KEMPER CORP, 10-K filed on 2/7/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 05, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2023    
Document Transition Report false    
Entity File Number 001-18298    
Entity Registrant Name Kemper Corporation    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 95-4255452    
Entity Address, Address Line One 200 E. Randolph Street    
Entity Address, Address Line Two Suite 3300    
Entity Address, City or Town Chicago    
Entity Address, State or Province IL    
Entity Address, Postal Zip Code 60601    
City Area Code 312    
Local Phone Number 661-4600    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2.9
Entity Common Stock, Shares Outstanding (in shares)   64,323,693  
Documents Incorporated by Reference
Portions of the Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated by reference into Part III.
    
Entity Central Index Key 0000860748    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, $0.10 par value per share    
Trading Symbol KMPR    
Security Exchange Name NYSE    
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062      
Document Information [Line Items]      
Title of 12(b) Security 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062    
Trading Symbol KMPB    
Security Exchange Name NYSE    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Chicago, Illinois
Auditor Firm ID 34
v3.24.0.1
Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
 [1]
Revenues:      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) $ 4,529.4 $ 5,213.4 [1] $ 5,179.2
Net Investment Income 419.7 422.6 [1] 427.3
Change in Value of Alternative Energy Partnership Investments 2.9 (19.9) [1] (61.2)
Other Income 7.2 9.2 [1] 4.8
Income (Loss) from Change in Fair Value of Equity and Convertible Securities 4.7 (79.9) [1] 114.6
Net Realized Investment (Losses) Gains (18.6) 4.3 [1] 64.8
Impairment Losses (1.1) (25.8) [1] (11.0)
Total Revenues 4,944.2 5,523.9 [1] 5,718.5
Expenses:      
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits: 2023 - $33.5, 2022 - $12.0 and 2021 - $30.2) 3,820.0 4,432.6 [1] 4,519.6
Insurance Expenses 1,052.4 1,201.0 [1] 1,228.8
Loss from Early Extinguishment of Debt 0.0 3.7 [2] 0.0
Interest and Other Expenses 369.3 257.6 [1] 219.4
Goodwill impairment 49.6 0.0 [2] 0.0
Total Expenses 5,291.3 5,894.9 [1] 5,967.8
Loss before Income Taxes (347.1) (371.0) [1] (249.3)
Income Tax Benefit 74.8 84.4 [1] 125.6
Net Loss (272.3) (286.6) [1] (123.7)
Less: Net Loss attributable to Noncontrolling Interest (0.2) 0.0 [1] 0.0
Net Loss attributable to Kemper Corporation $ (272.1) $ (286.6) [1] $ (123.7)
Net Loss attributable to Kemper Corporation Per Unrestricted Share:      
Basic (in dollars per share) $ (4.25) $ (4.50) [1] $ (1.92)
Diluted (in dollars per share) $ (4.25) $ (4.50) [1] $ (1.92)
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net Loss $ (272.3) $ (286.6) [1] $ (123.7) [1]
Change in Net Unrecognized Postretirement Benefit Costs 59.2 18.9 (8.8)
(Loss) Gain on Cash Flow Hedges (0.2) 5.9 0.5
Change in Discount Rate on Future Life Policyholder Benefits (101.7) 1,380.7 228.5
Other Comprehensive Income (Loss) Before Income Taxes 195.6 (143.7) (66.3)
Other Comprehensive Income Tax (Expense) Benefit (41.5) 30.4 14.5
Other Comprehensive Income (Loss), Net of Taxes 154.1 (113.3) (51.8)
Total Comprehensive Loss (118.2) (399.9) (175.5)
Less: Total Comprehensive Loss attributable to Noncontrolling Interest (0.2) 0.0 0.0
Comprehensive Loss attributable to Kemper Corporation (118.0) (399.9) (175.5)
No Credit Losses      
Changes in Net Unrealized Holding Gains (Losses) on Investment Securities 238.8 (1,551.1) (284.5)
Credit Losses      
Changes in Net Unrealized Holding Gains (Losses) on Investment Securities $ (0.5) $ 1.9 $ (2.0)
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investments:    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) $ 6,881.9 $ 6,894.8
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 225.8 243.2 [1]
Other Investments 241.9 269.9 [1]
Total Investments 8,904.2 8,789.5 [1]
Cash 64.1 212.4 [1]
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $13.9; 2022 - $13.1) 959.5 1,286.6 [1]
Other Receivables 200.5 262.6 [1]
Deferred Policy Acquisition Costs 591.6 635.6 [1]
Goodwill 1,250.7 1,300.3 [1]
Current Income Tax Assets 64.5 167.6 [1]
Deferred Income Tax Assets 210.4 129.0 [1]
Other Assets 492.6 530.0 [1]
Total Assets 12,742.7 13,313.6 [1]
Insurance Reserves:    
Life and Health 3,422.4 3,276.2 [2]
Property and Casualty 2,680.5 2,756.9 [2]
Total Insurance Reserves 6,102.9 6,033.1 [2]
Unearned Premiums 1,300.8 1,704.4 [2]
Policyholder Obligations 655.7 701.3 [2]
Deferred Income Tax Liabilities 50.6 0.0 [2]
Accrued Expenses and Other Liabilities 737.7 817.3 [2]
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) 1,389.2 1,386.9 [2]
Total Liabilities 10,237.7 10,643.0 [2]
Kemper Corporation Shareholders’ Equity:    
Common Stock, $0.10 Par Value, 100,000,000 Shares Authorized; 64,111,555 Shares Issued and Outstanding at December 31, 2023 and 63,912,762 Shares Issued and Outstanding at December 31, 2022 6.4 6.4 [2]
Paid-in Capital 1,845.3 1,812.7 [2]
Retained Earnings 1,014.3 1,366.4 [2]
Accumulated Other Comprehensive Loss (360.8) (514.9) [2]
Total Shareholders’ Equity 2,505.2 2,670.6 [2]
Total Liabilities and Shareholders’ Equity 12,742.7 13,313.6 [2]
Equity Securities at Modified Cost 513.5 586.5 [1]
Convertible Securities at Fair Value 281.2 283.4 [1]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 2,505.0 2,670.6 [3]
Variable Interest Entity, Primary Beneficiary    
Investments:    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 1.7 0.0 [1]
Other Short-Term Investments 2.0 0.0 [1]
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $13.9; 2022 - $13.1) 0.7 0.0 [1]
Deferred Policy Acquisition Costs 0.1 0.0
Deferred Income Tax Assets 0.1 0.0
Insurance Reserves:    
Unearned Premiums 0.5 0.0 [2]
Accrued Expenses and Other Liabilities 0.3 0.0 [2]
Consolidated Entity, Excluding Consolidated VIE    
Investments:    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 6,881.9 6,894.8 [1]
Other Short-Term Investments 520.9 278.4 [1]
Alternative Energy Partnership Investments    
Investments:    
Equity Method Investments 17.3 16.3 [1]
Equity Method Limited Liability Investments    
Investments:    
Equity Method Investments $ 221.7 $ 217.0 [1]
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[3] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Amortized cost of fixed maturities $ 7,565.8 $ 7,811.8
Allowance for credit loss, available for sale 8.2 9.6
Allowance for credit losses (8.2) (9.6)
Cost of equity securities 209.3 247.6
Premium Receivable, Allowance for Credit Loss 13.9 13.1
Long-term Debt $ 1,213.4 $ 1,195.1
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares outstanding (in shares) 64,111,555 63,912,762
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $13.9; 2022 - $13.1) $ 959.5 $ 1,286.6 [1]
Deferred Policy Acquisition Costs 591.6 635.6 [1]
Deferred Income Tax Assets 210.4 129.0 [1]
Variable Interest Entity, Primary Beneficiary    
Amortized cost of fixed maturities 1.7 0.0
Allowance for credit loss, available for sale 0.0 0.0
Allowance for credit losses 0.0 0.0
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $13.9; 2022 - $13.1) 0.7 0.0 [1]
Deferred Policy Acquisition Costs 0.1 0.0
Deferred Income Tax Assets 0.1 0.0
Consolidated Entity, Excluding Consolidated VIE    
Amortized cost of fixed maturities 7,565.8 7,811.8
Allowance for credit loss, available for sale 8.2 9.6
Allowance for credit losses $ (8.2) $ (9.6)
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:      
Net Loss $ (272.3) $ (286.6) [1] $ (123.7) [1]
Adjustments to Reconcile Net Loss to Net Cash (Used in) Provided by Operating Activities:      
Net Realized Gain on Sale of Investments 18.6 (4.3) [1] (64.8) [1]
Impairment Losses 1.1 25.8 [1] 11.0 [1]
Depreciation and Amortization of Property, Equipment and Software 44.4 50.5 [2] 46.3 [2]
Amortization of Intangible Assets Acquired 14.2 20.4 [2] 53.5 [2]
Settlement Costs Related to Defined Benefit Pension Plan 70.2 0.0 [2] 0.0 [2]
Loss from Early Extinguishment of Debt 0.0 3.7 [2] 0.0 [1]
(Increase) Decrease in Value of Equity and Convertible Securities (4.7) 79.9 [1] (114.6) [1]
Goodwill impairment 49.6 0.0 [2] 0.0 [1]
Changes in:      
Receivables from Policyholders 326.4 129.4 [2] (75.2) [2]
Reinsurance Recoverables 12.1 (1.9) [2] 20.6 [2]
Deferred Policy Acquisition Costs 43.9 14.2 [2] (77.6) [2]
Insurance Reserves (30.8) 26.5 [2] 616.4 [2]
Unearned Premiums (403.1) (183.5) [2] 105.9 [2]
Income Taxes 33.2 (83.6) [2] (163.9) [2]
Other Assets and Liabilities (33.0) (11.2) [2] 89.1 [2]
Net Cash (Used in) Provided by Operating Activities (134.2) (210.3) [2] 350.7 [2]
Cash Flows from Investing Activities:      
Proceeds from the Sales, Calls and Maturities of Fixed Maturities 673.0 1,295.5 [2] 1,388.9 [2]
Equity Securities 149.0 536.0 [2] 316.6 [2]
Real Estate Investments 0.0 0.0 [2] 8.0 [2]
Mortgage Loans 95.2 91.3 [2] 70.8 [2]
Other Investments 18.3 52.1 [2] 47.5 [2]
Fixed Maturities (447.4) (1,815.8) [2] (1,825.4) [2]
Equity Securities (44.4) (58.9) [2] (124.3) [2]
Real Estate Investments (1.0) (3.1) [2] (5.1) [2]
Corporate-Owned Life Insurance 0.0 (110.0) [2] (100.0) [2]
Mortgage Loans (104.1) (81.1) [2] (119.9) [2]
Other Investments (19.8) (13.0) [2] (104.9) [2]
Net (Purchases) Sales of Short-term Investments (238.4) 6.1 [2] 687.2 [2]
Acquisition of Business, Net of Cash Acquired 0.0 0.0 [2] (316.6) [2]
Sale of Reserve National, Net of Cash Disposed 0.0 14.8 [2] 0.0 [2]
Acquisition of Software and Long-lived Assets (53.8) (30.8) [2] (57.8) [2]
Settlement Proceeds from Company-Owned Life Insurance 102.2 0.0 [2] 0.0 [2]
Other (20.9) 8.5 [2] 16.8 [2]
Net Cash Provided by (Used in) Investing Activities 107.9 (108.4) [2] (118.2) [2]
Cash Flows from Financing Activities:      
Repayments of Long-term Debt 0.0 (280.0) (50.0)
Proceeds from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 0.0 145.6 0.0
Proceeds from Policyholder Contract Obligations 123.3 335.5 386.8
Repayment of Policyholder Contract Obligations (169.0) (138.2) (394.0)
Proceeds from Shares Issued under Employee Stock Purchase Plan 4.3 4.9 5.4
Common Stock Repurchases 0.0 0.0 (161.7)
Dividends Paid (80.1) (79.7) (80.6)
Other (0.5) 0.6 3.7
Net Cash (Used in) Provided by Financing Activities (122.0) 382.9 (290.4)
Net (decrease) increase in cash (148.3) 64.2 (57.9)
Cash, Beginning of Year 212.4 148.2 206.1
Cash, End of Year 64.1 212.4 148.2
Cash (paid) received during the year for:      
Interest (54.5) (51.5) (43.9)
Income taxes paid 106.7 (0.7) (38.0)
Non-Cash Activities:      
Operating Leases (25.4) (24.0) (23.6)
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities 13.8 9.7 15.5
Equity Method Limited Liability Investments      
Adjustments to Reconcile Net Loss to Net Cash (Used in) Provided by Operating Activities:      
(Income) Loss from Change in Value of Alternative Energy Partnership Investments (1.1) (9.5) [2] (33.5) [2]
Alternative Energy Partnership Investments      
Adjustments to Reconcile Net Loss to Net Cash (Used in) Provided by Operating Activities:      
(Income) Loss from Change in Value of Alternative Energy Partnership Investments (2.9) 19.9 [2] 61.2 [2]
Senior Notes, 3.800 Percent Due February 23, 2032      
Cash Flows from Financing Activities:      
Proceeds from Issuance of 3.800% Senior Notes due February 23, 2032 0.0 396.3 0.0
Issue Fess 0.0 (1.2) 0.0
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062      
Cash Flows from Financing Activities:      
Issue Fess $ 0.0 $ (0.9) $ 0.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Condensed Consolidated Statements of Shareholders’ Equity - USD ($)
Total
Common Stock
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interest
Previously Reported
Previously Reported
Common Stock
Previously Reported
Paid-in Capital
Previously Reported
Retained Earnings
Previously Reported
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2020 [1]               65,400,000      
Beginning balance at Dec. 31, 2020 [1]             $ 3,508,000,000 $ 6,500,000 $ 1,805,200,000 $ 2,046,100,000 $ (349,800,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net Loss $ (123,700,000) [2]     $ (123,700,000)              
Other Comprehensive Loss, Net of Taxes (Note 16) (51,800,000)       $ (51,800,000)            
Cash Dividends and Dividend Equivalents to Shareholders $ (81,000,000.0)     (81,000,000.0)              
Dividends paid to shareholders per share (in dollars per share) $ 1.24                    
Repurchases of Common Stock (Note 17) $ (161,700,000) $ (200,000) $ (57,800,000) (103,700,000)              
Repurchases of Common Stock (in shares) (2,085,000) (2,100,000)                  
Equity-based Compensation Cost (Note 21) $ 37,000,000.0   37,000,000.0                
Equity-based Awards, Net of Shares Exchanged (Note 11) (in shares)   300,000                  
Equity-based Awards, Net of Shares Exchanged (Note 21) (2,500,000) $ 100,000 900,000 (3,500,000)              
Issuances of Common Stock (in shares)   100,000                  
Comprehensive Loss attributable to Kemper Corporation (175,500,000)                    
Shares Issued Under Employee Stock Purchase Plan (Note 17) 5,400,000   5,400,000                
Ending balance (in shares) at Dec. 31, 2021 [1]               63,700,000      
Ending balance at Dec. 31, 2021 [1]             $ 3,129,700,000 $ 6,400,000 $ 1,790,700,000 $ 1,734,200,000 $ (401,600,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net Loss (286,600,000) [2]     (286,600,000)              
Other Comprehensive Loss, Net of Taxes (Note 16) (113,300,000)       (113,300,000)            
Cash Dividends and Dividend Equivalents to Shareholders $ (80,400,000)     (80,400,000)              
Dividends paid to shareholders per share (in dollars per share) $ 1.24                    
Equity-based Compensation Cost (Note 21) $ 17,700,000   17,700,000                
Equity-based Awards, Net of Shares Exchanged (Note 11) (in shares)   100,000                  
Equity-based Awards, Net of Shares Exchanged (Note 21) (1,400,000) $ 0 (600,000) (800,000)              
Issuances of Common Stock (in shares)   100,000                  
Comprehensive Loss attributable to Kemper Corporation (399,900,000)                    
Shares Issued Under Employee Stock Purchase Plan (Note 17) 4,900,000   4,900,000                
Ending balance (in shares) at Dec. 31, 2022 [1]   63,900,000                  
Ending balance at Dec. 31, 2022 [1] 2,670,600,000 $ 6,400,000 1,812,700,000 1,366,400,000 (514,900,000)            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net Loss (272,300,000)     (272,100,000)   $ (200,000)          
Other Comprehensive Loss, Net of Taxes (Note 16) 154,100,000       154,100,000            
Cash Dividends and Dividend Equivalents to Shareholders $ (80,100,000)     (80,100,000)              
Dividends paid to shareholders per share (in dollars per share) $ 1.24                    
Equity-based Compensation Cost (Note 21) $ 29,000,000.0   29,000,000.0                
Equity-based Awards, Net of Shares Exchanged (Note 11) (in shares)   100,000                  
Equity-based Awards, Net of Shares Exchanged (Note 21) (600,000) $ 0 (700,000) 100,000              
Issuances of Common Stock (in shares)   100,000                  
Comprehensive Loss attributable to Kemper Corporation (118,000,000.0)                    
Shares Issued Under Employee Stock Purchase Plan (Note 17) 4,300,000   4,300,000                
Ending balance (in shares) at Dec. 31, 2023   64,100,000                  
Ending balance at Dec. 31, 2023 $ 2,505,000,000 $ 6,400,000 $ 1,845,300,000 $ 1,014,300,000 $ (360,800,000) $ (200,000)          
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Condensed Consolidated Statements of Shareholders’ Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]      
Dividends paid to shareholders per share (in dollars per share) $ 1.24 $ 1.24 $ 1.24
v3.24.0.1
Schedule 2 - Parent Company Financial Statements - Balance Sheets (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Mar. 10, 2022
Feb. 15, 2022
Sep. 22, 2020
Amortized cost of fixed maturities $ 7,565.8 $ 7,811.8      
Long-term Debt $ 1,213.4 1,195.1      
Senior Notes | Senior Notes, 4.35 Percent Due February 15, 2025          
Stated interest rate, percentage 4.35%        
Long-term debt, gross $ 450.0        
Senior Notes | Senior Notes, 2.400 Percent Due September 30, 2030          
Stated interest rate, percentage         2.40%
Long-term debt, gross 400.0        
Proceeds from debt, net of issuance costs 395.8        
Senior Notes | Senior Notes, 3.800 Percent Due February 23, 2032          
Stated interest rate, percentage       3.80%  
Long-term debt, gross 400.0        
Junior Debt | Senior Notes, 5.875 Percent Due March 15, 2062          
Stated interest rate, percentage     5.875%    
Parent Company          
Amortized cost of fixed maturities 177.4 122.5      
Parent Company | Senior Notes | Senior Notes, 4.35 Percent Due February 15, 2025          
Long-term Debt $ 440.8 438.5      
Stated interest rate, percentage 4.35%        
Parent Company | Senior Notes | Senior Notes, 2.400 Percent Due September 30, 2030          
Long-term Debt $ 313.6 310.3      
Stated interest rate, percentage 2.40%        
Parent Company | Senior Notes | Senior Notes, 3.800 Percent Due February 23, 2032          
Long-term Debt $ 338.4 336.2      
Stated interest rate, percentage 3.80%        
Parent Company | Junior Debt | Senior Notes, 5.875 Percent Due March 15, 2062          
Long-term Debt $ 120.6 $ 110.1      
Stated interest rate, percentage 5.875%        
v3.24.0.1
Consolidated Statements of Income - (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Changes in Deferred Profit Liability $ 84.2 $ 60.2 $ 80.7
Liability for Future Policy Benefit, Expected Future Policy Benefit, Period Increase (Decrease) $ 33.5 $ 12.0 $ 30.2
v3.24.0.1
Consolidated Statements of Cash Flows (Parenthetical)
Mar. 10, 2022
Feb. 15, 2022
Senior Notes, 3.800 Percent Due February 23, 2032 | Senior Notes    
Stated interest rate, percentage   3.80%
Senior Notes, 5.875 Percent Due March 15, 2062 | Junior Debt    
Stated interest rate, percentage 5.875%  
v3.24.0.1
Basis of Presentation and Significant Estimates
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Significant Estimates BASIS OF PRESENTATION AND SIGNIFICANT ESTIMATES
The Consolidated Financial Statements include the accounts of Kemper Corporation (“Kemper”) and its subsidiaries which include property and casualty insurance subsidiaries, life insurance subsidiaries, a health insurance subsidiary through the date of its sale of December 1, 2022 (collectively referred to herein as the “Company”), and a variable interest entity (“VIE”) in which the Company is considered the primary beneficiary. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All intercompany accounts and transactions have been eliminated. Prior period amounts in the financial statements have been recasted to reflect the Company’s adoption of Accounting Standards Update (“ASU”) 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to Accounting for Long-Duration Contracts (“ASU 2018-12”) on January 1, 2023 (See Note 2, “Summary of Accounting Policies and Accounting Changes”).
Periodically, Kemper may acquire an additional company which then becomes one of the various subsidiaries of Kemper. When an acquisition occurs, Kemper will include the results of the acquired company in the consolidated financial results from the date of its acquisition and forward. When a disposition occurs, Kemper will include the results of the disposed subsidiary in the consolidated financial results up to the date of sale.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Many of these estimates and assumptions are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ materially from those estimates and assumptions.
The fair values of the Company’s Investments in Fixed Maturities, Investments in Convertible Securities at Fair Value, Investments in Equity Securities at Fair Value and Debt are estimated using a hierarchical framework which prioritizes and ranks market price observability of inputs used in fair value measurements. The carrying amounts reported in the Consolidated Balance Sheets approximate fair value for Cash, Short-term Investments and certain other assets and other liabilities because of their short-term nature. The actual value at which financial instruments could be sold or settled with a willing buyer or seller may differ from estimated fair values depending on a number of factors, including, but not limited to, current and future economic conditions, the quantity sold or settled, the presence of an active market and the availability of a willing buyer or seller.
The Company’s portfolio also includes investments in Alternative Energy Partnerships that are accounted for under the Hypothetical Liquidation at Book Value (“HLBV”) method. Under the HLBV method, the amounts of income and loss attributed to investors reflect changes in the amounts the fund investors would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreements of these funds. Attributing income and loss under the HLBV method requires the use of significant assumptions and forecasts to calculate the amounts that fund investors would receive upon a hypothetical liquidation.
The process of estimating and establishing reserves for losses and loss adjustment expenses (“LAE”) for property and casualty insurance is inherently uncertain, and the actual ultimate net cost of known and unknown claims may vary materially from the estimated amounts reserved. The reserving process is particularly imprecise for claims involving long-tailed exposures, which may not be discovered or reported until years after the insurance policy period has ended. Management considers a variety of factors, including, but not limited to, past claims experience, current claim trends and relevant legal, economic and social conditions, in estimating reserves. A change in any one or more factors is likely to result in the ultimate net claim costs differing from the estimated reserve. Changes in such estimates may be material and would be recognized in the Consolidated Financial Statements when such estimates change.
The process of determining whether an asset is impaired or recoverable relies on projections of future cash flows, operating results and market conditions. Projections are inherently uncertain, and, accordingly, actual future cash flows and operating results may differ materially from those projected. As a result, the Company’s assessment of the impairment of long-lived assets and recoverability of deferred tax assets is susceptible to the risk inherent in making such projections.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Many of these estimates and assumptions are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ materially from those estimates and assumptions.
The fair values of the Company’s Investments in Fixed Maturities, Investments in Convertible Securities at Fair Value, Investments in Equity Securities at Fair Value and Debt are estimated using a hierarchical framework which prioritizes and ranks market price observability of inputs used in fair value measurements. The carrying amounts reported in the Consolidated Balance Sheets approximate fair value for Cash, Short-term Investments and certain other assets and other liabilities because of their short-term nature. The actual value at which financial instruments could be sold or settled with a willing buyer or seller may differ from estimated fair values depending on a number of factors, including, but not limited to, current and future economic conditions, the quantity sold or settled, the presence of an active market and the availability of a willing buyer or seller.
The Company’s portfolio also includes investments in Alternative Energy Partnerships that are accounted for under the Hypothetical Liquidation at Book Value (“HLBV”) method. Under the HLBV method, the amounts of income and loss attributed to investors reflect changes in the amounts the fund investors would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreements of these funds. Attributing income and loss under the HLBV method requires the use of significant assumptions and forecasts to calculate the amounts that fund investors would receive upon a hypothetical liquidation.
The process of estimating and establishing reserves for losses and loss adjustment expenses (“LAE”) for property and casualty insurance is inherently uncertain, and the actual ultimate net cost of known and unknown claims may vary materially from the estimated amounts reserved. The reserving process is particularly imprecise for claims involving long-tailed exposures, which may not be discovered or reported until years after the insurance policy period has ended. Management considers a variety of factors, including, but not limited to, past claims experience, current claim trends and relevant legal, economic and social conditions, in estimating reserves. A change in any one or more factors is likely to result in the ultimate net claim costs differing from the estimated reserve. Changes in such estimates may be material and would be recognized in the Consolidated Financial Statements when such estimates change.
The process of determining whether an asset is impaired or recoverable relies on projections of future cash flows, operating results and market conditions. Projections are inherently uncertain, and, accordingly, actual future cash flows and operating results may differ materially from those projected. As a result, the Company’s assessment of the impairment of long-lived assets and recoverability of deferred tax assets is susceptible to the risk inherent in making such projections.
v3.24.0.1
Summary of Accounting Policies and Accounting Changes
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Accounting Policies and Accounting Changes SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES
Investments
Investments in Fixed Maturities include bonds, notes and redeemable preferred stocks. Investments in Fixed Maturities are classified as available for sale and reported at fair value. Net Investment Income, including amortization of purchased premiums and accretion of market discounts, on Investments in Fixed Maturities is recognized as interest over the period that it is earned using the effective yield method. Unrealized appreciation or depreciation, net of applicable deferred income taxes, on fixed maturities classified as available for sale is reported in Accumulated Other Comprehensive (Loss) Income (“AOCI”) included in Shareholders’ Equity.
Equity investments include common stocks, non-redeemable preferred stocks, exchange traded funds, money market mutual funds and limited liability companies, and investment partnerships in which the Company’s interests are deemed minor. Equity investments with readily determinable fair values are recorded as Equity Securities at Fair Value on the Consolidated Balance Sheets. The changes in the fair value of such equity securities are reported in the Consolidated Statements of (Loss) Income. Dividend income on investments in common and non-redeemable preferred stocks is recognized on the ex-dividend date.
Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting whereby changes in net asset values (“NAV”) are recorded in Net Investment Income in the Consolidated Statements of (Loss) Income. Partnerships for which results are not available on a timely basis are reported on a lag.
Investments in Alternative Energy Partnerships are measured using the HLBV method of equity method accounting whereby changes in the estimated amount the Company would receive upon the liquidation and distribution of the equity investment’s net assets are recorded in Net Investment Income. Tax credits allocated from investments in Alternative Energy Partnerships are recognized using the flow-through method, where credits are recorded as a reduction to tax expense in the period earned. Differences in the basis calculated under tax law and GAAP are recognized using the income statement approach, where basis differences are recorded to Income Tax Benefit (Expense) immediately, rather than deferred as adjustments to the carrying value of the asset. Partnerships for which results are not available on a timely basis are reported on a lag.
Short-term Investments include certificates of deposit and other fixed maturities that mature within one year from the date of purchase, U.S. Treasury bills, money market mutual funds and overnight interest-bearing accounts. Short-term Investments are reported at cost, which approximates fair value.
Company-Owned Life Insurance (“COLI”) is reported at cash surrender value with changes due to cost of insurance and investment experience reported in Net Investment Income in the Consolidated Statements of (Loss) Income.
Loans to Policyholders are carried at unpaid principal balance.
Other Investments primarily include Equity Securities at Modified Cost, Convertible Securities at Fair Value, Real Estate and Mortgage Loans. Equity Securities at Modified Cost do not have readily determinable fair values and are held at cost, less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Investments in Convertible Securities include fixed maturities with equity conversion features. The Company has elected the fair value option method of accounting for investments in Convertible Securities and records Convertible Securities at fair value on the Consolidated Balance Sheets. Real Estate is carried at cost, net of accumulated depreciation. Real Estate is depreciated over the estimated useful life of the asset using the straight-line method of depreciation. Real Estate is evaluated for impairment when events or circumstances indicate the carrying value may not be recoverable. An impairment loss on real estate is recognized when the carrying value exceeds the sum of undiscounted projected future cash flows as well as the fair value, or, in the case of a property classified as held for sale, when the carrying value exceeds the fair value, net of costs to sell. Mortgage Loans are carried at amortized cost, net of a reserve for expected credit losses as applicable.
Investments in Fixed Maturities - Impairment Losses
For fixed maturity investments that the Company intends to sell or for which it is more likely than not that the Company will be required to sell before an anticipated recovery of value, the full amount of the impairment is reported in Impairment Losses. The Company writes down the investment’s amortized cost to its fair value, and will not adjust for any subsequent recoveries.
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
For fixed maturity investments that the Company does not intend to sell or for which it is more likely than not that the Company will not be required to sell before an anticipated recovery of value, the Company will evaluate whether a decline in fair value below the amortized cost basis has occurred from a credit loss or other factors (non-credit related). Considerations in the credit loss assessment include (1) extent to which the fair value has been less than amortized cost, (2) conditions related to the security, an industry, or a geographic area, (3) payment structure of the investment and the likelihood of the issuer's ability to make contractual cash flows, (4) defaults or other collectability concerns related to the issuer, (5) changes in the ratings assigned by a rating agency and (6) other credit enhancements that affect the investment’s expected performance.
Any increase or decrease in the expected allowance for credit losses related to investments is recognized in Impairment Losses. The expected allowance for credit losses is limited by the amount that the fair value is less than the amortized cost basis and is adjusted for any additional expected credit losses or subsequent recoveries. The amortized cost basis of the investment is not adjusted for the expected allowance for credit loss. The impairment related to other factors (non-credit related) is reported in Other Comprehensive Income (Loss), net of income taxes.
The Company reports accrued investment income separately for available-for-sale fixed maturity securities and has elected not to measure an allowance for credit losses on accrued investment income. Accrued investment income is written off through Impairment Losses at the time the issuer of the bond defaults or is expected to default on interest payments.
Fair Value Measurements
The Company uses a hierarchical framework which prioritizes and ranks the market observability of inputs used in fair value measurements. Market price observability is affected by a number of factors, including the type of asset or liability and the characteristics specific to the asset or liability being measured. Assets and liabilities with readily available, active, quoted market prices or for which fair value can be measured from actively quoted prices generally are deemed to have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The Company classifies the inputs used to measure fair value into one of three levels as follows:
•Level 1 — Quoted prices in an active market for identical assets or liabilities;
•Level 2 — Observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and
•Level 3 — Significant unobservable inputs for the asset or liability being measured.
Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level of input that is significant to the entire measurement. Such determination requires significant management judgment.
Deferred Policy Acquisition Costs
Costs directly associated with the successful acquisition of business, principally commissions and certain premium taxes and policy issuance costs, are deferred. Costs deferred on property and casualty insurance contracts and short-duration health insurance contracts are amortized over the period in which premiums are earned. Deferred costs on traditional life insurance products and other long duration insurance contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. These deferred costs are amortized on a constant level basis for grouped contracts over the expected term of the related contracts to approximate straight-line amortization. The expected term of the contract used for amortization is determined using mortality and termination assumptions that are based on the Company’s experience, industry data, and other factors and are consistent with those used for the liability for future policyholder benefits. If those projected assumptions change in future periods, they will be reflected in the straight-line amortization horizon at that time. Unexpected terminations, due to higher mortality and termination experience than expected, are recognized in the current period as a reduction of the capitalized balances. Amortization of deferred policy acquisition costs is included in Insurance Expenses in the Condensed Consolidated Statements of Loss.
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
Deferred Profit Liability
For limited-payment life products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policyholder benefits, including discount rate, mortality, lapses, and expenses.
The DPL is amortized and recognized as premium revenue in proportion to insurance in force for nonparticipating limited-payment contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimates of cash flows for the DPL at the same time as the estimates of cash flows for the liability for future policyholder benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either an increase or decrease to Earned Premiums.
Goodwill
The cost of an acquired entity over the fair value of net assets acquired is reported as Goodwill. Goodwill is not amortized, but rather is tested for recoverability annually or when certain triggering events require testing.
Insurance Reserves
Reserves for losses and LAE on property and casualty insurance coverage and health insurance coverage represent the estimated claim cost and loss adjustment expense necessary to cover the ultimate net cost of investigating and settling all losses incurred and unpaid at the end of any given accounting period. Such estimates are based on individual case estimates for reported claims and estimates for incurred but not reported (“IBNR”) losses, including expected development on reported claims. These estimates are adjusted in the aggregate for ultimate loss expectations based on historical experience patterns and current economic trends, with any change in the estimated ultimate liabilities being reported in the Consolidated Statements of (Loss) Income in the period of change. Changes in such estimates may be material.
For life insurance products, the liability for future policyholder benefits is the present value of estimated future policyholder benefits to be paid to or on behalf of policyholders and certain related expenses, less the present value of estimated future net premiums to be collected from policyholders. The liability is estimated using current assumptions that include discount rate, mortality, lapses and expenses. These current assumptions are based on judgments that consider the Company’s historical experience, industry data, and other factors. The liability is adjusted for differences between actual and expected experience. The Company reviews and updates its estimate of cash flows expected over the lifetime of a group of contracts using actual historical experience quarterly and current future cash flow assumptions at least annually to calculate its revised net premium ratio. The revised net premium ratios are then used to calculate an updated liability for future policyholder benefits for the current reporting period, discounted at the original contract issuance discount rate. The Company has elected to use expense assumptions that are locked in at contract inception and are not subsequently reviewed or updated. Resulting changes in the liability due to differences in actual versus expected experience, changes in current cash flow assumptions, and prefunding and payout of benefits compared to the carrying amount of the liability as of that same date are recorded as a separate component of benefit expense in the Consolidated Statements of (Loss) Income.
The current discount rate assumption is an equivalent spot rate curve of annually compounded rates at monthly increments that is derived based on A-credit rated fixed-income instruments reflecting the duration characteristics of the liability. The Company utilizes published corporate yield curves from Bloomberg’s BVAL Investment Grade Corporate Sector curve. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in Other Comprehensive Income (Loss). For liability cash flows that are projected beyond the maximum observable point on the yield curve, the yield grades to an ultimate forward rate.
Insurance Reserves for life insurance products are comprised of reserves for future policy benefits plus an estimate of the Company’s liability for unpaid life insurance claims and claims adjustment expenses, which includes an estimate for IBNR life insurance claims. The Company utilizes the database of reported deaths maintained by the Social Security Administration or other comparable database (a “Death master File” or “DMF”) to identify potential situations where the Company has yet to be notified of an insured’s death and, as appropriate, initiating an outreach process to identify and contact beneficiaries and settle claims.
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
Policyholder Obligations
Policyholder Obligations include Federal Home Loan Bank (“FHLB”) funding agreements used for spread lending purposes and universal life-type policyholder contracts and are stated at account balances.
Receivables from Policyholders - Allowance for Expected Credit Losses
The allowance for credit losses is a valuation account that is deducted from the receivables from policyholders based on the net amount expected to be collected on the insurance contract. Receivables from policyholders are charged off against the allowance when management believes the receivable is uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.
Management estimates the allowance using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience on the receivables from policyholders provide the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current environmental conditions, primarily unemployment rates that could impact an insured’s ability to pay premiums.
The following table presents a rollforward of changes in the allowance for expected credit losses for the year ended December 31, 2023.
(Dollars in Millions)SpecialtyLifeTotal SegmentsNon-Core OperationsTotal Allowance for Expected Credit Losses
Balance at Beginning of Year$12.3 $— $12.3 $0.8 $13.1 
Provision for Expected Credit Losses39.3 0.5 39.8 1.8 41.6 
Write-offs of Uncollectible Receivables from Policyholders(38.7)(0.5)(39.2)(1.6)(40.8)
Balance at End of Year$12.9 $— $12.9 $1.0 $13.9 
Receivable Balance at End of Year$875.4 $11.3 $886.7 $73.5 $960.2 
The following table presents a rollforward of changes in the allowance for expected credit losses for the year ended December 31, 2022.
(Dollars in Millions)SpecialtyLifeTotal SegmentsNon-Core OperationsTotal Allowance for Expected Credit Losses
Balance at Beginning of Year$12.8 $— $12.8 $0.8 $13.6 
Provision for Expected Credit Losses44.4 1.1 45.5 2.5 48.0 
Write-offs of Uncollectible Receivables from Policyholders(44.9)(1.1)(46.0)(2.5)(48.5)
Balance at End of Year$12.3 $— $12.3 $0.8 $13.1 
Receivable Balance at End of Year$1,166.9 $11.0 $1,177.9 $108.7 $1,286.6 
Other Receivables
Other Receivables primarily include reinsurance recoverables, accrued investment income, and receivables from limited liability investments and investments in partnerships. Reinsurance Recoverables were $27.8 million and $39.6 million at December 31, 2023 and 2022, respectively. Accrued Investment Income was $88.4 million and $94.3 million at December 31, 2023 and 2022, respectively. Receivables from limited liability investments and investments in partnerships were $0.0 million and $35.2 million at December 31, 2023 and 2022, respectively.
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
Other Assets
Other Assets primarily include property and equipment, internal use software, right-of-use assets, insurance licenses acquired in business combinations, other intangible assets acquired in a business combination and prepaid expenses. Property and equipment is depreciated over the useful lives of the assets, generally using the straight-line or double declining balance methods of depreciation depending on the asset involved. Internal use software is amortized over the useful life of the asset using the straight-line method of amortization and is evaluated for recoverability upon identification of impairment indications. Insurance licenses acquired in business combinations and other indefinite life intangibles are not amortized, but rather tested periodically for recoverability.
The Company accounts for the value of business acquired (“VOBA”) based on actuarial estimates of the present value of future cash flows embedded in insurance in force as of an acquisition date. VOBA was $13.8 million and $15.4 million at December 31, 2023 and 2022, respectively. VOBA is amortized over the expected profit emergence period of the policies in force as of the acquisition date. The Company evaluates VOBA assets for recoverability annually.
The Company accounts for the future profits embedded in customer relationships (“Customer Relationships”) acquired based on the present value of estimated future cash flows from such relationships. Customer Relationships were $1.7 million and $2.7 million at December 31, 2023 and 2022, respectively, and are amortized on a straight-line basis over the estimated useful life of the relationship. Customer Relationships are tested for recoverability using undiscounted projections of future cash flows and are written down to estimated fair value if the carrying value exceeds the sum of such projections of undiscounted cash flows.
The Company accounts for the present value of the future profits embedded in broker or agent relationships acquired (“Agent Relationships”) based on the present value of estimated future cash flows from such acquired relationships or, using the cost recovery method, which estimates the ultimate cost to build a comparable distribution network. Agent Relationships were $43.4 million and $50.6 million at December 31, 2023 and 2022, respectively, and are amortized on a straight-line basis over the estimated useful life of the relationship. Agent Relationships are tested for recoverability using undiscounted projections of future cash flows and are written down to estimated fair value if the carrying value exceeds the sum of such projections of undiscounted cash flows.
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities primarily include drafts payable, accrued salaries and commissions, pension benefits, postretirement medical benefits, lease liability and accrued taxes, licenses and fees.
Recognition of Earned Premiums and Related Expenses
Property and casualty insurance and short-duration health insurance premiums are deferred when written and recognized and earned ratably over the periods to which the premiums relate. Unearned Premiums represent the portion of the premiums written related to the unexpired portion of policies in force which has been deferred and is reported as a liability. The Company performs a premium deficiency analysis typically at a business level, namely Specialty Property & Casualty Insurance and Non-Core Operations, which is consistent with the manner in which the Company acquires and services policies and measures profitability. Anticipated investment income is included in this analysis. A premium deficiency is recognized when the sum of expected claim costs, claim adjustment expenses, unamortized deferred policy acquisition costs and maintenance costs exceeds the related unearned premiums by first reducing related deferred policy acquisition costs to an amount, but not below zero, at which the premium deficiency would not exist. If a premium deficiency remains after first reducing deferred policy acquisition costs, a premium deficiency reserve is established and reported as a liability in the Consolidated Financial Statements.
Traditional life insurance premiums are recognized as revenue when due. Policyholders’ benefits are associated with related premiums to result in recognition of profits over the periods for which the benefits are provided using the net level premium method.
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses include provisions for future policy benefits under life and certain accident and health insurance contracts and provisions for reported claims, estimates for IBNR claims and loss adjustment expenses. Benefit payments in excess of policy account balances are expensed.
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
Reinsurance
In the normal course of business, Kemper’s insurance subsidiaries reinsure certain risks above certain retention levels with other insurance enterprises. These reinsurance agreements do not relieve Kemper’s insurance subsidiaries of their legal obligations to the policyholder. Amounts recoverable from reinsurers are included in Other Receivables.
Gains related to long-duration reinsurance contracts are deferred and amortized over the life of the underlying reinsured policies. Losses related to long-duration reinsurance contracts are recognized immediately. Any gain or loss associated with reinsurance agreements for which Kemper’s insurance subsidiaries have been legally relieved of their obligations to the policyholder is recognized in the period of relief.
Income Taxes
Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance, if any, is maintained for the portion of deferred income tax assets that the Company does not expect to recover. Increases, if any, in the valuation allowance for deferred income tax assets are recognized as Income Tax Benefit (Expense). Decreases, if any, in the valuation allowance for deferred income tax assets are generally recognized as income tax benefit. The effect on deferred income tax assets and liabilities of a change in tax law including a change in tax rates is recognized in income from operations in the period in which the change is enacted.
The Company reports a liability for unrecognized tax benefits, if any, resulting from uncertain tax positions taken, or expected to be taken, in an income tax return, if any. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income Tax Benefit (Expense).
Premium Deficiency
Commencing in 2022, the Company began including anticipated net investment income in the premium deficiency analysis performed on the Specialty Property & Casualty Insurance Segment and Non-Core Operations business. The Company believes this accounting principle change is preferable as it best reflects the ultimate profitability of an insurance contract in using all cash flows from the in-force policies, inclusive of related investment income, and provides improved comparability with industry peers. This accounting principle change had no impact on the results of the premium deficiency analysis in prior periods presented.
Variable Interest Entities
A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity's operations through voting rights or do not substantively participate in the gains and losses of the entity. The Company consolidates VIEs in which the Company is deemed the primary beneficiary. The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect that entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE.
Noncontrolling Interests
Noncontrolling interest is the portion of equity (net assets) not attributable, directly or indirectly, to a parent. The Company has no ownership interest in Kemper Reciprocal, but consolidates it as the Company is considered the primary beneficiary.
Adoption of New Accounting Guidance
Guidance Adopted in 2023
The Company adopted ASU 2018-12 for the liability for future policyholder benefits and deferred acquisition costs on a modified retrospective basis as of January 1, 2023, such that those balances were adjusted to conform to ASU 2018-12 on January 1, 2021.
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
The new standard requires cash flow assumptions used to measure the liability for future policyholder benefits for nonparticipating traditional and limited pay long-duration contracts to be reviewed at least annually, and if there is a change, updated with the recognition and remeasurement recorded in net income. It also requires the discount rate used in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting period, and recognized in other comprehensive income. ASU 2018-12 simplifies the amortization of deferred acquisition costs to a constant level basis over the expected term of the contract, requires all market risk benefits to be measured at fair value, and enhances certain presentation and disclosure requirements, as discussed in Note 7 and Note 8.
As a result of the adoption of ASU 2018-12, beginning retained earnings was reduced by $25.1 million and Accumulated Other Comprehensive Income (“AOCI”) reduced by $1,030.3 million as of January 1, 2021.
The table below presents the transition adjustment for the adoption of ASU 2018-12:
Pre-Adoption Balance 12/31/2020Adjustments to AOCIAdjustments to Retained EarningsPost- Adoption Balance 1/1/2021
Retained Earnings $2,071.2 — (25.1)$2,046.1 
AOCI$680.5 (1,030.3)— $(349.8)
For the liability for future policyholder benefits, the net transition adjustment is related to the difference in the historical discount rates used pre-transition and the discount rate at December 31, 2020. At transition, there were no adjustments related to premium deficiencies, as the balance is only applicable to Kemper’s universal life contracts which are stated at account value.
The effects of adoption of ASU 2018-12 on the Consolidated Statement of Loss for the years ended December 31, 2022 and 2021 were as follows:
20222021
Prior to AdoptionEffect of AdoptionPost- Adoption BalancePrior to AdoptionEffect of AdoptionPost- Adoption Balance
Earned Premiums $5,266.3 (52.9)$5,213.4 $5,253.7 (74.5)$5,179.2 
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses$4,504.4 (71.8)$4,432.6 $4,600.8 (81.2)$4,519.6 
Insurance Expenses$1,200.6 0.4 $1,201.0 $1,218.1 10.7 $1,228.8 
Income Tax Benefit$88.3 (3.9)$84.4 $124.8 0.8 $125.6 
Net Loss attributable to Kemper Corporation$(301.2)14.6 $(286.6)$(120.5)(3.2)$(123.7)
Net Loss Per Unrestricted Share attributable to Kemper Corporation:
Basic$(4.72)$0.22 $(4.50)$(1.87)$(0.05)$(1.92)
Diluted$(4.72)$0.22 $(4.50)$(1.87)$(0.05)$(1.92)
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
The effects of adoption of ASU 2018-12 on the Consolidated Balance Sheet as of December 31, 2022 were as follows:
Prior to AdoptionEffect of AdoptionPost- Adoption Balance
Deferred Policy Acquisition Costs$625.6 10.0 $635.6 
Deferred Income Tax Assets$189.4 (60.4)$129.0 
Total Assets$13,364.0 (50.4)$13,313.6 
Life and Health Insurance Reserves$3,554.0 (277.8)$3,276.2 
Total Liabilities$10,920.8 (277.8)$10,643.0 
Retained Earnings$1,380.1 (13.7)$1,366.4 
Accumulated Other Comprehensive Loss$(756.0)241.1 $(514.9)
Total Shareholders’ Equity attributable to Kemper Corporation$2,443.2 227.4 $2,670.6 
The effects of adoption of ASU 2018-12 on the Consolidated Statement of Comprehensive Loss for the years ended December 31, 2022 and 2021 were as follows:
20222021
Prior to AdoptionEffect of AdoptionPost- Adoption BalancePrior to AdoptionEffect of AdoptionPost- Adoption Balance
Change in Discount Rate on Future Life Policyholder Benefits$— 1,380.7 $1,380.7 $— $228.5 $228.5 
Other Comprehensive Loss Before Income Taxes$(1,524.4)1,380.7 $(143.7)$(294.8)$228.5 $(66.3)
Other Comprehensive Income Tax Benefit$320.3 (289.9)$30.4 $62.4 $(47.9)$14.5 
Other Comprehensive Loss, Net of Taxes$(1,204.1)1,090.8 $(113.3)$(232.4)$180.6 $(51.8)
Total Comprehensive Loss$(1,505.3)1,105.4 $(399.9)$(352.9)$177.4 $(175.5)
The effects of adoption of ASU 2018-12 on the Consolidated Statement of Cash Flows for the years ended December 31, 2022 and 2021 were as follows:
20222021
Prior to AdoptionEffect of AdoptionPost- Adoption BalancePrior to AdoptionEffect of AdoptionPost- Adoption Balance
Cash Flows from Operating Activities:
Net Loss$(301.2)14.6 $(286.6)$(120.5)(3.2)$(123.7)
Change in Deferred Policy Acquisition Costs$13.8 0.4 $14.2 $(88.3)10.7 $(77.6)
Change in Insurance Reserves$45.4 (18.9)$26.5 $623.1 (6.7)$616.4 
Change in Income Taxes$(87.5)3.9 $(83.6)$(163.1)(0.8)$(163.9)
Net Cash Used in Operating Activities$(210.3)— $(210.3)$350.7 — $350.7 
In July 2023, the FASB issued ASU 2023-03 Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718), which codifies amendments to certain SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. This ASU predominately codifies guidance for public companies to consider when entering into share-based payment arrangements while in possession of material non-public information. As this ASU does not provide any new guidance, there is no transition or effective date associated with it. The Company adopted this ASU as of the third quarter of 2023 with no material impact to the consolidated financial statements.
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
Guidance Not Yet Adopted
In March 2023, the FASB issued ASU 2023-02 Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which expands the use of the proportional amortization method of accounting to equity investments in other tax credit structures that meet certain criteria. The proportional amortization method results in the tax credit investment being amortized in proportion to the allocation of tax credits and other tax benefits in each period, and a net presentation within the income tax line item. ASU 2023-02 is effective for annual periods beginning after December 15, 2023 and interim periods within those annual periods. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
In October 2023, the FASB issued ASU 2023-06 Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. For SEC registrants, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but does not anticipate the adoption of the new guidance will have a material impact on the Company’s Consolidated Financial Statements. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07 Improvements to Reportable Segment Disclosures, which enhances disclosures about significant segment expenses. The new standard does not change the definition or aggregation of operating segments but will add required disclosures of significant expenses for each reportable segment as well as certain other disclosures to help financial statement users understand how the chief operating decision maker evaluates segment expenses and operating results. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09 Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring companies to use consistent categories and greater disaggregation of information in the tax rate reconciliation as well as requiring disaggregation of income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
v3.24.0.1
Income from Continuing Operations Per Unrestricted Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Income from Continuing Operations Per Unrestricted Share
A reconciliation of the numerator and denominator used in the calculation of Basic Net Loss Per Unrestricted Share and Diluted Net Loss Per Unrestricted Share for the years ended December 31, 2023, 2022 and 2021 is presented below.
202320222021
DOLLARS IN MILLIONS
Net Loss attributable to Kemper Corporation
$(272.1)$(286.6)$(123.7)
SHARES IN THOUSANDS
Weighted-average Unrestricted Shares Outstanding
64,025.6 63,825.5 64,264.4 
Equity-based Compensation Equivalent Shares
— — — 
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution
64,025.6 63,825.5 64,264.4 
Net Loss attributable to Kemper Corporation per Unrestricted Share:
PER UNRESTRICTED SHARE IN WHOLE DOLLARS
Basic Net Loss Per Unrestricted Share
$(4.25)$(4.50)$(1.92)
Diluted Net Loss Per Unrestricted Share
$(4.25)$(4.50)$(1.92)
The number of shares of Kemper common stock that were excluded from the calculations of Equity-based Compensation Equivalent Shares and Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution because the effect of inclusion would be anti-dilutive was 3.6 million, 2.4 million, and 2.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.
v3.24.0.1
Dispositions
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions DISPOSITIONS
Disposition of Reserve National Insurance Company
In July 2022, the Company entered into a definitive agreement to sell Reserve National Insurance Company and its wholly-owned subsidiaries (collectively, “Reserve National”) to Medical Mutual of Ohio for approximately $90.0 million in total consideration. The sale closed on December 1, 2022 and a loss of $1.6 million, net of income tax, was recorded for the year ended December 31, 2022. The Company reported Reserve National’s results of operations in the Life Insurance segment through December 1, 2022.
NOTE 4. DISPOSITIONS (Continued)
The following table summarizes the assets and liabilities included in the sale on December 1, 2022:
(Dollars in millions)Dec 1,
2022
Assets:
Investments:
Fixed Maturities at Fair Value (Amortized Cost: $43.3)
$36.7 
Short-term Investments at Cost which Approximates Fair Value0.7 
Loans to Policyholders0.7 
Total Investments38.1 
Cash81.0 
Receivables from Policyholders2.6 
Other Receivables1.6 
Deferred Policy Acquisition Costs38.7 
Goodwill0.3 
Other Assets3.1 
Investment in Subsidiaries0.2 
Total Assets$165.6 
Liabilities:
Insurance Reserves:
Health Insurance Reserves$48.2 
Unearned Premiums10.8 
Deferred Income Tax Liabilities1.8 
Accrued Expenses and Other Liabilities13.8 
Total Liabilities$74.6 
v3.24.0.1
Business Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
In the third quarter of 2023, the Company announced that it will exit the Preferred Property and Casualty Insurance business and will actively reduce the business beginning in third quarter 2023, with all policies being non-renewed or canceled in accordance with applicable state regulations. In connection with the exit, the Company changed its segment measure of performance to exclude the results of the Preferred Property and Casualty Insurance business from Segment Adjusted Net Operating Loss effective July 1, 2023, since the results are irrelevant to ongoing operations of the Company and do not qualify for Discontinued Operations under U.S. GAAP. The results of this business, previously reported as a reportable segment, are now reflected as Non-Core Operations and presented as a reconciling item between Segment Adjusted Operating Net Loss and Net Loss. Prior period amounts have been reclassified to reflect the change in reportable segments and the segment measure of performance.
The Company is engaged, through its subsidiaries, in the property and casualty insurance and life and health insurance businesses. The Company conducts its operations through two operating segments: Specialty Property & Casualty Insurance, and Life Insurance.
The Specialty Property & Casualty Insurance segment’s principal products are specialty automobile and commercial automobile insurance. These products are distributed primarily through independent agents and brokers. The Life Insurance segment’s (formerly referred to as “Life & Health Insurance”) principal products are individual life, accident, supplemental health and property insurance. Career agents employed by the Company distribute these products. Corporate and Other operations include interest expense, board of director fees, and general corporate expenses incurred by the Company which are not allocated to other businesses.
NOTE 5. BUSINESS SEGMENTS (Continued)
Segment Adjusted Operating (Loss) Income
The Company analyzes the operating performance of each segment using segment adjusted operating (loss) income. Segment adjusted operating (loss) income does not equate to “loss before income taxes” or “net loss” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s Chief Operating Decision Maker (“CODM”) to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below. Segment adjusted operating (loss) income is calculated by adjusting each segment’s loss before income taxes for the following items:
(i) Income (Loss) from Change in Fair Value of Equity and Convertible Securities;
(ii) Net Realized Investment (Losses) Gains;
(iii) Impairment Losses;
(iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs;
(v) Debt Extinguishment, Pension Settlement and Other Charges;
(vi) Goodwill Impairment Charge;
(vii) Non-Core Operations; and
(viii) Significant non-recurring or infrequent items that may not be indicative of ongoing operations
These items are important to an understanding of overall results of operations. Segment adjusted operating (loss) income is not a substitute for income determined in accordance with U.S. GAAP, and the Company’s definition of segment adjusted operating (loss) income may differ from that used by other companies. The Company, however, believes that the presentation of segment adjusted consolidated operating (loss) income as measured for management purposes enhances the understanding of results of operations by highlighting the results from ongoing operations and the underlying profitability factors of its businesses.
The Company’s earned premiums are derived in the United States. The accounting policies of the segments are the same as those described in Note 2, “Summary of Accounting Policies and Accounting Changes,” to the Consolidated Financial Statements. Capital expenditures for long-lived assets by operating segment are immaterial.
It is the Company’s management practice to allocate certain corporate expenses, primarily compensation costs for corporate employees and related facility costs, included in Interest and Other Expenses in the Consolidated Statements of (Loss) Income to its insurance operations. The amount of such allocated corporate expenses was $114.4 million, $127.8 million and $121.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company does not allocate Income (Loss) from Change in Fair Value of Equity and Convertible Securities, Net Realized Investment (Losses) Gains, Impairment Losses, Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs, Debt Extinguishment, Pension Settlement and Other Charges, Goodwill Impairment Charge, Non-Core Operations, and Significant non-recurring or infrequent items that may not be indicative of ongoing operations to its operating segments.
Total Segment, Non-Core Operations, and Corporate and Other assets at December 31, 2023 and 2022 were:
DOLLARS IN MILLIONS20232022
Segment Assets:
Specialty Property & Casualty Insurance$6,145.9 $6,535.3 
Life Insurance4,898.1 5,008.0 
Total Segment Assets11,044.0 11,543.3 
Corporate and Other623.7 545.4 
Non-Core Operations1,075.0 1,224.9 
Total Assets$12,742.7 $13,313.6 
NOTE 5. BUSINESS SEGMENTS (Continued)
Earned Premiums by product line for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Specialty Property & Casualty Insurance:
Personal Automobile$2,977.8 $3,496.7 $3,533.7 
Commercial Automobile654.7 549.7 414.8 
Life Insurance:
Life319.2 352.8 327.2 
Accident and Health23.1 168.2 189.9 
Property45.3 50.5 61.9 
Total Segment Earned Premiums4,020.1 4,617.9 4,527.5 
Non-Core Operations509.3 595.5 651.7 
Total Earned Premiums$4,529.4 $5,213.4 $5,179.2 
Segment Revenues, including a reconciliation to Total Revenues, for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Segment Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums$3,632.5 $4,046.4 $3,948.5 
Net Investment Income168.3 140.7 152.5 
Change in Value of Alternative Energy Partnership Investments1.6 (9.9)(29.0)
Other Income4.5 6.0 4.1 
Total Specialty Property & Casualty Insurance3,806.9 4,183.2 4,076.1 
Life Insurance:
Earned Premiums387.6 571.5 579.0 
Net Investment Income193.4 216.5 202.7 
Change in Value of Alternative Energy Partnership Investments0.7 (5.3)(15.8)
Other Income(0.2)(0.6)(1.3)
Total Life Insurance581.5 782.1 764.6 
Total Segment Revenues4,388.4 4,965.3 4,840.7 
Income (Loss) from Change in Fair Value of Equity and Convertible Securities4.7 (79.9)114.6 
Net Realized Investment (Losses) Gains(18.6)4.3 64.8 
Net Impairment Losses Recognized in Earnings(1.1)(25.8)(11.0)
Non-Core Operations558.4 640.5 704.0 
Other12.4 19.5 5.4 
Total Revenues$4,944.2 $5,523.9 $5,718.5 
NOTE 5. BUSINESS SEGMENTS (Continued)
Adjusted Consolidated Operating Loss, including a reconciliation to Loss before Income Taxes attributable to Kemper Corporation, for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Segment Adjusted Operating (Loss) Income:
Specialty Property & Casualty Insurance$(76.3)$(196.9)$(292.1)
Life Insurance62.3 78.0 6.5 
Total Segment Adjusted Operating Loss
(14.0)(118.9)(285.6)
Corporate and Other Adjusted Operating Loss
(55.2)(47.7)(48.4)
Less: Loss before Income Taxes attributable to Noncontrolling Interest(0.3)— — 
Adjusted Consolidated Operating Loss
(68.9)(166.6)(334.0)
Income (Loss) from Change in Fair Value of Equity and Convertible Securities
4.7 (79.9)114.6 
Net Realized Investment (Losses) Gains
(18.6)4.3 64.8 
Impairment Losses(1.1)(25.8)(11.0)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(120.3)(62.9)(43.9)
Debt Extinguishment, Pension Settlement, and Other Charges(70.2)(3.7)— 
Goodwill Impairment Charge(49.6)— — 
Non-Core Operations(22.8)(36.4)(39.8)
Loss before Income Taxes attributable to Kemper Corporation
$(346.8)$(371.0)$(249.3)
Adjusted Consolidated Net Operating Loss, including a reconciliation to Net Loss attributable to Kemper Corporation, for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Segment Adjusted Net Operating (Loss) Income:
Specialty Property & Casualty Insurance$(57.1)$(147.4)$(196.1)
Life Insurance51.8 68.8 25.0 
Total Segment Adjusted Net Operating Loss
(5.3)(78.6)(171.1)
Corporate and Other Adjusted Net Operating Loss(42.1)(37.8)(38.4)
Less: Net Loss attributable to Noncontrolling Interest(0.2)— — 
Adjusted Consolidated Net Operating Loss
(47.2)(116.4)(209.5)
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities3.7 (63.1)90.5 
Net Realized Investment (Losses) Gains
(14.7)3.4 51.2 
Impairment Losses(0.9)(20.4)(8.7)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(95.0)(61.3)(34.7)
Debt Extinguishment, Pension Settlement, and Other Charges(55.5)(2.9)— 
Goodwill Impairment Charges(45.5)— — 
Non-Core Operations(17.0)(25.9)(12.5)
Net Loss Attributable to Kemper Corporation
$(272.1)$(286.6)$(123.7)
v3.24.0.1
Financial Services, Insurance
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Property and Casualty Insurance Reserves PROPERTY AND CASUALTY INSURANCE RESERVES
The Company’s Property and Casualty Insurance Reserves are reported using the Company’s estimate of its ultimate liability for losses and LAE for claims that occurred prior to the end of any given accounting period but have not yet been paid. Such estimates are based on individual case estimates for reported claims and estimates for IBNR losses, including expected development on reported claims. Property and Casualty Insurance Reserves are recorded net of any expected salvage and subrogation recoveries.
The determination of individual case reserves differs by line of business. For personal automobile insurance and commercial automobile insurance, case reserves are set primarily using statistical reserves that are based on studies of historical average paid amounts by state, coverage and product. However, when such reserves exceed certain thresholds they are set manually by
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
adjusters. For preferred homeowners insurance and other personal insurance, case reserves are set by adjusters and are based on the adjusters’ estimates of the amount for which the claims will ultimately be paid.
The Company’s actuaries estimate ultimate losses and LAE and, therefore, reserves at least quarterly for most product lines and/or coverage levels using accident quarters or years spanning 10 or more years, depending on the size of the product line and/or coverage level or emerging issues relating to them. The Company’s actuaries use a variety of generally accepted actuarial loss reserving estimation methodologies to estimate the ultimate losses and LAE for the current accident quarter or year and re-estimate the ultimate losses and LAE for previous accident quarters or years to determine if changes in the previous estimates of the ultimate losses and LAE are indicated by the most recent data.
The key assumption in these estimation methodologies is that patterns observed in prior periods are indicative of how losses and LAE are expected to develop in the future and that such historical data can be used to predict and estimate ultimate losses and LAE. However, changes in the Company’s business processes, by their very nature, are likely to affect the development patterns, which generally results in the historical development factors becoming less reliable over time in predicting how losses and LAE will ultimately develop. The Company’s actuaries use professional judgment in determining how much weight to place on the development patterns based on the older historical data and how much weight to place on the development patterns based on more recent data. In some cases, the Company’s actuaries make adjustments to the loss reserving estimation methodologies to estimate ultimate losses and LAE. The Company’s actuaries’ quarterly or yearly selections are summed by product and/or coverage levels to create the actuarial indication of the ultimate losses and LAE. Paid amounts are then subtracted from the ultimates to compute the reserves for property and casualty insurance losses and LAE. These results are reviewed by the Company’s actuaries and corporate management who apply their collective judgment and determine the appropriate estimated level of reserves to record. Numerous factors are considered in this determination process, including, but not limited to, the assessed reliability of key loss trends and assumptions that may be significantly influencing the current actuarial indications, changes in claim handling practices or other changes that affect the timing of payment or development patterns, changes in the mix of business, the maturity of the accident year, pertinent trends observed over the recent past, the level of volatility within a particular line of business, the improvement or deterioration of actuarial indications in the current period as compared to prior periods, and the amount of reserves related to third party pools for which the Company has limited access to the underlying data and, accordingly, relies on calculations provided by such pools. The Company’s goal is to ensure that its total reserves for property and casualty insurance losses and LAE are adequate to cover all costs, while sustaining minimal variation from the time reserves for losses and LAE are initially estimated until losses and LAE are fully developed. Changes in the Company’s estimates of these losses and LAE over time, also referred to as “development,” will occur and may be material.
The following tables contain information about incurred and paid claims development as of and for the year ended December 31, 2023, net of reinsurance and indemnification, as well as cumulative claim frequency and the total of IBNR liabilities, including expected development on reported claims included within the net incurred losses and allocated LAE amounts. The tables are grouped by major product line and, if relevant, coverage. The information about incurred and paid claims development for the years ended December 31, 2019 through 2022 is presented as supplementary information and is unaudited.
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Specialty Personal Automobile Insurance—Liability1
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$1,461.5 $1,494.7 $1,506.1 $1,508.3 $1,516.1 $20.0 547,437 
20201,401.2 1,406.4 1,407.8 1,415.9 29.9 475,894 
20211,856.9 1,824.7 1,844.2 75.9 585,665 
20221,765.9 1,848.7 169.3 471,990 
20231,448.7 537.1 282,423 
Total8,073.6 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$567.3 $1,200.7 $1,382.0 $1,452.3 $1,482.1 
2020555.2 1,107.6 1,287.8 1,350.0 
2021657.1 1,429.4 1,680.8 
2022738.2 1,463.3 
2023580.4 
Total6,556.6 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance27.9 
Loss and Allocated LAE Reserves, Net of Reinsurance$1,544.9 
1 Tables retrospectively include American Access Casualty Company’s (“AAC”) historical incurred and paid accident year claim information for all periods presented.
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Specialty Personal Automobile Insurance—Physical Damage1
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$624.3 $630.3 $629.6 $629.7 $629.5 $(9.2)324,516 
2020650.5 659.5 659.5 659.0 (0.5)296,411 
2021958.0 967.5 967.2 (1.9)361,864 
2022993.5 989.5 (9.7)308,705 
2023722.6 (6.2)199,413 
Total3,967.8 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$570.8 $634.8 $630.6 $630.0 $629.8 
2020585.5 663.8 659.7 658.8 
2021890.1 977.5 968.3 
2022921.9 997.8 
2023699.2 
Total3,953.9 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance(2.8)
Loss and Allocated LAE Reserves, Net of Reinsurance$11.1 
1 Tables retrospectively include AAC’s historical incurred and paid accident year claim information for all periods presented.
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Commercial Automobile Insurance—Liability
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$128.4 $126.1 $126.6 $128.1 $129.8 $5.7 19,641 
2020140.5 152.0 154.0 155.6 7.4 19,627 
2021225.6 228.6 240.4 24.8 27,382 
2022305.1 309.1 67.1 32,102 
2023379.9 201.4 31,970 
Total1,214.8 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance and Indemnification
For the Years Ended December 31,
Accident Year20192020202120222023
2019$32.4 $75.7 $99.5 $113.1 $121.9 
202037.0 87.6 111.7 129.7 
202150.8 128.0 168.6 
202272.2 159.0 
202387.5 
Total666.7 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance11.4 
Loss and Allocated LAE Reserves, Net of Reinsurance$559.5 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Commercial Automobile Insurance—Physical Damage
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$26.0 $27.1 $26.9 $26.8 $26.8 $(0.5)9,317 
202031.9 32.2 32.1 32.1 — 11,044 
202152.4 51.9 51.6 0.2 17,724 
202274.5 74.7 (0.2)21,541 
202390.0 4.8 19,056 
Total275.2 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance and Indemnification
For the Years Ended December 31,
Accident Year20192020202120222023
2019$23.0 $26.9 $26.8 $26.8 $26.9 
202026.2 31.9 32.0 32.0 
202143.3 51.9 51.4 
202266.8 74.6 
202380.6 
Total265.5 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance— 
Loss and Allocated LAE Reserves, Net of Reinsurance$9.7 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Non-Core Personal Automobile Insurance—Liability
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$172.2 $195.5 $200.0 $201.8 $204.8 $1.6 34,622 
2020148.9 153.6 151.8 158.8 3.1 24,664 
2021176.9 179.8 180.6 9.3 27,173 
2022165.0 172.4 19.9 24,019 
2023135.0 47.1 15,795 
Total851.6 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$62.7 $127.9 $160.8 $181.1 $193.5 
202044.4 92.8 117.7 141.4 
202150.3 106.1 144.1 
202255.0 111.0 
202343.7 
Total633.7 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance8.2 
Loss and Allocated LAE Reserves, Net of Reinsurance$226.1 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Non-Core Personal Automobile Insurance—Physical Damage
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$126.4 $125.8 $125.9 $125.8 $125.4 $— 67,108 
202096.1 98.0 97.9 97.5 — 47,589 
2021118.5 117.9 117.1 (0.2)53,477 
2022110.9 113.5 (1.1)48,108 
202386.6 (1.3)32,552 
Total540.1 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$120.7 $126.5 $125.6 $125.4 $125.4 
202090.9 98.4 97.6 97.5 
2021113.1 118.1 117.2 
2022108.7 114.6 
202384.8 
Total539.5 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance— 
Loss and Allocated LAE Reserves, Net of Reinsurance$0.6 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Non-Core Homeowners Insurance
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$162.9 $161.8 $163.1 $162.8 $161.6 $0.4 14,531 
2020157.0 149.8 144.6 141.2 0.4 14,074 
2021149.9 149.8 143.9 0.9 13,620 
2022142.7 152.7 1.7 11,463 
2023126.6 12.8 8,913 
Total726.0 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$111.1 $150.4 $157.7 $159.5 $160.6 
202094.6 130.8 137.4 139.8 
2021100.6 132.6 139.7 
202297.0 141.2 
202384.7 
Total666.0 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance1.5 
Loss and Allocated LAE Reserves, Net of Reinsurance$61.5 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
The claim counts in the preceding tables are cumulative reported claim counts as of December 31, 2023 and are equal to the sum of cumulative open and cumulative closed claims, including claims closed without payment. Certain product lines, particularly the Company’s specialty personal automobile insurance, tend to have a higher percentage of claims closed without payment.
The Company's claims associated with automobile insurance are counted at the feature level. As such, each claimant and each coverage is counted separately. For example, if for one occurrence, the Company's policyholder is at fault for damage to his/her own vehicle, another party's vehicle and three injured parties, there may be five features—three for bodily injury liability, one for property damage liability and one for first-party collision coverage. There may also be another feature for first-party medical payments.
The following table reconciles the net incurred and paid claims development tables presented above to the Company's liability for Property and Casualty Insurance Reserves included in the Consolidated Balance Sheets at December 31, 2023.
DOLLARS IN MILLIONS2023
Property and Casualty Insurance Reserves, Net of Reinsurance:
Specialty Personal Automobile Insurance—Liability$1,544.9 
Specialty Personal Automobile Insurance—Physical Damage11.1 
Commercial Automobile Insurance—Liability559.5 
Commercial Automobile Insurance—Physical Damage9.7 
Non-Core Personal Automobile Insurance—Liability226.1 
Non-Core Personal Automobile Insurance—Physical Damage0.6 
Non-Core Homeowners Insurance61.5 
Other37.4 
Total$2,450.8 
Reinsurance Recoverables on Unpaid Losses and Allocated LAE:
Specialty Personal Automobile Insurance—Liability$6.0 
Non-Core Preferred Personal Automobile Insurance—Liability18.7 
Non-Core Homeowners Insurance0.2 
Other2.9 
Total27.8 
Unallocated LAE201.9 
Property and Casualty Insurance Reserves, Gross of Reinsurance$2,680.5 
The following is supplementary information about average historical claims duration as of December 31, 2023.
