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OTHER OPERATING STATEMENT DATA | 12 Months Ended
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Dec. 31, 2024
Insurance [Abstract] |
OTHER OPERATING STATEMENT DATA | OTHER OPERATING STATEMENT DATA Insurance policy income consisted of the following (dollars in millions):
| 2024 |  | 2023 |  | 2022
Direct premiums collected (a) | $ | 4,857.8 |  |  | $ | 4,574.9 |  |  | $ | 4,619.7 |
Reinsurance assumed | 15.5 |  |  | 16.6 |  |  | 18.6 |
Reinsurance ceded | (191.8) |  |  | (194.6) |  |  | (214.6) |
Premiums collected, net of reinsurance | 4,681.5 |  |  | 4,396.9 |  |  | 4,423.7 |
Change in unearned premiums | (9.1) |  |  | 18.5 |  |  | 9.8 |
Less premiums on interest-sensitive life and products without mortality and morbidity risk which are recorded as additions to insurance liabilities (a) | (2,333.0) |  |  | (2,111.7) |  |  | (2,123.6) |
Premiums on traditional products with mortality or morbidity risk | 2,339.4 |  |  | 2,303.7 |  |  | 2,309.9 |
Fees and surrender charges on interest-sensitive products | 219.1 |  |  | 201.8 |  |  | 189.9 |
Insurance policy income | $ | 2,558.5 |  |  | $ | 2,505.5 |  |  | $ | 2,499.8 |
________________ (a) Excludes $1,599.2 million of funds received from the issuance of funding agreements pursuant to our FABN program for the year ended December 31, 2024 and $899.0 million for the year ended December 31, 2022. The five states with the largest shares of 2024 collected premiums were Florida (11 percent), Iowa (6 percent) Pennsylvania (5 percent), California (5 percent) and Texas (5 percent). No other state accounted for more than five percent of total collected premiums. Other operating costs and expenses were as follows (dollars in millions):
| 2024 |  | 2023 |  | 2022
Commission expense | $ | 121.8 |  |  | $ | 111.1 |  |  | $ | 114.2 |
Salaries and wages | 304.5 |  |  | 290.9 |  |  | 287.9 |
Other | 629.0 |  |  | 646.3 |  |  | 548.8 |
Total other operating costs and expenses | $ | 1,055.3 |  |  | $ | 1,048.3 |  |  | $ | 950.9 |
Changes in deferred acquisition costs were as follows (dollars in millions):
|  | 2024
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Interest-sensitive life |  | Traditional life |  | Funding agreements |  | Total
Beginning of period |  | $ | 407.6 |  |  | $ | 27.0 |  |  | $ | 408.0 |  |  | $ | 157.5 |  |  | $ | 140.3 |  |  | $ | 234.5 |  |  | $ | 471.9 |  |  | $ | 4.5 |  |  | $ | 1,851.3 |
Capitalizations |  | 99.2 |  |  | 14.0 |  |  | 64.6 |  |  | 26.0 |  |  | 23.1 |  |  | 37.1 |  |  | 117.6 |  |  | 7.8 |  |  | 389.4 |
Amortization expense |  | (56.8) |  |  | (5.1) |  |  | (34.5) |  |  | (26.1) |  |  | (14.8) |  |  | (15.6) |  |  | (60.0) |  |  | (2.4) |  |  | (215.3) |
End of period |  | $ | 450.0 |  |  | $ | 35.9 |  |  | $ | 438.1 |  |  | $ | 157.4 |  |  | $ | 148.6 |  |  | $ | 256.0 |  |  | $ | 529.5 |  |  | $ | 9.9 |  |  | $ | 2,025.4 |
|  | 2023
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Interest-sensitive life |  | Traditional life |  | Funding agreements |  | Total
Beginning of period |  | $ | 365.6 |  |  | $ | 19.6 |  |  | $ | 378.8 |  |  | $ | 161.2 |  |  | $ | 137.9 |  |  | $ | 212.2 |  |  | $ | 409.1 |  |  | $ | 6.0 |  |  | $ | 1,690.4 |
Capitalizations |  | 88.9 |  |  | 11.3 |  |  | 60.6 |  |  | 24.1 |  |  | 17.5 |  |  | 36.8 |  |  | 114.3 |  |  | — |  |  | 353.5 |
Amortization expense |  | (46.9) |  |  | (3.9) |  |  | (31.4) |  |  | (27.8) |  |  | (15.1) |  |  | (14.5) |  |  | (51.5) |  |  | (1.5) |  |  | (192.6) |
End of period |  | $ | 407.6 |  |  | $ | 27.0 |  |  | $ | 408.0 |  |  | $ | 157.5 |  |  | $ | 140.3 |  |  | $ | 234.5 |  |  | $ | 471.9 |  |  | $ | 4.5 |  |  | $ | 1,851.3 |
|  | 2022
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Interest-sensitive life |  | Traditional life |  | Funding agreements |  | Total
