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BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Operating Information by Segment

Operating information by segment is as follows (dollars in millions):

			Three months ended												Six months ended
			June 30,												June 30,
			2024						2023						2024						2023
Revenues:
Annuity:
Insurance policy income			$	9.3					$	8.1					$	16.6					$	13.2
Net investment income			140.5						127.7						275.0						253.1
Total annuity revenues			149.8						135.8						291.6						266.3
Health:
Insurance policy income			403.6						397.1						802.0						798.5
Net investment income			75.1						74.3						149.4						148.3
Total health revenues			478.7						471.4						951.4						946.8
Life:
Insurance policy income			228.6						223.1						451.3						442.1
Net investment income			36.7						36.1						73.2						72.4
Total life revenues			265.3						259.2						524.5						514.5
Change in market values of the underlying options supporting the fixed indexed annuity and life products (offset by market value changes credited to policyholder balances)			38.9						62.3						178.6						80.9
Investment income not allocated to product lines			108.3						80.3						179.9						148.1
Fee revenue and other income:
Fee revenue			32.0						29.4						82.5						80.7
Amounts netted in expenses not allocated to product lines			1.3						1.5						2.5						3.1
Total segment revenues			$	1,074.3					$	1,039.9					$	2,211.0					$	2,040.4

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			Three months ended												Six months ended
			June 30,												June 30,
			2024						2023						2024						2023
Expenses:
Annuity:
Insurance policy benefits			$	(8.4)					$	10.6					$	2.9					$	19.3
Interest credited			61.2						50.6						119.5						98.7
Amortization and non-deferred commissions			20.9						17.5						41.1						33.9
Total annuity expenses			73.7						78.7						163.5						151.9
Health:
Insurance policy benefits			302.3						322.7						610.8						640.8
Amortization and non-deferred commissions			40.5						40.5						81.7						81.3
Total health expenses			342.8						363.2						692.5						722.1
Life:
Insurance policy benefits			144.6						142.8						288.6						290.0
Interest credited			12.4						12.2						24.9						24.3
Amortization, non-deferred commissions and advertising expense			45.2						46.3						93.3						94.9
Total life expenses			202.2						201.3						406.8						409.2
Allocated expenses			154.6						149.5						316.2						307.0
Expenses not allocated to product lines			18.8						22.6						36.8						42.5
Market value changes of options credited to fixed indexed annuity and life policyholders			38.9						62.3						178.6						80.9
Amounts netted in investment income not allocated to product lines:
Interest expense			54.4						39.8						102.7						77.2
Interest credited			10.4						7.2						17.6						14.4
Impact of annual option forfeitures related to fixed indexed annuity surrenders			(6.0)						(1.4)						(12.2)						(1.4)
Amortization			.5						.4						.9						.8
Other expenses			4.2						6.3						13.8						13.6
Expenses netted in fee revenue:
Commissions and other operating expenses			31.2						28.8						70.4						64.6
Total segment expenses			925.7						958.7						1,987.6						1,882.8
Pre-tax measure of profitability:
Annuity margin			76.1						57.1						128.1						114.4
Health margin			135.9						108.2						258.9						224.7
Life margin			63.1						57.9						117.7						105.3
Total insurance product margin			275.1						223.2						504.7						444.4
Allocated expenses			(154.6)						(149.5)						(316.2)						(307.0)
Income from insurance products			120.5						73.7						188.5						137.4
Fee income			.8						.6						12.1						16.1
Investment income not allocated to product lines			44.8						28.0						57.1						43.5
Expenses not allocated to product lines			(17.5)						(21.1)						(34.3)						(39.4)
Operating earnings before taxes			148.6						81.2						223.4						157.6
Income tax expense on operating income			34.0						18.9						51.3						36.7
Net operating income			$	114.6					$	62.3					$	172.1					$	120.9

Schedule of Reconciliation of Segment Revenues and Expenses to Consolidated Revenues and Expenses and Net Income (Loss)

A reconciliation of segment revenues and expenses to consolidated revenues and expenses and net income is as follows (dollars in millions):

			Three months ended												Six months ended
			June 30,												June 30,
			2024						2023						2024						2023
Total segment revenues			$	1,074.3					$	1,039.9					$	2,211.0					$	2,040.4
Total investment losses			(17.2)						(35.3)						(9.4)						(49.9)
Revenues related to earnings attributable to VIEs			9.1						18.2						21.1						38.3
Consolidated revenues			1,066.2						1,022.8						2,222.7						2,028.8
Total segment expenses			925.7						958.7						1,987.6						1,882.8
Insurance policy benefits - fair value changes in embedded derivative liabilities			(16.8)						(50.4)						(80.8)						14.7
Expenses attributable to VIEs			10.2						18.4						22.6						36.2
Fair value changes related to agent deferred compensation plan			(3.5)						—						(3.5)						—
Consolidated expenses			915.6						926.7						1,925.9						1,933.7
Income before tax			150.6						96.1						296.8						95.1
Income tax expense			34.3						22.4						68.2						22.2
Net income			$	116.3					$	73.7					$	228.6					$	72.9

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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