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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Financial Information for these Segments | Disaggregated financial information for these segments, as regularly provided to the CODM as of and for the three months ended June 30, 2025, is as follows:
|  | Property & Casualty |  | Life & Retirement |  | Supplemental & Group Benefits |  | Corporate & Other* |  | Totals
($ in millions) |  |  |  |  |
Net premiums and contract charges earned |  | $ | 197.3 |  |  | $ | 39.6 |  |  | $ | 65.7 |  |  | $ | — |  |  | $ | 302.6 |
Net investment income(1) |  | 14.9 |  |  | 97.2 |  |  | 10.6 |  |  | (1.6) |  |  | 121.1 |
Other segment income |  | 0.7 |  |  | 4.9 |  |  | (1.9) |  |  | 0.5 |  |  | 4.2 |
Total segment revenues |  | $ | 212.9 |  |  | $ | 141.7 |  |  | $ | 74.4 |  |  | $ | (1.1) |  |  | $ | 427.9 |
Benefits and claims expenses (excluding catastrophe losses) |  | $ | 89.6 |  |  | $ | 25.2 |  |  | $ | 22.9 |  |  | $ | — |  |  | $ | 137.7 |
Catastrophe losses |  | 29.7 |  |  | — |  |  | — |  |  | — |  |  | 29.7 |
Loss adjustment expenses |  | 17.1 |  |  | — |  |  | — |  |  | — |  |  | 17.1 |
Interest credited |  | — |  |  | 51.5 |  |  | 1.2 |  |  | — |  |  | 52.7 |
Operating & admin expenses |  | 33.4 |  |  | 24.0 |  |  | 21.1 |  |  | 3.7 |  |  | 82.2 |
Commissions expense |  | 16.5 |  |  | 9.8 |  |  | 11.2 |  |  | — |  |  | 37.5 |
Taxes, licenses and fees |  | 6.1 |  |  | 1.4 |  |  | 1.7 |  |  | 0.1 |  |  | 9.3 |
Deferred policy acquisition costs |  | (24.7) |  |  | (6.1) |  |  | (1.2) |  |  | — |  |  | (32.0) |
Deferred policy acquisition cost amortization |  | 23.9 |  |  | 5.7 |  |  | 0.4 |  |  | — |  |  | 29.9 |
Interest expense |  | — |  |  | — |  |  | — |  |  | 8.6 |  |  | 8.6 |
Total segment expenses |  | $ | 191.6 |  |  | $ | 111.5 |  |  | $ | 57.3 |  |  | $ | 12.4 |  |  | $ | 372.8 |
Pretax profit (loss) |  | $ | 21.3 |  |  | $ | 30.2 |  |  | $ | 17.1 |  |  | $ | (13.5) |  |  | $ | 55.1 |
Income tax expense |  | 4.8 |  |  | 5.6 |  |  | 3.7 |  |  | (3.2) |  |  | 10.9 |
Segment profit (loss) (Core earnings) |  | 16.5 |  |  | 24.6 |  |  | 13.4 |  |  | (10.3) |  |  | 44.2 |
Net investment losses (after-tax) |  | — |  |  | — |  |  | — |  |  | 4.7 |  |  | 4.7 |
Non-core income adjustments (after-tax)(1) |  | — |  |  | 4.6 |  |  | 5.5 |  |  | — |  |  | 10.1 |
Net income |  | $ | 16.5 |  |  | $ | 20.0 |  |  | $ | 7.9 |  |  | $ | (15.0) |  |  | $ | 29.4 |
*-Corporate & Other is net of intersegment eliminations. (1) In the second quarter of 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. See additional disclosure contained in Note 1 of the June 30, 2025 Form 10-Q. Disaggregated financial information for these segments, as regularly provided to the CODM as of and for the six months ended June 30, 2025, is as follows:
|  | Property & Casualty |  | Life & Retirement |  | Supplemental & Group Benefits |  | Corporate & Other* |  | Totals
($ in millions) |  |  |  |  |
Net premiums and contract charges earned |  | $ | 390.0 |  |  | $ | 78.1 |  |  | $ | 132.8 |  |  | $ | — |  |  | $ | 600.9 |
Net investment income(1) |  | 26.6 |  |  | 186.2 |  |  | 20.0 |  |  | 4.1 |  |  | 236.9 |
Other segment income |  | 2.0 |  |  | 9.7 |  |  | (3.0) |  |  | 1.0 |  |  | 9.7 |
Total segment revenues |  | $ | 418.6 |  |  | $ | 274.0 |  |  | $ | 149.8 |  |  | $ | 5.1 |  |  | $ | 847.5 |
Benefits and claims expenses (excluding catastrophe losses) |  | $ | 175.3 |  |  | $ | 61.8 |  |  | $ | 49.8 |  |  | $ | — |  |  | $ | 286.9 |
Catastrophe losses |  | 46.1 |  |  | — |  |  | — |  |  | — |  |  | 46.1 |
Loss adjustment expenses |  | 33.4 |  |  | — |  |  | — |  |  | — |  |  | 33.4 |
