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Business Segments | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company is engaged, through its subsidiaries, in the property and casualty insurance and life and health insurance businesses. The Company conducts its operations through three operating segments: Preferred Property & Casualty Insurance, Specialty Property & Casualty Insurance and Life & Health Insurance. The Preferred Property & Casualty Insurance segment’s principal products are preferred automobile insurance, homeowners insurance, other personal insurance. The Specialty Property & Casualty Insurance segment’s principal products are specialty automobile insurance and commercial automobile insurance. These products are distributed primarily through independent agents and brokers. The Life & Health Insurance segment’s principal products are individual life, accident, supplemental health and property insurance. These products are distributed by career agents employed by the Company and independent agents and brokers. Earned Premiums by product line for the nine and three months ended September 30, 2019 and 2018 were:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2019 |  | Sep 30, 2018 |  | Sep 30, 2019 |  | Sep 30, 2018
Preferred Property & Casualty Insurance: |  |  |  |  |  |  |  |
Personal Automobile |  | $ | 353.0 |  |  | $ | 325.0 |  |  | $ | 119.7 |  |  | $ | 111.4 |
Homeowners |  | 182.6 |  |  | 186.5 |  |  | 61.5 |  |  | 62.5 |
Other Personal Lines |  | 29.5 |  |  | 30.4 |  |  | 9.8 |  |  | 10.1 |
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |
Specialty Automobile |  | 2,092.5 |  |  | 1,229.0 |  |  | 719.2 |  |  | 655.3 |
Commercial Automobile |  | 186.2 |  |  | 80.6 |  |  | 64.2 |  |  | 55.9 |
Life & Health Insurance: |  |  |  |  |  |  |  |
Life |  | 289.0 |  |  | 284.3 |  |  | 96.2 |  |  | 95.2 |
Accident and Health |  | 142.4 |  |  | 132.0 |  |  | 47.6 |  |  | 44.9 |
Property |  | 51.4 |  |  | 53.0 |  |  | 17.0 |  |  | 17.6 |
Total Earned Premiums |  | $ | 3,326.6 |  |  | $ | 2,320.8 |  |  | $ | 1,135.2 |  |  | $ | 1,052.9 |
Note 12 - Business Segments (continued) Segment Revenues, including a reconciliation to Total Revenues, for the nine and three months ended September 30, 2019 and 2018 were:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2019 |  | Sep 30, 2018 |  | Sep 30, 2019 |  | Sep 30, 2018
Segment Revenues: |  |  |  |  |  |  |  |
Preferred Property & Casualty Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | $ | 565.1 |  |  | $ | 541.9 |  |  | $ | 191.0 |  |  | $ | 184.0 |
Net Investment Income |  | 32.6 |  |  | 47.8 |  |  | 12.0 |  |  | 20.1 |
Total Preferred Property & Casualty Insurance |  | 597.7 |  |  | 589.7 |  |  | 203.0 |  |  | 204.1 |
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | 2,278.7 |  |  | 1,309.6 |  |  | 783.4 |  |  | 711.2 |
Net Investment Income |  | 79.2 |  |  | 40.8 |  |  | 28.8 |  |  | 20.7 |
Other Income |  | 6.2 |  |  | 1.6 |  |  | 4.4 |  |  | 0.9 |
Total Specialty Property & Casualty Insurance |  | 2,364.1 |  |  | 1,352.0 |  |  | 816.6 |  |  | 732.8 |
Life & Health Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | 482.8 |  |  | 469.3 |  |  | 160.8 |  |  | 157.7 |
Net Investment Income |  | 154.4 |  |  | 159.2 |  |  | 49.7 |  |  | 51.0 |
Other Income |  | 5.6 |  |  | 2.9 |  |  | 2.9 |  |  | 1.2 |
Total Life & Health Insurance |  | 642.8 |  |  | 631.4 |  |  | 213.4 |  |  | 209.9 |
Total Segment Revenues |  | 3,604.6 |  |  | 2,573.1 |  |  | 1,233.0 |  |  | 1,146.8 |
Income from Change in Fair Value of Equity and Convertible Securities |  | 99.7 |  |  | 12.1 |  |  | 9.8 |  |  | 11.0 |
Net Realized Gains on Sales of Investments |  | 39.1 |  |  | 10.0 |  |  | 1.7 |  |  | 3.6 |
