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Short-Duration Insurance Contracts | 3 Months Ended
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Mar. 31, 2025
Insurance Loss Reserves [Abstract] |
Short-Duration Insurance Contracts | Short-Duration Insurance Contracts Property & casualty Unpaid Claims and Claim Expense Reserves The following table is a summary reconciliation of the beginning and ending property & casualty unpaid claims and claim expense reserves for the periods indicated. The table presents reserves on both a gross and net (after reinsurance) basis. The total net property & casualty insurance claims and claim expense incurred amounts are reflected in the Consolidated Statements of Operations and Comprehensive Income (Loss). The end of period gross reserves (before reinsurance balances and reinsurance recoverable balances) are reflected on a gross basis in the Consolidated Balance Sheets. Also included in property & casualty claims expense reserves are legacy commercial line exposures, which are included in the Corporate & Other segment for segment reporting purposes.
($ in millions) |  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Property & Casualty |  |  |  |  |  |  |  |
Beginning gross reserves |  |  |  |  |  | $ | 420.6 |  |  | $ | 416.8 |
Less: reinsurance recoverables |  |  |  |  |  | 100.8 |  |  | 104.0 |
Net reserves, beginning of period(1) |  |  |  |  |  | 319.8 |  |  | 312.8 |
Incurred claims and claim expenses: |  |  |  |  |  |  |  |
Claims occurring in the current period |  |  |  |  |  | 123.7 |  |  | 124.7 |
Increase (decrease) in estimated reserves for claims occurring in prior periods(2) |  |  |  |  |  | (5.3) |  |  | — |
Total claims and claim expenses incurred |  |  |  |  |  | 118.4 |  |  | 124.7 |
Claims and claim expense payments for claims occurring during: |  |  |  |  |  |  |  |
Current period |  |  |  |  |  | 50.0 |  |  | 44.6 |
Prior periods |  |  |  |  |  | 69.8 |  |  | 78.3 |
Total claims and claim expense payments |  |  |  |  |  | 119.8 |  |  | 122.9 |
Net reserves, end of period(1) |  |  |  |  |  | 318.4 |  |  | 314.6 |
Plus: reinsurance recoverables |  |  |  |  |  | 98.3 |  |  | 103.6 |
Ending gross reserves |  |  |  |  |  | $ | 416.7 |  |  | $ | 418.2 |
(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. The company recognized $5.3 million of net favorable prior years' reserve development for the three months ended March 31, 2025. There was no prior years' reserve development for Property & Casualty claims for the three months ended March 31, 2024. The net favorable development for the three months ended March 31, 2025 was primarily a result of favorable loss trends in auto and property for accident years 2024 and prior. Group Benefits Unpaid Claims and Claim Expense Reserves The following table is a summary reconciliation of the beginning and ending Group Benefits unpaid claims and claim expense reserves for the periods indicated. The table presents reserves on both a gross and net (after reinsurance) basis. The total net Group Benefits insurance claims and claim expense incurred amounts are reflected in the Consolidated Statements of Operations and Comprehensive Income (Loss). The end of period gross reserves (before reinsurance balances and reinsurance recoverable balances) are reflected on a gross basis in the Consolidated Balance Sheets.
($ in millions) |  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Group Benefits |  |  |  |  |  |  |  |
Beginning gross reserves |  |  |  |  |  | $ | 104.9 |  |  | $ | 116.6 |
Less: reinsurance recoverables |  |  |  |  |  | 25.2 |  |  | 27.7 |
Net reserves, beginning of period(1) |  |  |  |  |  | 79.7 |  |  | 88.9 |
Incurred claims and claim expenses: |  |  |  |  |  |  |  |
Claims occurring in the current period |  |  |  |  |  | 18.3 |  |  | 20.2 |
Increase (decrease) in estimated reserves for claims occurring in prior periods(2) |  |  |  |  |  | 0.4 |  |  | (6.1) |
Total claims and claim expenses incurred |  |  |  |  |  | 18.7 |  |  | 14.1 |
Claims and claim expense payments for claims occurring during: |  |  |  |  |  |  |  |
Current period |  |  |  |  |  | 3.8 |  |  | 3.9 |
Prior periods |  |  |  |  |  | 11.6 |  |  | 12.4 |
Total claims and claim expense payments |  |  |  |  |  | 15.4 |  |  | 16.3 |
Net reserves, end of period(1) |  |  |  |  |  | 83.1 |  |  | 86.7 |
Plus: reinsurance recoverables |  |  |  |  |  | 25.9 |  |  | 27.6 |
Ending gross reserves |  |  |  |  |  | $ | 109.0 |  |  | $ | 114.3 |
(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. Net favorable (unfavorable) prior years' reserve development for Group Benefits was $(0.4) million and $6.1 million for the three months ended March 31, 2025 and 2024, respectively. The unfavorable development for the three months ended March 31, 2025 was primarily the result of unfavorable loss trends in group life and disability for loss years 2024 and prior. The favorable development for the three months ended March 31, 2024 was primarily the result of favorable loss trends in specialty health and group life and disability for loss years 2024 and prior. Reconciliation of Property & Casualty and Group Benefits Unpaid Claims and Claim Expense Reserves to the Consolidated Balance Sheets
($ in millions) |  | As of March 31, 2025 |  | As of December 31, 2024
Ending gross reserves |  |  |  |
Property & Casualty |  | $ | 416.7 |  |  | $ | 420.6 |
Group Benefits |  | 109.0 |  |  | 104.9 |
Total short-duration insurance contracts |  | 525.7 |  |  | 525.5 |
Other than short-duration(1) |  | 51.4 |  |  | 43.7 |
Total unpaid claims and claims expenses |  | $ | 577.1 |  |  | $ | 569.2 |
(1) This line includes Life & Retirement, Supplemental, and other certain group benefit reserves.

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- Definition The entire disclosure for insurance products considered to be short-duration contracts because the contract provides insurance protection for a fixed period of short duration and enables the insurer to cancel the contract or to adjust the provisions of the contract at the end of any contract period, such as adjusting the amount of premiums charged or coverage provided, and on contracts on which amounts are paid but insurance risk is not transferred. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 4D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-4D Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent + Details
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