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BUSINESS SEGMENTS (Tables)

3 Months Ended

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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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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