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v3.23.2

Financial Services, Insurance (Tables) | 6 Months Ended
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Jun. 30, 2023
Insurance [Abstract] |
Liability for Future Policy Benefit, Activity | The following tables summarize balances and changes in the present value of expected net premiums, present value of expected future policyholder benefits and net liability for future policyholder benefits as of and for the six and three months ended June 30, 2023 and June 30, 2022:
|  | Six Months Ended |  | Three Months Ended
|  | Jun 30, 2023 |  | Jun 30, 2022 |  | Jun 30, 2023 |  | Jun 30, 2022
Present Value of Expected Net Premiums | Balance, Beginning of Period | $ | 688.6 |  |  | $ | 669.0 |  |  | $ | 722.4 |  |  | $ | 661.0 |
Beginning Balance at Original Discount Rate | $ | 728.9 |  |  | $ | 599.8 |  |  | $ | 744.5 |  |  | $ | 637.9 |
Effect of Changes in Cash Flow Assumptions | — |  |  | — |  |  | — |  |  | — |
Effect of Actual Variances from Expected Experience | (12.3) |  |  | 13.5 |  |  | (13.0) |  |  | 1.0 |
Adjusted Beginning of Period Balance | 716.6 |  |  | 613.3 |  |  | 731.5 |  |  | 638.9 |
Issuances | 61.9 |  |  | 79.4 |  |  | 30.1 |  |  | 37.8 |
Interest Accrual | 14.5 |  |  | 10.4 |  |  | 7.5 |  |  | 5.3 |
Net Premiums Collected | (47.9) |  |  | (42.8) |  |  | (24.0) |  |  | (21.7) |
Ending Balance at Original Discount Rate | 745.1 |  |  | 660.3 |  |  | 745.1 |  |  | 660.3 |
Effect of Changes in Discount Rate Assumptions | (33.4) |  |  | (13.9) |  |  | (33.4) |  |  | (13.9) |
Balance, End of Period | $ | 711.7 |  |  | $ | 646.4 |  |  | $ | 711.7 |  |  | $ | 646.4 |
Present Value of Expected Future Policyholder Benefits | Balance, Beginning of Period | $ | 3,561.0 |  |  | $ | 4,933.1 |  |  | $ | 3,699.5 |  |  | $ | 4,348.7 |
Beginning Balance at Original Discount Rate | $ | 3,906.2 |  |  | $ | 3,788.1 |  |  | $ | 3,916.9 |  |  | $ | 3,812.2 |
Effect of Changes in Cash Flow Assumptions | — |  |  | — |  |  | — |  |  | — |
Effect of Actual Variances From Expected Experience | (13.2) |  |  | 15.3 |  |  | (13.5) |  |  | 2.6 |
Adjusted Beginning of Period Balance | 3,893.0 |  |  | 3,803.4 |  |  | 3,903.4 |  |  | 3,814.8 |
Issuances | 61.9 |  |  | 79.5 |  |  | 30.1 |  |  | 37.9 |
Interest Accrual | 85.2 |  |  | 81.4 |  |  | 42.8 |  |  | 40.6 |
Benefit Payments | (125.0) |  |  | (136.7) |  |  | (61.2) |  |  | (65.7) |
Ending Balance at Original Discount Rate | 3,915.1 |  |  | 3,827.6 |  |  | 3,915.1 |  |  | 3,827.6 |
Effect of Changes in Discount Rate Assumptions | (279.2) |  |  | (28.2) |  |  | (279.2) |  |  | (28.2) |
Balance, End of Period | $ | 3,635.9 |  |  | $ | 3,799.4 |  |  | $ | 3,635.9 |  |  | $ | 3,799.4 |
| Net Liability for Future Policyholder Benefits | $ | 2,924.2 |  |  | $ | 3,153.0 |  |  | $ | 2,924.2 |  |  | $ | 3,153.0 |
| Less: Reinsurance Recoverable | — |  |  | — |  |  | — |  |  | — |
| Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable | $ | 2,924.2 |  |  | $ | 3,153.0 |  |  | $ | 2,924.2 |  |  | $ | 3,153.0 |
Weighted-Average Liability Duration | The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows:
| Jun 30, 2023 |  | Jun 30, 2022
Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years) | 15.0 |  | 15.6
Note 7 - Liability for Future Policyholder Benefits (Continued)
Reconciliation of Net Liability for Future Policyholder Benefits | The reconciliation of the net liability for future policyholder benefits to Life and Health Insurance Reserves in the Condensed Consolidated Balance Sheets is as follows:
| Jun 30, 2023 |  | Jun 30, 2022
Net Liability for Future Policyholder Benefits | 2,924.2 |  |  | 3,153.0 |
Deferred Profit Liability | 288.8 |  |  | 230.9 |
Other 1 | 150.8 |  |  | 201.3 |
Total Life and Health Insurance Reserves | $ | 3,363.8 |  |  | $ | 3,585.2 |
1 Other primarily consists of Accident and Health and Universal Life reserves
Undiscounted Expected Gross Premiums and Expected Future Benefit Payments | The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, were as follows:
| Jun 30, 2023 |  | Jun 30, 2022
Expected Future Benefit Payments, undiscounted | $ | 10,170.1 |  |  | $ | 9,573.5 |
Expected Future Gross Premiums, undiscounted | $ | 4,436.6 |  |  | $ | 3,820.0 |
Expected Future Gross Premiums, discounted | $ | 2,860.4 |  |  | $ | 2,740.2 |
Liability for Future Policy Benefits Interest Expense and Premiums | The amount of revenue and interest recognized in the Condensed Consolidated Statements of Loss is as follows:
|  | Six Months Ended |  | Three Months Ended
|  | Jun 30, 2023 |  | Jun 30, 2022 |  | Jun 30, 2023 |  | Jun 30, 2022
Gross Premiums or Assessments |  | $ | 202.3 |  |  | $ | 196.4 |  |  | $ | 98.5 |  |  | $ | 95.0 |
Interest Expense |  | $ | 70.7 |  |  | $ | 71.1 |  |  | $ | 35.3 |  |  | $ | 35.5 |
Weighted Average Interest Rate for Future Policyholder Benfits | The weighted-average interest rate is as follows:
| Jun 30, 2023 |  | Jun 30, 2022
Interest Accretion Rate | 4.54 | % |  | 4.60 | %
Current Discount Rate | 5.17 | % |  | 4.70 | %

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