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INVESTMENT BORROWINGS | 9 Months Ended
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Sep. 30, 2023
Investment Borrowings [Abstract] |
INVESTMENT BORROWINGS | INVESTMENT BORROWINGS Three of the Company's insurance subsidiaries (Bankers Life and Casualty Company ("Bankers Life"), Washington National Insurance Company ("Washington National") and Colonial Penn Life Insurance Company ("Colonial Penn")) are members of the FHLB. As members of the FHLB, our insurance subsidiaries have the ability to borrow on a collateralized basis from the FHLB. We are required to hold certain minimum amounts of FHLB common stock as a condition of membership in the FHLB, and additional amounts based on the amount of the borrowings. At September 30, 2023, the carrying value of the FHLB common stock was $90.1 million. As of September 30, 2023, collateralized borrowings from the FHLB totaled $2.1 billion and the proceeds were used to purchase matched variable rate fixed maturity securities. The borrowings are classified as investment borrowings in the accompanying consolidated balance sheet. The borrowings are collateralized by investments with an estimated fair value of $2.5 billion at September 30, 2023, which are maintained in a custodial account for the benefit of the FHLB. Substantially all of such investments are classified as fixed maturities, available for sale, in our consolidated balance sheet. The following summarizes the terms of the borrowings from the FHLB by our insurance subsidiaries (dollars in millions):
Amount |  | Maturity |  | Interest rate at
borrowed |  | date |  | September 30, 2023
$ | 100.0 |  |  | April 2024 |  | Variable rate – 5.628%
22.0 |  |  | May 2024 |  | Variable rate – 5.743%
15.5 |  |  | July 2024 |  | Fixed rate – 1.990%
27.0 |  |  | August 2024 |  | Fixed rate – .640%
21.7 |  |  | May 2025 |  | Variable rate – 5.728%
18.2 |  |  | June 2025 |  | Fixed rate – 2.940%
12.5 |  |  | June 2025 |  | Variable rate – 5.880%
125.0 |  |  | September 2025 |  | Variable rate – 5.660%
100.0 |  |  | October 2025 |  | Variable rate – 5.878%
100.0 |  |  | October 2025 |  | Variable rate – 5.878%
57.7 |  |  | October 2025 |  | Variable rate – 5.843%
50.0 |  |  | November 2025 |  | Variable rate – 5.854%
12.5 |  |  | December 2025 |  | Variable rate – 5.896%
50.0 |  |  | January 2026 |  | Variable rate – 5.808%
50.0 |  |  | January 2026 |  | Variable rate – 5.857%
100.0 |  |  | January 2026 |  | Variable rate – 5.803%
15.0 |  |  | January 2026 |  | Variable rate – 5.977%
21.8 |  |  | May 2026 |  | Variable rate – 5.693%
50.0 |  |  | May 2026 |  | Variable rate – 5.580%
75.0 |  |  | December 2026 |  | Variable rate – 5.767%
75.0 |  |  | January 2027 |  | Variable rate – 5.663%
50.0 |  |  | January 2027 |  | Variable rate – 5.758%
50.0 |  |  | January 2027 |  | Variable rate – 5.813%
100.0 |  |  | February 2027 |  | Variable rate – 5.788%
50.0 |  |  | April 2027 |  | Variable rate – 5.674%
50.0 |  |  | May 2027 |  | Variable rate – 5.684%
100.0 |  |  | June 2027 |  | Variable rate – 5.680%
10.0 |  |  | June 2027 |  | Variable rate – 5.903%
50.0 |  |  | July 2027 |  | Variable rate – 6.044%
50.0 |  |  | July 2027 |  | Variable rate – 6.064%
100.0 |  |  | August 2027 |  | Variable rate – 6.048%
75.0 |  |  | January 2028 |  | Variable rate – 5.788%
50.0 |  |  | January 2028 |  | Variable rate – 5.798%
50.0 |  |  | January 2028 |  | Variable rate – 5.868%
34.5 |  |  | February 2028 |  | Variable rate – 5.908%
21.0 |  |  | February 2028 |  | Variable rate – 5.788%
100.0 |  |  | February 2028 |  | Variable rate – 5.808%
15.0 |  |  | July 2028 |  | Variable rate – 5.690%
35.0 |  |  | August 2028 |  | Variable rate – 5.700%
$ | 2,089.4 |  |  |  |  |
Generally, the variable and fixed rate borrowings are pre-payable. At September 30, 2023, the aggregate prepayment penalty on such outstanding borrowings was not material. Interest expense of $74.2 million and $17.4 million in the first nine months of 2023 and 2022, respectively, was recognized related to total borrowings from the FHLB, reflecting both higher interest rates on the variable rate investment borrowings and higher average borrowings outstanding in the 2023 period.

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