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited)
Years12345
Specialty Personal Automobile Insurance—Liability38.5 %78.5 %91.1 %95.6 %97.8 %
Specialty Personal Automobile Insurance—Physical Damage92.3 100.0 100.0 100.0 100.0 
Commercial Automobile Insurance—Liability23.3 54.8 72.9 85.3 93.9 
Commercial Automobile Insurance—Physical Damage86.1 100.0 100.0 100.0 100.0 
Non-Core Preferred Personal Automobile Insurance—Liability30.1 61.0 77.5 88.7 94.5 
Non-Core Preferred Personal Automobile Insurance—Physical Damage96.0 100.0 100.0 100.0 100.0 
Non-Core Homeowners Insurance67.2 92.6 97.3 98.8 99.4 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Property and Casualty Insurance Reserve activity for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Property and Casualty Insurance Reserves:
Gross of Reinsurance at Beginning of Year$2,756.9 $2,772.7 $1,982.5 
Less Reinsurance Recoverables at Beginning of Year39.6 41.9 50.1 
Property and Casualty Insurance Reserves, Net of Reinsurance at Beginning of Year
2,717.3 2,730.8 1,932.4 
Property and Casualty Insurance Reserves Acquired, Net of Reinsurance
— — 211.1 
Incurred Losses and LAE related to:
Current Year3,429.9 4,103.3 4,052.7 
Prior Years159.8 (14.6)106.7 
Total Incurred Losses and LAE3,589.7 4,088.7 4,159.4 
Paid Losses and LAE related to:
Current Year:1,965.3 2,460.5 2,303.4 
Prior Years1,689.0 1,641.7 1,268.7 
Total Paid Losses and LAE3,654.3 4,102.2 3,572.1 
Property and Casualty Insurance Reserves, Net of Reinsurance at End of Year2,652.7 2,717.3 2,730.8 
Plus Reinsurance Recoverables at End of Year27.8 39.6 41.9 
Property and Casualty Insurance Reserves, Gross of Reinsurance at End of Year
$2,680.5 $2,756.9 $2,772.7 
Property and Casualty Insurance Reserves are estimated based on historical experience patterns and current economic trends. Actual loss experience and loss trends are likely to differ from these historical experience patterns and economic conditions. Loss experience and loss trends emerge over several years from the dates of loss inception. The Company monitors such emerging loss trends on a quarterly basis. Changes in such estimates are included in the Consolidated Statements of Loss in the period of change.
In 2023, the Company increased its property and casualty insurance reserves by $159.8 million to recognize adverse development of loss and LAE reserves from prior accident years. Specialty Personal Automobile insurance loss and LAE reserves developed adversely by $108.7 million due primarily to higher than expected emergence in loss patterns related to third and fourth accident quarters of 2022 within the bodily injury and physical damage coverages as well as an increase in Florida personal injury protection driven by higher than expected frequency and severity resulting from an increase in litigated claim activity, mainly from policy years 2020 through 2022. Commercial Automobile insurance loss and LAE reserves developed adversely by $24.2 million due to higher than expected emergence in loss patterns related to policy years 2021 and 2022 bodily injury coverages. Non-Core personal automobile insurance loss and LAE reserves developed adversely by $21.6 million due to higher than expected emergence in loss patterns related to the third and fourth accident quarters of 2022 within the bodily injury and physical damage coverages. Homeowners insurance loss and LAE reserves developed adversely by $1.5 million. Other personal lines loss and LAE reserves developed adversely by $3.8 million.
In 2022, the Company decreased its property and casualty insurance reserves by $14.6 million to recognize favorable development of loss and LAE reserves from prior accident years. Specialty Personal Automobile insurance loss and LAE reserves developed favorably by $17.6 million due primarily to the emergence of more favorable loss patterns than expected for liability and physical damage insurance. Commercial Automobile insurance loss and LAE reserves included adverse development of $3.6 million due primarily to the emergence of less favorable loss patterns than expected for liability insurance. Non-Core personal automobile insurance loss and LAE reserves developed adversely by $1.8 million due primarily to the emergence of less favorable loss patterns than expected for liability insurance. Homeowners insurance loss and LAE reserves developed favorably by $7.6 million due primarily to the emergence of more favorable loss patterns than expected. Other personal lines loss and LAE reserves developed adversely by $5.2 million due primarily to the emergence of less favorable loss patterns than expected for prior accident years.
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
In 2021, the Company increased its property and casualty insurance reserves by $106.7 million to recognize adverse development of loss and LAE reserves from prior accident years. Specialty Personal Automobile insurance loss and LAE reserves developed adversely by $85.3 million due primarily to legal developments and increased severity in personal injury protection coverage in Florida and other liability coverages. Commercial Automobile insurance loss and LAE reserves included adversely development of $12.4 million due primarily to the emergence of less favorable loss patterns than expected for liability insurance. Non-Core personal automobile insurance loss and LAE reserves developed adversely by $12.1 million due primarily to the emergence of less favorable loss patterns than expected for liability insurance. Homeowners insurance loss and LAE reserves developed favorably by $6.5 million due primarily to the emergence of less favorable loss patterns than expected for liability insurance. Other personal lines loss and LAE reserves developed adversely by $3.4 million due primarily to the emergence of less favorable loss patterns than expected for prior accident years.
The Company cannot predict whether loss and LAE reserves will develop favorably or unfavorably from the amounts reported in the Consolidated Financial Statements. The Company believes that any such development will not have a material effect on the Company’s consolidated financial position, but could have a material effect on the Company’s consolidated financial results for a given period.
Reinsurance recoverables on property and casualty insurance reserves were $27.8 million and $39.6 million at December 31, 2023 and 2022, respectively. These recoverables are concentrated with several reinsurers, the majority of which are highly rated by one or more of the principal investor and/or insurance company rating agencies. While most of these recoverables were unsecured at December 31, 2023 and 2022, the agreements with the reinsurers generally provide for some form of collateralization upon the occurrence of certain events.
LIABILITY FOR FUTURE POLICYHOLDER BENEFITS
The Company’s Life Insurance Reserves are reported using the Company’s estimate of its liability for future policyholder benefits.
The liability for future policyholder benefits is grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. Significant assumption inputs to the calculation of the liability for future policyholder benefits include mortality, lapses, and discount rates (both accretion and current). The Company’s actuaries review assumptions used to measure the liability for future policyholder benefits for nonparticipating traditional and limited pay long-duration contracts at least annually. If there is a change, assumptions are updated with the recognition and remeasurement recorded in net income. The Company’s actuaries use a variety of generally accepted actuarial methodologies, in accordance with Actuarial Standards of Practice, in determining the assumptions.
The key assumption in these estimation methodologies is that patterns observed in prior periods are indicative of how policyholder benefits are expected to develop in the future and that such historical data can be used to predict and estimate future losses. However, changes in the Company’s business processes and the macroeconomic environment, by their very nature, are likely to affect the actual to expected experience which generally results in the historical experience factors becoming less reliable over time in predicting how cash flows will ultimately develop. The Company’s actuaries use professional judgment in determining how much weight to place on the actual to expected experience based on the older historical data and how much weight to place on more recent experience data. In some cases, the Company’s actuaries make adjustments to the assumptions to estimate losses. These assumptions are reviewed by the Company’s actuaries and corporate management who apply their collective judgment and determine the appropriate assumptions to adopt for the underlying business. Numerous factors are considered in this determination process, including, but not limited to, the assessed reliability of key assumptions that may be significantly influencing the current actuarial indications, changes in pricing and product offerings, changes in customer base, changes in agency operations or other changes that affect the timing of payments, the policyholder behaviors observed over the recent past, the level of volatility within a particular line of business, and the improvement or deterioration of actuarial indications in the current period as compared to prior periods. Changes in the Company’s assumptions underlying these liabilities over time will occur and may be material.
NOTE 7. LIABILITY FOR FUTURE POLICYHOLDER BENEFITS (Continued)
The following tables summarize balances and changes in the present value of expected net premiums, present value of expected future policyholder benefits and net liability for future policyholder benefits as of and for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONSYear Ended
Dec 31, 2023Dec 31, 2022Dec 31, 2021
Present Value of Expected Net PremiumsBalance, Beginning of Period$688.6 $669.0 $396.0 
Beginning Balance at Original Discount Rate$728.9 $599.8 $325.6 
        Effect of Changes in Cash Flow Assumptions(35.7)68.5 124.3 
        Effect of Actual Variances from Expected Experience(38.5)(6.4)64.7 
Adjusted Beginning of Period Balance654.7 661.9 514.6 
         Issuances105.2 133.2 133.2 
         Interest Accrual29.7 21.9 17.4 
         Net Premiums Collected(94.9)(88.1)(65.4)
Ending Balance at Original Discount Rate694.7 728.9 599.8 
         Effect of Changes in Discount Rate Assumptions(19.3)(40.3)69.2 
Balance, End of Period$675.4 $688.6 $669.0 
Present Value of Expected Future Policyholder BenefitsBalance, Beginning of Period$3,561.0 $4,933.1 $4,924.9 
Beginning Balance at Original Discount Rate$3,906.2 $3,788.1 $3,550.3 
        Effect of Changes in Cash Flow Assumptions(59.0)77.2 130.0 
        Effect of Actual Variances From Expected Experience(45.5)(7.0)65.1 
Adjusted Beginning of Period Balance3,801.7 3,858.3 3,745.4 
         Issuances 104.6 133.2 134.4 
         Interest Accrual171.0 164.0 162.1 
         Benefit Payments(241.4)(249.3)(253.8)
Ending Balance at Original Discount Rate3,835.9 3,906.2 3,788.1 
         Effect of Changes in Discount Rate Assumptions(222.7)(345.2)1,145.0 
Balance, End of Period$3,613.2 $3,561.0 $4,933.1 
Net Liability for Future Policyholder Benefits$2,937.8 $2,872.4 $4,264.1 
Less: Reinsurance Recoverable— — — 
Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable$2,937.8 $2,872.4 $4,264.1 
The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows:
Dec 31, 2023Dec 31, 2022Dec 31, 2021
Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years)15.314.618.2
NOTE 7. LIABILITY FOR FUTURE POLICYHOLDER BENEFITS (Continued)
The reconciliation of the net liability for future policyholder benefits to Life and Health Insurance Reserves in the Consolidated Balance Sheets is as follows:
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022
Net Liability for Future Policyholder Benefits$2,937.8 $2,872.4 
Deferred Profit Liability337.8 253.6 
Other1
146.8 150.2 
Total Life and Health Insurance Reserves$3,422.4 $3,276.2 
1Other primarily consists of Accident and Health and Universal Life reserves
The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, were as follows:
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022
Expected Future Benefit Payments, undiscounted$10,185.2 $10,137.2 
Expected Future Gross Premiums, undiscounted$4,107.9 $4,436.8 
Expected Future Gross Premiums, discounted$2,800.6 $2,844.4 
The amount of revenue and interest recognized in the Consolidated Statements of Loss is as follows:
Year Ended
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022Dec 31, 2021
Gross Premiums or Assessments $399.0 $392.1 $380.3 
Interest Expense $141.3 $142.1 $144.9 
The weighted-average interest rate is as follows:
Dec 31, 2023Dec 31, 2022
Interest Accretion Rate4.57 %4.60 %
Current Discount Rate5.08 %5.30 %
Significant assumption inputs to the calculation of the liability for future policyholder benefits include mortality, lapses, and discount rates (both accretion and current). The Company reviewed and updated mortality and lapse assumptions during the fourth quarter of 2023. Market data that underlies current discount rates was updated from September 30, 2023.
The balances of and changes in Deferred Profit Liability as of and for the years indicated are as follows:
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022Dec 31, 2021
Balance, beginning of period$253.6 $193.4 $112.7 
Annual assumption changes15.0 (12.7)(4.6)
Profits deferred163.1 164.7 176.3 
Interest accrual13.2 10.4 6.8 
Amortization(111.2)(101.6)(97.6)
Effect of actual variances from expected experience and other changes4.1 (0.6)(0.2)
Balance, end of period$337.8 $253.6 $193.4 
v3.24.0.1
Deferred Costs, Capitalized, Prepaid, and Other Assets
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferred Policy Acquisition Costs DEFERRED POLICY ACQUISITION COSTS
The following table presents the balances and changes in Deferred Policy Acquisition Costs for the Property and Casualty and Life and Health business for the years ended December 31, 2023, 2022 and 2021:
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022Dec 31, 2021
Property and CasualtyLife and HealthTotalProperty and CasualtyLife and HealthTotalProperty and CasualtyLife and HealthTotal
Balance, Beginning of Year$231.1 $404.5 $635.6 $268.7 $419.3 $688.0 $229.1 $381.3 $610.4 
 Capitalizations505.6 57.7 563.3 630.9 60.6 691.5 697.0 75.6 772.6 
 Amortization Expense (571.8)(19.9)(591.7)(668.5)(28.0)(696.5)(657.4)(35.7)(693.1)
 Experience Adjustment— (15.6)(15.6)— (8.7)(8.7)— (1.9)(1.9)
Balance164.9 426.7 591.6 231.1 443.2 674.3 268.7 419.3 688.0 
Less:
Deferred Policy Acquisition Costs Asset Divested— — — — 38.7 38.7 — — — 
Balance, End of Period$164.9 $426.7 $591.6 $231.1 $404.5 $635.6 $268.7 $419.3 $688.0 
Costs directly associated with the successful acquisition of business, principally commissions and certain premium taxes and policy issuance costs, are deferred. Costs deferred on property and casualty insurance contracts are amortized over the period in which premiums are earned. Costs deferred on traditional life insurance products and other long-duration insurance contracts are amortized on a constant level basis over the expected life of the contracts in accordance with the assumptions used to estimate the liability for future policyholder benefits for nonparticipating traditional and limited-payment contracts. The underlying assumptions for deferred policy acquisition costs and the liability for future policyholder benefits were updated concurrently.
The Company made changes to future assumptions in the fourth quarter for the Life and Health business for both the years ended December 31, 2023 and 2022.
v3.24.0.1
Property and Casualty Insurance Reserves
 12 Months Ended
Dec. 31, 2023
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Property and Casualty Insurance Reserves PROPERTY AND CASUALTY INSURANCE RESERVES
The Company’s Property and Casualty Insurance Reserves are reported using the Company’s estimate of its ultimate liability for losses and LAE for claims that occurred prior to the end of any given accounting period but have not yet been paid. Such estimates are based on individual case estimates for reported claims and estimates for IBNR losses, including expected development on reported claims. Property and Casualty Insurance Reserves are recorded net of any expected salvage and subrogation recoveries.
The determination of individual case reserves differs by line of business. For personal automobile insurance and commercial automobile insurance, case reserves are set primarily using statistical reserves that are based on studies of historical average paid amounts by state, coverage and product. However, when such reserves exceed certain thresholds they are set manually by
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
adjusters. For preferred homeowners insurance and other personal insurance, case reserves are set by adjusters and are based on the adjusters’ estimates of the amount for which the claims will ultimately be paid.
The Company’s actuaries estimate ultimate losses and LAE and, therefore, reserves at least quarterly for most product lines and/or coverage levels using accident quarters or years spanning 10 or more years, depending on the size of the product line and/or coverage level or emerging issues relating to them. The Company’s actuaries use a variety of generally accepted actuarial loss reserving estimation methodologies to estimate the ultimate losses and LAE for the current accident quarter or year and re-estimate the ultimate losses and LAE for previous accident quarters or years to determine if changes in the previous estimates of the ultimate losses and LAE are indicated by the most recent data.
The key assumption in these estimation methodologies is that patterns observed in prior periods are indicative of how losses and LAE are expected to develop in the future and that such historical data can be used to predict and estimate ultimate losses and LAE. However, changes in the Company’s business processes, by their very nature, are likely to affect the development patterns, which generally results in the historical development factors becoming less reliable over time in predicting how losses and LAE will ultimately develop. The Company’s actuaries use professional judgment in determining how much weight to place on the development patterns based on the older historical data and how much weight to place on the development patterns based on more recent data. In some cases, the Company’s actuaries make adjustments to the loss reserving estimation methodologies to estimate ultimate losses and LAE. The Company’s actuaries’ quarterly or yearly selections are summed by product and/or coverage levels to create the actuarial indication of the ultimate losses and LAE. Paid amounts are then subtracted from the ultimates to compute the reserves for property and casualty insurance losses and LAE. These results are reviewed by the Company’s actuaries and corporate management who apply their collective judgment and determine the appropriate estimated level of reserves to record. Numerous factors are considered in this determination process, including, but not limited to, the assessed reliability of key loss trends and assumptions that may be significantly influencing the current actuarial indications, changes in claim handling practices or other changes that affect the timing of payment or development patterns, changes in the mix of business, the maturity of the accident year, pertinent trends observed over the recent past, the level of volatility within a particular line of business, the improvement or deterioration of actuarial indications in the current period as compared to prior periods, and the amount of reserves related to third party pools for which the Company has limited access to the underlying data and, accordingly, relies on calculations provided by such pools. The Company’s goal is to ensure that its total reserves for property and casualty insurance losses and LAE are adequate to cover all costs, while sustaining minimal variation from the time reserves for losses and LAE are initially estimated until losses and LAE are fully developed. Changes in the Company’s estimates of these losses and LAE over time, also referred to as “development,” will occur and may be material.
The following tables contain information about incurred and paid claims development as of and for the year ended December 31, 2023, net of reinsurance and indemnification, as well as cumulative claim frequency and the total of IBNR liabilities, including expected development on reported claims included within the net incurred losses and allocated LAE amounts. The tables are grouped by major product line and, if relevant, coverage. The information about incurred and paid claims development for the years ended December 31, 2019 through 2022 is presented as supplementary information and is unaudited.
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Specialty Personal Automobile Insurance—Liability1
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$1,461.5 $1,494.7 $1,506.1 $1,508.3 $1,516.1 $20.0 547,437 
20201,401.2 1,406.4 1,407.8 1,415.9 29.9 475,894 
20211,856.9 1,824.7 1,844.2 75.9 585,665 
20221,765.9 1,848.7 169.3 471,990 
20231,448.7 537.1 282,423 
Total8,073.6 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$567.3 $1,200.7 $1,382.0 $1,452.3 $1,482.1 
2020555.2 1,107.6 1,287.8 1,350.0 
2021657.1 1,429.4 1,680.8 
2022738.2 1,463.3 
2023580.4 
Total6,556.6 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance27.9 
Loss and Allocated LAE Reserves, Net of Reinsurance$1,544.9 
1 Tables retrospectively include American Access Casualty Company’s (“AAC”) historical incurred and paid accident year claim information for all periods presented.
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Specialty Personal Automobile Insurance—Physical Damage1
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$624.3 $630.3 $629.6 $629.7 $629.5 $(9.2)324,516 
2020650.5 659.5 659.5 659.0 (0.5)296,411 
2021958.0 967.5 967.2 (1.9)361,864 
2022993.5 989.5 (9.7)308,705 
2023722.6 (6.2)199,413 
Total3,967.8 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$570.8 $634.8 $630.6 $630.0 $629.8 
2020585.5 663.8 659.7 658.8 
2021890.1 977.5 968.3 
2022921.9 997.8 
2023699.2 
Total3,953.9 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance(2.8)
Loss and Allocated LAE Reserves, Net of Reinsurance$11.1 
1 Tables retrospectively include AAC’s historical incurred and paid accident year claim information for all periods presented.
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Commercial Automobile Insurance—Liability
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$128.4 $126.1 $126.6 $128.1 $129.8 $5.7 19,641 
2020140.5 152.0 154.0 155.6 7.4 19,627 
2021225.6 228.6 240.4 24.8 27,382 
2022305.1 309.1 67.1 32,102 
2023379.9 201.4 31,970 
Total1,214.8 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance and Indemnification
For the Years Ended December 31,
Accident Year20192020202120222023
2019$32.4 $75.7 $99.5 $113.1 $121.9 
202037.0 87.6 111.7 129.7 
202150.8 128.0 168.6 
202272.2 159.0 
202387.5 
Total666.7 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance11.4 
Loss and Allocated LAE Reserves, Net of Reinsurance$559.5 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Commercial Automobile Insurance—Physical Damage
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$26.0 $27.1 $26.9 $26.8 $26.8 $(0.5)9,317 
202031.9 32.2 32.1 32.1 — 11,044 
202152.4 51.9 51.6 0.2 17,724 
202274.5 74.7 (0.2)21,541 
202390.0 4.8 19,056 
Total275.2 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance and Indemnification
For the Years Ended December 31,
Accident Year20192020202120222023
2019$23.0 $26.9 $26.8 $26.8 $26.9 
202026.2 31.9 32.0 32.0 
202143.3 51.9 51.4 
202266.8 74.6 
202380.6 
Total265.5 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance— 
Loss and Allocated LAE Reserves, Net of Reinsurance$9.7 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Non-Core Personal Automobile Insurance—Liability
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$172.2 $195.5 $200.0 $201.8 $204.8 $1.6 34,622 
2020148.9 153.6 151.8 158.8 3.1 24,664 
2021176.9 179.8 180.6 9.3 27,173 
2022165.0 172.4 19.9 24,019 
2023135.0 47.1 15,795 
Total851.6 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$62.7 $127.9 $160.8 $181.1 $193.5 
202044.4 92.8 117.7 141.4 
202150.3 106.1 144.1 
202255.0 111.0 
202343.7 
Total633.7 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance8.2 
Loss and Allocated LAE Reserves, Net of Reinsurance$226.1 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Non-Core Personal Automobile Insurance—Physical Damage
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$126.4 $125.8 $125.9 $125.8 $125.4 $— 67,108 
202096.1 98.0 97.9 97.5 — 47,589 
2021118.5 117.9 117.1 (0.2)53,477 
2022110.9 113.5 (1.1)48,108 
202386.6 (1.3)32,552 
Total540.1 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$120.7 $126.5 $125.6 $125.4 $125.4 
202090.9 98.4 97.6 97.5 
2021113.1 118.1 117.2 
2022108.7 114.6 
202384.8 
Total539.5 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance— 
Loss and Allocated LAE Reserves, Net of Reinsurance$0.6 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Non-Core Homeowners Insurance
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$162.9 $161.8 $163.1 $162.8 $161.6 $0.4 14,531 
2020157.0 149.8 144.6 141.2 0.4 14,074 
2021149.9 149.8 143.9 0.9 13,620 
2022142.7 152.7 1.7 11,463 
2023126.6 12.8 8,913 
Total726.0 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$111.1 $150.4 $157.7 $159.5 $160.6 
202094.6 130.8 137.4 139.8 
2021100.6 132.6 139.7 
202297.0 141.2 
202384.7 
Total666.0 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance1.5 
Loss and Allocated LAE Reserves, Net of Reinsurance$61.5 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
The claim counts in the preceding tables are cumulative reported claim counts as of December 31, 2023 and are equal to the sum of cumulative open and cumulative closed claims, including claims closed without payment. Certain product lines, particularly the Company’s specialty personal automobile insurance, tend to have a higher percentage of claims closed without payment.
The Company's claims associated with automobile insurance are counted at the feature level. As such, each claimant and each coverage is counted separately. For example, if for one occurrence, the Company's policyholder is at fault for damage to his/her own vehicle, another party's vehicle and three injured parties, there may be five features—three for bodily injury liability, one for property damage liability and one for first-party collision coverage. There may also be another feature for first-party medical payments.
The following table reconciles the net incurred and paid claims development tables presented above to the Company's liability for Property and Casualty Insurance Reserves included in the Consolidated Balance Sheets at December 31, 2023.
DOLLARS IN MILLIONS2023
Property and Casualty Insurance Reserves, Net of Reinsurance:
Specialty Personal Automobile Insurance—Liability$1,544.9 
Specialty Personal Automobile Insurance—Physical Damage11.1 
Commercial Automobile Insurance—Liability559.5 
Commercial Automobile Insurance—Physical Damage9.7 
Non-Core Personal Automobile Insurance—Liability226.1 
Non-Core Personal Automobile Insurance—Physical Damage0.6 
Non-Core Homeowners Insurance61.5 
Other37.4 
Total$2,450.8 
Reinsurance Recoverables on Unpaid Losses and Allocated LAE:
Specialty Personal Automobile Insurance—Liability$6.0 
Non-Core Preferred Personal Automobile Insurance—Liability18.7 
Non-Core Homeowners Insurance0.2 
Other2.9 
Total27.8 
Unallocated LAE201.9 
Property and Casualty Insurance Reserves, Gross of Reinsurance$2,680.5 
The following is supplementary information about average historical claims duration as of December 31, 2023.
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited)
Years12345
Specialty Personal Automobile Insurance—Liability38.5 %78.5 %91.1 %95.6 %97.8 %
Specialty Personal Automobile Insurance—Physical Damage92.3 100.0 100.0 100.0 100.0 
Commercial Automobile Insurance—Liability23.3 54.8 72.9 85.3 93.9 
Commercial Automobile Insurance—Physical Damage86.1 100.0 100.0 100.0 100.0 
Non-Core Preferred Personal Automobile Insurance—Liability30.1 61.0 77.5 88.7 94.5 
Non-Core Preferred Personal Automobile Insurance—Physical Damage96.0 100.0 100.0 100.0 100.0 
Non-Core Homeowners Insurance67.2 92.6 97.3 98.8 99.4 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Property and Casualty Insurance Reserve activity for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Property and Casualty Insurance Reserves:
Gross of Reinsurance at Beginning of Year$2,756.9 $2,772.7 $1,982.5 
Less Reinsurance Recoverables at Beginning of Year39.6 41.9 50.1 
Property and Casualty Insurance Reserves, Net of Reinsurance at Beginning of Year
2,717.3 2,730.8 1,932.4 
Property and Casualty Insurance Reserves Acquired, Net of Reinsurance
— — 211.1 
Incurred Losses and LAE related to:
Current Year3,429.9 4,103.3 4,052.7 
Prior Years159.8 (14.6)106.7 
Total Incurred Losses and LAE3,589.7 4,088.7 4,159.4 
Paid Losses and LAE related to:
Current Year:1,965.3 2,460.5 2,303.4 
Prior Years1,689.0 1,641.7 1,268.7 
Total Paid Losses and LAE3,654.3 4,102.2 3,572.1 
Property and Casualty Insurance Reserves, Net of Reinsurance at End of Year2,652.7 2,717.3 2,730.8 
Plus Reinsurance Recoverables at End of Year27.8 39.6 41.9 
Property and Casualty Insurance Reserves, Gross of Reinsurance at End of Year
$2,680.5 $2,756.9 $2,772.7 
Property and Casualty Insurance Reserves are estimated based on historical experience patterns and current economic trends. Actual loss experience and loss trends are likely to differ from these historical experience patterns and economic conditions. Loss experience and loss trends emerge over several years from the dates of loss inception. The Company monitors such emerging loss trends on a quarterly basis. Changes in such estimates are included in the Consolidated Statements of Loss in the period of change.
In 2023, the Company increased its property and casualty insurance reserves by $159.8 million to recognize adverse development of loss and LAE reserves from prior accident years. Specialty Personal Automobile insurance loss and LAE reserves developed adversely by $108.7 million due primarily to higher than expected emergence in loss patterns related to third and fourth accident quarters of 2022 within the bodily injury and physical damage coverages as well as an increase in Florida personal injury protection driven by higher than expected frequency and severity resulting from an increase in litigated claim activity, mainly from policy years 2020 through 2022. Commercial Automobile insurance loss and LAE reserves developed adversely by $24.2 million due to higher than expected emergence in loss patterns related to policy years 2021 and 2022 bodily injury coverages. Non-Core personal automobile insurance loss and LAE reserves developed adversely by $21.6 million due to higher than expected emergence in loss patterns related to the third and fourth accident quarters of 2022 within the bodily injury and physical damage coverages. Homeowners insurance loss and LAE reserves developed adversely by $1.5 million. Other personal lines loss and LAE reserves developed adversely by $3.8 million.
In 2022, the Company decreased its property and casualty insurance reserves by $14.6 million to recognize favorable development of loss and LAE reserves from prior accident years. Specialty Personal Automobile insurance loss and LAE reserves developed favorably by $17.6 million due primarily to the emergence of more favorable loss patterns than expected for liability and physical damage insurance. Commercial Automobile insurance loss and LAE reserves included adverse development of $3.6 million due primarily to the emergence of less favorable loss patterns than expected for liability insurance. Non-Core personal automobile insurance loss and LAE reserves developed adversely by $1.8 million due primarily to the emergence of less favorable loss patterns than expected for liability insurance. Homeowners insurance loss and LAE reserves developed favorably by $7.6 million due primarily to the emergence of more favorable loss patterns than expected. Other personal lines loss and LAE reserves developed adversely by $5.2 million due primarily to the emergence of less favorable loss patterns than expected for prior accident years.
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
In 2021, the Company increased its property and casualty insurance reserves by $106.7 million to recognize adverse development of loss and LAE reserves from prior accident years. Specialty Personal Automobile insurance loss and LAE reserves developed adversely by $85.3 million due primarily to legal developments and increased severity in personal injury protection coverage in Florida and other liability coverages. Commercial Automobile insurance loss and LAE reserves included adversely development of $12.4 million due primarily to the emergence of less favorable loss patterns than expected for liability insurance. Non-Core personal automobile insurance loss and LAE reserves developed adversely by $12.1 million due primarily to the emergence of less favorable loss patterns than expected for liability insurance. Homeowners insurance loss and LAE reserves developed favorably by $6.5 million due primarily to the emergence of less favorable loss patterns than expected for liability insurance. Other personal lines loss and LAE reserves developed adversely by $3.4 million due primarily to the emergence of less favorable loss patterns than expected for prior accident years.
The Company cannot predict whether loss and LAE reserves will develop favorably or unfavorably from the amounts reported in the Consolidated Financial Statements. The Company believes that any such development will not have a material effect on the Company’s consolidated financial position, but could have a material effect on the Company’s consolidated financial results for a given period.
Reinsurance recoverables on property and casualty insurance reserves were $27.8 million and $39.6 million at December 31, 2023 and 2022, respectively. These recoverables are concentrated with several reinsurers, the majority of which are highly rated by one or more of the principal investor and/or insurance company rating agencies. While most of these recoverables were unsecured at December 31, 2023 and 2022, the agreements with the reinsurers generally provide for some form of collateralization upon the occurrence of certain events.
LIABILITY FOR FUTURE POLICYHOLDER BENEFITS
The Company’s Life Insurance Reserves are reported using the Company’s estimate of its liability for future policyholder benefits.
The liability for future policyholder benefits is grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. Significant assumption inputs to the calculation of the liability for future policyholder benefits include mortality, lapses, and discount rates (both accretion and current). The Company’s actuaries review assumptions used to measure the liability for future policyholder benefits for nonparticipating traditional and limited pay long-duration contracts at least annually. If there is a change, assumptions are updated with the recognition and remeasurement recorded in net income. The Company’s actuaries use a variety of generally accepted actuarial methodologies, in accordance with Actuarial Standards of Practice, in determining the assumptions.
The key assumption in these estimation methodologies is that patterns observed in prior periods are indicative of how policyholder benefits are expected to develop in the future and that such historical data can be used to predict and estimate future losses. However, changes in the Company’s business processes and the macroeconomic environment, by their very nature, are likely to affect the actual to expected experience which generally results in the historical experience factors becoming less reliable over time in predicting how cash flows will ultimately develop. The Company’s actuaries use professional judgment in determining how much weight to place on the actual to expected experience based on the older historical data and how much weight to place on more recent experience data. In some cases, the Company’s actuaries make adjustments to the assumptions to estimate losses. These assumptions are reviewed by the Company’s actuaries and corporate management who apply their collective judgment and determine the appropriate assumptions to adopt for the underlying business. Numerous factors are considered in this determination process, including, but not limited to, the assessed reliability of key assumptions that may be significantly influencing the current actuarial indications, changes in pricing and product offerings, changes in customer base, changes in agency operations or other changes that affect the timing of payments, the policyholder behaviors observed over the recent past, the level of volatility within a particular line of business, and the improvement or deterioration of actuarial indications in the current period as compared to prior periods. Changes in the Company’s assumptions underlying these liabilities over time will occur and may be material.
NOTE 7. LIABILITY FOR FUTURE POLICYHOLDER BENEFITS (Continued)
The following tables summarize balances and changes in the present value of expected net premiums, present value of expected future policyholder benefits and net liability for future policyholder benefits as of and for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONSYear Ended
Dec 31, 2023Dec 31, 2022Dec 31, 2021
Present Value of Expected Net PremiumsBalance, Beginning of Period$688.6 $669.0 $396.0 
Beginning Balance at Original Discount Rate$728.9 $599.8 $325.6 
        Effect of Changes in Cash Flow Assumptions(35.7)68.5 124.3 
        Effect of Actual Variances from Expected Experience(38.5)(6.4)64.7 
Adjusted Beginning of Period Balance654.7 661.9 514.6 
         Issuances105.2 133.2 133.2 
         Interest Accrual29.7 21.9 17.4 
         Net Premiums Collected(94.9)(88.1)(65.4)
Ending Balance at Original Discount Rate694.7 728.9 599.8 
         Effect of Changes in Discount Rate Assumptions(19.3)(40.3)69.2 
Balance, End of Period$675.4 $688.6 $669.0 
Present Value of Expected Future Policyholder BenefitsBalance, Beginning of Period$3,561.0 $4,933.1 $4,924.9 
Beginning Balance at Original Discount Rate$3,906.2 $3,788.1 $3,550.3 
        Effect of Changes in Cash Flow Assumptions(59.0)77.2 130.0 
        Effect of Actual Variances From Expected Experience(45.5)(7.0)65.1 
Adjusted Beginning of Period Balance3,801.7 3,858.3 3,745.4 
         Issuances 104.6 133.2 134.4 
         Interest Accrual171.0 164.0 162.1 
         Benefit Payments(241.4)(249.3)(253.8)
Ending Balance at Original Discount Rate3,835.9 3,906.2 3,788.1 
         Effect of Changes in Discount Rate Assumptions(222.7)(345.2)1,145.0 
Balance, End of Period$3,613.2 $3,561.0 $4,933.1 
Net Liability for Future Policyholder Benefits$2,937.8 $2,872.4 $4,264.1 
Less: Reinsurance Recoverable— — — 
Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable$2,937.8 $2,872.4 $4,264.1 
The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows:
Dec 31, 2023Dec 31, 2022Dec 31, 2021
Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years)15.314.618.2
NOTE 7. LIABILITY FOR FUTURE POLICYHOLDER BENEFITS (Continued)
The reconciliation of the net liability for future policyholder benefits to Life and Health Insurance Reserves in the Consolidated Balance Sheets is as follows:
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022
Net Liability for Future Policyholder Benefits$2,937.8 $2,872.4 
Deferred Profit Liability337.8 253.6 
Other1
146.8 150.2 
Total Life and Health Insurance Reserves$3,422.4 $3,276.2 
1Other primarily consists of Accident and Health and Universal Life reserves
The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, were as follows:
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022
Expected Future Benefit Payments, undiscounted$10,185.2 $10,137.2 
Expected Future Gross Premiums, undiscounted$4,107.9 $4,436.8 
Expected Future Gross Premiums, discounted$2,800.6 $2,844.4 
The amount of revenue and interest recognized in the Consolidated Statements of Loss is as follows:
Year Ended
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022Dec 31, 2021
Gross Premiums or Assessments $399.0 $392.1 $380.3 
Interest Expense $141.3 $142.1 $144.9 
The weighted-average interest rate is as follows:
Dec 31, 2023Dec 31, 2022
Interest Accretion Rate4.57 %4.60 %
Current Discount Rate5.08 %5.30 %
Significant assumption inputs to the calculation of the liability for future policyholder benefits include mortality, lapses, and discount rates (both accretion and current). The Company reviewed and updated mortality and lapse assumptions during the fourth quarter of 2023. Market data that underlies current discount rates was updated from September 30, 2023.
The balances of and changes in Deferred Profit Liability as of and for the years indicated are as follows:
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022Dec 31, 2021
Balance, beginning of period$253.6 $193.4 $112.7 
Annual assumption changes15.0 (12.7)(4.6)
Profits deferred163.1 164.7 176.3 
Interest accrual13.2 10.4 6.8 
Amortization(111.2)(101.6)(97.6)
Effect of actual variances from expected experience and other changes4.1 (0.6)(0.2)
Balance, end of period$337.8 $253.6 $193.4 
v3.24.0.1
Insurance Expenses
 12 Months Ended
Dec. 31, 2023
Insurance Expenses [Abstract]  
Insurance Expenses
NOTE 9. INSURANCE EXPENSES
Insurance Expenses for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Commissions$584.2 $724.8 $817.6 
General Expenses342.8 358.4 339.5 
Taxes, Licenses, and Fees79.6 99.5 104.3 
Total Costs Incurred1,006.6 1,182.7 1,261.4 
Policy Acquisition Costs:
Deferred(563.3)(691.5)(772.6)
Amortized607.1 705.7 695.1 
Net Policy Acquisition Costs Amortized (Deferred)43.8 14.2 (77.5)
Amortization of Value of Business Acquired2.0 4.1 45.0 
Insurance Expenses$1,052.4 $1,201.0 $1,228.9 
Commissions for servicing policies are expensed as incurred, rather than deferred and amortized. The Company recorded amortization of Deferred Policy Acquisition Costs of $607.1 million, $705.7 million and $695.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Investments
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
Fixed Maturities
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2023 were:
DOLLARS IN MILLIONSAmortized
Cost		Gross UnrealizedAllowance for Expected Credit LossesFair Value
GainsLosses
U.S. Government and Government Agencies and Authorities$594.1 $1.9 $(84.5)$— $511.5 
States and Political Subdivisions1,575.9 16.3 (189.8)(0.5)1,401.9 
Foreign Governments4.4 — (0.6)— 3.8 
Corporate Securities:
Bonds and Notes4,046.8 35.5 (383.8)(7.7)3,690.8 
Redeemable Preferred Stocks9.0 0.1 (0.8)— 8.3 
Collateralized Loan Obligations973.6 0.7 (24.5)— 949.8 
Other Mortgage- and Asset-backed362.0 0.1 (46.3)— 315.8 
Investments in Fixed Maturities$7,565.8 $54.6 $(730.3)$(8.2)$6,881.9 
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2022 were:
Amortized
Cost		Gross UnrealizedAllowance for Expected Credit LossesFair Value
DOLLARS IN MILLIONSGainsLosses
U.S. Government and Government Agencies and Authorities$612.5 $1.3 $(85.8)$— $528.0 
States and Political Subdivisions1,797.6 10.3 (238.3)(0.7)1,568.9 
Foreign Governments5.0 — (0.9)— 4.1 
Corporate Securities:
Bonds and Notes4,030.3 17.7 (499.7)(8.9)3,539.4 
Redeemable Preferred Stocks9.0 — (1.0)— 8.0 
Collateralized Loan Obligations1,014.7 — (60.8)— 953.9 
Other Mortgage- and Asset-backed342.7 0.1 (50.3)— 292.5 
Investments in Fixed Maturities$7,811.8 $29.4 $(936.8)$(9.6)$6,894.8 
Other Receivables included $0.9 million and $5.8 million of unsettled sales of Investments in Fixed Maturities at December 31, 2023 and December 31, 2022, respectively. There were no unsettled purchases of Investments in Fixed Maturities included in Accrued Expenses and Other Liabilities as of December 31, 2023. There were $25.9 million of unsettled purchases of Investments in Fixed Maturities included in Accrued Expenses and Other Liabilities as of December 31, 2022.
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2023 by contractual maturity were:
DOLLARS IN MILLIONSAmortized CostFair Value
Due in One Year or Less$173.8 $169.9 
Due after One Year to Five Years903.0 876.3 
Due after Five Years to Ten Years1,069.5 940.1 
Due after Ten Years3,615.5 3,235.4 
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date1,804.0 1,660.2 
Investments in Fixed Maturities$7,565.8 $6,881.9 
NOTE 10. INVESTMENTS (Continued)
The expected maturities of the Company’s Investments in Fixed Maturities may differ from the contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
Investments in Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date at December 31, 2023 consisted of securities issued by the Government National Mortgage Association with a fair value of $237.8 million, securities issued by the Federal National Mortgage Association with a fair value of $92.5 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $64.3 million and securities of other non-governmental issuers with a fair value of $1,265.6 million.
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2023 is presented below.
DOLLARS IN MILLIONSLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed Maturities:
     U.S. Government and Government Agencies and Authorities$52.0 $(0.8)$401.6 $(83.7)$453.6 $(84.5)
States and Political Subdivisions112.9 (2.3)928.3 (187.5)1,041.2 (189.8)
Foreign Governments— — 1.9 (0.6)1.9 (0.6)
Corporate Securities:
Bonds and Notes198.4 (5.5)2,813.0 (378.3)3,011.4 (383.8)
Redeemable Preferred Stocks— — 7.9 (0.8)7.9 (0.8)
Collateralized Loan Obligations38.8 (0.4)747.7 (24.1)786.5 (24.5)
Other Mortgage- and Asset-backed15.7 (0.1)287.3 (46.2)303.0 (46.3)
Total Fixed Maturities$417.8 $(9.1)$5,187.7 $(721.2)$5,605.5 $(730.3)
The Company regularly reviews its fixed maturity investment portfolio for factors that may indicate that a decline in fair value of an investment has resulted from an expected credit loss. The portions of the declines in the fair values of fixed maturity investments that are determined to be due to expected credit losses are reported as losses in the Consolidated Statements of Loss in the periods when such determinations are made.
Investment-grade fixed maturity investments comprised $704.8 million and below-investment-grade fixed maturity investments comprised $25.5 million of the unrealized losses on investments in fixed maturities at December 31, 2023. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was 8.8% of the amortized cost basis.
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2022 is presented below.
DOLLARS IN MILLIONSLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed Maturities:
     U.S. Government and Government Agencies and Authorities$337.3 $(49.3)$126.5 $(36.5)$463.8 $(85.8)
     States and Political Subdivisions854.7 (140.6)276.8 (97.7)1,131.5 (238.3)
     Foreign Governments0.1 — 2.6 (0.9)2.7 (0.9)
Corporate Securities:
Bonds and Notes2,730.6 (373.9)424.4 (125.8)3,155.0 (499.7)
Redeemable Preferred Stocks7.7 (1.0)— — 7.7 (1.0)
Collateralized Loan Obligations568.2 (34.2)373.9 (26.6)942.1 (60.8)
Other Mortgage- and Asset-backed205.4 (28.9)79.5 (21.4)284.9 (50.3)
Total Fixed Maturities$4,704.0 $(627.9)$1,283.7 $(308.9)$5,987.7 $(936.8)
NOTE 10. INVESTMENTS (Continued)
Investment-grade fixed maturity investments comprised $904.0 million and below-investment-grade fixed maturity investments comprised $32.8 million of the unrealized losses on investments in fixed maturities at December 31, 2022. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 11% of the amortized cost basis of the investment.
At December 31, 2023 and 2022, the Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before an anticipated recovery of value. The Company evaluated these investments for credit losses at December 31, 2023 and 2022. The Company considers many factors in evaluating whether the unrealized losses were credit related including, but not limited to, the extent to which the fair value has been less than amortized cost, conditions related to the security, industry, or geographic area, payment structure of the investment and the likelihood of the issuer’s ability to make contractual cashflows, defaults or other collectability concerns related to the issuer, changes in the ratings assigned by a rating agency, and other credit enhancements that affect the investment’s expected performance. The Company determined that the unrealized losses on these securities were due to non-credit related factors at the evaluation date.
Fixed Maturities - Expected Credit Losses
The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for year ended December 31, 2023.
 States and Political SubdivisionsCorporate Bonds and NotesTotal
(Dollars in Millions)
Beginning of the Year$0.7 $8.9 $9.6 
Additions for Securities for which No Previous Expected Credit Losses were
   Recognized		— 2.9 2.9 
Reductions due to Sales— (2.6)(2.6)
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized0.2 (1.1)(0.9)
Write-offs Charged Against Allowance(0.4)(0.4)(0.8)
End of the Year$0.5 $7.7 $8.2 
The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for year ended December 31, 2022.
 States and Political SubdivisionsCorporate Bonds and NotesTotal
(Dollars in Millions)
Beginning of the Year$— $7.5 $7.5 
Additions for Securities for which No Previous Expected Credit Losses were
   Recognized		0.7 6.3 7.0 
Net Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized— 5.8 5.8 
Write-offs Charged Against Allowance— (10.7)(10.7)
End of the Year$0.7 $8.9 $9.6 
Equity Securities
Equity Securities at Fair Value
Equity securities with readily-determinable fair values, including equity securities which the Company has elected to report at fair value are classified as Equity Securities at Fair Value in the Consolidated Balance Sheets with changes in fair value recorded as Income from Change in Fair Value of Equity and Convertible Securities in the Consolidated Statements of Loss. Net unrealized gains arising during the year ended December 31, 2023 and recognized in earnings, related to such investments still held as of December 31, 2023 were $3.0 million.
NOTE 10. INVESTMENTS (Continued)
There were no unsettled purchases of Investments in Equity Securities at Fair Value at December 31, 2023 or December 31, 2022. There were $0.1 million in unsettled sales of Investments in Equity Securities at Fair Value at December 31, 2023. There were no unsettled sales of Investments in Equity Securities at Fair Value at December 31, 2022.
Equity Method Limited Liability Investments
Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting. The Company’s investments in Equity Method Limited Liability Investments are generally of a passive nature in that the Company does not take an active role in the management of the investment entity.
In 2023 and 2022, aggregate investment income from Equity Method Limited Liability Investments exceeded 10% of the Company’s pretax consolidated net income. Accordingly, the Company is disclosing aggregated summarized financial data for its Equity Method Limited Liability Investments for all periods presented in the Consolidated Financial Statements. Such aggregated summarized financial data does not represent the Company’s proportionate share of the Equity Method Limited Liability Investment assets or earnings. Aggregate total assets of the Equity Method Limited Liability Investments in which the Company invested totaled $5,720.9 million and $5,585.9 million, as of December 31, 2023 and 2022, respectively. Aggregate total liabilities of the Equity Method Limited Liability Investments in which the Company invested totaled $2,565.5 million and $2,367.0 million, as of December 31, 2023 and 2022, respectively. Aggregate net income of the Equity Method Limited Liability Investments in which the Company invested totaled $244.5 million, $381.8 million and $585.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. The aggregate summarized financial data is based on the most recent and sufficiently-timely financial information available to the Company as of the respective reporting dates and periods. The Company’s maximum exposure to loss at December 31, 2023 is limited to the total carrying value of $221.7 million. In addition, the Company had outstanding commitments totaling approximately $85.3 million to fund Equity Method Limited Liability Investments at December 31, 2023. At December 31, 2023, 2.9% of Equity Method Limited Liability Investments were reported without a reporting lag, 5.4% of the total carrying value were reported with a one month lag, and the remainder were reported with more than a one month lag.
There were no unsettled purchases of Equity Method Limited Liability Investments as of December 31, 2023 and 2022. There were no unsettled sales of Equity Method Limited Liability Investments at December 31, 2023. There were $35.2 million in unsettled sales of Equity Method Limited Liability Investments at December 31, 2022.
Alternative Energy Partnership Investments
Alternative Energy Partnership Investments include partnerships formed to invest in newly installed residential solar leases and power purchase agreements. As a result of this investment, the Company has the right to certain investment tax credits and tax depreciation benefits, and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers for a fixed period of time. The HLBV equity method of accounting is used for the Company’s investments in Alternative Energy Partnership Investments.
The Company’s maximum exposure to loss at December 31, 2023 is limited to the total carrying value of $17.3 million. The Company has no outstanding commitments to fund Alternative Energy Partnership Investments as of December 31, 2023. Alternative Energy Partnership Investments are reported on a three month lag.
Company-Owned Life Insurance
The carrying values of the Company’s COLI investment at December 31, 2023 and 2022 were $513.5 million and $586.5 million, respectively.
Loans to Policyholders
Loans to Policyholders represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in Net Investment Income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.
The carrying values of the Company’s Loans to Policyholders at Unpaid Principal investment at December 31, 2023 and 2022 were $281.2 million and $283.4 million, respectively.
NOTE 10. INVESTMENTS (Continued)
Other Investments
The carrying values of the Company’s Other Investments at December 31, 2023 and 2022 were:
DOLLARS IN MILLIONS20232022
Equity Securities at Modified Cost$32.6 $38.4 
Convertible Securities at Fair Value— 43.3 
Real Estate at Depreciated Cost94.7 93.6 
Mortgage Loans99.8 91.1 
Other14.8 3.5 
Total$241.9 $269.9 
Investments in Equity Securities at Modified Cost were $32.6 million and $38.4 million at December 31, 2023 and 2022, respectively. The Company performs a qualitative impairment analysis on a quarterly basis consisting of various factors such as earnings performance, current market conditions, changes in credit ratings, changes in the regulatory environment and other factors. If the qualitative analysis identifies the presence of impairment indicators, the Company estimates the fair value of the investment. If the estimated fair value is below the carrying value, the Company records an impairment in the Consolidated Statements of Loss to reduce the carrying value to the estimated fair value. When the Company identifies observable transactions of the same or similar securities to those held by the Company, the Company increases or decreases the carrying value to the observable transaction price. The Company did not recognize any changes in carrying value due to observable transactions for the year ended December 31, 2023 and 2022. The Company recognized an impairment of $0.5 million, $— million and $4.2 million on Equity Securities at Modified Cost for the years ended December 31, 2023, 2022 and 2021, respectively, as a result of the Company’s impairment analysis. The Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $8.0 million of cumulative impairments on Equity Securities at Modified Cost held as of December 31, 2023.
INCOME FROM INVESTMENTS
Net Investment Income for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Investment Income:
Interest on Fixed Income Securities$346.0 $300.1 $277.7 
Dividends on Equity Securities Excluding Alternative Investments4.4 6.3 15.9 
Alternative Investments:
Equity Method Limited Liability Investments10.5 31.3 56.7 
Limited Liability Investments Included in Equity Securities19.0 42.1 46.9 
Total Alternative Investments29.5 73.4 103.6 
Short-term Investments18.0 3.7 1.0 
Loans to Policyholders20.9 21.5 21.7 
Real Estate8.9 10.1 9.3 
Company-Owned Life Insurance29.2 37.9 25.7 
Other12.9 7.7 6.7 
Total Investment Income469.8 460.7 461.6 
Investment Expenses:
Real Estate8.8 7.9 9.7 
Other Investment Expenses41.3 30.2 24.6 
Total Investment Expenses50.1 38.1 34.3 
Net Investment Income$419.7 $422.6 $427.3 
Other Receivables includes accrued investment income of $88.4 million and $94.3 million at December 31, 2023 and 2022, respectively.
NOTE 11. INCOME FROM INVESTMENTS (Continued)
The components of Net Realized (Losses) Gains on Sales of Investments for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Fixed Maturities:
Gains on Sales$5.9 $31.6 $63.4 
Losses on Sales(10.9)(31.9)(2.1)
(Losses) Gains on Hedging Activity(11.9)1.7 — 
Equity Securities:
Gains on Sales0.6 9.7 4.1 
Losses on Sales(2.5)(6.8)(0.7)
Equity Method Limited Liability Investments:
Gains on Sales— — 0.4 
Real Estate:
Gains on Sales— — 0.1 
Losses on Sales— — (0.4)
Other Investments:
Gains on Sales0.2 — — 
Net Realized Investment (Losses) Gains$(18.6)$4.3 $64.8 
Gross Gains on Sales$6.7 $41.3 $68.0 
Gross Losses on Sales(13.4)(38.7)(3.2)
(Losses) Gains on Hedging Activity(11.9)1.7 — 
Net Realized Investment (Losses) Gains$(18.6)$4.3 $64.8 
    
The components of Impairment Losses reported in the Consolidated Statements of Loss for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Fixed Maturities$(0.1)$(25.8)$(6.4)
Equity Securities at Modified Cost(0.5)— (4.2)
Real Estate— — (0.4)
Other (0.5)— — 
Net Impairment Losses Recognized in Earnings1
$(1.1)$(25.8)$(11.0)
I Includes losses from intent-to-sell securities of $(2.0) million, $(23.8) million and $(6.6) million for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Income from Investments
 12 Months Ended
Dec. 31, 2023
Investment Income, Net [Abstract]  
Income from Investments INVESTMENTS
Fixed Maturities
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2023 were:
DOLLARS IN MILLIONSAmortized
Cost		Gross UnrealizedAllowance for Expected Credit LossesFair Value
GainsLosses
U.S. Government and Government Agencies and Authorities$594.1 $1.9 $(84.5)$— $511.5 
States and Political Subdivisions1,575.9 16.3 (189.8)(0.5)1,401.9 
Foreign Governments4.4 — (0.6)— 3.8 
Corporate Securities:
Bonds and Notes4,046.8 35.5 (383.8)(7.7)3,690.8 
Redeemable Preferred Stocks9.0 0.1 (0.8)— 8.3 
Collateralized Loan Obligations973.6 0.7 (24.5)— 949.8 
Other Mortgage- and Asset-backed362.0 0.1 (46.3)— 315.8 
Investments in Fixed Maturities$7,565.8 $54.6 $(730.3)$(8.2)$6,881.9 
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2022 were:
Amortized
Cost		Gross UnrealizedAllowance for Expected Credit LossesFair Value
DOLLARS IN MILLIONSGainsLosses
U.S. Government and Government Agencies and Authorities$612.5 $1.3 $(85.8)$— $528.0 
States and Political Subdivisions1,797.6 10.3 (238.3)(0.7)1,568.9 
Foreign Governments5.0 — (0.9)— 4.1 
Corporate Securities:
Bonds and Notes4,030.3 17.7 (499.7)(8.9)3,539.4 
Redeemable Preferred Stocks9.0 — (1.0)— 8.0 
Collateralized Loan Obligations1,014.7 — (60.8)— 953.9 
Other Mortgage- and Asset-backed342.7 0.1 (50.3)— 292.5 
Investments in Fixed Maturities$7,811.8 $29.4 $(936.8)$(9.6)$6,894.8 
Other Receivables included $0.9 million and $5.8 million of unsettled sales of Investments in Fixed Maturities at December 31, 2023 and December 31, 2022, respectively. There were no unsettled purchases of Investments in Fixed Maturities included in Accrued Expenses and Other Liabilities as of December 31, 2023. There were $25.9 million of unsettled purchases of Investments in Fixed Maturities included in Accrued Expenses and Other Liabilities as of December 31, 2022.
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2023 by contractual maturity were:
DOLLARS IN MILLIONSAmortized CostFair Value
Due in One Year or Less$173.8 $169.9 
Due after One Year to Five Years903.0 876.3 
Due after Five Years to Ten Years1,069.5 940.1 
Due after Ten Years3,615.5 3,235.4 
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date1,804.0 1,660.2 
Investments in Fixed Maturities$7,565.8 $6,881.9 
NOTE 10. INVESTMENTS (Continued)
The expected maturities of the Company’s Investments in Fixed Maturities may differ from the contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
Investments in Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date at December 31, 2023 consisted of securities issued by the Government National Mortgage Association with a fair value of $237.8 million, securities issued by the Federal National Mortgage Association with a fair value of $92.5 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $64.3 million and securities of other non-governmental issuers with a fair value of $1,265.6 million.
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2023 is presented below.
DOLLARS IN MILLIONSLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed Maturities:
     U.S. Government and Government Agencies and Authorities$52.0 $(0.8)$401.6 $(83.7)$453.6 $(84.5)
States and Political Subdivisions112.9 (2.3)928.3 (187.5)1,041.2 (189.8)
Foreign Governments— — 1.9 (0.6)1.9 (0.6)
Corporate Securities:
Bonds and Notes198.4 (5.5)2,813.0 (378.3)3,011.4 (383.8)
Redeemable Preferred Stocks— — 7.9 (0.8)7.9 (0.8)
Collateralized Loan Obligations38.8 (0.4)747.7 (24.1)786.5 (24.5)
Other Mortgage- and Asset-backed15.7 (0.1)287.3 (46.2)303.0 (46.3)
Total Fixed Maturities$417.8 $(9.1)$5,187.7 $(721.2)$5,605.5 $(730.3)
The Company regularly reviews its fixed maturity investment portfolio for factors that may indicate that a decline in fair value of an investment has resulted from an expected credit loss. The portions of the declines in the fair values of fixed maturity investments that are determined to be due to expected credit losses are reported as losses in the Consolidated Statements of Loss in the periods when such determinations are made.
Investment-grade fixed maturity investments comprised $704.8 million and below-investment-grade fixed maturity investments comprised $25.5 million of the unrealized losses on investments in fixed maturities at December 31, 2023. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was 8.8% of the amortized cost basis.
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2022 is presented below.
DOLLARS IN MILLIONSLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed Maturities:
     U.S. Government and Government Agencies and Authorities$337.3 $(49.3)$126.5 $(36.5)$463.8 $(85.8)
     States and Political Subdivisions854.7 (140.6)276.8 (97.7)1,131.5 (238.3)
     Foreign Governments0.1 — 2.6 (0.9)2.7 (0.9)
Corporate Securities:
Bonds and Notes2,730.6 (373.9)424.4 (125.8)3,155.0 (499.7)
Redeemable Preferred Stocks7.7 (1.0)— — 7.7 (1.0)
Collateralized Loan Obligations568.2 (34.2)373.9 (26.6)942.1 (60.8)
Other Mortgage- and Asset-backed205.4 (28.9)79.5 (21.4)284.9 (50.3)
Total Fixed Maturities$4,704.0 $(627.9)$1,283.7 $(308.9)$5,987.7 $(936.8)
NOTE 10. INVESTMENTS (Continued)
Investment-grade fixed maturity investments comprised $904.0 million and below-investment-grade fixed maturity investments comprised $32.8 million of the unrealized losses on investments in fixed maturities at December 31, 2022. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 11% of the amortized cost basis of the investment.
At December 31, 2023 and 2022, the Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before an anticipated recovery of value. The Company evaluated these investments for credit losses at December 31, 2023 and 2022. The Company considers many factors in evaluating whether the unrealized losses were credit related including, but not limited to, the extent to which the fair value has been less than amortized cost, conditions related to the security, industry, or geographic area, payment structure of the investment and the likelihood of the issuer’s ability to make contractual cashflows, defaults or other collectability concerns related to the issuer, changes in the ratings assigned by a rating agency, and other credit enhancements that affect the investment’s expected performance. The Company determined that the unrealized losses on these securities were due to non-credit related factors at the evaluation date.
Fixed Maturities - Expected Credit Losses
The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for year ended December 31, 2023.
 States and Political SubdivisionsCorporate Bonds and NotesTotal
(Dollars in Millions)
Beginning of the Year$0.7 $8.9 $9.6 
Additions for Securities for which No Previous Expected Credit Losses were
   Recognized		— 2.9 2.9 
Reductions due to Sales— (2.6)(2.6)
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized0.2 (1.1)(0.9)
Write-offs Charged Against Allowance(0.4)(0.4)(0.8)
End of the Year$0.5 $7.7 $8.2 
The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for year ended December 31, 2022.
 States and Political SubdivisionsCorporate Bonds and NotesTotal
(Dollars in Millions)
Beginning of the Year$— $7.5 $7.5 
Additions for Securities for which No Previous Expected Credit Losses were
   Recognized		0.7 6.3 7.0 
Net Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized— 5.8 5.8 
Write-offs Charged Against Allowance— (10.7)(10.7)
End of the Year$0.7 $8.9 $9.6 
Equity Securities
Equity Securities at Fair Value
Equity securities with readily-determinable fair values, including equity securities which the Company has elected to report at fair value are classified as Equity Securities at Fair Value in the Consolidated Balance Sheets with changes in fair value recorded as Income from Change in Fair Value of Equity and Convertible Securities in the Consolidated Statements of Loss. Net unrealized gains arising during the year ended December 31, 2023 and recognized in earnings, related to such investments still held as of December 31, 2023 were $3.0 million.
NOTE 10. INVESTMENTS (Continued)
There were no unsettled purchases of Investments in Equity Securities at Fair Value at December 31, 2023 or December 31, 2022. There were $0.1 million in unsettled sales of Investments in Equity Securities at Fair Value at December 31, 2023. There were no unsettled sales of Investments in Equity Securities at Fair Value at December 31, 2022.
Equity Method Limited Liability Investments
Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting. The Company’s investments in Equity Method Limited Liability Investments are generally of a passive nature in that the Company does not take an active role in the management of the investment entity.
In 2023 and 2022, aggregate investment income from Equity Method Limited Liability Investments exceeded 10% of the Company’s pretax consolidated net income. Accordingly, the Company is disclosing aggregated summarized financial data for its Equity Method Limited Liability Investments for all periods presented in the Consolidated Financial Statements. Such aggregated summarized financial data does not represent the Company’s proportionate share of the Equity Method Limited Liability Investment assets or earnings. Aggregate total assets of the Equity Method Limited Liability Investments in which the Company invested totaled $5,720.9 million and $5,585.9 million, as of December 31, 2023 and 2022, respectively. Aggregate total liabilities of the Equity Method Limited Liability Investments in which the Company invested totaled $2,565.5 million and $2,367.0 million, as of December 31, 2023 and 2022, respectively. Aggregate net income of the Equity Method Limited Liability Investments in which the Company invested totaled $244.5 million, $381.8 million and $585.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. The aggregate summarized financial data is based on the most recent and sufficiently-timely financial information available to the Company as of the respective reporting dates and periods. The Company’s maximum exposure to loss at December 31, 2023 is limited to the total carrying value of $221.7 million. In addition, the Company had outstanding commitments totaling approximately $85.3 million to fund Equity Method Limited Liability Investments at December 31, 2023. At December 31, 2023, 2.9% of Equity Method Limited Liability Investments were reported without a reporting lag, 5.4% of the total carrying value were reported with a one month lag, and the remainder were reported with more than a one month lag.
There were no unsettled purchases of Equity Method Limited Liability Investments as of December 31, 2023 and 2022. There were no unsettled sales of Equity Method Limited Liability Investments at December 31, 2023. There were $35.2 million in unsettled sales of Equity Method Limited Liability Investments at December 31, 2022.
Alternative Energy Partnership Investments
Alternative Energy Partnership Investments include partnerships formed to invest in newly installed residential solar leases and power purchase agreements. As a result of this investment, the Company has the right to certain investment tax credits and tax depreciation benefits, and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers for a fixed period of time. The HLBV equity method of accounting is used for the Company’s investments in Alternative Energy Partnership Investments.
The Company’s maximum exposure to loss at December 31, 2023 is limited to the total carrying value of $17.3 million. The Company has no outstanding commitments to fund Alternative Energy Partnership Investments as of December 31, 2023. Alternative Energy Partnership Investments are reported on a three month lag.
Company-Owned Life Insurance
The carrying values of the Company’s COLI investment at December 31, 2023 and 2022 were $513.5 million and $586.5 million, respectively.
Loans to Policyholders
Loans to Policyholders represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in Net Investment Income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.
The carrying values of the Company’s Loans to Policyholders at Unpaid Principal investment at December 31, 2023 and 2022 were $281.2 million and $283.4 million, respectively.
NOTE 10. INVESTMENTS (Continued)
Other Investments
The carrying values of the Company’s Other Investments at December 31, 2023 and 2022 were:
DOLLARS IN MILLIONS20232022
Equity Securities at Modified Cost$32.6 $38.4 
Convertible Securities at Fair Value— 43.3 
Real Estate at Depreciated Cost94.7 93.6 
Mortgage Loans99.8 91.1 
Other14.8 3.5 
Total$241.9 $269.9 
Investments in Equity Securities at Modified Cost were $32.6 million and $38.4 million at December 31, 2023 and 2022, respectively. The Company performs a qualitative impairment analysis on a quarterly basis consisting of various factors such as earnings performance, current market conditions, changes in credit ratings, changes in the regulatory environment and other factors. If the qualitative analysis identifies the presence of impairment indicators, the Company estimates the fair value of the investment. If the estimated fair value is below the carrying value, the Company records an impairment in the Consolidated Statements of Loss to reduce the carrying value to the estimated fair value. When the Company identifies observable transactions of the same or similar securities to those held by the Company, the Company increases or decreases the carrying value to the observable transaction price. The Company did not recognize any changes in carrying value due to observable transactions for the year ended December 31, 2023 and 2022. The Company recognized an impairment of $0.5 million, $— million and $4.2 million on Equity Securities at Modified Cost for the years ended December 31, 2023, 2022 and 2021, respectively, as a result of the Company’s impairment analysis. The Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $8.0 million of cumulative impairments on Equity Securities at Modified Cost held as of December 31, 2023.
INCOME FROM INVESTMENTS
Net Investment Income for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Investment Income:
Interest on Fixed Income Securities$346.0 $300.1 $277.7 
Dividends on Equity Securities Excluding Alternative Investments4.4 6.3 15.9 
Alternative Investments:
Equity Method Limited Liability Investments10.5 31.3 56.7 
Limited Liability Investments Included in Equity Securities19.0 42.1 46.9 
Total Alternative Investments29.5 73.4 103.6 
Short-term Investments18.0 3.7 1.0 
Loans to Policyholders20.9 21.5 21.7 
Real Estate8.9 10.1 9.3 
Company-Owned Life Insurance29.2 37.9 25.7 
Other12.9 7.7 6.7 
Total Investment Income469.8 460.7 461.6 
Investment Expenses:
Real Estate8.8 7.9 9.7 
Other Investment Expenses41.3 30.2 24.6 
Total Investment Expenses50.1 38.1 34.3 
Net Investment Income$419.7 $422.6 $427.3 
Other Receivables includes accrued investment income of $88.4 million and $94.3 million at December 31, 2023 and 2022, respectively.
NOTE 11. INCOME FROM INVESTMENTS (Continued)
The components of Net Realized (Losses) Gains on Sales of Investments for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Fixed Maturities:
Gains on Sales$5.9 $31.6 $63.4 
Losses on Sales(10.9)(31.9)(2.1)
(Losses) Gains on Hedging Activity(11.9)1.7 — 
Equity Securities:
Gains on Sales0.6 9.7 4.1 
Losses on Sales(2.5)(6.8)(0.7)
Equity Method Limited Liability Investments:
Gains on Sales— — 0.4 
Real Estate:
Gains on Sales— — 0.1 
Losses on Sales— — (0.4)
Other Investments:
Gains on Sales0.2 — — 
Net Realized Investment (Losses) Gains$(18.6)$4.3 $64.8 
Gross Gains on Sales$6.7 $41.3 $68.0 
Gross Losses on Sales(13.4)(38.7)(3.2)
(Losses) Gains on Hedging Activity(11.9)1.7 — 
Net Realized Investment (Losses) Gains$(18.6)$4.3 $64.8 
    
The components of Impairment Losses reported in the Consolidated Statements of Loss for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Fixed Maturities$(0.1)$(25.8)$(6.4)
Equity Securities at Modified Cost(0.5)— (4.2)
Real Estate— — (0.4)
Other (0.5)— — 
Net Impairment Losses Recognized in Earnings1
$(1.1)$(25.8)$(11.0)
I Includes losses from intent-to-sell securities of $(2.0) million, $(23.8) million and $(6.6) million for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Derivatives
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives DERIVATIVES
The Company’s earnings, cash flows, and financial position are subject to fluctuations due to changes in prevailing interest rates.
The Company entered into derivative agreements with maturity dates throughout 2023. Derivative instruments are carried at fair value on the Consolidated Balance Sheets. Derivative instruments in a gain position are presented within Other Investments and those in a loss position are included in Accrued Expenses and Other Liabilities. Changes in the fair values of derivatives are recorded on the Consolidated Statements of Loss within Net Realized Investment Gains or Accumulated Other Comprehensive Loss along with the corresponding change in the designated hedge assets. As of December 31, 2023, no derivatives qualified for hedge accounting, therefore, amounts previously held in Accumulated Other Comprehensive Loss have been recognized through the Consolidated Statements of Loss.
NOTE 12. DERIVATIVES (Continued)
Interest Rate Risk
The Company’s debt securities valuations utilize the Treasury designated benchmark rate, exposing the Company to variability due to changes in interest rates.
Interest Swap Lock
The Company entered into an interest swap lock agreement in the third quarter of 2022 classified as cash flow hedges to manage exposure to changes in future purchase prices of fixed maturity securities attributable to changes in the benchmark (Treasury) interest rate. The Company assesses the effectiveness of cash flow hedges using the hypothetical derivative method. Based on the results of the assessment, the hedge was determined to be effective. The interest swap lock agreement was closed out in the first quarter of 2023.
Ultra-Long Treasury Futures
During 2023, the Company entered into two transactions of exchange-traded ultra-long Treasury futures (“Treasury Futures”) in order to manage exposure to upcoming changes in the benchmark (Treasury) interest rate of forecasted transactions. These derivatives expire quarterly. The Treasury Futures renewed in the third quarter of 2023. The open treasury futures do not qualify for hedge accounting. The positions are shown in the Treasury Futures section below.
Reverse Treasury Lock
During 2022, the Company entered into a Reverse Treasury Lock agreement to manage reinvestment risk on future purchases of fixed maturity securities. The Reverse Treasury Lock agreement did not qualify for hedge accounting and matured in the first quarter of 2023. The positions are shown in the Reverse Treasury Lock section below.
