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v3.22.2.2

Business Segments | 9 Months Ended
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Sep. 30, 2022
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 personal automobile insurance and commercial automobile insurance. The Preferred Property & Casualty Insurance segment’s principal products are personal 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. Note 5 - Business Segments (Continued) Earned Premiums by product line for the nine and three months ended September 30, 2022 and 2021 were:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2022 |  | Sep 30, 2021 |  | Sep 30, 2022 |  | Sep 30, 2021
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |
Personal Automobile |  | $ | 2,666.3 |  |  | $ | 2,615.6 |  |  | $ | 858.8 |  |  | $ | 920.6 |
Commercial Automobile |  | 398.5 |  |  | 300.6 |  |  | 140.7 |  |  | 107.7 |
Preferred Property & Casualty Insurance: |  |  |  |  |  |  |  |
Personal Automobile |  | 279.5 |  |  | 309.1 |  |  | 89.5 |  |  | 102.6 |
Homeowners |  | 150.9 |  |  | 154.6 |  |  | 51.9 |  |  | 52.5 |
Other Personal Lines |  | 24.4 |  |  | 25.4 |  |  | 7.9 |  |  | 8.6 |
Life & Health Insurance: |  |  |  |  |  |  |  |
Life |  | 304.6 |  |  | 300.2 |  |  | 100.4 |  |  | 101.5 |
Accident and Health |  | 136.8 |  |  | 142.3 |  |  | 45.9 |  |  | 47.0 |
Property |  | 38.3 |  |  | 46.8 |  |  | 11.9 |  |  | 15.6 |
Total Earned Premiums |  | $ | 3,999.3 |  |  | $ | 3,894.6 |  |  | $ | 1,307.0 |  |  | $ | 1,356.1 |
Note 5 - Business Segments (Continued) Segment Revenues, including a reconciliation to Total Revenues, for the nine and three months ended September 30, 2022 and 2021 were:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2022 |  | Sep 30, 2021 |  | Sep 30, 2022 |  | Sep 30, 2021
Segment Revenues: |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | $ | 3,064.8 |  |  | $ | 2,916.2 |  |  | $ | 999.5 |  |  | $ | 1,028.3 |
Net Investment Income |  | 102.8 |  |  | 114.7 |  |  | 33.9 |  |  | 37.0 |
Change in Value of Alternative Energy Partnership Investments |  | (10.6) |  |  | (22.3) |  |  | 0.3 |  |  | (11.3) |
Other Income |  | 5.0 |  |  | 3.1 |  |  | 2.3 |  |  | 1.2 |
Total Specialty Property & Casualty Insurance |  | 3,162.0 |  |  | 3,011.7 |  |  | 1,036.0 |  |  | 1,055.2 |
Preferred Property & Casualty Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | 454.8 |  |  | 489.1 |  |  | 149.3 |  |  | 163.7 |
Net Investment Income |  | 36.2 |  |  | 51.5 |  |  | 11.8 |  |  | 16.1 |
Change in Value of Alternative Energy Partnership Investments |  | (5.0) |  |  | (12.5) |  |  | — |  |  | (6.4) |
Total Preferred Property & Casualty Insurance |  | 486.0 |  |  | 528.1 |  |  | 161.1 |  |  | 173.4 |
Life & Health Insurance: |  |  |  |  |  |  |  |
Earned Premiums |  | 479.7 |  |  | 489.3 |  |  | 158.2 |  |  | 164.1 |
Net Investment Income |  | 163.9 |  |  | 151.9 |  |  | 52.6 |  |  | 48.4 |
Change in Value of Alternative Energy Partnership Investments |  | (5.6) |  |  | (12.1) |  |  | 0.1 |  |  | (6.1) |
Other Income |  | (0.8) |  |  | 0.3 |  |  | — |  |  | 0.1 |
Total Life & Health Insurance |  | 637.2 |  |  | 629.4 |  |  | 210.9 |  |  | 206.5 |
Total Segment Revenues |  | 4,285.2 |  |  | 4,169.2 |  |  | 1,408.0 |  |  | 1,435.1 |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | (79.9) |  |  | 92.4 |  |  | (11.2) |  |  | (0.6) |
Net Realized Investment Gains (Losses) |  | 0.4 |  |  | 43.1 |  |  | (12.1) |  |  | 10.1 |
Net Impairment Losses Recognized in Earnings |  | (22.1) |  |  | (7.8) |  |  | (8.3) |  |  | (0.6) |
Other |  | 16.5 |  |  | 18.2 |  |  | 1.2 |  |  | 11.4 |
