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DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2025

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):

			March 31, 2025						December 31, 2024
Assets:
Other invested assets:
Fixed indexed call options			$	149.6					$	279.0
Reinsurance receivables			(15.9)						(17.1)
Total assets			$	133.7					$	261.9
Liabilities:
Embedded derivatives related to fixed indexed annuities at fair value:
Policyholder account balances			$	1,481.9					$	1,493.2

Schedule Pre-Tax Gains (Losses) Recognized in Net Income 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):

			Three months ended
			March 31,
			2025						2024
Net investment income (loss) from policyholder and other special-purpose portfolios:
Fixed indexed call options			$	(70.6)					$	140.2
Total investment gains (losses):
Embedded derivative related to modified coinsurance agreement			1.2						0.3
Total revenues from derivative instruments, not designated as hedges			(69.4)						140.5
Insurance policy benefits:
Embedded derivatives related to fixed indexed annuities			(2.8)						67.9
Net pre-tax impact			$	(66.6)					$	72.6

Schedule of Derivatives with Master Netting Arrangements

The following table summarizes information related to derivatives with master netting arrangements or collateral as of March 31, 2025 and December 31, 2024 (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
March 31, 2025:
			Fixed indexed call options						$	149.6					$	—					$	149.6					$	34.6					$	—					$	115.0
December 31, 2024:
			Fixed indexed call options						279.0						—						279.0						78.0						—						201.0

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- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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