Primary Risks Managed by Derivatives
The following table presents the derivative instruments, primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives:
Dec 31, 2023Dec 31, 2022
(Dollars in Millions)Estimated Fair ValueEstimated Fair Value
Derivative InstrumentPrimary Underlying Risk ExposureGross Notional AmountAssetsLiabilitiesGross Notional AmountAssetsLiabilities
Derivatives Designated as Hedging Instruments:
Interest Swap LockInterest Rate Risk$— $— $— $5.0 $— $0.4 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Treasury FuturesInterest Rate Risk$149.7 $14.7 $— $— $— $— 
Reverse Treasury LockInterest Rate Risk$— $— $— $100.0 $1.7 $— 
Effects of Derivatives on the Statements of Income and Comprehensive (Loss) Income
Cash Flow Hedges
The below table reflects the amounts of Losses deferred into AOCI and subsequently reclassified into Net Loss through Net Realized Investment Gains for derivatives qualifying as cash flow hedges for the years ended December 31, 2023 and 2022:
Year Ended
(Dollars in Millions)Dec 31, 2023Dec 31, 2022
Amount of Losses Deferred in AOCI$— $(0.4)
Amount of Losses Reclassified into Income— — 
Net Comprehensive Loss from Cash Flow Hedges$— $(0.4)
NOTE 12. DERIVATIVES (Continued)
Fair Value Hedges
The below table reflects the effects of changes in the designated hedged asset’s impacts on AOCI and Net Realized Investment Gains as well as the derivative instruments designated as fair value hedges impact on Net Realized Investment Gains for the years ended December 31, 2023 and 2022:
Year Ended
(Dollars in Millions)Dec 31, 2023Dec 31, 2022
Increase in Derivative Instruments Designated as Fair Value Hedges$— $1.1 
Decrease in Fair Value of Hedged Assets Reclassified from AOCI— (1.1)
Net Gain from Hedging Activity$— $— 
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of fair value of financial assets and liabilities, including the supporting assumptions and methodologies, and uses independent third-party valuation service providers, broker quotes and internal pricing methodologies to determine fair values. The Company obtains or estimates only one single quote or price for each financial instrument. The Company uses a hierarchical framework for inputs to determine fair value which prioritizes the use of observable inputs and minimizes the use of unobservable inputs. Additionally, the Company categorizes fair value measurements based on the lowest level of input that is considered to be significant to the entire measurement.
The Company classifies its Investments in Fixed Maturities as available-for-sale and reports these investments at fair value. The Company reports equity investments with readily determinable fair values as Equity Securities at Fair Value. Certain investments that are measured at fair value using the net asset value practical expedient are not required to be classified using the fair value hierarchy, but are presented in the following two tables to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.
NOTE 13. FAIR VALUE MEASUREMENTS (Continued)
The valuation of assets and liabilities measured at fair value in the Company’s Consolidated Balance Sheets at December 31, 2023 is summarized below. The Company has no material liabilities that are measured and reported at fair value.
DOLLARS IN MILLIONSFair Value MeasurementsTotal Fair Value
Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Measured at Net Asset Value
Assets:
Fixed Maturities:
U.S. Government and Government Agencies and Authorities$98.8 $412.7 $— $— $511.5 
States and Political Subdivisions— 1,401.8 0.1 — 1,401.9 
Foreign Governments— 3.8 — — 3.8 
Corporate Securities:
Bonds and Notes— 3,513.7 177.1 — 3,690.8 
Redeemable Preferred Stock— 1.2 7.1 — 8.3 
Collateralized Loan Obligations— 949.8 — — 949.8 
Other Mortgage and Asset-backed— 310.6 5.2 — 315.8 
Total Investments in Fixed Maturities98.8 6,593.6 189.5 — 6,881.9 
Equity Securities at Fair Value:
Preferred Stocks:
Finance, Insurance and Real Estate— 15.6 — — 15.6 
Other Industries— 7.5 2.4 — 9.9 
Common Stocks:
Finance, Insurance and Real Estate0.6 — — — 0.6 
Other Industries0.2 — 0.4 — 0.6 
Other Equity Interests:
Exchange Traded Funds7.7 — — — 7.7 
Limited Liability Companies and Limited Partnerships— — — 191.4 191.4 
Total Investments in Equity Securities at Fair Value8.5 23.1 2.8 191.4 225.8 
Other Investments:
Derivative Instruments Not Designated as Hedges— 14.7 — — 14.7 
Total Assets$107.3 $6,631.4 $192.3 $191.4 $7,122.4 
At December 31, 2023, the Company had unfunded commitments to invest an additional $110.4 million in certain limited liability investment companies and limited partnerships that will be included in Other Equity Interests if funded.
NOTE 13. FAIR VALUE MEASUREMENTS (Continued)
The valuation of assets measured at fair value in the Company’s Consolidated Balance Sheets at December 31, 2022 is summarized below.
DOLLARS IN MILLIONSFair Value MeasurementsTotal Fair Value
Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Measured at Net Asset Value
Assets:
Fixed Maturities:
U.S. Government and Government Agencies and Authorities$103.6 $424.4 $— $— $528.0 
States and Political Subdivisions— 1,568.9 — — 1,568.9 
Foreign Governments— 4.1 — — 4.1 
Corporate Securities:
Bonds and Notes— 3,323.4 216.0 — 3,539.4 
Redeemable Preferred Stocks— 1.2 6.8 — 8.0 
Collateralized Loan Obligations— 953.9 — — 953.9 
Other Mortgage and Asset-backed— 287.4 5.1 — 292.5 
Total Investments in Fixed Maturities103.6 6,563.3 227.9 — 6,894.8 
   Equity Securities at Fair Value:
   Preferred Stocks:
   Finance, Insurance and Real Estate— 29.0 — — 29.0 
   Other Industries— 9.2 1.6 — 10.8 
   Common Stocks:
   Finance, Insurance and Real Estate0.9 — — — 0.9 
   Other Industries0.3 0.4 0.5 — 1.2 
   Other Equity Interests:
   Exchange Traded Funds12.2 — — — 12.2 
   Limited Liability Companies and Limited Partnerships— — — 189.1 189.1 
   Total Investments in Equity Securities at Fair Value13.4 38.6 2.1 189.1 243.2 
Other Investments:
   Convertible Securities at Fair Value— 43.3 — — 43.3 
Other Assets:
Derivative Instruments Not Designated as Hedges— 1.7 — — 1.7 
Total Assets$117.0 $6,646.9 $230.0 $189.1 $7,183.0 
Liabilities:
Accrued Expenses and Other Liabilities:
Derivative Instruments Designated as Cash Flow Hedges$— $(0.4)$— $— $(0.4)
Total Liabilities$— $(0.4)$— $— $(0.4)
NOTE 13. FAIR VALUE MEASUREMENTS (Continued)
The Company’s investments in Fixed Maturities that are classified as Level 1 primarily consist of U.S. Treasury Bonds and Notes. The Company’s investments in Equity Securities at Fair Value that are classified as Level 1 consist of either investments in publicly-traded common stocks or exchange traded funds. The Company’s investments in Fixed Maturities that are classified as Level 2 primarily consist of investments in corporate bonds, obligations of states and political subdivisions, collateralized loan obligations, and mortgage-backed securities of U.S. government agencies. The Company’s investments in Equity Securities at Fair Value that are classified as Level 2 primarily consist of investments in preferred stocks. The Company’s Derivative Instruments Designated as Fair Value Hedges that are classified as Level 2 primarily consist of hedges against the Company’s available for sale debt securities portfolio. The Company uses a leading, nationally recognized provider of market data and analytics to price the vast majority of the Company’s Level 2 measurements. The provider utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information. Because many fixed maturity securities do not trade on a daily basis, the provider’s evaluated pricing applications apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. In addition, the provider uses model processes to develop prepayment and interest rate scenarios. The pricing provider’s models and processes also take into account market convention. For each asset class, teams of its evaluators gather information from market sources and integrate relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models. The Company generally validates the measurements obtained from its primary pricing provider by comparing them with measurements obtained from one additional pricing provider that provides either prices from recent market transactions, quotes in inactive markets or evaluations based on its own proprietary models.
The Company investigates significant differences related to the values provided. On completion of its investigation, management exercises judgment to determine the price selected and whether adjustments, if any, to the price obtained from the Company’s primary pricing provider would warrant classification of the price as Level 3. In instances where a measurement cannot be obtained from either pricing provider, the Company generally will evaluate bid prices from one or more binding quotes obtained from market makers to value investments in inactive markets and classified by the Company as Level 2. The Company generally classifies securities when it receives non-binding quotes or indications as Level 3 securities unless the Company can validate the quote or indication against recent transactions in the market.
The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at December 31, 2023.
DOLLARS IN MILLIONSUnobservable InputTotal Fair ValueRange of Unobservable InputsWeighted-average Yield
Investment-grade Market Yield$60.0 4.2 %-15.8 %8.7 %
Non-investment-grade:
Senior DebtMarket Yield32.6 9.2 -36.7 13.5 
Junior DebtMarket Yield32.5 11.8 -22.5 13.8 
OtherVarious64.4 
Total Level 3 Fixed Maturity Investments$189.5 
The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at December 31, 2022.
DOLLARS IN MILLIONSUnobservable InputTotal Fair ValueRange of Unobservable InputsWeighted-average Yield
Investment-grade Market Yield$56.5 4.6 %-14.5 %9.2 %
Non-investment-grade:
Senior DebtMarket Yield72.9 4.6 -36.7 10.9 
Junior DebtMarket Yield42.1 8.8 -22.5 15.1 
OtherVarious56.4 
Total Level 3 Fixed Maturity Investments$227.9 
NOTE 13. FAIR VALUE MEASUREMENTS (Continued)
For an investment in a fixed maturity security, an increase in the yield used to determine the fair value of the security will decrease the fair value of the security. A decrease in the yield used to determine fair value will increase the fair value of the security, but for callable securities the fair value increase is generally limited to par, unless security is currently callable at a premium.
Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the year ended December 31, 2023 is presented below.
DOLLARS IN MILLIONSFixed MaturitiesEquity Securities
Corporate
Bonds
and
Notes		States and Political Sub-divisionsRedeemable
Preferred
Stocks		Other Mortgage-
and Asset-
backed		Preferred
and
Common
Stocks		Total
Balance at Beginning of Year
$216.0 $— $6.8 $5.1 $2.1 $230.0 
Total (Losses) Gains:
Included in Consolidated Statements of Loss
(0.7)— — — (0.8)(1.5)
Included in Other Comprehensive Income6.4 — 0.3 0.1 — 6.8 
Purchases50.4 0.1 — — 1.1 51.6 
Settlements— — — — — — 
Sales(102.6)— — — — (102.6)
Transfers into Level 37.7 — — — 0.4 8.1 
Transfers out of Level 3(0.1)— — — — (0.1)
Balance at End of Year$177.1 $0.1 $7.1 $5.2 $2.8 $192.3 
The transfers into and out of Level 3 were due primarily to changes in the availability of market observable inputs.
Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the year ended December 31, 2022 is presented below.
DOLLARS IN MILLIONSFixed MaturitiesEquity SecuritiesTotal
Corporate
Bonds and
Notes		Redeemable
Preferred
Stocks		Collateralized Loan ObligationsOther Mortgage-
and Asset-
backed		Preferred
and
Common
Stocks
Balance at Beginning of Year$236.8 $6.1 $— $7.0 $1.5 $251.4 
Total (Losses) Gains:
Included in Consolidated Statements of Loss
(12.7)— — — — (12.7)
Included in Other Comprehensive Income(19.2)(1.3)— (1.9)(0.2)(22.6)
Purchases107.8 2.0 — — 2.7 112.5 
Settlements— — — — — — 
Sales(114.1)— — — (1.9)(116.0)
Transfers into Level 323.1 — — — — 23.1 
Transfers out of Level 3(5.7)— — — — (5.7)
Balance at End of Year$216.0 $6.8 $— $5.1 $2.1 $230.0 
The transfers into and out of Level 3 were due to changes in the availability of market observable inputs.
NOTE 13. FAIR VALUE MEASUREMENTS (Continued)
The table below shows investments reported at fair value using NAV and their unfunded commitments by asset class as of December 31, 2023 and 2022, respectively.
Dollars in Millions
December 31, 2023
December 31, 2022
Asset ClassFair Value Using NAVUnfunded
Commitments		Fair Value Using NAVUnfunded
Commitments
Reported as Equity Method Limited Liability Investments:
Mezzanine Debt$125.4 $43.1 $114.3 $51.6 
Real Estate41.9 — 43.3 — 
Senior Debt19.0 39.9 21.6 42.0 
Leveraged Buyout8.6 0.6 8.9 0.6 
Secondary Transactions7.9 1.7 9.3 1.7 
Distressed Debt7.9 — 9.4 — 
Growth Equity1.2 — 1.2 — 
Hedge Fund0.1 — 0.5 — 
Other9.7 — 8.5 — 
Total Equity Method Limited Liability Investments221.7 85.3 217.0 95.9 
Reported as Other Equity Interests at Fair Value:
Mezzanine Debt124.0 67.0 106.0 56.0 
Senior Debt24.8 10.6 21.9 6.0 
Leveraged Buyout19.0 10.0 21.6 9.0 
Distressed Debt12.4 13.0 12.5 13.0 
Growth Equity6.4 6.5 5.4 7.9 
Secondary Transactions2.8 3.1 3.5 4.2 
Hedge Funds1.9 — 18.1 — 
Real Estate0.1 0.2 — — 
Other— — 0.1 0.2 
Total Reported as Other Equity Interests at Fair Value191.4 110.4 189.1 96.3 
Reported as Equity Securities at Modified Cost:
Other4.8 — 8.3 — 
Total Reported as Equity Securities at Modified Cost
4.8 — 8.3 — 
  Total Investments in Limited Liability Companies and Limited Partnerships$417.9 $195.7 $414.4 $192.2 
At December 31, 2023, the Company had unfunded commitments to invest an additional $195.7 million in certain limited liability investment companies and limited partnerships that will be included in Other Equity Interests and Equity Method Limited Liability Investments if funded.
The fund investments included above (excluding Hedge Funds) are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. The funds are generally expected to have approximately 10 year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one or two-year increments.
The hedge fund investments included above, which are carried at fair value, are generally redeemable subject to the redemption notices period. The majority of the hedge fund investments are redeemable monthly or quarterly.
NOTE 13. FAIR VALUE MEASUREMENTS (Continued)
The following table includes information related to the Company’s investments in certain private equity funds or hedge funds that calculate a net asset value per share:
Asset ClassInvestment Category Includes
Mezzanine DebtFunds with investments in junior or subordinated debt and potentially minority equity securities issued by private companies.
Senior DebtFunds with investments in senior or first lien debt and potentially minority equity securities typically issued by private companies.
Distressed DebtFunds with debt or minority equity investments that are made opportunistically in companies that are in or near default or under financial strain with potential to have an active role in restructuring company.
Secondary TransactionsFunds that focus on purchasing third party fund interests from investors seeking liquidity within their own portfolio.
Hedge FundFunds that focus primarily on investing in public securities with strategy of generating uncorrelated returns to the public markets.
Leveraged BuyoutFunds with control equity investments in more mature, positive cash flowing, private companies that are typically purchased with the use of financial leverage.
Growth EquityFunds that invest in early or venture stage companies with high growth potential with view towards generating realizations through sale or initial public offering (“IPO”) of company.
Real EstateFunds with investments in multi-family housing properties.
OtherConsists of direct investments of preferred equity or minority common equity investments into private companies structured as limited partnerships or limited liability companies.
Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value.
 December 31, 2023December 31, 2022
(Dollars in Millions)Carrying ValueFair ValueCarrying ValueFair Value
Financial Assets:
Loans to Policyholders$281.2 $281.2 $283.4 $283.4 
Short-term Investments520.9 520.9 278.4 278.4 
Mortgage Loans99.8 99.8 91.1 91.1 
Company-Owned Life Insurance513.5513.5586.5586.5
Equity Securities at Modified Cost32.632.638.438.4
Financial Liabilities:
Long-term Debt$1,389.2 $1,213.4 $1,386.9 $1,195.1 
Policyholder Obligations557.4 557.4 601.0 601.0 
Loans to policyholders are carried at unpaid principal balance which approximates fair value and are categorized as Level 3 within the fair value hierarchy. The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy. Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy. Due to the collateralized nature of policy loans and unpredictable timing of payments, the Company believes the carrying value of policy loans approximates fair value. The fair value measurement of Short-term Investments is estimated using inputs that are considered either Level 1 or Level 2 measurements. The Mortgage Loans fair value measurement is considered equal to amortized cost given the short-term nature of the investments. The fair value measurement of Equity Securities at Modified Cost is estimated using inputs that are considered Level 3 measurements. The cash surrender value of Company-Owned Life Insurance approximates fair value and is considered to be a Level 2 investment. The fair value of Long-term Debt is estimated using quoted prices for similar liabilities in markets that are not active. The inputs used in the valuation are considered Level 2 measurements. Policyholder Obligations presented in the preceding table consist of advances from the Federal Home Loan Bank (“FHLB”) of Chicago, and the inputs used in the valuation are considered Level 2 measurements.
v3.24.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS
Goodwill balances by business segment at December 31, 2023 and 2022 were:
DOLLARS IN MILLIONS20232022
Specialty Property & Casualty Insurance$1,043.0 $1,043.0 
Life Insurance207.7 207.7 
Non-Core Operations— 49.6 
Total$1,250.7 $1,300.3 
The Company tests goodwill for recoverability at the reporting unit level on an annual basis, or whenever events or circumstances indicate the fair value of a reporting unit may have declined below its carrying value. The Company performed a qualitative goodwill impairment assessment for all reporting units with goodwill as of October 1, 2023. The qualitative assessment takes into consideration changes in macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, events impacting reporting units, and changes in Kemper’s stock price since the last quantitative assessment, which was performed on October 1, 2022. Based on its qualitative assessment, the Company concluded that the associated goodwill was recoverable for each reporting unit.
During the second quarter of 2023, the Company identified impairment indicators impacting the fair value of the Preferred Property & Casualty Insurance business in connection with ongoing evaluation of strategic alternatives for the Preferred Insurance business. As a result, the business’s fair value was determined using a combination of available market information, market comparisons and a discounted cash flow valuation method based on the present value of future earnings. The fair value calculated in the second quarter of 2023 was lower than the carrying value of the business, resulting in a pre-tax impairment charge of $49.6 million and an after-tax impairment charge of $45.5 million. A substantial portion of the goodwill that was impaired was not tax deductible. The goodwill impairment charge is reported separately in the Consolidated Statements of Loss for the year ended December 31, 2023, with a corresponding reduction to goodwill in the Consolidated Balance Sheet as of December 31, 2023.
In 2022, Kemper completed the sale of Reserve National to Medical Mutual of Ohio. As a result of the sale, goodwill attributed to Reserve National was separately tested for recoverability and the Company incurred goodwill impairment of $11.4 million. The remaining $0.3 million of goodwill attributable to Reserve National was derecognized at the time of the sale. See Note 4, “Dispositions”, for more information.
The gross carrying amount and accumulated amortization of definite and indefinite life intangible assets at December 31, 2023 and 2022 were:
 20232022
(Dollars in Millions)Gross Carrying AmountAccumulated AmortizationNet AmountGross
Carrying Amount		Accumulated AmortizationNet Amount
Definite Life Intangible Assets:
Value of Business Acquired$237.5 $223.7 $13.8 $237.5 $222.1 $15.4 
Customer Relationships43.8 42.1 1.7 43.8 41.1 2.7 
Agent Relationships81.6 38.2 43.4 81.6 31.0 50.6 
Trade Names— — — 1.8 1.7 0.1 
Internal-Use Software388.0 178.0 210.0 352.1 153.9 198.2 
Total Definite Life Intangible Assets750.9 482.0 268.9 716.8 449.8 267.0 
Indefinite Life Intangible Assets:
Trade Names5.2 — 5.2 5.2 — 5.2 
Insurance Licenses44.2 — 44.2 44.5 — 44.5 
Total Indefinite Life Intangible Assets49.4 — 49.4 49.7 — 49.7 
Total Intangible Assets$800.3 $482.0 $318.3 $766.5 $449.8 $316.7 
NOTE 14. GOODWILL AND INTANGIBLE ASSETS (Continued)
The Company records intangible assets acquired in business combinations and certain costs incurred developing and customizing internal-use software within Other Assets on the Consolidated Balance Sheets. Definite life intangible assets are amortized over the estimated profit emergence period or estimated useful life of the asset. Indefinite life intangible assets are not amortized, but rather tested annually for impairment. In 2023, 2022 and 2021, the Company recognized amortization expense on definite life intangible assets of $48.6 million, $53.7 million and $87.0 million, respectively.
The amount of amortization expense expected to be recorded in the next five years for definite life intangible assets is as follows:
DOLLARS IN MILLIONS20242025202620272028
Definite Life Intangible Assets:
Value of Business Acquired$1.6 $1.6 $1.5 $1.5 $1.4 
Customer Relationships0.4 0.4 0.3 0.2 0.2 
Agent Relationships5.5 4.9 4.9 4.9 4.9 
Internal-Use Software33.3 27.4 23.4 17.9 15.3 
Total$40.8 $34.3 $30.1 $24.5 $21.8 
v3.24.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities VARIABLE INTEREST ENTITIES
A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity's operations through voting rights or do not substantively participate in the gains and losses of the entity. The Company consolidates VIEs in which the Company is deemed the primary beneficiary. The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect that entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE.
Reciprocal Exchange
The Company has formed a management company that acts as attorney-in-fact (“AIF”) for Kemper Reciprocal (the “Reciprocal Exchange” or “Exchange”), an Illinois-domiciled reciprocal insurance exchange. The Exchange principally writes specialty personal automobile policies sold to subscribers of the Exchange. The establishment of Kemper Reciprocal was completed in the third quarter of 2023.
The Company consolidates the Exchange since (1) the AIF manages the business operations of the Exchange and therefore has the power to direct the activities that most significantly impact the economic performance of the Exchange and (2) the Company has provided capital to the Exchange and would absorb any expected losses that could potentially be significant to the Exchange. The Exchange’s anticipated economic performance is the product of its underwriting and investment results. The AIF receives a management fee for the services provided to the Reciprocal Exchange. The management fee revenues are based upon all premiums written or assumed by the Exchange. The AIF determines the management fee rate to be paid by the Exchange. This rate cannot exceed 30% of the Exchange’s gross written and assumed premiums.
The assets of the Reciprocal Exchange can be used only to settle the obligations of the Reciprocal Exchange for which creditors and other beneficial owners have no recourse to the Company. The Company has no obligation related to any underwriting and/or investment losses experienced by the Exchange. As of December 31, 2023, the Company had contributed $4.0 million of surplus to the Reciprocal Exchange. The effects of the transactions between the Company and the Reciprocal Exchange are eliminated in consolidation to derive consolidated Net Loss. However, the management fee income earned by the AIF is reported in Net Loss attributable to Kemper Corporation and is included in the basic and diluted earnings per share.
Noncontrolling interest is the portion of equity (net assets) not attributable, directly or indirectly, to a parent. Since the Company has no ownership interest in Kemper Reciprocal, the difference between the carrying value of the Exchange’s assets and liabilities represents noncontrolling interest and any income or loss generated by the net assets of the Exchange is presented as income or loss attributable to noncontrolling interest.
NOTE 15. VARIABLE INTEREST ENTITIES (Continued)
Alternative Energy Partnership
The Company invests in an Alternative Energy Partnership formed to provide sustainable energy projects that are designed to generate a return primarily through the realization of federal tax credits. This entity was formed to invest in newly installed residential solar leases and power purchase agreements. As a result of this investment, the Company has the right to certain investment tax credits and tax depreciation benefits, and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers.
The Company’s interest in the Alternative Energy Partnership Investment is considered an investment in a VIE. The Company has determined that it is not the primary beneficiary as it does not have the power to direct the activities that most significantly impact the economic performance of the entity and therefore is not required to consolidate the VIE. The project sponsor governs the entity and the Company only has consent rights that have been deemed protective in nature and does not participate in key economic decisions of the entity.
The investment is accounted for using the equity method of accounting and included in Alternative Energy Partnership Investments in the Consolidated Balance Sheets. The Company uses the HLBV equity method to account for earnings and losses. This method provides an earnings allocation that appropriately reflects the substantive economics of the investment. Earnings and losses on the investment are reported in Change in Value of Alternative Energy Partnership Investments and investment tax credits are recognized in Income Tax Benefit on the Consolidated Statements of Loss.
The following table presents information regarding activity in the Company’s Alternative Energy Partnership Investments for the years ended December 31, 2023, 2022 and 2021.
Year Ended
(Dollars in millions)Dec 31, 2023Dec 31, 2022Dec 31, 2021
Fundings$— $— $80.0 
Cash distribution from Investment2.0 3.3 0.5 
Income (Loss) on Investments in Alternative Energy Partnership2.9 (19.9)(61.2)
Income Tax Credits Recognized0.2 4.3 73.9 
Tax (Expense) Benefit Recognized from Alternative Energy Partnership(0.7)3.7 5.1 
The following table represents the carrying value of the associated assets and liabilities and the associated maximum loss exposure of the Alternative Energy Partnership Investments as of December 31, 2023 and December 31, 2022.
(Dollars in millions)Dec 31, 2023Dec 31, 2022
Cash$2.7 $3.0 
Equipment, Net of Depreciation256.2 261.7 
Other Assets7.5 5.1 
Total Unconsolidated Assets266.4 269.7 
Maximum Loss Exposure17.3 16.3 
v3.24.0.1
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income AND ACCUMULATED OTHER COMPREHENSIVE LOSS
The tables below display the changes in Accumulated Other Comprehensive Loss by component for the years ended December 31, 2023, 2022 and 2021:
(Dollars in Millions)
Net Unrealized Losses on Other Investments
Net Unrealized Losses on Investments with an Allowance for Credit Losses
Net Unrecognized Postretirement Benefit Costs
Gain on Cash Flow Hedge on Cash Flow Hedges
Change in Discount Rate on Future Life Policyholder BenefitsTotal
Balance as of January 1, 2021
$730.6 $(2.1)$(45.7)$(2.3)$(1,030.3)$(349.8)
Other Comprehensive (Loss) Income Before Reclassifications
(182.0)(1.6)(6.5)— 180.6 (9.5)
Amounts Reclassified from Accumulated Other Comprehensive Income Net of Tax Benefit (Expense) of $11.3, $—, $—, $(0.1). $—, and $11.2
(42.8)— 0.1 0.4 — (42.3)
Other Comprehensive Income (Loss) Net of Tax Benefit (Expense) of $59.7, $0.4, $2.4, $(0.1), $(47.9), and $14.5
(224.8)(1.6)(6.4)0.4 180.6 (51.8)
Balance as of December 31, 2021
$505.8 $(3.7)$(52.1)$(1.9)$(849.7)$(401.6)
Other Comprehensive (Loss) Income Before Reclassifications
(1,215.1)2.0 15.2 4.7 1,090.8 (102.4)
Amounts Reclassified from Accumulated Other Comprehensive Loss Net of Tax Benefit of $2.7, $0.1, $0.1, $—, $—, and $2.9
(10.1)(0.5)(0.3)— — (10.9)
Other Comprehensive (Loss) Income Net of Tax Benefit (Expense) of $325.9, $(0.4), $(4.0), $(1.2), $(289.9) and $30.4
(1,225.2)1.5 14.9 4.7 1,090.8 (113.3)
Balance as of December 31, 2022
$(719.4)$(2.2)$(37.2)$2.8 $241.1 $(514.9)
Other Comprehensive Income (Loss) Before Reclassifications
185.0 (0.3)(6.0)— (80.5)98.2 
Amounts Reclassified from Accumulated Other Comprehensive Loss Net of Tax (Expense) Benefit of $(0.9), $—, $(13.8), $(0.1), $—, and $(14.8)
3.5 — 52.7 (0.3)— 55.9 
Other Comprehensive Income (Loss) Before Reclassifications Net of Tax (Expense) Benefit of $(50.3), $0.2, $(12.5), $(0.1), $21.2, and $(41.5)
188.5 (0.3)46.7 (0.3)(80.5)154.1 
Balance as of December 31, 2023
$(530.9)$(2.5)$9.5 $2.5 $160.6 $(360.8)
NOTE 16. OTHER COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Continued)
Amounts reclassified from Accumulated Other Comprehensive Loss shown above are reported in Net Loss as follows:
Components of AOCI
Consolidated Statements of Loss Line Item Affected by Reclassifications
Net Unrealized Gains (Losses) on Other Investments and Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses
Net Realized Investment (Losses) Gains and Impairment Losses
Net Unrecognized Postretirement Benefit CostsPolicyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses, Insurance Expenses, and Interest and Other Expenses
(Loss) Gain on Cash Flow Hedges
Interest and Other Expenses
Change in Discount Rate on Future Life Policyholder BenefitsNot Applicable
v3.24.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Shareholders' Equity
NOTE 17. SHAREHOLDERS’ EQUITY
Common Stock Issuance
Kemper is authorized to issue 20 million shares of $0.10 par value preferred stock and 100 million shares of $0.10 par value common stock. No preferred shares were issued or outstanding at December 31, 2023 and 2022. There were 64,111,555 shares and 63,912,762 shares of common stock outstanding at December 31, 2023 and 2022, respectively.
Common Stock Repurchases
On May 6, 2020, Kemper’s Board of Directors authorized the repurchase of up to an additional $200.0 million of Kemper common stock, in addition to the $133.3 million remaining under the August 6, 2014 authorization, bringing the remaining share repurchase authorization to approximately $333.3 million. As of December 31, 2023, the remaining share repurchase authorization was $171.6 million under the repurchase program.
During the years ended 2023 and 2022, Kemper did not repurchase any of its common stock. During the year ended 2021 Kemper repurchased and retired approximately 2,085,000 shares of its common stock under its share repurchase authorization for an aggregate cost of $161.7 million and an average cost per share of $77.58.
These purchases were made in the open market in accordance with applicable federal securities laws, including Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934.
Employee Stock Purchase Plan
During the years ended December 31, 2023, 2022, and 2021, the Company issued 89,000, 102,000, and 79,000 shares under the Kemper Employee Stock Purchase Plan (“ESPP”), respectively, at an average discounted price of $40.79, $40.83, and $58.08 per share. Compensation costs charged against income were $0.6 million, $0.7 million, and $0.8 million for the years ended December 31, 2023, 2022, and 2021, respectively.
Dividends
In 2023, Kemper issued dividends and dividend equivalents of $80.1 million, of which $80.1 million was paid to shareholders. Except for certain financial covenants under Kemper’s credit agreement or during any period in which Kemper elects to defer interest payments, there are no restrictions on Kemper’s ability to pay dividends to its shareholders. Certain financial covenants, namely minimum net worth and a maximum debt to total capitalization ratio, under Kemper’s credit agreement could limit the amount of dividends that Kemper may pay to shareholders at December 31, 2023. Kemper had the ability to pay without restrictions of $0.5 billion in dividends to its shareholders and still be in compliance with all financial covenants under its credit agreement at December 31, 2023.
v3.24.0.1
Statutory Information and Dividend Limitations
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Statutory Financial Information and Dividend Limitations STATUTORY FINANCIAL INFORMATION AND DIVIDEND LIMITATIONS
Kemper’s US based insurance subsidiaries are required to file financial statements in conformity with accounting practices prescribed or permitted by the insurance department of the applicable state of domicile. Prescribed statutory accounting practices include a variety of publications of the NAIC, as well as state laws, regulations and general administrative rules. All states require domiciled insurance companies to prepare statutory-basis financial statements in conformity with the NAIC
NOTE 18. STATUTORY FINANCIAL INFORMATION AND DIVIDEND LIMITATIONS (Continued)
Accounting practices and Procedures Manual, subject to any deviations prescribed or permitted by the applicable insurance commissioner or director. Statutory accounting practices differ from GAAP primarily since they require charging policy acquisition costs to expense as incurred, establishing life insurance reserves based on different actuarial assumptions, and valuing certain investments and establishing deferred taxes on a different basis.
The estimated combined statutory net loss, excluding intercompany dividends and surplus note interest, and estimated combined capital and surplus of the Company’s US based insurance subsidiaries is as follows:
Year Ended December 31,
DOLLARS IN MILLIONS202320222021
Property and casualty companies$(150.4)$(226.7)$(206.9)
Life and health companies(136.0)174.4 (12.4)
Total statutory net loss$(286.4)$(52.3)$(219.3)
DOLLARS IN MILLIONS20232022
Property and casualty companies$1,587.8 $1,582.7 
Life and health companies113.7 265.2 
Total statutory capital and surplus$1,701.5 $1,847.9 
Kemper’s offshore subsidiary, Kemper Bermuda Ltd., is required to file with its insurance regulator financial statements prepared in accordance with US GAAP and presented in conformity with the financial reporting provisions of the Insurance Act of 1978, amendments thereto and the Insurance Account Rules 2016 with respect to Condensed Consolidated General Purpose Financial Statements (the “Legislation”).
Kemper’s insurance subsidiaries are also required to hold minimum levels of statutory capital and surplus to satisfy regulatory requirements. The minimum statutory capital and surplus for US subsidiaries, or company action level risk-based capital (“RBC”), necessary to satisfy regulatory requirements for the Company’s US based life and health insurance subsidiaries collectively was estimated to be approximately $36.4 million and $50.0 million at December 31, 2023 and 2022, respectively. The estimated minimum statutory capital and surplus necessary to satisfy regulatory requirements for the Company’s property and casualty insurance subsidiaries collectively was approximately $574.3 million and $665.7 million at December 31, 2023 and 2022, respectively. Company action level RBC is the level at which a US based insurance company is required to file a corrective action plan with its regulators and is equal to 200% of the authorized control level RBC.
Capital and surplus requirements of Kemper Bermuda Ltd. are regulated by the Bermuda Monetary Authority (“BMA”) and differ from those applicable to the US subsidiaries. On July 1, 2022, Kemper entered into an indefinite agreement with its subsidiary, Kemper Bermuda Ltd., that provides financial guarantees of up to $300.0 million in contributed capital to maintain a minimum target capital ratio of 150% Enhance Capital Requirement, as described in Bermuda’s Insurance Act 1978. As of December 31, 2023 and 2022, Kemper had cumulatively contributed $40.0 million and $5.0 million under this agreement.
At December 31, 2023, all insurance subsidiaries individually are expected to exceed the minimum required statutory capital and surplus requirements.
Various insurance laws restrict the amount that an insurance subsidiary may pay in the form of dividends, loans or advances without the prior approval of regulatory authorities. Such insurance laws applicable to the Company’s US based subsidiaries generally restrict the amount of dividends paid in an annual period to the greater of statutory net income from the previous year or 10% of statutory capital and surplus. Also, that portion of a US based insurance subsidiary’s net equity which results from differences between statutory insurance accounting practices and GAAP would not be available for cash dividends, loans or advances. Kemper’s insurance subsidiaries paid dividends of $640.9 million, $311.7 million and $347.0 million to Kemper in 2023, 2022 and 2021, respectively. In 2024, Kemper’s US based insurance subsidiaries capacity to pay dividends to Kemper without prior regulatory approval is estimated to be zero as of the filing date. Kemper’s insurance subsidiaries had net assets of approximately $3.5 billion and $3.6 billion, determined in accordance with GAAP, that were restricted from payment to Kemper without prior regulatory approval at December 31, 2023 and 2022, respectively.
v3.24.0.1
Pension Benefits
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Pension Benefits PENSION BENEFITS
The Company previously sponsored a qualified defined benefit pension plan (the “Pension Plan”) that covered approximately 3,100 participants and beneficiaries. Effective January 1, 2006, the Pension Plan was closed to new hires and, effective June 30, 2016, benefit accruals were frozen for substantially all of the participants under the Pension Plan. The Pension Plan was terminated effective November 30, 2023. The Pension Plan was generally non-contributory, but participation required some employees to contribute 3% of pay, as defined, per year. Benefits for participants who were required to contribute to the Pension Plan were based on compensation during plan participation and the number of years of participation. Benefits for the vast majority of participants who are not required to contribute to the Pension Plan are based on years of service and final average pay, as defined. The Company funded the Pension Plan in accordance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”).
In the third quarter of 2023, the Company's Pension Plan made lump-sum payments to certain vested plan participants that were not currently receiving benefit payments and elected to receive lump-sum payments and purchased annuities on behalf of the remaining plan participants. For plan participants who elected lump-sum payments during the election window, payments of $90.0 million were distributed. Group annuity contracts were purchased from Banner Life Insurance Company for $205.7 million for the remaining plan participants for whom Banner irrevocably assumed the pension obligations. These transactions resulted in a full settlement of the Pension Plan and a $70.2 million noncash settlement charge ($55.5 million after-tax) for the unamortized net unrecognized postretirement benefit costs related to the settled obligations recorded in Interest and Other Expenses on the Consolidated Statements of Loss. The Pension Plan continues to have approximately $16.4 million of net assets remaining in the trust after the settlement and was included within Other Assets in the accompanying consolidated balance sheet as of December 31, 2023.
Changes in Fair Value of Plan Assets and Changes in Projected Benefit Obligation for the Pension Plan for the years ended December 31, 2023 and 2022 is presented below.
DOLLARS IN MILLIONS20232022
Fair Value of Plan Assets at Beginning of Year$315.8 $391.7 
Actual Return on Plan Assets7.1 (65.1)
Benefits Paid(100.9)(13.7)
Settlement Benefits(205.7)2.9 
Fair Value of Plan Assets at End of Year16.3 315.8 
Projected Benefit Obligation at Beginning of Year292.2 378.8 
Interest Cost8.4 8.7 
Benefits Paid(100.9)(13.7)
Settlement Benefits(205.7)2.9 
Actuarial Gains6.0 (84.5)
Projected Benefit Obligation at End of Year— 292.2 
Funded Status—Plan Assets in Excess of Projected Benefit Obligation$16.3 $23.6 
Unamortized Amount Reported in AOCI at End of Year$— $(63.1)
Accumulated Benefit Obligation at End of Year$— $289.3 
The measurement dates of the assets and liabilities at end of year presented in the preceding table under the headings, “2023” and “2022” were December 31, 2023 and December 31, 2022, respectively.
The weighted-average discount rate and rate of increase in future compensation levels used to estimate the components of the Projected Benefit Obligation for the Pension Plan at December 31, 2022 were:
2022
Discount Rate5.05 %
Rate of Increase in Future Compensation Levels— 
NOTE 19. PENSION BENEFITS (Continued)
Asset allocations for the Pension Plan at December 31, 2023 and 2022 by asset category were:
ASSET CATEGORY20232022
Corporate Bonds and Notes— %27 %
Bond Exchange Traded Funds— 35 
Cash and Short-term Investments100 37 
Other Assets— 1 
Total100 %100 %
The investment objective of the Pension Plan was to produce current income and long-term capital growth through a combination of equity and fixed income investments which, together with appropriate employer contributions and any required employee contributions, was adequate to provide for the payment of the benefit obligations of the Pension Plan. The assets of the Pension Plan could have been invested in fixed income and equity investments or any other investment vehicle or financial instrument deemed appropriate. Fixed income investments may include cash and short-term instruments, U.S. Government securities, corporate bonds, mortgages and other fixed income investments. Equity investments may include various types of stock, such as large-cap, mid-cap and small-cap stocks, and may also include investments in investment companies, collective investment funds and Kemper common stock (subject to Section 407 and other requirements of ERISA). The Pension Plan did not invest in Kemper common stock.
The trust investment committee for the Pension Plan, along with its third party fiduciary advisor, periodically reviewed the performance of the Pension Plan’s investments and asset allocation. Several external investment managers managed the equity investments of the trust for the Pension Plan. Each manager was allowed to exercise investment discretion, subject to limitations, if any, established by the trust investment committee for the Pension Plan. All other investment decisions were made by the Company, subject to general guidelines as set by the trust investment committee for the Pension Plan.
The Company determined its Expected Long Term Rate of Return on Plan Assets based primarily on the Company’s expectations of future returns, with consideration to historical returns, for the Pension Plan’s investments, based on target allocations of the Pension Plan’s investments.
The fair values of pension plan assets are estimated using the same methodologies and inputs as those used to determine the fair values for the respective asset category of the Company. These methodologies and inputs are disclosed in Note 13, “Fair Value Measurements,” to the Consolidated Financial Statements.
Fair value measurements for the Pension Plan’s assets at December 31, 2023 are summarized below.
DOLLARS IN MILLIONSQuoted Prices
in Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Measured at Net Asset ValueFair Value
Equity Securities:
Other Equity Interests:
Limited Liability Companies and Limited Partnerships
— — — 0.1 0.1 
Short-term Investments16.2 — — — 16.2 
Total$16.2 $— $— $0.1 $16.3 
NOTE 19. PENSION BENEFITS (Continued)
Fair value measurements for the Pension Plan’s assets at December 31, 2022 are summarized below.
DOLLARS IN MILLIONSQuoted Prices
in Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Measured at Net Asset ValueFair Value
Fixed Maturities:
U.S. Government and Government Agencies and Authorities
$40.1 $— $— $— $40.1 
States and Political Subdivisions
— 0.1 — — 0.1 
Foreign Governments— 0.4 — — 0.4 
Corporate Bonds and Notes
— 45.4 — — 45.4 
Equity Securities:
Other Equity Interests:
Bond Exchange Traded Funds
111.1 — — — 111.1 
Limited Liability Companies and Limited Partnerships
— — — 1.8 1.8 
Short-term Investments116.1 — — — 116.1 
Receivables and Other0.8 — — — 0.8 
Total$268.1 $45.9 $— $1.8 $315.8 
The components of Comprehensive Pension (Income) Expense for the Pension Plan for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Service Cost Earned During the Year$— $— $— 
Interest Cost on Projected Benefit Obligation8.4 8.7 7.2 
Expected Return on Plan Assets(7.9)(7.4)(9.5)
Amortization of Prior Service Cost0.4 0.7 — 
Amortization of Actuarial Loss— 1.8 2.9 
Settlement Expense70.2 — — 
Pension Expense Recognized in Consolidated Statements of (Loss) Income71.1 3.8 0.6 
Unrecognized Pension Loss Arising During the Year— (12.0)(6.0)
Prior Service Cost Arising During the Year— — 18.3 
Amortization of Prior Service Cost— (0.7)— 
Amortization of Accumulated Unrecognized Pension Loss— (1.8)(2.9)
Comprehensive Pension (Income) Expense $71.1 $(10.7)$10.0 
The weighted-average discount rate, service cost discount rate, interest cost discount rate, rate of increase in future compensation levels and expected long-term rate of return on plan assets used to develop the components of Pension Expense for the Pension Plan for the years ended December 31, 2023, 2022 and 2021 were:
202320222021
Weighted-average Discount Rate5.05 %2.89 %2.56 %
Service Cost Discount RateN/AN/A2.41 
Interest Cost Discount Rate4.92 2.35 1.90 
Rate of Increase in Future Compensation LevelsN/A3.40 3.40 
Expected Long Term Rate of Return on Plan Assets3.79 2.08 2.70 
The Company did not contribute to the Pension Plan in 2021, 2022 or 2023.
NOTE 19. PENSION BENEFITS (Continued)
The Company also sponsors a non-qualified supplemental defined benefit pension plan (the “Supplemental Plan”). Benefit accruals for all participants in the Supplemental Plan were frozen effective June 30, 2016. The unfunded liability related to the Supplemental Plan was $21.8 million and $22.0 million at December 31, 2023 and 2022, respectively. Pension expense for the Supplemental Plan was $1.0 million, $0.8 million, and $0.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. There was an actuarial loss of $0.7 million before taxes in 2023, and actuarial gains of $4.8 million and $1.3 million before taxes included in Other Comprehensive (Loss) Income for the years ended December 31, 2022 and 2021, respectively.
The Company also sponsors several defined contribution benefit plans covering most of its employees. The Company made contributions to those plans of $27.5 million, $30.6 million and $28.9 million in 2023, 2022 and 2021, respectively.
v3.24.0.1
Postretirement Benefits Other Than Pensions
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Postretirement Benefits Other Than Pensions PENSION BENEFITS
The Company previously sponsored a qualified defined benefit pension plan (the “Pension Plan”) that covered approximately 3,100 participants and beneficiaries. Effective January 1, 2006, the Pension Plan was closed to new hires and, effective June 30, 2016, benefit accruals were frozen for substantially all of the participants under the Pension Plan. The Pension Plan was terminated effective November 30, 2023. The Pension Plan was generally non-contributory, but participation required some employees to contribute 3% of pay, as defined, per year. Benefits for participants who were required to contribute to the Pension Plan were based on compensation during plan participation and the number of years of participation. Benefits for the vast majority of participants who are not required to contribute to the Pension Plan are based on years of service and final average pay, as defined. The Company funded the Pension Plan in accordance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”).
In the third quarter of 2023, the Company's Pension Plan made lump-sum payments to certain vested plan participants that were not currently receiving benefit payments and elected to receive lump-sum payments and purchased annuities on behalf of the remaining plan participants. For plan participants who elected lump-sum payments during the election window, payments of $90.0 million were distributed. Group annuity contracts were purchased from Banner Life Insurance Company for $205.7 million for the remaining plan participants for whom Banner irrevocably assumed the pension obligations. These transactions resulted in a full settlement of the Pension Plan and a $70.2 million noncash settlement charge ($55.5 million after-tax) for the unamortized net unrecognized postretirement benefit costs related to the settled obligations recorded in Interest and Other Expenses on the Consolidated Statements of Loss. The Pension Plan continues to have approximately $16.4 million of net assets remaining in the trust after the settlement and was included within Other Assets in the accompanying consolidated balance sheet as of December 31, 2023.
Changes in Fair Value of Plan Assets and Changes in Projected Benefit Obligation for the Pension Plan for the years ended December 31, 2023 and 2022 is presented below.
DOLLARS IN MILLIONS20232022
Fair Value of Plan Assets at Beginning of Year$315.8 $391.7 
Actual Return on Plan Assets7.1 (65.1)
Benefits Paid(100.9)(13.7)
Settlement Benefits(205.7)2.9 
Fair Value of Plan Assets at End of Year16.3 315.8 
Projected Benefit Obligation at Beginning of Year292.2 378.8 
Interest Cost8.4 8.7 
Benefits Paid(100.9)(13.7)
Settlement Benefits(205.7)2.9 
Actuarial Gains6.0 (84.5)
Projected Benefit Obligation at End of Year— 292.2 
Funded Status—Plan Assets in Excess of Projected Benefit Obligation$16.3 $23.6 
Unamortized Amount Reported in AOCI at End of Year$— $(63.1)
Accumulated Benefit Obligation at End of Year$— $289.3 
The measurement dates of the assets and liabilities at end of year presented in the preceding table under the headings, “2023” and “2022” were December 31, 2023 and December 31, 2022, respectively.
The weighted-average discount rate and rate of increase in future compensation levels used to estimate the components of the Projected Benefit Obligation for the Pension Plan at December 31, 2022 were:
2022
Discount Rate5.05 %
Rate of Increase in Future Compensation Levels— 
NOTE 19. PENSION BENEFITS (Continued)
Asset allocations for the Pension Plan at December 31, 2023 and 2022 by asset category were:
ASSET CATEGORY20232022
Corporate Bonds and Notes— %27 %
Bond Exchange Traded Funds— 35 
Cash and Short-term Investments100 37 
Other Assets— 1 
Total100 %100 %
The investment objective of the Pension Plan was to produce current income and long-term capital growth through a combination of equity and fixed income investments which, together with appropriate employer contributions and any required employee contributions, was adequate to provide for the payment of the benefit obligations of the Pension Plan. The assets of the Pension Plan could have been invested in fixed income and equity investments or any other investment vehicle or financial instrument deemed appropriate. Fixed income investments may include cash and short-term instruments, U.S. Government securities, corporate bonds, mortgages and other fixed income investments. Equity investments may include various types of stock, such as large-cap, mid-cap and small-cap stocks, and may also include investments in investment companies, collective investment funds and Kemper common stock (subject to Section 407 and other requirements of ERISA). The Pension Plan did not invest in Kemper common stock.
The trust investment committee for the Pension Plan, along with its third party fiduciary advisor, periodically reviewed the performance of the Pension Plan’s investments and asset allocation. Several external investment managers managed the equity investments of the trust for the Pension Plan. Each manager was allowed to exercise investment discretion, subject to limitations, if any, established by the trust investment committee for the Pension Plan. All other investment decisions were made by the Company, subject to general guidelines as set by the trust investment committee for the Pension Plan.
The Company determined its Expected Long Term Rate of Return on Plan Assets based primarily on the Company’s expectations of future returns, with consideration to historical returns, for the Pension Plan’s investments, based on target allocations of the Pension Plan’s investments.
The fair values of pension plan assets are estimated using the same methodologies and inputs as those used to determine the fair values for the respective asset category of the Company. These methodologies and inputs are disclosed in Note 13, “Fair Value Measurements,” to the Consolidated Financial Statements.
Fair value measurements for the Pension Plan’s assets at December 31, 2023 are summarized below.
DOLLARS IN MILLIONSQuoted Prices
in Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Measured at Net Asset ValueFair Value
Equity Securities:
Other Equity Interests:
Limited Liability Companies and Limited Partnerships
— — — 0.1 0.1 
Short-term Investments16.2 — — — 16.2 
Total$16.2 $— $— $0.1 $16.3 
NOTE 19. PENSION BENEFITS (Continued)
Fair value measurements for the Pension Plan’s assets at December 31, 2022 are summarized below.
DOLLARS IN MILLIONSQuoted Prices
in Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Measured at Net Asset ValueFair Value
Fixed Maturities:
U.S. Government and Government Agencies and Authorities
$40.1 $— $— $— $40.1 
States and Political Subdivisions
— 0.1 — — 0.1 
Foreign Governments— 0.4 — — 0.4 
Corporate Bonds and Notes
— 45.4 — — 45.4 
Equity Securities:
Other Equity Interests:
Bond Exchange Traded Funds
111.1 — — — 111.1 
Limited Liability Companies and Limited Partnerships
— — — 1.8 1.8 
Short-term Investments116.1 — — — 116.1 
Receivables and Other0.8 — — — 0.8 
Total$268.1 $45.9 $— $1.8 $315.8 
The components of Comprehensive Pension (Income) Expense for the Pension Plan for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Service Cost Earned During the Year$— $— $— 
Interest Cost on Projected Benefit Obligation8.4 8.7 7.2 
Expected Return on Plan Assets(7.9)(7.4)(9.5)
Amortization of Prior Service Cost0.4 0.7 — 
Amortization of Actuarial Loss— 1.8 2.9 
Settlement Expense70.2 — — 
Pension Expense Recognized in Consolidated Statements of (Loss) Income71.1 3.8 0.6 
Unrecognized Pension Loss Arising During the Year— (12.0)(6.0)
Prior Service Cost Arising During the Year— — 18.3 
Amortization of Prior Service Cost— (0.7)— 
Amortization of Accumulated Unrecognized Pension Loss— (1.8)(2.9)
Comprehensive Pension (Income) Expense $71.1 $(10.7)$10.0 
The weighted-average discount rate, service cost discount rate, interest cost discount rate, rate of increase in future compensation levels and expected long-term rate of return on plan assets used to develop the components of Pension Expense for the Pension Plan for the years ended December 31, 2023, 2022 and 2021 were:
202320222021
Weighted-average Discount Rate5.05 %2.89 %2.56 %
Service Cost Discount RateN/AN/A2.41 
Interest Cost Discount Rate4.92 2.35 1.90 
Rate of Increase in Future Compensation LevelsN/A3.40 3.40 
Expected Long Term Rate of Return on Plan Assets3.79 2.08 2.70 
The Company did not contribute to the Pension Plan in 2021, 2022 or 2023.
NOTE 19. PENSION BENEFITS (Continued)
The Company also sponsors a non-qualified supplemental defined benefit pension plan (the “Supplemental Plan”). Benefit accruals for all participants in the Supplemental Plan were frozen effective June 30, 2016. The unfunded liability related to the Supplemental Plan was $21.8 million and $22.0 million at December 31, 2023 and 2022, respectively. Pension expense for the Supplemental Plan was $1.0 million, $0.8 million, and $0.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. There was an actuarial loss of $0.7 million before taxes in 2023, and actuarial gains of $4.8 million and $1.3 million before taxes included in Other Comprehensive (Loss) Income for the years ended December 31, 2022 and 2021, respectively.
The Company also sponsors several defined contribution benefit plans covering most of its employees. The Company made contributions to those plans of $27.5 million, $30.6 million and $28.9 million in 2023, 2022 and 2021, respectively.
Other Postretirement Benefit Plan, Defined Benefit  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Postretirement Benefits Other Than Pensions POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
Kemper and Infinity Property and Casualty Corporation (“Infinity”) sponsor other than pension postretirement employee benefit plans (“OPEB”) that together provide medical, dental and/or life insurance benefits to approximately 400 retired and 500 active employees.
Kemper has historically self-insured the benefits under the Kemper OPEB Plan. The Kemper medical plan generally provides for a limited number of years of medical insurance benefits at retirement based on the participant’s attained age at retirement and number of years of service until specified dates and generally has required participant contributions, with most contributions adjusted annually. On December 30, 2016, Kemper amended the Kemper OPEB Plan and, effective December 31, 2016, no longer offers coverage to post-65 Medicare-eligible retirees and Medicare-eligible spouses under the self-insured portion of its coverage. Rather, beginning on January 1, 2017, the Kemper OPEB Plan offers access to a private, third-party Medicare exchange and provides varying levels of a Company-determined subsidy via health reimbursement accounts to certain Medicare-eligible retirees and spouses in order to help fund a portion of the participants’ cost. Further, the amendment eliminates the requirement for such participants to contribute to the Kemper OPEB Plan.
In conjunction with the amendment, the Company recorded a pre-tax reduction to its Accumulated Postretirement Benefit Obligation of $11.0 million through Other Comprehensive (Loss) Income. This prior service credit is being amortized into income over the remaining average life of the Kemper OPEB Plan’s participants.
Changes in Fair Value of Plans’ Assets and Changes in Accumulated Postretirement Benefit Obligation for the years ended December 31, 2023 and 2022 were:
DOLLARS IN MILLIONS
20232022
Fair Value of Plans’ Assets at Beginning of Year$— $— 
Employer Contributions1.0 1.0 
Plan Participants’ Contributions0.3 0.3 
Benefits Paid(1.3)(1.3)
Fair Value of Plan Assets at End of Year— — 
Accumulated Postretirement Benefit Obligation at Beginning of Year8.1 11.2 
Service Cost0.1 0.2 
Interest Cost0.4 0.2 
Plan Participants’ Contributions0.3 0.3 
Benefits Paid(1.3)(1.3)
Actuarial Gain(0.1)(2.5)
Accumulated Postretirement Benefit Obligation at End of Year7.5 8.1 
Funded Status—Accumulated Postretirement Benefit Obligation in Excess of Plans’ Assets$(7.5)$(8.1)
Unamortized Actuarial Gain Reported in AOCI at End of Year$13.9 $16.9 
The measurement dates of the assets and liabilities at end of year in the preceding table under the headings “2023” and “2022” were December 31, 2023 and December 31, 2022, respectively.
NOTE 20. POSTRETIREMENT BENEFITS OTHER THAN PENSIONS (Continued)
The weighted-average discount rate and rate of increase in future compensation levels used to develop the components of the Accumulated Postretirement Benefit Obligation at December 31, 2023 and 2022 were:
20232022
Discount Rate4.92 %5.08 %
Rate of Increase in Future Compensation Levels2.20 2.20 
The assumed health care cost trend rate used in measuring the Accumulated Postretirement Benefit Obligation at December 31, 2023 was 6.7% for 2024, gradually declining to 4.7% in the year 2029 and remaining at that level thereafter for medical benefits and 8.0% for 2024, gradually declining to 4.8% in the year 2030 and remaining at that level thereafter for prescription drug benefits. The assumed health care cost trend rate used in measuring the Accumulated Postretirement Benefit Obligation at December 31, 2022 was 6.0% for 2023, gradually declining to 4.8% in the year 2029 and remaining at that level thereafter for medical benefits and 6.7% for 2023, gradually declining to 4.8% in the year 2030 and remaining at that level thereafter for prescription drug benefits.
The components of Comprehensive OPEB (Income) Expense for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Service Cost Earned During the Year$0.1 $0.2 $0.3 
Interest Cost on Accumulated Postretirement Benefit Obligation0.4 0.2 0.1 
Amortization of Prior Service Credit(1.3)(1.3)(1.3)
Amortization of Accumulated Unrecognized OPEB Gain(1.8)(1.8)(1.7)
OPEB Income Recognized in Consolidated Statements of Loss
(2.6)(2.7)(2.6)
Unrecognized OPEB Gain Arising During the Year
(0.1)(2.5)(1.8)
Amortization of Prior Service Credit1.3 1.3 1.3 
Amortization of Accumulated Unrecognized OPEB Gain1.8 1.8 1.7 
Comprehensive OPEB Expense (Income)
$0.4 $(2.1)$(1.4)
The Company estimates that OPEB Expense for the year ended December 31, 2024 will include income of $2.8 million resulting from the amortization of the related accumulated actuarial gain and prior service credit included in AOCI at December 31, 2023.
The weighted-average discount rate and rate of increase in future compensation levels used to develop OPEB Expense for the years ended December 31, 2023, 2022 and 2021 were:
202320222021
Weighted-average Discount Rate5.11 %2.56 %1.99 %
Service Cost Discount Rate5.12 2.79 2.06 
Interest Cost Discount Rate5.03 1.97 1.19 
Effective Rate for Interest on Service Cost5.04 2.54 — 
Rate of Increase in Future Compensation Levels2.20 2.20 2.20 
The Company expects to contribute $0.9 million, net of the expected Medicare Part D subsidy, to its OPEB Plan to fund benefit payments in 2024.
NOTE 20. POSTRETIREMENT BENEFITS OTHER THAN PENSIONS (Continued)
The following benefit payments (net of participant contributions), which consider expected future service, as appropriate, are expected to be paid:
DOLLARS IN MILLIONSYears Ending December 31,
202420252026202720282029-2032
Estimated Benefit Payments:
Excluding Medicare Part D Subsidy$0.9 $0.9 $0.9 $0.8 $0.7 $3.0 
Expected Medicare Part D Subsidy— — — — — — 
Net Estimated Benefit Payments$0.9 $0.9 $0.9 $0.8 $0.7 $3.0 
v3.24.0.1
Long-term Equity-based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Long-Term Equity-Based Compensation LONG-TERM EQUITY-BASED COMPENSATION
On May 3, 2023 (“2023 Omnibus Plan Effective Date”), Kemper’s shareholders approved the 2023 Omnibus Equity Plan (“2023 Omnibus Plan”). The number of shares of Kemper common stock available for issuance under the 2023 Omnibus Plan is (i) 1,850,000 shares less (ii) one (1) share for every one (1) share granted after February 28, 2023 and prior to the 2023 Omnibus Plan Effective Date (the “Share Authorization”). After the 2023 Omnibus Plan Effective Date, no new awards are granted under the 2020 Omnibus Equity Plan (“2020 Omnibus Plan”) that had been approved by Kemper’s Shareholders on May 6, 2020, but awards previously granted under the 2020 Omnibus Plan remain outstanding in accordance with their original terms. As of December 31, 2023, there were 1,995,442 common shares available for future grants. An additional 581,307 shares are reserved for future grants based on the performance results under the terms of outstanding performance share units (“PSUs”).
Outstanding equity-based compensation awards as of December 31, 2023 consisted of time-based Restricted Stock Units that typically vest over three years (“RSU”), stock option and stock appreciation rights (“Tandem Awards”), PSUs and Deferred Stock Units (“DSUs”) that were previously granted under the 2011 Omnibus Equity Plan. RSUs, PSUs and DSUs give the recipient the right to receive one share of Kemper common stock for each RSU, PSU or DSU issued. Recipients of DSUs received full dividend equivalents on the same basis as all other outstanding shares of Kemper common stock, but do not receive voting rights until such shares are issued.
For grants under the 2023 Omnibus Plan and the 2020 Omnibus Plan, recipients of RSUs and PSUs receive dividend equivalents on the same basis as all other outstanding shares of Kemper common stock only if, to the extent, and at the time that they vest and on subsequent dividend payment dates after they vest until the awards are settled, and do not receive voting rights until such shares are issued. For awards subject to a performance condition, the Company recognizes compensation expense based upon the probable outcome of the performance condition. The estimate is revised if the actual number of PSUs expected to vest is likely to differ from the previous estimate. Compensation expense for awards is recognized on a straight-line basis over the requisite service period. For equity-based compensation awards with a graded vesting schedule, the Company recognizes compensation expense on a straight-line basis over the requisite service period for each separately-vesting portion of the awards as if each award were, in substance, multiple awards. Compensation expense is recognized only for those awards expected to vest, with forfeitures estimated at the date of grant based on the Company’s historical experience and future expectations. Equity-based compensation expense was $29.0 million, $17.7 million and $28.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Total unamortized compensation expense related to unvested awards at December 31, 2023 was $18.9 million, which is expected to be recognized over the next three years ending December 31, 2024, 2025 and 2026.
Human Resources and the Compensation Committee of the Board of Directors, or the Board’s authorized designee, has sole discretion to determine the persons to whom awards under the 2023 Omnibus Plan are granted, and the material terms of the awards. For Tandem Awards, material terms include the number of shares covered by such awards and the exercise price, vesting and expiration dates of such awards. Tandem Awards are non-transferable. The exercise price of Tandem Awards is the fair value of Kemper’s common stock on the date of grant. Tandem Awards and RSU awards granted to employees generally vest in three equal annual installments over a period of three years, with the Tandem Awards expiring ten years from the date of grant. Employee PSU awards generally vest over a period of three years, subject to performance results and other restrictions.
Under the Non-employee Director compensation program in effect for 2023, each Non-employee Director elected at the 2023 annual shareholder meeting received an annual RSU award with an aggregate grant date fair value of $130,000 (“Director RSUs”) at the conclusion of the meeting, and new Non-employee Directors who joined the Board received an initial award of Director RSUs valued at the percentage of the full grant date fair value of $130,000 that represents the number of quarterly
NOTE 21. LONG-TERM EQUITY-BASED COMPENSATION (Continued)
Board meetings the new director was expected to attend during the remaining portion of the then-current annual compensation period that ends on the date of the next annual shareholder meeting. The Director RSUs vest over a period of one year, enable the award holder to make an election to defer the conversion to shares of common stock in accordance with applicable deferral rules, and include the right to receive dividend equivalents on the same basis as all other outstanding shares of Kemper common stock only if, to the extent, and at the time that they vest and on subsequent dividend payment dates after they vest until the awards are settled. Each Non-employee Director elected at the 2022 annual shareholder meeting received an annual Director RSU award with an aggregate grant date fair value of $130,000 at the conclusion of the meeting, and, each Non-employee Director elected at the 2021 annual shareholder meeting received an annual Director RSU award with an aggregate grant date fair value of $130,000 at the conclusion of the meeting, under the Non-employee Director compensation program in effect for the applicable year.
The Company uses the Black-Scholes option pricing model to estimate the fair value of each Tandem Award on the date of grant. The expected terms of Tandem Awards are developed by considering the Company’s historical Tandem Award exercise experience, demographic profiles, historical share retention practices of employees and assumptions about their propensity for early exercise in the future. Expected volatility is estimated using weekly historical volatility over the estimated life of each tranche of the award. The Company believes that historical volatility is currently the best estimate of expected volatility. The dividend yield in 2023, 2022 and 2021 was calculated by taking the natural logarithm of the annualized yield divided by the Kemper common stock price on the date of grant. The risk-free interest rate was the yield on the grant date of U.S. Treasury zero coupon issues with a maturity comparable to the expected term of the option.
The assumptions used in the Black-Scholes pricing model for Tandem Awards granted during the years ended December 31, 2023, 2022 and 2021 are presented below.
202320222021
RANGE OF VALUATION ASSUMPTIONS
Expected Volatility35.12 %-39.27 %33.20 %-37.67 %33.67 %-38.04 %
Risk-free Interest Rate3.47 -4.74 1.20 -4.33 0.26 -1.33 
Expected Dividend Yield1.55 -2.39 1.59 -2.25 1.18 -1.78 
WEIGHTED-AVERAGE EXPECTED LIFE IN YEARS
Employee Grants4-64-64-6
Tandem Award activity for the year ended December 31, 2023 is presented below.
Shares
Subject to
Awards		Weighted-
average
Exercise Price
Per Share ($)		Weighted-
average
Remaining
Contractual
Life (in Years)		Aggregate
Intrinsic
Value
($ In Millions)
Outstanding at Beginning of the Year2,325,576 $59.10 
Granted239,026 58.19 
Exercised(50,297)37.57 
Forfeited or Expired(140,986)62.41 
Outstanding at December 31, 20232,373,319 $59.27 5.39$5.4 
Vested and Expected to Vest at December 31, 20232,320,371 $59.31 5.32$5.4 
Exercisable at December 31, 20231,801,418 $59.92 4.45$5.4 
The weighted-average grant-date fair values of Tandem Awards granted during 2023, 2022 and 2021 were $18.85, $14.67 and $19.29, respectively. Total intrinsic value of Tandem Awards exercised was $0.6 million, $0.3 million and $1.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Cash received from exercises of Tandem Awards was $1.9 million, $0.6 million and $3.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Total tax benefit realized for tax deductions from exercises of Tandem Awards was $0.1 million, $0.1 million and $0.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.
NOTE 21. LONG-TERM EQUITY-BASED COMPENSATION (Continued)
Information pertaining to Tandem Awards outstanding at December 31, 2023 is presented below.
OutstandingExercisable
Range of Exercise Prices ($)Shares
Subject to
Awards		Weighted-
average
Exercise Price
Per Share ($)		Weighted-
average
Remaining
Contractual
Life (in Years)		Shares
Subject to
Awards		Weighted-
average
Exercise Price
Per Share ($)
$20.01 -30.00 104,562 $27.71 2.17104,562 $27.71 
30.01 -40.00 80,219 33.97 1.7580,219 33.97 
40.01 -50.00 333,156 42.64 2.93323,069 42.48 
50.01 -60.00 941,827 56.23 6.72463,930 57.31 
60.01 -70.00 311,236 69.22 6.42229,511 69.04 
70.01 -80.00 575,358 76.61 5.13574,467 76.61 
80.01 -90.00 26,961 83.39 5.8125,660 83.51 
20.01 -90.00 2,373,319 59.27 5.391,801,418 59.92 
The grant-date fair values of RSUs are determined using the closing price of Kemper common stock on the date of grant.
Activity related to nonvested RSUs for the year ended December 31, 2023 is presented below.
Time-based Restricted Stock Unit Awards
Number of Restricted Stock Units Weighted-
average
Grant-date
Fair Value
Per Unit
Nonvested Balance at Beginning of the Year478,254 $53.78 
Granted254,991 56.79 
Vested(96,855)54.91 
Forfeited(68,074)55.20 
Nonvested Balance at December 31, 2023
568,316 $54.77 
The initial number of PSUs awarded to each participant represents the number of Kemper common shares that would vest and be issued if the performance level attained were to be at the “target” performance level. For performance above the target level, each participant would receive a grant of additional shares of stock up to a maximum of 100% of the initial number of PSUs awarded to the participant. The final payout of these awards, and any forfeitures of PSUs for performance below the “target” performance level, will be determined based on the Company’s performance. If, at the end of the applicable performance period, the Company’s performance:
•exceeds the “target” performance level, all of the PSUs will vest and additional shares of stock will be issued to the award recipient;
•is below the “target” performance level, but at or above a “minimum” performance level, only a portion of the PSUs originally issued to the award recipient will vest; or
•is below a “minimum” performance level, none of the PSUs originally issued to the award recipient will vest.
NOTE 21. LONG-TERM EQUITY-BASED COMPENSATION (Continued)
Activity related to nonvested PSU awards for the year ended December 31, 2023 is presented below.
PSU Awards
Number of PSUsWeighted-
average
Grant-date
Fair Value
Per PSU
Nonvested Balance at Beginning of the Year610,574 $68.78 
Granted211,236 66.59 
Vested(480)77.37 
Forfeited(240,023)78.85 
Nonvested Balance at December 31, 2023
581,307 $63.82 
The number of additional shares that would be granted if the Company were to meet or exceed the maximum performance levels related to the outstanding PSU awards for the 2023, 2022 and 2021 three-year performance periods was 189,283 common shares, 200,520 common shares and 191,504 common shares, respectively, (as “full value awards,” the equivalent of 567,849 shares, 601,560 shares, and 574,512 shares, respectively, under the Share Authorization) at December 31, 2023.
The grant date fair values of the PSU awards with a market performance condition are determined using the Monte Carlo simulation method. The Monte Carlo simulation model produces a risk-neutral simulation of the daily returns on the common stock of Kemper and each of the other companies included in the peer group. Returns generated by the simulation depend on the risk-free interest rate used and the volatilities of, and the correlation between, these stocks. The model simulates stock prices and dividend payouts to the end of the three-year performance period. Total shareholder returns are generated for each of these stocks based on the simulated prices and dividend payouts. The total shareholder returns are then ranked, and Kemper’s simulated ranking is converted to a payout percentage based on the terms of the PSU awards. The payout percentage is applied to the simulated stock price at the end of the performance period, reinvested dividends are added back, and the total is discounted to the valuation date at the risk-free rate. This process is repeated approximately ten thousand times, and the grant date fair value is equal to the average of the results from these trials.
Sixty-seven percent of the PSU awards granted to employees in 2023, sixty-seven percent of the PSU awards granted to employees in 2022 and sixty-seven percent of the PSU awards granted to employees in 2021 are measured using a market performance condition. Fair value for these awards was estimated using the Monte Carlo simulation method described above. Final payout for these awards, and any forfeitures of units for performance below the “target” performance level, will be based on Kemper’s total shareholder return, relative to a peer group comprised of all the companies in the S&P Supercomposite Insurance Index, over a three-year performance period. The three-year performance periods for the 2023, 2022 and 2021 awards end on January 31, 2025, January 31, 2024 and January 31, 2023, respectively. Compensation cost for these awards is recognized ratably over the requisite service period. In the event that the market performance condition is not satisfied, previously recognized compensation cost would not reverse, but it would reverse if the requisite service period is not met.