Interest credited |  | — |  |  | 103.1 |  |  | 2.4 |  |  | — |  |  | 105.5 |
Operating & admin expenses |  | 66.8 |  |  | 47.9 |  |  | 38.5 |  |  | 6.0 |  |  | 159.2 |
Commissions expense |  | 33.4 |  |  | 19.6 |  |  | 22.5 |  |  | — |  |  | 75.5 |
Taxes, licenses and fees |  | 11.0 |  |  | 2.3 |  |  | 3.1 |  |  | 0.3 |  |  | 16.7 |
Deferred policy acquisition costs |  | (49.0) |  |  | (12.2) |  |  | (2.4) |  |  | — |  |  | (63.6) |
Deferred policy acquisition cost amortization |  | 46.9 |  |  | 11.7 |  |  | 0.9 |  |  | — |  |  | 59.5 |
Interest expense |  | — |  |  | — |  |  | — |  |  | 17.5 |  |  | 17.5 |
Total segment expenses |  | $ | 363.9 |  |  | $ | 234.1 |  |  | $ | 114.8 |  |  | $ | 23.8 |  |  | $ | 736.6 |
Pretax profit (loss) |  | $ | 54.7 |  |  | $ | 39.9 |  |  | $ | 35.0 |  |  | $ | (18.7) |  |  | $ | 110.9 |
Income tax expense |  | 11.4 |  |  | 7.3 |  |  | 7.6 |  |  | (4.4) |  |  | 21.9 |
Segment profit (loss) (Core earnings) |  | 43.3 |  |  | 32.5 |  |  | 27.4 |  |  | (14.3) |  |  | 89.0 |
Net investment losses (after-tax) |  | — |  |  | — |  |  | — |  |  | 7.3 |  |  | 7.3 |
Non-core income adjustments (after-tax)(1) |  | — |  |  | 5.7 |  |  | 8.3 |  |  | — |  |  | 14.0 |
Net income |  | $ | 43.3 |  |  | $ | 26.8 |  |  | $ | 19.1 |  |  | $ | (21.6) |  |  | $ | 67.6 |
*-Corporate & Other is net of intersegment eliminations. (1) In the second quarter of 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. See additional disclosure contained in Note 1 of the June 30, 2025 Form 10-Q. Disaggregated financial information for these segments, as regularly provided to the CODM as of and for the three months ended June 30, 2024, is as follows:
|  | Property & Casualty |  | Life & Retirement |  | Supplemental & Group Benefits |  | Corporate & Other* |  | Totals
($ in millions) |  |  |  |  |
Net premiums and contract charges earned |  | $ | 179.2 |  |  | $ | 38.0 |  |  | $ | 63.7 |  |  | $ | — |  |  | $ | 280.9 |
Net investment income(1) |  | 9.5 |  |  | 88.9 |  |  | 10.5 |  |  | (0.5) |  |  | 108.4 |
Other segment income |  | 0.6 |  |  | 4.6 |  |  | (1.2) |  |  | 0.6 |  |  | 4.6 |
Total segment revenues |  | $ | 189.3 |  |  | $ | 131.5 |  |  | $ | 73.0 |  |  | $ | 0.1 |  |  | $ | 393.9 |
Benefits and claims expenses (excluding catastrophe losses) |  | $ | 93.8 |  |  | $ | 31.0 |  |  | $ | 23.5 |  |  | $ | — |  |  | $ | 148.3 |
Catastrophe losses |  | 40.9 |  |  | — |  |  | — |  |  | — |  |  | 40.9 |
Loss adjustment expenses |  | 18.1 |  |  | — |  |  | — |  |  | — |  |  | 18.1 |
Interest credited |  | — |  |  | 52.6 |  |  | 1.2 |  |  | — |  |  | 53.8 |
Operating & admin expenses |  | 28.6 |  |  | 23.0 |  |  | 16.4 |  |  | 3.1 |  |  | 71.1 |
Commissions expense |  | 15.7 |  |  | 10.3 |  |  | 9.5 |  |  | — |  |  | 35.5 |
Taxes, licenses and fees |  | 4.9 |  |  | 0.9 |  |  | 1.5 |  |  | 0.3 |  |  | 7.6 |
Deferred policy acquisition costs |  | (22.7) |  |  | (7.5) |  |  | (1.1) |  |  | — |  |  | (31.3) |
Deferred policy acquisition cost amortization |  | 20.5 |  |  | 6.1 |  |  | 0.4 |  |  | — |  |  | 27.0 |
Interest expense |  | — |  |  | — |  |  | — |  |  | 8.7 |  |  | 8.7 |
Total segment expenses |  | $ | 199.8 |  |  | $ | 116.4 |  |  | $ | 51.4 |  |  | $ | 12.1 |  |  | $ | 379.7 |
Pretax profit (loss) |  | $ | (10.5) |  |  | $ | 15.0 |  |  | $ | 21.6 |  |  | $ | (11.9) |  |  | $ | 14.2 |
Income tax expense |  | (1.9) |  |  | 2.7 |  |  | 4.6 |  |  | (2.5) |  |  | 2.9 |
Segment profit (loss) (Core earnings) |  | (8.6) |  |  | 12.3 |  |  | 17.0 |  |  | (9.4) |  |  | 11.3 |
Net investment losses (after-tax) |  | — |  |  | — |  |  | — |  |  | (4.6) |  |  | (4.6) |
