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DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value by Balance Sheet Location | Our freestanding and embedded derivatives, which are not designated as hedging instruments, are held at fair value and are summarized as follows (dollars in millions):
|  | Fair value
|  | 2024 |  | 2023
Assets: |  |  |  |
Other invested assets: |  |  |  |
Fixed indexed call options |  | $ | 279.0 |  |  | $ | 239.2 |
Reinsurance receivables |  | (17.1) |  |  | (17.5) |
Total assets |  | $ | 261.9 |  |  | $ | 221.7 |
Liabilities: |  |  |  |
Embedded derivatives related to fixed indexed annuities at fair value: |  |  |  |
Policyholder account balances |  | $ | 1,493.2 |  |  | $ | 1,376.7 |
Schedule of Derivative Instruments | The following table represents activity associated with derivative instruments as of the dates indicated:
|  | Measurement |  | December 31, 2023 |  | Additions |  | Maturities/terminations |  | December 31, 2024
Fixed indexed annuities - embedded derivative |  | Policies |  | 125,298 |  |  | 12,407 |  |  | (12,241) |  |  | 125,464 |
Fixed indexed call options |  | Notional (a) |  | $ | 3,267.9 |  |  | $ | 4,202.6 |  |  | $ | (3,311.8) |  |  | $ | 4,158.7 |
_________________ (a) Dollars in millions.
Schedule Pre-Tax Gains (Losses) Recognized in Net Revenues for Derivative Instruments | The following table provides the pre-tax impact recognized in net income for derivative instruments, which are not designated as hedges for the periods indicated (dollars in millions):
|  | 2024 |  | 2023 |  | 2022
Net investment income (loss) from policyholder and other special-purpose portfolios: |  |  |  |  |  |
Fixed indexed call options |  | $ | 255.8 |  |  | $ | 129.0 |  |  | $ | (206.6) |
Total investment gains (losses): |  |  |  |  |  |
Embedded derivative related to modified coinsurance agreement |  | 0.4 |  |  | 0.3 |  |  | (16.1) |
Total revenues from derivative instruments, not designated as hedges |  | 256.2 |  |  | 129.3 |  |  | (222.7) |
Insurance policy benefits: |  |  |  |  |  |
Embedded derivatives related to fixed indexed annuities |  | 179.1 |  |  | 137.1 |  |  | (488.5) |
Net pre-tax impact |  | $ | 77.1 |  |  | $ | (7.8) |  |  | $ | 265.8 |
Schedule of Derivatives with Master Netting Arrangements | The following table summarizes information related to derivatives with master netting arrangements or collateral as of December 31, 2024 and 2023 (dollars in millions):
|  |  |  |  |  |  |  |  | Gross amounts not offset in the balance sheet |  |
|  |  | Gross amounts recognized |  | Gross amounts offset in the balance sheet |  | Net amounts of assets presented in the balance sheet |  | Non-cash collateral |  | Cash collateral received |  | Net amount
December 31, 2024: |  |
| Fixed indexed call options |  | $ | 279.0 |  |  | $ | — |  |  | $ | 279.0 |  |  | $ | 78.0 |  |  | $ | — |  |  | $ | 201.0 |
December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
| Fixed indexed call options |  | 239.2 |  |  | — |  |  | 239.2 |  |  | 37.0 |  |  | — |  |  | 202.2 |

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