Thirty-three percent of the PSU awards granted to employees in 2023, thirty-three percent of the PSU awards granted to employees in 2022 and thirty-three percent of the PSU awards granted to employees in 2021 are measured solely using a Company-specific metric. Final payout for these awards, and any forfeitures of shares for performance below the “target” performance level, will be determined based on Kemper’s adjusted return on equity over a three-year performance period. The three-year performance periods for the 2023, 2022 and 2021 awards end on December 31, 2025, December 31, 2024 and December 31, 2023, respectively. Fair value for these awards was determined using the closing price of Kemper common stock on the date of grant. Accruals of compensation cost for these awards are estimated based on the probable outcome of the performance condition.
The total fair value of RSUs and PSUs that vested during the year ended December 31, 2023 was $5.2 million. The tax benefits for tax deductions realized from such awards was $1.1 million. The total fair value of RSUs and PSUs that vested during the year ended December 31, 2022 was $7.5 million. The tax benefits for tax deductions realized from such awards was $1.6 million. The total fair value of RSUs and PSUs that vested during the year ended December 31, 2021 was $19.6 million. The tax benefits for tax deductions realized from such awards was $4.1 million.
NOTE 21. LONG-TERM EQUITY-BASED COMPENSATION (Continued)
The grant-date fair values of DSU awards issued under the 2011 Omnibus Plan granted to Non-employee Directors were determined using the closing price of Kemper common stock on the date of grant. Beginning in 2019 DSU awards are no longer issued to Non-employee Directors. All previously granted shares had vested upon issuance and as such, no DSUs vested during the years ended December 31, 2023, 2022 and 2021.
Activity related to DSU awards for the year ended December 31, 2023 is presented below.
Number of DSUsWeighted-
average
Grant-date
Fair Value
Per DSU
Vested Balance at Beginning of the Year36,600 $45.25 
Reduction for Shares Issued on Conversion(8,220)42.43 
Vested Balance at December 31, 2023
28,380 $46.07 
v3.24.0.1
Policyholder Contract Liabilities
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Policyholder Contract Liabilities POLICYHOLDER OBLIGATIONS
Policyholder Obligations at December 31, 2023 and 2022 were as follows:
DOLLARS IN MILLIONSDecember 31,
20232022
FHLB Funding Agreements$557.4 $601.0 
Universal Life-type Policyholder Account Balances98.3 100.3 
Total$655.7 $701.3 
Kemper’s subsidiary, United Insurance Company of America (“United Insurance”) has entered into funding agreements with the FHLB of Chicago in exchange for cash, which it uses for spread lending purposes. United Insurance received advances of $122.5 million from the FHLB of Chicago and made repayments of $166.1 million under the spread lending program in 2023. United Insurance received advances of $334.8 million and made repayments of $135.7 million from the FHLB of Chicago in 2022 under the spread lending program.
When a funding agreement is issued, United Insurance is then required to post collateral in the form of eligible securities including mortgage-backed, government, and agency debt instruments for each of the advances that are entered. The fair value of the collateral pledged must be maintained at certain specified levels above the borrowed amount, which can vary depending on the assets pledged. If the fair value of the collateral declines below these specified levels of the amount borrowed, United Insurance would be required to pledge additional collateral or repay outstanding borrowings. Upon any event of default by United Insurance, the FHLB’s recovery on the collateral is limited to the amount of United Insurance’s liability under the funding agreements to the FHLB of Chicago.
United Insurance’s liability under the funding agreements with the FHLB of Chicago, the amount of collateral pledged under such agreements and FHLB of Chicago common stock owned by United Insurance at December 31, 2023 and 2022 is presented below.
DOLLARS IN MILLIONS20232022
Liability under Funding Agreements$557.4 $601.0 
Fair Value of Collateral Pledged629.3 744.6 
FHLB of Chicago Common Stock Owned at Cost16.6 17.5 
Universal Life-type Policyholder Account Balances
The Company’s weighted-average crediting rate for Universal Life-type Policyholder Account Balances was 5.1% as of December 31, 2023 and 2022. Guaranteed minimum benefit amounts in excess of the current account balances for these contracts were $294.1 million and $311.4 million as of December 31, 2023 and 2022, respectively. The cash surrender value of
NOTE 22. POLICYHOLDER OBLIGATIONS (Continued)
the Company’s policyholder obligations for these contracts were $98.2 million and $100.0 million as of December 31, 2023 and 2022, respectively.
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt DEBT
Amended and Extended Credit Agreement and Term Loan Facility
On March 15, 2022, the Company entered into an amended and extended credit agreement. The amended and extended credit agreement increased the borrowing capacity of the existing unsecured credit agreement to $600.0 million and extended the maturity date to March 15, 2027. Furthermore, the amended and extended credit agreement provides for an accordion feature whereby the Company can increase the revolving credit borrowing capacity by an additional $200.0 million for a total maximum capacity of $800.0 million.
Financial covenants within the agreement limit the Company from accessing the maximum capacity. The amount available as of December 31, 2023 was $393.0 million. There were no outstanding borrowings under the credit agreement at either December 31, 2023 or December 31, 2022.
The Company incurred $2.2 million of debt issuance costs in relation to the amended agreement. As of December 31, 2023 there were $1.7 million of remaining unamortized costs under the credit agreement, which will be amortized under the remaining term of the credit agreement.
Long-term Debt
Total amortized cost of Long-term Debt outstanding at December 31, 2023 and 2022 was:
(Dollars in Millions)Dec 31, 2023Dec 31, 2022
Senior Notes:
     4.350% Senior Notes due February 15, 2025
$449.6 $449.3 
     2.400% Senior Notes due September 30, 2030
397.0 396.6 
     3.800% Senior Notes due February 23, 2032
396.0 395.5 
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062
146.6 145.5 
Total Long-term Debt Outstanding$1,389.2 $1,386.9 
4.350% Senior Notes Due 2025
Kemper has $450.0 million aggregate principal of 4.350% senior notes due February 15, 2025 (the “2025 Senior Notes”). Kemper initially issued $250.0 million of the notes in February of 2015 and issued an additional $200.0 million of the notes in June of 2017. The additional notes are fungible with the initial notes issued in 2015, and together are treated as part of a single series for all purposes under the indenture governing the 2025 Senior Notes. The 2025 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time at Kemper’s option at specified redemption prices.
2.400% Senior Notes Due 2030
Kemper has $400.0 million aggregate principal of 2.400% senior notes due September 30, 2030 (the “2030 Senior Notes”). The net proceeds of issuance were $395.8 million, net of discount and transaction costs for an effective yield of 2.52%. The 2030 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time, at Kemper’s option, at specified redemption prices.
3.800% Senior Notes Due 2032
On February 15, 2022, Kemper offered and sold $400.0 million aggregate principal of 3.800% senior notes due February 23, 2032 (the “2032 Senior Notes”). The net proceeds of issuance were $395.1 million, net of discount and transaction costs for an effective yield of 3.950%. The 2032 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time, at Kemper’s option, at specified redemption prices.
NOTE 23. DEBT (Continued)
In anticipation of the issuance of the 2032 Senior Notes and for risk management purposes, the Company entered into a derivative transaction to hedge the risk of changes in the debt cash flows attributable to changes in the benchmark U.S. Treasury interest rate during the period leading up to the debt issuance (“Treasury Lock”). The effective portion of the gain on the derivative instrument upon discontinuance was $5.9 million before taxes, and is reported as a component of Accumulated Other Comprehensive (Loss) Income. Beginning with the issuance of the 2032 Senior Notes described in the preceding paragraph, such gain is being amortized into earnings and reported in Interest and Other Expenses in the same periods that the hedged items affect earnings. Amortization, reported in Interest and Other Expenses, was $0.6 million for the year ended December 31, 2023. The Company expects to reclassify $0.5 million of net gain on derivative instruments from AOCI to earnings for the twelve months ended December 31, 2024 as interest expense on the debt is recognized.
5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062
On March 10, 2022, Kemper issued $150.0 million aggregate principal amount of 5.875% Fixed-Rate Reset Junior Subordinated Debentures due March 15, 2062 (the “2062 Junior Debentures”). The net proceeds from issuance were $144.7 million, net of discount and transaction costs. The 2062 Junior Debentures will bear interest from and including the date of original issue to, but excluding, March 15, 2027 (the “First Reset Date”) at the fixed rate of 5.875% per annum. The interest rate on the First Reset Date, and subsequent Reset Dates, will be equal to the Five-Year Treasury Rate as of the most recent Reset Date plus 4.140% to be reset on each Reset Date. Interest is due quarterly in arrears beginning on June 15, 2022. The Company has the option to defer interest payments for one or more optional deferral periods of up to five consecutive years, provided that no optional deferral period shall extend beyond March 15, 2062, or any earlier accelerated maturity date arising from an event of default or any earlier redemption of the 2062 Junior Debentures.
The 2062 Junior Debentures are unsecured and may be redeemed in whole or in part on the First Reset Date or any time thereafter, at a redemption price equal to the principal amount of the debentures being redeemed plus any accrued and unpaid interest.
Short-term Debt
Kemper’s subsidiaries, United Insurance, Trinity Universal Insurance Company (“Trinity”) and American Access Casualty Company (“AAC”), are members of the FHLBs of Chicago, Dallas and Chicago, respectively. Alliance United Insurance Company (“Alliance”) was a member of the FHLB of San Francisco until it surrendered all California licenses on January 30, 2023, and ceased to exist as an insurance company. As a requirement of membership in the FHLBs, United Insurance, Trinity, and AAC maintain a certain level of investment in FHLB stock. The Company periodically uses short-term FHLB borrowings for cash management and risk management purposes, in addition to long-term FHLB borrowings for the spread lending program. The Company received advances and made repayments of $0.0 million, $81.0 million and $85.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, for cash and risk management purposes. There were no short-term debt advances from the FHLBs of Chicago or Dallas outstanding at December 31, 2023 or December 31, 2022. For information on United Insurance’s funding agreement with the FHLB of Chicago in connection with the spread lending program, see Note 22, “Policyholder Obligations,” to the Consolidated Financial Statements.
Interest Expense and Interest Paid
Interest Expense, including facility fees, accretion of discount, amortization of premium and amortization of issuance costs, was $56.1 million, $54.7 million and $43.6 million for the years ended December 31, 2023, 2022 and 2021 respectively. Interest paid, including facility fees, was $54.5 million, $51.5 million and $43.9 million for the years ended December 31, 2023, 2022 and 2021 respectively.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases LEASES
The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one to fifteen years, along with options that permit renewals for additional periods. The Company also leases certain vehicles and equipment under non-cancelable operating leases, with initial terms typically ranging from one to five years. Minimum rent is expensed on a straight-line basis over the term of the lease.
NOTE 24. LEASES (Continued)
The following table presents operating lease right-of-use assets and lease liabilities.
(Dollars in Millions)Dec 31, 2023Dec 31, 2022
Operating Lease Right-of-Use Assets$38.4 $45.1 
Operating Lease Liabilities62.3 72.6 
Lease expenses are primarily included in insurance expenses in the Consolidated Statements of Loss. Additional information regarding the Company’s operating leases for the year ended December 31, 2023 and 2022 is presented below.
(Dollars in Millions)20232022
Lease Cost:
Operating Lease Cost15.7 21.3 
Variable Lease Cost3.2 0.3 
Short-Term Lease Cost1
0.3 3.8 
Total Lease Expense$19.2 $25.4 
Less: Short-Term Lease Cost— 0.1 
Total Lease Cost$19.2 $25.3 
1 Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.
The Company incurred expenses of $18.0 million for the year ended December 31, 2023, associated with lease impairments and other related costs. The Company had no expenses during the year ended December 31, 2022 and 2021 associated with lease impairments and other related costs.
Other Information on Operating Leases
Significant judgments and assumptions for determining lease asset and liability at December 31, 2023 and 2022 are presented below.
20232022
Weighted-average Remaining Lease Term - Operating Leases5.5 years5.6 years
Weighted-average Discount Rate - Operating Leases4.3 %3.6 %
Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine its lease payments’ present value.
Future minimum lease payments under operating leases at December 31, 2023 are presented below.
(Dollars in Millions)
2024$20.4 
202515.5 
20269.4 
20277.2 
20284.4 
2029 and Thereafter15.2 
Total Future Payments$72.1 
Less: Discount9.8 
Present Value of Minimum Lease Payments$62.3 
As of December 31, 2023, the Company did not have any finance leases.
Leases LEASES
The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one to fifteen years, along with options that permit renewals for additional periods. The Company also leases certain vehicles and equipment under non-cancelable operating leases, with initial terms typically ranging from one to five years. Minimum rent is expensed on a straight-line basis over the term of the lease.
NOTE 24. LEASES (Continued)
The following table presents operating lease right-of-use assets and lease liabilities.
(Dollars in Millions)Dec 31, 2023Dec 31, 2022
Operating Lease Right-of-Use Assets$38.4 $45.1 
Operating Lease Liabilities62.3 72.6 
Lease expenses are primarily included in insurance expenses in the Consolidated Statements of Loss. Additional information regarding the Company’s operating leases for the year ended December 31, 2023 and 2022 is presented below.
(Dollars in Millions)20232022
Lease Cost:
Operating Lease Cost15.7 21.3 
Variable Lease Cost3.2 0.3 
Short-Term Lease Cost1
0.3 3.8 
Total Lease Expense$19.2 $25.4 
Less: Short-Term Lease Cost— 0.1 
Total Lease Cost$19.2 $25.3 
1 Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.
The Company incurred expenses of $18.0 million for the year ended December 31, 2023, associated with lease impairments and other related costs. The Company had no expenses during the year ended December 31, 2022 and 2021 associated with lease impairments and other related costs.
Other Information on Operating Leases
Significant judgments and assumptions for determining lease asset and liability at December 31, 2023 and 2022 are presented below.
20232022
Weighted-average Remaining Lease Term - Operating Leases5.5 years5.6 years
Weighted-average Discount Rate - Operating Leases4.3 %3.6 %
Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine its lease payments’ present value.
Future minimum lease payments under operating leases at December 31, 2023 are presented below.
(Dollars in Millions)
2024$20.4 
202515.5 
20269.4 
20277.2 
20284.4 
2029 and Thereafter15.2 
Total Future Payments$72.1 
Less: Discount9.8 
Present Value of Minimum Lease Payments$62.3 
As of December 31, 2023, the Company did not have any finance leases.
v3.24.0.1
Catastrophe Reinsurance
 12 Months Ended
Dec. 31, 2023
Reinsurance Disclosures [Abstract]  
Catastrophe Reinsurance CATASTROPHE REINSURANCE
Catastrophes and natural disasters are inherent risks of the property and casualty insurance business. These catastrophic events and natural disasters include, without limitation, hurricanes, tornadoes, earthquakes, hailstorms, wildfires, high winds and winter storms. Such events result in insured losses that are, and will continue to be, a material factor in the results of operations and financial position of the Company’s property and casualty insurance companies. Further, because the level of these insured losses occurring in any one year cannot be accurately predicted, these losses may contribute to material year-to-year fluctuations in the results of operations and financial position of these companies. Specific types of catastrophic events are more likely to occur at certain times within the year than others. This factor adds an element of seasonality to property and casualty insurance claims. The Company has adopted the industry-wide catastrophe classifications of storms and other events promulgated by the Insurance Services Office (“ISO”) to track and report losses related to catastrophes. ISO classifies a disaster as a catastrophe when the event causes $25.0 million or more in direct insured losses to property and affects a significant number of policyholders and insurers. ISO-classified catastrophes are assigned a unique serial number recognized throughout the insurance industry. The discussions that follow utilize ISO’s definition of catastrophes.
The Company manages its exposure to catastrophes and other natural disasters through a combination of geographical diversification, restrictions on the amount and location of new business production in certain regions, and reinsurance. To limit its exposures to catastrophic events, the Company maintains a catastrophe reinsurance program for the property and casualty insurance companies. In 2023, the property business written through the Life segment was included in the catastrophe reinsurance program. Coverage for the catastrophe reinsurance program is provided in various layers through multiple excess of loss reinsurance contracts and an annual aggregate excess property catastrophe reinsurance contract.
Coverage on individual catastrophes provided under the excess of loss reinsurance contracts effective January 1, 2023 to December 31, 2023 is provided in various layers as presented below.
DOLLARS IN MILLIONSCatastrophe Losses and
LAE		Percentage
of Coverage
In Excess ofUp to
Retained$— $50.0 — %
1st Layer of Coverage50.0 150.0 95.0 
2nd Layer of Coverage150.0 250.0 95.0 
3rd Layer of Coverage250.0 295.0 95.0 
4th Layer of Coverage295.0 325.0 95.0 
Coverage on individual catastrophes provided under the excess of loss reinsurance contracts effective January 1, 2022 to December 31, 2022 is provided in various layers as presented below.
DOLLARS IN MILLIONSCatastrophe Losses and
LAE		Percentage
of Coverage
In Excess ofUp to
Retained$— $50.0 — %
1st Layer of Coverage50.0 150.0 95.0 
2nd Layer of Coverage150.0 250.0 95.0 
3rd Layer of Coverage250.0 325.0 95.0 
4th Layer of Coverage325.0 350.0 95.0 
Coverage on individual catastrophes provided under the excess of loss reinsurance contracts effective January 1, 2021 to December 31, 2021 is provided in various layers as presented below.
DOLLARS IN MILLIONSCatastrophe Losses and
LAE		Percentage
of Coverage
In Excess ofUp to
Retained$— $50.0 — %
1st Layer of Coverage50.0 150.0 95.0 
2nd Layer of Coverage150.0 250.0 95.0 
3rd Layer of Coverage250.0 275.0 95.0 
NOTE 25. CATASTROPHE REINSURANCE (Continued)
In the event that the incurred catastrophe losses and LAE covered by the catastrophe reinsurance programs presented in the three preceding tables exceed the retention for that particular layer, each of the programs allow for one reinstatement of such coverage. In such an instance, the Company is required to pay a reinstatement premium to the reinsurers to reinstate the full amount of reinsurance available under such layer.
The aggregate property catastrophe reinsurance contract was discontinued in 2023.
Coverage provided under the 2022 aggregate property catastrophe reinsurance contract is summarized below.
Aggregate Catastrophe
Losses and LAE
DOLLARS IN MILLIONSIn Excess ofUp to
Retained$— $65.0 
Coverage65.0 115.0 
Coverage provided under the 2021 aggregate property catastrophe reinsurance contract is summarized below.
Aggregate Catastrophe
Losses and LAE
DOLLARS IN MILLIONSIn Excess ofUp to
Retained$— $60.0 
Coverage60.0 110.0 
The catastrophe reinsurance in 2023, 2022 and 2021 for the property and casualty insurance companies also included reinsurance coverage from the Florida Hurricane Catastrophe Fund (“FHCF”) for hurricane losses in Florida at retentions lower than those described above. The Life Insurance segment also purchases reinsurance from the FHCF for hurricane losses in Florida.
Reinsurance premiums for the Company’s catastrophe reinsurance programs and the FHCF Program reduced earned premiums for the years ended December 31, 2023, 2022 and 2021 by the following:
DOLLARS IN MILLIONS202320222021
Specialty Property & Casualty Insurance$6.1 $8.9 $7.0 
Life Insurance0.7 0.6 1.3 
Non-Core Operations9.5 22.5 22.0 
Total Ceded Catastrophe Reinsurance Premiums$16.3 $32.0 $30.3 
The Company did not pay any reinstatement premiums in 2023, 2022, or 2021.
Catastrophe losses and LAE (including reserve development), net of reinsurance recoveries, for the years ended December 31, 2023, 2022 and 2021 by business segment are presented below.
DOLLARS IN MILLIONS202320222021
Specialty Property & Casualty Insurance$32.2 $23.6 $16.0 
Life Insurance3.0 3.3 12.9 
Non-Core Operations52.4 48.3 73.5 
Total Catastrophe Losses and LAE$87.6 $75.2 $102.4 
The Company had no material recoveries under its catastrophe reinsurance treaties for the years ended December 31, 2023 and 2022.
Total prior year catastrophe loss and LAE reserves, net of reinsurance recoverables, developed favorably by $9.1 million in 2023, favorably by $4.1 million in 2022 and favorably by $5.4 million in 2021. The Specialty Property & Casualty Insurance segment reported favorable catastrophe reserve development of $2.3 million, adverse development of $0.6 million, and adverse development of $0.3 million in 2023, 2022 and 2021, respectively. The Life Insurance segment reported adverse catastrophe
NOTE 25. CATASTROPHE REINSURANCE (Continued)
reserve development of $0.8 million, adverse development of $1.5 million and favorable development of $0.1 million in 2023, 2022 and 2021, respectively. The Non-Core Operations reported favorable catastrophe reserve development of $7.6 million, favorable development of $6.2 million and favorable development of $5.6 million in 2023, 2022 and 2021, respectively.
The process of estimating and establishing reserves for catastrophe losses is inherently uncertain and the actual ultimate cost of a claim, net of actual reinsurance recoveries, may vary materially from the estimated amount reserved. The Company’s estimates of direct catastrophe losses are generally based on inspections by claims adjusters and historical loss development experience for areas that have not been inspected or for claims that have not yet been reported. The Company’s estimates of direct catastrophe losses are based on the coverages provided by its insurance policies. The Company’s homeowners and dwelling insurance policies do not provide coverage for losses caused by floods, but generally provide coverage for physical damage caused by wind or wind-driven rain. Accordingly, the Company’s estimates of direct losses for homeowners and dwelling insurance do not include losses caused by flood. Depending on the policy, automobile insurance may provide coverage for losses caused by flood. Estimates of the number and severity of claims ultimately reported are influenced by many variables, including, but not limited to, repair or reconstruction costs and determination of cause of loss that are difficult to quantify and will influence the final amount of claim settlements. All these factors, coupled with the impact of the availability of labor and material on costs, require significant judgment in the reserve setting process. A change in any one or more of these factors is likely to result in an ultimate net claim cost different from the estimated reserve. The Company’s estimates of indirect losses from wind pools and joint underwriting associations are based on a variety of factors, including, but not limited to, actual or estimated assessments provided by or received from such entities, insurance industry estimates of losses, and estimates of the Company’s market share in the assessable states. Actual assessments may differ materially from these estimated amounts.
OTHER REINSURANCE
In addition to the reinsurance programs described in Note 25, “Catastrophe Reinsurance,” to the Consolidated Financial Statements, Kemper’s insurance subsidiaries utilize other reinsurance arrangements to limit their maximum loss, provide greater diversification of risk and to minimize exposures on larger risks. The ceding of insurance does not discharge the primary liability of the original insurer. Accordingly, insurance reserve liabilities are reported gross of any estimated recovery from reinsurers in the Consolidated Balance Sheets. Amounts recoverable from reinsurers are estimated in a manner consistent with the insurance reserve liability and are included in Other Receivables in the Consolidated Balance Sheets. Reinsurance Recoverables were $86.5 million and $99.6 million at December 31, 2023 and 2022, respectively, of which $34.1 million and $47.3 million was related to short-duration policies, respectively, and $52.4 million and $52.3 million related to long-duration policies, respectively.
Earned Premiums ceded on long-duration and short-duration policies were $32.7 million, $42.7 million and $36.1 million for the years ended December 31, 2023, 2022 and 2021, respectively, of which $16.3 million, $32.0 million and $30.3 million, respectively, was related to catastrophe reinsurance. See Note 25, “Catastrophe Reinsurance,” to the Consolidated Financial Statements for additional information regarding the Company’s catastrophe reinsurance programs. Certain insurance subsidiaries assume business from other insurance companies and involuntary pools. Earned Premiums assumed on long-duration and short-duration policies were $42.9 million, $41.4 million and $56.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Trinity and Capitol County Mutual Fire Insurance Company (“Capitol”) are parties to a quota share reinsurance agreement whereby Trinity assumes 100% of the business written by Capitol, subject to a cap, for ceded losses for dwelling coverage. Earned Premiums assumed by Trinity from Capitol were $10.4 million, $11.9 million and $17.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Capitol is a mutual insurance company and, accordingly, is owned by its policyholders. Trinity and Old Reliable Casualty Company (“ORCC”), a subsidiary of Capitol, are parties to a quota share reinsurance agreement whereby Trinity assumes 100% of the business written by ORCC, subject to a cap, for ceded losses for dwelling coverage. Earned Premiums assumed by Trinity from ORCC were $2.7 million, $3.2 million and $4.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Five employees of the Company serve as directors of Capitol’s five member board of directors. Nine employees of the Company also serve as directors of ORCC’s nine member board of directors. Kemper’s subsidiary, United Insurance, provides claims and administrative services to Capitol and ORCC. In addition, agents appointed by Kemper’s subsidiary, The Reliable Life Insurance Company, and who are employed by United Insurance, are also appointed by Capitol and ORCC to sell property insurance products for the Company’s Life Insurance segment. The Company also provides certain investment services to Capitol and ORCC.
v3.24.0.1
Other Reinsurance
 12 Months Ended
Dec. 31, 2023
Reinsurance Disclosures [Abstract]  
Other Reinsurance CATASTROPHE REINSURANCE
Catastrophes and natural disasters are inherent risks of the property and casualty insurance business. These catastrophic events and natural disasters include, without limitation, hurricanes, tornadoes, earthquakes, hailstorms, wildfires, high winds and winter storms. Such events result in insured losses that are, and will continue to be, a material factor in the results of operations and financial position of the Company’s property and casualty insurance companies. Further, because the level of these insured losses occurring in any one year cannot be accurately predicted, these losses may contribute to material year-to-year fluctuations in the results of operations and financial position of these companies. Specific types of catastrophic events are more likely to occur at certain times within the year than others. This factor adds an element of seasonality to property and casualty insurance claims. The Company has adopted the industry-wide catastrophe classifications of storms and other events promulgated by the Insurance Services Office (“ISO”) to track and report losses related to catastrophes. ISO classifies a disaster as a catastrophe when the event causes $25.0 million or more in direct insured losses to property and affects a significant number of policyholders and insurers. ISO-classified catastrophes are assigned a unique serial number recognized throughout the insurance industry. The discussions that follow utilize ISO’s definition of catastrophes.
The Company manages its exposure to catastrophes and other natural disasters through a combination of geographical diversification, restrictions on the amount and location of new business production in certain regions, and reinsurance. To limit its exposures to catastrophic events, the Company maintains a catastrophe reinsurance program for the property and casualty insurance companies. In 2023, the property business written through the Life segment was included in the catastrophe reinsurance program. Coverage for the catastrophe reinsurance program is provided in various layers through multiple excess of loss reinsurance contracts and an annual aggregate excess property catastrophe reinsurance contract.
Coverage on individual catastrophes provided under the excess of loss reinsurance contracts effective January 1, 2023 to December 31, 2023 is provided in various layers as presented below.
DOLLARS IN MILLIONSCatastrophe Losses and
LAE		Percentage
of Coverage
In Excess ofUp to
Retained$— $50.0 — %
1st Layer of Coverage50.0 150.0 95.0 
2nd Layer of Coverage150.0 250.0 95.0 
3rd Layer of Coverage250.0 295.0 95.0 
4th Layer of Coverage295.0 325.0 95.0 
Coverage on individual catastrophes provided under the excess of loss reinsurance contracts effective January 1, 2022 to December 31, 2022 is provided in various layers as presented below.
DOLLARS IN MILLIONSCatastrophe Losses and
LAE		Percentage
of Coverage
In Excess ofUp to
Retained$— $50.0 — %
1st Layer of Coverage50.0 150.0 95.0 
2nd Layer of Coverage150.0 250.0 95.0 
3rd Layer of Coverage250.0 325.0 95.0 
4th Layer of Coverage325.0 350.0 95.0 
Coverage on individual catastrophes provided under the excess of loss reinsurance contracts effective January 1, 2021 to December 31, 2021 is provided in various layers as presented below.
DOLLARS IN MILLIONSCatastrophe Losses and
LAE		Percentage
of Coverage
In Excess ofUp to
Retained$— $50.0 — %
1st Layer of Coverage50.0 150.0 95.0 
2nd Layer of Coverage150.0 250.0 95.0 
3rd Layer of Coverage250.0 275.0 95.0 
NOTE 25. CATASTROPHE REINSURANCE (Continued)
In the event that the incurred catastrophe losses and LAE covered by the catastrophe reinsurance programs presented in the three preceding tables exceed the retention for that particular layer, each of the programs allow for one reinstatement of such coverage. In such an instance, the Company is required to pay a reinstatement premium to the reinsurers to reinstate the full amount of reinsurance available under such layer.
The aggregate property catastrophe reinsurance contract was discontinued in 2023.
Coverage provided under the 2022 aggregate property catastrophe reinsurance contract is summarized below.
Aggregate Catastrophe
Losses and LAE
DOLLARS IN MILLIONSIn Excess ofUp to
Retained$— $65.0 
Coverage65.0 115.0 
Coverage provided under the 2021 aggregate property catastrophe reinsurance contract is summarized below.
Aggregate Catastrophe
Losses and LAE
DOLLARS IN MILLIONSIn Excess ofUp to
Retained$— $60.0 
Coverage60.0 110.0 
The catastrophe reinsurance in 2023, 2022 and 2021 for the property and casualty insurance companies also included reinsurance coverage from the Florida Hurricane Catastrophe Fund (“FHCF”) for hurricane losses in Florida at retentions lower than those described above. The Life Insurance segment also purchases reinsurance from the FHCF for hurricane losses in Florida.
Reinsurance premiums for the Company’s catastrophe reinsurance programs and the FHCF Program reduced earned premiums for the years ended December 31, 2023, 2022 and 2021 by the following:
DOLLARS IN MILLIONS202320222021
Specialty Property & Casualty Insurance$6.1 $8.9 $7.0 
Life Insurance0.7 0.6 1.3 
Non-Core Operations9.5 22.5 22.0 
Total Ceded Catastrophe Reinsurance Premiums$16.3 $32.0 $30.3 
The Company did not pay any reinstatement premiums in 2023, 2022, or 2021.
Catastrophe losses and LAE (including reserve development), net of reinsurance recoveries, for the years ended December 31, 2023, 2022 and 2021 by business segment are presented below.
DOLLARS IN MILLIONS202320222021
Specialty Property & Casualty Insurance$32.2 $23.6 $16.0 
Life Insurance3.0 3.3 12.9 
Non-Core Operations52.4 48.3 73.5 
Total Catastrophe Losses and LAE$87.6 $75.2 $102.4 
The Company had no material recoveries under its catastrophe reinsurance treaties for the years ended December 31, 2023 and 2022.
Total prior year catastrophe loss and LAE reserves, net of reinsurance recoverables, developed favorably by $9.1 million in 2023, favorably by $4.1 million in 2022 and favorably by $5.4 million in 2021. The Specialty Property & Casualty Insurance segment reported favorable catastrophe reserve development of $2.3 million, adverse development of $0.6 million, and adverse development of $0.3 million in 2023, 2022 and 2021, respectively. The Life Insurance segment reported adverse catastrophe
NOTE 25. CATASTROPHE REINSURANCE (Continued)
reserve development of $0.8 million, adverse development of $1.5 million and favorable development of $0.1 million in 2023, 2022 and 2021, respectively. The Non-Core Operations reported favorable catastrophe reserve development of $7.6 million, favorable development of $6.2 million and favorable development of $5.6 million in 2023, 2022 and 2021, respectively.
The process of estimating and establishing reserves for catastrophe losses is inherently uncertain and the actual ultimate cost of a claim, net of actual reinsurance recoveries, may vary materially from the estimated amount reserved. The Company’s estimates of direct catastrophe losses are generally based on inspections by claims adjusters and historical loss development experience for areas that have not been inspected or for claims that have not yet been reported. The Company’s estimates of direct catastrophe losses are based on the coverages provided by its insurance policies. The Company’s homeowners and dwelling insurance policies do not provide coverage for losses caused by floods, but generally provide coverage for physical damage caused by wind or wind-driven rain. Accordingly, the Company’s estimates of direct losses for homeowners and dwelling insurance do not include losses caused by flood. Depending on the policy, automobile insurance may provide coverage for losses caused by flood. Estimates of the number and severity of claims ultimately reported are influenced by many variables, including, but not limited to, repair or reconstruction costs and determination of cause of loss that are difficult to quantify and will influence the final amount of claim settlements. All these factors, coupled with the impact of the availability of labor and material on costs, require significant judgment in the reserve setting process. A change in any one or more of these factors is likely to result in an ultimate net claim cost different from the estimated reserve. The Company’s estimates of indirect losses from wind pools and joint underwriting associations are based on a variety of factors, including, but not limited to, actual or estimated assessments provided by or received from such entities, insurance industry estimates of losses, and estimates of the Company’s market share in the assessable states. Actual assessments may differ materially from these estimated amounts.
OTHER REINSURANCE
In addition to the reinsurance programs described in Note 25, “Catastrophe Reinsurance,” to the Consolidated Financial Statements, Kemper’s insurance subsidiaries utilize other reinsurance arrangements to limit their maximum loss, provide greater diversification of risk and to minimize exposures on larger risks. The ceding of insurance does not discharge the primary liability of the original insurer. Accordingly, insurance reserve liabilities are reported gross of any estimated recovery from reinsurers in the Consolidated Balance Sheets. Amounts recoverable from reinsurers are estimated in a manner consistent with the insurance reserve liability and are included in Other Receivables in the Consolidated Balance Sheets. Reinsurance Recoverables were $86.5 million and $99.6 million at December 31, 2023 and 2022, respectively, of which $34.1 million and $47.3 million was related to short-duration policies, respectively, and $52.4 million and $52.3 million related to long-duration policies, respectively.
Earned Premiums ceded on long-duration and short-duration policies were $32.7 million, $42.7 million and $36.1 million for the years ended December 31, 2023, 2022 and 2021, respectively, of which $16.3 million, $32.0 million and $30.3 million, respectively, was related to catastrophe reinsurance. See Note 25, “Catastrophe Reinsurance,” to the Consolidated Financial Statements for additional information regarding the Company’s catastrophe reinsurance programs. Certain insurance subsidiaries assume business from other insurance companies and involuntary pools. Earned Premiums assumed on long-duration and short-duration policies were $42.9 million, $41.4 million and $56.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Trinity and Capitol County Mutual Fire Insurance Company (“Capitol”) are parties to a quota share reinsurance agreement whereby Trinity assumes 100% of the business written by Capitol, subject to a cap, for ceded losses for dwelling coverage. Earned Premiums assumed by Trinity from Capitol were $10.4 million, $11.9 million and $17.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Capitol is a mutual insurance company and, accordingly, is owned by its policyholders. Trinity and Old Reliable Casualty Company (“ORCC”), a subsidiary of Capitol, are parties to a quota share reinsurance agreement whereby Trinity assumes 100% of the business written by ORCC, subject to a cap, for ceded losses for dwelling coverage. Earned Premiums assumed by Trinity from ORCC were $2.7 million, $3.2 million and $4.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Five employees of the Company serve as directors of Capitol’s five member board of directors. Nine employees of the Company also serve as directors of ORCC’s nine member board of directors. Kemper’s subsidiary, United Insurance, provides claims and administrative services to Capitol and ORCC. In addition, agents appointed by Kemper’s subsidiary, The Reliable Life Insurance Company, and who are employed by United Insurance, are also appointed by Capitol and ORCC to sell property insurance products for the Company’s Life Insurance segment. The Company also provides certain investment services to Capitol and ORCC.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The tax effects of temporary differences that give rise to significant portions of the Company’s Net Deferred Income Tax Assets and Deferred Income Tax Liabilities at December 31, 2023 and 2022 were:
DOLLARS IN MILLIONS20232022
Deferred Income Tax Assets:
Unearned Premium Reserves$54.0 $70.8 
Tax Capitalization of Policy Acquisition Costs46.3 45.9 
Payroll and Employee Benefit Accruals34.8 32.8 
Investments103.4 152.2 
Net Operating Loss and Credit Carryforwards114.6 49.7 
Other32.2 22.6 
Subtotal385.3 374.0 
Valuation Allowance(27.4)— 
Total Deferred Income Tax Assets357.9 374.0 
Deferred Income Tax Liabilities:
Insurance Reserves12.7 24.9 
Deferred Policy Acquisition Costs124.3 133.3 
Life VIF and P&C Customer Relationships3.2 3.7 
Goodwill and Other Intangible Assets Acquired32.6 36.9 
Depreciable Assets19.3 35.7 
Other6.0 10.5 
Total Deferred Income Tax Liabilities198.1 245.0 
Net Deferred Income Tax Assets
$159.8 $129.0 
Due to jurisdictional differences in which the Company operates, the consolidated net deferred tax asset of $159.8 million is reported on the Consolidated Balance Sheets as a total deferred tax asset of $210.4 million and a deferred tax liability of $50.6 million.
The evaluation of the recoverability of the deferred tax asset and the need for a valuation allowance is based on the weight of all available positive and negative evidence. For the year ended December 31, 2023, a valuation of $27.4 million was recorded against those deferred tax assets that were determined not to be more likely than not to be realized based on Management’s assessment, an increase of $27.4 million from the year ended December 31, 2022 when no valuation allowance was recorded.
The expiration of federal net operating loss (“NOL”) and tax credit carryforwards and their related deferred income tax assets at December 31, 2023 is presented below by year of expiration.
DOLLARS IN MILLIONSNOL Carry-forwardsDeferred Tax Asset
Expiring in:
2027$0.8 $0.2 
20284.4 0.9 
20401.4 1.4 
20414.5 4.5 
20426.0 6.0 
2043140.4 29.5 
No Expiration343.3 72.1 
Total All Years$500.8 $114.6 
NOTE 27. INCOME TAXES (Continued)
The carryforwards relate to general business and investment tax credits and federal NOL carryforwards which the Company expects to fully utilize prior to expiration.
There were no Unrecognized Tax Benefits at December 31, 2023, 2022 or 2021. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income Tax Benefit (Expense). There were no liabilities for accrued interest and penalties as of December 31, 2023, 2022 or 2021.
The statute of limitations related to Kemper and its eligible subsidiaries’ consolidated Federal income tax returns is closed for all tax years up to and including 2011 as well as 2018 and 2019. As a result of the Company filing amended federal income tax returns, tax years 2012 and 2013 are under limited examination with respect to carryback adjustments associated with the amended returns. The statute of limitations related to tax years 2015, 2016, 2017 and 2018 has been extended to June 30, 2024. Tax years 2020, 2021 and 2022 are subject to a statute of three years from the extended due dates of October 15, 2021, 2022 and 2023, respectively.
The expiration of the statute of limitations related to the various state income tax returns that Kemper and its subsidiaries file varies by state.
The components of Income Tax Benefit from Operations for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Current Income Tax Benefit (Expense)
$4.0 $(6.2)$122.7 
Deferred Income Tax Benefit
70.8 90.6 2.9 
Income Tax Benefit
$74.8 $84.4 $125.6 
Federal income tax refunds received, net of income taxes paid, were $107.7 million in 2023. Federal income taxes paid, net of income tax refunds received, were $1.1 million, and $34.7 million in 2022 and 2021, respectively.
State income taxes paid, net of income tax refunds received, were $1.0 million in 2023. State income tax refunds received, net of income taxes paid, were $0.4 million in 2022. State income taxes paid, net of income tax refunds received, were $3.3 million in 2021.
No foreign income taxes were paid or refunded in 2023, 2022, or 2021.
A reconciliation of the Statutory Federal Income Tax Benefit and Rate to the Company’s Effective Income Tax Benefit and Rate from Operations for the years ended December 31, 2023, 2022 and 2021 is presented below.
DOLLARS IN MILLIONS202320222021
AmountRateAmountRateAmountRate
Statutory Federal Income Tax Benefit
$72.8 21.0 %$77.9 21.0 %$52.3 21.0 %
Tax-exempt Income and Dividends Received Deduction
4.8 1.4 5.3 1.3 4.6 1.9 
Untaxed Earnings on Company-Owned Life Insurance6.1 1.8 8.0 2.1 5.4 2.2 
Tax credits3.1 0.9 6.5 1.7 66.1 27.0 
Stock-Based Compensation(0.3)(0.1)(1.3)(0.3)0.3 0.1 
Nondeductible Executive Compensation(1.8)(0.5)(1.5)(0.4)(2.7)(1.1)
Goodwill impairment(6.3)(1.8)— — — — 
Expense on Transactions— — (11.5)(3.0)— — 
Effect of foreign operations27.4 7.9 — — — — 
Change in valuation allowance(27.4)(7.9)— — — — 
Other, Net(3.6)(1.1)1.0 0.3 (0.4)(0.2)
Effective Income Tax Benefit
$74.8 21.6 %$84.4 22.7 %$125.6 50.9 %
NOTE 27. INCOME TAXES (Continued)
Comprehensive Income Tax Benefit included in the Consolidated Financial Statements for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Income Tax Benefit (Expense):
Operations$74.8 $84.4 $125.6 
Unrealized (Appreciation) Depreciation on Securities
(50.3)325.5 60.7 
Tax Effects from Postretirement Benefit Plans(12.4)(4.0)1.8 
Tax Effects on changes in Discount Rate for Life Reserves21.2 (289.9)(47.9)
Tax Effects from Cash Flow Hedge— (1.2)(0.1)
Comprehensive Income Tax Benefit
$33.3 $114.8 $140.1 
v3.24.0.1
Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Contingencies CONTINGENCIES
In the ordinary course of its businesses, the Company is involved in legal proceedings including lawsuits, arbitration, regulatory examinations, audits and inquiries. Based on currently available information, the Company does not believe that it is reasonably possible that any of its pending legal proceedings will have a material effect on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
v3.24.0.1
Related Parties
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Parties RELATED PARTIES
As described in Note 26, “Other Reinsurance,” to the Consolidated Financial Statements, the Company has certain relationships with Capitol, a mutual insurance company that is owned by its policyholders.
v3.24.0.1
Schedule 1 - Investments Other Than Investments in Related Parties
 9 Months Ended
Sep. 30, 2023
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
Schedule of Investments Other than Investments in Related Parties
KEMPER CORPORATION AND SUBSIDIARIES
INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES
DECEMBER 31, 2023
(Dollars in Millions)
Amortized
Cost		Fair ValueAmount
Carried in
Balance Sheet
Fixed Maturities:
Bonds and Notes:
United States Government and Government Agencies and Authorities$594.1 $511.5 $511.5 
States and Political Subdivisions1,575.9 1,401.9 1,401.9 
Foreign Governments4.4 3.8 3.8 
Corporate Securities:
Other Bonds and Notes4,046.8 3,690.8 3,690.8 
Redeemable Preferred Stocks9.0 8.3 8.3 
Collateralized Loan Obligations973.6 949.8 949.8 
Other Mortgage- and Asset-backed362.0 315.8 315.8 
Total Investments in Fixed Maturities7,565.8 6,881.9 6,881.9 
Equity Securities at Fair Value:
Preferred Stocks25.5 25.5 25.5 
Common Stocks1.2 1.2 1.2 
Other Equity Interests199.1 199.1 199.1 
Total Investments in Equity Securities225.8 225.8 225.8 
Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings
221.7 XXX.X221.7 
Alternative Energy Partnership Investments17.3 XXX.X17.3 
Short-term Investments520.9 XXX.X520.9 
Company-Owned Life Insurance513.5 XXX.X513.5 
Loans to Policyholders281.2 XXX.X281.2 
Other Investments241.9 XXX.X241.9 
Total Investments$9,588.1 $8,904.2 
See Accompanying Report of Independent Registered Public Accounting Firm.
v3.24.0.1
Schedule 2 - Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Statements
KEMPER CORPORATION
PARENT COMPANY BALANCE SHEETS
(Dollars in Millions)
December 31,
2023
20221
ASSETS
Investments in Subsidiaries$3,594.1 $3,849.0 
Fixed Maturities at Fair Value (Amortized Cost: 2023 – $177.4; 2022 - $122.5)
174.3 120.0 
Equity Securities at Fair Value (Cost: 2023 - $11.6; 2022 - $39.3)
9.9 24.1 
Short-term Investments180.2 67.7 
Other Investments18.8 — 
Cash1.5 66.3 
Other Receivables38.5 5.6 
Current Income Taxes33.9 12.0 
Right-of-Use Assets7.7 12.2 
Other Assets32.5 35.6 
Total Assets$4,091.4 $4,192.5 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Senior Notes Payable, 4.350% due 2025 (Fair Value: 2023 – $440.8; 2022 – $438.5)
$449.6 $449.3 
Senior Notes Payable, 2.400% due 2030 (Fair Value: 2023 – $313.6; 2022 – $310.3)
397.0 396.6 
Senior Notes Payable, 3.800% due 2032 (Fair Value: 2023 - $338.4; 2022 - $336.2)
396.0 395.5 
Fixed-Rate Reset Junior Subordinated Debentures, 5.875% due 2062 (Fair Value: 2023 - $120.6; 2022 - $110.1)
146.6 145.5 
Current Income Tax Liability— — 
Deferred Income Tax Liability119.5 49.1 
Liabilities for Benefit Plans28.1 35.4 
Right-of-Use Liabilities23.3 24.4 
Accrued Expenses and Other Liabilities26.3 26.1 
Total Liabilities1,586.4 1,521.9 
Shareholders’ Equity:
Common Stock6.4 6.4 
Additional Paid-in Capital1,845.3 1,812.7 
Retained Earnings1,014.3 1,366.4 
Accumulated Other Comprehensive Loss
(360.8)(514.9)
Total Shareholders’ Equity attributable to Kemper Corporation2,505.2 2,670.6 
Noncontrolling Interest(0.2)$— 
Total Shareholders’ Equity2,505.0 2,670.6 
Total Liabilities and Shareholders’ Equity$4,091.4 $4,192.5 
1 As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
See Accompanying Report of Independent Registered Public Accounting Firm.
 
KEMPER CORPORATION
PARENT COMPANY STATEMENTS OF LOSS
(Dollars in Millions)
 For the Year Ended December 31,
 2023
20221
20211
Net Investment Income$8.6 $16.6 $3.4 
(Loss) Income from Change in Fair Value of Equity Securities
(1.5)(14.8)10.0 
Net Realized Investment (Losses) Gains
(11.9)3.0 10.6 
Impairment Losses(0.4)(0.2)— 
Other Income— 1.1 — 
Total Revenues(5.2)5.7 24.0 
Interest Expense56.7 52.6 32.0 
Pension Settlement Expense70.2 — — 
Other Operating Expenses
6.1 6.6 5.9 
Total Operating Expenses133.0 59.2 37.9 
Loss before Income Taxes and Equity in Net Loss of Subsidiaries
(138.2)(53.5)(13.9)
Income Tax Benefit (Expense)
28.4 14.0 (0.6)
Loss before Equity in Net Loss of Subsidiaries
(109.8)(39.5)(14.5)
Equity in Net Loss of Subsidiaries
(162.5)(247.1)(109.2)
Net Loss
(272.3)(286.6)(123.7)
Less: Net Loss attributable to Noncontrolling Interest(0.2)— — 
Net Loss attributable to Kemper Corporation$(272.1)$(286.6)$(123.7)
1 As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
See Accompanying Report of Independent Registered Public Accounting Firm.
KEMPER CORPORATION
PARENT COMPANY STATEMENTS OF COMPREHENSIVE LOSS
(Dollars in Millions) 
 For the Year Ended December 31,
 2023
20221
20211
Net Loss
$(272.3)$(286.6)$(123.7)
Other Comprehensive Income:
Changes in Net Unrealized (Losses) Gains on Investment Securities:
Having No Credit Losses Recognized in Consolidated Statements of Loss:
Securities Held by Subsidiaries235.0 (1,535.7)(230.4)
Securities Held by Parent(0.6)(2.6)— 
Having Credit Losses Recognized in Consolidated Statements of Loss:
 Securities Held by Subsidiaries(0.5)1.9 (2.0)
Reclassification Adjustment for Amounts Included in Net Loss:
Securities Held by Subsidiaries4.5 (12.8)(43.5)
Securities Held by Parent(0.1)— (10.6)
Unrecognized Postretirement Benefit Costs Arising During the Year:
Subsidiaries0.1 1.1 0.6 
Parent(7.4)18.2 (9.5)
Reclassification Adjustment for Postretirement Benefit Costs Arising During the Year:
Subsidiaries(0.3)— — 
Parent66.8 (0.4)0.1 
Gains on Cash Flow Hedge(0.2)5.9 0.5 
Change in Discount Rate on Future Life Policyholder Benefits(101.7)1,380.7 228.5 
Other Comprehensive Income (Loss) Before Income Taxes
195.6 (143.7)(66.3)
Income Tax (Expense) Benefit:
Changes in Net Unrealized (Losses) Gains on Investment Securities:
Having No Credit Losses Recognized in Consolidated Statements of Loss:
Securities Held by Subsidiaries(49.5)322.7 48.4 
Securities Held by Parent0.1 0.5 — 
Having Credit Losses Recognized in Consolidated Statements of Loss:
Securities Held by Subsidiaries0.2 (0.4)0.4 
Reclassification Adjustment for Amounts Included in Net Loss:
Securities Held by Subsidiaries(1.0)2.7 9.1 
Securities Held by Parent0.1 — 2.2 
Unrecognized Postretirement Benefit Costs Arising During the Year:
Subsidiaries— (0.2)(0.1)
Parent1.3 (3.9)2.5 
Reclassification Adjustments for Amounts Included in Net Loss:
Subsidiaries0.2 — — 
Parent(14.0)0.1 — 
Changes in Gain on Cash Flow Hedges(0.1)(1.2)(0.1)
Change in Discount Rate on Future Life Policyholder Benefits21.2 (289.9)(47.9)
Income Tax (Expense) Benefit
(41.5)30.4 14.5 
Other Comprehensive Income (Loss)154.1 (113.3)(51.8)
Total Comprehensive Loss
(118.2)(399.9)(175.5)
Less: Total Comprehensive Loss attributable to Noncontrolling Interest(0.2)— — 
Total Comprehensive Loss attributable to Kemper Corporation
$(118.0)$(399.9)$(175.5)
1 As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
See Accompanying Report of Independent Registered Public Accounting Firm.
KEMPER CORPORATION
PARENT COMPANY STATEMENTS OF CASH FLOWS
(Dollars in Millions)
 For the Year Ended December 31,
 2023
20221
20211
Operating Activities:
Net Loss
$(272.3)$(286.6)$(123.7)
Adjustment Required to Reconcile Net (Loss) Income to Net Cash (Used in) Provided by Operations:
Equity in Net Loss (Income) of Subsidiaries162.5 247.1 109.2 
Cash Dividends from Subsidiaries320.8 25.3 170.3 
Net Realized Investment Losses (Gains)
11.9 (3.0)(10.6)
Settlement Costs Related to Defined Benefit Pension Plan70.2 — — 
Impairment Losses0.4 0.2 — 
Income (Loss) from Change in Fair Value of Equity and Convertible Securities
1.5 14.8 (10.0)
Other, Net(30.6)(48.9)(35.3)
Net Cash Provided by (Used in) Operating Activities
264.4 (51.1)99.9 
Investing Activities:
Capital Contributed to Subsidiaries(181.5)(537.8)(36.5)
Proceeds from Sales, Calls and Maturities of Fixed Maturities50.8 0.1 181.3 
Proceeds from the Sales or Paydowns of Investments:
Equity Securities14.8 71.9 28.5 
Purchases of Investments:
Fixed Maturities— (40.3)— 
Equity Securities(2.1)(5.6)(48.7)
Net Purchases of Short-term Investments
(112.2)138.9 411.3 
Acquisition of Business— — (370.9)
Other(23.2)(3.1)— 
Net Cash (Used in) Provided by Investing Activities
(253.4)(375.9)165.0 
Financing Activities:
Notes Payable Proceeds:
Proceeds from Issuance of 3.800% Senior Notes due February 23, 2032
— 396.3 — 
Issuance Fees from Issuance of 3.800% Senior Notes due February 23, 2032
— (1.2)— 
Proceeds from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062
— 145.6 — 
Issuance Fees from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062
— (0.9)— 
Proceeds from Issuance of 2.400% Senior Notes due September 30, 2030
— — — 
Issuance Fees from Issuance of 2.400% Senior Notes due September 30, 2030
— — — 
Repayments of Long-term Debt— — (50.0)
Proceeds from Shares Issued under Employee Stock Purchase Plan4.3 4.9 5.4 
Common Stock Repurchases— — (161.7)
Dividends and Dividend Equivalents Paid(79.6)(79.7)(80.6)
Other(0.5)0.6 3.7 
Net Cash (Used in) Provided by Financing Activities
(75.8)465.6 (283.2)
Net (decrease) increase in cash
(64.8)38.6 (18.3)
Cash, Beginning of Year66.3 27.7 46.0 
Cash, End of Year$1.5 $66.3 $27.7 
1 As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
See Accompanying Report of Independent Registered Public Accounting Firm.
KEMPER CORPORATION
FINANCIAL INFORMATION OF KEMPER CORPORATION
NOTES TO FINANCIAL INFORMATION
(Dollars in Millions)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial information of Kemper Corporation (“Kemper” or the “Parent Company”) should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Item 8 of this Form 10-K. Kemper’s subsidiaries are accounted for using the equity method of accounting. Equity in Net Loss of Subsidiaries of these subsidiaries is presented on the Statements of Operations as Equity in Net Loss of Subsidiaries.
NOTE 2. GUARANTEES
On February 23, 2022, Kemper issued a notice of redemption for the entire $275.0 million aggregate principal outstanding of the 2022 Senior Notes at a redemption price equal to 100% of their principal, plus accrued and unpaid interest on the redemption date. On March 25, 2022, Kemper completed the redemption, and the 2022 Senior Notes were repaid in full. The Company recognized a Loss from Early Extinguishment of Debt of $3.7 million in the first quarter of 2022 which is reflected in the Consolidated Statements of Loss.
The Company used the proceeds received from Kemper’s 2032 Senior Notes offering to repay the 2022 Senior Notes. See “3.800% Senior Notes Due 2032” in the Debt disclosure, Note 23 for additional information regarding the debt issuance.
On July 1, 2022, Kemper executed an indefinite agreement with its subsidiary, Kemper Bermuda Ltd, which requires Kemper to contribute up to $300.0 million in contributed capital to maintain its minimum Enhanced Capital Requirement (“ECR”) as required by the Bermuda Monetary Authority as a Class C insurer. As of December 31, 2023 and 2022, Kemper had contributed $40.0 million and $5.0 million, respectively, under this agreement.
NOTE 3. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Kemper received $385.6 million and $300.1 million in non-cash dividends from subsidiaries in 2023 and 2022, respectively. Kemper made non-cash capital contributions of $336.5 million and $156.3 million to subsidiaries in 2023 and 2022, respectively.
NOTE 4. LEASES
Kemper leases certain office space for its current and former corporate headquarters under non-cancelable operating leases.
The following table presents operating lease Right-of-Use (“ROU”) assets and lease liabilities at December 31, 2023 and 2022.
DOLLARS IN MILLIONS20232022
Operating Lease Right-of-Use Assets$7.7 $12.2 
Operating Lease Liabilities23.3 24.4 
Supplemental cash flow information related to Kemper’s operating leases for the year-ended December 31, 2023 and December 31, 2022 respectively are presented follows.
DOLLARS IN MILLIONS20232022
Operating Cash Flows from Operating Leases (Fixed Payments)$5.8 $2.4 
Operating Cash Flows from Operating Leases (Liability Reduction)4.8 1.4 
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities— — 
KEMPER CORPORATION
FINANCIAL INFORMATION OF KEMPER CORPORATION
NOTES TO FINANCIAL INFORMATION
(Dollars in Millions)
NOTE 4. LEASES (Continued)
Significant judgments and assumptions for determining lease asset and liability as December 31, 2023 and December 31, 2022 respectively are presented below.
DOLLARS IN MILLIONS20232022
Weighted-average Remaining Lease Term - Operating Leases10.0 years11.0 years
Weighted-average Discount Rate - Operating Leases4.1 %4.0 %
Kemper’s leases do not provide an implicit rate. Accordingly, Kemper uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of its lease payments.
Future minimum operating lease payments at December 31, 2023 were:
DOLLARS IN MILLIONSOperating
Leases
2024$2.9 
20252.6 
20262.6 
20272.7 
20282.8 
2028 and Thereafter 14.8 
Total Future Payments$28.4 
Less Discount5.1 
Present Value of Minimum Lease Payments$23.3 
NOTE 5. DEBT
4.350% Senior Notes Due 2025
Kemper has $450.0 million aggregate principal of 4.350% senior notes due February 15, 2025 (the “2025 Senior Notes”). Kemper initially issued $250.0 million of the notes in February of 2015 and issued an additional $200.0 million of the notes in June of 2017. The additional notes are fungible with the initial notes issued in 2015, and together are treated as part of a single series for all purposes under the indenture governing the 2025 Senior Notes. The 2025 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time at Kemper’s option at specified redemption prices.
2.400% Senior Notes Due 2030
Kemper has $400.0 million aggregate principal of 2.400% senior notes due September 30, 2030 (the “2030 Senior Notes”). The net proceeds of issuance were $395.8 million, net of discount and transaction costs for an effective yield of 2.52%. The 2030 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time, at Kemper’s option, at specified redemption prices.
3.800% Senior Notes Due 2032
On February 15, 2022, Kemper offered and sold $400.0 million aggregate principal of 3.800% senior notes due February 23, 2032 (the “2032 Senior Notes”). The net proceeds of issuance were $395.1 million, net of discount and transaction costs for an effective yield of 3.950%. The 2032 Senior Notes are unsecured and may be redeemed in whole at any time or in part from time to time, at Kemper’s option, at specified redemption prices.
In anticipation of the issuance of the 2032 Senior Notes and for risk management purposes, the Company entered into a derivative transaction to hedge the risk of changes in the debt cash flows attributable to changes in the benchmark U.S.
KEMPER CORPORATION
FINANCIAL INFORMATION OF KEMPER CORPORATION
NOTES TO FINANCIAL INFORMATION
(Dollars in Millions)
NOTE 5. DEBT (Continued)
Treasury interest rate during the period leading up to the debt issuance (“Treasury Lock”). The effective portion of the gain on the derivative instrument upon discontinuance was $5.9 million before taxes, and is reported as a component of Accumulated Other Comprehensive Loss. Beginning with the issuance of the 2032 Senior Notes described in the preceding paragraph, such gain is being amortized into earnings and reported in Interest and Other Expenses in the same periods that the hedged items affect earnings. Amortization, reported in Interest and Other Expenses, was $0.6 million for the year ended December 31, 2023. The Company expects to reclassify $0.5 million of net gain on derivative instruments from AOCI to earnings for the twelve months ended December 31, 2024 as interest expense on the debt is recognized.
5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062
On March 10, 2022, Kemper issued $150.0 million aggregate principal amount of 5.875% Fixed-Rate Reset Junior Subordinated Debentures due March 15, 2062 (the “2062 Junior Debentures”). The net proceeds from issuance were $144.7 million, net of discount and transaction costs. The 2062 Junior Debentures will bear interest from and including the date of original issue to, but excluding, March 15, 2027 (the “First Reset Date”) at the fixed rate of 5.875% per annum. The interest
rate on the First Reset Date, and subsequent Reset Dates, will be equal to the Five-Year Treasury Rate as of the most recent Reset Date plus 4.140% to be reset on each Reset Date. Interest is due quarterly in arrears beginning on June 15, 2022. The Company has the option to defer interest payments for one or more optional deferral periods of up to five consecutive years, provided that no optional deferral period shall extend beyond March 15, 2062, or any earlier accelerated maturity date arising from an event of default or any earlier redemption of the 2062 Junior Debentures.
The 2062 Junior Debentures are unsecured and may be redeemed in whole or in part on the First Reset Date or any time thereafter, at a redemption price equal to the principal amount of the debentures being redeemed plus any accrued and unpaid interest.
v3.24.0.1
Schedule 3 - Supplementary Insurance Information
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]  
Supplementary Insurance Information
KEMPER CORPORATION AND SUBSIDIARIES
SUPPLEMENTARY INSURANCE INFORMATION
(Dollars in Millions)
Year Ended December 31,At December 31
Earned Premiums2
Premiums
Written		Other
Income (Loss)		Net
Investment
Income
Insurance
Claims
and
Policy-
holders’
Benefits2
Amortization
of Deferred
Policy
Acquisition
Costs2
Other
Insurance
Expenses2
Deferred
Policy
Acquisition
Costs2
Insurance
Reserves2
Unearned
Premiums
2023
Specialty Property & Casualty Insurance$3,632.5 $3,305.4 $4.5 $168.3 $3,141.9 $496.2 $245.1 $142.7 $2,308.7 $1,104.5 
Life Insurance1
387.6 N/A(0.2)193.4 243.4 39.9 235.9 426.9 3,425.3 7.6 
Non-Core Operations509.3 435.5 — 48.7 434.6 71.0 75.6 22.0 356.4 188.7 
Other— N/A2.9 9.3 0.1 — (111.3)— 12.5 — 
Total$4,529.4 N/A$7.2 $419.7 $3,820.0 $607.1 $445.3 $591.6 $6,102.9 $1,300.8 
2022
Specialty Property & Casualty Insurance$4,046.4 $3,934.4 $6.0 $140.7 $3,578.2 $569.8 $232.1 $192.6 $2,321.1 $1,431.5 
Life Insurance1
571.5 N/A(0.6)216.5 360.8 42.4 300.9 404.9 3,278.5 8.9 
Non-Core Operations595.5 527.1 — 49.7 493.4 93.5 90.0 38.1 419.1 264.0 
Other— N/A3.8 15.7 0.2 — (127.7)— 14.4 — 
Total$5,213.4 N/A$9.2 $422.6 $4,432.6 $705.7 $495.3 $635.6 $6,033.1 $1,704.4 
2021
Specialty Property & Casualty Insurance$3,948.5 $4,057.3 $4.1 $152.5 $3,593.7 $546.7 $227.8 
Life Insurance1
579.0 N/A(1.3)202.7 388.5 44.6 325.0 
Non-Core Operations651.7 642.0 — 68.6 537.4 103.8 102.6 
Other— N/A2.0 3.5 — — (121.7)
Total$5,179.2 N/A$4.8 $427.3 $4,519.6 $695.1 $533.7 
1 The Company’s Life Insurance employee-agents also market certain property and casualty insurance products under common management. Accordingly, the Company includes the results of these property and casualty insurance products in its Life Insurance segment.
2 As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
See Accompanying Report of Independent Registered Public Accounting Firm.
v3.24.0.1
Schedule 4 - Reinsurance Schedule
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
Reinsurance Schedule
KEMPER CORPORATION
REINSURANCE SCHEDULE
(Dollars in Millions)
Gross
Amount		Ceded to
Other
Companies		Assumed
from Other
Companies		Net
Amount		Percentage
of Amount
Assumed to
Net
Year Ended December 31, 2023
Life Insurance in Force$19,750.8 $339.4 $129.9 $19,541.3 0.7 %
Premiums:
Life Insurance$322.0 $3.3 $0.5 $319.2 0.2 %
Accident and Health Insurance34.7 11.6 — 23.1 — 
Property and Liability Insurance4,175.7 17.8 29.2 4,187.1 0.7 
Total Premiums$4,532.4 $32.7 $29.7 $4,529.4 0.7 %
Year Ended December 31, 2022
Life Insurance in Force1
$19,885.1 $354.8 $137.1 $19,667.4 0.7 %
Premiums:
Life Insurance1
$355.8 $3.6 $0.6 $352.8 0.2 %
Accident and Health Insurance167.9 1.1 1.4 168.2 0.8 
Property and Liability Insurance4,706.1 38.0 24.3 4,692.4 0.5 
Total Premiums$5,229.8 $42.7 $26.3 $5,213.4 0.5 %
Year Ended December 31, 2021
Life Insurance in Force1
$20,287.7 $372.3 $144.5 $20,059.9 0.7 %
Premiums:
Life Insurance1
$327.4 $0.9 $0.7 $327.2 0.2 %
Accident and Health Insurance185.8 0.3 4.4 189.9 2.3 
Property and Liability Insurance4,667.4 34.9 29.6 4,662.1 0.6 
Total Premiums$5,180.6 $36.1 $34.7 $5,179.2 0.7 %
1 As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
See Accompanying Report of Independent Registered Public Accounting Firm.
v3.24.0.1
Summary of Accounting Policies and Accounting Changes (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Investments
Investments
Investments in Fixed Maturities include bonds, notes and redeemable preferred stocks. Investments in Fixed Maturities are classified as available for sale and reported at fair value. Net Investment Income, including amortization of purchased premiums and accretion of market discounts, on Investments in Fixed Maturities is recognized as interest over the period that it is earned using the effective yield method. Unrealized appreciation or depreciation, net of applicable deferred income taxes, on fixed maturities classified as available for sale is reported in Accumulated Other Comprehensive (Loss) Income (“AOCI”) included in Shareholders’ Equity.
Equity investments include common stocks, non-redeemable preferred stocks, exchange traded funds, money market mutual funds and limited liability companies, and investment partnerships in which the Company’s interests are deemed minor. Equity investments with readily determinable fair values are recorded as Equity Securities at Fair Value on the Consolidated Balance Sheets. The changes in the fair value of such equity securities are reported in the Consolidated Statements of (Loss) Income. Dividend income on investments in common and non-redeemable preferred stocks is recognized on the ex-dividend date.
Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting whereby changes in net asset values (“NAV”) are recorded in Net Investment Income in the Consolidated Statements of (Loss) Income. Partnerships for which results are not available on a timely basis are reported on a lag.
Investments in Alternative Energy Partnerships are measured using the HLBV method of equity method accounting whereby changes in the estimated amount the Company would receive upon the liquidation and distribution of the equity investment’s net assets are recorded in Net Investment Income. Tax credits allocated from investments in Alternative Energy Partnerships are recognized using the flow-through method, where credits are recorded as a reduction to tax expense in the period earned. Differences in the basis calculated under tax law and GAAP are recognized using the income statement approach, where basis differences are recorded to Income Tax Benefit (Expense) immediately, rather than deferred as adjustments to the carrying value of the asset. Partnerships for which results are not available on a timely basis are reported on a lag.
Short-term Investments include certificates of deposit and other fixed maturities that mature within one year from the date of purchase, U.S. Treasury bills, money market mutual funds and overnight interest-bearing accounts. Short-term Investments are reported at cost, which approximates fair value.
Company-Owned Life Insurance (“COLI”) is reported at cash surrender value with changes due to cost of insurance and investment experience reported in Net Investment Income in the Consolidated Statements of (Loss) Income.
Loans to Policyholders are carried at unpaid principal balance.
Other Investments primarily include Equity Securities at Modified Cost, Convertible Securities at Fair Value, Real Estate and Mortgage Loans. Equity Securities at Modified Cost do not have readily determinable fair values and are held at cost, less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Investments in Convertible Securities include fixed maturities with equity conversion features. The Company has elected the fair value option method of accounting for investments in Convertible Securities and records Convertible Securities at fair value on the Consolidated Balance Sheets. Real Estate is carried at cost, net of accumulated depreciation. Real Estate is depreciated over the estimated useful life of the asset using the straight-line method of depreciation. Real Estate is evaluated for impairment when events or circumstances indicate the carrying value may not be recoverable. An impairment loss on real estate is recognized when the carrying value exceeds the sum of undiscounted projected future cash flows as well as the fair value, or, in the case of a property classified as held for sale, when the carrying value exceeds the fair value, net of costs to sell. Mortgage Loans are carried at amortized cost, net of a reserve for expected credit losses as applicable.
Investments in Fixed Maturities - Impairment Losses
For fixed maturity investments that the Company intends to sell or for which it is more likely than not that the Company will be required to sell before an anticipated recovery of value, the full amount of the impairment is reported in Impairment Losses. The Company writes down the investment’s amortized cost to its fair value, and will not adjust for any subsequent recoveries.
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
For fixed maturity investments that the Company does not intend to sell or for which it is more likely than not that the Company will not be required to sell before an anticipated recovery of value, the Company will evaluate whether a decline in fair value below the amortized cost basis has occurred from a credit loss or other factors (non-credit related). Considerations in the credit loss assessment include (1) extent to which the fair value has been less than amortized cost, (2) conditions related to the security, an industry, or a geographic area, (3) payment structure of the investment and the likelihood of the issuer's ability to make contractual cash flows, (4) defaults or other collectability concerns related to the issuer, (5) changes in the ratings assigned by a rating agency and (6) other credit enhancements that affect the investment’s expected performance.
Any increase or decrease in the expected allowance for credit losses related to investments is recognized in Impairment Losses. The expected allowance for credit losses is limited by the amount that the fair value is less than the amortized cost basis and is adjusted for any additional expected credit losses or subsequent recoveries. The amortized cost basis of the investment is not adjusted for the expected allowance for credit loss. The impairment related to other factors (non-credit related) is reported in Other Comprehensive Income (Loss), net of income taxes.
The Company reports accrued investment income separately for available-for-sale fixed maturity securities and has elected not to measure an allowance for credit losses on accrued investment income. Accrued investment income is written off through Impairment Losses at the time the issuer of the bond defaults or is expected to default on interest payments.
Fair Value Measurements
Fair Value Measurements
The Company uses a hierarchical framework which prioritizes and ranks the market observability of inputs used in fair value measurements. Market price observability is affected by a number of factors, including the type of asset or liability and the characteristics specific to the asset or liability being measured. Assets and liabilities with readily available, active, quoted market prices or for which fair value can be measured from actively quoted prices generally are deemed to have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The Company classifies the inputs used to measure fair value into one of three levels as follows:
•Level 1 — Quoted prices in an active market for identical assets or liabilities;
•Level 2 — Observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and
•Level 3 — Significant unobservable inputs for the asset or liability being measured.
Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level of input that is significant to the entire measurement. Such determination requires significant management judgment.