Change in MRB (after-tax) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Intangible asset amortization (after-tax) |  | — |  |  | — |  |  | (2.9) |  |  | — |  |  | (2.9) |
Net income |  | $ | (8.6) |  |  | $ | 12.3 |  |  | $ | 14.1 |  |  | $ | (14.0) |  |  | $ | 3.8 |
*-Corporate & Other is net of intersegment eliminations. (1) In the second quarter of 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. See additional disclosure contained in Note 1 of the June 30, 2025 Form 10-Q. Disaggregated financial information for these segments, as regularly provided to the CODM as of and for the six months ended June 30, 2024, is as follows:
|  | Property & Casualty |  | Life & Retirement |  | Supplemental & Group Benefits |  | Corporate & Other* |  | Totals
($ in millions) |  |  |  |  |
Net premiums and contract charges earned |  | $ | 352.4 |  |  | $ | 75.8 |  |  | $ | 127.9 |  |  | $ | — |  |  | $ | 556.1 |
Net investment income(1) |  | 21.8 |  |  | 174.7 |  |  | 18.3 |  |  | (1.0) |  |  | 213.8 |
Other segment income |  | 1.3 |  |  | 9.4 |  |  | (4.2) |  |  | 1.3 |  |  | 7.8 |
Total segment revenues |  | $ | 375.5 |  |  | $ | 259.9 |  |  | $ | 142.0 |  |  | $ | 0.3 |  |  | $ | 777.7 |
Benefits and claims expenses (excluding catastrophe losses) |  | $ | 184.9 |  |  | $ | 63.2 |  |  | $ | 45.3 |  |  | $ | — |  |  | $ | 293.4 |
Catastrophe losses |  | 57.1 |  |  | — |  |  | — |  |  | — |  |  | 57.1 |
Loss adjustment expenses |  | 35.5 |  |  | — |  |  | — |  |  | — |  |  | 35.5 |
Interest credited |  | — |  |  | 104.4 |  |  | 2.3 |  |  | — |  |  | 106.7 |
Operating & admin expenses |  | 58.9 |  |  | 44.9 |  |  | 34.4 |  |  | 5.1 |  |  | 143.3 |
Commissions expense |  | 29.6 |  |  | 19.8 |  |  | 18.9 |  |  | — |  |  | 68.3 |
Taxes, licenses and fees |  | 9.6 |  |  | 1.9 |  |  | 3.0 |  |  | 0.5 |  |  | 15.0 |
Deferred policy acquisition costs |  | (43.0) |  |  | (14.2) |  |  | (2.0) |  |  | — |  |  | (59.2) |
Deferred policy acquisition cost amortization |  | 40.3 |  |  | 12.7 |  |  | 1.0 |  |  | — |  |  | 54.0 |
Interest expense |  | — |  |  | — |  |  | — |  |  | 17.4 |  |  | 17.4 |
Total segment expenses |  | $ | 372.9 |  |  | $ | 232.7 |  |  | $ | 102.9 |  |  | $ | 23.0 |  |  | $ | 731.5 |
Pretax profit (loss) |  | $ | 2.6 |  |  | $ | 27.1 |  |  | $ | 39.1 |  |  | $ | (22.6) |  |  | $ | 46.2 |
Income tax expense |  | 0.6 |  |  | 4.9 |  |  | 8.3 |  |  | (4.7) |  |  | 9.1 |
Segment profit (loss) (Core earnings) |  | 2.0 |  |  | 22.2 |  |  | 30.8 |  |  | (17.9) |  |  | 37.1 |
Net investment losses (after-tax) |  | — |  |  | — |  |  | — |  |  | (2.9) |  |  | (2.9) |
Change in MRB (after-tax) |  | — |  |  | 1.8 |  |  | — |  |  | — |  |  | 1.8 |
Intangible asset amortization (after-tax) |  | — |  |  | — |  |  | (5.7) |  |  | — |  |  | (5.7) |
Net income |  | $ | 2.0 |  |  | $ | 24.0 |  |  | $ | 25.1 |  |  | $ | (20.8) |  |  | $ | 30.3 |
*-Corporate & Other is net of intersegment eliminations. (1) In the second quarter of 2025, the Company recorded a reduction in net investment income due to an immaterial out-of-period correction of an error. See additional disclosure contained in Note 1 of the June 30, 2025 Form 10-Q.
Schedule of Additional Significant Financial Information for these Segments |
($ in millions) |  | June 30, 2025 |  | December 31, 2024
Assets |  |  |  |
Property & Casualty |  | $ | 1,335.2 |  |  | $ | 1,272.3 |
Life & Retirement |  | 11,865.7 |  |  | 11,670.7 |
Supplemental & Group Benefits |  | 1,370.2 |  |  | 1,377.6 |
Corporate & Other |  | 193.5 |  |  | 191.0 |
Intersegment eliminations |  | (36.3) |  |  | (23.8) |
Total |  | $ | 14,728.3 |  |  | $ | 14,487.8 |

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