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v3.26.1

BUSINESS SEGMENTS (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Schedule of Operating Information by Segment | Operating information by segment is as follows (dollars in millions):
| Three months ended |  |
| March 31, |  |
| 2026 |  | 2025 |  |  |  |
Revenues: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy income | $ | 8.7 |  |  | $ | 9.8 |  |  |  |  |
Net investment income | 161.0 |  |  | 148.0 |  |  |  |  |
Total annuity revenues | 169.7 |  |  | 157.8 |  |  |  |  |
Health: |  |  |  |  |  |  |
Insurance policy income | 432.0 |  |  | 412.0 |  |  |  |  |
Net investment income | 74.5 |  |  | 75.1 |  |  |  |  |
Total health revenues | 506.5 |  |  | 487.1 |  |  |  |  |
Life: |  |  |  |  |  |  |
Insurance policy income | 232.7 |  |  | 228.9 |  |  |  |  |
Net investment income | 38.0 |  |  | 37.6 |  |  |  |  |
Total life revenues | 270.7 |  |  | 266.5 |  |  |  |  |
Change in market values of the underlying options supporting fixed indexed products | (64.5) |  |  | (70.2) |  |  |  |  |
Investment income not allocated to product lines | 117.1 |  |  | 113.8 |  |  |  |  |
Fee revenue and other income: |  |  |  |  |  |  |
Fee revenue | 42.8 |  |  | 47.4 |  |  |  |  |
Amounts netted in expenses not allocated to product lines | 1.0 |  |  | 1.0 |  |  |  |  |
Total segment revenues | $ | 1,043.3 |  |  | $ | 1,003.4 |  |  |  |  |
(continued on next page)
| Three months ended |  |
| March 31, |  |
| 2026 |  | 2025 |  |  |  |
Expenses: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy benefits | $ | 11.6 |  |  | $ | 10.3 |  |  |  |  |
Interest credited | 71.8 |  |  | 68.3 |  |  |  |  |
Amortization and non-deferred commissions | 27.8 |  |  | 24.7 |  |  |  |  |
Total annuity expenses | 111.2 |  |  | 103.3 |  |  |  |  |
Health: |  |  |  |  |  |  |
Insurance policy benefits | 331.2 |  |  | 320.3 |  |  |  |  |
Amortization and non-deferred commissions | 42.7 |  |  | 40.6 |  |  |  |  |
Total health expenses | 373.9 |  |  | 360.9 |  |  |  |  |
Life: |  |  |  |  |  |  |
Insurance policy benefits | 143.4 |  |  | 138.1 |  |  |  |  |
Interest credited | 13.7 |  |  | 13.0 |  |  |  |  |
Amortization and non-deferred commissions | 29.5 |  |  | 26.0 |  |  |  |  |
Advertising expense | 18.3 |  |  | 21.2 |  |  |  |  |
Total life expenses | 204.9 |  |  | 198.3 |  |  |  |  |
Allocated expenses | 159.9 |  |  | 161.2 |  |  |  |  |
Expenses not allocated to product lines | 20.4 |  |  | 21.3 |  |  |  |  |
Market value changes of options credited to fixed indexed annuity and life policyholders | (64.5) |  |  | (70.2) |  |  |  |  |
Amounts netted in investment income not allocated to product lines: |  |  |  |  |  |  |
Interest expense | 46.9 |  |  | 54.2 |  |  |  |  |
Interest credited | 35.6 |  |  | 27.1 |  |  |  |  |
Impact of annual option forfeitures related to fixed indexed annuity surrenders | (4.2) |  |  | (3.5) |  |  |  |  |
Amortization | 1.1 |  |  | 0.8 |  |  |  |  |
Other expenses | (4.0) |  |  | (2.8) |  |  |  |  |
Expenses netted in fee revenue: |  |  |  |  |  |  |
