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v3.25.2

BUSINESS SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Operating Information by Segment | Operating information by segment is as follows (dollars in millions):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy income | $ | 8.4 |  |  | $ | 9.3 |  |  | $ | 18.2 |  |  | $ | 16.6 |
Net investment income | 155.3 |  |  | 140.5 |  |  | 303.3 |  |  | 275.0 |
Total annuity revenues | 163.7 |  |  | 149.8 |  |  | 321.5 |  |  | 291.6 |
Health: |  |  |  |  |  |  |
Insurance policy income | 412.5 |  |  | 403.6 |  |  | 824.5 |  |  | 802.0 |
Net investment income | 75.9 |  |  | 75.1 |  |  | 151.0 |  |  | 149.4 |
Total health revenues | 488.4 |  |  | 478.7 |  |  | 975.5 |  |  | 951.4 |
Life: |  |  |  |  |  |  |
Insurance policy income | 230.4 |  |  | 228.6 |  |  | 459.3 |  |  | 451.3 |
Net investment income | 37.8 |  |  | 36.7 |  |  | 75.4 |  |  | 73.2 |
Total life revenues | 268.2 |  |  | 265.3 |  |  | 534.7 |  |  | 524.5 |
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) | 79.5 |  |  | 38.9 |  |  | 9.3 |  |  | 178.6 |
Investment income not allocated to product lines | 128.2 |  |  | 108.3 |  |  | 242.0 |  |  | 179.9 |
Fee revenue and other income: |  |  |  |  |  |  |
Fee revenue | 33.5 |  |  | 32.0 |  |  | 80.9 |  |  | 82.5 |
Amounts netted in expenses not allocated to product lines | 1.2 |  |  | 1.3 |  |  | 2.2 |  |  | 2.5 |
Total segment revenues | $ | 1,162.7 |  |  | $ | 1,074.3 |  |  | $ | 2,166.1 |  |  | $ | 2,211.0 |
(continued on next page) (continued from previous page)
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Expenses: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy benefits | $ | 10.0 |  |  | $ | (8.4) |  |  | $ | 20.3 |  |  | $ | 2.9 |
Interest credited | 73.4 |  |  | 61.2 |  |  | 141.7 |  |  | 119.5 |
Amortization and non-deferred commissions | 25.5 |  |  | 20.9 |  |  | 50.2 |  |  | 41.1 |
Total annuity expenses | 108.9 |  |  | 73.7 |  |  | 212.2 |  |  | 163.5 |
Health: |  |  |  |  |  |  |
Insurance policy benefits | 313.3 |  |  | 302.3 |  |  | 633.6 |  |  | 610.8 |
Amortization and non-deferred commissions | 41.1 |  |  | 40.5 |  |  | 81.7 |  |  | 81.7 |
Total health expenses | 354.4 |  |  | 342.8 |  |  | 715.3 |  |  | 692.5 |
Life: |  |  |  |  |  |  |
Insurance policy benefits | 144.5 |  |  | 144.6 |  |  | 282.6 |  |  | 288.6 |
Interest credited | 13.8 |  |  | 12.4 |  |  | 26.8 |  |  | 24.9 |
Amortization and non-deferred commissions | 27.6 |  |  | 24.3 |  |  | 53.6 |  |  | 47.8 |
Advertising expense | 18.7 |  |  | 20.9 |  |  | 39.9 |  |  | 45.5 |
Total life expenses | 204.6 |  |  | 202.2 |  |  | 402.9 |  |  | 406.8 |
Allocated expenses | 149.4 |  |  | 154.6 |  |  | 310.6 |  |  | 316.2 |
Expenses not allocated to product lines | 26.5 |  |  | 18.8 |  |  | 47.8 |  |  | 36.8 |
Market value changes of options credited to fixed indexed annuity and life policyholders | 79.5 |  |  | 38.9 |  |  | 9.3 |  |  | 178.6 |
Amounts netted in investment income not allocated to product lines: |  |  |  |  |  |  |
Interest expense | 53.3 |  |  | 54.4 |  |  | 107.5 |  |  | 102.7 |
Interest credited | 26.9 |  |  | 10.4 |  |  | 54.0 |  |  | 17.6 |
Impact of annual option forfeitures related to fixed indexed annuity surrenders | (1.5) |  |  | (6.0) |  |  | (5.0) |  |  | (12.2) |
Amortization | 0.8 |  |  | 0.5 |  |  | 1.6 |  |  | 0.9 |
Other expenses | 14.9 |  |  | 4.2 |  |  | 12.1 |  |  | 13.8 |
Expenses netted in fee revenue: |  |  |  |  |  |  |
