CNO FINANCIAL GROUP, INC., 10-Q filed on 5/6/2024
Quarterly Report
v3.24.1.u1
Cover Page - shares
3 Months Ended
Mar. 31, 2024
Apr. 23, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-31792  
Entity Registrant Name CNO Financial Group, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 75-3108137  
Entity Address, Address Line One 11299 Illinois Street  
Entity Address, City or Town Carmel,  
Entity Address, State or Province IN  
Entity Address, Postal Zip Code 46032  
City Area Code (317)  
Local Phone Number 817-6100  
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  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   108,259,664
Entity Central Index Key 0001224608  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Common Stock, par value $0.01 per share    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol CNO  
Security Exchange Name NYSE  
Rights To Purchase Series F Junior Participating Preferred Stock    
Document Information [Line Items]    
Title of 12(b) Security Rights to purchase Series F Junior Participating Preferred Stock  
Security Exchange Name NYSE  
No Trading Symbol Flag true  
5.125% Subordinated Debentures due 2060    
Document Information [Line Items]    
Title of 12(b) Security 5.125% Subordinated Debentures due 2060  
Trading Symbol CNOpA  
Security Exchange Name NYSE  
v3.24.1.u1
CONSOLIDATED BALANCE SHEET - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Investments:    
Fixed maturities, available for sale, at fair value (net of allowance for credit losses: March 31, 2024 - $39.0 and December 31, 2023 - $42.9; amortized cost: March 31, 2024 - $23,950.8 and December 31, 2023 - $23,699.2) $ 21,648.1 $ 21,506.2
Equity securities at fair value 118.4 96.9
Mortgage loans (net of allowance for credit losses: March 31, 2024 - $16.6 and December 31, 2023 - $15.4) 2,087.1 2,064.1
Policy loans 130.3 128.5
Trading securities 222.8 222.7
Investments held by variable interest entities (net of allowance for credit losses: March 31, 2024 - $4.3 and December 31, 2023 - $3.1; amortized cost: March 31, 2024 - $547.2 and December 31, 2023 - $787.6) 533.4 768.6
Other invested assets 1,471.3 1,353.4
Total investments 26,211.4 26,140.4
Cash and cash equivalents - unrestricted 566.3 774.5
Cash and cash equivalents held by variable interest entities 83.5 114.5
Accrued investment income 252.0 251.5
Present value of future profits 175.5 180.7
Deferred acquisition costs 1,992.3 1,944.4
Reinsurance receivables (net of allowance for credit losses: March 31, 2024 - $3.0 and December 31, 2023 - $3.0) 3,969.0 4,040.7
Market risk benefit asset 84.1 75.4
Income tax assets, net 886.1 936.2
Assets held in separate accounts 3.3 3.1
Other assets 716.2 641.1
Total assets 34,939.7 35,102.5
Liabilities for insurance products:    
Policyholder account balances 15,736.7 15,667.8
Future policy benefits 11,736.5 11,928.2
Market risk benefit liability 3.8 7.4
Liability for life insurance policy claims 65.1 62.1
Unearned and advanced premiums 226.0 218.9
Liabilities related to separate accounts 3.3 3.1
Other liabilities 905.0 848.8
Investment borrowings 2,189.1 2,189.3
Borrowings related to variable interest entities 565.5 820.8
Notes payable – direct corporate obligations 1,141.0 1,140.5
Total liabilities 32,572.0 32,886.9
Commitments and Contingencies
Shareholders' equity:    
Common stock ($0.01 par value, 8,000,000,000 shares authorized, shares issued and outstanding: March 31, 2024 – 108,568,594; December 31, 2023 – 109,357,540) 1.1 1.1
Additional paid-in capital 1,851.2 1,891.5
Accumulated other comprehensive loss (1,480.3) (1,576.8)
Retained earnings 1,995.7 1,899.8
Total shareholders' equity 2,367.7 2,215.6
Total liabilities and shareholders' equity $ 34,939.7 $ 35,102.5
v3.24.1.u1
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Investments:    
Fixed maturities, available for sale, allowance for credit losses $ 39.0 $ 42.9
Fixed maturities, available for sale, amortized cost 23,950.8 23,699.2
Mortgage loans, allowance for credit losses 16.6 15.4
Investments held by variable interest entities, allowance for credit losses 4.3 3.1
Investments held by variable interest entities, amortized cost 547.2 787.6
Reinsurance receivables, allowance for current expected credit losses $ 3.0 $ 3.0
Shareholders' equity:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 8,000,000,000 8,000,000,000
Common stock, shares issued (in shares) 108,568,594 109,357,540
Common stock, shares outstanding (in shares) 108,568,594 109,357,540
v3.24.1.u1
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues:    
Insurance policy income $ 628.4 $ 625.5
Net investment income:    
General account assets 301.9 292.2
Policyholder and other special-purpose portfolios 167.3 50.8
Investment gains (losses):    
Realized investment losses (10.0) (14.6)
Other investment gains 17.8 0.0
Total investment gains (losses) 7.8 (14.6)
Fee revenue and other income 51.1 52.1
