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DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value by Balance Sheet Location | Our freestanding and embedded derivatives, which are not designated as hedging instruments, are held at fair value and are summarized as follows (dollars in millions):
| September 30, 2025 |  | December 31, 2024
Assets: |  |  |
Other invested assets: |  |  |
Fixed indexed call options | $ | 297.2 |  |  | $ | 279.0 |
Reinsurance receivables | (15.3) |  |  | (17.1) |
Total assets | $ | 281.9 |  |  | $ | 261.9 |
Liabilities: |  |  |
Embedded derivatives related to fixed indexed annuities at fair value: |  |  |
Policyholder account balances | $ | 1,598.4 |  |  | $ | 1,471.6 |
Schedule Pre-Tax Gains (Losses) Recognized in Net Income for Derivative Instruments | The following table provides the pre-tax impact recognized in net income for derivative instruments, which are not designated as hedges for the periods indicated (dollars in millions):
| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net investment income (loss) from policyholder and other special-purpose portfolios: |  |  |  |  |  |  |
Fixed indexed call options | $ | 98.3 |  |  | $ | 67.2 |  |  | $ | 108.7 |  |  | $ | 246.3 |
Total investment gains (losses): |  |  |  |  |  |  |
Embedded derivative related to modified coinsurance agreement | 0.5 |  |  | 1.7 |  |  | 1.8 |  |  | 1.9 |
Total revenues from derivative instruments, not designated as hedges | 98.8 |  |  | 68.9 |  |  | 110.5 |  |  | 248.2 |
Insurance policy benefits: |  |  |  |  |  |  |
Embedded derivatives related to fixed indexed annuities | 103.4 |  |  | 153.2 |  |  | 150.2 |  |  | 231.4 |
Net pre-tax impact | $ | (4.6) |  |  | $ | (84.3) |  |  | $ | (39.7) |  |  | $ | 16.8 |
Schedule of Derivatives with Master Netting Arrangements | The following table summarizes information related to derivatives with master netting arrangements or collateral as of September 30, 2025 and December 31, 2024 (dollars in millions):
|  |  |  |  |  |  |  |  | Gross amounts not offset in the balance sheet |  |
|  |  | Gross amounts recognized |  | Gross amounts offset in the balance sheet |  | Net amounts of assets presented in the balance sheet |  | Non-cash collateral |  | Cash collateral received |  | Net amount
September 30, 2025: |  |
| Fixed indexed call options |  | $ | 297.2 |  |  | $ | — |  |  | $ | 297.2 |  |  | $ | 40.0 |  |  | $ | — |  |  | $ | 257.2 |
December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
| Fixed indexed call options |  | 279.0 |  |  | — |  |  | 279.0 |  |  | 78.0 |  |  | — |  |  | 201.0 |

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