XML 52 R23.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended
--- | ---
Dec. 31, 2023
Equity [Abstract] |
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | Comprehensive income (loss) represents the change in shareholders' equity during a reporting period from transactions and other events and circumstances from non-shareholder sources. For the Company, comprehensive income (loss) is equal to net income plus or minus the after tax change in net unrealized investment gains (losses) on fixed maturity securities, the after tax change in net reserve remeasurements attributable to discount rates, and the after tax change in net funded status of benefit plans for the periods as shown in the Consolidated Statements of Changes in Shareholders' Equity. AOCI represents the accumulated change in shareholders' equity from these transactions and other events and circumstances from non-shareholder sources as shown in the Consolidated Balance Sheets. In the Consolidated Balance Sheets, the Company recognizes the net funded status of benefit plans as a component of AOCI, net of tax. Comprehensive Income (Loss) The components of comprehensive income (loss) were as follows (in millions, 2022 and 2021 recast for the adoption of LDTI):
($ in millions) |  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Net income |  | $ | 45.0 |  |  | $ | 19.8 |  |  | $ | 170.4 |
Other comprehensive income (loss): |  |  |  |  |  |
Effect of adopting ASU 2018-12 |  | — |  |  | — |  |  | (426.6) |
Change in net unrealized investment gains (losses) on fixed maturity securities: |  |  |  |  |  |
Net unrealized investment gains (losses) on securities arising during the period |  | 133.9 |  |  | (1,042.6) |  |  | (122.8) |
Less: reclassification adjustment for net investment gains (losses) included in income before income tax |  | (20.3) |  |  | (29.1) |  |  | (7.7) |
Total, before tax |  | 154.2 |  |  | (1,013.5) |  |  | (115.1) |
Income tax expense (benefit) |  | 32.9 |  |  | (216.8) |  |  | (24.8) |
Total, net of tax |  | 121.3 |  |  | (796.7) |  |  | (90.3) |
Change in net reserve remeasurements attributable to discount rates: |  |  |  |  |  |
Total, before tax |  | (47.2) |  |  | 567.6 |  | 141.0 |
Income tax expense (benefit) |  | (10.1) |  |  | 121.7 |  |  | 30.2 |
Total, net of tax |  | (37.1) |  |  | 445.9 |  |  | 110.8 |
Change in net funded status of benefit plans: |  |  |  |  |  |
Total, before tax |  | 1.5 |  |  | 1.8 |  |  | 1.2 |
Income tax expense (benefit) |  | 0.3 |  |  | 0.4 |  |  | 0.2 |
Total, net of tax |  | 1.2 |  |  | 1.4 |  |  | 1.0 |
Total comprehensive income (loss) |  | $ | 130.4 |  |  | $ | (329.6) |  |  | $ | (234.7) |
Accumulated Other Comprehensive Income (Loss) The following table reconciles the components of AOCI for the periods indicated (2022 and 2021 recast for the adoption of LDTI)
($ in millions) |  | Net Unrealized Investment Gains (Losses) on Securities(1)(2) |  | Net Reserve Remeasurements Attributable to Discount Rates(1) |  | Net Funded Status of Benefit Plans(1) |  | Total(1)
Beginning balance, January 1, 2023 |  | $ | (449.6) |  |  | $ | 59.0 |  |  | $ | (8.8) |  |  | $ | (399.4) |
Other comprehensive income (loss) before reclassifications |  | 105.3 |  |  | (37.1) |  |  | 1.2 |  |  | 69.4 |
Amounts reclassified from AOCI |  | 16.0 |  |  | — |  |  | — |  |  | 16.0 |
Net current period other comprehensive income (loss) |  | 121.3 |  |  | (37.1) |  |  | 1.2 |  |  | 85.4 |
Ending balance, December 31, 2023 |  | $ | (328.3) |  |  | $ | 21.9 |  |  | $ | (7.6) |  |  | $ | (314.0) |
Beginning balance, January 1, 2022 |  | $ | 347.1 |  |  | $ | (386.9) |  |  | $ | (10.2) |  |  | $ | (50.0) |
Other comprehensive income (loss) before reclassifications |  | (819.7) |  |  | 445.9 |  | 1.4 |  |  | (372.4) |
Amounts reclassified from AOCI |  | 23.0 |  |  | — |  |  | — |  |  | 23.0 |
Net current period other comprehensive income (loss) |  | (796.7) |  |  | 445.9 |  |  | 1.4 |  |  | (349.4) |
Ending balance, December 31, 2022 |  | $ | (449.6) |  |  | $ | 59.0 |  |  | $ | (8.8) |  |  | $ | (399.4) |
Beginning balance, January 1, 2021 |  | $ | 366.3 |  |  | $ | — |  |  | $ | (11.2) |  |  | $ | 355.1 |
Effect of adopting ASU 2018-12 |  | 71.1 |  |  | (497.7) |  |  | — |  |  | (426.6) |
Other comprehensive income (loss) before reclassifications |  | (96.4) |  |  | 110.8 |  |  | 1.0 |  |  | 15.4 |
Amounts reclassified from AOCI |  | 6.1 |  |  | — |  |  | — |  |  | 6.1 |
Net current period other comprehensive income (loss) |  | (90.3) |  |  | 110.8 |  |  | 1.0 |  |  | 21.5 |
Ending balance, December 31, 2021 |  | $ | 347.1 |  |  | $ | (386.9) |  |  | $ | (10.2) |  |  | $ | (50.0) |
(1) All amounts are net of tax. (2) The pretax amounts reclassified from AOCI, $(20.3) million, $(29.1) million and $(7.7) million, are included in net investment gains (losses) and the related income tax expense (benefit), $(4.3) million, $(6.1) million and $(1.6) million, are included in income tax expense (benefit) in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2023, 2022 and 2021, respectively. Comparative information for elements that are not required to be reclassified in their entirety to net income in the same reporting period is located in Note 3.

X
- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
Name: | us-gaap_ComprehensiveIncomeNoteTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration