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Income from Investments (Tables) | 12 Months Ended
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Dec. 31, 2024
Investment Income, Net [Abstract] |
Net Investment Income | Net Investment Income for the years ended December 31, 2024, 2023 and 2022 was:
DOLLARS IN MILLIONS |  | 2024 |  | 2023 |  | 2022
Investment Income: |  |  |  |  |  |
Interest on Fixed Income Securities 1,2 |  | $ | 315.3 |  |  | $ | 323.3 |  |  | $ | 290.0 |
Dividends on Equity Securities Excluding Alternative Investments |  | 5.4 |  |  | 4.4 |  |  | 6.3 |
Alternative Investments: |  |  |  |  |  |
Equity Method Limited Liability Investments |  | (18.2) |  |  | 10.5 |  |  | 31.3 |
Limited Liability Investments Included in Equity Securities |  | 24.5 |  |  | 19.0 |  |  | 42.1 |
Total Alternative Investments |  | 6.3 |  |  | 29.5 |  |  | 73.4 |
Short-term Investments |  | 33.5 |  |  | 18.0 |  |  | 3.7 |
Loans to Policyholders |  | 21.0 |  |  | 20.9 |  |  | 21.5 |
Real Estate |  | 8.8 |  |  | 8.9 |  |  | 10.1 |
Company-Owned Life Insurance |  | 35.7 |  |  | 29.2 |  |  | 37.9 |
Other |  | 8.2 |  |  | 12.9 |  |  | 7.7 |
Total Investment Income |  | 434.2 |  |  | 447.1 |  |  | 450.6 |
Investment Expenses: |  |  |  |  |  |
Real Estate |  | 8.7 |  |  | 8.8 |  |  | 7.9 |
Other Investment Expenses 1 |  | 18.0 |  |  | 18.6 |  |  | 20.1 |
Total Investment Expenses |  | 26.7 |  |  | 27.4 |  |  | 28.0 |
Net Investment Income |  | $ | 407.5 |  |  | $ | 419.7 |  |  | $ | 422.6 |
1 In 2024, the Company changed its presentation of the details of investment performance to report interest expense incurred on Federal Home Loan Bank ("FHLB") borrowings as an offset to interest on fixed income securities since FHLB borrowings are used for spread lending purposes. The interest expense incurred on FHLB borrowings was previously reported within Other Investment Expenses. The prior period amounts presented above have been updated to reflect this change in presentation.
2 Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $20.3 million, $22.7 million and $10.1 million for the year ended December 31, 2024, 2023, and 2022, respectively.
Realized Gain (Loss) on Investments | The components of Net Realized Gains (Losses) for the years ended December 31, 2024, 2023 and 2022 were:
DOLLARS IN MILLIONS |  | 2024 |  | 2023 |  | 2022
Fixed Maturities: |  |  |  |  |  |
Gains on Sales |  | $ | 20.2 |  |  | $ | 5.9 |  |  | $ | 31.6 |
Losses on Sales |  | (3.2) |  |  | (10.9) |  |  | (31.9) |
(Losses) Gains on Hedging Activity |  | (7.9) |  |  | (11.9) |  |  | 1.7 |
Equity Securities: |  |  |  |  |  |
Gains on Sales |  | 4.2 |  |  | 0.6 |  |  | 9.7 |
Losses on Sales |  | (0.1) |  |  | (2.5) |  |  | (6.8) |
Other Investments: |  |  |  |  |  |
Gains on Sales |  | 4.2 |  |  | 0.2 |  |  | — |
Losses on Sales |  | (4.2) |  |  | — |  |  | — |
Net Realized Investment Gains (Losses) |  | $ | 13.2 |  |  | $ | (18.6) |  |  | $ | 4.3 |
Gross Gains on Sales |  | $ | 28.6 |  |  | $ | 6.7 |  |  | $ | 41.3 |
Gross Losses on Sales |  | (7.5) |  |  | (13.4) |  |  | (38.7) |
(Losses) Gains on Hedging Activity |  | (7.9) |  |  | (11.9) |  |  | 1.7 |
Net Realized Investment Gains (Losses) |  | $ | 13.2 |  |  | $ | (18.6) |  |  | $ | 4.3 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The components of Impairment Losses reported in the Consolidated Statements of Income (Loss) for the years ended December 31, 2024, 2023 and 2022 were:
DOLLARS IN MILLIONS |  | 2024 |  | 2023 |  | 2022
Fixed Maturities |  | $ | (4.8) |  |  | $ | (0.1) |  |  | $ | (25.8) |
Equity Securities at Modified Cost |  | (0.4) |  |  | (0.5) |  |  | — |
Real Estate |  | (0.4) |  |  | — |  |  | — |
Other |  | (0.2) |  |  | (0.5) |  |  | — |
Net Impairment Losses Recognized in Earnings 1 |  | $ | (5.8) |  |  | $ | (1.1) |  |  | $ | (25.8) |
I Includes losses from intent-to-sell securities of $3.3 million, $2.0 million and $23.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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