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Short-Term Duration Insurance Contracts (Tables)

3 Months Ended

Mar. 31, 2023

Insurance Loss Reserves [Abstract]

Reconciliation of property and casualty unpaid claims and claim expense

($ in millions)												Three Months Ended March 31,
																		2023						2022
Property & Casualty
Beginning gross reserves																		$	388.7					$	362.4
Less: reinsurance recoverables																		100.8						110.3
Net reserves, beginning of period(1)																		287.9						252.1
Incurred claims and claim expenses:
Claims occurring in the current period																		128.8						108.3
Increase (decrease) in estimated reserves for claims occurring in prior periods(2)																		—						—
Total claims and claim expenses incurred																		128.8						108.3
Claims and claim expense payments for claims occurring during:
Current period																		40.6						33.8
Prior periods																		79.6						78.4
Total claims and claim expense payments																		120.2						112.2
Net reserves, end of period(1)																		296.5						248.2
Plus: reinsurance recoverables																		101.3						108.0
Ending gross reserves																		$	397.8					$	356.2

(1)Reserves net of expected reinsurance recoverables.

(2)Shows the amounts by which the Company increased (decreased) its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs - also known as prior years' reserve development.

($ in millions)												Three Months Ended March 31,
																		2023						2022
Group Benefits
Beginning gross reserves																		$	121.6					$	125.4
Less: reinsurance recoverables																		27.9						28.6
Net reserves, beginning of period(1)																		93.7						96.8
Incurred claims and claim expenses:
Claims occurring in the current period																		20.2						28.8
Increase (decrease) in estimated reserves for claims occurring in prior periods(2)																		(4.9)						(1.9)
Total claims and claim expenses incurred																		15.3						26.9
Claims and claim expense payments for claims occurring during:
Current period																		4.2						4.4
Prior periods																		12.4						15.9
Total claims and claim expense payments																		16.7						20.3
Net reserves, end of period(1)																		92.3						103.4
Plus: reinsurance recoverables																		28.0						29.8
Ending gross reserves																		$	120.3					$	133.2

(1) Reserves net of expected reinsurance recoverables.

(2) Shows the amounts by which the Company increased (decreased) its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs - also known as prior years' reserve development.

Schedule of Reconciliation of Net Incurred and Paid Claims Development To Liability for Claims and Claim Adjustment Expenses

Reconciliation of Property & Casualty and Group Benefits Unpaid Claims and Claim Expense Reserves to the Consolidated Balance Sheets

($ in millions)						As of March 31, 2023						As of December 31, 2022
Ending gross reserves
Property & Casualty						$	397.8					$	388.7
Group Benefits						120.3						121.6
Total short-duration insurance contracts						518.1						510.3
Other than short-duration(1)						56.7						53.7
Total unpaid claims and claims expenses						$	574.8					$	564.0

(1) This line includes Life & Retirement, Supplemental, and other certain group benefit reserves.

X

- Definition

Schedule of Reconciliation of Net Incurred and Paid Claims Development To Liability for Claims and Claim Adjustment Expenses

+ References

No definition available.

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- References

No definition available.

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-3

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