Total revenues 1,156.5 1,006.0
Benefits and expenses:    
Insurance policy benefits 631.4 609.7
Liability for future policy benefits remeasurement (gain) loss (6.4) 0.6
Change in fair value of market risk benefits (13.7) 14.8
Interest expense 60.2 54.7
Amortization of deferred acquisition costs and present value of future profits 60.5 55.5
Other operating costs and expenses 278.3 271.7
Total benefits and expenses 1,010.3 1,007.0
Income (loss) before income taxes 146.2 (1.0)
Income tax expense (benefit) on period income (loss) 33.9 (0.2)
Net income (loss) $ 112.3 $ (0.8)
Basic:    
Weighted average shares outstanding (in shares) 108,964 114,545
Net income (loss) (in dollars per share) $ 1.03 $ (0.01)
Diluted:    
Weighted average shares outstanding (in shares) 110,845 114,545
Net income (loss) (in dollars per share) $ 1.01 $ (0.01)
v3.24.1.u1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 112.3 $ (0.8)
Other comprehensive income (loss), before tax:    
Unrealized gains (losses) on investments (114.6) 626.1
Adjustment to discount rate for liability for future policy benefits 231.7 (263.3)
Adjustment to instrument-specific credit risk for market risk benefits (1.4) 0.9
Reclassification adjustments:    
For net realized investment losses included in net income (loss) 7.3 10.9
Other comprehensive income before tax 123.0 374.6
Income tax expense related to items of accumulated other comprehensive income (26.5) (81.7)
Other comprehensive income, net of tax 96.5 292.9
Comprehensive income $ 208.8 $ 292.1
v3.24.1.u1
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Retained earnings
Balance, beginning of period (in shares) at Dec. 31, 2022   114,343,000      
Balance, beginning of period at Dec. 31, 2022 $ 1,768.8 $ 1.1 $ 2,033.8 $ (1,957.3) $ 1,691.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (0.8)       (0.8)
Other comprehensive income, net of tax 292.9     292.9  
Common stock repurchased (in shares)   (633,000)      
Common stock repurchased (15.1)   (15.1)    
Dividends on common stock (16.4)       (16.4)
Employee benefit plans, net of shares used to pay tax withholdings (in shares)   1,195,000      
Employee benefit plans, net of shares used to pay tax withholdings 2.4   2.4    
Balance, end of period (in shares) at Mar. 31, 2023   114,905,000      
Balance, end of period at Mar. 31, 2023 $ 2,031.8 $ 1.1 2,021.1 (1,664.4) 1,674.0
Balance, beginning of period (in shares) at Dec. 31, 2023 109,357,540 109,358,000      
Balance, beginning of period at Dec. 31, 2023 $ 2,215.6 $ 1.1 1,891.5 (1,576.8) 1,899.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 112.3       112.3
Other comprehensive income, net of tax 96.5     96.5  
Common stock repurchased (in shares)   (1,483,000)      
Common stock repurchased (40.0)   (40.0)    
Dividends on common stock (16.4)       (16.4)
Employee benefit plans, net of shares used to pay tax withholdings (in shares)   694,000      
Employee benefit plans, net of shares used to pay tax withholdings $ (0.3)   (0.3)    
Balance, end of period (in shares) at Mar. 31, 2024 108,568,594 108,569,000      
Balance, end of period at Mar. 31, 2024 $ 2,367.7 $ 1.1 $ 1,851.2 $ (1,480.3) $ 1,995.7
v3.24.1.u1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Insurance policy income $ 582.1 $ 582.2
Net investment income 334.4 315.0
Fee revenue and other income 53.6 50.4
Insurance policy benefits (408.0) (410.9)
Interest expense (50.4) (38.6)
Deferrable policy acquisition costs (103.2) (89.8)
Other operating costs (303.8) (320.2)
Income taxes (10.1) (6.2)
Net cash from operating activities 94.6 81.9
Cash flows from investing activities:    
Sales of investments 671.0 486.5
Maturities and redemptions of investments 368.3 276.8
Purchases of investments (1,064.7) (1,147.7)
Net sales (purchases) of trading securities 4.3 (8.4)
Other (2.5) (13.9)
Net cash used by investing activities (23.6) (406.7)
Cash flows from financing activities:    
Issuance of common stock 2.8 8.1
Payments to repurchase common stock (58.8) (25.8)
Common stock dividends paid (17.3) (17.1)
Payments on financing arrangements (3.5) 0.0
Amounts received for deposit products 523.9 498.3
Withdrawals from deposit products (505.5) (422.1)
Issuance of investment borrowings:    
Federal Home Loan Bank 222.0 620.5
Payments on investment borrowings:    
Federal Home Loan Bank (222.1) (420.4)
Related to variable interest entities (251.7) (39.5)
Net cash provided (used) by financing activities (310.2) 202.0
Net decrease in cash and cash equivalents (239.2) (122.8)
Cash and cash equivalents - unrestricted and held by variable interest entities, beginning of period 889.0 644.9
Cash and cash equivalents - unrestricted and held by variable interest entities, end of period $ 649.8 $ 522.1
v3.24.1.u1
BUSINESS AND BASIS OF PRESENTATION
3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BUSINESS AND BASIS OF PRESENTATION
BUSINESS AND BASIS OF PRESENTATION

