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INVESTMENT BORROWINGS | 3 Months Ended
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Mar. 31, 2026
Investment Borrowings [Abstract] |
INVESTMENT BORROWINGS | INVESTMENT BORROWINGS Three of the Company's insurance subsidiaries (Bankers Life, Washington National Insurance Company ("Washington National") and Colonial Penn Life Insurance Company ("Colonial Penn")) are members of the FHLB. As members of the FHLB, our insurance subsidiaries have the ability to borrow from the FHLB on a collateralized basis. As of March 31, 2026, collateralized borrowings from the FHLB totaled $2.7 billion and are classified as investment borrowings in the accompanying consolidated balance sheet. The borrowings are collateralized by investments with an estimated fair value of $3.4 billion at March 31, 2026, which are maintained in a custodial account for the benefit of the FHLB. Substantially all of such investments are classified as fixed maturities, available for sale, in our consolidated balance sheet. The proceeds from these borrowings were used to purchase matched variable rate fixed maturity securities with similar durations. We are required to hold certain minimum amounts of FHLB common stock as a condition of membership in the FHLB, and additional amounts based on the amount of the borrowings. At March 31, 2026, the carrying value of the FHLB common stock was $117.2 million. The following summarizes the terms of the borrowings from the FHLB by our insurance subsidiaries (dollars in millions):
Amount |  | Maturity |  | Interest rate at
borrowed |  | date |  | March 31, 2026
$ | 5.0 |  |  | May 2026 |  | Variable rate - 4.056%
21.8 |  |  | May 2026 |  | Variable rate - 4.052%
50.0 |  |  | May 2026 |  | Variable rate - 3.900%
10.0 |  |  | November 2026 |  | Variable rate - 4.104%
75.0 |  |  | December 2026 |  | Variable rate - 4.097%
75.0 |  |  | January 2027 |  | Variable rate - 3.982%
50.0 |  |  | January 2027 |  | Variable rate - 4.058%
50.0 |  |  | January 2027 |  | Variable rate - 4.174%
100.0 |  |  | February 2027 |  | Variable rate - 4.128%
50.0 |  |  | April 2027 |  | Variable rate - 4.013%
50.0 |  |  | May 2027 |  | Variable rate - 4.023%
100.0 |  |  | June 2027 |  | Variable rate - 4.000%
10.0 |  |  | June 2027 |  | Variable rate - 4.223%
15.5 |  |  | July 2027 |  | Variable rate - 4.187%
50.0 |  |  | July 2027 |  | Variable rate - 4.383%
12.5 |  |  | September 2027 |  | Variable rate - 4.156%
57.7 |  |  | November 2027 |  | Variable rate - 4.183%
100.0 |  |  | December 2027 |  | Variable rate - 4.172%
100.0 |  |  | December 2027 |  | Variable rate - 4.168%
50.0 |  |  | December 2027 |  | Variable rate - 4.197%
75.0 |  |  | January 2028 |  | Variable rate - 4.151%
134.5 |  |  | January 2028 |  | Variable rate - 4.141%
50.0 |  |  | January 2028 |  | Variable rate - 4.098%
50.0 |  |  | January 2028 |  | Variable rate - 4.212%
100.0 |  |  | January 2028 |  | Variable rate - 4.095%
100.0 |  |  | February 2028 |  | Variable rate - 4.148%
21.0 |  |  | February 2028 |  | Variable rate - 4.132%
22.0 |  |  | February 2028 |  | Variable rate - 4.141%
100.0 |  |  | February 2028 |  | Variable rate - 4.148%
27.0 |  |  | July 2028 |  | Variable rate - 4.217%
15.0 |  |  | July 2028 |  | Variable rate - 4.010%
35.0 |  |  | August 2028 |  | Variable rate - 4.020%
12.5 |  |  | September 2028 |  | Variable rate - 4.252%
42.2 |  |  | May 2029 |  | Variable rate - 4.311%
50.0 |  |  | August 2029 |  | Variable rate - 4.307%
50.0 |  |  | April 2030 |  | Variable rate - 4.305%
50.0 |  |  | May 2030 |  | Variable rate - 4.333%
50.0 |  |  | May 2030 |  | Variable rate- 4.268%
100.0 |  |  | May 2030 |  | Variable rate - 4.281%
125.0 |  |  | September 2030 |  | Variable rate - 4.130%
50.0 |  |  | January 2031 |  | Variable rate - 4.127%
50.0 |  |  | January 2031 |  | Variable rate - 4.222%
100.0 |  |  | January 2031 |  | Variable rate - 4.171%
150.0 |  |  | February 2031 |  | Variable rate - 4.219%
100.0 |  |  | February 2031 |  | Variable rate - 4.264%
$ | 2,691.7 |  |  |  |  |
Generally, these borrowings are pre-payable. At March 31, 2026, the aggregate prepayment penalty on such outstanding borrowings was not material. Interest expense of $25.9 million a nd $26.0 million during the three months ended March 31, 2026 and 2025, respectively, was recognized related to total borrowings from the FHLB, reflecting lower interest rates on the variable rate investment borrowings partially offset by higher average investment borrowings during the three months ended March 31, 2026.

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