Beginning of period |  | $ | 313.0 |  |  | $ | 19.0 |  |  | $ | 357.5 |  |  | $ | 170.2 |  |  | $ | 136.4 |  |  | $ | 196.3 |  |  | $ | 357.6 |  |  | $ | 3.3 |  |  | $ | 1,553.3 |
Capitalizations |  | 92.8 |  |  | 4.1 |  |  | 50.5 |  |  | 20.7 |  |  | 16.8 |  |  | 29.8 |  |  | 94.6 |  |  | 4.2 |  |  | 313.5 |
Amortization expense |  | (40.2) |  |  | (3.5) |  |  | (29.2) |  |  | (29.7) |  |  | (15.3) |  |  | (13.9) |  |  | (43.1) |  |  | (1.5) |  |  | (176.4) |
End of period |  | $ | 365.6 |  |  | $ | 19.6 |  |  | $ | 378.8 |  |  | $ | 161.2 |  |  | $ | 137.9 |  |  | $ | 212.2 |  |  | $ | 409.1 |  |  | $ | 6.0 |  |  | $ | 1,690.4 |
Changes in the present value of future profits were as follows (dollars in millions):
|  | 2024
|  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Traditional life |  | Fixed indexed annuities |  | Fixed interest annuities |  | Total
Beginning of period |  | $ | 141.0 |  |  | $ | 20.6 |  |  | $ | 5.2 |  |  | $ | 12.9 |  |  | $ | 0.7 |  |  | $ | 0.3 |  |  | $ | 180.7 |
Amortization expense |  | (12.2) |  |  | (4.9) |  |  | (0.8) |  |  | (1.6) |  |  | (0.2) |  |  | — |  |  | (19.7) |
End of period |  | $ | 128.8 |  |  | $ | 15.7 |  |  | $ | 4.4 |  |  | $ | 11.3 |  |  | $ | 0.5 |  |  | $ | 0.3 |  |  | $ | 161.0 |
|  | 2023
|  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Traditional life |  | Fixed indexed annuities |  | Fixed interest annuities |  | Total
Beginning of period |  | $ | 154.0 |  |  | $ | 27.5 |  |  | $ | 6.2 |  |  | $ | 14.8 |  |  | $ | 0.8 |  |  | $ | 0.4 |  |  | $ | 203.7 |
Amortization expense |  | (13.0) |  |  | (6.9) |  |  | (1.0) |  |  | (1.9) |  |  | (0.1) |  |  | (0.1) |  |  | (23.0) |
End of period |  | $ | 141.0 |  |  | $ | 20.6 |  |  | $ | 5.2 |  |  | $ | 12.9 |  |  | $ | 0.7 |  |  | $ | 0.3 |  |  | $ | 180.7 |
|  | 2022
|  | Supplemental health |  | Medicare supplement |  | Long-term care |  | Traditional life |  | Fixed indexed annuities |  | Fixed interest annuities |  | Total
Beginning of period |  | $ | 168.1 |  |  | $ | 36.5 |  |  | $ | 7.3 |  |  | $ | 16.9 |  |  | $ | 0.9 |  |  | $ | 0.4 |  |  | $ | 230.1 |
Amortization expense |  | (14.1) |  |  | (9.0) |  |  | (1.1) |  |  | (2.1) |  |  | (0.1) |  |  | — |  |  | (26.4) |
End of period |  | $ | 154.0 |  |  | $ | 27.5 |  |  | $ | 6.2 |  |  | $ | 14.8 |  |  | $ | 0.8 |  |  | $ | 0.4 |  |  | $ | 203.7 |
Based on current conditions and assumptions as to future events on all policies inforce, the Company expects to amortize approximately 10 percent of the December 31, 2024 balance of the present value of future profits in 2025, 9 percent in 2026, 8 percent in 2027, 7 percent in 2028 and 7 percent in 2029. Changes in sales inducements were as follows (dollars in millions):
|  | 2024
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Total
Beginning of period |  | $ | 88.5 |  |  | $ | 4.6 |  |  | $ | 93.1 |
Capitalizations |  | 54.9 |  |  | 1.4 |  |  | 56.3 |
Amortization expense |  | (15.3) |  |  | (0.9) |  |  | (16.2) |
End of period |  | $ | 128.1 |  |  | $ | 5.1 |  |  | $ | 133.2 |
|  | 2023
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Total
Beginning of period |  | $ | 76.0 |  |  | $ | 4.5 |  |  | $ | 80.5 |
Capitalizations |  | 23.5 |  |  | 0.9 |  |  | 24.4 |
Amortization expense |  | (11.0) |  |  | (0.8) |  |  | (11.8) |
End of period |  | $ | 88.5 |  |  | $ | 4.6 |  |  | $ | 93.1 |
|  | 2022
|  | Fixed indexed annuities |  | Fixed interest annuities |  | Total
Beginning of period |  | $ | 63.0 |  |  | $ | 5.0 |  |  | $ | 68.0 |
Capitalizations |  | 22.1 |  |  | 0.4 |  |  | 22.5 |
Amortization expense |  | (9.1) |  |  | (0.9) |  |  | (10.0) |
End of period |  | $ | 76.0 |  |  | $ | 4.5 |  |  | $ | 80.5 |

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