CNO Financial Group, Inc., a Delaware corporation ("CNO"), is a holding company for a group of insurance companies that develop, market and administer health insurance, annuity, individual life insurance and other insurance products.  The terms "CNO Financial Group, Inc.", "CNO", the "Company", "we", "us", and "our" as used in these financial statements refer to CNO and its subsidiaries.  Such terms, when used to describe insurance business and products, refer to the insurance business and products of CNO's insurance subsidiaries.

We focus on serving middle-income pre-retiree and retired Americans, which we believe are attractive, underserved, high growth markets.  We sell our products through exclusive agents, independent producers (some of whom sell one or more of our product lines exclusively) and direct marketing.

Our unaudited consolidated financial statements reflect normal recurring adjustments that, in the opinion of management, are necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented.  As permitted by rules and regulations of the Securities and Exchange Commission (the "SEC") applicable to quarterly reports on Form 10-Q, we have condensed or omitted certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").  Results for interim periods are not necessarily indicative of the results that may be expected for a full year.

The December 31, 2023 consolidated balance sheet data was derived from the audited consolidated financial statements included in our 2023 Annual Report on Form 10-K. Accordingly, these interim consolidated financial statements should be read together with the consolidated financial statements included in our 2023 Annual Report on Form 10-K.

When we prepare financial statements in conformity with GAAP, we are required to make estimates and assumptions that significantly affect reported amounts of various assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting periods.  For example, we use significant estimates and assumptions to calculate values for deferred acquisition costs, the present value of future profits, fair value measurements of certain investments (including derivatives), allowance for credit losses and other-than-temporary impairments of investments, assets and liabilities related to income taxes, liabilities for insurance products, liabilities related to litigation and guaranty fund assessment accruals.  If our future experience differs from these estimates and assumptions, our financial statements could be materially affected.

The accompanying financial statements are unaudited and include the accounts of the Company and its subsidiaries. Our consolidated financial statements exclude transactions between us and our consolidated affiliates, or among our consolidated affiliates.
v3.24.1.u1
RECENTLY ISSUED ACCOUNTING STANDARDS
3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
RECENTLY ISSUED ACCOUNTING STANDARDS
RECENTLY ISSUED ACCOUNTING STANDARDS

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. Such requirements include: (i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss on an annual and interim basis; (ii) disclosures of an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis (the other segment items category is the difference between segment revenues less the segment expenses disclosed pursuant to the new guidance); (iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and (iv) specifying the title and position of the CODM and an explanation of how the CODM uses the reported measures to assess segment performance and make decisions about allocating resources. ASU 2023-07 is effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025, to be applied on a retrospective basis (with early adoption permitted). The adoption of ASU 2023-07 will expand our disclosures but will not have an impact on our financial position or results of operations.

