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Business Segments
 6 Months Ended
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