Commissions and other operating expenses | 32.2 |  |  | 48.2 |  |  |  |  |
Total segment expenses | 913.4 |  |  | 898.8 |  |  |  |  |
Pre-tax measure of profitability: |  |  |  |  |  |  |
Annuity margin | 58.5 |  |  | 54.5 |  |  |  |  |
Health margin | 132.6 |  |  | 126.2 |  |  |  |  |
Life margin | 65.8 |  |  | 68.2 |  |  |  |  |
Total insurance product margin | 256.9 |  |  | 248.9 |  |  |  |  |
Allocated expenses | (159.9) |  |  | (161.2) |  |  |  |  |
Income from insurance products | 97.0 |  |  | 87.7 |  |  |  |  |
Fee income margin | 10.6 |  |  | (0.8) |  |  |  |  |
Investment income not allocated to product lines | 41.7 |  |  | 38.0 |  |  |  |  |
Expenses not allocated to product lines | (19.4) |  |  | (20.3) |  |  |  |  |
Operating earnings before taxes | 129.9 |  |  | 104.6 |  |  |  |  |
Income tax expense on operating income | 28.6 |  |  | 23.5 |  |  |  |  |
Net operating income | $ | 101.3 |  |  | $ | 81.1 |  |  |  |  |
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 |  |
| March 31, |  |
| 2026 |  | 2025 |  |  |  |
Total segment revenues | $ | 1,043.3 |  |  | $ | 1,003.4 |  |  |  |  |
Total investment losses | (22.7) |  |  | (6.8) |  |  |  |  |
Revenues related to earnings attributable to VIEs | 3.8 |  |  | 7.5 |  |  |  |  |
Fee revenue related to divested business | 5.2 |  |  | — |  |  |  |  |
Consolidated revenues | 1,029.6 |  |  | 1,004.1 |  |  |  |  |
Total segment expenses | 913.4 |  |  | 898.8 |  |  |  |  |
Changes in fair value of embedded derivative liabilities and market risk benefits | 42.4 |  |  | 69.6 |  |  |  |  |
Expenses attributable to VIEs | 4.6 |  |  | 7.9 |  |  |  |  |
Expenses related to TechMod initiative | 13.7 |  |  | — |  |  |  |  |
Expenses related to divested business | 7.1 |  |  | — |  |  |  |  |
Consolidated expenses | 981.2 |  |  | 976.3 |  |  |  |  |
Income before tax | 48.4 |  |  | 27.8 |  |  |  |  |
Income tax expense | 10.7 |  |  | 6.3 |  |  |  |  |
Net income | $ | 37.7 |  |  | $ | 21.5 |  |  |  |  |
Schedule of Balance Sheet Information, by Segment | Segment balance sheet information is as follows (dollars in millions):
| March 31, |  | December 31,
| 2026 |  | 2025
Assets: |  |  |
Annuity | $ | 13,778.6 |  |  | $ | 13,692.5 |
Health | 9,197.8 |  |  | 9,367.1 |
Life | 4,290.2 |  |  | 4,331.3 |
Investments not allocated to product lines | 11,161.1 |  |  | 10,879.8 |
Assets of our non-life companies included in the fee income segment | 143.1 |  |  | 161.0 |
Assets of our other non-life companies | 392.6 |  |  | 358.9 |
Total assets | $ | 38,963.4 |  |  | $ | 38,790.6 |
Liabilities: |  |  |
Annuity | $ | 14,656.2 |  |  | $ | 14,445.0 |
Health | 9,457.4 |  |  | 9,573.7 |
Life | 4,441.5 |  |  | 4,448.9 |
Liabilities associated with investments not allocated to product lines (a) | 7,687.1 |  |  | 7,425.3 |
Liabilities of our non-life companies included in the fee income segment | 40.2 |  |  | 50.5 |
Liabilities of our other non-life companies | 182.6 |  |  | 209.0 |
Total liabilities | $ | 36,465.0 |  |  | $ | 36,152.4 |
___________ (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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