In December 2023, the FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to improve the effectiveness of income tax disclosures by requiring, among other things, the disclosure on an annual basis of: (i) specific categories in the rate reconciliation; and (ii) additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires disclosure (on an annual basis) of the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). ASU 2023-09 is effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted). The adoption of ASU 2023-09 will modify our disclosures but will not have an impact on our financial position or results of operations.
v3.24.1.u1
INVESTMENTS
3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
INVESTMENTS

We classify our fixed maturity securities into one of two categories: (i) "available for sale" (which we carry at estimated fair value with any unrealized gain or loss, net of tax and related adjustments, recorded as a component of shareholders' equity); or (ii) "trading" (which we carry at estimated fair value with changes in such value recognized as either net investment income (classified as investment income from policyholder and other special-purpose portfolios) or investment gains (losses)).

Trading securities include: (i) investments purchased with the intent of selling in the near term to generate income; and (ii) certain fixed maturity securities containing embedded derivatives for which we have elected the fair value option.  The change in fair value of the income generating investments is recognized in income from policyholder and other special-purpose portfolios (a component of net investment income). The change in fair value of securities with embedded derivatives is recognized in other investment gains (losses).

We review our available for sale fixed maturity securities with unrealized losses to determine whether such impairments are the result of credit losses. We analyze various factors to make such determinations including, but not limited to: (i) actions taken by rating agencies; (ii) default by the issuer; (iii) the significance of the decline; (iv) an assessment of our intent to sell the security before recovering the security's amortized cost; (v) an economic analysis of the issuer's industry; and (vi) the financial strength, liquidity, and recoverability of the issuer. We perform a security by security review each quarter to evaluate whether a credit loss has occurred.

In determining the credit loss component, we discount the estimated cash flows on a security by security basis. We consider the impact of macroeconomic conditions on inputs used to measure the amount of credit loss. For most structured securities, cash flow estimates are based on bond-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayment speeds and structural support, including overcollateralization, excess spread, subordination and guarantees. For corporate bonds, cash flow estimates are derived by considering asset type, rating, time to maturity, and applying an expected loss rate.

If a portion of the decline is due to credit-related factors, we separate the credit loss component of the impairment from the amount related to all other factors. The credit loss component is recorded as an allowance and reported in other investment gains (losses) (limited to the difference between estimated fair value and amortized cost). The impairment related to all other factors (non-credit factors) is reported in accumulated other comprehensive income (loss) along with unrealized gains (losses) related to fixed maturity investments, available for sale, net of tax and related adjustments. The allowance is adjusted for any additional credit losses and subsequent recoveries. When recognizing an allowance associated with a credit loss, the cost basis is not adjusted. When we determine a security is uncollectable, the remaining amortized cost will be written off.
  
If we intend to sell an impaired fixed maturity security, available for sale, or identify an impaired fixed maturity security, available for sale, for which it is more likely than not we will be required to sell before anticipated recovery, the difference between the fair value and the amortized cost is included in other investment gains (losses) and the fair value becomes the new amortized cost. The new cost basis is not adjusted for any subsequent recoveries in fair value.

The Company reports accrued investment income separately from fixed maturities, available for sale, and has elected not to measure an allowance for credit losses for accrued investment income. Accrued investment income is written off through net investment income at the time the issuer of the bond defaults or is expected to default on payments.
At March 31, 2024, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):
Amortized costGross unrealized gainsGross unrealized lossesAllowance for credit lossesEstimated fair value
Corporate securities$13,132.7 $50.5 $(1,506.6)$(37.7)$11,638.9 
United States Treasury securities and obligations of United States government corporations and agencies232.8 — (18.4)— 214.4 
States and political subdivisions3,054.5 26.4 (376.9)(.6)2,703.4 
Foreign governments94.8 .6 (12.5)(.6)82.3 
Asset-backed securities1,546.1 3.3 (95.4)(.1)1,453.9 
Agency residential mortgage-backed securities683.3 6.7 (2.3)— 687.7 
Non-agency residential mortgage-backed securities1,670.4 33.6 (144.2)— 1,559.8 
Collateralized loan obligations1,151.0 4.6 (10.0)— 1,145.6 
Commercial mortgage-backed securities2,385.2 1.8 (224.9)— 2,162.1 
Total fixed maturities, available for sale$23,950.8 $127.5 $(2,391.2)$(39.0)$21,648.1 

