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v3.25.1

BUSINESS SEGMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Operating Information by Segment | Operating information by segment is as follows (dollars in millions):
| Three months ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Revenues: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy income | $ | 9.8 |  |  | $ | 7.3 |  |  |  |  |
Net investment income | 148.0 |  |  | 134.5 |  |  |  |  |
Total annuity revenues | 157.8 |  |  | 141.8 |  |  |  |  |
Health: |  |  |  |  |  |  |
Insurance policy income | 412.0 |  |  | 398.4 |  |  |  |  |
Net investment income | 75.1 |  |  | 74.3 |  |  |  |  |
Total health revenues | 487.1 |  |  | 472.7 |  |  |  |  |
Life: |  |  |  |  |  |  |
Insurance policy income | 228.9 |  |  | 222.7 |  |  |  |  |
Net investment income | 37.6 |  |  | 36.5 |  |  |  |  |
Total life revenues | 266.5 |  |  | 259.2 |  |  |  |  |
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) | (70.2) |  |  | 139.7 |  |  |  |  |
Investment income not allocated to product lines | 113.8 |  |  | 71.6 |  |  |  |  |
Fee revenue and other income: |  |  |  |  |  |  |
Fee revenue | 47.4 |  |  | 50.5 |  |  |  |  |
Amounts netted in expenses not allocated to product lines | 1.0 |  |  | 1.2 |  |  |  |  |
Total segment revenues | $ | 1,003.4 |  |  | $ | 1,136.7 |  |  |  |  |
(continued on next page) (continued from previous page)
| Three months ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Expenses: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy benefits | $ | 10.3 |  |  | $ | 11.3 |  |  |  |  |
Interest credited | 68.3 |  |  | 58.3 |  |  |  |  |
Amortization and non-deferred commissions | 24.7 |  |  | 20.2 |  |  |  |  |
Total annuity expenses | 103.3 |  |  | 89.8 |  |  |  |  |
Health: |  |  |  |  |  |  |
Insurance policy benefits | 320.3 |  |  | 308.5 |  |  |  |  |
Amortization and non-deferred commissions | 40.6 |  |  | 41.2 |  |  |  |  |
Total health expenses | 360.9 |  |  | 349.7 |  |  |  |  |
Life: |  |  |  |  |  |  |
Insurance policy benefits | 138.1 |  |  | 144.0 |  |  |  |  |
Interest credited | 13.0 |  |  | 12.5 |  |  |  |  |
Amortization and non-deferred commissions | 26.0 |  |  | 23.5 |  |  |  |  |
Advertising expense | 21.2 |  |  | 24.6 |  |  |  |  |
Total life expenses | 198.3 |  |  | 204.6 |  |  |  |  |
Allocated expenses | 161.2 |  |  | 161.6 |  |  |  |  |
Expenses not allocated to product lines | 21.3 |  |  | 18.0 |  |  |  |  |
Market value changes of options credited to fixed indexed annuity and life policyholders | (70.2) |  |  | 139.7 |  |  |  |  |
Amounts netted in investment income not allocated to product lines: |  |  |  |  |  |  |
Interest expense | 54.2 |  |  | 48.3 |  |  |  |  |
Interest credited | 27.1 |  |  | 7.2 |  |  |  |  |
Impact of annual option forfeitures related to fixed indexed annuity surrenders | (3.5) |  |  | (6.2) |  |  |  |  |
Amortization | 0.8 |  |  | 0.4 |  |  |  |  |
Other expenses | (2.8) |  |  | 9.6 |  |  |  |  |
Expenses netted in fee revenue: |  |  |  |  |  |  |
Commissions and other operating expenses | 48.2 |  |  | 39.2 |  |  |  |  |
Total segment expenses | 898.8 |  |  | 1,061.9 |  |  |  |  |
Pre-tax measure of profitability: |  |  |  |  |  |  |
Annuity margin | 54.5 |  |  | 52.0 |  |  |  |  |
Health margin | 126.2 |  |  | 123.0 |  |  |  |  |
Life margin | 68.2 |  |  | 54.6 |  |  |  |  |
Total insurance product margin | 248.9 |  |  | 229.6 |  |  |  |  |
Allocated expenses | (161.2) |  |  | (161.6) |  |  |  |  |
Income from insurance products | 87.7 |  |  | 68.0 |  |  |  |  |
Fee income margin | (0.8) |  |  | 11.3 |  |  |  |  |
Investment income not allocated to product lines | 38.0 |  |  | 12.3 |  |  |  |  |
Expenses not allocated to product lines | (20.3) |  |  | (16.8) |  |  |  |  |
Operating earnings before taxes | 104.6 |  |  | 74.8 |  |  |  |  |
Income tax expense on operating income | 23.5 |  |  | 17.3 |  |  |  |  |
Net operating income | $ | 81.1 |  |  | $ | 57.5 |  |  |  |  |
Schedule of Reconciliation of Segment Revenues and Expenses to Consolidated Revenues and Expenses and Net Income (Loss) | A reconciliation of segment revenues and expenses to consolidated revenues and expenses and net income is as follows (dollars in millions):
| Three months ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Total segment revenues | $ | 1,003.4 |  |  | $ | 1,136.7 |  |  |  |  |
Total investment gains (losses) | (6.8) |  |  | 7.8 |  |  |  |  |
Revenues related to earnings attributable to VIEs | 7.5 |  |  | 12.0 |  |  |  |  |
Consolidated revenues | 1,004.1 |  |  | 1,156.5 |  |  |  |  |
Total segment expenses | 898.8 |  |  | 1,061.9 |  |  |  |  |
Insurance policy benefits - fair value changes in embedded derivative liabilities | 79.7 |  |  | (64.0) |  |  |  |  |
Expenses attributable to VIEs | 7.9 |  |  | 12.4 |  |  |  |  |
Consolidated expenses | 986.4 |  |  | 1,010.3 |  |  |  |  |
Income before tax | 17.7 |  |  | 146.2 |  |  |  |  |
Income tax expense | 4.0 |  |  | 33.9 |  |  |  |  |
Net income | $ | 13.7 |  |  | $ | 112.3 |  |  |  |  |
Schedule of Balance Sheet Information, by Segment | Segment balance sheet information is as follows (dollars in millions):
| March 31 |  | December 31
| 2025 |  | 2024
Assets: |  |  |
Annuity | $ | 12,709.1 |  |  | $ | 13,006.2 |
Health | 9,115.1 |  |  | 9,116.7 |
Life | 4,153.7 |  |  | 4,194.7 |
Investments not allocated to product lines | 10,716.8 |  |  | 10,597.6 |
Assets of our non-life companies included in the fee income segment | 245.1 |  |  | 257.7 |
Assets of our other non-life companies | 496.5 |  |  | 679.7 |
Total assets | $ | 37,436.3 |  |  | $ | 37,852.6 |
Liabilities: |  |  |
Annuity | $ | 13,691.4 |  |  | $ | 13,561.2 |
Health | 9,535.8 |  |  | 9,490.7 |
Life | 4,347.8 |  |  | 4,311.2 |
Liabilities associated with investments not allocated to product lines (a) | 7,026.5 |  |  | 7,541.1 |
Liabilities of our non-life companies included in the fee income segment | 31.3 |  |  | 37.0 |
Liabilities of our other non-life companies | 273.0 |  |  | 413.0 |
Total liabilities | $ | 34,905.8 |  |  | $ | 35,354.2 |
___________ (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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