Total Revenues |  | $ | 4,200.1 |  |  | $ | 4,315.1 |  |  | $ | 1,377.6 |  |  | $ | 1,455.4 |
Note 5 - Business Segments (Continued) Segment Operating Income (Loss), including a reconciliation to Income (Loss) before Income Taxes, for the nine and three months ended September 30, 2022 and 2021 was:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2022 |  | Sep 30, 2021 |  | Sep 30, 2022 |  | Sep 30, 2021
Segment Operating Income (Loss): |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  | $ | (150.4) |  |  | $ | (128.7) |  |  | $ | (39.2) |  |  | $ | (91.8) |
Preferred Property & Casualty Insurance |  | (34.4) |  |  | (27.8) |  |  | (3.3) |  |  | (17.4) |
Life & Health Insurance |  | 35.8 |  |  | 6.5 |  |  | 13.8 |  |  | (5.9) |
Total Segment Operating Income (Loss) |  | (149.0) |  |  | (150.0) |  |  | (28.7) |  |  | (115.1) |
Corporate and Other Operating Income (Loss) From: |  |  |  |  |  |  |  |
Other |  | (32.2) |  |  | (40.8) |  |  | (16.6) |  |  | (15.5) |
Corporate and Other Operating Income (Loss) |  | (32.2) |  |  | (40.8) |  |  | (16.6) |  |  | (15.5) |
Adjusted Consolidated Operating Income (Loss) |  | (181.2) |  |  | (190.8) |  |  | (45.3) |  |  | (130.6) |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | (79.9) |  |  | 92.4 |  |  | (11.2) |  |  | (0.6) |
Net Realized Investment Gains (Losses) |  | 0.4 |  |  | 43.1 |  |  | (12.1) |  |  | 10.1 |
Impairment Losses |  | (22.1) |  |  | (7.8) |  |  | (8.3) |  |  | (0.6) |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |  | (27.3) |  |  | (34.8) |  |  | (12.7) |  |  | (8.1) |
Loss from Early Extinguishment of Debt |  | (3.7) |  |  | — |  |  | — |  |  | — |
Income (Loss) before Income Taxes |  | $ | (313.8) |  |  | $ | (97.9) |  |  | $ | (89.6) |  |  | $ | (129.8) |
Segment Net Operating Income (Loss), including a reconciliation to Net Income (Loss), for the nine and three months ended September 30, 2022 and 2021 was:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions and Net of Income Taxes) |  | Sep 30, 2022 |  | Sep 30, 2021 |  | Sep 30, 2022 |  | Sep 30, 2021
Segment Net Operating Income (Loss): |  |  |  |  |  |  |  |
Specialty Property & Casualty Insurance |  | $ | (112.3) |  |  | $ | (70.9) |  |  | $ | (28.7) |  |  | $ | (59.3) |
Preferred Property & Casualty Insurance |  | (25.0) |  |  | (5.1) |  |  | (2.1) |  |  | (6.4) |
Life & Health Insurance |  | 33.4 |  |  | 23.1 |  |  | 12.6 |  |  | 2.8 |
Total Segment Net Operating Income (Loss) |  | (103.9) |  |  | (52.9) |  |  | (18.2) |  |  | (62.9) |
Corporate and Other Net Operating Income (Loss) From: |  |  |  |  |  |  |  |
Other |  | (26.4) |  |  | (35.1) |  |  | (12.3) |  |  | (12.9) |
Total Corporate and Other Net Operating Income (Loss) |  | (26.4) |  |  | (35.1) |  |  | (12.3) |  |  | (12.9) |
Adjusted Consolidated Net Operating Income (Loss) |  | (130.3) |  |  | (88.0) |  |  | (30.5) |  |  | (75.8) |
Net Income (Loss) From: |  |  |  |  |  |  |  |
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |  | (63.1) |  |  | 73.0 |  |  | (8.8) |  |  | (0.5) |
Net Realized Investment Gains (Losses) |  | 0.3 |  |  | 34.0 |  |  | (9.6) |  |  | 7.9 |
Impairment Losses |  | (17.5) |  |  | (6.2) |  |  | (6.6) |  |  | (0.5) |
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs |  | (32.2) |  |  | (27.5) |  |  | (20.7) |  |  | (6.4) |
Loss from Early Extinguishment of Debt |  | (2.9) |  |  | — |  |  | — |  |  | — |
Net Income (Loss) |  | $ | (245.7) |  |  | $ | (14.7) |  |  | $ | (76.2) |  |  | $ | (75.3) |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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