Net Impairment Losses Recognized in Earnings |  | (12.1 | ) |  | (2.3 | ) |  | (1.8 | ) |  | (1.8 | )
Other |  | 24.2 |  |  | 37.5 |  |  | 1.1 |  |  | 35.9 |
Total Revenues |  | $ | 3,755.5 |  |  | $ | 2,630.4 |  |  | $ | 1,243.8 |  |  | $ | 1,195.5 |
Note 12 - Business Segments (continued) Segment Operating Profit, including a reconciliation to Income from Continuing Operations before Income Taxes, for the nine and three months ended September 30, 2019 and 2018 was:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2019 |  | Sep 30, 2018 |  | Sep 30, 2019 |  | Sep 30, 2018
Segment Operating Profit: |  |  |  |  |  |  |  |
Preferred Property & Casualty Insurance |  | $ | 36.2 |  |  | $ | 22.0 |  |  | $ | 26.5 |  |  | $ | 14.1 |
Specialty Property & Casualty Insurance |  | 277.4 |  |  | 84.1 |  |  | 98.6 |  |  | 26.9 |
Life & Health Insurance |  | 86.4 |  |  | 97.6 |  |  | 41.0 |  |  | 33.5 |
Total Segment Operating Profit |  | 400.0 |  |  | 203.7 |  |  | 166.1 |  |  | 74.5 |
Corporate and Other Operating Profit (Loss) From: |  |  |  |  |  |  |  |
Partial Satisfaction of Judgment |  | 20.1 |  |  | 35.7 |  |  | — |  |  | 35.7 |
Other |  | (24.1 | ) |  | (28.2 | ) |  | (3.1 | ) |  | (14.3 | )
Corporate and Other Operating Profit (Loss) |  | (4.0 | ) |  | 7.5 |  |  | (3.1 | ) |  | 21.4 |
Adjusted Consolidated Operating Profit |  | 396.0 |  |  | 211.2 |  |  | 163.0 |  |  | 95.9 |
Income from Change in Fair Value of Equity and Convertible Securities |  | 99.7 |  |  | 12.1 |  |  | 9.8 |  |  | 11.0 |
Net Realized Gains on Sales of Investments |  | 39.1 |  |  | 10.0 |  |  | 1.7 |  |  | 3.6 |
Net Impairment Losses Recognized in Earnings |  | (12.1 | ) |  | (2.3 | ) |  | (1.8 | ) |  | (1.8 | )
Acquisition Related Transaction, Integration and Other Costs |  | (12.2 | ) |  | (38.0 | ) |  | (5.4 | ) |  | (28.2 | )
Loss from Early Extinguishment of Debt |  | (5.8 | ) |  | — |  |  | (5.8 | ) |  | — |
Income from Continuing Operations before Income Taxes |  | $ | 504.7 |  |  | $ | 193.0 |  |  | $ | 161.5 |  |  | $ | 80.5 |
Segment Net Operating Income, including a reconciliation to Income from Continuing Operations, for the nine and three months ended September 30, 2019 and 2018 was:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions and Net of Income Taxes) |  | Sep 30, 2019 |  | Sep 30, 2018 |  | Sep 30, 2019 |  | Sep 30, 2018
Segment Net Operating Income (Loss): |  |  |  |  |  |  |  |
Preferred Property & Casualty Insurance |  | $ | 29.1 |  |  | $ | 19.7 |  |  | $ | 21.1 |  |  | $ | 12.2 |
Specialty Property & Casualty Insurance |  | 220.8 |  |  | 67.3 |  |  | 78.5 |  |  | 21.5 |
Life & Health Insurance |  | 69.8 |  |  | 77.9 |  |  | 33.4 |  |  | 27.1 |
Total Segment Net Operating Income |  | 319.7 |  |  | 164.9 |  |  | 133.0 |  |  | 60.8 |
Corporate and Other Net Operating Income (Loss) From: |  |  |  |  |  |  |  |
Total Corporate and Other Net Operating Income (Loss) |  | 0.7 |  |  | 33.6 |  |  | (3.0 | ) |  | 43.7 |
Adjusted Consolidated Net Operating Income |  | 320.4 |  |  | 198.5 |  |  | 130.0 |  |  | 104.5 |
Net Income (Loss) From: |  |  |  |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  | 78.8 |  |  | 9.6 |  |  | 7.8 |  |  | 8.7 |
Net Realized Gains on Sales of Investments |  | 30.9 |  |  | 7.9 |  |  | 1.4 |  |  | 2.8 |
Net Impairment Losses Recognized in Earnings |  | (9.6 | ) |  | (1.8 | ) |  | (1.5 | ) |  | (1.4 | )
Acquisition Related Transaction, Integration and Other Costs |  | (9.5 | ) |  | (30.8 | ) |  | (4.1 | ) |  | (22.3 | )
Loss from Early Extinguishment of Debt |  | (4.6 | ) |  | — |  |  | (4.6 | ) |  | — |
Income from Continuing Operations |  | $ | 406.4 |  |  | $ | 183.4 |  |  | $ | 129.0 |  |  | $ | 92.3 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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