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v3.25.3

BUSINESS SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Operating Information by Segment | Operating information by segment is as follows (dollars in millions):
| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy income | $ | 10.7 |  |  | $ | 11.2 |  |  | $ | 28.9 |  |  | $ | 27.8 |
Net investment income | 157.7 |  |  | 142.2 |  |  | 461.0 |  |  | 417.2 |
Total annuity revenues | 168.4 |  |  | 153.4 |  |  | 489.9 |  |  | 445.0 |
Health: |  |  |  |  |  |  |
Insurance policy income | 416.0 |  |  | 406.9 |  |  | 1,240.5 |  |  | 1,208.9 |
Net investment income | 75.4 |  |  | 75.0 |  |  | 226.4 |  |  | 224.4 |
Total health revenues | 491.4 |  |  | 481.9 |  |  | 1,466.9 |  |  | 1,433.3 |
Life: |  |  |  |  |  |  |
Insurance policy income | 231.7 |  |  | 226.9 |  |  | 691.0 |  |  | 678.2 |
Net investment income | 37.8 |  |  | 36.8 |  |  | 113.2 |  |  | 110.0 |
Total life revenues | 269.5 |  |  | 263.7 |  |  | 804.2 |  |  | 788.2 |
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) | 98.2 |  |  | 67.6 |  |  | 107.5 |  |  | 246.2 |
Investment income not allocated to product lines | 126.0 |  |  | 127.1 |  |  | 368.0 |  |  | 307.0 |
Fee revenue and other income: |  |  |  |  |  |  |
Fee revenue | 33.0 |  |  | 29.3 |  |  | 113.9 |  |  | 111.8 |
Amounts netted in expenses not allocated to product lines | 0.6 |  |  | 0.7 |  |  | 2.8 |  |  | 3.2 |
Total segment revenues | $ | 1,187.1 |  |  | $ | 1,123.7 |  |  | $ | 3,353.2 |  |  | $ | 3,334.7 |
(continued on next page)
| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Expenses: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy benefits | $ | (6.2) |  |  | $ | (25.9) |  |  | $ | 14.1 |  |  | $ | (23.0) |
Interest credited | 75.4 |  |  | 65.2 |  |  | 217.1 |  |  | 184.7 |
Amortization and non-deferred commissions | 26.3 |  |  | 23.0 |  |  | 76.5 |  |  | 64.1 |
Total annuity expenses | 95.5 |  |  | 62.3 |  |  | 307.7 |  |  | 225.8 |
Health: |  |  |  |  |  |  |
Insurance policy benefits | 293.3 |  |  | 314.1 |  |  | 926.9 |  |  | 924.9 |
Amortization and non-deferred commissions | 41.1 |  |  | 40.0 |  |  | 122.8 |  |  | 121.7 |
Total health expenses | 334.4 |  |  | 354.1 |  |  | 1,049.7 |  |  | 1,046.6 |
Life: |  |  |  |  |  |  |
Insurance policy benefits | 142.6 |  |  | 143.5 |  |  | 425.2 |  |  | 432.1 |
Interest credited | 13.2 |  |  | 13.3 |  |  | 40.0 |  |  | 38.2 |
Amortization and non-deferred commissions | 28.3 |  |  | 25.1 |  |  | 81.9 |  |  | 72.9 |
Advertising expense | 14.8 |  |  | 18.5 |  |  | 54.7 |  |  | 64.0 |
Total life expenses | 198.9 |  |  | 200.4 |  |  | 601.8 |  |  | 607.2 |
Allocated expenses | 151.0 |  |  | 153.0 |  |  | 461.6 |  |  | 469.2 |
Expenses not allocated to product lines | 22.9 |  |  | 19.2 |  |  | 70.7 |  |  | 56.0 |
Market value changes of options credited to fixed indexed annuity and life policyholders | 98.2 |  |  | 67.6 |  |  | 107.5 |  |  | 246.2 |
Amounts netted in investment income not allocated to product lines: |  |  |  |  |  |  |
Interest expense | 50.8 |  |  | 60.1 |  |  | 158.3 |  |  | 162.8 |
Interest credited | 28.2 |  |  | 19.9 |  |  | 82.2 |  |  | 37.5 |
Impact of annual option forfeitures related to fixed indexed annuity surrenders | (3.8) |  |  | (7.4) |  |  | (8.8) |  |  | (19.6) |
Amortization | 0.9 |  |  | 0.7 |  |  | 2.5 |  |  | 1.6 |
Other expenses | 10.4 |  |  | 8.3 |  |  | 22.5 |  |  | 22.1 |
Expenses netted in fee revenue: |  |  |  |  |  |  |
Commissions and other operating expenses | 36.9 |  |  | 32.0 |  |  | 117.8 |  |  | 102.4 |