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs
Costs directly associated with the successful acquisition of business, principally commissions and certain premium taxes and policy issuance costs, are deferred. Costs deferred on property and casualty insurance contracts and short-duration health insurance contracts are amortized over the period in which premiums are earned. Deferred costs on traditional life insurance products and other long duration insurance contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. These deferred costs are amortized on a constant level basis for grouped contracts over the expected term of the related contracts to approximate straight-line amortization. The expected term of the contract used for amortization is determined using mortality and termination assumptions that are based on the Company’s experience, industry data, and other factors and are consistent with those used for the liability for future policyholder benefits. If those projected assumptions change in future periods, they will be reflected in the straight-line amortization horizon at that time. Unexpected terminations, due to higher mortality and termination experience than expected, are recognized in the current period as a reduction of the capitalized balances. Amortization of deferred policy acquisition costs is included in Insurance Expenses in the Condensed Consolidated Statements of Loss.
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
Deferred Profit Liability
For limited-payment life products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policyholder benefits, including discount rate, mortality, lapses, and expenses.
The DPL is amortized and recognized as premium revenue in proportion to insurance in force for nonparticipating limited-payment contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimates of cash flows for the DPL at the same time as the estimates of cash flows for the liability for future policyholder benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either an increase or decrease to Earned Premiums.
Goodwill
Goodwill
The cost of an acquired entity over the fair value of net assets acquired is reported as Goodwill. Goodwill is not amortized, but rather is tested for recoverability annually or when certain triggering events require testing.
Insurance Reserves
Insurance Reserves
Reserves for losses and LAE on property and casualty insurance coverage and health insurance coverage represent the estimated claim cost and loss adjustment expense necessary to cover the ultimate net cost of investigating and settling all losses incurred and unpaid at the end of any given accounting period. Such estimates are based on individual case estimates for reported claims and estimates for incurred but not reported (“IBNR”) losses, including expected development on reported claims. These estimates are adjusted in the aggregate for ultimate loss expectations based on historical experience patterns and current economic trends, with any change in the estimated ultimate liabilities being reported in the Consolidated Statements of (Loss) Income in the period of change. Changes in such estimates may be material.
For life insurance products, the liability for future policyholder benefits is the present value of estimated future policyholder benefits to be paid to or on behalf of policyholders and certain related expenses, less the present value of estimated future net premiums to be collected from policyholders. The liability is estimated using current assumptions that include discount rate, mortality, lapses and expenses. These current assumptions are based on judgments that consider the Company’s historical experience, industry data, and other factors. The liability is adjusted for differences between actual and expected experience. The Company reviews and updates its estimate of cash flows expected over the lifetime of a group of contracts using actual historical experience quarterly and current future cash flow assumptions at least annually to calculate its revised net premium ratio. The revised net premium ratios are then used to calculate an updated liability for future policyholder benefits for the current reporting period, discounted at the original contract issuance discount rate. The Company has elected to use expense assumptions that are locked in at contract inception and are not subsequently reviewed or updated. Resulting changes in the liability due to differences in actual versus expected experience, changes in current cash flow assumptions, and prefunding and payout of benefits compared to the carrying amount of the liability as of that same date are recorded as a separate component of benefit expense in the Consolidated Statements of (Loss) Income.
The current discount rate assumption is an equivalent spot rate curve of annually compounded rates at monthly increments that is derived based on A-credit rated fixed-income instruments reflecting the duration characteristics of the liability. The Company utilizes published corporate yield curves from Bloomberg’s BVAL Investment Grade Corporate Sector curve. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in Other Comprehensive Income (Loss). For liability cash flows that are projected beyond the maximum observable point on the yield curve, the yield grades to an ultimate forward rate.
Insurance Reserves for life insurance products are comprised of reserves for future policy benefits plus an estimate of the Company’s liability for unpaid life insurance claims and claims adjustment expenses, which includes an estimate for IBNR life insurance claims. The Company utilizes the database of reported deaths maintained by the Social Security Administration or other comparable database (a “Death master File” or “DMF”) to identify potential situations where the Company has yet to be notified of an insured’s death and, as appropriate, initiating an outreach process to identify and contact beneficiaries and settle claims.
Policyholder Contract Liabilities
Policyholder Obligations
Policyholder Obligations include Federal Home Loan Bank (“FHLB”) funding agreements used for spread lending purposes and universal life-type policyholder contracts and are stated at account balances.
Receivables from Policyholders - Allowance for Expected Credit Losses
The allowance for credit losses is a valuation account that is deducted from the receivables from policyholders based on the net amount expected to be collected on the insurance contract. Receivables from policyholders are charged off against the allowance when management believes the receivable is uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.
Management estimates the allowance using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience on the receivables from policyholders provide the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current environmental conditions, primarily unemployment rates that could impact an insured’s ability to pay premiums.
Other Receivables
Other Receivables
Other Receivables primarily include reinsurance recoverables, accrued investment income, and receivables from limited liability investments and investments in partnerships. Reinsurance Recoverables were $27.8 million and $39.6 million at December 31, 2023 and 2022, respectively. Accrued Investment Income was $88.4 million and $94.3 million at December 31, 2023 and 2022, respectively. Receivables from limited liability investments and investments in partnerships were $0.0 million and $35.2 million at December 31, 2023 and 2022, respectively.
Other Assets
Other Assets
Other Assets primarily include property and equipment, internal use software, right-of-use assets, insurance licenses acquired in business combinations, other intangible assets acquired in a business combination and prepaid expenses. Property and equipment is depreciated over the useful lives of the assets, generally using the straight-line or double declining balance methods of depreciation depending on the asset involved. Internal use software is amortized over the useful life of the asset using the straight-line method of amortization and is evaluated for recoverability upon identification of impairment indications. Insurance licenses acquired in business combinations and other indefinite life intangibles are not amortized, but rather tested periodically for recoverability.
The Company accounts for the value of business acquired (“VOBA”) based on actuarial estimates of the present value of future cash flows embedded in insurance in force as of an acquisition date. VOBA was $13.8 million and $15.4 million at December 31, 2023 and 2022, respectively. VOBA is amortized over the expected profit emergence period of the policies in force as of the acquisition date. The Company evaluates VOBA assets for recoverability annually.
The Company accounts for the future profits embedded in customer relationships (“Customer Relationships”) acquired based on the present value of estimated future cash flows from such relationships. Customer Relationships were $1.7 million and $2.7 million at December 31, 2023 and 2022, respectively, and are amortized on a straight-line basis over the estimated useful life of the relationship. Customer Relationships are tested for recoverability using undiscounted projections of future cash flows and are written down to estimated fair value if the carrying value exceeds the sum of such projections of undiscounted cash flows.
The Company accounts for the present value of the future profits embedded in broker or agent relationships acquired (“Agent Relationships”) based on the present value of estimated future cash flows from such acquired relationships or, using the cost recovery method, which estimates the ultimate cost to build a comparable distribution network. Agent Relationships were $43.4 million and $50.6 million at December 31, 2023 and 2022, respectively, and are amortized on a straight-line basis over the estimated useful life of the relationship. Agent Relationships are tested for recoverability using undiscounted projections of future cash flows and are written down to estimated fair value if the carrying value exceeds the sum of such projections of undiscounted cash flows.
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities primarily include drafts payable, accrued salaries and commissions, pension benefits, postretirement medical benefits, lease liability and accrued taxes, licenses and fees.
Recognition of Earned Premiums and Related Expenses
Recognition of Earned Premiums and Related Expenses
Property and casualty insurance and short-duration health insurance premiums are deferred when written and recognized and earned ratably over the periods to which the premiums relate. Unearned Premiums represent the portion of the premiums written related to the unexpired portion of policies in force which has been deferred and is reported as a liability. The Company performs a premium deficiency analysis typically at a business level, namely Specialty Property & Casualty Insurance and Non-Core Operations, which is consistent with the manner in which the Company acquires and services policies and measures profitability. Anticipated investment income is included in this analysis. A premium deficiency is recognized when the sum of expected claim costs, claim adjustment expenses, unamortized deferred policy acquisition costs and maintenance costs exceeds the related unearned premiums by first reducing related deferred policy acquisition costs to an amount, but not below zero, at which the premium deficiency would not exist. If a premium deficiency remains after first reducing deferred policy acquisition costs, a premium deficiency reserve is established and reported as a liability in the Consolidated Financial Statements.
Traditional life insurance premiums are recognized as revenue when due. Policyholders’ benefits are associated with related premiums to result in recognition of profits over the periods for which the benefits are provided using the net level premium method.
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses include provisions for future policy benefits under life and certain accident and health insurance contracts and provisions for reported claims, estimates for IBNR claims and loss adjustment expenses. Benefit payments in excess of policy account balances are expensed.
Reinsurance
Reinsurance
In the normal course of business, Kemper’s insurance subsidiaries reinsure certain risks above certain retention levels with other insurance enterprises. These reinsurance agreements do not relieve Kemper’s insurance subsidiaries of their legal obligations to the policyholder. Amounts recoverable from reinsurers are included in Other Receivables.
Gains related to long-duration reinsurance contracts are deferred and amortized over the life of the underlying reinsured policies. Losses related to long-duration reinsurance contracts are recognized immediately. Any gain or loss associated with reinsurance agreements for which Kemper’s insurance subsidiaries have been legally relieved of their obligations to the policyholder is recognized in the period of relief.
Income Taxes
Income Taxes
Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance, if any, is maintained for the portion of deferred income tax assets that the Company does not expect to recover. Increases, if any, in the valuation allowance for deferred income tax assets are recognized as Income Tax Benefit (Expense). Decreases, if any, in the valuation allowance for deferred income tax assets are generally recognized as income tax benefit. The effect on deferred income tax assets and liabilities of a change in tax law including a change in tax rates is recognized in income from operations in the period in which the change is enacted.
The Company reports a liability for unrecognized tax benefits, if any, resulting from uncertain tax positions taken, or expected to be taken, in an income tax return, if any. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income Tax Benefit (Expense).
Premium Deficiency
Premium Deficiency
Commencing in 2022, the Company began including anticipated net investment income in the premium deficiency analysis performed on the Specialty Property & Casualty Insurance Segment and Non-Core Operations business. The Company believes this accounting principle change is preferable as it best reflects the ultimate profitability of an insurance contract in using all cash flows from the in-force policies, inclusive of related investment income, and provides improved comparability with industry peers. This accounting principle change had no impact on the results of the premium deficiency analysis in prior periods presented.
Variable Interest Entities
Variable Interest Entities
A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity's operations through voting rights or do not substantively participate in the gains and losses of the entity. The Company consolidates VIEs in which the Company is deemed the primary beneficiary. The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect that entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE.
Noncontrolling Interests
Noncontrolling Interests
Noncontrolling interest is the portion of equity (net assets) not attributable, directly or indirectly, to a parent. The Company has no ownership interest in Kemper Reciprocal, but consolidates it as the Company is considered the primary beneficiary.
Change in Accounting and Adoption of New Accounting Standards
Adoption of New Accounting Guidance
Guidance Adopted in 2023
The Company adopted ASU 2018-12 for the liability for future policyholder benefits and deferred acquisition costs on a modified retrospective basis as of January 1, 2023, such that those balances were adjusted to conform to ASU 2018-12 on January 1, 2021.
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
The new standard requires cash flow assumptions used to measure the liability for future policyholder benefits for nonparticipating traditional and limited pay long-duration contracts to be reviewed at least annually, and if there is a change, updated with the recognition and remeasurement recorded in net income. It also requires the discount rate used in measuring the liability to be an upper-medium grade fixed-income instrument yield, which is to be updated at each reporting period, and recognized in other comprehensive income. ASU 2018-12 simplifies the amortization of deferred acquisition costs to a constant level basis over the expected term of the contract, requires all market risk benefits to be measured at fair value, and enhances certain presentation and disclosure requirements, as discussed in Note 7 and Note 8.
As a result of the adoption of ASU 2018-12, beginning retained earnings was reduced by $25.1 million and Accumulated Other Comprehensive Income (“AOCI”) reduced by $1,030.3 million as of January 1, 2021.
The table below presents the transition adjustment for the adoption of ASU 2018-12:
Pre-Adoption Balance 12/31/2020Adjustments to AOCIAdjustments to Retained EarningsPost- Adoption Balance 1/1/2021
Retained Earnings $2,071.2 — (25.1)$2,046.1 
AOCI$680.5 (1,030.3)— $(349.8)
For the liability for future policyholder benefits, the net transition adjustment is related to the difference in the historical discount rates used pre-transition and the discount rate at December 31, 2020. At transition, there were no adjustments related to premium deficiencies, as the balance is only applicable to Kemper’s universal life contracts which are stated at account value.
The effects of adoption of ASU 2018-12 on the Consolidated Statement of Loss for the years ended December 31, 2022 and 2021 were as follows:
20222021
Prior to AdoptionEffect of AdoptionPost- Adoption BalancePrior to AdoptionEffect of AdoptionPost- Adoption Balance
Earned Premiums $5,266.3 (52.9)$5,213.4 $5,253.7 (74.5)$5,179.2 
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses$4,504.4 (71.8)$4,432.6 $4,600.8 (81.2)$4,519.6 
Insurance Expenses$1,200.6 0.4 $1,201.0 $1,218.1 10.7 $1,228.8 
Income Tax Benefit$88.3 (3.9)$84.4 $124.8 0.8 $125.6 
Net Loss attributable to Kemper Corporation$(301.2)14.6 $(286.6)$(120.5)(3.2)$(123.7)
Net Loss Per Unrestricted Share attributable to Kemper Corporation:
Basic$(4.72)$0.22 $(4.50)$(1.87)$(0.05)$(1.92)
Diluted$(4.72)$0.22 $(4.50)$(1.87)$(0.05)$(1.92)
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
The effects of adoption of ASU 2018-12 on the Consolidated Balance Sheet as of December 31, 2022 were as follows:
Prior to AdoptionEffect of AdoptionPost- Adoption Balance
Deferred Policy Acquisition Costs$625.6 10.0 $635.6 
Deferred Income Tax Assets$189.4 (60.4)$129.0 
Total Assets$13,364.0 (50.4)$13,313.6 
Life and Health Insurance Reserves$3,554.0 (277.8)$3,276.2 
Total Liabilities$10,920.8 (277.8)$10,643.0 
Retained Earnings$1,380.1 (13.7)$1,366.4 
Accumulated Other Comprehensive Loss$(756.0)241.1 $(514.9)
Total Shareholders’ Equity attributable to Kemper Corporation$2,443.2 227.4 $2,670.6 
The effects of adoption of ASU 2018-12 on the Consolidated Statement of Comprehensive Loss for the years ended December 31, 2022 and 2021 were as follows:
20222021
Prior to AdoptionEffect of AdoptionPost- Adoption BalancePrior to AdoptionEffect of AdoptionPost- Adoption Balance
Change in Discount Rate on Future Life Policyholder Benefits$— 1,380.7 $1,380.7 $— $228.5 $228.5 
Other Comprehensive Loss Before Income Taxes$(1,524.4)1,380.7 $(143.7)$(294.8)$228.5 $(66.3)
Other Comprehensive Income Tax Benefit$320.3 (289.9)$30.4 $62.4 $(47.9)$14.5 
Other Comprehensive Loss, Net of Taxes$(1,204.1)1,090.8 $(113.3)$(232.4)$180.6 $(51.8)
Total Comprehensive Loss$(1,505.3)1,105.4 $(399.9)$(352.9)$177.4 $(175.5)
The effects of adoption of ASU 2018-12 on the Consolidated Statement of Cash Flows for the years ended December 31, 2022 and 2021 were as follows:
20222021
Prior to AdoptionEffect of AdoptionPost- Adoption BalancePrior to AdoptionEffect of AdoptionPost- Adoption Balance
Cash Flows from Operating Activities:
Net Loss$(301.2)14.6 $(286.6)$(120.5)(3.2)$(123.7)
Change in Deferred Policy Acquisition Costs$13.8 0.4 $14.2 $(88.3)10.7 $(77.6)
Change in Insurance Reserves$45.4 (18.9)$26.5 $623.1 (6.7)$616.4 
Change in Income Taxes$(87.5)3.9 $(83.6)$(163.1)(0.8)$(163.9)
Net Cash Used in Operating Activities$(210.3)— $(210.3)$350.7 — $350.7 
In July 2023, the FASB issued ASU 2023-03 Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718), which codifies amendments to certain SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. This ASU predominately codifies guidance for public companies to consider when entering into share-based payment arrangements while in possession of material non-public information. As this ASU does not provide any new guidance, there is no transition or effective date associated with it. The Company adopted this ASU as of the third quarter of 2023 with no material impact to the consolidated financial statements.
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
Guidance Not Yet Adopted
In March 2023, the FASB issued ASU 2023-02 Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which expands the use of the proportional amortization method of accounting to equity investments in other tax credit structures that meet certain criteria. The proportional amortization method results in the tax credit investment being amortized in proportion to the allocation of tax credits and other tax benefits in each period, and a net presentation within the income tax line item. ASU 2023-02 is effective for annual periods beginning after December 15, 2023 and interim periods within those annual periods. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
In October 2023, the FASB issued ASU 2023-06 Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. For SEC registrants, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but does not anticipate the adoption of the new guidance will have a material impact on the Company’s Consolidated Financial Statements. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07 Improvements to Reportable Segment Disclosures, which enhances disclosures about significant segment expenses. The new standard does not change the definition or aggregation of operating segments but will add required disclosures of significant expenses for each reportable segment as well as certain other disclosures to help financial statement users understand how the chief operating decision maker evaluates segment expenses and operating results. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09 Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring companies to use consistent categories and greater disaggregation of information in the tax rate reconciliation as well as requiring disaggregation of income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
v3.24.0.1
Summary of Accounting Policies and Accounting Changes (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Premium Receivable, Allowance for Credit Loss
The following table presents a rollforward of changes in the allowance for expected credit losses for the year ended December 31, 2023.
(Dollars in Millions)SpecialtyLifeTotal SegmentsNon-Core OperationsTotal Allowance for Expected Credit Losses
Balance at Beginning of Year$12.3 $— $12.3 $0.8 $13.1 
Provision for Expected Credit Losses39.3 0.5 39.8 1.8 41.6 
Write-offs of Uncollectible Receivables from Policyholders(38.7)(0.5)(39.2)(1.6)(40.8)
Balance at End of Year$12.9 $— $12.9 $1.0 $13.9 
Receivable Balance at End of Year$875.4 $11.3 $886.7 $73.5 $960.2 
The following table presents a rollforward of changes in the allowance for expected credit losses for the year ended December 31, 2022.
(Dollars in Millions)SpecialtyLifeTotal SegmentsNon-Core OperationsTotal Allowance for Expected Credit Losses
Balance at Beginning of Year$12.8 $— $12.8 $0.8 $13.6 
Provision for Expected Credit Losses44.4 1.1 45.5 2.5 48.0 
Write-offs of Uncollectible Receivables from Policyholders(44.9)(1.1)(46.0)(2.5)(48.5)
Balance at End of Year$12.3 $— $12.3 $0.8 $13.1 
Receivable Balance at End of Year$1,166.9 $11.0 $1,177.9 $108.7 $1,286.6 
Accounting Standards Update and Change in Accounting Principle
The table below presents the transition adjustment for the adoption of ASU 2018-12:
Pre-Adoption Balance 12/31/2020Adjustments to AOCIAdjustments to Retained EarningsPost- Adoption Balance 1/1/2021
Retained Earnings $2,071.2 — (25.1)$2,046.1 
AOCI$680.5 (1,030.3)— $(349.8)
The effects of adoption of ASU 2018-12 on the Consolidated Statement of Loss for the years ended December 31, 2022 and 2021 were as follows:
20222021
Prior to AdoptionEffect of AdoptionPost- Adoption BalancePrior to AdoptionEffect of AdoptionPost- Adoption Balance
Earned Premiums $5,266.3 (52.9)$5,213.4 $5,253.7 (74.5)$5,179.2 
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses$4,504.4 (71.8)$4,432.6 $4,600.8 (81.2)$4,519.6 
Insurance Expenses$1,200.6 0.4 $1,201.0 $1,218.1 10.7 $1,228.8 
Income Tax Benefit$88.3 (3.9)$84.4 $124.8 0.8 $125.6 
Net Loss attributable to Kemper Corporation$(301.2)14.6 $(286.6)$(120.5)(3.2)$(123.7)
Net Loss Per Unrestricted Share attributable to Kemper Corporation:
Basic$(4.72)$0.22 $(4.50)$(1.87)$(0.05)$(1.92)
Diluted$(4.72)$0.22 $(4.50)$(1.87)$(0.05)$(1.92)
NOTE 2. SUMMARY OF ACCOUNTING POLICIES AND ACCOUNTING CHANGES (Continued)
The effects of adoption of ASU 2018-12 on the Consolidated Balance Sheet as of December 31, 2022 were as follows:
Prior to AdoptionEffect of AdoptionPost- Adoption Balance
Deferred Policy Acquisition Costs$625.6 10.0 $635.6 
Deferred Income Tax Assets$189.4 (60.4)$129.0 
Total Assets$13,364.0 (50.4)$13,313.6 
Life and Health Insurance Reserves$3,554.0 (277.8)$3,276.2 
Total Liabilities$10,920.8 (277.8)$10,643.0 
Retained Earnings$1,380.1 (13.7)$1,366.4 
Accumulated Other Comprehensive Loss$(756.0)241.1 $(514.9)
Total Shareholders’ Equity attributable to Kemper Corporation$2,443.2 227.4 $2,670.6 
The effects of adoption of ASU 2018-12 on the Consolidated Statement of Comprehensive Loss for the years ended December 31, 2022 and 2021 were as follows:
20222021
Prior to AdoptionEffect of AdoptionPost- Adoption BalancePrior to AdoptionEffect of AdoptionPost- Adoption Balance
Change in Discount Rate on Future Life Policyholder Benefits$— 1,380.7 $1,380.7 $— $228.5 $228.5 
Other Comprehensive Loss Before Income Taxes$(1,524.4)1,380.7 $(143.7)$(294.8)$228.5 $(66.3)
Other Comprehensive Income Tax Benefit$320.3 (289.9)$30.4 $62.4 $(47.9)$14.5 
Other Comprehensive Loss, Net of Taxes$(1,204.1)1,090.8 $(113.3)$(232.4)$180.6 $(51.8)
Total Comprehensive Loss$(1,505.3)1,105.4 $(399.9)$(352.9)$177.4 $(175.5)
The effects of adoption of ASU 2018-12 on the Consolidated Statement of Cash Flows for the years ended December 31, 2022 and 2021 were as follows:
20222021
Prior to AdoptionEffect of AdoptionPost- Adoption BalancePrior to AdoptionEffect of AdoptionPost- Adoption Balance
Cash Flows from Operating Activities:
Net Loss$(301.2)14.6 $(286.6)$(120.5)(3.2)$(123.7)
Change in Deferred Policy Acquisition Costs$13.8 0.4 $14.2 $(88.3)10.7 $(77.6)
Change in Insurance Reserves$45.4 (18.9)$26.5 $623.1 (6.7)$616.4 
Change in Income Taxes$(87.5)3.9 $(83.6)$(163.1)(0.8)$(163.9)
Net Cash Used in Operating Activities$(210.3)— $(210.3)$350.7 — $350.7 
v3.24.0.1
Income from Continuing Operations Per Unrestricted Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Calculation of Numerator and Denominator in Earnings Per Share
A reconciliation of the numerator and denominator used in the calculation of Basic Net Loss Per Unrestricted Share and Diluted Net Loss Per Unrestricted Share for the years ended December 31, 2023, 2022 and 2021 is presented below.
202320222021
DOLLARS IN MILLIONS
Net Loss attributable to Kemper Corporation
$(272.1)$(286.6)$(123.7)
SHARES IN THOUSANDS
Weighted-average Unrestricted Shares Outstanding
64,025.6 63,825.5 64,264.4 
Equity-based Compensation Equivalent Shares
— — — 
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution
64,025.6 63,825.5 64,264.4 
Net Loss attributable to Kemper Corporation per Unrestricted Share:
PER UNRESTRICTED SHARE IN WHOLE DOLLARS
Basic Net Loss Per Unrestricted Share
$(4.25)$(4.50)$(1.92)
Diluted Net Loss Per Unrestricted Share
$(4.25)$(4.50)$(1.92)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The number of shares of Kemper common stock that were excluded from the calculations of Equity-based Compensation Equivalent Shares and Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution because the effect of inclusion would be anti-dilutive was 3.6 million, 2.4 million, and 2.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.
v3.24.0.1
Dispositions (Tables)
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The following table summarizes the assets and liabilities included in the sale on December 1, 2022:
(Dollars in millions)Dec 1,
2022
Assets:
Investments:
Fixed Maturities at Fair Value (Amortized Cost: $43.3)
$36.7 
Short-term Investments at Cost which Approximates Fair Value0.7 
Loans to Policyholders0.7 
Total Investments38.1 
Cash81.0 
Receivables from Policyholders2.6 
Other Receivables1.6 
Deferred Policy Acquisition Costs38.7 
Goodwill0.3 
Other Assets3.1 
Investment in Subsidiaries0.2 
Total Assets$165.6 
Liabilities:
Insurance Reserves:
Health Insurance Reserves$48.2 
Unearned Premiums10.8 
Deferred Income Tax Liabilities1.8 
Accrued Expenses and Other Liabilities13.8 
Total Liabilities$74.6 
v3.24.0.1
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Assets Segment, Non-Core Operations, and Corporate and Other assets at December 31, 2023 and 2022 were:
DOLLARS IN MILLIONS20232022
Segment Assets:
Specialty Property & Casualty Insurance$6,145.9 $6,535.3 
Life Insurance4,898.1 5,008.0 
Total Segment Assets11,044.0 11,543.3 
Corporate and Other623.7 545.4 
Non-Core Operations1,075.0 1,224.9 
Total Assets$12,742.7 $13,313.6 
Earned Premiums by Product Line
Earned Premiums by product line for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Specialty Property & Casualty Insurance:
Personal Automobile$2,977.8 $3,496.7 $3,533.7 
Commercial Automobile654.7 549.7 414.8 
Life Insurance:
Life319.2 352.8 327.2 
Accident and Health23.1 168.2 189.9 
Property45.3 50.5 61.9 
Total Segment Earned Premiums4,020.1 4,617.9 4,527.5 
Non-Core Operations509.3 595.5 651.7 
Total Earned Premiums$4,529.4 $5,213.4 $5,179.2 
Segment Revenues
Segment Revenues, including a reconciliation to Total Revenues, for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Segment Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums$3,632.5 $4,046.4 $3,948.5 
Net Investment Income168.3 140.7 152.5 
Change in Value of Alternative Energy Partnership Investments1.6 (9.9)(29.0)
Other Income4.5 6.0 4.1 
Total Specialty Property & Casualty Insurance3,806.9 4,183.2 4,076.1 
Life Insurance:
Earned Premiums387.6 571.5 579.0 
Net Investment Income193.4 216.5 202.7 
Change in Value of Alternative Energy Partnership Investments0.7 (5.3)(15.8)
Other Income(0.2)(0.6)(1.3)
Total Life Insurance581.5 782.1 764.6 
Total Segment Revenues4,388.4 4,965.3 4,840.7 
Income (Loss) from Change in Fair Value of Equity and Convertible Securities4.7 (79.9)114.6 
Net Realized Investment (Losses) Gains(18.6)4.3 64.8 
Net Impairment Losses Recognized in Earnings(1.1)(25.8)(11.0)
Non-Core Operations558.4 640.5 704.0 
Other12.4 19.5 5.4 
Total Revenues$4,944.2 $5,523.9 $5,718.5 
Segment Operating Profit , including a reconciliation to Loss before Income Taxes attributable to Kemper Corporation, for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Segment Adjusted Operating (Loss) Income:
Specialty Property & Casualty Insurance$(76.3)$(196.9)$(292.1)
Life Insurance62.3 78.0 6.5 
Total Segment Adjusted Operating Loss
(14.0)(118.9)(285.6)
Corporate and Other Adjusted Operating Loss
(55.2)(47.7)(48.4)
Less: Loss before Income Taxes attributable to Noncontrolling Interest(0.3)— — 
Adjusted Consolidated Operating Loss
(68.9)(166.6)(334.0)
Income (Loss) from Change in Fair Value of Equity and Convertible Securities
4.7 (79.9)114.6 
Net Realized Investment (Losses) Gains
(18.6)4.3 64.8 
Impairment Losses(1.1)(25.8)(11.0)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(120.3)(62.9)(43.9)
Debt Extinguishment, Pension Settlement, and Other Charges(70.2)(3.7)— 
Goodwill Impairment Charge(49.6)— — 
Non-Core Operations(22.8)(36.4)(39.8)
Loss before Income Taxes attributable to Kemper Corporation
$(346.8)$(371.0)$(249.3)
Segment Net Income (Loss) , including a reconciliation to Net Loss attributable to Kemper Corporation, for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Segment Adjusted Net Operating (Loss) Income:
Specialty Property & Casualty Insurance$(57.1)$(147.4)$(196.1)
Life Insurance51.8 68.8 25.0 
Total Segment Adjusted Net Operating Loss
(5.3)(78.6)(171.1)
Corporate and Other Adjusted Net Operating Loss(42.1)(37.8)(38.4)
Less: Net Loss attributable to Noncontrolling Interest(0.2)— — 
Adjusted Consolidated Net Operating Loss
(47.2)(116.4)(209.5)
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities3.7 (63.1)90.5 
Net Realized Investment (Losses) Gains
(14.7)3.4 51.2 
Impairment Losses(0.9)(20.4)(8.7)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(95.0)(61.3)(34.7)
Debt Extinguishment, Pension Settlement, and Other Charges(55.5)(2.9)— 
Goodwill Impairment Charges(45.5)— — 
Non-Core Operations(17.0)(25.9)(12.5)
Net Loss Attributable to Kemper Corporation
$(272.1)$(286.6)$(123.7)
v3.24.0.1
Financial Services, Insurance (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
The following tables summarize balances and changes in the present value of expected net premiums, present value of expected future policyholder benefits and net liability for future policyholder benefits as of and for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONSYear Ended
Dec 31, 2023Dec 31, 2022Dec 31, 2021
Present Value of Expected Net PremiumsBalance, Beginning of Period$688.6 $669.0 $396.0 
Beginning Balance at Original Discount Rate$728.9 $599.8 $325.6 
        Effect of Changes in Cash Flow Assumptions(35.7)68.5 124.3 
        Effect of Actual Variances from Expected Experience(38.5)(6.4)64.7 
Adjusted Beginning of Period Balance654.7 661.9 514.6 
         Issuances105.2 133.2 133.2 
         Interest Accrual29.7 21.9 17.4 
         Net Premiums Collected(94.9)(88.1)(65.4)
Ending Balance at Original Discount Rate694.7 728.9 599.8 
         Effect of Changes in Discount Rate Assumptions(19.3)(40.3)69.2 
Balance, End of Period$675.4 $688.6 $669.0 
Present Value of Expected Future Policyholder BenefitsBalance, Beginning of Period$3,561.0 $4,933.1 $4,924.9 
Beginning Balance at Original Discount Rate$3,906.2 $3,788.1 $3,550.3 
        Effect of Changes in Cash Flow Assumptions(59.0)77.2 130.0 
        Effect of Actual Variances From Expected Experience(45.5)(7.0)65.1 
Adjusted Beginning of Period Balance3,801.7 3,858.3 3,745.4 
         Issuances 104.6 133.2 134.4 
         Interest Accrual171.0 164.0 162.1 
         Benefit Payments(241.4)(249.3)(253.8)
Ending Balance at Original Discount Rate3,835.9 3,906.2 3,788.1 
         Effect of Changes in Discount Rate Assumptions(222.7)(345.2)1,145.0 
Balance, End of Period$3,613.2 $3,561.0 $4,933.1 
Net Liability for Future Policyholder Benefits$2,937.8 $2,872.4 $4,264.1 
Less: Reinsurance Recoverable— — — 
Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable$2,937.8 $2,872.4 $4,264.1 
Weighted-Average Liability Duration
The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows:
Dec 31, 2023Dec 31, 2022Dec 31, 2021
Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years)15.314.618.2
NOTE 7. LIABILITY FOR FUTURE POLICYHOLDER BENEFITS (Continued)
Reconciliation of Net Liability for Future Policyholder Benefits
The reconciliation of the net liability for future policyholder benefits to Life and Health Insurance Reserves in the Consolidated Balance Sheets is as follows:
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022
Net Liability for Future Policyholder Benefits$2,937.8 $2,872.4 
Deferred Profit Liability337.8 253.6 
Other1
146.8 150.2 
Total Life and Health Insurance Reserves$3,422.4 $3,276.2 
1Other primarily consists of Accident and Health and Universal Life reserves
Undiscounted Expected Gross Premiums and Expected Future Benefit Payments
The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, were as follows:
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022
Expected Future Benefit Payments, undiscounted$10,185.2 $10,137.2 
Expected Future Gross Premiums, undiscounted$4,107.9 $4,436.8 
Expected Future Gross Premiums, discounted$2,800.6 $2,844.4 
Liability for Future Policy Benefits Interest Expense and Premiums
The amount of revenue and interest recognized in the Consolidated Statements of Loss is as follows:
Year Ended
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022Dec 31, 2021
Gross Premiums or Assessments $399.0 $392.1 $380.3 
Interest Expense $141.3 $142.1 $144.9 
Weighted Average Interest Rate for Future Policyholder Benfits
The weighted-average interest rate is as follows:
Dec 31, 2023Dec 31, 2022
Interest Accretion Rate4.57 %4.60 %
Current Discount Rate5.08 %5.30 %
Policyholder Account Balance
The balances of and changes in Deferred Profit Liability as of and for the years indicated are as follows:
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022Dec 31, 2021
Balance, beginning of period$253.6 $193.4 $112.7 
Annual assumption changes15.0 (12.7)(4.6)
Profits deferred163.1 164.7 176.3 
Interest accrual13.2 10.4 6.8 
Amortization(111.2)(101.6)(97.6)
Effect of actual variances from expected experience and other changes4.1 (0.6)(0.2)
Balance, end of period$337.8 $253.6 $193.4 
v3.24.0.1
Deferred Costs, Capitalized, Prepaid, and Other Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferred Policy Acquisition Costs
The following table presents the balances and changes in Deferred Policy Acquisition Costs for the Property and Casualty and Life and Health business for the years ended December 31, 2023, 2022 and 2021:
DOLLARS IN MILLIONSDec 31, 2023Dec 31, 2022Dec 31, 2021
Property and CasualtyLife and HealthTotalProperty and CasualtyLife and HealthTotalProperty and CasualtyLife and HealthTotal
Balance, Beginning of Year$231.1 $404.5 $635.6 $268.7 $419.3 $688.0 $229.1 $381.3 $610.4 
 Capitalizations505.6 57.7 563.3 630.9 60.6 691.5 697.0 75.6 772.6 
 Amortization Expense (571.8)(19.9)(591.7)(668.5)(28.0)(696.5)(657.4)(35.7)(693.1)
 Experience Adjustment— (15.6)(15.6)— (8.7)(8.7)— (1.9)(1.9)
Balance164.9 426.7 591.6 231.1 443.2 674.3 268.7 419.3 688.0 
Less:
Deferred Policy Acquisition Costs Asset Divested— — — — 38.7 38.7 — — — 
Balance, End of Period$164.9 $426.7 $591.6 $231.1 $404.5 $635.6 $268.7 $419.3 $688.0 
v3.24.0.1
Property and Casualty Insurance Reserves (Tables)
 12 Months Ended
Dec. 31, 2023
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Short-duration Insurance Contracts, Claims Development
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Specialty Personal Automobile Insurance—Liability1
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$1,461.5 $1,494.7 $1,506.1 $1,508.3 $1,516.1 $20.0 547,437 
20201,401.2 1,406.4 1,407.8 1,415.9 29.9 475,894 
20211,856.9 1,824.7 1,844.2 75.9 585,665 
20221,765.9 1,848.7 169.3 471,990 
20231,448.7 537.1 282,423 
Total8,073.6 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$567.3 $1,200.7 $1,382.0 $1,452.3 $1,482.1 
2020555.2 1,107.6 1,287.8 1,350.0 
2021657.1 1,429.4 1,680.8 
2022738.2 1,463.3 
2023580.4 
Total6,556.6 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance27.9 
Loss and Allocated LAE Reserves, Net of Reinsurance$1,544.9 
1 Tables retrospectively include American Access Casualty Company’s (“AAC”) historical incurred and paid accident year claim information for all periods presented.
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Specialty Personal Automobile Insurance—Physical Damage1
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$624.3 $630.3 $629.6 $629.7 $629.5 $(9.2)324,516 
2020650.5 659.5 659.5 659.0 (0.5)296,411 
2021958.0 967.5 967.2 (1.9)361,864 
2022993.5 989.5 (9.7)308,705 
2023722.6 (6.2)199,413 
Total3,967.8 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$570.8 $634.8 $630.6 $630.0 $629.8 
2020585.5 663.8 659.7 658.8 
2021890.1 977.5 968.3 
2022921.9 997.8 
2023699.2 
Total3,953.9 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance(2.8)
Loss and Allocated LAE Reserves, Net of Reinsurance$11.1 
1 Tables retrospectively include AAC’s historical incurred and paid accident year claim information for all periods presented.
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Commercial Automobile Insurance—Liability
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$128.4 $126.1 $126.6 $128.1 $129.8 $5.7 19,641 
2020140.5 152.0 154.0 155.6 7.4 19,627 
2021225.6 228.6 240.4 24.8 27,382 
2022305.1 309.1 67.1 32,102 
2023379.9 201.4 31,970 
Total1,214.8 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance and Indemnification
For the Years Ended December 31,
Accident Year20192020202120222023
2019$32.4 $75.7 $99.5 $113.1 $121.9 
202037.0 87.6 111.7 129.7 
202150.8 128.0 168.6 
202272.2 159.0 
202387.5 
Total666.7 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance11.4 
Loss and Allocated LAE Reserves, Net of Reinsurance$559.5 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Commercial Automobile Insurance—Physical Damage
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$26.0 $27.1 $26.9 $26.8 $26.8 $(0.5)9,317 
202031.9 32.2 32.1 32.1 — 11,044 
202152.4 51.9 51.6 0.2 17,724 
202274.5 74.7 (0.2)21,541 
202390.0 4.8 19,056 
Total275.2 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance and Indemnification
For the Years Ended December 31,
Accident Year20192020202120222023
2019$23.0 $26.9 $26.8 $26.8 $26.9 
202026.2 31.9 32.0 32.0 
202143.3 51.9 51.4 
202266.8 74.6 
202380.6 
Total265.5 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance— 
Loss and Allocated LAE Reserves, Net of Reinsurance$9.7 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Non-Core Personal Automobile Insurance—Liability
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$172.2 $195.5 $200.0 $201.8 $204.8 $1.6 34,622 
2020148.9 153.6 151.8 158.8 3.1 24,664 
2021176.9 179.8 180.6 9.3 27,173 
2022165.0 172.4 19.9 24,019 
2023135.0 47.1 15,795 
Total851.6 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$62.7 $127.9 $160.8 $181.1 $193.5 
202044.4 92.8 117.7 141.4 
202150.3 106.1 144.1 
202255.0 111.0 
202343.7 
Total633.7 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance8.2 
Loss and Allocated LAE Reserves, Net of Reinsurance$226.1 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Non-Core Personal Automobile Insurance—Physical Damage
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$126.4 $125.8 $125.9 $125.8 $125.4 $— 67,108 
202096.1 98.0 97.9 97.5 — 47,589 
2021118.5 117.9 117.1 (0.2)53,477 
2022110.9 113.5 (1.1)48,108 
202386.6 (1.3)32,552 
Total540.1 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$120.7 $126.5 $125.6 $125.4 $125.4 
202090.9 98.4 97.6 97.5 
2021113.1 118.1 117.2 
2022108.7 114.6 
202384.8 
Total539.5 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance— 
Loss and Allocated LAE Reserves, Net of Reinsurance$0.6 
NOTE 6. PROPERTY AND CASUALTY INSURANCE RESERVES (Continued)
Non-Core Homeowners Insurance
DOLLARS IN MILLIONS, EXCEPT CUMULATIVE INCURRED CLAIMSAs of December 31, 2023
Incurred Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,		Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year20192020202120222023
2019$162.9 $161.8 $163.1 $162.8 $161.6 $0.4 14,531 
2020157.0 149.8 144.6 141.2 0.4 14,074 
2021149.9 149.8 143.9 0.9 13,620 
2022142.7 152.7 1.7 11,463 
2023126.6 12.8 8,913 
Total726.0 
Cumulative Paid Losses and Allocated LAE, Net of Reinsurance
For the Years Ended December 31,
Accident Year20192020202120222023
2019$111.1 $150.4 $157.7 $159.5 $160.6 
202094.6 130.8 137.4 139.8 
2021100.6 132.6 139.7 
202297.0 141.2 
202384.7 
Total666.0 
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2019, Net of Reinsurance1.5 
Loss and Allocated LAE Reserves, Net of Reinsurance$61.5 
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability
The following table reconciles the net incurred and paid claims development tables presented above to the Company's liability for Property and Casualty Insurance Reserves included in the Consolidated Balance Sheets at December 31, 2023.
DOLLARS IN MILLIONS2023
Property and Casualty Insurance Reserves, Net of Reinsurance:
Specialty Personal Automobile Insurance—Liability$1,544.9 
Specialty Personal Automobile Insurance—Physical Damage11.1 
Commercial Automobile Insurance—Liability559.5 
Commercial Automobile Insurance—Physical Damage9.7 
Non-Core Personal Automobile Insurance—Liability226.1 
Non-Core Personal Automobile Insurance—Physical Damage0.6 
Non-Core Homeowners Insurance61.5 
Other37.4 
Total$2,450.8 
Reinsurance Recoverables on Unpaid Losses and Allocated LAE:
Specialty Personal Automobile Insurance—Liability$6.0 
Non-Core Preferred Personal Automobile Insurance—Liability18.7 
Non-Core Homeowners Insurance0.2 
Other2.9 
Total27.8 
Unallocated LAE201.9 
Property and Casualty Insurance Reserves, Gross of Reinsurance$2,680.5 
Short-duration Insurance Contracts, Schedule of Historical Claims Duration
The following is supplementary information about average historical claims duration as of December 31, 2023.
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited)
Years12345
Specialty Personal Automobile Insurance—Liability38.5 %78.5 %91.1 %95.6 %97.8 %
Specialty Personal Automobile Insurance—Physical Damage92.3 100.0 100.0 100.0 100.0 
Commercial Automobile Insurance—Liability23.3 54.8 72.9 85.3 93.9 
Commercial Automobile Insurance—Physical Damage86.1 100.0 100.0 100.0 100.0 
Non-Core Preferred Personal Automobile Insurance—Liability30.1 61.0 77.5 88.7 94.5 
Non-Core Preferred Personal Automobile Insurance—Physical Damage96.0 100.0 100.0 100.0 100.0 
Non-Core Homeowners Insurance67.2 92.6 97.3 98.8 99.4 
Liability for Unpaid Claims Adjustment Expense by Expense Type
Property and Casualty Insurance Reserve activity for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Property and Casualty Insurance Reserves:
Gross of Reinsurance at Beginning of Year$2,756.9 $2,772.7 $1,982.5 
Less Reinsurance Recoverables at Beginning of Year39.6 41.9 50.1 
Property and Casualty Insurance Reserves, Net of Reinsurance at Beginning of Year
2,717.3 2,730.8 1,932.4 
Property and Casualty Insurance Reserves Acquired, Net of Reinsurance
— — 211.1 
Incurred Losses and LAE related to:
Current Year3,429.9 4,103.3 4,052.7 
Prior Years159.8 (14.6)106.7 
Total Incurred Losses and LAE3,589.7 4,088.7 4,159.4 
Paid Losses and LAE related to:
Current Year:1,965.3 2,460.5 2,303.4 
Prior Years1,689.0 1,641.7 1,268.7 
Total Paid Losses and LAE3,654.3 4,102.2 3,572.1 
Property and Casualty Insurance Reserves, Net of Reinsurance at End of Year2,652.7 2,717.3 2,730.8 
Plus Reinsurance Recoverables at End of Year27.8 39.6 41.9 
Property and Casualty Insurance Reserves, Gross of Reinsurance at End of Year
$2,680.5 $2,756.9 $2,772.7 
Premium Receivable, Allowance for Credit Loss
The following table presents a rollforward of changes in the allowance for expected credit losses for the year ended December 31, 2023.
(Dollars in Millions)SpecialtyLifeTotal SegmentsNon-Core OperationsTotal Allowance for Expected Credit Losses
Balance at Beginning of Year$12.3 $— $12.3 $0.8 $13.1 
Provision for Expected Credit Losses39.3 0.5 39.8 1.8 41.6 
Write-offs of Uncollectible Receivables from Policyholders(38.7)(0.5)(39.2)(1.6)(40.8)
Balance at End of Year$12.9 $— $12.9 $1.0 $13.9 
Receivable Balance at End of Year$875.4 $11.3 $886.7 $73.5 $960.2 
The following table presents a rollforward of changes in the allowance for expected credit losses for the year ended December 31, 2022.
(Dollars in Millions)SpecialtyLifeTotal SegmentsNon-Core OperationsTotal Allowance for Expected Credit Losses
Balance at Beginning of Year$12.8 $— $12.8 $0.8 $13.6 
Provision for Expected Credit Losses44.4 1.1 45.5 2.5 48.0 
Write-offs of Uncollectible Receivables from Policyholders(44.9)(1.1)(46.0)(2.5)(48.5)
Balance at End of Year$12.3 $— $12.3 $0.8 $13.1 
Receivable Balance at End of Year$1,166.9 $11.0 $1,177.9 $108.7 $1,286.6 
v3.24.0.1
Insurance Expenses (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance Expenses [Abstract]  
Schedule of Insurance Expenses
Insurance Expenses for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Commissions$584.2 $724.8 $817.6 
General Expenses342.8 358.4 339.5 
Taxes, Licenses, and Fees79.6 99.5 104.3 
Total Costs Incurred1,006.6 1,182.7 1,261.4 
Policy Acquisition Costs:
Deferred(563.3)(691.5)(772.6)
Amortized607.1 705.7 695.1 
Net Policy Acquisition Costs Amortized (Deferred)43.8 14.2 (77.5)
Amortization of Value of Business Acquired2.0 4.1 45.0 
Insurance Expenses$1,052.4 $1,201.0 $1,228.9 
v3.24.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]  
Schedule of Unrealized Loss on Investments
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2023 is presented below.
DOLLARS IN MILLIONSLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed Maturities:
     U.S. Government and Government Agencies and Authorities$52.0 $(0.8)$401.6 $(83.7)$453.6 $(84.5)
States and Political Subdivisions112.9 (2.3)928.3 (187.5)1,041.2 (189.8)
Foreign Governments— — 1.9 (0.6)1.9 (0.6)
Corporate Securities:
Bonds and Notes198.4 (5.5)2,813.0 (378.3)3,011.4 (383.8)
Redeemable Preferred Stocks— — 7.9 (0.8)7.9 (0.8)
Collateralized Loan Obligations38.8 (0.4)747.7 (24.1)786.5 (24.5)
Other Mortgage- and Asset-backed15.7 (0.1)287.3 (46.2)303.0 (46.3)
Total Fixed Maturities$417.8 $(9.1)$5,187.7 $(721.2)$5,605.5 $(730.3)
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2022 is presented below.
DOLLARS IN MILLIONSLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Fixed Maturities:
     U.S. Government and Government Agencies and Authorities$337.3 $(49.3)$126.5 $(36.5)$463.8 $(85.8)
     States and Political Subdivisions854.7 (140.6)276.8 (97.7)1,131.5 (238.3)
     Foreign Governments0.1 — 2.6 (0.9)2.7 (0.9)
Corporate Securities:
Bonds and Notes2,730.6 (373.9)424.4 (125.8)3,155.0 (499.7)
Redeemable Preferred Stocks7.7 (1.0)— — 7.7 (1.0)
Collateralized Loan Obligations568.2 (34.2)373.9 (26.6)942.1 (60.8)
Other Mortgage- and Asset-backed205.4 (28.9)79.5 (21.4)284.9 (50.3)
Total Fixed Maturities$4,704.0 $(627.9)$1,283.7 $(308.9)$5,987.7 $(936.8)
Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for year ended December 31, 2023.
 States and Political SubdivisionsCorporate Bonds and NotesTotal
(Dollars in Millions)
Beginning of the Year$0.7 $8.9 $9.6 
Additions for Securities for which No Previous Expected Credit Losses were
   Recognized		— 2.9 2.9 
Reductions due to Sales— (2.6)(2.6)
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized0.2 (1.1)(0.9)
Write-offs Charged Against Allowance(0.4)(0.4)(0.8)
End of the Year$0.5 $7.7 $8.2 
The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for year ended December 31, 2022.
 States and Political SubdivisionsCorporate Bonds and NotesTotal
(Dollars in Millions)
Beginning of the Year$— $7.5 $7.5 
Additions for Securities for which No Previous Expected Credit Losses were
   Recognized		0.7 6.3 7.0 
Net Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized— 5.8 5.8 
Write-offs Charged Against Allowance— (10.7)(10.7)
End of the Year$0.7 $8.9 $9.6 
Schedule of Other Investments
The carrying values of the Company’s Other Investments at December 31, 2023 and 2022 were:
DOLLARS IN MILLIONS20232022
Equity Securities at Modified Cost$32.6 $38.4 
Convertible Securities at Fair Value— 43.3 
Real Estate at Depreciated Cost94.7 93.6 
Mortgage Loans99.8 91.1 
Other14.8 3.5 
Total$241.9 $269.9 
Investments in Fixed Maturities  
Debt Securities, Available-for-sale [Line Items]  
Schedule of Available-for-sale Securities Reconciliation
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2023 were:
DOLLARS IN MILLIONSAmortized
Cost		Gross UnrealizedAllowance for Expected Credit LossesFair Value
GainsLosses
U.S. Government and Government Agencies and Authorities$594.1 $1.9 $(84.5)$— $511.5 
States and Political Subdivisions1,575.9 16.3 (189.8)(0.5)1,401.9 
Foreign Governments4.4 — (0.6)— 3.8 
Corporate Securities:
Bonds and Notes4,046.8 35.5 (383.8)(7.7)3,690.8 
Redeemable Preferred Stocks9.0 0.1 (0.8)— 8.3 
Collateralized Loan Obligations973.6 0.7 (24.5)— 949.8 
Other Mortgage- and Asset-backed362.0 0.1 (46.3)— 315.8 
Investments in Fixed Maturities$7,565.8 $54.6 $(730.3)$(8.2)$6,881.9 
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2022 were:
Amortized
Cost		Gross UnrealizedAllowance for Expected Credit LossesFair Value
DOLLARS IN MILLIONSGainsLosses
U.S. Government and Government Agencies and Authorities$612.5 $1.3 $(85.8)$— $528.0 
States and Political Subdivisions1,797.6 10.3 (238.3)(0.7)1,568.9 
Foreign Governments5.0 — (0.9)— 4.1 
Corporate Securities:
Bonds and Notes4,030.3 17.7 (499.7)(8.9)3,539.4 
Redeemable Preferred Stocks9.0 — (1.0)— 8.0 
Collateralized Loan Obligations1,014.7 — (60.8)— 953.9 
Other Mortgage- and Asset-backed342.7 0.1 (50.3)— 292.5 
Investments in Fixed Maturities$7,811.8 $29.4 $(936.8)$(9.6)$6,894.8 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2023 by contractual maturity were:
DOLLARS IN MILLIONSAmortized CostFair Value
Due in One Year or Less$173.8 $169.9 
Due after One Year to Five Years903.0 876.3 
Due after Five Years to Ten Years1,069.5 940.1 
Due after Ten Years3,615.5 3,235.4 
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date1,804.0 1,660.2 
Investments in Fixed Maturities$7,565.8 $6,881.9 
v3.24.0.1
Income from Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investment Income, Net [Abstract]  
Net Investment Income
Net Investment Income for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Investment Income:
Interest on Fixed Income Securities$346.0 $300.1 $277.7 
Dividends on Equity Securities Excluding Alternative Investments4.4 6.3 15.9 
Alternative Investments:
Equity Method Limited Liability Investments10.5 31.3 56.7 
Limited Liability Investments Included in Equity Securities19.0 42.1 46.9 
Total Alternative Investments29.5 73.4 103.6 
Short-term Investments18.0 3.7 1.0 
Loans to Policyholders20.9 21.5 21.7 
Real Estate8.9 10.1 9.3 
Company-Owned Life Insurance29.2 37.9 25.7 
Other12.9 7.7 6.7 
Total Investment Income469.8 460.7 461.6 
Investment Expenses:
Real Estate8.8 7.9 9.7 
Other Investment Expenses41.3 30.2 24.6 
Total Investment Expenses50.1 38.1 34.3 
Net Investment Income$419.7 $422.6 $427.3 
Other Receivables includes accrued investment income of $88.4 million and $94.3 million at December 31, 2023 and 2022, respectively.
Realized Gain (Loss) on Investments
The components of Net Realized (Losses) Gains on Sales of Investments for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Fixed Maturities:
Gains on Sales$5.9 $31.6 $63.4 
Losses on Sales(10.9)(31.9)(2.1)
(Losses) Gains on Hedging Activity(11.9)1.7 — 
Equity Securities:
Gains on Sales0.6 9.7 4.1 
Losses on Sales(2.5)(6.8)(0.7)
Equity Method Limited Liability Investments:
Gains on Sales— — 0.4 
Real Estate:
Gains on Sales— — 0.1 
Losses on Sales— — (0.4)
Other Investments:
Gains on Sales0.2 — — 
Net Realized Investment (Losses) Gains$(18.6)$4.3 $64.8 
Gross Gains on Sales$6.7 $41.3 $68.0 
Gross Losses on Sales(13.4)(38.7)(3.2)
(Losses) Gains on Hedging Activity(11.9)1.7 — 
Net Realized Investment (Losses) Gains$(18.6)$4.3 $64.8 
Other than Temporary Impairment, Credit Losses Recognized in Earnings
The components of Impairment Losses reported in the Consolidated Statements of Loss for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Fixed Maturities$(0.1)$(25.8)$(6.4)
Equity Securities at Modified Cost(0.5)— (4.2)
Real Estate— — (0.4)
Other (0.5)— — 
Net Impairment Losses Recognized in Earnings1
$(1.1)$(25.8)$(11.0)
I Includes losses from intent-to-sell securities of $(2.0) million, $(23.8) million and $(6.6) million for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table presents the derivative instruments, primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives:
Dec 31, 2023Dec 31, 2022
(Dollars in Millions)Estimated Fair ValueEstimated Fair Value
Derivative InstrumentPrimary Underlying Risk ExposureGross Notional AmountAssetsLiabilitiesGross Notional AmountAssetsLiabilities
Derivatives Designated as Hedging Instruments:
Interest Swap LockInterest Rate Risk$— $— $— $5.0 $— $0.4 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Treasury FuturesInterest Rate Risk$149.7 $14.7 $— $— $— $— 
Reverse Treasury LockInterest Rate Risk$— $— $— $100.0 $1.7 $— 
Derivative Instruments, Gain (Loss)
The below table reflects the amounts of Losses deferred into AOCI and subsequently reclassified into Net Loss through Net Realized Investment Gains for derivatives qualifying as cash flow hedges for the years ended December 31, 2023 and 2022:
Year Ended
(Dollars in Millions)Dec 31, 2023Dec 31, 2022
Amount of Losses Deferred in AOCI$— $(0.4)
Amount of Losses Reclassified into Income— — 
Net Comprehensive Loss from Cash Flow Hedges$— $(0.4)
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The below table reflects the effects of changes in the designated hedged asset’s impacts on AOCI and Net Realized Investment Gains as well as the derivative instruments designated as fair value hedges impact on Net Realized Investment Gains for the years ended December 31, 2023 and 2022:
Year Ended
(Dollars in Millions)Dec 31, 2023Dec 31, 2022
Increase in Derivative Instruments Designated as Fair Value Hedges$— $1.1 
Decrease in Fair Value of Hedged Assets Reclassified from AOCI— (1.1)
Net Gain from Hedging Activity$— $— 
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
The valuation of assets and liabilities measured at fair value in the Company’s Consolidated Balance Sheets at December 31, 2023 is summarized below. The Company has no material liabilities that are measured and reported at fair value.
DOLLARS IN MILLIONSFair Value MeasurementsTotal Fair Value
Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Measured at Net Asset Value
Assets:
Fixed Maturities:
U.S. Government and Government Agencies and Authorities$98.8 $412.7 $— $— $511.5 
States and Political Subdivisions— 1,401.8 0.1 — 1,401.9 
Foreign Governments— 3.8 — — 3.8 
Corporate Securities:
Bonds and Notes— 3,513.7 177.1 — 3,690.8 
Redeemable Preferred Stock— 1.2 7.1 — 8.3 
Collateralized Loan Obligations— 949.8 — — 949.8 
Other Mortgage and Asset-backed— 310.6 5.2 — 315.8 
Total Investments in Fixed Maturities98.8 6,593.6 189.5 — 6,881.9 
Equity Securities at Fair Value:
Preferred Stocks:
Finance, Insurance and Real Estate— 15.6 — — 15.6 
Other Industries— 7.5 2.4 — 9.9 
Common Stocks:
Finance, Insurance and Real Estate0.6 — — — 0.6 
Other Industries0.2 — 0.4 — 0.6 
Other Equity Interests:
Exchange Traded Funds7.7 — — — 7.7 
Limited Liability Companies and Limited Partnerships— — — 191.4 191.4 
Total Investments in Equity Securities at Fair Value8.5 23.1 2.8 191.4 225.8 
Other Investments:
Derivative Instruments Not Designated as Hedges— 14.7 — — 14.7 
Total Assets$107.3 $6,631.4 $192.3 $191.4 $7,122.4 
The valuation of assets measured at fair value in the Company’s Consolidated Balance Sheets at December 31, 2022 is summarized below.
DOLLARS IN MILLIONSFair Value MeasurementsTotal Fair Value
Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Measured at Net Asset Value
Assets:
Fixed Maturities:
U.S. Government and Government Agencies and Authorities$103.6 $424.4 $— $— $528.0 
States and Political Subdivisions— 1,568.9 — — 1,568.9 
Foreign Governments— 4.1 — — 4.1 
Corporate Securities:
Bonds and Notes— 3,323.4 216.0 — 3,539.4 
Redeemable Preferred Stocks— 1.2 6.8 — 8.0 
Collateralized Loan Obligations— 953.9 — — 953.9 
Other Mortgage and Asset-backed— 287.4 5.1 — 292.5 
Total Investments in Fixed Maturities103.6 6,563.3 227.9 — 6,894.8 
   Equity Securities at Fair Value:
   Preferred Stocks:
   Finance, Insurance and Real Estate— 29.0 — — 29.0 
   Other Industries— 9.2 1.6 — 10.8 
   Common Stocks:
   Finance, Insurance and Real Estate0.9 — — — 0.9 
   Other Industries0.3 0.4 0.5 — 1.2 
   Other Equity Interests:
   Exchange Traded Funds12.2 — — — 12.2 
   Limited Liability Companies and Limited Partnerships— — — 189.1 189.1 
   Total Investments in Equity Securities at Fair Value13.4 38.6 2.1 189.1 243.2 
Other Investments:
   Convertible Securities at Fair Value— 43.3 — — 43.3 
Other Assets:
Derivative Instruments Not Designated as Hedges— 1.7 — — 1.7 
Total Assets$117.0 $6,646.9 $230.0 $189.1 $7,183.0 
Liabilities:
Accrued Expenses and Other Liabilities:
Derivative Instruments Designated as Cash Flow Hedges$— $(0.4)$— $— $(0.4)
Total Liabilities$— $(0.4)$— $— $(0.4)
Fair Value Inputs, Assets, Quantitative Information
The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at December 31, 2023.
DOLLARS IN MILLIONSUnobservable InputTotal Fair ValueRange of Unobservable InputsWeighted-average Yield
Investment-grade Market Yield$60.0 4.2 %-15.8 %8.7 %
Non-investment-grade:
Senior DebtMarket Yield32.6 9.2 -36.7 13.5 
Junior DebtMarket Yield32.5 11.8 -22.5 13.8 
OtherVarious64.4 
Total Level 3 Fixed Maturity Investments$189.5 
The table below presents quantitative information about the significant unobservable inputs utilized by the Company in determining fair values for fixed maturity investments classified as Level 3 at December 31, 2022.
DOLLARS IN MILLIONSUnobservable InputTotal Fair ValueRange of Unobservable InputsWeighted-average Yield
Investment-grade Market Yield$56.5 4.6 %-14.5 %9.2 %
Non-investment-grade:
Senior DebtMarket Yield72.9 4.6 -36.7 10.9 
Junior DebtMarket Yield42.1 8.8 -22.5 15.1 
OtherVarious56.4 
Total Level 3 Fixed Maturity Investments$227.9 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the year ended December 31, 2023 is presented below.
DOLLARS IN MILLIONSFixed MaturitiesEquity Securities
Corporate
Bonds
and
Notes		States and Political Sub-divisionsRedeemable
Preferred
Stocks		Other Mortgage-
and Asset-
backed		Preferred
and
Common
Stocks		Total
Balance at Beginning of Year
$216.0 $— $6.8 $5.1 $2.1 $230.0 
Total (Losses) Gains:
Included in Consolidated Statements of Loss
(0.7)— — — (0.8)(1.5)
Included in Other Comprehensive Income6.4 — 0.3 0.1 — 6.8 
Purchases50.4 0.1 — — 1.1 51.6 
Settlements— — — — — — 
Sales(102.6)— — — — (102.6)
Transfers into Level 37.7 — — — 0.4 8.1 
Transfers out of Level 3(0.1)— — — — (0.1)
Balance at End of Year$177.1 $0.1 $7.1 $5.2 $2.8 $192.3 
Information by security type pertaining to the changes in the fair value of the Company’s investments classified as Level 3 for the year ended December 31, 2022 is presented below.
DOLLARS IN MILLIONSFixed MaturitiesEquity SecuritiesTotal
Corporate
Bonds and
Notes		Redeemable
Preferred
Stocks		Collateralized Loan ObligationsOther Mortgage-
and Asset-
backed		Preferred
and
Common
Stocks
Balance at Beginning of Year$236.8 $6.1 $— $7.0 $1.5 $251.4 
Total (Losses) Gains:
Included in Consolidated Statements of Loss
(12.7)— — — — (12.7)
Included in Other Comprehensive Income(19.2)(1.3)— (1.9)(0.2)(22.6)
Purchases107.8 2.0 — — 2.7 112.5 
Settlements— — — — — — 
Sales(114.1)— — — (1.9)(116.0)
Transfers into Level 323.1 — — — — 23.1 
Transfers out of Level 3(5.7)— — — — (5.7)
Balance at End of Year$216.0 $6.8 $— $5.1 $2.1 $230.0 
Fair Value, by Balance Sheet Grouping
Presented below are the carrying values and fair value estimates of financial instruments not carried at fair value.
 December 31, 2023December 31, 2022
(Dollars in Millions)Carrying ValueFair ValueCarrying ValueFair Value
Financial Assets:
Loans to Policyholders$281.2 $281.2 $283.4 $283.4 
Short-term Investments520.9 520.9 278.4 278.4 
Mortgage Loans99.8 99.8 91.1 91.1 
Company-Owned Life Insurance513.5513.5586.5586.5
Equity Securities at Modified Cost32.632.638.438.4
Financial Liabilities:
Long-term Debt$1,389.2 $1,213.4 $1,386.9 $1,195.1 
Policyholder Obligations557.4 557.4 601.0 601.0 
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value
The table below shows investments reported at fair value using NAV and their unfunded commitments by asset class as of December 31, 2023 and 2022, respectively.
Dollars in Millions
December 31, 2023
December 31, 2022
Asset ClassFair Value Using NAVUnfunded
Commitments		Fair Value Using NAVUnfunded
Commitments
Reported as Equity Method Limited Liability Investments:
Mezzanine Debt$125.4 $43.1 $114.3 $51.6 
Real Estate41.9 — 43.3 — 
Senior Debt19.0 39.9 21.6 42.0 
Leveraged Buyout8.6 0.6 8.9 0.6 
Secondary Transactions7.9 1.7 9.3 1.7 
Distressed Debt7.9 — 9.4 — 
Growth Equity1.2 — 1.2 — 
Hedge Fund0.1 — 0.5 — 
Other9.7 — 8.5 — 
Total Equity Method Limited Liability Investments221.7 85.3 217.0 95.9 
Reported as Other Equity Interests at Fair Value:
Mezzanine Debt124.0 67.0 106.0 56.0 
Senior Debt24.8 10.6 21.9 6.0 
Leveraged Buyout19.0 10.0 21.6 9.0 
Distressed Debt12.4 13.0 12.5 13.0 
Growth Equity6.4 6.5 5.4 7.9 
Secondary Transactions2.8 3.1 3.5 4.2 
Hedge Funds1.9 — 18.1 — 
Real Estate0.1 0.2 — — 
Other— — 0.1 0.2 
Total Reported as Other Equity Interests at Fair Value191.4 110.4 189.1 96.3 
Reported as Equity Securities at Modified Cost:
Other4.8 — 8.3 — 
Total Reported as Equity Securities at Modified Cost
4.8 — 8.3 — 
  Total Investments in Limited Liability Companies and Limited Partnerships$417.9 $195.7 $414.4 $192.2 
Investment Holdings, Other than Securities
The following table includes information related to the Company’s investments in certain private equity funds or hedge funds that calculate a net asset value per share:
Asset ClassInvestment Category Includes
Mezzanine DebtFunds with investments in junior or subordinated debt and potentially minority equity securities issued by private companies.
Senior DebtFunds with investments in senior or first lien debt and potentially minority equity securities typically issued by private companies.
Distressed DebtFunds with debt or minority equity investments that are made opportunistically in companies that are in or near default or under financial strain with potential to have an active role in restructuring company.
Secondary TransactionsFunds that focus on purchasing third party fund interests from investors seeking liquidity within their own portfolio.
Hedge FundFunds that focus primarily on investing in public securities with strategy of generating uncorrelated returns to the public markets.
Leveraged BuyoutFunds with control equity investments in more mature, positive cash flowing, private companies that are typically purchased with the use of financial leverage.
Growth EquityFunds that invest in early or venture stage companies with high growth potential with view towards generating realizations through sale or initial public offering (“IPO”) of company.
Real EstateFunds with investments in multi-family housing properties.
