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AGENT DEFERRED COMPENSATION PLAN
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
AGENT DEFERRED COMPENSATION PLAN AGENT DEFERRED COMPENSATION PLAN
For our agent deferred compensation plan, it is our policy to immediately recognize changes in the actuarial benefit obligation resulting from either actual experience being different than expected or from changes in actuarial assumptions.

One of our insurance subsidiaries has a noncontributory, unfunded deferred compensation plan for qualifying members of its exclusive agency force. Benefits were based on years of service and career earnings. In 2016, the agent deferred compensation plan was amended to: (i) freeze participation in the plan; (ii) freeze benefits accrued under the plan; and (iii) add a limited cashout feature. The actuarial measurement date of this deferred compensation plan is December 31. The liability recognized in the consolidated balance sheet for the agent deferred compensation plan was $122.5 million and $130.9 million at December 31, 2024 and 2023, respectively. Interest costs incurred on this plan were $6.3 million, $6.5 million and $6.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. The recognition of gains (losses) were $6.5 million, $(3.6) million and $48.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, primarily resulting from: (i) changes in the discount rate assumption used to determine the deferred compensation plan liability to reflect current investment yields; and (ii) changes in mortality table assumptions). These expenses are recorded in other operating costs and expenses within the consolidated statement of operations. We purchased COLI as an investment vehicle to fund the agent deferred compensation plan. The COLI assets are not assets of the agent deferred compensation plan, and as a result, are accounted for outside the plan and are recorded in other invested assets on the consolidated balance sheet. The carrying value of the COLI assets was $212.6 million and $202.9 million at December 31, 2024 and 2023, respectively. Death benefits related to COLI and changes in the cash surrender value (which approximates net realizable value) of the COLI assets are recorded as net investment income (loss) on special-purpose portfolios and totaled $11.3 million, $13.0 million and $(4.4) million for the years ended December 31, 2024, 2023 and 2022, respectively.
We used the following assumptions for the deferred compensation plan to calculate:
20242023
Benefit obligations:
Discount rate5.50 %5.00 %
Net periodic cost:
Discount rate5.00 %5.25 %

The discount rate is based on the yield of a hypothetical portfolio of high quality debt instruments which could effectively settle plan benefits on a present value basis as of the measurement date.

The benefits expected to be paid pursuant to our agent deferred compensation plan as of December 31, 2024 were as follows (dollars in millions):

2025$8.5 
20268.9 
20279.0 
20289.0 
20299.1 
2030 - 203443.9 

One of our insurance subsidiaries has another unfunded nonqualified deferred compensation program for qualifying members of its exclusive agency force. Such agents may defer a certain percentage of their net commissions into the program. In addition, annual Company contributions are made based on the agent's production and vest over a period of five to 10 years. The liability recognized in the consolidated balance sheet for this program was $103.6 million and $83.2 million at December 31, 2024 and 2023, respectively. Company contribution expenses are recorded to other operating costs and expenses in the consolidated statement of operations and totaled $5.6 million, $6.2 million and $6.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. We purchased Trust-Owned Life Insurance ("TOLI") as an investment vehicle to fund the program. The TOLI assets are not assets of the program, and as a result, are accounted for outside the program and are recorded in other invested assets on the consolidated balance sheet. The carrying value of the TOLI assets was $95.3 million and $74.5 million at December 31, 2024 and 2023, respectively.
The Company has a qualified defined contribution plan for which substantially all employees are eligible. Company contributions, which match a portion of certain voluntary employee contributions to the plan, totaled $11.4 million, $10.9 million and $10.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Employer matching contributions are discretionary.