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Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Deferred policy acquisition costs asset by segment | The Company's deferred policy acquisition costs (DAC) by reporting segment were as follows:
($ in millions) |  | December 31,
|  | 2021 |  | 2020
Property & Casualty |  | $ | 24.4 |  |  | $ | 26.1 |
Supplemental |  | 4.2 |  |  | 4.3 |
Retirement |  | 153.8 |  |  | 137.7 |
Life |  | 65.6 |  |  | 61.7 |
Total |  | $ | 248.0 |  |  | $ | 229.8 |
Adjustment to amortization expenses | The Company recognized the following adjustments to DAC amortization expense as a result of evaluating actual experience and prospective assumptions (i.e., the impact of unlocking):
($ in millions) |  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
(Decrease) increase to DAC amortization expense: |  |  |  |  |  |
Retirement |  | $ | (1.3) |  |  | $ | (1.8) |  |  | $ | 3.5 |
Life |  | (0.2) |  |  | (0.3) |  |  | (0.3) |
Total |  | $ | (1.5) |  |  | $ | (2.1) |  |  | $ | 3.2 |
Property and equipment | The following amounts are included in Other assets in the Consolidated Balance Sheets:
($ in millions) |  | December 31,
|  | 2021 |  | 2020
Property and equipment |  | $ | 136.4 |  |  | $ | 131.3 |
Less: accumulated depreciation |  | 70.4 |  |  | 66.6 |
Total |  | $ | 66.0 |  |  | $ | 64.7 |
Investment contract and life policy reserves | This table summarizes the Company's investment contract and policy reserves.
($ in millions) |  | December 31,
|  | 2021 |  | 2020
Investment contract reserves |  | $ | 4,941.3 |  |  | $ | 4,847.6 |
Policy reserves |  | 1,636.5 |  |  | 1,597.7 |
Total |  | $ | 6,577.8 |  |  | $ | 6,445.3 |
Summary of guaranteed minimum death benefit | The Company regularly monitors the GMDB reserve considering fluctuations in financial markets. The Company has relatively low exposure to GMDB risk as shown below.
($ in millions) |  | December 31,
|  | 2021 |  | 2020
GMDB reserve |  | $ | 0.1 |  |  | $ | 0.1 |
Aggregate in-the-money death benefits under the GMDB provision |  | 22.3 |  |  | 26.7 |
Variable annuity contract value distribution based on GMDB feature: |  |  |  |
No guarantee |  | 24 | % |  | 26 | %
Return of premium guarantee |  | 71 | % |  | 69 | %
Guarantee of premium roll-up at an annual rate of 3% or 5% |  | 5 | % |  | 5 | %
Total |  | 100 | % |  | 100 | %
Schedule of FHLB funding agreements | As of December 31, 2021, scheduled maturity dates for outstanding FHLB funding agreements were as follows:
($ in millions) |  |  |  |  |  |
|  | Amount |  | Interest Rate |  | Maturity Date
|  | $10.0 |  | 0.000% |  | May 16, 2022
|  | 60.0 |  | 0.489% |  | January 13, 2023
|  | 25.0 |  | 0.427% |  | February 10, 2023
|  | 20.0 |  | 0.446% |  | November 15, 2023
|  | 100.0 |  | 0.249% |  | December 15, 2023
|  | 50.0 |  | 0.449% |  | January 12, 2024
|  | 25.0 |  | 0.374% |  | April 3, 2024
|  | 10.0 |  | 0.393% |  | May 22, 2024
|  | 50.0 |  | 0.393% |  | May 22, 2024
|  | 10.0 |  | 0.530% |  | February 14, 2025
|  | 10.0 |  | 0.448% |  | February 28, 2025
|  | 50.0 |  | 0.448% |  | February 28, 2025
|  | 12.5 |  | 0.670% |  | June 26, 2025
|  | 125.0 |  | 0.570% |  | September 11, 2025
|  | 200.0 |  | 0.225% |  | January 16, 2026
|  | 25.0 |  | 0.298% |  | September 9, 2026
Total |  | $782.5 |  |  |  |
Stock options fair value pricing model weighted-average assumptions | The fair value of stock options granted was estimated on the respective dates of grant using the Black-Scholes option pricing model with the weighted average assumptions shown in the following table.
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Number of stock options granted |  | 183,272 |  |  | 234,248 |  |  | 282,040 |
Weighted average grant date fair value of stock options granted |  | $ | 7.73 |  |  | $ | 6.02 |  |  | $ | 6.26 |
Weighted average assumptions: |  |  |  |  |  |
Risk-free interest rate |  | 0.8 | % |  | 0.8 | % |  | 2.5 | %
Expected dividend yield |  | 3.0 | % |  | 2.7 | % |  | 2.9 | %
Expected life, in years |  | 5.1 |  | 5.1 |  | 5.0
Expected volatility (based on historical volatility) |  | 30.1 | % |  | 22.8 | % |  | 21.9 | %
Computations of net income per share on both basic and diluted bases, including reconciliations of the numerators and denominators | The computations of net income per share on both basic and diluted bases, including reconciliations of the numerators and denominators, were as follows:
($ in millions) |  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Basic: |  |  |  |  |  |
Net income for the period |  | $ | 142.8 |  |  | $ | 133.3 |  |  | $ | 184.4 |
Weighted average number of common shares during the period (in millions) |  | 42.0 |  |  | 41.9 |  |  | 41.7 |
Net income per share - basic |  | $ | 3.40 |  |  | $ | 3.18 |  |  | $ | 4.42 |
Diluted: |  |  |  |  |  |
Net income for the period |  | $ | 142.8 |  |  | $ | 133.3 |  |  | $ | 184.4 |
Weighted average number of common shares during the period (in millions) |  | 42.0 |  |  | 41.9 |  |  | 41.7 |
Weighted average number of common equivalent shares to reflect the dilutive effect of common stock equivalent securities (in millions): |  |  |  |  |  |
Stock options |  | — |  |  | — |  |  | 0.1 |
CSUs related to deferred compensation for employees |  | — |  |  | — |  |  | — |
RSUs related to incentive compensation |  | 0.2 |  |  | 0.1 |  |  | 0.1 |
Total common and common equivalent shares adjusted to calculate diluted earnings per share (in millions) |  | 42.2 |  |  | 42.0 |  |  | 41.9 |
Net income per share - diluted |  | $ | 3.39 |  |  | $ | 3.17 |  |  | $ | 4.40 |

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