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INCOME TAXES (Tables) | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | The components of income tax expense are as follows (dollars in millions):
| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Current tax expense | $ | 16.0 |  |  | $ | 11.6 |  |  | $ | 19.5 |  |  | $ | 38.2 |
Deferred tax expense | 12.2 |  |  | (9.9) |  |  | 41.2 |  |  | 31.7 |
Total income tax expense calculated based on estimated annual effective tax rate | 28.2 |  |  | 1.7 |  |  | 60.7 |  |  | 69.9 |
Income tax benefit on discrete item: |  |  |  |  |  |  |
Goodwill and other asset impairment | (15.1) |  |  | — |  |  | (15.1) |  |  | — |
Total income tax expense | $ | 13.1 |  |  | $ | 1.7 |  |  | $ | 45.6 |  |  | $ | 69.9 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. statutory corporate tax rate to the estimated annual effective tax rate, reflected in the consolidated statement of operations is as follows:
| Nine months ended
| September 30,
| 2025 |  | 2024
U.S. statutory corporate rate | 21.0 | % |  | 21.0 | %
Non-taxable income and nondeductible benefits, net | (1.0) |  |  | (0.5) |
State taxes | 2.1 |  |  | 2.2 |
Estimated annual effective tax rate calculated before discrete items | 22.1 |  |  | 22.7 |
Impact on effective tax rate from discrete items: |  |  |
Goodwill and other asset impairment | 2.9 |  |  | — |
Effective tax rate | 25.0 | % |  | 22.7 | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company's income tax assets and liabilities are summarized below (dollars in millions):
| September 30, 2025 |  | December 31, 2024
Deferred tax assets: |  |  |
Net federal operating loss carryforwards | $ | 205.2 |  |  | $ | 72.2 |
Net state operating loss carryforwards | 41.1 |  |  | 4.4 |
Insurance liabilities | 340.4 |  |  | 325.5 |
Indirect costs allocable to self-constructed real estate assets | 1.5 |  |  | 205.1 |
Accumulated other comprehensive income (loss) | 314.9 |  |  | 385.1 |
Other | 41.9 |  |  | 19.4 |
Gross deferred tax assets | 945.0 |  |  | 1,011.7 |
Deferred tax liabilities: |  |  |
Investments | (48.6) |  |  | (40.8) |
Present value of future profits and deferred acquisition costs | (205.8) |  |  | (184.3) |
Gross deferred tax liabilities | (254.4) |  |  | (225.1) |
Net deferred tax assets | 690.6 |  |  | 786.6 |
Current income taxes prepaid (accrued) | 17.5 |  |  | 27.5 |
Income tax assets, net | $ | 708.1 |  |  | $ | 814.1 |
Schedule of Operating Loss Carryforwards | We have $977.3 million of federal non-life NOLs as of September 30, 2025, as summarized below (dollars in millions):
Year of expiration |  |  |  |  | Total
NOLs expiring in 2029 through 2035 |  |  |  |  | $ | 150.4 |
NOLs with no expiration date |  |  |  |  | 826.9 |
Total |  |  |  |  | $ | 977.3 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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