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BUSINESS SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information by Segment | Operating information by segment is as follows (dollars in millions):
| 2024 |  | 2023 |  | 2022
Revenues: |  |  |  |  |
Annuity: |  |  |  |  |
Insurance policy income | $ | 35.5 |  |  | $ | 28.4 |  |  | $ | 23.1 |
Net investment income | 565.0 |  |  | 516.3 |  |  | 480.0 |
Total annuity revenues | 600.5 |  |  | 544.7 |  |  | 503.1 |
Health: |  |  |  |  |
Insurance policy income | 1,618.3 |  |  | 1,594.6 |  |  | 1,617.3 |
Net investment income | 299.6 |  |  | 296.7 |  |  | 293.3 |
Total health revenues | 1,917.9 |  |  | 1,891.3 |  |  | 1,910.6 |
Life: |  |  |  |  |
Insurance policy income | 904.7 |  |  | 882.5 |  |  | 859.4 |
Net investment income | 147.1 |  |  | 144.8 |  |  | 141.9 |
Total life revenues | 1,051.8 |  |  | 1,027.3 |  |  | 1,001.3 |
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) | 253.7 |  |  | 131.5 |  |  | (205.3) |
Investment income not allocated to product lines | 449.9 |  |  | 335.6 |  |  | 257.5 |
Fee revenue and other income: |  |  |  |  |
Fee revenue | 190.5 |  |  | 177.6 |  |  | 169.3 |
Amounts netted in expenses not allocated to product lines | 3.4 |  |  | 36.6 |  |  | 30.5 |
Total segment revenues | $ | 4,467.7 |  |  | $ | 4,144.6 |  |  | $ | 3,667.0 |
(continued on next page) (continued from previous page)
| 2024 |  | 2023 |  | 2022
Expenses: |  |  |  |  |
Annuity: |  |  |  |  |
Insurance policy benefits | $ | (15.2) |  |  | $ | 29.0 |  |  | $ | 38.3 |
Interest credited | 253.8 |  |  | 209.4 |  |  | 175.5 |
Amortization and non-deferred commissions | 87.7 |  |  | 71.3 |  |  | 62.4 |
Total annuity expenses | 326.3 |  |  | 309.7 |  |  | 276.2 |
Health: |  |  |  |  |
Insurance policy benefits | 1,239.6 |  |  | 1,234.9 |  |  | 1,237.5 |
Amortization and non-deferred commissions | 161.5 |  |  | 162.1 |  |  | 168.7 |
Total health expenses | 1,401.1 |  |  | 1,397.0 |  |  | 1,406.2 |
Life: |  |  |  |  |
Insurance policy benefits | 576.0 |  |  | 570.0 |  |  | 575.3 |
Interest credited | 51.5 |  |  | 49.3 |  |  | 49.0 |
Amortization and non-deferred commissions | 98.0 |  |  | 85.8 |  |  | 77.5 |
Advertising expense | 77.3 |  |  | 92.5 |  |  | 94.3 |
Total life expenses | 802.8 |  |  | 797.6 |  |  | 796.1 |
Allocated expenses | 615.3 |  |  | 599.0 |  |  | 596.6 |
Expenses not allocated to product lines | 75.2 |  |  | 88.3 |  |  | 71.3 |
Market value changes of options credited to fixed indexed annuity and life policyholders | 253.7 |  |  | 131.5 |  |  | (205.3) |
Amounts netted in investment income not allocated to product lines: |  |  |  |  |
Interest expense | 219.7 |  |  | 169.8 |  |  | 96.0 |
Interest credited | 61.6 |  |  | 28.8 |  |  | 28.5 |
Impact of annual option forfeitures related to fixed indexed annuity surrenders | (26.0) |  |  | (7.1) |  |  | 1.0 |
Amortization | 2.4 |  |  | 1.6 |  |  | 1.5 |
Other expenses | 24.3 |  |  | 22.3 |  |  | (13.4) |
Expenses netted in fee revenue: |  |  |  |  |
Commissions and other operating expenses | 160.5 |  |  | 146.6 |  |  | 145.6 |
Total segment expenses | 3,916.9 |  |  | 3,685.1 |  |  | 3,200.3 |
Pre-tax measure of profitability: |  |  |  |  |