OtherConsists of direct investments of preferred equity or minority common equity investments into private companies structured as limited partnerships or limited liability companies.
v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill balances by business segment at December 31, 2023 and 2022 were:
DOLLARS IN MILLIONS20232022
Specialty Property & Casualty Insurance$1,043.0 $1,043.0 
Life Insurance207.7 207.7 
Non-Core Operations— 49.6 
Total$1,250.7 $1,300.3 
Schedule of Definite-Life Intangible Assets
The gross carrying amount and accumulated amortization of definite and indefinite life intangible assets at December 31, 2023 and 2022 were:
 20232022
(Dollars in Millions)Gross Carrying AmountAccumulated AmortizationNet AmountGross
Carrying Amount		Accumulated AmortizationNet Amount
Definite Life Intangible Assets:
Value of Business Acquired$237.5 $223.7 $13.8 $237.5 $222.1 $15.4 
Customer Relationships43.8 42.1 1.7 43.8 41.1 2.7 
Agent Relationships81.6 38.2 43.4 81.6 31.0 50.6 
Trade Names— — — 1.8 1.7 0.1 
Internal-Use Software388.0 178.0 210.0 352.1 153.9 198.2 
Total Definite Life Intangible Assets750.9 482.0 268.9 716.8 449.8 267.0 
Indefinite Life Intangible Assets:
Trade Names5.2 — 5.2 5.2 — 5.2 
Insurance Licenses44.2 — 44.2 44.5 — 44.5 
Total Indefinite Life Intangible Assets49.4 — 49.4 49.7 — 49.7 
Total Intangible Assets$800.3 $482.0 $318.3 $766.5 $449.8 $316.7 
NOTE 14. GOODWILL AND INTANGIBLE ASSETS (Continued)
Schedule of Indefinite-Life Intangible Assets
The gross carrying amount and accumulated amortization of definite and indefinite life intangible assets at December 31, 2023 and 2022 were:
 20232022
(Dollars in Millions)Gross Carrying AmountAccumulated AmortizationNet AmountGross
Carrying Amount		Accumulated AmortizationNet Amount
Definite Life Intangible Assets:
Value of Business Acquired$237.5 $223.7 $13.8 $237.5 $222.1 $15.4 
Customer Relationships43.8 42.1 1.7 43.8 41.1 2.7 
Agent Relationships81.6 38.2 43.4 81.6 31.0 50.6 
Trade Names— — — 1.8 1.7 0.1 
Internal-Use Software388.0 178.0 210.0 352.1 153.9 198.2 
Total Definite Life Intangible Assets750.9 482.0 268.9 716.8 449.8 267.0 
Indefinite Life Intangible Assets:
Trade Names5.2 — 5.2 5.2 — 5.2 
Insurance Licenses44.2 — 44.2 44.5 — 44.5 
Total Indefinite Life Intangible Assets49.4 — 49.4 49.7 — 49.7 
Total Intangible Assets$800.3 $482.0 $318.3 $766.5 $449.8 $316.7 
NOTE 14. GOODWILL AND INTANGIBLE ASSETS (Continued)
Schedule of Definite-Life Intangible Assets, Future Amortization Expense
The amount of amortization expense expected to be recorded in the next five years for definite life intangible assets is as follows:
DOLLARS IN MILLIONS20242025202620272028
Definite Life Intangible Assets:
Value of Business Acquired$1.6 $1.6 $1.5 $1.5 $1.4 
Customer Relationships0.4 0.4 0.3 0.2 0.2 
Agent Relationships5.5 4.9 4.9 4.9 4.9 
Internal-Use Software33.3 27.4 23.4 17.9 15.3 
Total$40.8 $34.3 $30.1 $24.5 $21.8 
v3.24.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
Year Ended
(Dollars in millions)Dec 31, 2023Dec 31, 2022Dec 31, 2021
Fundings$— $— $80.0 
Cash distribution from Investment2.0 3.3 0.5 
Income (Loss) on Investments in Alternative Energy Partnership2.9 (19.9)(61.2)
Income Tax Credits Recognized0.2 4.3 73.9 
Tax (Expense) Benefit Recognized from Alternative Energy Partnership(0.7)3.7 5.1 
(Dollars in millions)Dec 31, 2023Dec 31, 2022
Cash$2.7 $3.0 
Equipment, Net of Depreciation256.2 261.7 
Other Assets7.5 5.1 
Total Unconsolidated Assets266.4 269.7 
Maximum Loss Exposure17.3 16.3 
v3.24.0.1
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Comprehensive Income (Loss)
The tables below display the changes in Accumulated Other Comprehensive Loss by component for the years ended December 31, 2023, 2022 and 2021:
(Dollars in Millions)
Net Unrealized Losses on Other Investments
Net Unrealized Losses on Investments with an Allowance for Credit Losses
Net Unrecognized Postretirement Benefit Costs
Gain on Cash Flow Hedge on Cash Flow Hedges
Change in Discount Rate on Future Life Policyholder BenefitsTotal
Balance as of January 1, 2021
$730.6 $(2.1)$(45.7)$(2.3)$(1,030.3)$(349.8)
Other Comprehensive (Loss) Income Before Reclassifications
(182.0)(1.6)(6.5)— 180.6 (9.5)
Amounts Reclassified from Accumulated Other Comprehensive Income Net of Tax Benefit (Expense) of $11.3, $—, $—, $(0.1). $—, and $11.2
(42.8)— 0.1 0.4 — (42.3)
Other Comprehensive Income (Loss) Net of Tax Benefit (Expense) of $59.7, $0.4, $2.4, $(0.1), $(47.9), and $14.5
(224.8)(1.6)(6.4)0.4 180.6 (51.8)
Balance as of December 31, 2021
$505.8 $(3.7)$(52.1)$(1.9)$(849.7)$(401.6)
Other Comprehensive (Loss) Income Before Reclassifications
(1,215.1)2.0 15.2 4.7 1,090.8 (102.4)
Amounts Reclassified from Accumulated Other Comprehensive Loss Net of Tax Benefit of $2.7, $0.1, $0.1, $—, $—, and $2.9
(10.1)(0.5)(0.3)— — (10.9)
Other Comprehensive (Loss) Income Net of Tax Benefit (Expense) of $325.9, $(0.4), $(4.0), $(1.2), $(289.9) and $30.4
(1,225.2)1.5 14.9 4.7 1,090.8 (113.3)
Balance as of December 31, 2022
$(719.4)$(2.2)$(37.2)$2.8 $241.1 $(514.9)
Other Comprehensive Income (Loss) Before Reclassifications
185.0 (0.3)(6.0)— (80.5)98.2 
Amounts Reclassified from Accumulated Other Comprehensive Loss Net of Tax (Expense) Benefit of $(0.9), $—, $(13.8), $(0.1), $—, and $(14.8)
3.5 — 52.7 (0.3)— 55.9 
Other Comprehensive Income (Loss) Before Reclassifications Net of Tax (Expense) Benefit of $(50.3), $0.2, $(12.5), $(0.1), $21.2, and $(41.5)
188.5 (0.3)46.7 (0.3)(80.5)154.1 
Balance as of December 31, 2023
$(530.9)$(2.5)$9.5 $2.5 $160.6 $(360.8)
v3.24.0.1
Statutory Information and Dividend Limitations (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Statutory Accounting Practices Disclosure
The estimated combined statutory net loss, excluding intercompany dividends and surplus note interest, and estimated combined capital and surplus of the Company’s US based insurance subsidiaries is as follows:
Year Ended December 31,
DOLLARS IN MILLIONS202320222021
Property and casualty companies$(150.4)$(226.7)$(206.9)
Life and health companies(136.0)174.4 (12.4)
Total statutory net loss$(286.4)$(52.3)$(219.3)
DOLLARS IN MILLIONS20232022
Property and casualty companies$1,587.8 $1,582.7 
Life and health companies113.7 265.2 
Total statutory capital and surplus$1,701.5 $1,847.9 
v3.24.0.1
Pension Benefits (Tables) - Pension Plans, Defined Benefit
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Fair Value of Plan Assets
Changes in Fair Value of Plan Assets and Changes in Projected Benefit Obligation for the Pension Plan for the years ended December 31, 2023 and 2022 is presented below.
DOLLARS IN MILLIONS20232022
Fair Value of Plan Assets at Beginning of Year$315.8 $391.7 
Actual Return on Plan Assets7.1 (65.1)
Benefits Paid(100.9)(13.7)
Settlement Benefits(205.7)2.9 
Fair Value of Plan Assets at End of Year16.3 315.8 
Projected Benefit Obligation at Beginning of Year292.2 378.8 
Interest Cost8.4 8.7 
Benefits Paid(100.9)(13.7)
Settlement Benefits(205.7)2.9 
Actuarial Gains6.0 (84.5)
Projected Benefit Obligation at End of Year— 292.2 
Funded Status—Plan Assets in Excess of Projected Benefit Obligation$16.3 $23.6 
Unamortized Amount Reported in AOCI at End of Year$— $(63.1)
Accumulated Benefit Obligation at End of Year$— $289.3 
Schedule of Assumptions Used
The weighted-average discount rate and rate of increase in future compensation levels used to estimate the components of the Projected Benefit Obligation for the Pension Plan at December 31, 2022 were:
2022
Discount Rate5.05 %
Rate of Increase in Future Compensation Levels— 
The weighted-average discount rate, service cost discount rate, interest cost discount rate, rate of increase in future compensation levels and expected long-term rate of return on plan assets used to develop the components of Pension Expense for the Pension Plan for the years ended December 31, 2023, 2022 and 2021 were:
202320222021
Weighted-average Discount Rate5.05 %2.89 %2.56 %
Service Cost Discount RateN/AN/A2.41 
Interest Cost Discount Rate4.92 2.35 1.90 
Rate of Increase in Future Compensation LevelsN/A3.40 3.40 
Expected Long Term Rate of Return on Plan Assets3.79 2.08 2.70 
Schedule of Allocation of Plan Assets
Asset allocations for the Pension Plan at December 31, 2023 and 2022 by asset category were:
ASSET CATEGORY20232022
Corporate Bonds and Notes— %27 %
Bond Exchange Traded Funds— 35 
Cash and Short-term Investments100 37 
Other Assets— 1 
Total100 %100 %
Fair Value, Measurement Inputs, Disclosure
Fair value measurements for the Pension Plan’s assets at December 31, 2022 are summarized below.
DOLLARS IN MILLIONSQuoted Prices
in Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Measured at Net Asset ValueFair Value
Fixed Maturities:
U.S. Government and Government Agencies and Authorities
$40.1 $— $— $— $40.1 
States and Political Subdivisions
— 0.1 — — 0.1 
Foreign Governments— 0.4 — — 0.4 
Corporate Bonds and Notes
— 45.4 — — 45.4 
Equity Securities:
Other Equity Interests:
Bond Exchange Traded Funds
111.1 — — — 111.1 
Limited Liability Companies and Limited Partnerships
— — — 1.8 1.8 
Short-term Investments116.1 — — — 116.1 
Receivables and Other0.8 — — — 0.8 
Total$268.1 $45.9 $— $1.8 $315.8 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The components of Comprehensive Pension (Income) Expense for the Pension Plan for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Service Cost Earned During the Year$— $— $— 
Interest Cost on Projected Benefit Obligation8.4 8.7 7.2 
Expected Return on Plan Assets(7.9)(7.4)(9.5)
Amortization of Prior Service Cost0.4 0.7 — 
Amortization of Actuarial Loss— 1.8 2.9 
Settlement Expense70.2 — — 
Pension Expense Recognized in Consolidated Statements of (Loss) Income71.1 3.8 0.6 
Unrecognized Pension Loss Arising During the Year— (12.0)(6.0)
Prior Service Cost Arising During the Year— — 18.3 
Amortization of Prior Service Cost— (0.7)— 
Amortization of Accumulated Unrecognized Pension Loss— (1.8)(2.9)
Comprehensive Pension (Income) Expense $71.1 $(10.7)$10.0 
v3.24.0.1
Postretirement Benefits Other Than Pensions (Tables) - Other Postretirement Benefit Plan, Defined Benefit
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Fair Value of Plan Assets
Changes in Fair Value of Plans’ Assets and Changes in Accumulated Postretirement Benefit Obligation for the years ended December 31, 2023 and 2022 were:
DOLLARS IN MILLIONS
20232022
Fair Value of Plans’ Assets at Beginning of Year$— $— 
Employer Contributions1.0 1.0 
Plan Participants’ Contributions0.3 0.3 
Benefits Paid(1.3)(1.3)
Fair Value of Plan Assets at End of Year— — 
Accumulated Postretirement Benefit Obligation at Beginning of Year8.1 11.2 
Service Cost0.1 0.2 
Interest Cost0.4 0.2 
Plan Participants’ Contributions0.3 0.3 
Benefits Paid(1.3)(1.3)
Actuarial Gain(0.1)(2.5)
Accumulated Postretirement Benefit Obligation at End of Year7.5 8.1 
Funded Status—Accumulated Postretirement Benefit Obligation in Excess of Plans’ Assets$(7.5)$(8.1)
Unamortized Actuarial Gain Reported in AOCI at End of Year$13.9 $16.9 
Schedule of Assumptions Used
The weighted-average discount rate and rate of increase in future compensation levels used to develop the components of the Accumulated Postretirement Benefit Obligation at December 31, 2023 and 2022 were:
20232022
Discount Rate4.92 %5.08 %
Rate of Increase in Future Compensation Levels2.20 2.20 
The weighted-average discount rate and rate of increase in future compensation levels used to develop OPEB Expense for the years ended December 31, 2023, 2022 and 2021 were:
202320222021
Weighted-average Discount Rate5.11 %2.56 %1.99 %
Service Cost Discount Rate5.12 2.79 2.06 
Interest Cost Discount Rate5.03 1.97 1.19 
Effective Rate for Interest on Service Cost5.04 2.54 — 
Rate of Increase in Future Compensation Levels2.20 2.20 2.20 
Schedule of Comprehensive Other Postretirement Employee Benefit Expense
The components of Comprehensive OPEB (Income) Expense for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Service Cost Earned During the Year$0.1 $0.2 $0.3 
Interest Cost on Accumulated Postretirement Benefit Obligation0.4 0.2 0.1 
Amortization of Prior Service Credit(1.3)(1.3)(1.3)
Amortization of Accumulated Unrecognized OPEB Gain(1.8)(1.8)(1.7)
OPEB Income Recognized in Consolidated Statements of Loss
(2.6)(2.7)(2.6)
Unrecognized OPEB Gain Arising During the Year
(0.1)(2.5)(1.8)
Amortization of Prior Service Credit1.3 1.3 1.3 
Amortization of Accumulated Unrecognized OPEB Gain1.8 1.8 1.7 
Comprehensive OPEB Expense (Income)
$0.4 $(2.1)$(1.4)
Schedule of Expected Benefit Payments
The following benefit payments (net of participant contributions), which consider expected future service, as appropriate, are expected to be paid:
DOLLARS IN MILLIONSYears Ending December 31,
202420252026202720282029-2032
Estimated Benefit Payments:
Excluding Medicare Part D Subsidy$0.9 $0.9 $0.9 $0.8 $0.7 $3.0 
Expected Medicare Part D Subsidy— — — — — — 
Net Estimated Benefit Payments$0.9 $0.9 $0.9 $0.8 $0.7 $3.0 
v3.24.0.1
Long-term Equity-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The assumptions used in the Black-Scholes pricing model for Tandem Awards granted during the years ended December 31, 2023, 2022 and 2021 are presented below.
202320222021
RANGE OF VALUATION ASSUMPTIONS
Expected Volatility35.12 %-39.27 %33.20 %-37.67 %33.67 %-38.04 %
Risk-free Interest Rate3.47 -4.74 1.20 -4.33 0.26 -1.33 
Expected Dividend Yield1.55 -2.39 1.59 -2.25 1.18 -1.78 
WEIGHTED-AVERAGE EXPECTED LIFE IN YEARS
Employee Grants4-64-64-6
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
Tandem Award activity for the year ended December 31, 2023 is presented below.
Shares
Subject to
Awards		Weighted-
average
Exercise Price
Per Share ($)		Weighted-
average
Remaining
Contractual
Life (in Years)		Aggregate
Intrinsic
Value
($ In Millions)
Outstanding at Beginning of the Year2,325,576 $59.10 
Granted239,026 58.19 
Exercised(50,297)37.57 
Forfeited or Expired(140,986)62.41 
Outstanding at December 31, 20232,373,319 $59.27 5.39$5.4 
Vested and Expected to Vest at December 31, 20232,320,371 $59.31 5.32$5.4 
Exercisable at December 31, 20231,801,418 $59.92 4.45$5.4 
Schedule of Options Outstanding
Information pertaining to Tandem Awards outstanding at December 31, 2023 is presented below.
OutstandingExercisable
Range of Exercise Prices ($)Shares
Subject to
Awards		Weighted-
average
Exercise Price
Per Share ($)		Weighted-
average
Remaining
Contractual
Life (in Years)		Shares
Subject to
Awards		Weighted-
average
Exercise Price
Per Share ($)
$20.01 -30.00 104,562 $27.71 2.17104,562 $27.71 
30.01 -40.00 80,219 33.97 1.7580,219 33.97 
40.01 -50.00 333,156 42.64 2.93323,069 42.48 
50.01 -60.00 941,827 56.23 6.72463,930 57.31 
60.01 -70.00 311,236 69.22 6.42229,511 69.04 
70.01 -80.00 575,358 76.61 5.13574,467 76.61 
80.01 -90.00 26,961 83.39 5.8125,660 83.51 
20.01 -90.00 2,373,319 59.27 5.391,801,418 59.92 
Schedule of Share-based Compensation, Nonemployee Director Deferred Stock Unit Award Plan, Activity
Activity related to DSU awards for the year ended December 31, 2023 is presented below.
Number of DSUsWeighted-
average
Grant-date
Fair Value
Per DSU
Vested Balance at Beginning of the Year36,600 $45.25 
Reduction for Shares Issued on Conversion(8,220)42.43 
Vested Balance at December 31, 2023
28,380 $46.07 
Time Vested Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Restricted Stock Units and Performance Stock Units Activity
Activity related to nonvested RSUs for the year ended December 31, 2023 is presented below.
Time-based Restricted Stock Unit Awards
Number of Restricted Stock Units Weighted-
average
Grant-date
Fair Value
Per Unit
Nonvested Balance at Beginning of the Year478,254 $53.78 
Granted254,991 56.79 
Vested(96,855)54.91 
Forfeited(68,074)55.20 
Nonvested Balance at December 31, 2023
568,316 $54.77 
Performance Based Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Restricted Stock Units and Performance Stock Units Activity
Activity related to nonvested PSU awards for the year ended December 31, 2023 is presented below.
PSU Awards
Number of PSUsWeighted-
average
Grant-date
Fair Value
Per PSU
Nonvested Balance at Beginning of the Year610,574 $68.78 
Granted211,236 66.59 
Vested(480)77.37 
Forfeited(240,023)78.85 
Nonvested Balance at December 31, 2023
581,307 $63.82 
v3.24.0.1
Policyholder Contract Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Schedule of Liability for Future Policy Benefits
Policyholder Obligations at December 31, 2023 and 2022 were as follows:
DOLLARS IN MILLIONSDecember 31,
20232022
FHLB Funding Agreements$557.4 $601.0 
Universal Life-type Policyholder Account Balances98.3 100.3 
Total$655.7 $701.3 
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank
DOLLARS IN MILLIONS20232022
Liability under Funding Agreements$557.4 $601.0 
Fair Value of Collateral Pledged629.3 744.6 
FHLB of Chicago Common Stock Owned at Cost16.6 17.5 
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Total amortized cost of Long-term Debt outstanding at December 31, 2023 and 2022 was:
(Dollars in Millions)Dec 31, 2023Dec 31, 2022
Senior Notes:
     4.350% Senior Notes due February 15, 2025
$449.6 $449.3 
     2.400% Senior Notes due September 30, 2030
397.0 396.6 
     3.800% Senior Notes due February 23, 2032
396.0 395.5 
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062
146.6 145.5 
Total Long-term Debt Outstanding$1,389.2 $1,386.9 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Lease, Cost
The following table presents operating lease right-of-use assets and lease liabilities.
(Dollars in Millions)Dec 31, 2023Dec 31, 2022
Operating Lease Right-of-Use Assets$38.4 $45.1 
Operating Lease Liabilities62.3 72.6 
Lease expenses are primarily included in insurance expenses in the Consolidated Statements of Loss. Additional information regarding the Company’s operating leases for the year ended December 31, 2023 and 2022 is presented below.
(Dollars in Millions)20232022
Lease Cost:
Operating Lease Cost15.7 21.3 
Variable Lease Cost3.2 0.3 
Short-Term Lease Cost1
0.3 3.8 
Total Lease Expense$19.2 $25.4 
Less: Short-Term Lease Cost— 0.1 
Total Lease Cost$19.2 $25.3 
1 Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.
20232022
Weighted-average Remaining Lease Term - Operating Leases5.5 years5.6 years
Weighted-average Discount Rate - Operating Leases4.3 %3.6 %
DOLLARS IN MILLIONS20232022
Operating Lease Right-of-Use Assets$7.7 $12.2 
Operating Lease Liabilities23.3 24.4 
Supplemental cash flow information related to Kemper’s operating leases for the year-ended December 31, 2023 and December 31, 2022 respectively are presented follows.
DOLLARS IN MILLIONS20232022
Operating Cash Flows from Operating Leases (Fixed Payments)$5.8 $2.4 
Operating Cash Flows from Operating Leases (Liability Reduction)4.8 1.4 
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities— — 
KEMPER CORPORATION
FINANCIAL INFORMATION OF KEMPER CORPORATION
NOTES TO FINANCIAL INFORMATION
(Dollars in Millions)
NOTE 4. LEASES (Continued)
Significant judgments and assumptions for determining lease asset and liability as December 31, 2023 and December 31, 2022 respectively are presented below.
DOLLARS IN MILLIONS20232022
Weighted-average Remaining Lease Term - Operating Leases10.0 years11.0 years
Weighted-average Discount Rate - Operating Leases4.1 %4.0 %
Schedule of Future Minimum Lease Payments for Operating Leases
Future minimum lease payments under operating leases at December 31, 2023 are presented below.
(Dollars in Millions)
2024$20.4 
202515.5 
20269.4 
20277.2 
20284.4 
2029 and Thereafter15.2 
Total Future Payments$72.1 
Less: Discount9.8 
Present Value of Minimum Lease Payments$62.3 
Future minimum operating lease payments at December 31, 2023 were:
DOLLARS IN MILLIONSOperating
Leases
2024$2.9 
20252.6 
20262.6 
20272.7 
20282.8 
2028 and Thereafter 14.8 
Total Future Payments$28.4 
Less Discount5.1 
Present Value of Minimum Lease Payments$23.3 
v3.24.0.1
Catastrophe Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2023
Reinsurance Disclosures [Abstract]  
Reinsurance Retention Policy
Coverage on individual catastrophes provided under the excess of loss reinsurance contracts effective January 1, 2023 to December 31, 2023 is provided in various layers as presented below.
DOLLARS IN MILLIONSCatastrophe Losses and
LAE		Percentage
of Coverage
In Excess ofUp to
Retained$— $50.0 — %
1st Layer of Coverage50.0 150.0 95.0 
2nd Layer of Coverage150.0 250.0 95.0 
3rd Layer of Coverage250.0 295.0 95.0 
4th Layer of Coverage295.0 325.0 95.0 
Coverage on individual catastrophes provided under the excess of loss reinsurance contracts effective January 1, 2022 to December 31, 2022 is provided in various layers as presented below.
DOLLARS IN MILLIONSCatastrophe Losses and
LAE		Percentage
of Coverage
In Excess ofUp to
Retained$— $50.0 — %
1st Layer of Coverage50.0 150.0 95.0 
2nd Layer of Coverage150.0 250.0 95.0 
3rd Layer of Coverage250.0 325.0 95.0 
4th Layer of Coverage325.0 350.0 95.0 
Coverage on individual catastrophes provided under the excess of loss reinsurance contracts effective January 1, 2021 to December 31, 2021 is provided in various layers as presented below.
DOLLARS IN MILLIONSCatastrophe Losses and
LAE		Percentage
of Coverage
In Excess ofUp to
Retained$— $50.0 — %
1st Layer of Coverage50.0 150.0 95.0 
2nd Layer of Coverage150.0 250.0 95.0 
3rd Layer of Coverage250.0 275.0 95.0 
Coverage provided under the 2022 aggregate property catastrophe reinsurance contract is summarized below.
Aggregate Catastrophe
Losses and LAE
DOLLARS IN MILLIONSIn Excess ofUp to
Retained$— $65.0 
Coverage65.0 115.0 
Coverage provided under the 2021 aggregate property catastrophe reinsurance contract is summarized below.
Aggregate Catastrophe
Losses and LAE
DOLLARS IN MILLIONSIn Excess ofUp to
Retained$— $60.0 
Coverage60.0 110.0 
Catastrophe Reinsurance Premiums
Reinsurance premiums for the Company’s catastrophe reinsurance programs and the FHCF Program reduced earned premiums for the years ended December 31, 2023, 2022 and 2021 by the following:
DOLLARS IN MILLIONS202320222021
Specialty Property & Casualty Insurance$6.1 $8.9 $7.0 
Life Insurance0.7 0.6 1.3 
Non-Core Operations9.5 22.5 22.0 
Total Ceded Catastrophe Reinsurance Premiums$16.3 $32.0 $30.3 
Catastrophe Losses and LAE, Net Reinsurance Recoveries
Catastrophe losses and LAE (including reserve development), net of reinsurance recoveries, for the years ended December 31, 2023, 2022 and 2021 by business segment are presented below.
DOLLARS IN MILLIONS202320222021
Specialty Property & Casualty Insurance$32.2 $23.6 $16.0 
Life Insurance3.0 3.3 12.9 
Non-Core Operations52.4 48.3 73.5 
Total Catastrophe Losses and LAE$87.6 $75.2 $102.4 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the Company’s Net Deferred Income Tax Assets and Deferred Income Tax Liabilities at December 31, 2023 and 2022 were:
DOLLARS IN MILLIONS20232022
Deferred Income Tax Assets:
Unearned Premium Reserves$54.0 $70.8 
Tax Capitalization of Policy Acquisition Costs46.3 45.9 
Payroll and Employee Benefit Accruals34.8 32.8 
Investments103.4 152.2 
Net Operating Loss and Credit Carryforwards114.6 49.7 
Other32.2 22.6 
Subtotal385.3 374.0 
Valuation Allowance(27.4)— 
Total Deferred Income Tax Assets357.9 374.0 
Deferred Income Tax Liabilities:
Insurance Reserves12.7 24.9 
Deferred Policy Acquisition Costs124.3 133.3 
Life VIF and P&C Customer Relationships3.2 3.7 
Goodwill and Other Intangible Assets Acquired32.6 36.9 
Depreciable Assets19.3 35.7 
Other6.0 10.5 
Total Deferred Income Tax Liabilities198.1 245.0 
Net Deferred Income Tax Assets
$159.8 $129.0 
Summary of Operating Loss Carryforwards
The expiration of federal net operating loss (“NOL”) and tax credit carryforwards and their related deferred income tax assets at December 31, 2023 is presented below by year of expiration.
DOLLARS IN MILLIONSNOL Carry-forwardsDeferred Tax Asset
Expiring in:
2027$0.8 $0.2 
20284.4 0.9 
20401.4 1.4 
20414.5 4.5 
20426.0 6.0 
2043140.4 29.5 
No Expiration343.3 72.1 
Total All Years$500.8 $114.6 
Schedule of Components of Income Tax Expense (Benefit)
The components of Income Tax Benefit from Operations for the years ended December 31, 2023, 2022 and 2021 were:
DOLLARS IN MILLIONS202320222021
Current Income Tax Benefit (Expense)
$4.0 $(6.2)$122.7 
Deferred Income Tax Benefit
70.8 90.6 2.9 
Income Tax Benefit
$74.8 $84.4 $125.6 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the Statutory Federal Income Tax Benefit and Rate to the Company’s Effective Income Tax Benefit and Rate from Operations for the years ended December 31, 2023, 2022 and 2021 is presented below.
DOLLARS IN MILLIONS202320222021
AmountRateAmountRateAmountRate
Statutory Federal Income Tax Benefit
$72.8 21.0 %$77.9 21.0 %$52.3 21.0 %
Tax-exempt Income and Dividends Received Deduction
4.8 1.4 5.3 1.3 4.6 1.9 
Untaxed Earnings on Company-Owned Life Insurance6.1 1.8 8.0 2.1 5.4 2.2 
Tax credits3.1 0.9 6.5 1.7 66.1 27.0 
Stock-Based Compensation(0.3)(0.1)(1.3)(0.3)0.3 0.1 
Nondeductible Executive Compensation(1.8)(0.5)(1.5)(0.4)(2.7)(1.1)
Goodwill impairment(6.3)(1.8)— — — — 
Expense on Transactions— — (11.5)(3.0)— — 
Effect of foreign operations27.4 7.9 — — — — 
Change in valuation allowance(27.4)(7.9)— — — — 
Other, Net(3.6)(1.1)1.0 0.3 (0.4)(0.2)
Effective Income Tax Benefit
$74.8 21.6 %$84.4 22.7 %$125.6 50.9 %
Comprehensive Income Tax Benefit and Expenses
Comprehensive Income Tax Benefit included in the Consolidated Financial Statements for the years ended December 31, 2023, 2022 and 2021 was:
DOLLARS IN MILLIONS202320222021
Income Tax Benefit (Expense):
Operations$74.8 $84.4 $125.6 
Unrealized (Appreciation) Depreciation on Securities
(50.3)325.5 60.7 
Tax Effects from Postretirement Benefit Plans(12.4)(4.0)1.8 
Tax Effects on changes in Discount Rate for Life Reserves21.2 (289.9)(47.9)
Tax Effects from Cash Flow Hedge— (1.2)(0.1)
Comprehensive Income Tax Benefit
$33.3 $114.8 $140.1 
v3.24.0.1
Schedule 2 - Parent Company Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Parent Company Balance Sheets
KEMPER CORPORATION
PARENT COMPANY BALANCE SHEETS
(Dollars in Millions)
December 31,
2023
20221
ASSETS
Investments in Subsidiaries$3,594.1 $3,849.0 
Fixed Maturities at Fair Value (Amortized Cost: 2023 – $177.4; 2022 - $122.5)
174.3 120.0 
Equity Securities at Fair Value (Cost: 2023 - $11.6; 2022 - $39.3)
9.9 24.1 
Short-term Investments180.2 67.7 
Other Investments18.8 — 
Cash1.5 66.3 
Other Receivables38.5 5.6 
Current Income Taxes33.9 12.0 
Right-of-Use Assets7.7 12.2 
Other Assets32.5 35.6 
Total Assets$4,091.4 $4,192.5 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Senior Notes Payable, 4.350% due 2025 (Fair Value: 2023 – $440.8; 2022 – $438.5)
$449.6 $449.3 
Senior Notes Payable, 2.400% due 2030 (Fair Value: 2023 – $313.6; 2022 – $310.3)
397.0 396.6 
Senior Notes Payable, 3.800% due 2032 (Fair Value: 2023 - $338.4; 2022 - $336.2)
396.0 395.5 
Fixed-Rate Reset Junior Subordinated Debentures, 5.875% due 2062 (Fair Value: 2023 - $120.6; 2022 - $110.1)
146.6 145.5 
Current Income Tax Liability— — 
Deferred Income Tax Liability119.5 49.1 
Liabilities for Benefit Plans28.1 35.4 
Right-of-Use Liabilities23.3 24.4 
Accrued Expenses and Other Liabilities26.3 26.1 
Total Liabilities1,586.4 1,521.9 
Shareholders’ Equity:
Common Stock6.4 6.4 
Additional Paid-in Capital1,845.3 1,812.7 
Retained Earnings1,014.3 1,366.4 
Accumulated Other Comprehensive Loss
(360.8)(514.9)
Total Shareholders’ Equity attributable to Kemper Corporation2,505.2 2,670.6 
Noncontrolling Interest(0.2)$— 
Total Shareholders’ Equity2,505.0 2,670.6 
Total Liabilities and Shareholders’ Equity$4,091.4 $4,192.5 
1 As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
See Accompanying Report of Independent Registered Public Accounting Firm.
Parent Company Statements of Income
KEMPER CORPORATION
PARENT COMPANY STATEMENTS OF LOSS
(Dollars in Millions)
 For the Year Ended December 31,
 2023
20221
20211
Net Investment Income$8.6 $16.6 $3.4 
(Loss) Income from Change in Fair Value of Equity Securities
(1.5)(14.8)10.0 
Net Realized Investment (Losses) Gains
(11.9)3.0 10.6 
Impairment Losses(0.4)(0.2)— 
Other Income— 1.1 — 
Total Revenues(5.2)5.7 24.0 
Interest Expense56.7 52.6 32.0 
Pension Settlement Expense70.2 — — 
Other Operating Expenses
6.1 6.6 5.9 
Total Operating Expenses133.0 59.2 37.9 
Loss before Income Taxes and Equity in Net Loss of Subsidiaries
(138.2)(53.5)(13.9)
Income Tax Benefit (Expense)
28.4 14.0 (0.6)
Loss before Equity in Net Loss of Subsidiaries
(109.8)(39.5)(14.5)
Equity in Net Loss of Subsidiaries
(162.5)(247.1)(109.2)
Net Loss
(272.3)(286.6)(123.7)
Less: Net Loss attributable to Noncontrolling Interest(0.2)— — 
Net Loss attributable to Kemper Corporation$(272.1)$(286.6)$(123.7)
1 As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
See Accompanying Report of Independent Registered Public Accounting Firm.
Parent Company Statements of Comprehensive Income
KEMPER CORPORATION
PARENT COMPANY STATEMENTS OF COMPREHENSIVE LOSS
(Dollars in Millions) 
 For the Year Ended December 31,
 2023
20221
20211
Net Loss
$(272.3)$(286.6)$(123.7)
Other Comprehensive Income:
Changes in Net Unrealized (Losses) Gains on Investment Securities:
Having No Credit Losses Recognized in Consolidated Statements of Loss:
Securities Held by Subsidiaries235.0 (1,535.7)(230.4)
Securities Held by Parent(0.6)(2.6)— 
Having Credit Losses Recognized in Consolidated Statements of Loss:
 Securities Held by Subsidiaries(0.5)1.9 (2.0)
Reclassification Adjustment for Amounts Included in Net Loss:
Securities Held by Subsidiaries4.5 (12.8)(43.5)
Securities Held by Parent(0.1)— (10.6)
Unrecognized Postretirement Benefit Costs Arising During the Year:
Subsidiaries0.1 1.1 0.6 
Parent(7.4)18.2 (9.5)
Reclassification Adjustment for Postretirement Benefit Costs Arising During the Year:
Subsidiaries(0.3)— — 
Parent66.8 (0.4)0.1 
Gains on Cash Flow Hedge(0.2)5.9 0.5 
Change in Discount Rate on Future Life Policyholder Benefits(101.7)1,380.7 228.5 
Other Comprehensive Income (Loss) Before Income Taxes
195.6 (143.7)(66.3)
Income Tax (Expense) Benefit:
Changes in Net Unrealized (Losses) Gains on Investment Securities:
Having No Credit Losses Recognized in Consolidated Statements of Loss:
Securities Held by Subsidiaries(49.5)322.7 48.4 
Securities Held by Parent0.1 0.5 — 
Having Credit Losses Recognized in Consolidated Statements of Loss:
Securities Held by Subsidiaries0.2 (0.4)0.4 
Reclassification Adjustment for Amounts Included in Net Loss:
Securities Held by Subsidiaries(1.0)2.7 9.1 
Securities Held by Parent0.1 — 2.2 
Unrecognized Postretirement Benefit Costs Arising During the Year:
Subsidiaries— (0.2)(0.1)
Parent1.3 (3.9)2.5 
Reclassification Adjustments for Amounts Included in Net Loss:
Subsidiaries0.2 — — 
Parent(14.0)0.1 — 
Changes in Gain on Cash Flow Hedges(0.1)(1.2)(0.1)
Change in Discount Rate on Future Life Policyholder Benefits21.2 (289.9)(47.9)
Income Tax (Expense) Benefit
(41.5)30.4 14.5 
Other Comprehensive Income (Loss)154.1 (113.3)(51.8)
Total Comprehensive Loss
(118.2)(399.9)(175.5)
Less: Total Comprehensive Loss attributable to Noncontrolling Interest(0.2)— — 
Total Comprehensive Loss attributable to Kemper Corporation
$(118.0)$(399.9)$(175.5)
1 As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
See Accompanying Report of Independent Registered Public Accounting Firm.
Parent Company Statements of Cash Flows
KEMPER CORPORATION
PARENT COMPANY STATEMENTS OF CASH FLOWS
(Dollars in Millions)
 For the Year Ended December 31,
 2023
20221
20211
Operating Activities:
Net Loss
$(272.3)$(286.6)$(123.7)
Adjustment Required to Reconcile Net (Loss) Income to Net Cash (Used in) Provided by Operations:
Equity in Net Loss (Income) of Subsidiaries162.5 247.1 109.2 
Cash Dividends from Subsidiaries320.8 25.3 170.3 
Net Realized Investment Losses (Gains)
11.9 (3.0)(10.6)
Settlement Costs Related to Defined Benefit Pension Plan70.2 — — 
Impairment Losses0.4 0.2 — 
Income (Loss) from Change in Fair Value of Equity and Convertible Securities
1.5 14.8 (10.0)
Other, Net(30.6)(48.9)(35.3)
Net Cash Provided by (Used in) Operating Activities
264.4 (51.1)99.9 
Investing Activities:
Capital Contributed to Subsidiaries(181.5)(537.8)(36.5)
Proceeds from Sales, Calls and Maturities of Fixed Maturities50.8 0.1 181.3 
Proceeds from the Sales or Paydowns of Investments:
Equity Securities14.8 71.9 28.5 
Purchases of Investments:
Fixed Maturities— (40.3)— 
Equity Securities(2.1)(5.6)(48.7)
Net Purchases of Short-term Investments
(112.2)138.9 411.3 
Acquisition of Business— — (370.9)
Other(23.2)(3.1)— 
Net Cash (Used in) Provided by Investing Activities
(253.4)(375.9)165.0 
Financing Activities:
Notes Payable Proceeds:
Proceeds from Issuance of 3.800% Senior Notes due February 23, 2032
— 396.3 — 
Issuance Fees from Issuance of 3.800% Senior Notes due February 23, 2032
— (1.2)— 
Proceeds from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062
— 145.6 — 
Issuance Fees from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062
— (0.9)— 
Proceeds from Issuance of 2.400% Senior Notes due September 30, 2030
— — — 
Issuance Fees from Issuance of 2.400% Senior Notes due September 30, 2030
— — — 
Repayments of Long-term Debt— — (50.0)
Proceeds from Shares Issued under Employee Stock Purchase Plan4.3 4.9 5.4 
Common Stock Repurchases— — (161.7)
Dividends and Dividend Equivalents Paid(79.6)(79.7)(80.6)
Other(0.5)0.6 3.7 
Net Cash (Used in) Provided by Financing Activities
(75.8)465.6 (283.2)
Net (decrease) increase in cash
(64.8)38.6 (18.3)
Cash, Beginning of Year66.3 27.7 46.0 
Cash, End of Year$1.5 $66.3 $27.7 
1 As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
See Accompanying Report of Independent Registered Public Accounting Firm.
Lease, Cost
The following table presents operating lease right-of-use assets and lease liabilities.
(Dollars in Millions)Dec 31, 2023Dec 31, 2022
Operating Lease Right-of-Use Assets$38.4 $45.1 
Operating Lease Liabilities62.3 72.6 
Lease expenses are primarily included in insurance expenses in the Consolidated Statements of Loss. Additional information regarding the Company’s operating leases for the year ended December 31, 2023 and 2022 is presented below.
(Dollars in Millions)20232022
Lease Cost:
Operating Lease Cost15.7 21.3 
Variable Lease Cost3.2 0.3 
Short-Term Lease Cost1
0.3 3.8 
Total Lease Expense$19.2 $25.4 
Less: Short-Term Lease Cost— 0.1 
Total Lease Cost$19.2 $25.3 
1 Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.
20232022
Weighted-average Remaining Lease Term - Operating Leases5.5 years5.6 years
Weighted-average Discount Rate - Operating Leases4.3 %3.6 %
DOLLARS IN MILLIONS20232022
Operating Lease Right-of-Use Assets$7.7 $12.2 
Operating Lease Liabilities23.3 24.4 
Supplemental cash flow information related to Kemper’s operating leases for the year-ended December 31, 2023 and December 31, 2022 respectively are presented follows.
DOLLARS IN MILLIONS20232022
Operating Cash Flows from Operating Leases (Fixed Payments)$5.8 $2.4 
Operating Cash Flows from Operating Leases (Liability Reduction)4.8 1.4 
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities— — 
KEMPER CORPORATION
FINANCIAL INFORMATION OF KEMPER CORPORATION
NOTES TO FINANCIAL INFORMATION
(Dollars in Millions)
NOTE 4. LEASES (Continued)
Significant judgments and assumptions for determining lease asset and liability as December 31, 2023 and December 31, 2022 respectively are presented below.
DOLLARS IN MILLIONS20232022
Weighted-average Remaining Lease Term - Operating Leases10.0 years11.0 years
Weighted-average Discount Rate - Operating Leases4.1 %4.0 %
Schedule of Future Minimum Lease Payments for Operating Leases
Future minimum lease payments under operating leases at December 31, 2023 are presented below.
(Dollars in Millions)
2024$20.4 
202515.5 
20269.4 
20277.2 
20284.4 
2029 and Thereafter15.2 
Total Future Payments$72.1 
Less: Discount9.8 
Present Value of Minimum Lease Payments$62.3 
Future minimum operating lease payments at December 31, 2023 were:
DOLLARS IN MILLIONSOperating
Leases
2024$2.9 
20252.6 
20262.6 
20272.7 
20282.8 
2028 and Thereafter 14.8 
Total Future Payments$28.4 
Less Discount5.1 
Present Value of Minimum Lease Payments$23.3 
v3.24.0.1
Summary of Accounting Policies and Accounting Changes (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Premium Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at Beginning of Year   $ 13.1 $ 13.6  
Provision for Expected Credit Losses   41.6 48.0  
Write-offs of Uncollectible Receivables from Policyholders   (40.8) (48.5)  
Balance at End of Year   13.9 13.1 $ 13.6
Receivable Balance at End of Year   960.2    
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $13.9; 2022 - $13.1)   959.5 1,286.6 [1]  
Basic (in dollars per share) $ (1.92)     $ (1.92)
Diluted (in dollars per share) $ (1.92)     $ (1.92)
Operating Segments        
Premium Receivable, Allowance for Credit Loss [Roll Forward]        
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $13.9; 2022 - $13.1)    
Corporate, Non-Segment        
Premium Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at Beginning of Year   0.8 0.8  
Provision for Expected Credit Losses   1.8 2.5  
Write-offs of Uncollectible Receivables from Policyholders   (1.6) (2.5)  
Balance at End of Year   1.0 0.8 $ 0.8
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $13.9; 2022 - $13.1)   73.5 108.7  
Specialty and Life Segments | Operating Segments        
Premium Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at Beginning of Year   12.3 12.8  
Provision for Expected Credit Losses   39.8 45.5  
Write-offs of Uncollectible Receivables from Policyholders   (39.2) (46.0)  
Balance at End of Year   12.9 12.3 12.8
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $13.9; 2022 - $13.1)   886.7 1,177.9  
Speciality | Operating Segments        
Premium Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at Beginning of Year   12.3 12.8  
Provision for Expected Credit Losses   39.3 44.4  
Write-offs of Uncollectible Receivables from Policyholders   (38.7) (44.9)  
Balance at End of Year   12.9 12.3 12.8
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $13.9; 2022 - $13.1)   875.4 1,166.9  
Life Segment | Operating Segments        
Premium Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at Beginning of Year   0.0 0.0  
Provision for Expected Credit Losses   0.5 1.1  
Write-offs of Uncollectible Receivables from Policyholders   (0.5) (1.1)  
Balance at End of Year   0.0 0.0 $ 0.0
Receivables from Policyholders (Allowance for Credit Losses: 2023 - $13.9; 2022 - $13.1)   $ 11.3 $ 11.0  
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Summary of Accounting Policies and Accounting Changes - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits: 2023 - $33.5, 2022 - $12.0 and 2021 - $30.2) $ 3,820.0 $ 4,432.6 [1] $ 4,519.6 [1]  
Reinsurance recoverables 86.5 99.6    
Receivables from limited liability investments or partnership investments 0.0 35.2    
Accrued investment income 88.4 94.3    
Finite-lived intangible assets, net 268.9 267.0    
Retained Earnings 1,014.3 1,366.4 [2]    
Accumulated Other Comprehensive Loss (360.8) (514.9) [2]    
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 4,529.4 5,213.4 [1] 5,179.2 [1]  
Insurance Expenses 1,052.4 1,201.0 [1] 1,228.8 [1]  
Income Tax Expense (Benefit) $ 74.8 $ 84.4 [1] $ 125.6 [1]  
Basic (in dollars per share) $ (4.25) $ (4.50) [1] $ (1.92) [1]  
Diluted (in dollars per share) $ (4.25) $ (4.50) [1] $ (1.92) [1]  
Net Loss $ (272.1) $ (286.6) [1] $ (123.7) [1]  
Deferred Policy Acquisition Costs 591.6 635.6 [3] 688.0 $ 610.4
Deferred Income Tax Assets 210.4 129.0 [3]    
Total Assets 12,742.7 13,313.6 [3]    
Life and Health 3,422.4 3,276.2 [2]    
Liabilities 10,237.7 10,643.0 [2]    
Stockholders' Equity Attributable to Parent 2,505.2 2,670.6 [2]    
Change in Discount Rate on Future Life Policyholder Benefits (101.7) 1,380.7 228.5  
Other Comprehensive Income (Loss), before Tax 195.6 (143.7) (66.3)  
Other Comprehensive Income Tax (Expense) Benefit (41.5) 30.4 14.5  
Other Comprehensive Income (Loss), Net of Tax 154.1 (113.3) (51.8)  
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent   (399.9) (175.5)  
Increase (Decrease) in Deferred Policy Acquisition Costs 43.9 14.2 [4] (77.6) [4]  
Insurance Reserves (30.8) 26.5 [4] 616.4 [4]  
Income Taxes 33.2 (83.6) [4] (163.9) [4]  
Net Cash Provided by (Used in) Operating Activities (134.2) (210.3) [4] 350.7 [4]  
Other Receivables        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Reinsurance recoverables 27.8 39.6    
Effect of Retrospective Application of Accounting Standards Update 2018-12 | Pre Adoption Balance        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Retained Earnings       2,071.2
Accumulated Other Comprehensive Loss       680.5
Effect of Retrospective Application of Accounting Standards Update 2018-12 | Post Adoption Balance        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Retained Earnings       2,046.1
Accumulated Other Comprehensive Loss       (349.8)
Effect of Retrospective Application of Accounting Standards Update 2018-12 | Adjustments to Retained Earnings        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Retained Earnings       (25.1)
Accumulated Other Comprehensive Loss       0.0
Effect of Retrospective Application of Accounting Standards Update 2018-12 | Adjustments to AOCI        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Retained Earnings       0.0
Accumulated Other Comprehensive Loss       $ (1,030.3)
Revision of Prior Period, Accounting Standards Update, Adjustment        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits: 2023 - $33.5, 2022 - $12.0 and 2021 - $30.2)   (71.8) (81.2)  
Retained Earnings   (13.7)    
Accumulated Other Comprehensive Loss   241.1    
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7)   (52.9) (74.5)  
Insurance Expenses   0.4 10.7  
Income Tax Expense (Benefit)   $ (3.9) $ 0.8  
Basic (in dollars per share)   $ 0.22 $ (0.05)  
Diluted (in dollars per share)   $ 0.22 $ (0.05)  
Net Loss   $ 14.6 $ (3.2)  
Deferred Policy Acquisition Costs   10.0    
Deferred Income Tax Assets   (60.4)    
Total Assets   (50.4)    
Life and Health   (277.8)    
Liabilities   (277.8)    
Stockholders' Equity Attributable to Parent   227.4    
Effect of Modified Retrospective Application Accounting Standards Update 2018-12        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Net Loss   14.6 (3.2)  
Change in Discount Rate on Future Life Policyholder Benefits   1,380.7 228.5  
Other Comprehensive Income (Loss), before Tax   1,380.7 228.5  
Other Comprehensive Income Tax (Expense) Benefit   (289.9) (47.9)  
Other Comprehensive Income (Loss), Net of Tax   1,090.8 180.6  
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent   1,105.4 177.4  
Increase (Decrease) in Deferred Policy Acquisition Costs   (0.4) (10.7)  
Insurance Reserves   (18.9) (6.7)  
Income Taxes   3.9 (0.8)  
Net Cash Provided by (Used in) Operating Activities   0.0 0.0  
Value of Business Acquired        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Finite-lived intangible assets, net 13.8 15.4    
Customer Relationships        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Finite-lived intangible assets, net 1.7 2.7    
Agent Relationships        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Finite-lived intangible assets, net $ 43.4 50.6    
Accounting Standards Update 2018-12        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses (Changes in Liability for Future Policyholder Benefits: 2023 - $33.5, 2022 - $12.0 and 2021 - $30.2)   4,504.4 4,600.8  
Retained Earnings   1,380.1    
Accumulated Other Comprehensive Loss   (756.0)    
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7)   5,266.3 5,253.7  
Insurance Expenses   1,200.6 1,218.1  
Income Tax Expense (Benefit)   $ 88.3 $ 124.8  
Basic (in dollars per share)   $ (4.72) $ (1.87)  
Diluted (in dollars per share)   $ (4.72) $ (1.87)  
Net Loss   $ (301.2) $ (120.5)  
Deferred Policy Acquisition Costs   625.6    
Deferred Income Tax Assets   189.4    
Total Assets   13,364.0    
Life and Health   3,554.0    
Liabilities   10,920.8    
Stockholders' Equity Attributable to Parent   2,443.2    
Change in Discount Rate on Future Life Policyholder Benefits   0.0 0.0  
Other Comprehensive Income (Loss), before Tax   (1,524.4) (294.8)  
Other Comprehensive Income Tax (Expense) Benefit   320.3 62.4  
Other Comprehensive Income (Loss), Net of Tax   (1,204.1) (232.4)  
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent   (1,505.3) (352.9)  
Increase (Decrease) in Deferred Policy Acquisition Costs   13.8 (88.3)  
Insurance Reserves   45.4 623.1  
Income Taxes   (87.5) (163.1)  
Net Cash Provided by (Used in) Operating Activities   $ (210.3) $ 350.7  
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[3] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[4] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Income from Continuing Operations Per Unrestricted Share - Reconciliation of Numerator and Denominator in Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Weighted-average Unrestricted Shares Outstanding (in shares)   64,025,600 63,825,500 64,264,400
Equity-based Compensation Equivalent Shares (in shares)   0 0 0
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution (in shares)   64,025,600 63,825,500 64,264,400
Basic Income from Continuing Operations Per Unrestricted Share (in dollars per share) $ (1.92)     $ (1.92)
Diluted Income from Continuing Operations Per Unrestricted Share (in dollars per share) $ (1.92)     $ (1.92)
Net Loss attributable to Kemper Corporation   $ (272.1) $ (286.6) $ (123.7)
v3.24.0.1
Income from Continuing Operations Per Unrestricted Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Stock Options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 3,600,000 2,400,000 2,200,000
v3.24.0.1
Dispositions - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
 [2]
Dec. 01, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Consideration $ 90.0      
Total impairment loss 49.6      
Goodwill impairment $ 49.6 $ 0.0 [1] $ 0.0  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Reserve National Insurance Company        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Loss on disposal net of tax   $ 1.6    
Total impairment loss       $ 11.4
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Dispositions - Assets and Liabilities Included in Disposition (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Reserve National Insurance Company - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 01, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: $43.3)   $ 36.7
Fixed maturities, amortized cost $ 43.3  
Short-term Investments at Cost which Approximates Fair Value   0.7
Loans to Policyholders   0.7
Total Investments   38.1
Cash   81.0
Receivables from Policyholders   2.6
Other Receivables   1.6
Deferred Policy Acquisition Costs   38.7
Goodwill   0.3
Other Assets   3.1
Investment in Subsidiaries   0.2
Total Assets   165.6
Health Insurance Reserves   48.2
Unearned Premiums   10.8
Deferred Income Tax Liabilities   1.8
Accrued Expenses and Other Liabilities   13.8
Total Liabilities   $ 74.6
v3.24.0.1
Business Segments - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Segment Reporting [Abstract]      
Number of operating segments | segment 2    
Allocated corporate expenses | $ $ 114.4 $ 127.8 $ 121.9
v3.24.0.1
Business Segments - Segment Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]    
Total Assets $ 12,742.7 $ 13,313.6 [1]
Operating Segments    
Segment Reporting Information [Line Items]    
Total Assets 11,044.0 11,543.3
Corporate, Non-Segment    
Segment Reporting Information [Line Items]    
Total Assets 623.7 545.4
Segment Reconciling Items    
Segment Reporting Information [Line Items]    
Total Assets 1,075.0 1,224.9
Specialty Property & Casualty Insurance | Operating Segments    
Segment Reporting Information [Line Items]    
Total Assets 6,145.9 6,535.3
Life Insurance | Operating Segments    
Segment Reporting Information [Line Items]    
Total Assets $ 4,898.1 $ 5,008.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Business Segments - Earned Premiums by Product Line (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Entity-Wide Information, Revenue from External Customer [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) $ 4,529.4 $ 5,213.4 [1] $ 5,179.2 [1]
Operating Segments | Specialty Property & Casualty Insurance      
Entity-Wide Information, Revenue from External Customer [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 3,632.5 4,046.4 3,948.5
Operating Segments | Specialty Property & Casualty Insurance | Personal Automobile      
Entity-Wide Information, Revenue from External Customer [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 2,977.8 3,496.7 3,533.7
Operating Segments | Specialty Property & Casualty Insurance | Commercial Automobile      
Entity-Wide Information, Revenue from External Customer [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 654.7 549.7 414.8
Operating Segments | Non-Core Operations      
Entity-Wide Information, Revenue from External Customer [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 509.3 595.5 651.7
Operating Segments | Life Insurance      
Entity-Wide Information, Revenue from External Customer [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 387.6 571.5 579.0
Operating Segments | Life Insurance | Life      
Entity-Wide Information, Revenue from External Customer [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 319.2 352.8 327.2
Operating Segments | Life Insurance | Accident and Health      
Entity-Wide Information, Revenue from External Customer [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 23.1 168.2 189.9
Operating Segments | Life Insurance | Property      
Entity-Wide Information, Revenue from External Customer [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 45.3 50.5 61.9
Operating Segments | Specialty and Life Insurance      
Entity-Wide Information, Revenue from External Customer [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) $ 4,020.1 $ 4,617.9 $ 4,527.5
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Business Segments - Segment Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) $ 4,529.4 $ 5,213.4 [1] $ 5,179.2 [1]
Net Investment Income 419.7 422.6 [1] 427.3 [1]
Other Income 7.2 9.2 [1] 4.8 [1]
Total Revenues 4,944.2 5,523.9 [1] 5,718.5 [1]
Income (Loss) from Change in Fair Value of Equity and Convertible Securities 4.7 (79.9) [1] 114.6 [1]
Net Realized Investment (Losses) Gains (18.6) 4.3 [1] 64.8 [1]
Impairment Losses (1.1) (25.8) [1] (11.0) [1]
Change in Value of Alternative Energy Partnership Investments 2.9 (19.9) [1] (61.2) [1]
Operating Segments      
Segment Reporting Information [Line Items]      
Total Revenues 4,388.4 4,965.3 4,840.7
Operating Segments | Specialty Property & Casualty Insurance      
Segment Reporting Information [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 3,632.5 4,046.4 3,948.5
Net Investment Income 168.3 140.7 152.5
Other Income 4.5 6.0 4.1
Total Revenues 3,806.9 4,183.2 4,076.1
Change in Value of Alternative Energy Partnership Investments 1.6 (9.9) (29.0)
Operating Segments | Non-Core Operations      
Segment Reporting Information [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 509.3 595.5 651.7
Total Revenues 558.4 640.5 704.0
Operating Segments | Life Insurance      
Segment Reporting Information [Line Items]      
Earned Premiums (Changes in Deferred Profit Liability: 2023 - $84.2, 2022 - $60.2 and 2021 -$80.7) 387.6 571.5 579.0
Net Investment Income 193.4 216.5 202.7
Other Income (0.2) (0.6) (1.3)
Total Revenues 581.5 782.1 764.6
Change in Value of Alternative Energy Partnership Investments 0.7 (5.3) (15.8)
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Income (Loss) from Change in Fair Value of Equity and Convertible Securities 4.7 (79.9) 114.6
Net Realized Investment (Losses) Gains (18.6) 4.3 64.8
Impairment Losses (1.1) (25.8) (11.0)
Other $ 12.4 $ 19.5 $ 5.4
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Business Segments - Segment Operating Profit (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Segment Operating Profit (Loss) $ (68.9) $ (166.6) $ (334.0)
Income (Loss) from Change in Fair Value of Equity and Convertible Securities 4.7 (79.9) [1] 114.6 [1]
Net Realized Investment (Losses) Gains (18.6) 4.3 [1] 64.8 [1]
Impairment Losses (1.1) (25.8) [1] (11.0) [1]
Debt Extinguishment, Pension Settlement, and Other Charges (70.2)    
Loss from Early Extinguishment of Debt 0.0 (3.7) [2] 0.0 [1]
Goodwill impairment 49.6 0.0 [2] 0.0 [1]
Income (Loss) Attributable to Parent, before Tax (346.8) (371.0) (249.3)
Income (Loss) Attributable to Noncontrolling Interest, before Tax (0.3) 0.0 0.0
Operating Segments      
Segment Reporting Information [Line Items]      
Segment Operating Profit (Loss) (14.0) (118.9) (285.6)
Operating Segments | Specialty Property & Casualty Insurance      
Segment Reporting Information [Line Items]      
Segment Operating Profit (Loss) (76.3) (196.9) (292.1)
Operating Segments | Non-Core Operations      
Segment Reporting Information [Line Items]      
Segment Operating Profit (Loss) (22.8) (36.4) (39.8)
Operating Segments | Life Insurance      
Segment Reporting Information [Line Items]      
Segment Operating Profit (Loss) 62.3 78.0 6.5
Corporate, Non-Segment      
Segment Reporting Information [Line Items]      
Segment Operating Profit (Loss) (55.2) (47.7) (48.4)
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Income (Loss) from Change in Fair Value of Equity and Convertible Securities 4.7 (79.9) 114.6
Net Realized Investment (Losses) Gains (18.6) 4.3 64.8
Impairment Losses (1.1) (25.8) (11.0)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (120.3) (62.9) (43.9)
Debt Extinguishment, Pension Settlement, and Other Charges 55.5    
Goodwill impairment $ 45.5 $ 0.0 $ 0.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Business Segments - Segment Net Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Segment Net Operating Income (Loss) $ (47.2) $ (116.4) $ (209.5)
Debt Extinguishment, Pension Settlement, and Other Charges   (2.9) 0.0
Net Income (Loss) (272.1) (286.6) (123.7)
Goodwill, Impairment Loss (49.6) 0.0 [1] 0.0 [2]
Debt Extinguishment, Pension Settlement, and Other Charges (70.2)    
Operating Segments      
Segment Reporting Information [Line Items]      
Segment Net Operating Income (Loss) (5.3) (78.6) (171.1)
Operating Segments | Specialty Property & Casualty Insurance      
Segment Reporting Information [Line Items]      
Segment Net Operating Income (Loss) (57.1) (147.4) (196.1)
Operating Segments | Non-Core Operations      
Segment Reporting Information [Line Items]      
Segment Net Operating Income (Loss) (17.0) (25.9) (12.5)
Operating Segments | Life Insurance      
Segment Reporting Information [Line Items]      
Segment Net Operating Income (Loss) 51.8 68.8 25.0
Corporate, Non-Segment      
Segment Reporting Information [Line Items]      
Segment Net Operating Income (Loss) (42.1) (37.8) (38.4)
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Change in Fair Value of Equity and Convertible Securities 3.7 (63.1) 90.5
Net Realized Investment (Losses) Gains (14.7) 3.4 51.2
Impairment Losses (0.9) (20.4) (8.7)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs (95.0) (61.3) (34.7)
Goodwill, Impairment Loss (45.5) $ 0.0 $ 0.0
Debt Extinguishment, Pension Settlement, and Other Charges $ 55.5    
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Liability for Future Policyholder Benefits - Changes in Premiums, Discounts and Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Liability for Future Policy Benefit, by Product Segment [Line Items]        
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change $ 675.4 $ 688.6 $ 669.0  
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance 694.7 728.9 599.8  
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Reinsurance, after Cash Flow Change 654.7 661.9 514.6  
Present Value of Expected Future Policyholder benefits 3,613.2 3,561.0 4,933.1  
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance 3,835.9 3,906.2 3,788.1  
Liability for Future Policy Benefit, Expected Future Benefit, Original Discount Rate, before Reinsurance, after Cash Flow Change 3,801.7 3,858.3 3,745.4  
Liability for Future Policy Benefit, after Reinsurance 2,937.8 2,872.4 4,264.1  
Term Life Insurance        
Liability for Future Policy Benefit, by Product Segment [Line Items]        
Net Liability for Future Policyholder Benefits 10,185.2 10,137.2    
Term Life Insurance | Effect of Retrospective Application of Accounting Standards Update 2018-12        
Liability for Future Policy Benefit, by Product Segment [Line Items]        
Liability for Future Policy Benefit, Expected Net Premium, before Reinsurance, after Discount Rate Change   688.6 669.0 $ 396.0
Liability for Future Policy Benefit, Expected Net Premium, Original Discount Rate, before Cash Flow and Reinsurance   728.9 599.8 325.6
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) from Cash Flow Change (35.7) 68.5 124.3  
Liability for Future Policy Benefit, Expected Net Premium, Cumulative Increase (Decrease) of Actual Variance from Expected Experience (38.5) (6.4) 64.7  
Liability for Future Policy Benefit, Expected Net Premium, Issuance 105.2 133.2 133.2  
Liability for Future Policy Benefit, Expected Net Premium, Interest Income 29.7 21.9 17.4  
Liability for Future Policy Benefit, Expected Net Premium, Net Premium Collected (94.9) (88.1) (65.4)  
AOCI, Liability for Future Policy Benefit, Expected Net Premium, before Tax (19.3) (40.3) 69.2  
Present Value of Expected Future Policyholder benefits   3,561.0 4,933.1 4,924.9
Liability for Future Policy Benefit, Expected Future Policy Benefit, Original Discount Rate, before Cash Flow and Reinsurance   3,906.2 3,788.1 $ 3,550.3
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) from Cash Flow Change (59.0) 77.2 130.0  
Liability for Future Policy Benefit, Expected Future Policy Benefit, Cumulative Increase (Decrease) of Actual Variance from Expected Experience (45.5) (7.0) 65.1  
Liability for Future Policy Benefit, Expected Future Policy Benefit, Issuance 104.6 133.2 134.4  
Liability for Future Policy Benefit, Expected Future Policy Benefit, Interest Expense 171.0 164.0 162.1  
Liability for Future Policy Benefit, Expected Future Policy Benefit, Benefit Payment (241.4) (249.3) (253.8)  
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax (222.7) (345.2) 1,145.0  
Net Liability for Future Policyholder Benefits 2,937.8 2,872.4 4,264.1  
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance $ 0.0 $ 0.0 $ 0.0  
v3.24.0.1
Liability for Future Policyholder Benefits - Reconciliation of the Net Liability for Future Benefits to Life and Health Insurance Reserves (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Insurance [Abstract]        
Present Value of Expected Future Policyholder benefits $ 3,613.2 $ 3,561.0 $ 4,933.1  
Net Liability for Future Policyholder Benefits 2,937.8 2,872.4    
Deferred Profit Liability 337.8 253.6 193.4 $ 112.7
A&H and Other Reserves 146.8 150.2    
Total Life and Health Insurance Reserves 3,422.4 3,276.2    
Liability for Future Policy Benefit, by Product Segment [Line Items]        
Net Liability for Future Policyholder Benefits 2,937.8 2,872.4    
Deferred Profit Liability 337.8 253.6 $ 193.4 112.7
A&H and Other Reserves 146.8 150.2    
Total Life and Health Insurance Reserves $ 3,422.4 $ 3,276.2    
Effect of Retrospective Application of Accounting Standards Update 2018-12        
Liability for Future Policy Benefit, by Product Segment [Line Items]        
Liability for Future Policy Benefit, Weighted-Average Duration 15 years 3 months 18 days 14 years 7 months 6 days 18 years 2 months 12 days  
Term Life Insurance        
Insurance [Abstract]        
Gross Premiums or Assessments $ 399.0 $ 392.1 $ 380.3  
Interest Expense 141.3 142.1 144.9  
Liability for Future Policy Benefit, by Product Segment [Line Items]        
Net Liability for Future Policyholder Benefits 10,185.2 10,137.2    
Liability for Future Policy Benefit, Expected Future Gross Premium, Undiscounted, before Reinsurance 4,107.9 4,436.8    
Liability for Future Policy Benefit, Expected Future Gross Premium, Discounted, before Reinsurance 2,800.6 2,844.4    
Gross Premiums or Assessments 399.0 392.1 380.3  
Interest Expense $ 141.3 $ 142.1 144.9  
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate 4.57% 4.60%    
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate 5.08% 5.30%    
Term Life Insurance | Effect of Retrospective Application of Accounting Standards Update 2018-12        
Insurance [Abstract]        
Present Value of Expected Future Policyholder benefits   $ 3,561.0 4,933.1 $ 4,924.9
Liability for Future Policy Benefit, by Product Segment [Line Items]        
Net Liability for Future Policyholder Benefits $ 2,937.8 $ 2,872.4 $ 4,264.1  
v3.24.0.1
Liability for Future Policy Holder Benefits - Changes in Deferred Profit Liability (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred Profit Liability [Roll Forward]      
Balance, beginning of period $ 253.6 $ 193.4 $ 112.7
Annual assumption changes 15.0 (12.7) (4.6)
Profits deferred 163.1 164.7 176.3
Interest accrual 13.2 10.4 6.8
Amortization (111.2) (101.6) (97.6)
Effect of actual variances from expected experience and other changes 4.1 (0.6) (0.2)
Balance, end of period $ 337.8 $ 253.6 $ 193.4
v3.24.0.1
Deferred Costs, Capitalized, Prepaid, and Other Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Deferred Policy Acquisition Cost, Beginning Balance $ 635.6 [1] $ 688.0 $ 610.4
Capitalizations 563.3 691.5 772.6
Amortization Expense (591.7) (696.5) (693.1)
Experience Adjustment (15.6) (8.7) (1.9)
Deferred Policy Acquisition Cost, Gross 591.6 674.3 688.0
Deferred Policy Acquisition Cost, Ending Balance 591.6 635.6 [1] 688.0
Disposal Group, Held-for-sale, Not Discontinued Operations      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Deferred Policy Acquisition Costs   38.7 0.0
Reserve National Insurance Company | Disposal Group, Held-for-sale, Not Discontinued Operations      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Deferred Policy Acquisition Costs   38.7 0.0
Term Life Insurance      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Capitalizations 57.7 60.6 75.6
Amortization Expense (19.9) (28.0) (35.7)
Experience Adjustment (15.6) (8.7) (1.9)
Property and Casualty Insurance Reserves      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Deferred Policy Acquisition Cost, Beginning Balance 231.1 268.7 229.1
Capitalizations 505.6 630.9 697.0
Amortization Expense (571.8) (668.5) (657.4)
Experience Adjustment 0.0 0.0 0.0
Deferred Policy Acquisition Cost, Gross 164.9 231.1 268.7
Deferred Policy Acquisition Cost, Ending Balance 164.9 231.1 268.7
Life Insurance      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Deferred Policy Acquisition Cost, Beginning Balance 404.5 419.3 381.3
Deferred Policy Acquisition Cost, Gross 426.7 443.2 419.3
Deferred Policy Acquisition Cost, Ending Balance $ 426.7 $ 404.5 $ 419.3
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Property and Casualty Insurance Reserves - Short-duration Insurance Contracts, Claims Development (Details)
$ in Millions
Dec. 31, 2023
USD ($)
claim
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Loss and Allocated LAE Reserves, Net of Reinsurance $ 2,450.8        
Specialty Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 8,073.6        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net 6,556.6        
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2015, Net of Reinsurance 27.9        
Loss and Allocated LAE Reserves, Net of Reinsurance 1,544.9        
Specialty Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 3,967.8        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net 3,953.9        
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2015, Net of Reinsurance (2.8)        
Loss and Allocated LAE Reserves, Net of Reinsurance 11.1        
Commercial Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 1,214.8        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net 666.7        
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2015, Net of Reinsurance 11.4        
Loss and Allocated LAE Reserves, Net of Reinsurance 559.5        
Commercial Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 275.2        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net 265.5        
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2015, Net of Reinsurance 0.0        
Loss and Allocated LAE Reserves, Net of Reinsurance 9.7        
Preferred Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 851.6        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net 633.7        
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2015, Net of Reinsurance 8.2        
Loss and Allocated LAE Reserves, Net of Reinsurance 226.1        
Preferred Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 540.1        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net 539.5        
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2015, Net of Reinsurance 0.0        
Loss and Allocated LAE Reserves, Net of Reinsurance 0.6        
Homeowners Insurance          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 726.0        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net 666.0        
Outstanding Loss and Allocated LAE Reserves on Accident Years before 2015, Net of Reinsurance 1.5        
Loss and Allocated LAE Reserves, Net of Reinsurance 61.5        
2015 | Specialty Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 1,516.1 $ 1,508.3 $ 1,506.1 $ 1,494.7 $ 1,461.5
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 20.0        
Cumulative Number of Reported Claims | claim 547,437        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 1,482.1 1,452.3 1,382.0 1,200.7 567.3
2015 | Specialty Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 629.5 629.7 629.6 630.3 624.3
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ (9.2)        
Cumulative Number of Reported Claims | claim 324,516        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 629.8 630.0 630.6 634.8 570.8
2015 | Commercial Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 129.8 128.1 126.6 126.1 128.4
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 5.7        
Cumulative Number of Reported Claims | claim 19,641        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 121.9 113.1 99.5 75.7 32.4
2015 | Commercial Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 26.8 26.8 26.9 27.1 26.0
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ (0.5)        
Cumulative Number of Reported Claims | claim 9,317        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 26.9 26.8 26.8 26.9 23.0
2015 | Preferred Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 204.8 201.8 200.0 195.5 172.2
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 1.6        
Cumulative Number of Reported Claims | claim 34,622        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 193.5 181.1 160.8 127.9 62.7
2015 | Preferred Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 125.4 125.8 125.9 125.8 126.4
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 0.0        
Cumulative Number of Reported Claims | claim 67,108        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 125.4 125.4 125.6 126.5 120.7
2015 | Homeowners Insurance          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 161.6 162.8 163.1 161.8 162.9
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 0.4        
Cumulative Number of Reported Claims | claim 14,531        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 160.6 159.5 157.7 150.4 $ 111.1
2016 | Specialty Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 1,415.9 1,407.8 1,406.4 1,401.2  
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 29.9        
Cumulative Number of Reported Claims | claim 475,894        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 1,350.0 1,287.8 1,107.6 555.2  
2016 | Specialty Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 659.0 659.5 659.5 650.5  
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ (0.5)        
Cumulative Number of Reported Claims | claim 296,411        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 658.8 659.7 663.8 585.5  
2016 | Commercial Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 155.6 154.0 152.0 140.5  
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 7.4        
Cumulative Number of Reported Claims | claim 19,627        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 129.7 111.7 87.6 37.0  
2016 | Commercial Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 32.1 32.1 32.2 31.9  
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 0.0        
Cumulative Number of Reported Claims | claim 11,044        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 32.0 32.0 31.9 26.2  
2016 | Preferred Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 158.8 151.8 153.6 148.9  
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 3.1        
Cumulative Number of Reported Claims | claim 24,664        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 141.4 117.7 92.8 44.4  
2016 | Preferred Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 97.5 97.9 98.0 96.1  
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 0.0        
Cumulative Number of Reported Claims | claim 47,589        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 97.5 97.6 98.4 90.9  
2016 | Homeowners Insurance          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 141.2 144.6 149.8 157.0  
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 0.4        
Cumulative Number of Reported Claims | claim 14,074        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 139.8 137.4 130.8 $ 94.6  
2017 | Specialty Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 1,844.2 1,824.7 1,856.9    
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 75.9        
Cumulative Number of Reported Claims | claim 585,665        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 1,680.8 1,429.4 657.1    
2017 | Specialty Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 967.2 967.5 958.0    
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ (1.9)        
Cumulative Number of Reported Claims | claim 361,864        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 968.3 977.5 890.1    
2017 | Commercial Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 240.4 228.6 225.6    
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 24.8        
Cumulative Number of Reported Claims | claim 27,382        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 168.6 128.0 50.8    
2017 | Commercial Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 51.6 51.9 52.4    
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 0.2        
Cumulative Number of Reported Claims | claim 17,724        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 51.4 51.9 43.3    
2017 | Preferred Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 180.6 179.8 176.9    
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 9.3        
Cumulative Number of Reported Claims | claim 27,173        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 144.1 106.1 50.3    
2017 | Preferred Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 117.1 117.9 118.5    
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ (0.2)        
Cumulative Number of Reported Claims | claim 53,477        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 117.2 118.1 113.1    
2017 | Homeowners Insurance          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 143.9 149.8 149.9    
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 0.9        
Cumulative Number of Reported Claims | claim 13,620        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 139.7 132.6 $ 100.6    
2018 | Specialty Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 1,848.7 1,765.9      
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 169.3        
Cumulative Number of Reported Claims | claim 471,990        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 1,463.3 738.2      
2018 | Specialty Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 989.5 993.5      
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ (9.7)        
Cumulative Number of Reported Claims | claim 308,705        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 997.8 921.9      
2018 | Commercial Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 309.1 305.1      
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 67.1        
Cumulative Number of Reported Claims | claim 32,102        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 159.0 72.2      
2018 | Commercial Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 74.7 74.5      
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ (0.2)        
Cumulative Number of Reported Claims | claim 21,541        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 74.6 66.8      
2018 | Preferred Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 172.4 165.0      
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 19.9        
Cumulative Number of Reported Claims | claim 24,019        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 111.0 55.0      
2018 | Preferred Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 113.5 110.9      
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ (1.1)        
Cumulative Number of Reported Claims | claim 48,108        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 114.6 108.7      
2018 | Homeowners Insurance          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 152.7 142.7      
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 1.7        
Cumulative Number of Reported Claims | claim 11,463        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 141.2 $ 97.0      
2019 | Specialty Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 1,448.7        
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 537.1        
Cumulative Number of Reported Claims | claim 282,423        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 580.4        
2019 | Specialty Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 722.6        
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ (6.2)        
Cumulative Number of Reported Claims | claim 199,413        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 699.2        
2019 | Commercial Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 379.9        
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 201.4        
Cumulative Number of Reported Claims | claim 31,970        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 87.5        
2019 | Commercial Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 90.0        
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 4.8        
Cumulative Number of Reported Claims | claim 19,056        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 80.6        
2019 | Preferred Personal Automobile Insurance—Liability          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 135.0        
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 47.1        
Cumulative Number of Reported Claims | claim 15,795        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 43.7        
2019 | Preferred Personal Automobile Insurance—Physical Damage          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 86.6        
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ (1.3)        
Cumulative Number of Reported Claims | claim 32,552        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 84.8        
2019 | Homeowners Insurance          
Claims Development [Line Items]          
Incurred Losses and Allocated LAE, Net of Reinsurance For the Years Ended December 31, 126.6        
Total of IBNR Liabilities Plus Expected Development on Reported Claims $ 12.8        
Cumulative Number of Reported Claims | claim 8,913        
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net [Abstract]          
Cumulative Paid Losses and Allocated LAE, Net $ 84.7        
v3.24.0.1
