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Business Segments | 6 Months Ended
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Jun. 30, 2020
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: Specialty Property & Casualty Insurance, Preferred Property & Casualty Insurance and Life & Health Insurance. The Specialty Property & Casualty Insurance segment’s principal products are specialty automobile insurance and commercial automobile insurance. The Preferred Property & Casualty Insurance segment’s principal products are preferred automobile insurance, homeowners insurance, and other personal 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 six and three months ended June 30, 2020 and 2019 were:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Jun 30, 2020 |  | Jun 30, 2019 |  | Jun 30, 2020 |  | Jun 30, 2019
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |
Specialty Automobile |  | $ | 1,443.0 |  |  | $ | 1,373.3 |  |  | $ | 689.8 |  |  | $ | 703.7 |
Commercial Automobile |  | 138.5 |  |  | 122.0 |  |  | 69.2 |  |  | 62.3 |
Preferred Property & Casualty Insurance: |  |  |  |  |  |  |  |
Personal Automobile |  | 214.0 |  |  | 233.3 |  |  | 99.1 |  |  | 117.9 |
Homeowners |  | 112.4 |  |  | 121.1 |  |  | 55.6 |  |  | 60.8 |
Other Personal Lines |  | 18.1 |  |  | 19.7 |  |  | 8.9 |  |  | 9.8 |
Life & Health Insurance: |  |  |  |  |  |  |  |
Life |  | 192.9 |  |  | 192.8 |  |  | 95.7 |  |  | 97.0 |
Accident and Health |  | 100.2 |  |  | 94.8 |  |  | 50.8 |  |  | 47.9 |
Property |  | 32.6 |  |  | 34.4 |  |  | 16.2 |  |  | 17.2 |
Total Earned Premiums |  | $ | 2,251.7 |  |  | $ | 2,191.4 |  |  | $ | 1,085.3 |  |  | $ | 1,116.6 |
Note 12 - Business Segments (continued) Segment Revenues, including a reconciliation to Total Revenues, for the six and three months ended June 30, 2020 and 2019 were:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Jun 30, 2020 |  | Jun 30, 2019 |  | Jun 30, 2020 |  | Jun 30, 2019
Segment Revenues: |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | $ | 1,581.5 |  |  | $ | 1,495.3 |  |  | $ | 759.0 |  |  | 766.0 |
Net Investment Income |  | 45.7 |  |  | 50.4 |  |  | 16.9 |  |  | 28.9 |
Other Income |  | 1.0 |  |  | 1.8 |  |  | 0.1 |  |  | 1.0 |
Total Specialty Property & Casualty Insurance |  | 1,628.2 |  |  | 1,547.5 |  |  | 776.0 |  |  | 795.9 |
Preferred Property & Casualty Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | 344.5 |  |  | 374.1 |  |  | 163.6 |  |  | $ | 188.5 |
Net Investment Income |  | 14.0 |  |  | 20.6 |  |  | 4.3 |  |  | 12.3 |
Other Income |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |
Total Preferred Property & Casualty Insurance |  | 358.6 |  |  | 394.7 |  |  | 168.0 |  |  | 200.8 |
Life & Health Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | 325.7 |  |  | 322.0 |  |  | 162.7 |  |  | 162.1 |
Net Investment Income |  | 95.3 |  |  | 104.7 |  |  | 44.3 |  |  | 53.0 |
Other Income |  | 0.6 |  |  | 2.7 |  |  | 0.5 |  |  | 1.6 |
Total Life & Health Insurance |  | 421.6 |  |  | 429.4 |  |  | 207.5 |  |  | 216.7 |
Total Segment Revenues |  | 2,408.4 |  |  | 2,371.6 |  |  | 1,151.5 |  |  | 1,213.4 |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | (46.2 | ) |  | 89.9 |  |  | 71.6 |  |  | 25.5 |
Net Realized Gains on Sales of Investments |  | 28.2 |  |  | 37.4 |  |  | 11.7 |  |  | 21.3 |
Impairment Losses |  | (19.0 | ) |  | (10.3 | ) |  | (7.0 | ) |  | (6.7 | )
Other |  | 88.5 |  |  | 23.1 |  |  | 3.1 |  |  | 21.9 |