Annuity margin | 274.2 |  |  | 235.0 |  |  | 226.9 |
Health margin | 516.8 |  |  | 494.3 |  |  | 504.4 |
Life margin | 249.0 |  |  | 229.7 |  |  | 205.2 |
Total insurance product margin | 1,040.0 |  |  | 959.0 |  |  | 936.5 |
Allocated expenses | (615.3) |  |  | (599.0) |  |  | (596.6) |
Income from insurance products | 424.7 |  |  | 360.0 |  |  | 339.9 |
Fee income margin | 30.0 |  |  | 31.0 |  |  | 23.7 |
Investment income not allocated to product lines | 167.9 |  |  | 120.2 |  |  | 143.9 |
Expenses not allocated to product lines | (71.8) |  |  | (51.7) |  |  | (40.8) |
Operating earnings before taxes | 550.8 |  |  | 459.5 |  |  | 466.7 |
Income tax expense on operating income | 121.5 |  |  | 103.4 |  |  | 106.3 |
Net operating income | $ | 429.3 |  |  | $ | 356.1 |  |  | $ | 360.4 |
Schedule of Reconciliation of Operating Profit (Loss) From Segments to Consolidated | A reconciliation of segment revenues and expenses to consolidated revenues and expenses and net income is as follows (dollars in millions):
| 2024 |  | 2023 |  | 2022
Total segment revenues | $ | 4,467.7 |  |  | $ | 4,144.6 |  |  | $ | 3,667.0 |
Total investment gains (losses) | (49.9) |  |  | (69.0) |  |  | (135.4) |
Revenues related to earnings attributable to VIEs | 31.7 |  |  | 71.2 |  |  | 45.2 |
Consolidated revenues | 4,449.5 |  |  | 4,146.8 |  |  | 3,576.8 |
Total segment expenses | 3,916.9 |  |  | 3,685.1 |  |  | 3,200.3 |
Insurance policy benefits - fair value changes in embedded derivative liabilities | (24.7) |  |  | 29.9 |  |  | (440.2) |
Expenses attributable to VIEs | 36.9 |  |  | 70.5 |  |  | 43.0 |
Fair value changes related to agent deferred compensation plan | (6.6) |  |  | 3.5 |  |  | (48.9) |
Other expenses | 8.7 |  |  | 1.0 |  |  | 6.1 |
Consolidated expenses | 3,931.2 |  |  | 3,790.0 |  |  | 2,760.3 |
Income before tax | 518.3 |  |  | 356.8 |  |  | 816.5 |
Income tax expense | 114.3 |  |  | 80.3 |  |  | 185.9 |
Net income | $ | 404.0 |  |  | $ | 276.5 |  |  | $ | 630.6 |
Schedule of Balance Sheet Information, by Segment | Segment balance sheet information was as follows (dollars in millions):
| 2024 |  | 2023
Assets: |  |  |
Annuity | $ | 13,006.2 |  |  | $ | 12,006.5 |
Health | 9,116.7 |  |  | 9,512.5 |
Life | 4,194.7 |  |  | 4,153.9 |
Investments not allocated to product lines | 10,597.6 |  |  | 8,711.5 |
Assets of our non-life companies included in the fee income segment | 257.7 |  |  | 243.9 |
Assets of our other non-life companies | 679.7 |  |  | 398.8 |
Total assets | $ | 37,852.6 |  |  | $ | 35,027.1 |
Liabilities: |  |  |
Annuity | $ | 13,561.2 |  |  | $ | 12,859.8 |
Health | 9,490.7 |  |  | 9,866.9 |
Life | 4,311.2 |  |  | 4,294.6 |
Liabilities associated with investments not allocated to product lines (a) | 7,541.1 |  |  | 5,561.6 |
Liabilities of our non-life companies included in the fee income segment | 37.0 |  |  | 35.2 |
Liabilities of our other non-life companies | 413.0 |  |  | 193.4 |
Total liabilities | $ | 35,354.2 |  |  | $ | 32,811.5 |
___________ (a) Includes investment borrowings, policyholder account balances related to funding agreements, borrowings related to VIEs and notes payable - direct corporate obligations.

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