (3.9) |  | (0.2) |  |  | (1.5) |  | (0.1) |
Other Adjustments |  |  |  |  |  |  |  |
Interest on Unrecognized Tax Benefits | 11.2 |  | 1.2 |  |  | 13.2 |  | 0.6 |  |  | 12.2 |  | 0.7 |
Other | (2.4) |  | (0.3) |  |  | (2.4) |  | (0.1) |  |  | 0.6 |  | — |
Effective Tax Rate | $ | 195.0 |  | 20.9 | % |  | $ | 472.2 |  | 21.0 | % |  | $ | 356.3 |  | 21.7 | %
1 State taxes in Minnesota, California, and New York made up the majority (greater than 50 percent) of the tax effect in this category for 2025. State taxes in Maine made up the majority (greater than 50 percent) of the tax effect in this category for 2024 and 2023.
Schedule of Deferred Tax Assets and Liabilities | Our net deferred tax asset consists of the following. Certain prior year amounts have been reclassified to conform to current presentation.
| December 31
| 2025 |  | 2024
| (in millions of dollars)
Deferred Tax Asset |  |  |
Invested Assets | $ | 379.3 |  |  | $ | 593.2 |
Employee Benefits | 132.3 |  |  | 146.3 |
Minimum Tax Credit Carryforward | 101.2 |  |  | — |
Other | 53.2 |  |  | 36.8 |
Gross Deferred Tax Asset | 666.0 |  |  | 776.3 |
Less: Valuation Allowance | 11.5 |  |  | 12.1 |
Net Deferred Tax Asset | 654.5 |  |  | 764.2 |
Deferred Tax Liability |  |  |
Deferred Acquisition Costs | 217.3 |  |  | 167.0 |
Fixed Assets | 40.1 |  |  | 13.8 |
Reserves | 67.2 |  |  | 85.9 |
Cost of Reinsurance | 234.8 |  |  | 110.4 |
Other | 54.4 |  |  | 48.4 |
Gross Deferred Tax Liability | 613.8 |  |  | 425.5 |
Net Deferred Tax Asset | $ | 40.7 |  |  | $ | 338.7 |
Schedule of Income before Income Tax, Domestic and Foreign | Our consolidated statements of income include amounts subject to both domestic and foreign taxation. The income and related tax expense (benefit) are as follows:
| Year Ended December 31
| 2025 |  | 2024 |  | 2023
| (in millions of dollars)
Income Before Tax |  |  |  |  |
Domestic | $ | 803.7 |  |  | $ | 2,129.5 |  |  | $ | 1,506.2 |
Foreign | 129.8 |  |  | 121.8 |  |  | 133.9 |
Total | $ | 933.5 |  |  | $ | 2,251.3 |  |  | $ | 1,640.1 |
Current Tax Expense (Benefit) |  |  |  |  |
Federal | $ | 53.6 |  |  | $ | 393.1 |  |  | $ | 440.4 |
State and Local | 1.1 |  |  | (8.5) |  |  | (2.5) |
Foreign | 17.0 |  |  | 47.5 |  |  | 14.1 |
Total | 71.7 |  |  | 432.1 |  |  | 452.0 |
Deferred Tax Expense (Benefit) |  |  |  |  |
Federal | 112.0 |  |  | 59.8 |  |  | (106.2) |
State and Local | 0.9 |  |  | (0.6) |  |  | (1.5) |
Foreign | 10.4 |  |  | (19.1) |  |  | 12.0 |
Total | 123.3 |  |  | 40.1 |  |  | (95.7) |
Total Tax Expense | $ | 195.0 |  |  | $ | 472.2 |  |  | $ | 356.3 |
Schedule of Unrecognized Tax Benefits Roll Forward | Our consolidated statements of income include the following changes in unrecognized tax benefits.
| December 31
| 2025 |  | 2024 |  | 2023
| (in millions of dollars)
Balance at Beginning of Year | $ | 136.0 |  |  | $ | 156.7 |  |  | $ | 177.4 |
Decreases for Tax Positions Related to Prior Years | (20.7) |  |  | (20.7) |  |  | (20.7) |
Balance at End of Year | 115.3 |  |  | 136.0 |  |  | 156.7 |
Less Tax Attributable to Temporary Items Included Above | — |  |  | (21.2) |  |  | (42.4) |
Total Unrecognized Tax Benefits That if Recognized Would Affect the Effective Tax Rate | $ | 115.3 |  |  | $ | 114.8 |  |  | $ | 114.3 |

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