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BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

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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Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

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-Topic 250
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-Name Accounting Standards Codification
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-Publisher FASB
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