Property and Casualty Insurance Reserves - Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]  
Property and Casualty Insurance Reserves, Net of Reinsurance $ 2,450.8
Reinsurance Recoverables on Unpaid Losses and Allocated LAE 27.8
Unallocated LAE 201.9
Property and Casualty Insurance Reserves, Gross of Reinsurance 2,680.5
Specialty Personal Automobile Insurance—Liability  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]  
Property and Casualty Insurance Reserves, Net of Reinsurance 1,544.9
Reinsurance Recoverables on Unpaid Losses and Allocated LAE 6.0
Specialty Personal Automobile Insurance—Physical Damage  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]  
Property and Casualty Insurance Reserves, Net of Reinsurance 11.1
Commercial Automobile Insurance—Liability  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]  
Property and Casualty Insurance Reserves, Net of Reinsurance 559.5
Commercial Automobile Insurance—Physical Damage  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]  
Property and Casualty Insurance Reserves, Net of Reinsurance 9.7
Preferred Personal Automobile Insurance—Liability  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]  
Property and Casualty Insurance Reserves, Net of Reinsurance 226.1
Reinsurance Recoverables on Unpaid Losses and Allocated LAE 18.7
Preferred Personal Automobile Insurance—Physical Damage  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]  
Property and Casualty Insurance Reserves, Net of Reinsurance 0.6
Homeowners Insurance  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]  
Property and Casualty Insurance Reserves, Net of Reinsurance 61.5
Reinsurance Recoverables on Unpaid Losses and Allocated LAE 0.2
Other  
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]  
Property and Casualty Insurance Reserves, Net of Reinsurance 37.4
Reinsurance Recoverables on Unpaid Losses and Allocated LAE $ 2.9
v3.24.0.1
Property and Casualty Insurance Reserves - Historical Claims Duration (Details)
Dec. 31, 2023
Specialty Personal Automobile Insurance—Liability  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 38.50%
Year 2 78.50%
Year 3 91.10%
Year 4 95.60%
Year 5 97.80%
Specialty Personal Automobile Insurance—Physical Damage  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 92.30%
Year 2 100.00%
Year 3 100.00%
Year 4 100.00%
Year 5 100.00%
Commercial Automobile Insurance—Liability  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 23.30%
Year 2 54.80%
Year 3 72.90%
Year 4 85.30%
Year 5 93.90%
Commercial Automobile Insurance—Physical Damage  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 86.10%
Year 2 100.00%
Year 3 100.00%
Year 4 100.00%
Year 5 100.00%
Preferred Personal Automobile Insurance—Liability  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 30.10%
Year 2 61.00%
Year 3 77.50%
Year 4 88.70%
Year 5 94.50%
Preferred Personal Automobile Insurance—Physical Damage  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 96.00%
Year 2 100.00%
Year 3 100.00%
Year 4 100.00%
Year 5 100.00%
Homeowners [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 67.20%
Year 2 92.60%
Year 3 97.30%
Year 4 98.80%
Year 5 99.40%
v3.24.0.1
Property and Casualty Insurance Reserves - Reserve Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]      
Gross of Reinsurance at Beginning of Year [1] $ 2,756.9    
Less Reinsurance Recoverables at Beginning of Year 99.6    
Incurred Losses and LAE related to:      
Incurred Losses and LAE Related to Prior Years 159.8 $ (14.6) $ 106.7
Paid Losses and LAE related to:      
Plus Reinsurance Recoverables at End of Year 86.5 99.6  
Property and Casualty Insurance Reserves, Gross of Reinsurance at End of Year 2,680.5 2,756.9 [1]  
Property and Liability Insurance      
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]      
Gross of Reinsurance at Beginning of Year 2,756.9 2,772.7 1,982.5
Less Reinsurance Recoverables at Beginning of Year 39.6 41.9 50.1
Property and Casualty Insurance Reserves, Net of Reinsurance at Beginning of Year 2,717.3 2,730.8 1,932.4
Property and Casualty Insurance Reserves Acquired, Net of Reinsurance 0.0 0.0 211.1
Incurred Losses and LAE related to:      
Incurred Losses and LAE Related to Current Year 3,429.9 4,103.3 4,052.7
Incurred Losses and LAE Related to Prior Years 159.8 (14.6) 106.7
Total Incurred Losses and LAE 3,589.7 4,088.7 4,159.4
Paid Losses and LAE related to:      
Paid Losses and LAE Related to Current Year 1,965.3 2,460.5 2,303.4
Paid Losses and LAE Related to Prior Years 1,689.0 1,641.7 1,268.7
Total Paid Losses and LAE 3,654.3 4,102.2 3,572.1
Property and Casualty Insurance Reserves, Net of Reinsurance at End of Year 2,652.7 2,717.3 2,730.8
Plus Reinsurance Recoverables at End of Year 27.8 39.6 41.9
Property and Casualty Insurance Reserves, Gross of Reinsurance at End of Year $ 2,680.5 $ 2,756.9 $ 2,772.7
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Property and Casualty Insurance Reserves - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]        
Incurred losses and LAE related to prior year (favorable) adverse development $ 159.8 $ (14.6) $ 106.7  
Reinsurance recoverables 86.5 99.6    
Provision for Expected Credit Losses 41.6 48.0    
Write-offs of Uncollectible Receivables from Policyholders $ (40.8) (48.5)    
Actuary estimate period used for ultimate and LAE 10 years      
Personal Automobile        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Incurred losses and LAE related to prior year (favorable) adverse development $ 108.7 (17.6) 85.3  
Commercial Lines        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Incurred losses and LAE related to prior year (favorable) adverse development 24.2 3.6 12.4  
Preferred Automobile [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Incurred losses and LAE related to prior year (favorable) adverse development 21.6 1.8 12.1  
Homeowners [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Incurred losses and LAE related to prior year (favorable) adverse development 1.5 (7.6) (6.5)  
Other Personal Lines [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Incurred losses and LAE related to prior year (favorable) adverse development 3.8 5.2 3.4  
Property and Liability Insurance        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Incurred losses and LAE related to prior year (favorable) adverse development 159.8 (14.6) 106.7  
Reinsurance recoverables 27.8 39.6 41.9 $ 50.1
Catastrophe        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Incurred losses and LAE related to prior year (favorable) adverse development $ (9.1) $ (4.1) $ (5.4)  
v3.24.0.1
Insurance Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Insurance Expenses [Abstract]      
Commissions $ 584.2 $ 724.8 $ 817.6
General Expenses 342.8 358.4 339.5
Taxes, Licenses and Fees 79.6 99.5 104.3
Total Costs Incurred 1,006.6 1,182.7 1,261.4
Policy Acquisition Costs:      
Deferred (563.3) (691.5) (772.6)
Amortized 607.1 705.7 695.1
Net Policy Acquisition Costs Amortized (Deferred) 43.8 14.2 (77.5)
Amortization of Value of Business Acquired 2.0 4.1 45.0
Insurance Expenses     1,228.9
Insurance Expenses $ 1,052.4 $ 1,201.0 [1] $ 1,228.8 [1]
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Investments - Amortized Cost and Estimated Fair Value of investments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]      
Amortized cost of fixed maturities $ 7,565.8 $ 7,811.8  
Gross Unrealized Gains 54.6 29.4  
Gross Unrealized Losses (730.3) (936.8)  
Fair Value 6,881.9 6,894.8  
Allowance for credit loss, available for sale 8.2 9.6 $ 7.5
United States Government and Government Agencies and Authorities      
Debt Securities, Available-for-sale [Line Items]      
Amortized cost of fixed maturities 594.1 612.5  
Gross Unrealized Gains 1.9 1.3  
Gross Unrealized Losses (84.5) (85.8)  
Fair Value 511.5 528.0  
Allowance for credit loss, available for sale 0.0 0.0  
States and Political Subdivisions      
Debt Securities, Available-for-sale [Line Items]      
Amortized cost of fixed maturities 1,575.9 1,797.6  
Gross Unrealized Gains 16.3 10.3  
Gross Unrealized Losses (189.8) (238.3)  
Fair Value 1,401.9 1,568.9  
Allowance for credit loss, available for sale 0.5 0.7  
Debt Security, Government, Non-US [Member]      
Debt Securities, Available-for-sale [Line Items]      
Amortized cost of fixed maturities 4.4 5.0  
Gross Unrealized Gains 0.0 0.0  
Gross Unrealized Losses (0.6) (0.9)  
Fair Value 3.8 4.1  
Allowance for credit loss, available for sale 0.0 0.0  
Corporate Debt Securities [Member]      
Debt Securities, Available-for-sale [Line Items]      
Amortized cost of fixed maturities 4,046.8 4,030.3  
Gross Unrealized Gains 35.5 17.7  
Gross Unrealized Losses (383.8) (499.7)  
Fair Value 3,690.8 3,539.4  
Allowance for credit loss, available for sale 7.7 8.9 $ 7.5
Redeemable Preferred Stocks      
Debt Securities, Available-for-sale [Line Items]      
Amortized cost of fixed maturities 9.0 9.0  
Gross Unrealized Gains 0.1 0.0  
Gross Unrealized Losses (0.8) (1.0)  
Fair Value 8.3 8.0  
Allowance for credit loss, available for sale 0.0 0.0  
Collateralized Loan Obligations      
Debt Securities, Available-for-sale [Line Items]      
Amortized cost of fixed maturities 973.6 1,014.7  
Gross Unrealized Gains 0.7 0.0  
Gross Unrealized Losses (24.5) (60.8)  
Fair Value 949.8 953.9  
Allowance for credit loss, available for sale 0.0 0.0  
Other Mortgage- and Asset-backed      
Debt Securities, Available-for-sale [Line Items]      
Amortized cost of fixed maturities 362.0 342.7  
Gross Unrealized Gains 0.1 0.1  
Gross Unrealized Losses (46.3) (50.3)  
Fair Value 315.8 292.5  
Allowance for credit loss, available for sale $ 0.0 $ 0.0  
v3.24.0.1
Investments - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Debt and Equity Securities, FV-NI [Line Items]      
Other receivables $ 200.5 $ 262.6 [1]  
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,660.2    
Unrealized loss position for 12 months or longer   0.0  
Equity securities, FV-NI, unrealized gain (loss) 3.0    
Debt and equity securities, gain (loss), excluding other-than-temporary impairment loss 8.0    
Total Assets 12,742.7 13,313.6 [1]  
Liabilities 10,237.7 10,643.0 [2]  
Net Loss (272.1) (286.6) [3] $ (123.7) [3]
Outstanding commitments to fund equity method limited liability investments 85.3    
Allowance for credit losses (8.2) (9.6) (7.5)
Additions for Securities for which No Previous Expected Credit Losses were Recognized 2.9 7.0  
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized (0.9) 5.8  
Write-offs Charged Against Allowance $ (0.8) (10.7)  
Equity method investments, reported without a reporting lag 0.029    
Equity method investments, reported with a one-moth reporting lag 0.054    
Equity Securities at Modified Cost $ 513.5 586.5 [1]  
Convertible Securities at Fair Value $ 281.2 283.4 [1]  
Debt Securities, Available-for-Sale, Unrealized Loss Amount, Average, Percentage 0.088    
Alternative Energy Partnership Investments      
Debt and Equity Securities, FV-NI [Line Items]      
Equity Method Investments $ 17.3 16.3 [1]  
Equity Method Limited Liability Investments      
Debt and Equity Securities, FV-NI [Line Items]      
Equity Method Investments 221.7 217.0 [1]  
Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Debt and Equity Securities, FV-NI [Line Items]      
Total Assets 5,720.9 5,585.9  
Liabilities 2,565.5 2,367.0  
Net Loss 244.5 381.8 585.1
Investments in Fixed Maturities      
Debt and Equity Securities, FV-NI [Line Items]      
Other receivables 0.9 5.8  
Other liabilities   25.9  
Debt securities, available-for-sale, unrealized loss position, accumulated loss 730.3 936.8  
Unrealized loss position for 12 months or longer 721.2 308.9  
Government National Mortgage Association Certificates and Obligations (GNMA)      
Debt and Equity Securities, FV-NI [Line Items]      
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 237.8    
Federal National Mortgage Association Certificates and Obligations (FNMA)      
Debt and Equity Securities, FV-NI [Line Items]      
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 92.5    
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC)      
Debt and Equity Securities, FV-NI [Line Items]      
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 64.3    
Other Non-Governmental Issuers      
Debt and Equity Securities, FV-NI [Line Items]      
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,265.6    
Debt Security, Government, Non-US [Member]      
Debt and Equity Securities, FV-NI [Line Items]      
Debt securities, available-for-sale, unrealized loss position, accumulated loss 0.6 0.9  
Unrealized loss position for 12 months or longer 0.6 0.9  
Allowance for credit losses 0.0 0.0  
Additions for Securities for which No Previous Expected Credit Losses were Recognized   (0.7)  
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized   0.0  
Write-offs Charged Against Allowance   0.0  
Corporate Debt Securities [Member]      
Debt and Equity Securities, FV-NI [Line Items]      
Debt securities, available-for-sale, unrealized loss position, accumulated loss 383.8 499.7  
Unrealized loss position for 12 months or longer 378.3 125.8  
Allowance for credit losses (7.7) (8.9) $ (7.5)
Additions for Securities for which No Previous Expected Credit Losses were Recognized 2.9 6.3  
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized (1.1) 5.8  
Write-offs Charged Against Allowance (0.4) (10.7)  
Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings      
Debt and Equity Securities, FV-NI [Line Items]      
Other receivables 0.0 35.2  
Other liabilities 0.0    
Dividends on Equity Securities Excluding Alternative Investments      
Debt and Equity Securities, FV-NI [Line Items]      
Other receivables 0.1    
Investment-grade | Investments in Fixed Maturities      
Debt and Equity Securities, FV-NI [Line Items]      
Debt securities, available-for-sale, unrealized loss position, accumulated loss 704.8 904.0  
Non-investment-grade | Investments in Fixed Maturities      
Debt and Equity Securities, FV-NI [Line Items]      
Debt securities, available-for-sale, unrealized loss position, accumulated loss $ 25.5 $ 32.8  
Percentage of unrealized loss position to amortized cost basis of available for sale security average   11.00%  
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[3] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Investments - Schedule of Contractual Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Amortized Cost    
Due in One Year or Less $ 173.8  
Due after One Year to Five Years 903.0  
Due after Five Years to Ten Years 1,069.5  
Due after Ten Years 3,615.5  
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,804.0  
Amortized Cost 7,565.8 $ 7,811.8
Fair Value    
Due in One Year or Less 169.9  
Due after One Year to Five Years 876.3  
Due after Five Years to Ten Years 940.1  
Due after Ten Years 3,235.4  
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date 1,660.2  
Investments in Fixed Maturities $ 6,881.9 $ 6,894.8
v3.24.0.1
Investments - Aging of Unrealized Losses on Investments in Fixed Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Unrealized Losses    
12 Months or Longer   $ 0.0
United States Government and Government Agencies and Authorities    
Fair Value    
Less Than 12 Months $ 52.0 337.3
12 Months or Longer 401.6 126.5
Total 453.6 463.8
Unrealized Losses    
Less Than 12 Months (0.8) (49.3)
12 Months or Longer (83.7) (36.5)
Total (84.5) (85.8)
States and Political Subdivisions    
Fair Value    
Less Than 12 Months 112.9 854.7
12 Months or Longer 928.3 276.8
Total 1,041.2 1,131.5
Unrealized Losses    
Less Than 12 Months (2.3) (140.6)
12 Months or Longer (187.5) (97.7)
Total (189.8) (238.3)
Debt Security, Government, Non-US [Member]    
Fair Value    
Less Than 12 Months 0.0 0.1
12 Months or Longer 1.9 2.6
Total 1.9 2.7
Unrealized Losses    
Less Than 12 Months 0.0 0.0
12 Months or Longer (0.6) (0.9)
Total (0.6) (0.9)
Corporate Debt Securities [Member]    
Fair Value    
Less Than 12 Months 198.4 2,730.6
12 Months or Longer 2,813.0 424.4
Total 3,011.4 3,155.0
Unrealized Losses    
Less Than 12 Months (5.5) (373.9)
12 Months or Longer (378.3) (125.8)
Total (383.8) (499.7)
Redeemable Preferred Stocks    
Fair Value    
Less Than 12 Months 0.0 7.7
12 Months or Longer 7.9 0.0
Total 7.9 7.7
Unrealized Losses    
Less Than 12 Months 0.0 (1.0)
12 Months or Longer (0.8)  
Total (0.8) (1.0)
Collateralized Loan Obligations    
Fair Value    
Less Than 12 Months 38.8 568.2
12 Months or Longer 747.7 373.9
Total 786.5 942.1
Unrealized Losses    
Less Than 12 Months (0.4) (34.2)
12 Months or Longer (24.1) (26.6)
Total (24.5) (60.8)
Other Mortgage- and Asset-backed    
Fair Value    
Less Than 12 Months 15.7 205.4
12 Months or Longer 287.3 79.5
Total 303.0 284.9
Unrealized Losses    
Less Than 12 Months (0.1) (28.9)
12 Months or Longer (46.2) (21.4)
Total (46.3) (50.3)
Investments in Fixed Maturities    
Fair Value    
Less Than 12 Months 417.8 4,704.0
12 Months or Longer 5,187.7 1,283.7
Total 5,605.5 5,987.7
Unrealized Losses    
Less Than 12 Months (9.1) (627.9)
12 Months or Longer (721.2) (308.9)
Total $ (730.3) $ (936.8)
v3.24.0.1
Investments - OTTI losses Recognized in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]      
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized $ (0.9) $ 5.8  
Allowance for credit loss, available for sale 8.2 9.6 $ 7.5
Debt Security, Government, Non-US [Member]      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]      
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized   0.0  
Allowance for credit loss, available for sale 0.0 0.0  
Corporate Debt Securities [Member]      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]      
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized (1.1) 5.8  
Allowance for credit loss, available for sale $ 7.7 $ 8.9 $ 7.5
v3.24.0.1
Investments - Change in Allowance for Credit Losses on Fixed Maturities Available-for-Sale (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Beginning of the Year $ 9.6 $ 7.5
Additions for Securities for which No Previous Expected Credit Losses were Recognized 2.9 7.0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Securities Sold (2.6)  
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized (0.9) 5.8
Write-offs Charged Against Allowance (0.8) (10.7)
End of the Year 8.2 9.6
Debt Security, Government, Non-US [Member]    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Beginning of the Year 0.0  
Additions for Securities for which No Previous Expected Credit Losses were Recognized   (0.7)
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized   0.0
Write-offs Charged Against Allowance   0.0
End of the Year 0.0 0.0
Corporate Debt Securities [Member]    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Beginning of the Year 8.9 7.5
Additions for Securities for which No Previous Expected Credit Losses were Recognized 2.9 6.3
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Securities Sold (2.6)  
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized (1.1) 5.8
Write-offs Charged Against Allowance (0.4) (10.7)
End of the Year 7.7 8.9
States and Political Subdivisions    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Beginning of the Year 0.7  
Additions for Securities for which No Previous Expected Credit Losses were Recognized 0.0  
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Securities Sold 0.0  
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized (0.2)  
Write-offs Charged Against Allowance (0.4)  
End of the Year $ 0.5 $ 0.7
v3.24.0.1
Investments - Other Investments Carrying Values (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Equity Securities at Modified Cost $ 32.6 $ 38.4
Convertible Securities at Fair Value 0.0 43.3
Real Estate at Depreciated Cost 94.7 93.6
Mortgage Loans 99.8 91.1
Other 14.8 3.5
Total Investments $ 241.9 $ 269.9 [1]
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Income from Investments - Net Investment Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net Investment Income [Line Items]      
Investment income $ 469.8 $ 460.7 $ 461.6
Investment expenses 50.1 38.1 34.3
Net investment income 419.7 422.6 [1] 427.3 [1]
Realized Investment Gains 6.7 41.3 68.0
Realized Investment Losses (13.4) (38.7) (3.2)
Equity Method Investment, Realized Gain (Loss) on Disposal 0.0 0.0 (0.4)
Interest on Fixed Income Securities      
Net Investment Income [Line Items]      
Investment income 346.0 300.1 277.7
Dividends on Equity Securities Excluding Alternative Investments      
Net Investment Income [Line Items]      
Investment income 4.4 6.3 15.9
Total Alternative Investments      
Net Investment Income [Line Items]      
Investment income 29.5 73.4 103.6
Equity Method Limited Liability Investments      
Net Investment Income [Line Items]      
Investment income 10.5 31.3 56.7
Limited Liability Investments Included in Equity Securities      
Net Investment Income [Line Items]      
Investment income 19.0 42.1 46.9
Short-term Investments      
Net Investment Income [Line Items]      
Investment income 18.0 3.7 1.0
Loans to Policyholders      
Net Investment Income [Line Items]      
Investment income 20.9 21.5 21.7
Real Estate      
Net Investment Income [Line Items]      
Investment income 8.9 10.1 9.3
Investment expenses 8.8 7.9 9.7
Realized Investment Gains 0.0 0.0 0.1
Realized Investment Losses 0.0 0.0 (0.4)
Other      
Net Investment Income [Line Items]      
Investment income 12.9 7.7 6.7
Investment expenses 41.3 30.2 24.6
Cash Surrender Value      
Net Investment Income [Line Items]      
Investment income 29.2 37.9 25.7
Derivative      
Net Investment Income [Line Items]      
(Losses) Gains on Hedging Activity $ (11.9) $ 1.7 $ 0.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Income from Investments - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investment Income, Net [Abstract]    
Accrued investment income $ 88.4 $ 94.3
v3.24.0.1
Income from Investments - Net Realized Gains on Sales of Investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Equity Securities:      
Realized Investment Gains $ 6.7 $ 41.3 $ 68.0
Realized Investment Losses (13.4) (38.7) (3.2)
Net Realized Investment (Losses) Gains (18.6) 4.3 [1] 64.8 [1]
Fixed Maturities:      
Fixed Maturities:      
Gains on Sales 5.9 31.6 63.4
Losses on Sales (10.9) (31.9) (2.1)
Equity Securities      
Equity Securities:      
Gains on Sales 0.6 9.7 4.1
Losses on Sales (2.5) (6.8) (0.7)
Real Estate      
Equity Securities:      
Realized Investment Gains 0.0 0.0 0.1
Realized Investment Losses 0.0 0.0 (0.4)
Derivative      
Equity Securities:      
(Losses) Gains on Hedging Activity (11.9) 1.7 0.0
Other Long-Term Investments      
Equity Securities:      
Realized Investment Gains $ 0.2 $ 0.0 $ 0.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Income from Investments - Net Impairment Losses Recognized in Earnings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net Investment Income [Line Items]      
Total Other-than-temporary Impairment Losses $ (1.1) $ (25.8) $ (11.0)
Available for sale, debt securities, other than temporary impairment loss (2.0) (23.8) (6.6)
Fixed Maturities:      
Net Investment Income [Line Items]      
Total Other-than-temporary Impairment Losses (0.1) (25.8) (6.4)
Equity Securities      
Net Investment Income [Line Items]      
Total Other-than-temporary Impairment Losses (0.5) 0.0 (4.2)
Real Estate      
Net Investment Income [Line Items]      
Total Other-than-temporary Impairment Losses 0.0 0.0 (0.4)
Other Long-Term Investments      
Net Investment Income [Line Items]      
Total Other-than-temporary Impairment Losses $ (0.5) $ 0.0 $ 0.0
v3.24.0.1
Derivatives (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax $ 0.0 $ (0.4)
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net 0.0 0.0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax 0.0 (0.4)
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge 0.0 1.1
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax 0.0 (1.1)
Net Gain from Hedging Activity $ 0.0 $ 0.0
v3.24.0.1
Derivatives - Gross Notional Amount and Estimated Fair Value of Derivatives (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Estimated fair value, assets   $ 1.7
Reverse Treasury Lock | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Gross Notional Amount $ 0.0 100.0
Estimated fair value, assets 0.0 1.7
Estimated fair value, liabilities 0.0 0.0
Interest Swap Lock | Designated as Hedging Instrument    
Derivative [Line Items]    
Gross Notional Amount 0.0 5.0
Estimated fair value, assets 0.0 0.0
Estimated fair value, liabilities 0.0 0.4
Treasury Futures | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Gross Notional Amount 149.7 0.0
Estimated fair value, assets 14.7 0.0
Estimated fair value, liabilities $ 0.0 $ 0.0
v3.24.0.1
Derivatives - Amounts Recognized in Net Realized Investment Gains (Losses) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Derivative [Line Items]  
Gain (Loss) on Derivative Instruments, Net, Pretax $ 0.6
v3.24.0.1
Fair Value Measurements - Valuation of Assets Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) $ 6,881.9 $ 6,894.8
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) $ 225.8 243.2 [1]
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Investments  
Derivative Instruments Not Designated as Hedges   1.7
Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible Securities at Fair Value   43.3
Derivative Instruments Not Designated as Hedges $ 14.7  
Total 7,122.4 7,183.0
Liabilities, Fair Value Disclosure   0.4
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible Securities at Fair Value   0.0
Derivative Instruments Not Designated as Hedges 0.0 0.0
Total 107.3 117.0
Liabilities, Fair Value Disclosure   0.0
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible Securities at Fair Value   43.3
Derivative Instruments Not Designated as Hedges 14.7 1.7
Total 6,631.4 6,646.9
Liabilities, Fair Value Disclosure   0.4
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible Securities at Fair Value   0.0
Derivative Instruments Not Designated as Hedges 0.0 0.0
Total 192.3 230.0
Liabilities, Fair Value Disclosure   0.0
Investments in Fixed Maturities | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 6,881.9 6,894.8
Investments in Fixed Maturities | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 98.8 103.6
Investments in Fixed Maturities | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 6,593.6 6,563.3
Investments in Fixed Maturities | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 189.5 227.9
United States Government and Government Agencies and Authorities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 511.5 528.0
United States Government and Government Agencies and Authorities | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 511.5 528.0
United States Government and Government Agencies and Authorities | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 98.8 103.6
United States Government and Government Agencies and Authorities | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 412.7 424.4
United States Government and Government Agencies and Authorities | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
States and Political Subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 1,401.9 1,568.9
States and Political Subdivisions | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 1,401.9 1,568.9
States and Political Subdivisions | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
States and Political Subdivisions | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 1,401.8 1,568.9
States and Political Subdivisions | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.1 0.0
Debt Security, Government, Non-US [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 3.8 4.1
Debt Security, Government, Non-US [Member] | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 3.8 4.1
Debt Security, Government, Non-US [Member] | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Debt Security, Government, Non-US [Member] | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 3.8 4.1
Debt Security, Government, Non-US [Member] | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Corporate Debt Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 3,690.8 3,539.4
Corporate Debt Securities [Member] | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 3,690.8 3,539.4
Corporate Debt Securities [Member] | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Corporate Debt Securities [Member] | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 3,513.7 3,323.4
Corporate Debt Securities [Member] | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 177.1 216.0
Redeemable Preferred Stocks    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 8.3 8.0
Redeemable Preferred Stocks | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 8.3  
Redeemable Preferred Stocks | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6)   0.0
Redeemable Preferred Stocks | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6)   1.2
Redeemable Preferred Stocks | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6)   6.8
Collateralized Loan Obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 949.8 953.9
Collateralized Loan Obligations | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 949.8 953.9
Collateralized Loan Obligations | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Collateralized Loan Obligations | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 949.8 953.9
Collateralized Loan Obligations | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Other Mortgage- and Asset-backed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 315.8 292.5
Other Mortgage- and Asset-backed | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 315.8 292.5
Other Mortgage- and Asset-backed | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Other Mortgage- and Asset-backed | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 310.6 287.4
Other Mortgage- and Asset-backed | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 5.2 5.1
Dividends on Equity Securities Excluding Alternative Investments | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 225.8 243.2
Dividends on Equity Securities Excluding Alternative Investments | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 8.5 13.4
Dividends on Equity Securities Excluding Alternative Investments | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 23.1 38.6
Dividends on Equity Securities Excluding Alternative Investments | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 2.8 2.1
Preferred Stocks | Finance, Insurance and Real Estate | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 15.6 29.0
Preferred Stocks | Finance, Insurance and Real Estate | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Preferred Stocks | Finance, Insurance and Real Estate | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 15.6 29.0
Preferred Stocks | Finance, Insurance and Real Estate | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Preferred Stocks | Other Industries | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 9.9 10.8
Preferred Stocks | Other Industries | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Preferred Stocks | Other Industries | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 7.5 9.2
Preferred Stocks | Other Industries | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 2.4 1.6
Common Stock | Finance, Insurance and Real Estate | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.6 0.9
Common Stock | Finance, Insurance and Real Estate | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.6 0.9
Common Stock | Finance, Insurance and Real Estate | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Common Stock | Finance, Insurance and Real Estate | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Common Stock | Other Industries | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.6 1.2
Common Stock | Other Industries | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.2 0.3
Common Stock | Other Industries | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.4
Common Stock | Other Industries | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.4 0.5
Bond Exchange Traded Funds | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 7.7 12.2
Bond Exchange Traded Funds | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 7.7 12.2
Bond Exchange Traded Funds | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0  
Bond Exchange Traded Funds | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0  
Partnership Interest [Member] | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 191.4 189.1
Partnership Interest [Member] | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Partnership Interest [Member] | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Partnership Interest [Member] | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Redeemable Preferred Stock | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6)   8.0
Redeemable Preferred Stock | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0  
Redeemable Preferred Stock | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 1.2  
Redeemable Preferred Stock | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 7.1  
Designated as Hedging Instrument | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Instruments Not Designated as Cash Flow Hedges   0.4
Designated as Hedging Instrument | Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Instruments Not Designated as Cash Flow Hedges   0.0
Designated as Hedging Instrument | Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Instruments Not Designated as Cash Flow Hedges   0.4
Designated as Hedging Instrument | Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Instruments Not Designated as Cash Flow Hedges   0.0
Fair Value, Inputs, Net Asset Value | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Convertible Securities at Fair Value   0.0
Derivative Instruments Not Designated as Hedges 0.0 0.0
Total 191.4 189.1
Liabilities, Fair Value Disclosure   0.0
Fair Value, Inputs, Net Asset Value | Investments in Fixed Maturities | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | United States Government and Government Agencies and Authorities | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | States and Political Subdivisions | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | Debt Security, Government, Non-US [Member] | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | Corporate Debt Securities [Member] | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | Redeemable Preferred Stocks | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6)   0.0
Fair Value, Inputs, Net Asset Value | Collateralized Loan Obligations | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | Other Mortgage- and Asset-backed | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | Dividends on Equity Securities Excluding Alternative Investments | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 191.4 189.1
Fair Value, Inputs, Net Asset Value | Preferred Stocks | Finance, Insurance and Real Estate | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | Preferred Stocks | Other Industries | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | Common Stock | Finance, Insurance and Real Estate | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | Common Stock | Other Industries | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | Bond Exchange Traded Funds | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Inputs, Net Asset Value | Partnership Interest [Member] | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 191.4 189.1
Fair Value, Inputs, Net Asset Value | Redeemable Preferred Stock | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed Maturities at Fair Value (Amortized Cost: 2023 - $7,565.8; 2022 - $7,811.8 Allowance for Credit Losses: 2023 - $8.2; 2022 - $9.6) $ 0.0  
Fair Value, Inputs, Net Asset Value | Designated as Hedging Instrument | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Instruments Not Designated as Cash Flow Hedges   $ 0.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unfunded commitments $ 195.7 $ 192.2
Transfers into Level 3 8.1 23.1
Transfers out of Level 3 0.1 $ 5.7
Fair Value Measured at Net Asset Value Per Share    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Alternative Investments, Entities That Calculate Net Asset Value, Unfunded Commitments 110.4  
Partnership Interest [Member] | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unfunded commitments $ 195.7  
v3.24.0.1
Fair Value Measurements - Quantitative Information about Significant Unobservable Inputs (Details) - Valuation, Market Approach - Significant Unobservable Inputs (Level 3)
$ in Millions
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Other    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total Fair Value $ 64.4 $ 56.4
Total Level 3 Fixed Maturity Investments    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total Fair Value 189.5 227.9
Investment-grade | Investment-grade    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total Fair Value 60.0 56.5
Non-investment-grade | Senior Debt    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total Fair Value 32.6 72.9
Non-investment-grade | Junior Debt    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total Fair Value $ 32.5 $ 42.1
Measurement Input, Discount Rate | Investment-grade | Investment-grade | Minimum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Alternative investment, measurement input 0.042 0.046
Measurement Input, Discount Rate | Investment-grade | Investment-grade | Maximum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Alternative investment, measurement input 0.158 0.145
Measurement Input, Discount Rate | Investment-grade | Investment-grade | Weighted-average Yield    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Alternative investment, measurement input 0.087 0.092
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Minimum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt instrument, measurement input 0.092 0.046
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Maximum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt instrument, measurement input 0.367 0.367
Senior Debt | Measurement Input, Discount Rate | Non-investment-grade | Weighted-average Yield    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt instrument, measurement input 0.135 0.109
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Minimum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt instrument, measurement input 0.118 0.088
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Maximum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt instrument, measurement input 0.225 0.225
Junior Debt | Measurement Input, Discount Rate | Non-investment-grade | Weighted-average Yield    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Debt instrument, measurement input 0.138 0.151
v3.24.0.1
Fair Value Measurements - Level 3 Inputs Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Year $ 230.0 $ 251.4
Total (Losses) Gains:    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings $ (1.5) (12.7)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] Changes in Net Unrealized Holding Gains (Losses) on Investment Securities  
Included in Other Comprehensive Income $ 6.8 (22.6)
Purchases 51.6 112.5
Settlements 0.0 0.0
Sales (102.6) (116.0)
Transfers into Level 3 8.1 23.1
Transfers out of Level 3 (0.1) (5.7)
Balance at End of Year $ 192.3 230.0
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net Realized Investment (Losses) Gains  
Fair Value $ 6,881.9 6,894.8
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 225.8 243.2 [1]
Other Short-term Investments, Fair Value Disclosure 520.9 278.4
Policyholder Obligations 655.7 701.3 [2]
Estimated fair value, assets   1.7
FHLB of Chicago | United Insurance    
Total (Losses) Gains:    
Policyholder Obligations 557.4 601.0
Redeemable Preferred Stocks    
Total (Losses) Gains:    
Fair Value 8.3 8.0
United States Government and Government Agencies and Authorities    
Total (Losses) Gains:    
Fair Value 511.5 528.0
States and Political Subdivisions    
Total (Losses) Gains:    
Fair Value 1,401.9 1,568.9
Debt Security, Government, Non-US [Member]    
Total (Losses) Gains:    
Fair Value 3.8 4.1
Corporate Debt Securities [Member]    
Total (Losses) Gains:    
Fair Value 3,690.8 3,539.4
Collateralized Loan Obligations    
Total (Losses) Gains:    
Fair Value 949.8 953.9
Other Mortgage- and Asset-backed    
Total (Losses) Gains:    
Fair Value 315.8 292.5
Fair Value, Recurring    
Total (Losses) Gains:    
Investments, Fair Value Disclosure 7,122.4 7,183.0
Liabilities, Fair Value Disclosure   (0.4)
Convertible Securities at Fair Value   43.3
Estimated fair value, assets 14.7  
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Investments, Fair Value Disclosure 107.3 117.0
Liabilities, Fair Value Disclosure   0.0
Convertible Securities at Fair Value   0.0
Estimated fair value, assets 0.0 0.0
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Investments, Fair Value Disclosure 6,631.4 6,646.9
Liabilities, Fair Value Disclosure   (0.4)
Convertible Securities at Fair Value   43.3
Estimated fair value, assets 14.7 1.7
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Investments, Fair Value Disclosure 192.3 230.0
Liabilities, Fair Value Disclosure   0.0
Convertible Securities at Fair Value   0.0
Estimated fair value, assets 0.0 0.0
Fair Value, Recurring | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Investments, Fair Value Disclosure 191.4 189.1
Liabilities, Fair Value Disclosure   0.0
Convertible Securities at Fair Value   0.0
Estimated fair value, assets 0.0 0.0
Fair Value, Recurring | Redeemable Preferred Stocks    
Total (Losses) Gains:    
Fair Value 8.3  
Fair Value, Recurring | Redeemable Preferred Stocks | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Fair Value   0.0
Fair Value, Recurring | Redeemable Preferred Stocks | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Fair Value   1.2
Fair Value, Recurring | Redeemable Preferred Stocks | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Fair Value   6.8
Fair Value, Recurring | Redeemable Preferred Stocks | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Fair Value   0.0
Fair Value, Recurring | United States Government and Government Agencies and Authorities    
Total (Losses) Gains:    
Fair Value 511.5 528.0
Fair Value, Recurring | United States Government and Government Agencies and Authorities | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Fair Value 98.8 103.6
Fair Value, Recurring | United States Government and Government Agencies and Authorities | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Fair Value 412.7 424.4
Fair Value, Recurring | United States Government and Government Agencies and Authorities | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | United States Government and Government Agencies and Authorities | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | States and Political Subdivisions    
Total (Losses) Gains:    
Fair Value 1,401.9 1,568.9
Fair Value, Recurring | States and Political Subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | States and Political Subdivisions | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Fair Value 1,401.8 1,568.9
Fair Value, Recurring | States and Political Subdivisions | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Fair Value 0.1 0.0
Fair Value, Recurring | States and Political Subdivisions | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Debt Security, Government, Non-US [Member]    
Total (Losses) Gains:    
Fair Value 3.8 4.1
Fair Value, Recurring | Debt Security, Government, Non-US [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Debt Security, Government, Non-US [Member] | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Fair Value 3.8 4.1
Fair Value, Recurring | Debt Security, Government, Non-US [Member] | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Corporate Debt Securities [Member]    
Total (Losses) Gains:    
Fair Value 3,690.8 3,539.4
Fair Value, Recurring | Corporate Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Fair Value 3,513.7 3,323.4
Fair Value, Recurring | Corporate Debt Securities [Member] | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Fair Value 177.1 216.0
Fair Value, Recurring | Corporate Debt Securities [Member] | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Redeemable Preferred Stock    
Total (Losses) Gains:    
Fair Value   8.0
Fair Value, Recurring | Redeemable Preferred Stock | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Fair Value 0.0  
Fair Value, Recurring | Redeemable Preferred Stock | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Fair Value 1.2  
Fair Value, Recurring | Redeemable Preferred Stock | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Fair Value 7.1  
Fair Value, Recurring | Redeemable Preferred Stock | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Fair Value 0.0  
Fair Value, Recurring | Collateralized Loan Obligations    
Total (Losses) Gains:    
Fair Value 949.8 953.9
Fair Value, Recurring | Collateralized Loan Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Collateralized Loan Obligations | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Fair Value 949.8 953.9
Fair Value, Recurring | Collateralized Loan Obligations | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Collateralized Loan Obligations | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Other Mortgage- and Asset-backed    
Total (Losses) Gains:    
Fair Value 315.8 292.5
Fair Value, Recurring | Other Mortgage- and Asset-backed | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Other Mortgage- and Asset-backed | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Fair Value 310.6 287.4
Fair Value, Recurring | Other Mortgage- and Asset-backed | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Fair Value 5.2 5.1
Fair Value, Recurring | Other Mortgage- and Asset-backed | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Investments in Fixed Maturities    
Total (Losses) Gains:    
Fair Value 6,881.9 6,894.8
Fair Value, Recurring | Investments in Fixed Maturities | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Fair Value 98.8 103.6
Fair Value, Recurring | Investments in Fixed Maturities | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Fair Value 6,593.6 6,563.3
Fair Value, Recurring | Investments in Fixed Maturities | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Fair Value 189.5 227.9
Fair Value, Recurring | Investments in Fixed Maturities | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Fair Value 0.0 0.0
Fair Value, Recurring | Preferred Stocks | Finance, Insurance and Real Estate    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 15.6 29.0
Fair Value, Recurring | Preferred Stocks | Other Industries    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 9.9 10.8
Fair Value, Recurring | Preferred Stocks | Quoted Prices in Active Markets for Identical Assets (Level 1) | Finance, Insurance and Real Estate    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Preferred Stocks | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Industries    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Preferred Stocks | Significant Other Observable Inputs (Level 2) | Finance, Insurance and Real Estate    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 15.6 29.0
Fair Value, Recurring | Preferred Stocks | Significant Other Observable Inputs (Level 2) | Other Industries    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 7.5 9.2
Fair Value, Recurring | Preferred Stocks | Significant Unobservable Inputs (Level 3) | Finance, Insurance and Real Estate    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Preferred Stocks | Significant Unobservable Inputs (Level 3) | Other Industries    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 2.4 1.6
Fair Value, Recurring | Preferred Stocks | Fair Value, Inputs, Net Asset Value | Finance, Insurance and Real Estate    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Preferred Stocks | Fair Value, Inputs, Net Asset Value | Other Industries    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Common Stock | Finance, Insurance and Real Estate    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.6 0.9
Fair Value, Recurring | Common Stock | Other Industries    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.6 1.2
Fair Value, Recurring | Common Stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | Finance, Insurance and Real Estate    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.6 0.9
Fair Value, Recurring | Common Stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Industries    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.2 0.3
Fair Value, Recurring | Common Stock | Significant Other Observable Inputs (Level 2) | Finance, Insurance and Real Estate    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Common Stock | Significant Other Observable Inputs (Level 2) | Other Industries    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.4
Fair Value, Recurring | Common Stock | Significant Unobservable Inputs (Level 3) | Finance, Insurance and Real Estate    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Common Stock | Significant Unobservable Inputs (Level 3) | Other Industries    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.4 0.5
Fair Value, Recurring | Common Stock | Fair Value, Inputs, Net Asset Value | Finance, Insurance and Real Estate    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Common Stock | Fair Value, Inputs, Net Asset Value | Other Industries    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Bond Exchange Traded Funds    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 7.7 12.2
Fair Value, Recurring | Bond Exchange Traded Funds | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 7.7 12.2
Fair Value, Recurring | Bond Exchange Traded Funds | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0  
Fair Value, Recurring | Bond Exchange Traded Funds | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0  
Fair Value, Recurring | Bond Exchange Traded Funds | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Partnership Interest [Member]    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 191.4 189.1
Fair Value, Recurring | Partnership Interest [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Partnership Interest [Member] | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Partnership Interest [Member] | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 0.0 0.0
Fair Value, Recurring | Partnership Interest [Member] | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 191.4 189.1
Fair Value, Recurring | Dividends on Equity Securities Excluding Alternative Investments    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 225.8 243.2
Fair Value, Recurring | Dividends on Equity Securities Excluding Alternative Investments | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 8.5 13.4
Fair Value, Recurring | Dividends on Equity Securities Excluding Alternative Investments | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 23.1 38.6
Fair Value, Recurring | Dividends on Equity Securities Excluding Alternative Investments | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 2.8 2.1
Fair Value, Recurring | Dividends on Equity Securities Excluding Alternative Investments | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Equity Securities at Fair Value (Cost: 2023 - $209.3; 2022 - $247.6) 191.4 189.1
Fair Value, Recurring | Designated as Hedging Instrument    
Total (Losses) Gains:    
Derivative Instruments Not Designated as Cash Flow Hedges   (0.4)
Fair Value, Recurring | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Total (Losses) Gains:    
Derivative Instruments Not Designated as Cash Flow Hedges   0.0
Fair Value, Recurring | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2)    
Total (Losses) Gains:    
Derivative Instruments Not Designated as Cash Flow Hedges   (0.4)
Fair Value, Recurring | Designated as Hedging Instrument | Significant Unobservable Inputs (Level 3)    
Total (Losses) Gains:    
Derivative Instruments Not Designated as Cash Flow Hedges   0.0
Fair Value, Recurring | Designated as Hedging Instrument | Fair Value, Inputs, Net Asset Value    
Total (Losses) Gains:    
Derivative Instruments Not Designated as Cash Flow Hedges   0.0
Corporate Debt Securities [Member]    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Year 216.0 236.8
Total (Losses) Gains:    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings (0.7) (12.7)
Included in Other Comprehensive Income 6.4 (19.2)
Purchases 50.4 107.8
Settlements 0.0 0.0
Sales (102.6) (114.1)
Transfers into Level 3 7.7 23.1
Transfers out of Level 3 (0.1) (5.7)
Balance at End of Year 177.1 216.0
States and Political Subdivisions    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Year 0.0  
Total (Losses) Gains:    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0.0  
Included in Other Comprehensive Income 0.0  
Purchases 0.1  
Settlements 0.0  
Sales 0.0  
Transfers into Level 3 0.0  
Transfers out of Level 3 0.0  
Balance at End of Year 0.1 0.0
Redeemable Preferred Stocks    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Year 6.8 6.1
Total (Losses) Gains:    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0.0 0.0
Included in Other Comprehensive Income 0.3 (1.3)
Purchases 0.0 2.0
Settlements 0.0 0.0
Sales 0.0 0.0
Transfers into Level 3 0.0 0.0
Transfers out of Level 3 0.0 0.0
Balance at End of Year 7.1 6.8
Collateralized Loan Obligations    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Year 0.0 0.0
Total (Losses) Gains:    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings   0.0
Included in Other Comprehensive Income   0.0
Purchases   0.0
Settlements   0.0
Sales   0.0
Transfers into Level 3   0.0
Transfers out of Level 3   0.0
Balance at End of Year   0.0
Other Mortgage- and Asset-backed    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Year 5.1 7.0
Total (Losses) Gains:    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0.0 0.0
Included in Other Comprehensive Income 0.1 (1.9)
Purchases 0.0 0.0
Settlements 0.0 0.0
Sales 0.0 0.0
Transfers into Level 3 0.0 0.0
Transfers out of Level 3 0.0 0.0
Balance at End of Year 5.2 5.1
Dividends on Equity Securities Excluding Alternative Investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at Beginning of Year 2.1 1.5
Total (Losses) Gains:    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings (0.8) 0.0
Included in Other Comprehensive Income 0.0 (0.2)
Purchases 1.1 2.7
Settlements 0.0 0.0
Sales 0.0 (1.9)
Transfers into Level 3 0.4 0.0
Transfers out of Level 3 0.0 0.0
Balance at End of Year $ 2.8 $ 2.1
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Fair Value Measurements - Fair Value using NAV and Unfunded Commitment by Asset Class (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Unfunded commitments, equity method limited liability investments $ 85.3 $ 95.9
Unfunded commitments, other equity interests at fair value 110.4 96.3
Fair value using NAV, equity securities at modified cost 32.6 38.4
Unfunded commitments, equity securities at modified cost 0.0 0.0
Unfunded commitments, investments in limited liability companies and limited partnerships 195.7 192.2
Mezzanine Debt    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Unfunded commitments, equity method limited liability investments 43.1 51.6
Unfunded commitments, other equity interests at fair value 67.0 56.0
Senior Debt    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Unfunded commitments, equity method limited liability investments 39.9 42.0
Unfunded commitments, other equity interests at fair value 10.6 6.0
Distressed Debt    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Unfunded commitments, equity method limited liability investments 0.0 0.0
Unfunded commitments, other equity interests at fair value 13.0 13.0
Secondary Transactions    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Unfunded commitments, equity method limited liability investments 1.7 1.7
Unfunded commitments, other equity interests at fair value 3.1 4.2
Hedge Fund    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Unfunded commitments, equity method limited liability investments 0.0 0.0
Unfunded commitments, other equity interests at fair value 0.0 0.0
Leveraged Buyout    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Unfunded commitments, equity method limited liability investments 0.6 0.6
Unfunded commitments, other equity interests at fair value 10.0 9.0
Growth Equity    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Unfunded commitments, equity method limited liability investments 0.0 0.0
Unfunded commitments, other equity interests at fair value 6.5 7.9
Real Estate    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Unfunded commitments, equity method limited liability investments 0.0 0.0
Unfunded commitments, other equity interests at fair value 0.2 0.0
Other    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Unfunded commitments, equity method limited liability investments 0.0 0.0
Unfunded commitments, other equity interests at fair value 0.0 0.2
Fair Value Measured at Net Asset Value Per Share    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value using NAV, equity method limited liability investments 221.7 217.0
Fair value using NAV, other equity interests at fair value 191.4 189.1
Fair value using NAV, equity securities at modified cost 4.8 8.3
Total 417.9 414.4
Fair Value Measured at Net Asset Value Per Share | Mezzanine Debt    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value using NAV, equity method limited liability investments 125.4 114.3
Fair value using NAV, other equity interests at fair value 124.0 106.0
Fair Value Measured at Net Asset Value Per Share | Senior Debt    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value using NAV, equity method limited liability investments 19.0 21.6
Fair value using NAV, other equity interests at fair value 24.8 21.9
Fair Value Measured at Net Asset Value Per Share | Distressed Debt    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value using NAV, equity method limited liability investments 7.9 9.4
Fair value using NAV, other equity interests at fair value 12.4 12.5
Fair Value Measured at Net Asset Value Per Share | Secondary Transactions    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value using NAV, equity method limited liability investments 7.9 9.3
Fair value using NAV, other equity interests at fair value 2.8 3.5
Fair Value Measured at Net Asset Value Per Share | Hedge Fund    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value using NAV, equity method limited liability investments 0.1 0.5
Fair value using NAV, other equity interests at fair value 1.9 18.1
Fair Value Measured at Net Asset Value Per Share | Leveraged Buyout    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value using NAV, equity method limited liability investments 8.6 8.9
Fair value using NAV, other equity interests at fair value 19.0 21.6
Fair Value Measured at Net Asset Value Per Share | Growth Equity    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value using NAV, equity method limited liability investments 1.2 1.2
Fair value using NAV, other equity interests at fair value 6.4 5.4
Fair Value Measured at Net Asset Value Per Share | Real Estate    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value using NAV, equity method limited liability investments 41.9 43.3
Fair value using NAV, other equity interests at fair value 0.1 0.0
Fair Value Measured at Net Asset Value Per Share | Other    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value using NAV, equity method limited liability investments 9.7 8.5
Fair value using NAV, other equity interests at fair value $ 0.0 $ 0.1
v3.24.0.1
Fair Value Measurements - Balance Sheet Grouping (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Carrying Value    
Loans to Policyholders $ 281.2 $ 283.4 [1]
Other Short-term Investments, Fair Value Disclosure 520.9 278.4
Mortgage Loans 99.8 91.1
Long-term Debt 1,389.2 1,386.9 [2]
Policyholder Obligations 655.7 701.3 [2]
Fair Value    
Long-term Debt 1,213.4 1,195.1
Other Investments and Securities, at Cost 32.6 38.4
Equity Securities, FV-NI 32.6 38.4
Equity Securities at Modified Cost 513.5 586.5 [1]
FHLB of Chicago    
Fair Value    
Policyholder Obligations 557.4 601.0
Loans to Policyholders    
Fair Value    
Loans 281.2 283.4
Mortgage Loans    
Fair Value    
Loans 99.8 91.1
United Insurance | FHLB of Chicago    
Carrying Value    
Policyholder Obligations $ 557.4 $ 601.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Goodwill and Intangible Assets - Schedule of Goodwill by Segment (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Goodwill $ 1,250.7 $ 1,300.3 [1]
Specialty Property & Casualty Insurance    
Goodwill [Roll Forward]    
Goodwill 1,043.0 1,043.0
Non-Core Operations    
Goodwill [Roll Forward]    
Goodwill 0.0 49.6
Life Insurance    
Goodwill [Roll Forward]    
Goodwill $ 207.7 $ 207.7
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Goodwill and Intangible Assets - Schedule of Definite and Indefinite Life Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Gross $ 750.9 $ 716.8
Indefinite-lived Intangible Assets (Excluding Goodwill) 49.4 49.7
Intangible Assets, Gross (Excluding Goodwill), Total 800.3 766.5
Finite-Lived Intangible Assets, Accumulated Amortization 482.0 449.8
Finite-Lived Intangible Assets, Net 268.9 267.0
Intangible Assets, Net (Including Goodwill) 318.3 316.7
Trade Names    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets (Excluding Goodwill) 5.2 5.2
Insurance Licenses    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets (Excluding Goodwill) 44.2 44.5
Value of Business Acquired    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Gross 237.5 237.5
Finite-Lived Intangible Assets, Accumulated Amortization 223.7 222.1
Finite-Lived Intangible Assets, Net 13.8 15.4
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Gross 43.8 43.8
Finite-Lived Intangible Assets, Accumulated Amortization 42.1 41.1
Finite-Lived Intangible Assets, Net 1.7 2.7
Agent Relationships    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Gross 81.6 81.6
Finite-Lived Intangible Assets, Accumulated Amortization 38.2 31.0
Finite-Lived Intangible Assets, Net 43.4 50.6
Trade Names    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Gross 0.0 1.8
Finite-Lived Intangible Assets, Accumulated Amortization 0.0 1.7
Finite-Lived Intangible Assets, Net 0.0 0.1
Internal Use Software    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Gross 388.0 352.1
Finite-Lived Intangible Assets, Accumulated Amortization 178.0 153.9
Finite-Lived Intangible Assets, Net $ 210.0 $ 198.2
v3.24.0.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 01, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Line Items]        
Total impairment loss   $ 49.6    
Amortization of definite lived intangible assets   48.6 $ 53.7 $ 87.0
Goodwill derecognized $ 0.3      
Non-Core Operations        
Goodwill [Line Items]        
Goodwill, Impairment Loss, Net of Tax   $ (45.5)    
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Reserve National Insurance Company        
Goodwill [Line Items]        
Total impairment loss $ 11.4      
v3.24.0.1
Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Finite-Lived Intangible Assets [Line Items]  
Definite-life intangible assets, amortization expense, 2020 $ 40.8
Definite-life intangible assets, amortization expense, 2021 34.3
Definite-life intangible assets, amortization expense, 2022 30.1
Definite-life intangible assets, amortization expense, 2023 24.5
Definite-life intangible assets, amortization expense, 2024 21.8
Agent Relationships  
Finite-Lived Intangible Assets [Line Items]  
Definite-life intangible assets, amortization expense, 2020 5.5
Definite-life intangible assets, amortization expense, 2021 4.9
Definite-life intangible assets, amortization expense, 2022 4.9
Definite-life intangible assets, amortization expense, 2023 4.9
Definite-life intangible assets, amortization expense, 2024 4.9
Customer Relationships  
Finite-Lived Intangible Assets [Line Items]  
Definite-life intangible assets, amortization expense, 2020 0.4
Definite-life intangible assets, amortization expense, 2021 0.4
Definite-life intangible assets, amortization expense, 2022 0.3
Definite-life intangible assets, amortization expense, 2023 0.2
Definite-life intangible assets, amortization expense, 2024 0.2
Internal Use Software  
Finite-Lived Intangible Assets [Line Items]  
Definite-life intangible assets, amortization expense, 2020 33.3
Definite-life intangible assets, amortization expense, 2021 27.4
Definite-life intangible assets, amortization expense, 2022 23.4
Definite-life intangible assets, amortization expense, 2023 17.9
Definite-life intangible assets, amortization expense, 2024 15.3
Life Insurance  
Finite-Lived Intangible Assets [Line Items]  
VOBA, amortization expense, 2020 1.6
VOBA, amortization expense, 2021 1.6
VOBA, amortization expense, 2022 1.5
VOBA, amortization expense, 2023 1.5
VOBA, amortization expense, 2024 $ 1.4
v3.24.0.1
Variable Interest Entities - Activity of Alternative Energy Partnership Investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]      
Tax (Expense) Benefit Recognized from Alternative Energy Partnership $ (74.8) $ (84.4) [1] $ (125.6) [1]
Variable Interest Entity, Not Primary Beneficiary      
Variable Interest Entity [Line Items]      
Fundings 0.0 0.0 80.0
Cash distribution from Investment 2.0 3.3 0.5
Income (Loss) on Investments in Alternative Energy Partnership 2.9 (19.9) (61.2)
Income Tax Credits Recognized 0.2 4.3 73.9
Tax (Expense) Benefit Recognized from Alternative Energy Partnership $ (0.7) $ 3.7 $ 5.1
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Variable Interest Entities - Assets and Liabilities and Associated Maximum Loss Exposure of Alternative Energy Partnership Investments (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
Other Assets $ 492,600,000 $ 530,000,000.0 [1]
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Cash 2,700,000 3,000,000.0
Equipment, Net of Depreciation 256,200,000 261,700,000
Other Assets 7,500,000 5,100,000
Total Unconsolidated Assets 266,400,000 269,700,000
Maximum Loss Exposure $ 17,300,000 $ 16,300,000
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
Surplus Notes and Guarantee Fund Certificates, Reciprocal Exchange $ 4.0  
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Maximum Loss Exposure $ 17.3 $ 16.3
v3.24.0.1
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Income - Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other Comprehensive Income (Loss)        
Change in Net Unrecognized Postretirement Benefit Costs $ 59.2 $ 18.9 $ (8.8)  
Other Comprehensive Income (Loss) Before Income Taxes 195.6 (143.7) (66.3)  
Other Comprehensive Income (Loss) before Income Taxes        
Unrealized Holding Gains and Losses (50.3) 325.5 60.7  
Tax Effects from Postretirement Benefit Plans (12.4) (4.0) 1.8  
Other Comprehensive Income Tax (Expense) Benefit (41.5) 30.4 14.5  
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' Equity Attributable to Parent 2,505.2 2,670.6 [1]    
Accumulated Net Unrealized Investment Gain (Loss)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' Equity Attributable to Parent (2.5) (2.2) (3.7) $ (2.1)
OCI, before Reclassifications, Net of Tax, Attributable to Parent (0.3) 2.0 (1.6)  
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent 0.0 (0.5) 0.0  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (0.3) 1.5 (1.6)  
Accumulated Defined Benefit Plans Adjustment        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' Equity Attributable to Parent 9.5 (37.2) (52.1)  
OCI, before Reclassifications, Net of Tax, Attributable to Parent (6.0) 15.2 (6.5)  
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent 52.7 (0.3) 0.1  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent 46.7 14.9 (6.4)  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' Equity Attributable to Parent 2.5 2.8 (1.9)  
OCI, before Reclassifications, Net of Tax, Attributable to Parent 0.0 4.7 0.0  
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent (0.3) 0.0 0.4  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (0.3) 4.7 0.4  
Accumulated Other Comprehensive Loss        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' Equity Attributable to Parent (360.8) (514.9) (401.6) $ (349.8)
OCI, before Reclassifications, Net of Tax, Attributable to Parent 98.2 (102.4) (9.5)  
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent 55.9 (10.9) (42.3)  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent $ 154.1 $ (113.3) $ (51.8)  
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Debt Securities, Unrealized Gain (Loss) [Abstract]        
Accumulated Other Comprehensive Income $ (360.8) $ (514.9) [1]    
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent (50.3) 325.9 $ 59.7  
Reclassification from AOCI, Current Period, Tax (0.9) 2.7 11.3  
Accumulated Net Unrealized Investment Gain (Loss)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent 0.2 (0.4) 0.4  
Reclassification from AOCI, Current Period, Tax 0.0 0.1 0.0  
Accumulated Defined Benefit Plans Adjustment        
Debt Securities, Unrealized Gain (Loss) [Abstract]        
Net Unrecognized Postretirement Benefit Costs, Net of Income Taxes       $ (45.7)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent (12.5) (4.0) 2.4  
Reclassification from AOCI, Current Period, Tax (13.8) 0.1 0.0  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent (0.1) (1.2) (0.1)  
Reclassification from AOCI, Current Period, Tax (0.1) 0.0 (0.1)  
Accumulated Other Comprehensive Loss        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent (41.5) 30.4 14.5  
Reclassification from AOCI, Current Period, Tax $ (14.8) $ 2.9 $ 11.2  
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Other Comprehensive Income (Loss) And Accumulated Other Comprehensive Income - Reclassification from AOCI to Consolidated Statements of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Income Tax Expense (Benefit) $ 74.8 $ 84.4 [1] $ 125.6 [1]  
Net Loss (272.1) (286.6) [1] (123.7) [1]  
Stockholders' Equity Attributable to Parent 2,505.2 2,670.6 [2]    
AOCI, Liability for Future Policy Benefit, after Tax       $ (1,030.3)
AOCI, Gain (Loss), Debt Securities, Available-for-sale, with Allowance for Credit Loss, Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' Equity Attributable to Parent (530.9) (719.4) 505.8 730.6
OCI, before Reclassifications, Net of Tax, Attributable to Parent 185.0 (1,215.1) (182.0)  
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent 3.5 (10.1) (42.8)  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent 188.5 (1,225.2) (224.8)  
Reclassification from AOCI, Current Period, Tax (0.9) 2.7 11.3  
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent (50.3) 325.9 59.7  
Accumulated Net Unrealized Investment Gain (Loss)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' Equity Attributable to Parent (2.5) (2.2) (3.7) (2.1)
OCI, before Reclassifications, Net of Tax, Attributable to Parent (0.3) 2.0 (1.6)  
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent 0.0 (0.5) 0.0  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (0.3) 1.5 (1.6)  
Reclassification from AOCI, Current Period, Tax 0.0 0.1 0.0  
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent 0.2 (0.4) 0.4  
Accumulated Defined Benefit Plans Adjustment        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' Equity Attributable to Parent 9.5 (37.2) (52.1)  
OCI, before Reclassifications, Net of Tax, Attributable to Parent (6.0) 15.2 (6.5)  
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax       (45.7)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent 52.7 (0.3) 0.1  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent 46.7 14.9 (6.4)  
Reclassification from AOCI, Current Period, Tax (13.8) 0.1 0.0  
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent (12.5) (4.0) 2.4  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' Equity Attributable to Parent 2.5 2.8 (1.9)  
OCI, before Reclassifications, Net of Tax, Attributable to Parent 0.0 4.7 0.0  
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax       (2.3)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent (0.3) 0.0 0.4  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (0.3) 4.7 0.4  
Reclassification from AOCI, Current Period, Tax (0.1) 0.0 (0.1)  
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent (0.1) (1.2) (0.1)  
Accumulated Other Comprehensive Loss        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' Equity Attributable to Parent (360.8) (514.9) (401.6) $ (349.8)
OCI, before Reclassifications, Net of Tax, Attributable to Parent 98.2 (102.4) (9.5)  
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent 55.9 (10.9) (42.3)  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent 154.1 (113.3) (51.8)  
Reclassification from AOCI, Current Period, Tax (14.8) 2.9 11.2  
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent (41.5) 30.4 14.5  
Accumulated Liability For Future Policy Benefit Adjustment Attributable to Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Stockholders' Equity Attributable to Parent 160.6 241.1 (849.7)  
OCI, before Reclassifications, Net of Tax, Attributable to Parent (80.5) 1,090.8 180.6  
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent 0.0 0.0 0.0  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (80.5) 1,090.8 180.6  
Reclassification from AOCI, Current Period, Tax 0.0 0.0 0.0  
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent $ 21.2 $ (289.9) $ (47.9)  
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Shareholders' Equity - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
May 06, 2020
Aug. 06, 2014
Schedule of Capitalization, Equity [Line Items]          
Preferred stock, shares authorized (in shares) 20,000,000        
Preferred stock, par value (in dollars per share) $ 0.10        
Common stock, shares authorized (in shares) 100,000,000 100,000,000      
Common stock, par value (in dollars per share) $ 0.10 $ 0.10      
Preferred stock, shares issued (in shares) 0        
Preferred stock, shares outstanding (in shares)   0      
Common stock, shares outstanding (in shares) 64,111,555 63,912,762      
Stock Repurchase Program, Additional Authorized Amount       $ 200,000,000  
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 171,600,000   $ 333,300,000   $ 133,300,000
Stock repurchased and retired during period (in shares)     2,085,000    
Repurchases of Common Stock (Note 17)     $ 161,700,000    
Share-based compensation expense 29,000,000 $ 17,700,000 28,000,000    
Dividends (80,100,000) (80,400,000) (81,000,000.0)    
Dividends paid 80,100,000 $ 79,700,000 $ 80,600,000    
Amount available for dividend payment $ 500,000,000        
Employee Stock | Employee Stock Purchase Plan          
Schedule of Capitalization, Equity [Line Items]          
Shares issued under employee stock purchase plan (in shares) 89,000 102,000 79,000    
Price per share (in dollars per share) $ 40.79 $ 40.83 $ 58.08    
Share-based compensation expense $ 600,000 $ 700,000 $ 800,000    
Common Stock          
Schedule of Capitalization, Equity [Line Items]          
Stock repurchased and retired during period (in shares)     2,100,000    
Repurchases of Common Stock (Note 17)     $ 200,000    
Average cost per share (in dollars per share)     $ 77.58    
v3.24.0.1
Statutory Information and Dividend Limitations - Combined Net Income and Capital and Surplus (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statutory Accounting Practices [Line Items]      
Statutory net income $ (286.4) $ (52.3) $ (219.3)
Statutory capital and surplus 1,701.5 1,847.9  
Subsidiaries | Property and Casualty Companies      
Statutory Accounting Practices [Line Items]      
Statutory net income (150.4) (226.7) (206.9)
Statutory capital and surplus 1,587.8 1,582.7  
Subsidiaries | Life and Health Companies      