At December 31, 2023, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):
Amortized costGross unrealized gainsGross unrealized lossesAllowance for credit lossesEstimated fair value
Corporate securities$13,186.9 $74.7 $(1,382.4)$(41.7)$11,837.5 
United States Treasury securities and obligations of United States government corporations and agencies207.6 .1 (13.3)— 194.4 
States and political subdivisions2,896.8 31.3 (360.7)(.7)2,566.7 
Foreign governments92.7 1.2 (10.4)(.4)83.1 
Asset-backed securities1,476.2 4.1 (107.8)(.1)1,372.4 
Agency residential mortgage-backed securities639.0 9.5 (.5)— 648.0 
Non-agency residential mortgage-backed securities1,670.1 35.8 (152.7)— 1,553.2 
Collateralized loan obligations1,042.5 3.3 (13.0)— 1,032.8 
Commercial mortgage-backed securities2,487.4 .7 (270.0)— 2,218.1 
Total fixed maturities, available for sale$23,699.2 $160.7 $(2,310.8)$(42.9)$21,506.2 
The following table sets forth the amortized cost and estimated fair value of fixed maturities, available for sale, at March 31, 2024, by contractual maturity.  Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.  Structured securities (such as asset-backed securities, agency residential mortgage-backed securities, non-agency residential mortgage-backed securities, collateralized loan obligations and commercial mortgage-backed securities, collectively referred to as "structured securities") frequently include provisions for periodic principal payments and permit periodic unscheduled payments.
Amortized
cost
Estimated
fair
value
 (Dollars in millions)
Due in one year or less$324.8 $314.6 
Due after one year through five years2,278.8 2,175.7 
Due after five years through ten years1,529.8 1,450.2 
Due after ten years12,381.4 10,698.5 
Subtotal16,514.8 14,639.0 
Structured securities7,436.0 7,009.1 
Total fixed maturities, available for sale$23,950.8 $21,648.1 

Gross Unrealized Investment Losses

Our investment strategy is to maximize, over a sustained period and within acceptable parameters of quality and risk, investment income and total investment return through active strategic asset allocation and investment management. Accordingly, we may sell securities at a gain or a loss to enhance the projected total return of the portfolio as market opportunities change, to reflect changing perceptions of risk, or to better match certain characteristics of our investment portfolio with the corresponding characteristics of our insurance liabilities.
The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at March 31, 2024 (dollars in millions):

 Less than 12 months12 months or greaterTotal
Description of securitiesFair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Corporate securities$508.6 $(7.4)$5,339.7 $(719.3)$5,848.3 $(726.7)
United States Treasury securities and obligations of United States government corporations and agencies72.9 (3.3)119.0 (15.1)191.9 (18.4)
States and political subdivisions272.4 (4.0)959.2 (166.4)1,231.6 (170.4)
Foreign governments12.0 (.5)18.2 (1.1)30.2 (1.6)
Asset-backed securities110.5 (.8)1,064.1 (93.7)1,174.6 (94.5)
Agency residential mortgage-backed securities249.8 (1.9)11.5 (.4)261.3 (2.3)
Non-agency residential mortgage-backed securities117.7 (.9)1,064.4 (143.3)1,182.1 (144.2)
Collateralized loan obligations233.1 (1.9)334.2 (8.1)567.3 (10.0)
Commercial mortgage-backed securities96.3 (.6)1,851.1 (224.3)1,947.4 (224.9)
Total fixed maturities, available for sale$1,673.3 $(21.3)$10,761.4 $(1,371.7)$12,434.7 $(1,393.0)

The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at December 31, 2023 (dollars in millions):

 Less than 12 months12 months or greaterTotal
Description of securitiesFair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Corporate securities$332.0 $(5.3)$5,199.0 $(640.6)$5,531.0 $(645.9)
United States Treasury securities and obligations of United States government corporations and agencies126.7 (10.2)34.5 (3.1)161.2 (13.3)
States and political subdivisions236.9 (3.8)990.0 (181.2)1,226.9 (185.0)
Foreign governments6.2 — 21.1 (2.3)27.3 (2.3)
Asset-backed securities46.9 (.8)1,066.8 (106.0)1,113.7 (106.8)
Agency residential mortgage-backed securities73.4 (.4)7.1 (.1)80.5 (.5)
Non-agency residential mortgage-backed securities69.0 (1.3)1,062.9 (151.4)1,131.9 (152.7)
Collateralized loan obligations75.0 (.3)590.9 (12.7)665.9 (13.0)
Commercial mortgage-backed securities203.8 (2.4)1,914.1 (267.6)2,117.9 (270.0)
Total fixed maturities, available for sale$1,169.9 $(24.5)$10,886.4 $(1,365.0)$12,056.3 $(1,389.5)
Based on management's current assessment of investments with unrealized losses at March 31, 2024, the Company believes the issuers of the securities will continue to meet their obligations.  While we do not have the intent to sell securities with unrealized losses and it is not more likely than not that we will be required to sell securities with unrealized losses prior to their anticipated recovery, our intent on an individual security may change, based upon market or other unforeseen developments. In such instances, if a loss is recognized from a sale subsequent to a balance sheet date due to these unexpected developments, the loss is recognized in the period in which we had the intent to sell the security before its anticipated recovery.