Total Revenues |  | $ | 2,459.9 |  |  | $ | 2,511.7 |  |  | $ | 1,230.9 |  |  | $ | 1,275.4 |
Note 12 - Business Segments (continued) Segment Operating Profit, including a reconciliation to Income before Income Taxes, for the six and three months ended June 30, 2020 and 2019 was:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Jun 30, 2020 |  | Jun 30, 2019 |  | Jun 30, 2020 |  | Jun 30, 2019
Segment Operating Profit: |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  | $ | 159.5 |  |  | $ | 178.8 |  |  | $ | 84.5 |  |  | 79.4 |
Preferred Property & Casualty Insurance |  | 23.8 |  |  | 9.7 |  |  | 0.8 |  |  | $ | 6.4 |
Life & Health Insurance |  | 46.4 |  |  | 45.4 |  |  | 19.9 |  |  | 16.1 |
Total Segment Operating Profit |  | 229.7 |  |  | 233.9 |  |  | 105.2 |  |  | 101.9 |
Corporate and Other Operating Profit (Loss) From: |  |  |  |  |  |  |  |
Partial Satisfaction of Judgment |  | 89.4 |  |  | 20.1 |  |  | — |  |  | 20.1 |
Other |  | (15.8 | ) |  | (21.0 | ) |  | (4.7 | ) |  | (12.4 | )
Corporate and Other Operating Profit (Loss) |  | 73.6 |  |  | (0.9 | ) |  | (4.7 | ) |  | 7.7 |
Adjusted Consolidated Operating Profit |  | 303.3 |  |  | 233.0 |  |  | 100.5 |  |  | 109.6 |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | (46.2 | ) |  | 89.9 |  |  | 71.6 |  |  | 25.5 |
Net Realized Gains on Sales of Investments |  | 28.2 |  |  | 37.4 |  |  | 11.7 |  |  | 21.3 |
Impairment Losses |  | (19.0 | ) |  | (10.3 | ) |  | (7.0 | ) |  | (6.7 | )
Acquisition Related Transaction, Integration and Other Costs |  | (28.9 | ) |  | (6.8 | ) |  | (17.1 | ) |  | (1.2 | )
Income before Income Taxes |  | $ | 237.4 |  |  | $ | 343.2 |  |  | $ | 159.7 |  |  | $ | 148.5 |
Segment Net Operating Income, including a reconciliation to Net Income, for the six and three months ended June 30, 2020 and 2019 was:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions and Net of Income Taxes) |  | Jun 30, 2020 |  | Jun 30, 2019 |  | Jun 30, 2020 |  | Jun 30, 2019
Segment Net Operating Income (Loss): |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  | $ | 127.6 |  |  | $ | 142.3 |  |  | $ | 67.5 |  |  | $ | 62.7 |
Preferred Property & Casualty Insurance |  | 19.3 |  |  | 8.0 |  |  | 0.9 |  |  | 5.2 |
Life & Health Insurance |  | 38.4 |  |  | 36.4 |  |  | 16.1 |  |  | 13.3 |
Total Segment Net Operating Income |  | 185.3 |  |  | 186.7 |  |  | 84.5 |  |  | 81.2 |
Corporate and Other Net Operating Income (Loss) From: |  |  |  |  |  |  |  |
Partial Satisfaction of Judgment |  | 70.6 |  |  | 15.9 |  |  | — |  |  | 15.9 |
Other |  | (13.8 | ) |  | (12.2 | ) |  | (5.3 | ) |  | (5.6 | )
Total Corporate and Other Net Operating Income (Loss) |  | 56.8 |  |  | 3.7 |  |  | (5.3 | ) |  | 10.3 |
Adjusted Consolidated Net Operating Income |  | 242.1 |  |  | 190.4 |  |  | 79.2 |  |  | 91.5 |
Net Income (Loss) From: |  |  |  |  |  |  |  |
Change in Fair Value of Equity and Convertible Securities |  | (36.5 | ) |  | 71.0 |  |  | 56.6 |  |  | 20.1 |
Net Realized Gains on Sales of Investments |  | 22.3 |  |  | 29.5 |  |  | 9.3 |  |  | 16.8 |
Impairment Losses |  | (15.0 | ) |  | (8.1 | ) |  | (5.5 | ) |  | (5.3 | )
Acquisition Related Transaction, Integration and Other Costs |  | (22.8 | ) |  | (5.4 | ) |  | (13.5 | ) |  | (1.0 | )
Net Income |  | $ | 190.1 |  |  | $ | 277.4 |  |  | $ | 126.1 |  |  | $ | 122.1 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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