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BUSINESS SEGMENTS (Tables)

6 Months Ended

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

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			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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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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