Statutory Accounting Practices [Line Items]      
Statutory net income (136.0) 174.4 $ (12.4)
Statutory capital and surplus $ 113.7 $ 265.2  
v3.24.0.1
Statutory Information and Dividend Limitations - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jul. 01, 2022
Statutory Accounting Practices [Line Items]        
Guarantor obligations $ 40.0 $ 5.0    
Cash Dividends from Subsidiaries 640.9 311.7 $ 347.0  
Subsidiaries        
Statutory Accounting Practices [Line Items]        
Amount of restricted net assets for consolidated and unconsolidated subsidiaries 3,500.0 3,600.0    
Subsidiaries | Property and Casualty Companies        
Statutory Accounting Practices [Line Items]        
Statutory capital and surplus required 574.3 665.7    
Subsidiaries | Life and Health Companies        
Statutory Accounting Practices [Line Items]        
Statutory capital and surplus required $ 36.4 $ 50.0    
Kemper Bermuda Ltd        
Statutory Accounting Practices [Line Items]        
Guarantor obligations       $ 300.0
v3.24.0.1
Pension Benefits - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
employees
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Defined Benefit Plan Disclosure [Line Items]        
Defined contribution plan, cost   $ 27.5 $ 30.6 $ 28.9
Pension Plans, Defined Benefit        
Defined Benefit Plan Disclosure [Line Items]        
Number of participants and beneficiaries | employees   3,100    
Contribution as a percentage of compensation   3.00%    
Benefits paid $ 90.0 $ 100.9 13.7  
Settlement benefits   205.7    
Settlement of asset retirement obligations   70.2    
Settlement of asset retirement obligations   55.5    
Assets for plan benefits   16.4    
Unfunded liability   (16.3) (23.6)  
Pension expense   71.1 3.8 0.6
Unrecognized pension gain (loss) arising during the year   0.0 12.0 6.0
Supplemental Employee Retirement Plan        
Defined Benefit Plan Disclosure [Line Items]        
Unfunded liability   21.8 22.0  
Pension expense   1.0 0.8 0.7
Unrecognized pension gain (loss) arising during the year   $ (0.7) $ 4.8 $ 1.3
v3.24.0.1
Pension Benefits - Changes in Fair Value of Plan Assets and Changes in Accumulated Benefit Obligations (Details) - Pension Plans, Defined Benefit - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]        
Fair Value of Plans’ Assets at Beginning of Year   $ 315.8 $ 391.7  
Actual Return on Plan Assets   7.1 (65.1)  
Benefits Paid $ (90.0) (100.9) (13.7)  
Settlement Benefits   (205.7)    
Benefits Paid   (100.9) (13.7)  
Fair Value of Plan Assets at End of Year   16.3 315.8 $ 391.7
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]        
Accumulated Postretirement Benefit Obligation at Beginning of Year   292.2 378.8  
Interest Cost   8.4 8.7 7.2
Benefits Paid   (100.9) (13.7)  
Settlement Benefits   (205.7) 2.9  
Actuarial Gains   6.0 (84.5)  
Projected Benefit Obligation at End of Year   0.0 292.2 $ 378.8
Funded Status—Plan Assets in Excess of Projected Benefit Obligation   16.3 23.6  
Unamortized Amount Reported in AOCI at End of Year   0.0 (63.1)  
Accumulated Benefit Obligation at End of Year   $ 0.0 $ 289.3  
v3.24.0.1
Pension Benefits - Actuarial Assumptions for Project Benefit Obligations (Details) - Pension Plans, Defined Benefit
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Discount Rate 5.05%
Rate of Increase in Future Compensation Levels 0.00%
v3.24.0.1
Pension Benefits - Weighted Average Asset Allocation for Pension Plans (Details) - Pension Plans, Defined Benefit
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocations 100.00% 100.00%
Corporate Bonds and Notes    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocations 0.00% 27.00%
Bond Exchange Traded Funds    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocations 0.00% 35.00%
Cash and Short-term Investments    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocations 100.00% 37.00%
Other Assets    
Defined Benefit Plan Disclosure [Line Items]    
Weighted-average asset allocations 0.00% 1.00%
v3.24.0.1
Pension Benefits - Fair Value Plan Assets Measurements (Details) - Pension Plans, Defined Benefit - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets $ 16.3 $ 315.8 $ 391.7
Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 16.2 268.1  
Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 0.0 45.9  
Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 0.0 0.0  
United States Government and Government Agencies and Authorities      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   40.1  
United States Government and Government Agencies and Authorities | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   40.1  
United States Government and Government Agencies and Authorities | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
United States Government and Government Agencies and Authorities | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
States and Political Subdivisions      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.1  
States and Political Subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
States and Political Subdivisions | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.1  
States and Political Subdivisions | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Corporate Debt Securities [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   45.4  
Corporate Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   45.4  
Corporate Debt Securities [Member] | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Bond Exchange Traded Funds      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   111.1  
Bond Exchange Traded Funds | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   111.1  
Bond Exchange Traded Funds | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Bond Exchange Traded Funds | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Partnership Interest [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 0.1 1.8  
Partnership Interest [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 0.0 0.0  
Partnership Interest [Member] | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 0.0 0.0  
Partnership Interest [Member] | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 0.0 0.0  
Short-term Investments      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 16.2 116.1  
Short-term Investments | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 16.2 116.1  
Short-term Investments | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 0.0 0.0  
Short-term Investments | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 0.0 0.0  
Receivables and Other      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.8  
Receivables and Other | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.8  
Receivables and Other | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Receivables and Other | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Debt Security, Government, Non-US [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.4  
Debt Security, Government, Non-US [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Debt Security, Government, Non-US [Member] | Significant Other Observable Inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.4  
Debt Security, Government, Non-US [Member] | Significant Unobservable Inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Fair Value, Inputs, Net Asset Value      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 0.1 1.8  
Fair Value, Inputs, Net Asset Value | United States Government and Government Agencies and Authorities      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Fair Value, Inputs, Net Asset Value | States and Political Subdivisions      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Fair Value, Inputs, Net Asset Value | Corporate Debt Securities [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Fair Value, Inputs, Net Asset Value | Bond Exchange Traded Funds      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Fair Value, Inputs, Net Asset Value | Partnership Interest [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets 0.1 1.8  
Fair Value, Inputs, Net Asset Value | Short-term Investments      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets $ 0.0 0.0  
Fair Value, Inputs, Net Asset Value | Receivables and Other      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   0.0  
Fair Value, Inputs, Net Asset Value | Debt Security, Government, Non-US [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Pension plan assets   $ 0.0  
v3.24.0.1
Pension Benefits - Changes in Fair Value of Pension Plans Level 3 (Details) - Pension Plans, Defined Benefit
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]  
Fair Value of Plans’ Assets at Beginning of Year $ 391.7
Fair Value of Plan Assets at End of Year 315.8
Defined Benefit Plan, Plan Assets, Increase For Settlement (2.9)
Significant Unobservable Inputs (Level 3)  
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]  
Fair Value of Plan Assets at End of Year $ 0.0
v3.24.0.1
Pension Benefits - Components of Comprehensive Pension Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Debt Extinguishment, Pension Settlement, and Other Charges $ 70.2    
Pension Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Service Cost Earned During the Year 0.0 $ 0.0 $ 0.0
Interest Cost on Projected Benefit Obligation 8.4 8.7 7.2
Expected Return on Plan Assets (7.9) (7.4) (9.5)
Amortization of Actuarial Loss 0.0 1.8 2.9
Debt Extinguishment, Pension Settlement, and Other Charges 70.2 0.0 0.0
Pension Expense Recognized in Consolidated Statements of (Loss) Income 71.1 3.8 0.6
Unrecognized Pension Loss Arising During the Year 0.0 (12.0) (6.0)
Prior Service Cost Arising During the Year 0.0 0.0 18.3
Amortization of Prior Service Credit 0.0 0.7 0.0
Amortization of Prior Service Credit (0.4) (0.7) 0.0
Amortization of Accumulated Unrecognized Pension Loss 0.0 (1.8) (2.9)
Comprehensive Pension (Income) Expense $ 71.1 $ (10.7) $ 10.0
v3.24.0.1
Pension Benefits - Actuarial Assumptions Pension Expense (Details) - Pension Plans, Defined Benefit
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Weighted-average Discount Rate 5.05% 2.89% 2.56%
Service Cost Discount Rate     2.41%
Interest Cost Discount Rate 4.92% 2.35% 1.90%
Rate of Increase in Future Compensation Levels   3.40% 3.40%
Expected Long Term Rate of Return on Plan Assets 3.79% 2.08% 2.70%
v3.24.0.1
Pension Benefits - Pension Benefit Payments (Details) - Pension Plans, Defined Benefit
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Assets for plan benefits $ 16.4
Settlement of asset retirement obligations 70.2
Settlement of asset retirement obligations $ 55.5
v3.24.0.1
Postretirement Benefits Other Than Pensions - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
employees
Dec. 31, 2022
USD ($)
Dec. 31, 2018
USD ($)
Other Postretirement Benefit Plan, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Number of retired employees covered | employees 400    
Number of active employees covered | employees 500    
Pre-tax reduction to its accumulated postretirement benefit obligation     $ 11.0
Amounts that will be amortized from AOCI in next fiscal Year   $ 2.8  
Estimated future employer contributions in next fiscal year $ 0.9    
Medical Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate assumed for next fiscal year 6.70% 6.00%  
Health care cost trend rate assumed for future years 4.70% 4.80%  
Prescription Drug Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Health care cost trend rate assumed for next fiscal year 8.00% 6.70%  
Health care cost trend rate assumed for future years 4.80% 4.80%  
v3.24.0.1
Postretirement Benefits Other Than Pensions - Changes in Fair Value of Plan Assets and Changes in Accumulated Benefit Obligations (Details) - Other Postretirement Benefit Plan, Defined Benefit - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair Value of Plans’ Assets at Beginning of Year $ 0.0 $ 0.0  
Employer Contributions 1.0 1.0  
Plan Participants’ Contributions 0.3 0.3  
Benefits Paid (1.3) (1.3)  
Fair Value of Plan Assets at End of Year 0.0 0.0 $ 0.0
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Accumulated Postretirement Benefit Obligation at Beginning of Year 8.1 11.2  
Service Cost 0.1 0.2 0.3
Interest Cost 0.4 0.2 0.1
Plan Participants’ Contributions 0.3 0.3  
Benefits Paid (1.3) (1.3)  
Actuarial Gains (0.1) (2.5)  
Projected Benefit Obligation at End of Year 7.5 8.1 $ 11.2
Funded Status—Plan Assets in Excess of Projected Benefit Obligation (7.5) (8.1)  
Unamortized Actuarial Gain Reported in AOCI at End of Year $ 13.9 $ 16.9  
v3.24.0.1
Postretirement Benefits Other Than Pensions - Actuarial Assumptions of OPEB Accumulated Benefit Obligation (Details) - Other Postretirement Benefit Plan, Defined Benefit
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Discount Rate 4.92% 5.08%
Rate of Increase in Future Compensation Levels 2.20% 2.20%
v3.24.0.1
Postretirement Benefits Other Than Pensions - Components Of Comprehensive OPEB (Income) Expense (Details) - Other Postretirement Benefit Plan, Defined Benefit - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]        
Service Cost Earned During the Year $ 0.1 $ 0.2 $ 0.3  
Interest Cost on Accumulated Postretirement Benefit Obligation 0.4 0.2 0.1  
Amortization of Prior Service Credit (1.3) (1.3) (1.3)  
Amortization of Accumulated Unrecognized OPEB Gain (1.8) (1.8) (1.7)  
Pension Expense Recognized in Consolidated Statements of (Loss) Income (2.6) (2.7) (2.6)  
Unrecognized OPEB Gain Arising During the Year (0.1) (2.5) (1.8)  
Prior Service Credit Arising During the Year from Plan Amendments       $ 11.0
Prior Service Cost Arising During the Year 1.3 1.3 1.3  
Amortization of Accumulated Unrecognized OPEB Gain 1.8 1.8 1.7  
Comprehensive OPEB Expense (Income) $ 0.4 $ (2.1) $ (1.4)  
v3.24.0.1
Postretirement Benefits Other Than Pensions - Actuarial Assumptions of OPEB Expense (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Effective Rate for Interest on Service Cost 5.04% 2.54% 0.00%
Other Postretirement Benefit Plan, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Weighted-average Discount Rate 5.11% 2.56% 1.99%
Service Cost Discount Rate 5.12% 2.79% 2.06%
Interest Cost Discount Rate 5.03% 1.97% 1.19%
Rate of Increase in Future Compensation Levels 2.20% 2.20% 2.20%
v3.24.0.1
Postretirement Benefits Other Than Pensions - Benefit Payments Net of Expected Medicare Part D Subsidy (Details) - Other Postretirement Benefit Plan, Defined Benefit
$ in Millions
Dec. 31, 2023
USD ($)
Estimated Benefit Payments Excluding Medicare Part D Subsidy  
2020 $ 0.9
2021 0.9
2022 0.9
2023 0.8
2024 0.7
2029-2032 3.0
Expected Medicare Part D Subsidy  
2020 0.0
2021 0.0
2022 0.0
2023 0.0
2024 0.0
2029-2032 0.0
Net Estimated Benefit Payments  
2020 0.9
2021 0.9
2022 0.9
2023 0.8
2024 0.7
2029-2032 $ 3.0
v3.24.0.1
Long-term Equity-based Compensation - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
installment
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares authorized (in shares)   1,850,000  
Shares available for grant (in shares)   1,995,442  
Share-based compensation expense | $ $ 29,000 $ 17,700 $ 28,000
Total compensation cost not yet recognized | $ $ 18,900    
Weighted-average grant-date fair values (in dollars per share) | $ / shares $ 18.85 $ 14.67 $ 19.29
Total intrinsic value | $ $ 600 $ 300 $ 1,300
Cash received from exercises of awards | $ 1,900 600 3,700
Total tax benefit realized for tax deductions from exercise of awards | $ $ 100 $ 100 $ 300
Additional shares for grant if performance level is above target 100.00%    
Number of shares issued not to vest if below minimum target 0    
Award vesting rights, performance period 3 years    
Awards granted in period, measured with market performance condition 67.00% 67.00% 67.00%
Awards granted in period, measured with entity specific metric 33.00% 33.00% 33.00%
Performance Based Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Reduction in share authorization if maximum performance level is met or exceeded (in shares)   581,307  
Award vesting period 3 years    
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting installments | installment 3    
Award vesting period 3 years    
Expiration period 10 years    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Annual awards of restricted stock units to be issued to each non-employee director, aggregate fair value | $ $ 130 $ 130 $ 130
Restricted Stock Units (RSUs) | Director      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 1 year    
Restricted Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total fair value of vested awards | $ $ 5,200 7,500 19,600
Tax benefits for tax deductions realized from awards | $ $ 1,100 $ 1,600 $ 4,100
Performance Period 1 | Performance Based Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Reduction in share authorization if maximum performance level is met or exceeded (in shares) 567,849    
Number of additional shares to be granted if maximum performance level is met or exceeded (in shares) 189,283    
Performance Period 2 | Performance Based Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Reduction in share authorization if maximum performance level is met or exceeded (in shares) 601,560    
Number of additional shares to be granted if maximum performance level is met or exceeded (in shares) 200,520    
Performance Period 3 | Performance Based Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Reduction in share authorization if maximum performance level is met or exceeded (in shares) 574,512    
Number of additional shares to be granted if maximum performance level is met or exceeded (in shares) 191,504    
v3.24.0.1
Long-term Equity-based Compensation - Black-Scholes Pricing Model For Options (Details) - Stock Options
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility rate, minimum 35.12% 33.20% 33.67%
Expected volatility rate, maximum 39.27% 37.67% 38.04%
Risk-free interest rate, minimum 3.47% 1.20% 0.26%
Risk-free interest rate, maximum 4.74% 4.33% 1.33%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected dividend yield rate 1.55% 1.59% 1.18%
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected dividend yield rate 2.39% 2.25% 1.78%
Employee | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average expected life (in years) 4 years 4 years 4 years
Employee | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average expected life (in years) 6 years 6 years 6 years
v3.24.0.1
Long-term Equity-based Compensation - Option and SAR Activity (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
shares
Shares Subject to Awards  
Outstanding at Beginning of the Year (in shares) | shares 2,325,576
Granted (in shares) | shares 239,026
Exercised (in shares) | shares (50,297)
Forfeited or Expired (in shares) | shares (140,986)
Outstanding at December 31, 2019 (in shares) | shares 2,373,319
Vested and Expected to Vest at December 31, 2019 (in shares) | shares 2,320,371
Exercisable at December 31, 2019 (in shares) | shares 1,801,418
Weighted- average Exercise Price Per Share ($)  
Outstanding at Beginning of the Year (in dollars per share) | $ / shares $ 59.10
Granted (in dollars per share) | $ / shares 58.19
Exercised (in dollars per share) | $ / shares 37.57
Forfeited or Expired (in dollars per share) | $ / shares 62.41
Outstanding at December 31, 2019 (in dollars per share) | $ / shares 59.27
Vested and Expected to Vest at December 31, 2019 (in dollars per share) | $ / shares 59.31
Exercisable at December 31, 2019 (in dollars per share) | $ / shares $ 59.92
Weighted- average Remaining Contractual Life (in Years)  
Outstanding at December 31, 2023 5 years 4 months 20 days
Vested and Expected to Vest at December 31, 2023 5 years 3 months 25 days
Exercisable at December 31, 2023 4 years 5 months 12 days
Aggregate Intrinsic Value ($ In Millions)  
Outstanding at December 31, 2023 | $ $ 5.4
Vested and Expected to Vest at December 31, 2023 | $ 5.4
Exercisable at December 31, 2023 | $ $ 5.4
v3.24.0.1
Long-term Equity-based Compensation - Schedule of Outstanding Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares Subject to Awards (in shares) 2,373,319 2,325,576
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 59.27 $ 59.10
Weighted- average Remaining Contractual Life (in Years) 5 years 4 months 20 days  
Range of Exercise Prices $20.01 - $30.00    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of Exercise Prices, Lower Range Limit (in dollars per share) $ 20.01  
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 30.00  
Shares Subject to Awards (in shares) 104,562  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 27.71  
Weighted- average Remaining Contractual Life (in Years) 2 years 2 months 1 day  
Shares Subject to Awards (in shares) 104,562  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 27.71  
Range of Exercise Prices $30.01 - $40.00    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of Exercise Prices, Lower Range Limit (in dollars per share) 30.01  
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 40.00  
Shares Subject to Awards (in shares) 80,219  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 33.97  
Weighted- average Remaining Contractual Life (in Years) 1 year 9 months  
Shares Subject to Awards (in shares) 80,219  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 33.97  
Range of Exercise Prices $40.01 - $50.00    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of Exercise Prices, Lower Range Limit (in dollars per share) 40.01  
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 50.00  
Shares Subject to Awards (in shares) 333,156  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 42.64  
Weighted- average Remaining Contractual Life (in Years) 2 years 11 months 4 days  
Shares Subject to Awards (in shares) 323,069  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 42.48  
Range of Exercise Prices $50.01 - $60.00    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of Exercise Prices, Lower Range Limit (in dollars per share) 50.01  
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 60.00  
Shares Subject to Awards (in shares) 941,827  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 56.23  
Weighted- average Remaining Contractual Life (in Years) 6 years 8 months 19 days  
Shares Subject to Awards (in shares) 463,930  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 57.31  
Range of Exercise Prices $60.01 - $70.00    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of Exercise Prices, Lower Range Limit (in dollars per share) 60.01  
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 70.00  
Shares Subject to Awards (in shares) 311,236  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 69.22  
Weighted- average Remaining Contractual Life (in Years) 6 years 5 months 1 day  
Shares Subject to Awards (in shares) 229,511  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 69.04  
Range of Exercise Prices $70.01 - $80.00    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of Exercise Prices, Lower Range Limit (in dollars per share) 70.01  
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 80.00  
Shares Subject to Awards (in shares) 575,358  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 76.61  
Weighted- average Remaining Contractual Life (in Years) 5 years 1 month 17 days  
Shares Subject to Awards (in shares) 574,467  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 76.61  
Range of Exercise Prices $80.01 - $90.00    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of Exercise Prices, Lower Range Limit (in dollars per share) 80.01  
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 90.00  
Shares Subject to Awards (in shares) 26,961  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 83.39  
Weighted- average Remaining Contractual Life (in Years) 5 years 9 months 21 days  
Shares Subject to Awards (in shares) 25,660  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 83.51  
Range of Exercise Prices $20.01 - $90.00    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Range of Exercise Prices, Lower Range Limit (in dollars per share) 20.01  
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 90.00  
Shares Subject to Awards (in shares) 2,373,319  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 59.27  
Weighted- average Remaining Contractual Life (in Years) 5 years 4 months 20 days  
Shares Subject to Awards (in shares) 1,801,418  
Weighted- average Exercise Price Per Share ($) (in dollars per share) $ 59.92  
v3.24.0.1
Long-term Equity-based Compensation - Activity Related to Nonvested Restricted Stock (Details)
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Time Vested Restricted Stock Units  
Number of Stock Units  
Nonvested Balance at Beginning of Year (in shares) | shares 478,254
Grants in Period (in shares) | shares 254,991
Vested in Period (in shares) | shares (96,855)
Forfeited in Period (in shares) | shares (68,074)
Nonvested Balance at December 31, 2019 (in shares) | shares 568,316
Weighted- average Grant-date Fair Value Per Unit  
Nonvested Balance at Beginning of Year (in dollars per share) | $ / shares $ 53.78
Granted (in dollars per share) | $ / shares 56.79
Vested (in dollars per share) | $ / shares 54.91
Forfeited (in dollars per share) | $ / shares 55.20
Nonvested Balance at December 31, 2019 (in dollars per share) | $ / shares $ 54.77
Performance Based Restricted Stock Units  
Number of Stock Units  
Nonvested Balance at Beginning of Year (in shares) | shares 610,574
Grants in Period (in shares) | shares 211,236
Vested in Period (in shares) | shares (480)
Forfeited in Period (in shares) | shares (240,023)
Nonvested Balance at December 31, 2019 (in shares) | shares 581,307
Weighted- average Grant-date Fair Value Per Unit  
Nonvested Balance at Beginning of Year (in dollars per share) | $ / shares $ 68.78
Granted (in dollars per share) | $ / shares 66.59
Vested (in dollars per share) | $ / shares 77.37
Forfeited (in dollars per share) | $ / shares 78.85
Nonvested Balance at December 31, 2019 (in dollars per share) | $ / shares $ 63.82
v3.24.0.1
Long-term Equity-based Compensation - Schedule of Share-based Compensation, Nonemployee Director Deferred Stock Unit Award Plan (Details)
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Number of DSUs  
Vested Balance at Beginning of the Year (in shares) | shares 36,600
Reduction for Shares Issued on Conversion (in shares) | shares (8,220)
Vested Balance at December 31, 2019 (in shares) | shares 28,380
Weighted- average Grant-date Fair Value Per DSU  
Vested Balance at Beginning of the Year (in dollars per share) | $ / shares $ 45.25
Reduction for Shares Issued on Conversion (in dollars per share) | $ / shares 42.43
Vested Balance at December 31, 2019 (in dollars per share) | $ / shares $ 46.07
v3.24.0.1
Policyholder Contract Liabilities - Policyholder Contract Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investment Holdings [Line Items]    
Policyholder Obligations $ 655.7 $ 701.3 [1]
Universal Life-type Policyholder Account Balances    
Investment Holdings [Line Items]    
Policyholder Obligations 98.3 100.3
United Insurance | FHLB of Chicago    
Investment Holdings [Line Items]    
Policyholder Obligations $ 557.4 $ 601.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Policyholder Contract Liabilities - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]      
Federal Home Loan Bank, amount of advances $ 0.0 $ 81.0 $ 85.0
Policyholder Account Balance, Weighted Average Crediting Rate 5.10%    
Policyholder Account Balance, Cash Surrender Value $ 98.2 100.0  
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Net 294.1 311.4  
FHLB of Chicago | United Insurance      
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]      
Federal Home Loan Bank, amount of advances 122.5 334.8  
Payments of FHLBank borrowings $ 166.1 $ 135.7  
v3.24.0.1
Policyholder Contract Liabilities - Supplemental Financial Information (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]    
Liability under Funding Agreements $ 655.7 $ 701.3 [1]
United Insurance | FHLB of Chicago    
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]    
Liability under Funding Agreements 557.4 601.0
Fair Value of Collateral Pledged 629.3 744.6
FHLB Funding Agreements | United Insurance | FHLB of Chicago    
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]    
FHLB of Chicago Common Stock Owned at Cost 16.6 17.5
Universal Life-type Policyholder Account Balances    
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]    
Liability under Funding Agreements $ 98.3 $ 100.3
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Debt - Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended
Feb. 23, 2022
Jun. 04, 2019
Jun. 30, 2017
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Mar. 10, 2022
Feb. 15, 2022
Sep. 22, 2020
Jul. 02, 2018
Jun. 08, 2018
Feb. 28, 2015
Debt Instrument [Line Items]                        
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1)       $ 1,389,200,000 $ 1,386,900,000 [1]              
Loss from Early Extinguishment of Debt       0 3,700,000 [2] $ 0 [3]            
Interest expense       56,100,000 54,700,000 43,600,000            
Interest paid including facility fees       54,500,000 51,500,000 43,900,000            
Net gain on derivative instrument       500,000                
Gain on derivative       $ 5,900,000                
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]       (Loss) Gain on Cash Flow Hedges                
Amortization       $ 600,000                
Federal Home Loan Bank, amount of advances       0 81,000,000 $ 85,000,000            
Federal Home Loan Bank, amount of advances, Outstanding       0 0              
Senior Notes, 3.800 Percent Due February 23, 2032                        
Debt Instrument [Line Items]                        
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1)               $ 395,100,000        
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062                        
Debt Instrument [Line Items]                        
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1)             $ 144,700,000          
Senior Notes | 5.000% Senior Notes Due September 19, 2022                        
Debt Instrument [Line Items]                        
Redemption price, percentage 100.00%                      
Senior Notes | Senior Notes, 4.35 Percent Due February 15, 2025                        
Debt Instrument [Line Items]                        
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1)       $ 449,600,000 449,300,000              
Stated interest rate, percentage       4.35%                
Debt instrument, face amount                       $ 250,000,000
Increase in debt instrument     $ 200,000,000                  
Long-term debt, gross       $ 450,000,000                
Senior Notes | Senior Notes, 2.400 Percent Due September 30, 2030                        
Debt Instrument [Line Items]                        
Proceeds from debt, net of issuance costs       395,800,000                
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1)       397,000,000.0 396,600,000              
Stated interest rate, percentage                 2.40%      
Debt instrument, effective interest rate                 2.52%      
Long-term debt, gross       400,000,000                
Senior Notes | Senior Notes, 3.800 Percent Due February 23, 2032                        
Debt Instrument [Line Items]                        
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1)       396,000,000.0 395,500,000              
Stated interest rate, percentage               3.80%        
Debt instrument, effective interest rate                 3.95%      
Long-term debt, gross       400,000,000                
Senior Notes | 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062                        
Debt Instrument [Line Items]                        
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1)       146,600,000 145,500,000              
Long-term debt, gross       150,000,000                
Revolving Credit Facility | Notes Payable under Revolving Credit Agreement | Second Amended and Restated Credit Agreement                        
Debt Instrument [Line Items]                        
Maximum Capacity Amount   $ 800,000,000   $ 393,000,000             $ 600,000,000  
Increase in line of credit facility   200,000,000                    
Debt issuance costs   2,200,000                    
Unamortized debt issuance expense   $ 1,700,000                    
Line of credit, outstanding         $ 0              
Infinity Property and Casualty Corporation | Senior Notes | 5.000% Senior Notes Due September 19, 2022                        
Debt Instrument [Line Items]                        
Debt instrument, face amount                   $ 275,000,000    
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[3] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Debt - Debt Outstanding (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Sep. 22, 2020
Debt Instrument [Line Items]      
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) $ 1,389.2 $ 1,386.9 [1]  
Senior Notes | Senior Notes, 4.35 Percent Due February 15, 2025      
Debt Instrument [Line Items]      
Stated interest rate, percentage 4.35%    
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) $ 449.6 449.3  
Senior Notes | Senior Notes, 2.400 Percent Due September 30, 2030      
Debt Instrument [Line Items]      
Stated interest rate, percentage     2.40%
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) $ 397.0 $ 396.6  
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Operating Leased Assets [Line Items]  
Gain (loss) on termination of lease $ 18.0
Minimum | Building  
Operating Leased Assets [Line Items]  
Operating lease, term of contract 1 year
Minimum | Equipment  
Operating Leased Assets [Line Items]  
Operating lease, term of contract 1 year
Maximum | Building  
Operating Leased Assets [Line Items]  
Operating lease, term of contract 15 years
Maximum | Equipment  
Operating Leased Assets [Line Items]  
Operating lease, term of contract 5 years
v3.24.0.1
Leases - Right of Use Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Operating Lease, Right of Use Asset $ 38.4 $ 45.1
Operating Lease Liability $ 62.3 $ 72.6
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
v3.24.0.1
Leases - Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Lease Cost    
Operating Lease, Cost $ 15.7 $ 21.3
Variable Lease, Cost 3.2 0.3
Short-Term Lease Cost 0.3 3.8
Total Lease Expense 19.2 25.4
Less: Sublease Income 0.0 0.1
Lease, Cost $ 19.2 $ 25.3
v3.24.0.1
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities $ 13.8 $ 9.7 $ 15.5
v3.24.0.1
Leases - Lease Weighted Average (Details)
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Weighted Average Discount Rate, Operating Leases 4.30% 3.60%
v3.24.0.1
Leases - Future Minimum Lease Payments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Operating Leases    
Due Next 12 Months $ 20.4  
Due Year Two 15.5  
Due Year Three 9.4  
Due Year Four 7.2  
Due Year Five 4.4  
Due after Year Five 15.2  
Total Future Payments 72.1  
Imputed Interest 9.8  
Operating Lease, Liability $ 62.3 $ 72.6
v3.24.0.1
Catastrophe Reinsurance - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Catastrophe Claims [Line Items]      
Catastrophic events classification by amount $ 25,000,000    
Ceded earned premiums 32,700,000 $ 42,700,000 $ 36,100,000
Incurred losses and LAE related to prior year (favorable) adverse development 159,800,000 (14,600,000) 106,700,000
Catastrophe      
Liability for Catastrophe Claims [Line Items]      
Catastrophe Losses and LAE 87,600,000 75,200,000 102,400,000
Incurred losses and LAE related to prior year (favorable) adverse development (9,100,000) (4,100,000) (5,400,000)
Catastrophe | Life Insurance      
Liability for Catastrophe Claims [Line Items]      
Catastrophe Losses and LAE 3,000,000.0 3,300,000 12,900,000
Incurred losses and LAE related to prior year (favorable) adverse development 800,000 1,500,000 (100,000)
Catastrophe | Specialty Property & Casualty Insurance      
Liability for Catastrophe Claims [Line Items]      
Catastrophe Losses and LAE 32,200,000 23,600,000 16,000,000.0
Incurred losses and LAE related to prior year (favorable) adverse development (2,300,000) 600,000 300,000
Catastrophe | Non-Core Operations      
Liability for Catastrophe Claims [Line Items]      
Catastrophe Losses and LAE 52,400,000 48,300,000 73,500,000
Incurred losses and LAE related to prior year (favorable) adverse development $ (7,600,000) $ (6,200,000) $ (5,600,000)
v3.24.0.1
Catastrophe Reinsurance - Coverage for Catastrophe Reinsurance (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
4th Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, percentage 95.00%    
Minimum | 4th Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured $ 295,000,000.0    
Maximum | 4th Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured $ 325,000,000.0    
Property & Casualty Insurance Subsidiaries | Retained      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, reinsured risk, percentage 0.00% 0.00% 0.00%
Property & Casualty Insurance Subsidiaries | 1st Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, percentage 95.00% 95.00% 95.00%
Property & Casualty Insurance Subsidiaries | 2nd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, percentage 95.00% 95.00%  
Property & Casualty Insurance Subsidiaries | 2nd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, percentage     95.00%
Property & Casualty Insurance Subsidiaries | 3rd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, percentage     95.00%
Property & Casualty Insurance Subsidiaries | Minimum      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, amount retained   $ 0 $ 0
Reinsurance retention policy, excess retention, amount reinsured   65,000,000.0 60,000,000.0
Property & Casualty Insurance Subsidiaries | Minimum | Retained      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, amount retained $ 0 0 0
Property & Casualty Insurance Subsidiaries | Minimum | 1st Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured 50,000,000.0 50,000,000.0 50,000,000.0
Property & Casualty Insurance Subsidiaries | Minimum | 2nd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured 150,000,000.0 150,000,000.0  
Property & Casualty Insurance Subsidiaries | Minimum | 2nd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured     150,000,000.0
Property & Casualty Insurance Subsidiaries | Minimum | 3rd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured     250,000,000.0
Property & Casualty Insurance Subsidiaries | Maximum      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, amount retained   65,000,000.0 60,000,000.0
Reinsurance retention policy, excess retention, amount reinsured   115,000,000.0 110,000,000.0
Property & Casualty Insurance Subsidiaries | Maximum | Retained      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, amount retained 50,000,000.0 50,000,000.0 50,000,000.0
Property & Casualty Insurance Subsidiaries | Maximum | 1st Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured 150,000,000.0 150,000,000.0 150,000,000.0
Property & Casualty Insurance Subsidiaries | Maximum | 2nd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured $ 250,000,000.0 $ 250,000,000.0  
Property & Casualty Insurance Subsidiaries | Maximum | 2nd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured     250,000,000.0
Property & Casualty Insurance Subsidiaries | Maximum | 3rd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured     $ 275,000,000.0
Kemper Preferred, Kemper Specialty and Kemper Direct Segments | 3rd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, percentage 95.00% 95.00%  
Kemper Preferred, Kemper Specialty and Kemper Direct Segments | 4th Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, percentage   95.00%  
Kemper Preferred, Kemper Specialty and Kemper Direct Segments | Minimum | 3rd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured $ 250,000,000.0 $ 250,000,000.0  
Kemper Preferred, Kemper Specialty and Kemper Direct Segments | Minimum | 4th Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured   325,000,000.0  
Kemper Preferred, Kemper Specialty and Kemper Direct Segments | Maximum | 3rd Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured $ 295,000,000.0 325,000,000.0  
Kemper Preferred, Kemper Specialty and Kemper Direct Segments | Maximum | 4th Layer of Coverage      
Liability for Catastrophe Claims [Line Items]      
Reinsurance retention policy, excess retention, amount reinsured   $ 350,000,000.0  
v3.24.0.1
Catastrophe Reinsurance - Catastrophe Reinsurance Premiums (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Catastrophe Claims [Line Items]      
Ceded earned premiums $ 32.7 $ 42.7 $ 36.1
Catastrophe Reinsurance      
Liability for Catastrophe Claims [Line Items]      
Ceded earned premiums 16.3 32.0 30.3
Specialty Property & Casualty Insurance | Catastrophe Reinsurance      
Liability for Catastrophe Claims [Line Items]      
Ceded earned premiums 6.1 8.9 7.0
Non-Core Operations | Catastrophe Reinsurance      
Liability for Catastrophe Claims [Line Items]      
Ceded earned premiums 9.5 22.5 22.0
Life Insurance | Catastrophe Reinsurance      
Liability for Catastrophe Claims [Line Items]      
Ceded earned premiums $ 0.7 $ 0.6 $ 1.3
v3.24.0.1
Catastrophe Reinsurance - Catastrophe Losses and LAE (Details) - Catastrophe - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Catastrophe Claims [Line Items]      
Catastrophe Losses and LAE $ 87.6 $ 75.2 $ 102.4
Specialty Property & Casualty Insurance      
Liability for Catastrophe Claims [Line Items]      
Catastrophe Losses and LAE 32.2 23.6 16.0
Non-Core Operations      
Liability for Catastrophe Claims [Line Items]      
Catastrophe Losses and LAE 52.4 48.3 73.5
Life Insurance      
Liability for Catastrophe Claims [Line Items]      
Catastrophe Losses and LAE $ 3.0 $ 3.3 $ 12.9
v3.24.0.1
Other Reinsurance (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
employees
director
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Effects of Reinsurance [Line Items]        
Reinsurance recoverables $ 86.5 $ 99.6    
Ceded earned premiums 32.7 42.7 $ 36.1  
Assumed earned premiums 29.7 26.3 34.7  
Catastrophe Reinsurance        
Effects of Reinsurance [Line Items]        
Ceded earned premiums 16.3 32.0 30.3  
Non-Catastrophe Reinsurance        
Effects of Reinsurance [Line Items]        
Assumed earned premiums 42.9 41.4 56.7  
Property and Liability Insurance        
Effects of Reinsurance [Line Items]        
Reinsurance recoverables 27.8 39.6 41.9 $ 50.1
Ceded earned premiums 17.8 38.0 34.9  
Assumed earned premiums 29.2 24.3 29.6  
Short duration policies        
Effects of Reinsurance [Line Items]        
Reinsurance recoverables 34.1 47.3    
Long-duration policies        
Effects of Reinsurance [Line Items]        
Reinsurance recoverables $ 52.4 52.3    
Capitol County Mutual Fire Insurance Company        
Effects of Reinsurance [Line Items]        
Number of employee board members | employees 5      
Number of board of director members | director 5      
Old Reliable Casualty Company        
Effects of Reinsurance [Line Items]        
Number of employee board members | employees 9      
Number of board of director members | director 9      
Capitol County Mutual Fire Insurance Company        
Effects of Reinsurance [Line Items]        
Assumed earned premiums $ 10.4 11.9 17.3  
Capitol County Mutual Fire Insurance Company | Trinity        
Effects of Reinsurance [Line Items]        
Percentage of written business assumed 100.00%      
Old Reliable Casualty Company        
Effects of Reinsurance [Line Items]        
Assumed earned premiums $ 2.7 $ 3.2 $ 4.7  
Old Reliable Casualty Company | Trinity        
Effects of Reinsurance [Line Items]        
Percentage of written business assumed 100.00%      
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Contingency [Line Items]      
Valuation Allowance $ (27,400,000) $ 0  
Increase in valuation allowance   27,400,000  
Unrecognized tax benefits 0 0 $ 0
Income taxes paid 106,700,000 (700,000) (38,000,000.0)
Unrecognized tax benefits, income tax penalties and interest accrued 0 0 0
State and Local Jurisdiction      
Income Tax Contingency [Line Items]      
Income taxes paid 1,000,000 400,000 3,300,000
Domestic Tax Authority      
Income Tax Contingency [Line Items]      
Income taxes paid   $ 1,100,000 $ 34,700,000
Proceeds from Income Tax Refunds $ 107,700,000    
v3.24.0.1
Income Taxes - Schedule of Temporary Differences That Give Rise to Net Deferred Income Tax Assets (Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Deferred Income Tax Assets:    
Unearned Premium Reserves $ 54.0 $ 70.8
Tax Capitalization of Policy Acquisition Costs 46.3 45.9
Payroll and Employee Benefit Accruals 34.8 32.8
Investments 103.4 152.2
Net Operating Loss and Credit Carryforwards 114.6 49.7
Other 32.2 22.6
Subtotal 385.3 374.0
Valuation Allowance (27.4) 0.0
Total Deferred Income Tax Assets 357.9 374.0
Deferred Income Tax Liabilities:    
Insurance Reserves 12.7 24.9
Deferred Policy Acquisition Costs 124.3 133.3
Life VIF and P&C Customer Relationships 3.2 3.7
Goodwill and Other Intangible Assets Acquired 32.6 36.9
Depreciable Assets 19.3 35.7
Other 6.0 10.5
Total Deferred Income Tax Liabilities 198.1 245.0
Net Deferred Income Tax (Assets) $ 159.8 $ 129.0
v3.24.0.1
Income Taxes - Summary of Federal Net Operating Loss Carryforwards and Related Deferred Income Tax Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]    
Deferred Tax Asset $ 114.6 $ 49.7
Internal Revenue Service (IRS)    
Income Tax Contingency [Line Items]    
NOL Carry-forwards 500.8  
Deferred Tax Asset 114.6  
operating loss carryforward, not subject to expiration 343.3  
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration 72.1  
Internal Revenue Service (IRS) | 2027    
Income Tax Contingency [Line Items]    
NOL Carry-forwards 0.8  
Deferred Tax Asset 0.2  
Internal Revenue Service (IRS) | 2028    
Income Tax Contingency [Line Items]    
NOL Carry-forwards 4.4  
Deferred Tax Asset 0.9  
Internal Revenue Service (IRS) | 2040    
Income Tax Contingency [Line Items]    
NOL Carry-forwards 1.4  
Deferred Tax Asset 1.4  
Internal Revenue Service (IRS) | 2041    
Income Tax Contingency [Line Items]    
NOL Carry-forwards 4.5  
Deferred Tax Asset 4.5  
Internal Revenue Service (IRS) | 2042    
Income Tax Contingency [Line Items]    
NOL Carry-forwards 6.0  
Deferred Tax Asset 6.0  
Internal Revenue Service (IRS) | 2043    
Income Tax Contingency [Line Items]    
NOL Carry-forwards 140.4  
Deferred Tax Asset $ 29.5  
v3.24.0.1
Income Taxes - Income Tax Benefit (Expense) from Continuing Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Current Income Tax Benefit (Expense) $ 4.0 $ (6.2) $ 122.7
Deferred Income Tax Benefit 70.8 90.6 2.9
Income Tax Benefit $ 74.8 $ 84.4 [1] $ 125.6 [1]
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Income Taxes - Statutory Federal Income Tax Expense, Effective Income Tax Expense, Rates (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Amount      
Statutory Federal Income Tax Benefit $ 72.8 $ 77.9 $ 52.3
Tax-exempt Income and Dividends Received Deduction 4.8 5.3 4.6
Untaxed Earnings on Company-Owned Life Insurance 6.1 8.0 5.4
Tax credits 3.1 6.5 66.1
Stock-Based Compensation (0.3) (1.3) 0.3
Nondeductible Executive Compensation (1.8) (1.5) (2.7)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount (6.3) 0.0 0.0
Expense on Transactions 0.0 (11.5) 0.0
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount 27.4 0.0 0.0
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount (27.4) 0.0 0.0
Other, Net (3.6) 1.0 (0.4)
Income Tax Benefit $ 74.8 $ 84.4 [1] $ 125.6 [1]
Rate      
Statutory Federal Income Tax Benefit 21.00% 21.00% 21.00%
Tax-exempt Income and Dividends Received Deduction 1.40% 1.30% 1.90%
Effective Income Tax Rate Reconciliation, Untaxed Earnings on Company-Owned Life Insurance, Percent 1.80% 2.10% 2.20%
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent 0.90% 1.70% 27.00%
Stock-Based Compensation 0.10% 0.30% (0.10%)
Nondeductible Executive Compensation 0.50% 0.40% 1.10%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent (1.80%) 0.00% 0.00%
Expense on Transactions 0.00% 3.00% 0.00%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent 7.90% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent (7.90%) 0.00% 0.00%
Other, Net 1.10% (0.30%) 0.20%
Effective Income Tax Benefit 21.60% 22.70% 50.90%
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Income Taxes - Comprehensive Income Tax Benefit and Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Loss Carryforwards [Line Items]      
Income Tax Benefit $ 74.8 $ 84.4 [1] $ 125.6 [1]
Unrealized (Appreciation) Depreciation on Securities (50.3) 325.5 60.7
Tax Effects from Postretirement Benefit Plans (12.4) (4.0) 1.8
Tax Effects on changes in Discount Rate for Life Reserves 21.2 (289.9) (47.9)
Tax Effects from Cash Flow Hedge 0.0 (1.2) (0.1)
Comprehensive Income Tax Benefit 33.3 114.8 140.1
Operations      
Operating Loss Carryforwards [Line Items]      
Income Tax Benefit $ 74.8 $ 84.4 $ 125.6
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Schedule 1 - Investments Other Than Investments in Related Parties (Details)
$ in Millions
Dec. 31, 2023
USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost $ 9,588.1
Amount Carried in Balance Sheet 8,904.2
Fixed Maturities:  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 7,565.8
Fair Value 6,881.9
Amount Carried in Balance Sheet 6,881.9
United States Government and Government Agencies and Authorities  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 594.1
Fair Value 511.5
Amount Carried in Balance Sheet 511.5
States and Political Subdivisions  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 1,575.9
Fair Value 1,401.9
Amount Carried in Balance Sheet 1,401.9
Foreign Governments  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 4.4
Fair Value 3.8
Amount Carried in Balance Sheet 3.8
Other Bonds and Notes  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 4,046.8
Fair Value 3,690.8
Amount Carried in Balance Sheet 3,690.8
Redeemable Preferred Stocks  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 9.0
Fair Value 8.3
Amount Carried in Balance Sheet 8.3
Collateralized Loan Obligations  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 973.6
Fair Value 949.8
Amount Carried in Balance Sheet 949.8
Other Mortgage- and Asset-backed  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 362.0
Fair Value 315.8
Amount Carried in Balance Sheet 315.8
Equity Securities at Fair Value:  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 225.8
Fair Value 225.8
Amount Carried in Balance Sheet 225.8
Preferred Stocks  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 25.5
Fair Value 25.5
Amount Carried in Balance Sheet 25.5
Common Stock  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 1.2
Fair Value 1.2
Amount Carried in Balance Sheet 1.2
Other Equity Interests  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 199.1
Fair Value 199.1
Amount Carried in Balance Sheet 199.1
Equity Method Limited Liability Investments at Cost Plus Cumulative Undistributed Earnings  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 221.7
Amount Carried in Balance Sheet 221.7
Other Investments  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 241.9
Amount Carried in Balance Sheet 241.9
Short-term Investments  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 520.9
Amount Carried in Balance Sheet 520.9
Alternative Energy Partnership Investments  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 17.3
Amount Carried in Balance Sheet 17.3
Company-Owned Life Insurance  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 513.5
Amount Carried in Balance Sheet 513.5
Loans to Policyholders  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 281.2
Amount Carried in Balance Sheet $ 281.2
v3.24.0.1
Schedule 2 - Parent Company Financial Statements - Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Mar. 10, 2022
Feb. 15, 2022
Dec. 31, 2021
Dec. 31, 2020
ASSETS            
Amortized cost of fixed maturities $ 7,565.8 $ 7,811.8        
Fixed Maturities at Fair Value (Amortized Cost: 2023 – $177.4; 2022 - $122.5) 6,881.9 6,894.8        
Cost of equity securities 209.3 247.6        
Equity Securities at Fair Value (Cost: 2023 - $11.6; 2022 - $39.3) 225.8 243.2 [1]        
Other Investments 241.9 269.9 [1]        
Cash 64.1 212.4 [1]        
Other Receivables 200.5 262.6 [1]        
Current Income Taxes 64.5 167.6 [1]        
Right-of-Use Assets 38.4 45.1        
Other Assets 492.6 530.0 [1]        
Total Assets 12,742.7 13,313.6 [1]        
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) 1,389.2 1,386.9 [2]        
Long-term Debt 1,213.4 1,195.1        
Deferred Income Tax Liabilities 50.6 0.0 [2]        
Operating Lease, Liability 62.3 72.6        
Accrued Expenses and Other Liabilities 737.7 817.3 [2]        
Total Liabilities 10,237.7 10,643.0 [2]        
Shareholders’ Equity:            
Common Stock 6.4 6.4 [2]        
Additional Paid-in Capital 1,845.3 1,812.7 [2]        
Retained Earnings 1,014.3 1,366.4 [2]        
Accumulated Other Comprehensive Loss (360.8) (514.9) [2]        
Total Shareholders’ Equity 2,505.2 2,670.6 [2]        
Equity, Attributable to Noncontrolling Interest (0.2) 0.0 [2]        
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 2,505.0 2,670.6 [3]        
Total Liabilities and Shareholders’ Equity 12,742.7 13,313.6 [2]        
Senior Notes, 4.35 Percent Due February 15, 2025 | Senior Notes            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) 449.6 449.3        
Senior Notes, 2.400 Percent Due September 30, 2030 | Senior Notes            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) 397.0 396.6        
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1)     $ 144.7      
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | Senior Notes            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) 146.6 145.5        
Senior Notes, 3.800 Percent Due February 23, 2032            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1)       $ 395.1    
Senior Notes, 3.800 Percent Due February 23, 2032 | Senior Notes            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) 396.0 395.5        
Parent Company            
ASSETS            
Investments in Subsidiaries 3,594.1 3,849.0        
Amortized cost of fixed maturities 177.4 122.5        
Fixed Maturities at Fair Value (Amortized Cost: 2023 – $177.4; 2022 - $122.5) 174.3 120.0        
Cost of equity securities 11.6 39.3        
Equity Securities at Fair Value (Cost: 2023 - $11.6; 2022 - $39.3) 9.9 24.1        
Short-term Investments 180.2 67.7        
Other Investments 18.8 0.0        
Cash 1.5 66.3     $ 27.7 $ 46.0
Other Receivables 38.5 5.6        
Current Income Taxes 33.9 12.0        
Right-of-Use Assets 7.7 12.2        
Other Assets 32.5 35.6        
Total Assets 4,091.4 4,192.5        
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Current Income Tax Liability 0.0 0.0        
Deferred Income Tax Liabilities 119.5 49.1        
Liabilities for Benefit Plans 28.1 35.4        
Operating Lease, Liability 23.3 24.4        
Accrued Expenses and Other Liabilities 26.3 26.1        
Total Liabilities 1,586.4 1,521.9        
Shareholders’ Equity:            
Common Stock 6.4 6.4        
Additional Paid-in Capital 1,845.3 1,812.7        
Retained Earnings 1,014.3 1,366.4        
Accumulated Other Comprehensive Loss (360.8) (514.9)        
Total Shareholders’ Equity 2,505.2 2,670.6        
Equity, Attributable to Noncontrolling Interest (0.2) 0.0        
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 2,505.0 2,670.6        
Total Liabilities and Shareholders’ Equity 4,091.4 4,192.5        
Parent Company | Senior Notes, 4.35 Percent Due February 15, 2025            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) 449.6 449.3        
Parent Company | Senior Notes, 4.35 Percent Due February 15, 2025 | Senior Notes            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt 440.8 438.5        
Parent Company | Senior Notes, 2.400 Percent Due September 30, 2030            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) 397.0 396.6        
Parent Company | Senior Notes, 2.400 Percent Due September 30, 2030 | Senior Notes            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt 313.6 310.3        
Parent Company | 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) 146.6 145.5        
Parent Company | Senior Notes, 3.800 Percent Due February 23, 2032            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt, Current and Non-current, at Amortized Cost (Fair Value: 2023 - $1,213.4; 2022 - $1,195.1) 396.0 395.5        
Parent Company | Senior Notes, 3.800 Percent Due February 23, 2032 | Senior Notes            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt 338.4 336.2        
Parent Company | Senior Notes, 5.875 Percent Due March 15, 2062 | Junior Debt            
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Long-term Debt $ 120.6 $ 110.1        
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[3] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Schedule 2 - Parent Company Financial Statements - Statements of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]        
Net Investment Income   $ 419.7 $ 422.6 [1] $ 427.3 [1]
Income (Loss) from Change in Fair Value of Equity and Convertible Securities   4.7 (79.9) [1] 114.6 [1]
Net Realized Investment (Losses) Gains   (18.6) 4.3 [1] 64.8 [1]
Impairment Losses   (1.1) (25.8) [1] (11.0) [1]
Other Income   7.2 9.2 [1] 4.8 [1]
Total Revenues   4,944.2 5,523.9 [1] 5,718.5 [1]
Interest Expense   56.1 54.7 43.6
Loss from Early Extinguishment of Debt   0.0 3.7 [2] 0.0 [1]
Debt Extinguishment, Pension Settlement, and Other Charges   (70.2)    
Total Expenses   5,291.3 5,894.9 [1] 5,967.8 [1]
Income Tax Benefit (Expense)   74.8 84.4 [1] 125.6 [1]
Net Loss   (272.3) (286.6) [1] (123.7) [1]
Net Loss   (272.1) (286.6) [1] (123.7) [1]
Less: Net Loss attributable to Noncontrolling Interest   (0.2) 0.0 [1] 0.0 [1]
Parent Company        
Condensed Income Statements, Captions [Line Items]        
Net Investment Income   8.6 16.6 3.4
Income (Loss) from Change in Fair Value of Equity and Convertible Securities   (1.5) (14.8) 10.0
Net Realized Investment (Losses) Gains   (11.9) 3.0 10.6
Impairment Losses $ (0.4) (0.4) (0.2) 0.0
Other Income   0.0 1.1 0.0
Total Revenues   (5.2) 5.7 24.0
Interest Expense   56.7 52.6 32.0
Debt Extinguishment, Pension Settlement, and Other Charges   70.2 0.0 0.0
Other Operating Expenses   6.1 6.6 5.9
Total Expenses   133.0 59.2 37.9
Loss before Income Taxes and Equity in Net Loss of Subsidiaries   (138.2) (53.5) (13.9)
Income Tax Benefit (Expense)   28.4 14.0 (0.6)
Loss before Equity in Net Loss of Subsidiaries   (109.8) (39.5) (14.5)
Equity in Net Loss of Subsidiaries   (162.5) (247.1) (109.2)
Net Loss   (272.3) (286.6) (123.7)
Net Loss   (272.1) (286.6) (123.7)
Less: Net Loss attributable to Noncontrolling Interest   $ (0.2) $ 0.0 $ 0.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Schedule 2 - Parent Company Financial Statements - Statements of Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Statement of Income Captions [Line Items]      
Net Loss $ (272.3) $ (286.6) [1] $ (123.7) [1]
Reclassification Adjustment for Postretirement Benefit Costs Arising During the Year:      
Net Unrecognized Postretirement Benefit Costs 59.2 18.9 (8.8)
Gains on Cash Flow Hedge (0.2) 5.9 0.5
Other Comprehensive Income (Loss) Before Income Taxes 195.6 (143.7) (66.3)
Reclassification Adjustment for Amounts Included in Net Loss:      
Unrealized Holding Gains and Losses (50.3) 325.5 60.7
Reclassification Adjustments for Amounts Included in Net Loss:      
Debt Extinguishment, Pension Settlement, and Other Charges (70.2)    
Change in Discount Rate on Future Life Policyholder Benefits 21.2 (289.9) (47.9)
Changes in Gain on Cash Flow Hedges 0.2 (5.9) (0.5)
Other Comprehensive Income Tax Benefit (Expense) (41.5) 30.4 14.5
Other Comprehensive Income (Loss), Net of Taxes 154.1 (113.3) (51.8)
Total Comprehensive Loss (118.2) (399.9) (175.5)
Less: Total Comprehensive Loss attributable to Noncontrolling Interest (0.2) 0.0 0.0
Comprehensive Loss attributable to Kemper Corporation (118.0) (399.9) (175.5)
Credit Losses      
Reclassification Adjustment for Amounts Included in Net Loss:      
Changes in Net Unrealized Holding Gains (Losses) on Investment Securities (0.5) 1.9 (2.0)
No Credit Losses      
Reclassification Adjustment for Amounts Included in Net Loss:      
Changes in Net Unrealized Holding Gains (Losses) on Investment Securities 238.8 (1,551.1) (284.5)
Subsidiaries      
Reclassification Adjustment for Amounts Included in Net Loss:      
Reclassification Adjustment for Amounts Included in Net Income 4.5 (12.8) (43.5)
Unrecognized Postretirement Benefit Costs Arising During the Year 0.1 1.1 0.6
Reclassification Adjustment for Amounts Included in Net Loss:      
Reclassification Adjustment for Amounts Included in Net Income (1.0) 2.7 9.1
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax 0.0 (0.2) (0.1)
Reclassification Adjustments for Amounts Included in Net Loss:      
Subsidiaries 0.2 0.0 0.0
Subsidiaries | Credit Losses      
Changes in Net Unrealized (Losses) Gains on Investment Securities:      
Unrealized Holding Gains (Losses) Arising During the Period Before Reclassification Adjustment (0.5) 1.9 (2.0)
Changes in Net Unrealized (Losses) Gains on Investment Securities:      
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax 0.2 (0.4) 0.4
Subsidiaries | No Credit Losses      
Changes in Net Unrealized (Losses) Gains on Investment Securities:      
Unrealized Holding Gains (Losses) Arising During the Period Before Reclassification Adjustment 235.0 (1,535.7) (230.4)
Changes in Net Unrealized (Losses) Gains on Investment Securities:      
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax (49.5) 322.7 48.4
Parent Company      
Condensed Statement of Income Captions [Line Items]      
Net Loss (272.3) (286.6) (123.7)
Reclassification Adjustment for Amounts Included in Net Loss:      
Reclassification Adjustment for Amounts Included in Net Income (0.1) 0.0 (10.6)
Unrecognized Postretirement Benefit Costs Arising During the Year (7.4) 18.2 (9.5)
Amortization of Accumulated Unrecognized Pension Loss (0.3) 0.0 0.0
Reclassification Adjustment for Postretirement Benefit Costs Arising During the Year:      
Parent 66.8 (0.4) 0.1
Gains on Cash Flow Hedge (0.2) 5.9 0.5
Other Comprehensive Income (Loss) Before Income Taxes 195.6 (143.7) (66.3)
Reclassification Adjustment for Amounts Included in Net Loss:      
Reclassification Adjustment for Amounts Included in Net Income 0.1 0.0 2.2
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax 1.3 (3.9) 2.5
Reclassification Adjustments for Amounts Included in Net Loss:      
Subsidiaries (14.0) 0.1 0.0
Changes in Gain on Cash Flow Hedges (0.1) (1.2) (0.1)
Debt Extinguishment, Pension Settlement, and Other Charges 70.2 0.0 0.0
Changes in Gain on Cash Flow Hedges 0.2 (5.9) (0.5)
Other Comprehensive Income Tax Benefit (Expense) (41.5) 30.4 14.5
Other Comprehensive Income (Loss), Net of Taxes 154.1 (113.3) (51.8)
Less: Total Comprehensive Loss attributable to Noncontrolling Interest (0.2) 0.0 0.0
Comprehensive Loss attributable to Kemper Corporation (118.0) (399.9) (175.5)
Parent Company | No Credit Losses      
Changes in Net Unrealized (Losses) Gains on Investment Securities:      
Unrealized Holding Gains (Losses) Arising During the Period Before Reclassification Adjustment (0.6) (2.6) 0.0
Changes in Net Unrealized (Losses) Gains on Investment Securities:      
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax $ 0.1 $ 0.5 $ 0.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Schedule 2 - Parent Company Financial Statements - Statements of Cash Flows (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:        
Net Loss   $ (272.3) $ (286.6) [1] $ (123.7) [1]
Adjustments to Reconcile Net Loss to Net Cash (Used in) Provided by Operating Activities:        
Cash Dividends from Subsidiaries   640.9 311.7 347.0
Income (Loss) from Change in Fair Value of Equity and Convertible Securities   (4.7) 79.9 [1] (114.6) [1]
Net Realized Gain on Sale of Investments   18.6 (4.3) [1] (64.8) [1]
Impairment Losses   1.1 25.8 [1] 11.0 [1]
Loss from Early Extinguishment of Debt   0.0 3.7 [2] 0.0 [1]
Other Assets and Liabilities   (33.0) (11.2) [2] 89.1 [2]
Net Cash (Used in) Provided by Operating Activities   (134.2) (210.3) [2] 350.7 [2]
Cash Flows from Investing Activities:        
Proceeds from the Sales, Calls and Maturities of Fixed Maturities   673.0 1,295.5 [2] 1,388.9 [2]
Fixed Maturities   (447.4) (1,815.8) [2] (1,825.4) [2]
Equity Securities   (44.4) (58.9) [2] (124.3) [2]
Net Purchases of Short-term Investments   (238.4) 6.1 [2] 687.2 [2]
Equity Securities   149.0 536.0 [2] 316.6 [2]
Acquisition of Business   0.0 0.0 [2] (316.6) [2]
Other Investments   (19.8) (13.0) [2] (104.9) [2]
Net Cash Provided by (Used in) Investing Activities   107.9 (108.4) [2] (118.2) [2]
Cash Flows from Financing Activities:        
Proceeds from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062   0.0 145.6 0.0
Repayments of Long-term Debt   0.0 (280.0) (50.0)
Dividends Paid   (80.1) (79.7) (80.6)
Proceeds from Shares Issued under Employee Stock Purchase Plan   4.3 4.9 5.4
Common Stock Repurchases   0.0 0.0 (161.7)
Other   1.9 0.6 3.7
Net Cash (Used in) Provided by Financing Activities   (122.0) 382.9 (290.4)
Net (decrease) increase in cash   (148.3) 64.2 (57.9)
Cash, Beginning of Year [3]   212.4    
Cash, End of Year $ 64.1 64.1 212.4 [3]  
Senior Notes, 3.800 Percent Due February 23, 2032        
Cash Flows from Financing Activities:        
Proceeds from Issuance of 3.800% Senior Notes due February 23, 2032   0.0 396.3 0.0
Issue Fess   0.0 (1.2) 0.0
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062        
Cash Flows from Financing Activities:        
Issue Fess   0.0 (0.9) 0.0
Parent Company        
Cash Flows from Operating Activities:        
Net Loss   (272.3) (286.6) (123.7)
Adjustments to Reconcile Net Loss to Net Cash (Used in) Provided by Operating Activities:        
Equity in Net Income (Loss) of Subsidiaries   162.5 247.1 109.2
Cash Dividends from Subsidiaries   320.8 25.3 170.3
Income (Loss) from Change in Fair Value of Equity and Convertible Securities   1.5 14.8 (10.0)
Net Realized Gain on Sale of Investments   11.9 (3.0) (10.6)
Settlement Costs Related to Defined Benefit Pension Plan 70.2   0.0 0.0
Impairment Losses 0.4 0.4 0.2 0.0
Other Assets and Liabilities   (30.6) (48.9) (35.3)
Net Cash (Used in) Provided by Operating Activities   264.4 (51.1) 99.9
Cash Flows from Investing Activities:        
Capital Contributed to Subsidiaries   (181.5) (537.8) (36.5)
Proceeds from the Sales, Calls and Maturities of Fixed Maturities   50.8 0.1 181.3
Fixed Maturities   0.0 (40.3) 0.0
Equity Securities   (2.1) (5.6) (48.7)
Net Purchases of Short-term Investments   (112.2) 138.9 411.3
Equity Securities   14.8 71.9 28.5
Acquisition of Business   0.0 0.0 (370.9)
Other Investments   (23.2) (3.1) 0.0
Net Cash Provided by (Used in) Investing Activities   (253.4) (375.9) 165.0
Cash Flows from Financing Activities:        
Repayments of Long-term Debt   0.0 0.0 (50.0)
Dividends Paid   (79.6) (79.7) (80.6)
Proceeds from Shares Issued under Employee Stock Purchase Plan   4.3 4.9 5.4
Common Stock Repurchases   0.0 0.0 (161.7)
Other   (0.5) 0.6 3.7
Net Cash (Used in) Provided by Financing Activities   (75.8) 465.6 (283.2)
Net (decrease) increase in cash   (64.8) 38.6 (18.3)
Cash, Beginning of Year   66.3 27.7 46.0
Cash, End of Year $ 1.5 1.5 66.3 27.7
Parent Company | Senior Notes, 3.800 Percent Due February 23, 2032        
Cash Flows from Financing Activities:        
Proceeds from Issuance of 3.800% Senior Notes due February 23, 2032   0.0 396.3 0.0
Issue Fess   0.0 (1.2) 0.0
Parent Company | 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062        
Cash Flows from Financing Activities:        
Issue Fess   0.0 (0.9) 0.0
Proceeds from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062   0.0 145.6 0.0
Parent Company | Senior Notes, 2.400 Percent Due September 30, 2030        
Cash Flows from Financing Activities:        
Proceeds from Issuance of 3.800% Senior Notes due February 23, 2032   0.0 0.0 0.0
Issue Fess   $ 0.0 $ 0.0 $ 0.0
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[2] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
[3] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.
v3.24.0.1
Schedule 2 - Parent Company Financial Statements - Narrative (Details)
$ in Millions
 12 Months Ended
Mar. 10, 2022
deferral_period
Feb. 23, 2022
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jul. 01, 2022
USD ($)
Condensed Financial Statements, Captions [Line Items]          
Guarantor obligations     $ 40.0 $ 5.0  
Kemper Bermuda Ltd          
Condensed Financial Statements, Captions [Line Items]          
Guarantor obligations         $ 300.0
5.000% Senior Notes Due September 19, 2022 | Senior Notes          
Condensed Financial Statements, Captions [Line Items]          
Redemption price, percentage   100.00%      
Senior Notes, 5.875 Percent Due March 15, 2062 | Junior Debt          
Condensed Financial Statements, Captions [Line Items]          
Stated interest rate, percentage 5.875%        
Interest deferrals, number of deferral periods | deferral_period 1        
Interest deferrals, period (up to) 5 years        
Senior Notes, 5.875 Percent Due March 15, 2062 | Junior Debt | Five-Year Treasury Rate          
Condensed Financial Statements, Captions [Line Items]          
Debt instrument, basis spread on variable rate 4.14%        
Subsidiary of Common Parent | Non-cash Dividends          
Condensed Financial Statements, Captions [Line Items]          
Related party transaction, amounts of transaction     385.6 300.1  
Parent Company | Non-cash Capital Contributions          
Condensed Financial Statements, Captions [Line Items]          
Related party transaction, amounts of transaction     $ 336.5 $ 156.3  
v3.24.0.1
Schedule 2 - Parent Company Financial Statements - Right of Use Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]    
Operating Lease, Right of Use Asset $ 38.4 $ 45.1
Operating Lease, Liability 62.3 72.6
Parent Company    
Condensed Financial Statements, Captions [Line Items]    
Operating Lease, Right of Use Asset 7.7 12.2
Operating Lease, Liability $ 23.3 $ 24.4
v3.24.0.1
Schedule 2 - Parent Company Financial Statements - Supplemental Cash Flow Information (Details) - Parent Company - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]    
Operating Lease Payments $ 5.8 $ 2.4
Operating lease, Liability Reduction 4.8 1.4
Finance Lease, Principal Payments $ 0.0 $ 0.0
v3.24.0.1
Schedule 2 - Parent Company Financial Statements - Lease Weighted Average (Details)
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]    
Weighted Average Remaining Lease Term, Operating Lease 5 years 6 months 5 years 7 months 6 days
Weighted Average Discount Rate, Operating Leases 4.30% 3.60%
Parent Company    
Condensed Financial Statements, Captions [Line Items]    
Weighted Average Remaining Lease Term, Operating Lease 10 years 11 years
Weighted Average Discount Rate, Operating Leases 4.10% 4.00%
v3.24.0.1
Schedule 2 - Parent Company Financial Statements - Future Minimum Lease Payments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]    
Due Next 12 Months $ 20.4  
Due Year Two 15.5  
Due Year Three 9.4  
Due Year Four 7.2  
Due Year Five 4.4  
Due after Year Five 15.2  
Total Future Payments 72.1  
Imputed Interest 9.8  
Operating Lease, Liability 62.3 $ 72.6
Parent Company    
Condensed Financial Statements, Captions [Line Items]    
Due Next 12 Months 2.9  
Due Year Two 2.6  
Due Year Three 2.6  
Due Year Four 2.7  
Due Year Five 2.8  
Due after Year Five 14.8  
Total Future Payments 28.4  
Imputed Interest 5.1  
Operating Lease, Liability $ 23.3 $ 24.4
v3.24.0.1
Schedule 3 - Supplementary Insurance Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Earned Premiums2 $ 4,529.4 $ 5,213.4 $ 5,179.2
Other Income (Loss) 7.2 9.2 4.8
Net Investment Income 419.7 422.6 427.3
Insurance Claims and Policy- holders’ Benefits2 3,820.0 4,432.6 4,519.6
Amortization of Deferred Policy Acquisition Costs2 607.1 705.7 695.1
Other Insurance Expenses2 445.3 495.3 533.7
Deferred Policy Acquisition Costs2 591.6 635.6  
Insurance Reserves2 6,102.9 6,033.1  
Unearned Premiums 1,300.8 1,704.4  
Specialty Property & Casualty Insurance      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Earned Premiums2 3,632.5 4,046.4 3,948.5
Premiums Written 3,305.4 3,934.4 4,057.3
Other Income (Loss) 4.5 6.0 4.1
Net Investment Income 168.3 140.7 152.5
Insurance Claims and Policy- holders’ Benefits2 3,141.9 3,578.2 3,593.7
Amortization of Deferred Policy Acquisition Costs2 496.2 569.8 546.7
Other Insurance Expenses2 245.1 232.1 227.8
Deferred Policy Acquisition Costs2 142.7 192.6  
Insurance Reserves2 2,308.7 2,321.1  
Unearned Premiums 1,104.5 1,431.5  
Non-Core Operations      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Earned Premiums2 509.3 595.5 651.7
Premiums Written 435.5 527.1 642.0
Other Income (Loss) 0.0 0.0 0.0
Net Investment Income 48.7 49.7 68.6
Insurance Claims and Policy- holders’ Benefits2 434.6 493.4 537.4
Amortization of Deferred Policy Acquisition Costs2 71.0 93.5 103.8
Other Insurance Expenses2 75.6 90.0 102.6
Deferred Policy Acquisition Costs2 22.0 38.1  
Insurance Reserves2 356.4 419.1  
Unearned Premiums 188.7 264.0  
Life Insurance      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Earned Premiums2 387.6 571.5 579.0
Other Income (Loss) (0.2) (0.6) (1.3)
Net Investment Income 193.4 216.5 202.7
Insurance Claims and Policy- holders’ Benefits2 243.4 360.8 388.5
Amortization of Deferred Policy Acquisition Costs2 39.9 42.4 44.6
Other Insurance Expenses2 235.9 300.9 325.0
Deferred Policy Acquisition Costs2 426.9 404.9  
Insurance Reserves2 3,425.3 3,278.5  
Unearned Premiums 7.6 8.9  
Other      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Earned Premiums2 0.0 0.0 0.0
Other Income (Loss) 2.9 3.8 2.0
Net Investment Income 9.3 15.7 3.5
Insurance Claims and Policy- holders’ Benefits2 0.1 0.2 0.0
Amortization of Deferred Policy Acquisition Costs2 0.0 0.0 0.0
Other Insurance Expenses2 (111.3) (127.7) $ (121.7)
Deferred Policy Acquisition Costs2 0.0 0.0  
Insurance Reserves2 12.5 14.4  
Unearned Premiums $ 0.0 $ 0.0  
v3.24.0.1
Schedule 4 - Reinsurance Schedule (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Life Insurance in Force      
Gross Amount $ 19,750.8 $ 19,885.1 $ 20,287.7
Ceded to Other Companies 339.4 354.8 372.3
Assumed from Other Companies 129.9 137.1 144.5
Net Amount $ 19,541.3 $ 19,667.4 $ 20,059.9
Percentage of Amount Assumed to Net 0.70% 0.70% 0.70%
Premiums      
Gross Amount $ 4,532.4 $ 5,229.8 $ 5,180.6
Ceded to Other Companies 32.7 42.7 36.1
Assumed from Other Companies 29.7 26.3 34.7
Net Amount $ 4,529.4 $ 5,213.4 [1] $ 5,179.2 [1]
Percentage of Amount Assumed to Net 0.70% 0.50% 0.70%
Life Insurance      
Premiums      
Gross Amount $ 322.0 $ 355.8 $ 327.4
Ceded to Other Companies 3.3 3.6 0.9
Assumed from Other Companies 0.5 0.6 0.7
Net Amount $ 319.2 $ 352.8 $ 327.2
Percentage of Amount Assumed to Net 0.20% 0.20% 0.20%
Accident and Health Insurance      
Premiums      
Gross Amount $ 34.7 $ 167.9 $ 185.8
Ceded to Other Companies 11.6 1.1 0.3
Assumed from Other Companies 0.0 1.4 4.4
Net Amount $ 23.1 $ 168.2 $ 189.9
Percentage of Amount Assumed to Net 0.00% 0.80% 2.30%
Property and Liability Insurance      
Premiums      
Gross Amount $ 4,175.7 $ 4,706.1 $ 4,667.4
Ceded to Other Companies 17.8 38.0 34.9
Assumed from Other Companies 29.2 24.3 29.6
Net Amount $ 4,187.1 $ 4,692.4 $ 4,662.1
Percentage of Amount Assumed to Net 0.70% 0.50% 0.60%
[1] As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been recast to reflect application of the new guidance. See Note 2 to the Consolidated Financial Statements for additional information.