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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense were as follows (dollars in millions):

			2024						2023						2022
Current tax expense			$	26.4					$	68.3					$	31.8
Deferred tax expense			87.9						12.0						154.1
Total income tax expense			$	114.3					$	80.3					$	185.9

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory corporate tax rate to the effective rate reflected in the consolidated statement of operations is as follows: 

			2024						2023						2022
U.S. statutory corporate rate			21.0		%				21.0		%				21.0		%
Non-taxable income and nondeductible benefits, net			(1.4)						(0.7)						(0.4)
State taxes			2.4						2.2						2.2
Effective tax rate			22.0		%				22.5		%				22.8		%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company's income tax assets and liabilities are summarized below (dollars in millions):

			2024						2023
Deferred tax assets:
Net federal operating loss carryforwards			$	72.2					$	77.1
Net state operating loss carryforwards			4.4						2.5
Insurance liabilities			330.3						322.8
Indirect costs allocable to self-constructed real estate assets			205.1						252.9
Accumulated other comprehensive loss			385.1						445.5
Other			19.4						35.6
Gross deferred tax assets			1,016.5						1,136.4
Deferred tax liabilities:
Investments			(40.8)						(36.3)
Present value of future profits and deferred acquisition costs			(184.3)						(163.0)
Gross deferred tax liabilities			(225.1)						(199.3)
Net deferred tax assets			791.4						937.1
Current income taxes prepaid (accrued)			27.5						(0.9)
Income tax assets, net			$	818.9					$	936.2

Schedule of Operating Loss Carryforwards

We have $343.9 million of federal NOLs as of December 31, 2024, as summarized below (dollars in millions):

						Net operating loss
Year of expiration						carryforwards
2028-2035						$	300.3
No expiration date						43.6
Total federal non-life NOLs						$	343.9

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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