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BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Errors on Prior Period | The Company assessed the materiality of these errors on prior period consolidated financial statements and determined that such financial statements were not materially misstated. Accordingly, the Company corrected these immaterial errors in this Quarterly Report on Form 10-Q. The following tables present the impact of the correction of the immaterial errors related to the overstatement of policy holder account balances and insurance policy benefits recorded, the classification of non-redeemable preferred stock and to reflect an unsettled investment trade by one of our variable interest entities for the year ended December 31, 2024 and for the three months ended March 31, 2025 (in millions):
Consolidated Balance Sheet
|  | December 31, 2024
|  | As Previously Reported |  | Adjustments |  | As Revised
Investments |  |  |  |  |  |
Fixed maturities, available for sale, at fair value |  | $ | 22,840.5 |  |  | $ | (110.4) |  |  | $ | 22,730.1 |
Equity securities at fair value |  | 162.0 |  |  | 110.4 |  |  | 272.4 |
Investments held by variable interest entities |  | 432.3 |  |  | 1.5 |  |  | 433.8 |
Total investments |  | 27,872.1 |  |  | 1.5 |  |  | 27,873.6 |
Income tax assets, net |  | 818.9 |  |  | (4.8) |  |  | 814.1 |
Total assets |  | $ | 37,852.6 |  |  | $ | (3.3) |  |  | $ | 37,849.3 |
Liabilities: |  |  |  |  |  |
Policyholder account balances |  | $ | 17,615.8 |  |  | $ | (21.6) |  |  | $ | 17,594.2 |
Other liabilities |  | 1,161.8 |  |  | 1.5 |  |  | 1,163.3 |
Total Liabilities |  | 35,354.2 |  |  | (20.1) |  |  | $ | 35,334.1 |
Shareholders' equity: |  |  |  |  |  |
Retained earnings |  | 2,236.3 |  |  | 16.8 |  |  | 2,253.1 |
Total shareholders' equity |  | 2,498.4 |  |  | 16.8 |  |  | 2,515.2 |
Total liabilities and shareholders' equity |  | $ | 37,852.6 |  |  | $ | (3.3) |  |  | $ | 37,849.3 |
Consolidated Statement of Shareholders' Equity
|  | Retained earnings
Balance, December 31, 2024 |  | $ | 2,236.3 |
Correction of immaterial error |  | 16.8 |
Balance, December 31, 2024 (as revised) |  | $ | 2,253.1 |
Balance, March 31, 2025 |  | $ | 2,233.6 |
Correction of immaterial error |  | 24.6 |
Balance, March 31, 2025 (as revised) |  | $ | 2,258.2 |
The following tables present line items for prior period impacts to the Company’s consolidated statement of operations that have been affected by the immaterial error discussed above and that will be revised in conjunction with future filings (in millions):
|  | Year ended December 31, 2024
|  | As previously reported |  | Adjustments |  | As Revised
Insurance policy benefits |  | $ | 2,471.9 |  |  | $ | (21.6) |  |  | $ | 2,450.3 |
Total benefits and expenses |  | 3,931.2 |  |  | (21.6) |  |  | 3,909.6 |
Income before income taxes |  | 518.3 |  |  | 21.6 |  |  | 539.9 |
Income tax expense |  | 114.3 |  |  | 4.8 |  |  | 119.1 |
Net income |  | 404.0 |  |  | 16.8 |  |  | 420.8 |
Basic earnings per common share |  | $ | 3.81 |  |  | $ | 0.15 |  |  | $ | 3.96 |
Diluted earnings per common share |  | $ | 3.74 |  |  | $ | 0.15 |  |  | $ | 3.89 |
|  | Three months ended March 31, 2025
|  | As previously reported |  | Adjustments |  | As Revised
Insurance policy benefits |  | $ | 580.1 |  |  | $ | (10.1) |  |  | $ | 570.0 |
Total benefits and expenses |  | 986.4 |  |  | (10.1) |  |  | 976.3 |
Income before income taxes |  | 17.7 |  |  | 10.1 |  |  | 27.8 |
Income tax expense |  | 4.0 |  |  | 2.3 |  |  | 6.3 |
Net income |  | 13.7 |  |  | 7.8 |  |  | 21.5 |
Basic earnings per common share |  | $ | 0.14 |  |  | $ | 0.07 |  |  | $ | 0.21 |
Diluted earnings per common share |  | $ | 0.13 |  |  | $ | 0.08 |  |  | $ | 0.21 |

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