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BUSINESS SEGMENTS (Tables)

3 Months Ended

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

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			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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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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