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended March 31, 2024 (dollars in millions):

Corporate securitiesStates and political subdivisionsForeign governmentsAsset-backed securitiesTotal
Allowance at December 31, 2023$41.7 $.7 $.4 $.1 $42.9 
Additions for securities for which credit losses were not previously recorded2.2 (.1).1 — 2.2 
Additions (reductions) for securities where an allowance was previously recorded(6.1)— .1 — (6.0)
Reduction for securities sold during the period(.1)— — — (.1)
Allowance at March 31, 2024$37.7 $.6 $.6 $.1 $39.0 

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended March 31, 2023 (dollars in millions):

Corporate securitiesStates and political subdivisionsForeign governmentsAsset-backed securitiesTotal
Allowance at December 31, 2022$54.4 $.9 $.4 $.3 $56.0 
Additions for securities for which credit losses were not previously recorded3.0 — — — 3.0 
Additions (reductions) for securities where an allowance was previously recorded.5 (.1).1 .3 .8 
Reduction for securities sold during the period(.7)— — — (.7)
Allowance at March 31, 2023$57.2 $.8 $.5 $.6 $59.1 
Mortgage Loans

Mortgage loans are carried at amortized unpaid balance, net of allowance for estimated credit losses. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Payment terms specified for mortgage loans may include a prepayment penalty for unscheduled payoff of the investment. Prepayment penalties are recognized as investment income when received.

The allowance for estimated credit losses is measured using a loss-rate method on an individual asset basis. Inputs used include asset-specific characteristics, current economic conditions, historical loss information and reasonable and supportable forecasts about future economic conditions.

The mortgage loan balance was comprised of commercial and residential mortgage loans. At March 31, 2024, we held commercial mortgage loan investments with an amortized cost and fair value of $1,461.7 million and $1,290.5 million, respectively. At March 31, 2024, there was one commercial mortgage loan with an amortized cost of $17.3 million that was noncurrent. There were no commercial mortgage loans in foreclosure.

At March 31, 2024, we held residential mortgage loan investments with an amortized cost and fair value of $642.0 million and $640.3 million, respectively. At March 31, 2024, there were seventeen residential mortgage loans that were noncurrent with an amortized cost of $9.4 million (of which, eleven loans with an amortized cost of $4.2 million were in foreclosure).

The following table provides the amortized cost by year of origination and estimated fair value of our outstanding commercial mortgage loans and the underlying collateral as of March 31, 2024 (dollars in millions):
Estimated fair
value
Loan-to-value ratio (a)20242023202220212020PriorTotal amortized costMortgage loansCollateral
Less than 60%
$12.8 $160.7 $160.8 $96.2 $33.2 $525.5 $989.2 $877.8 $3,675.3 
60% to less than 70%
— 126.9 47.4 29.2 5.5 18.6 227.6 208.3 348.7 
70% to less than 80%
— 19.3 54.7 24.9 — 49.7 148.6 127.2 201.0 
80% to less than 90%
— — 47.8 — — 48.5 96.3 77.2 113.8 
Total$12.8 $306.9 $310.7 $150.3 $38.7 $642.3 $1,461.7 $1,290.5 $4,338.8 
________________
(a)Loan-to-value ratios are calculated as the ratio of: (i) the amortized cost of the commercial mortgage loans; to (ii) the estimated fair value of the underlying collateral.

