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Policyholder Contract Liabilities | 12 Months Ended
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Dec. 31, 2024
Insurance [Abstract] |
Policyholder Contract Liabilities | POLICYHOLDER OBLIGATIONS Policyholder Obligations at December 31, 2024 and 2023 were as follows:
DOLLARS IN MILLIONS |  | December 31,
| 2024 |  | 2023
FHLB Funding Agreements |  | $ | 541.3 |  |  | $ | 557.4 |
Universal Life-type Policyholder Account Balances |  | 96.4 |  |  | 98.3 |
Total |  | $ | 637.7 |  |  | $ | 655.7 |
Kemper’s subsidiary, United Insurance Company of America (“United Insurance”) has entered into funding agreements with the FHLB of Chicago in exchange for cash, which it uses for spread lending purposes. United Insurance received advances of $101.7 million from the FHLB of Chicago and made repayments of $117.8 million under the spread lending program in 2024. NOTE 23. POLICYHOLDER OBLIGATIONS (Continued) United Insurance received advances of $122.5 million and made repayments of $166.1 million from the FHLB of Chicago in 2023 under the spread lending program. When a funding agreement is issued, United Insurance is then required to post collateral in the form of eligible securities including mortgage-backed, government, and agency debt instruments for each of the advances that are entered. The fair value of the collateral pledged must be maintained at certain specified levels above the borrowed amount, which can vary depending on the assets pledged. If the fair value of the collateral declines below these specified levels of the amount borrowed, United Insurance would be required to pledge additional collateral or repay outstanding borrowings. Upon any event of default by United Insurance, the FHLB’s recovery on the collateral is limited to the amount of United Insurance’s liability under the funding agreements to the FHLB of Chicago. United Insurance’s liability under the funding agreements with the FHLB of Chicago, the amount of collateral pledged under such agreements and FHLB of Chicago common stock owned by United Insurance at December 31, 2024 and 2023 is presented below.
DOLLARS IN MILLIONS |  | 2024 |  | 2023 |  |  |  |  |  |  |  |
Liability under Funding Agreements |  | $ | 541.3 |  |  | $ | 557.4 |  |  |  |  |  |  |  |  |
Fair Value of Collateral Pledged |  | 619.3 |  |  | 629.3 |  |  |  |  |  |  |  |  |
FHLB of Chicago Common Stock Owned at Cost |  | 16.9 |  |  | 16.6 |  |  |  |  |  |  |  |  |
Universal Life-type Policyholder Account Balances The Company’s weighted-average crediting rate for Universal Life-type Policyholder Account Balances was 5.1% as of December 31, 2024 and 2023. Guaranteed minimum benefit amounts in excess of the current account balances for these contracts were $276.6 million and $294.1 million as of December 31, 2024 and 2023, respectively. The cash surrender value of the Company’s policyholder obligations for these contracts was $96.4 million and $98.2 million as of December 31, 2024 and 2023, respectively.

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(ii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(iv) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 + Details
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