Commissions and other operating expenses | 32.7 |  |  | 31.2 |  |  | 80.9 |  |  | 70.4 |
Total segment expenses | 1,050.4 |  |  | 925.7 |  |  | 1,949.2 |  |  | 1,987.6 |
Pre-tax measure of profitability: |  |  |  |  |  |  |
Annuity margin | 54.8 |  |  | 76.1 |  |  | 109.3 |  |  | 128.1 |
Health margin | 134.0 |  |  | 135.9 |  |  | 260.2 |  |  | 258.9 |
Life margin | 63.6 |  |  | 63.1 |  |  | 131.8 |  |  | 117.7 |
Total insurance product margin | 252.4 |  |  | 275.1 |  |  | 501.3 |  |  | 504.7 |
Allocated expenses | (149.4) |  |  | (154.6) |  |  | (310.6) |  |  | (316.2) |
Income from insurance products | 103.0 |  |  | 120.5 |  |  | 190.7 |  |  | 188.5 |
Fee income margin | 0.8 |  |  | 0.8 |  |  | — |  |  | 12.1 |
Investment income not allocated to product lines | 33.8 |  |  | 44.8 |  |  | 71.8 |  |  | 57.1 |
Expenses not allocated to product lines | (25.3) |  |  | (17.5) |  |  | (45.6) |  |  | (34.3) |
Operating earnings before taxes | 112.3 |  |  | 148.6 |  |  | 216.9 |  |  | 223.4 |
Income tax expense on operating income | 24.8 |  |  | 34.0 |  |  | 48.3 |  |  | 51.3 |
Net operating income | $ | 87.5 |  |  | $ | 114.6 |  |  | $ | 168.6 |  |  | $ | 172.1 |
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 |  | Six months ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total segment revenues | $ | 1,162.7 |  |  | $ | 1,074.3 |  |  | $ | 2,166.1 |  |  | $ | 2,211.0 |
Total investment gains (losses) | (18.4) |  |  | (17.2) |  |  | (25.2) |  |  | (9.4) |
Revenues related to earnings attributable to VIEs | 7.2 |  |  | 9.1 |  |  | 14.7 |  |  | 21.1 |
Consolidated revenues | 1,151.5 |  |  | 1,066.2 |  |  | 2,155.6 |  |  | 2,222.7 |
Total segment expenses | 1,050.4 |  |  | 925.7 |  |  | 1,949.2 |  |  | 1,987.6 |
Insurance policy benefits - fair value changes in embedded derivative liabilities | (25.2) |  |  | (16.8) |  |  | 44.4 |  |  | (80.8) |
Expenses attributable to VIEs | 7.1 |  |  | 10.2 |  |  | 14.5 |  |  | 22.6 |
Fair value changes related to agent deferred compensation plan | — |  |  | (3.5) |  |  | — |  |  | (3.5) |
Other expenses | 1.2 |  |  | — |  |  | 1.7 |  |  | — |
Consolidated expenses | 1,033.5 |  |  | 915.6 |  |  | 2,009.8 |  |  | 1,925.9 |
Income before tax | 118.0 |  |  | 150.6 |  |  | 145.8 |  |  | 296.8 |
Income tax expense | 26.2 |  |  | 34.3 |  |  | 32.5 |  |  | 68.2 |
Net income | $ | 91.8 |  |  | $ | 116.3 |  |  | $ | 113.3 |  |  | $ | 228.6 |
Schedule of Balance Sheet Information, by Segment | Segment balance sheet information is as follows (dollars in millions):
| June 30 |  | December 31
| 2025 |  | 2024
Assets: |  |  |
Annuity | $ | 13,000.0 |  |  | $ | 13,001.4 |
Health | 9,093.2 |  |  | 9,116.7 |
Life | 4,193.7 |  |  | 4,194.7 |
Investments not allocated to product lines | 10,419.0 |  |  | 10,599.1 |
Assets of our non-life companies included in the fee income segment | 232.3 |  |  | 257.7 |
Assets of our other non-life companies | 390.9 |  |  | 679.7 |
Total assets | $ | 37,329.1 |  |  | $ | 37,849.3 |
Liabilities: |  |  |
Annuity | $ | 13,935.6 |  |  | $ | 13,539.6 |
Health | 9,521.7 |  |  | 9,490.7 |
Life | 4,359.9 |  |  | 4,311.2 |
Liabilities associated with investments not allocated to product lines (a) | 6,747.4 |  |  | 7,541.1 |
Liabilities of our non-life companies included in the fee income segment | 31.8 |  |  | 37.0 |
Liabilities of our other non-life companies | 210.0 |  |  | 414.5 |
Total liabilities | $ | 34,806.4 |  |  | $ | 35,334.1 |
___________ (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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