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BUSINESS SEGMENTS (Tables)

12 Months Ended

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

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			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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