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DERIVATIVES (Tables)

12 Months Ended

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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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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