Total segment expenses | 1,024.3 |  |  | 970.2 |  |  | 2,973.5 |  |  | 2,957.8 |
Pre-tax measure of profitability: |  |  |  |  |  |  |
Annuity margin | 72.9 |  |  | 91.1 |  |  | 182.2 |  |  | 219.2 |
Health margin | 157.0 |  |  | 127.8 |  |  | 417.2 |  |  | 386.7 |
Life margin | 70.6 |  |  | 63.3 |  |  | 202.4 |  |  | 181.0 |
Total insurance product margin | 300.5 |  |  | 282.2 |  |  | 801.8 |  |  | 786.9 |
Allocated expenses | (151.0) |  |  | (153.0) |  |  | (461.6) |  |  | (469.2) |
Income from insurance products | 149.5 |  |  | 129.2 |  |  | 340.2 |  |  | 317.7 |
Fee income margin | (3.9) |  |  | (2.7) |  |  | (3.9) |  |  | 9.4 |
Investment income not allocated to product lines | 39.5 |  |  | 45.5 |  |  | 111.3 |  |  | 102.6 |
Expenses not allocated to product lines | (22.3) |  |  | (18.5) |  |  | (67.9) |  |  | (52.8) |
Operating earnings before taxes | 162.8 |  |  | 153.5 |  |  | 379.7 |  |  | 376.9 |
Income tax expense on operating income | 35.6 |  |  | 34.3 |  |  | 83.9 |  |  | 85.6 |
Net operating income | $ | 127.2 |  |  | $ | 119.2 |  |  | $ | 295.8 |  |  | $ | 291.3 |
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 |  | Nine months ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total segment revenues | $ | 1,187.1 |  |  | $ | 1,123.7 |  |  | $ | 3,353.2 |  |  | $ | 3,334.7 |
Total investment gains (losses) | (3.0) |  |  | 1.2 |  |  | (28.2) |  |  | (8.2) |
Revenues related to earnings attributable to VIEs | 4.6 |  |  | 4.7 |  |  | 19.3 |  |  | 25.8 |
Consolidated revenues | 1,188.7 |  |  | 1,129.6 |  |  | 3,344.3 |  |  | 3,352.3 |
Total segment expenses | 1,024.3 |  |  | 970.2 |  |  | 2,973.5 |  |  | 2,957.8 |
Insurance policy benefits - fair value changes in embedded derivative liabilities | 18.1 |  |  | 127.1 |  |  | 62.5 |  |  | 46.3 |
Expenses attributable to VIEs | 6.1 |  |  | 9.5 |  |  | 20.6 |  |  | 32.1 |
Fair value changes related to agent deferred compensation plan | — |  |  | 3.5 |  |  | — |  |  | — |
Expenses related to TechMod initiative | 7.2 |  |  | — |  |  | 10.4 |  |  | — |
Goodwill and other asset impairment | 96.7 |  |  | — |  |  | 96.7 |  |  | — |
Other expenses | 0.1 |  |  | 8.3 |  |  | (1.4) |  |  | 8.3 |
Consolidated expenses | 1,152.5 |  |  | 1,118.6 |  |  | 3,162.3 |  |  | 3,044.5 |
Income before tax | 36.2 |  |  | 11.0 |  |  | 182.0 |  |  | 307.8 |
Income tax expense | 13.1 |  |  | 1.7 |  |  | 45.6 |  |  | 69.9 |
Net income | $ | 23.1 |  |  | $ | 9.3 |  |  | $ | 136.4 |  |  | $ | 237.9 |
Schedule of Balance Sheet Information, by Segment | Segment balance sheet information is as follows (dollars in millions):
| September 30, |  | December 31,
| 2025 |  | 2024
Assets: |  |  |
Annuity | $ | 13,741.8 |  |  | $ | 13,001.4 |
Health | 9,449.3 |  |  | 9,116.7 |
Life | 4,375.3 |  |  | 4,194.7 |
Investments not allocated to product lines | 10,206.1 |  |  | 10,599.1 |
Assets of our non-life companies included in the fee income segment | 129.8 |  |  | 257.7 |
Assets of our other non-life companies | 393.9 |  |  | 679.7 |
Total assets | $ | 38,296.2 |  |  | $ | 37,849.3 |
Liabilities: |  |  |
Annuity | $ | 14,284.6 |  |  | $ | 13,539.6 |
Health | 9,647.6 |  |  | 9,490.7 |
Life | 4,440.2 |  |  | 4,311.2 |
Liabilities associated with investments not allocated to product lines (a) | 7,030.8 |  |  | 7,541.1 |
Liabilities of our non-life companies included in the fee income segment | 33.7 |  |  | 37.0 |
Liabilities of our other non-life companies | 248.3 |  |  | 414.5 |
Total liabilities | $ | 35,685.2 |  |  | $ | 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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