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BUSINESS SEGMENTS (Tables)

9 Months Ended

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

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			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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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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