The following table summarizes changes in the allowance for credit losses related to mortgage loans for the three months ended March 31, 2024 and 2023 (dollars in millions):

Three months ended
March 31,
20242023
Allowance at the beginning of the period$15.4 $8.0 
Current period provision for expected credit losses1.2 .4 
Allowance at the end of the period$16.6 $8.4 
Total Investment Gains (Losses)

The following table sets forth the total investment gains (losses) for the periods indicated (dollars in millions):

Three months ended
March 31,
 20242023
Realized investment gains (losses): 
Gross realized gains on sales of fixed maturities, available for sale$2.1 $7.3 
Gross realized losses on sales of fixed maturities, available for sale(5.9)(14.4)
Equity securities, net— (.2)
Other, net(6.2)(7.3)
Total realized investment losses(10.0)(14.6)
Change in allowance for credit losses (a)1.5 (1.5)
Change in fair value of equity securities (b).9 .4 
Other changes in fair value (c)11.6 1.1 
Gain on liquidation of variable interest entity3.8 — 
Other investment gains17.8 — 
Total investment gains (losses)$7.8 $(14.6)
_________________
(a)    Changes in the allowance for credit losses includes $(1.2) million and $2.0 million in the three months ended March 31, 2024 and 2023, respectively, related to investments held by variable interest entities ("VIEs").
(b)    Changes in the estimated fair value of equity securities (that are still held as of the end of the respective periods) were $1.0 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively.
(c)    Changes in the estimated fair value of trading securities that we have elected the fair value option (that are still held as of the end of the respective periods) were $4.8 million and $(2.5) million in the three months ended March 31, 2024 and 2023, respectively.

During the first three months of 2024, we recognized net investment gains of $7.8 million, which were comprised of: (i) $10.0 million of net losses from the sales of investments; (ii) $0.9 million of gains related to equity securities, including the change in fair value; (iii) $11.3 million of gains related to certain other invested assets and fixed maturity investments with embedded derivatives, including the change in fair value; (iv) the increase in fair value of embedded derivatives related to a modified coinsurance agreement of $0.3 million; (v) $3.8 million of gains related to the liquidation of a VIE; and (vi) a decrease in the allowance for credit losses of $1.5 million.

During the first three months of 2023, we recognized net investment losses of $14.6 million, which were comprised of: (i) $14.4 million of net losses from the sales of investments; (ii) $0.2 million of gains related to equity securities, including the change in fair value; (iii) the decrease in fair value of certain other invested assets and fixed maturity investments with embedded derivatives of $0.3 million; (iv) the increase in fair value of embedded derivatives related to a modified coinsurance agreement of $1.4 million; and (v) an increase in the allowance for credit losses of $1.5 million.

Our fixed maturity investments are generally purchased in the context of various long-term strategies, including funding insurance liabilities, so we do not generally seek to generate short-term realized gains through the purchase and sale of such securities.  In certain circumstances, including those in which securities are selling at prices which exceed our view of their underlying economic value, or when it is possible to reinvest the proceeds to better meet our long-term asset-liability objectives, we may sell certain securities.

At March 31, 2024, there were no fixed maturity investments in default.

During the first three months of 2024, the $5.9 million of gross realized losses on sales of $197.1 million of fixed maturity securities, available for sale, included: (i) $3.5 million related to various corporate securities; (ii) $1.1 million related
to commercial mortgage-backed securities; and (iii) $1.3 million related to various other investments. Securities are generally sold at a loss following unforeseen issuer-specific events or conditions or shifts in perceived relative values.  These reasons include but are not limited to: (i) changes in the investment environment; (ii) expectation that the market value could deteriorate; (iii) our desire to reduce our exposure to an asset class, an issuer or an industry; (iv) prospective or actual changes in credit quality; (v) better match certain characteristics of our investment portfolio with the corresponding characteristics of our insurance liabilities; or (vi) changes in expected portfolio cash flows.

During the first three months of 2023, the $14.4 million of gross realized losses on sales of $288.5 million of fixed maturity securities, available for sale, included: (i) $11.1 million related to various corporate securities; (ii) $2.2 million related to commercial mortgage-backed securities; and (iii) $1.1 million related to various other investments.

Future events may occur, or additional information may become available, which may necessitate future realized losses in our portfolio.  Significant losses could have a material adverse effect on our consolidated financial statements in future periods.
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS
3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
LIABILITIES FOR INSURANCE PRODUCTS
LIABILITIES FOR INSURANCE PRODUCTS
The liability for future policy benefits is determined based on numerous assumptions. The most significant assumptions for our life and annuity business are mortality and lapse/withdrawal rates which are based on our experience and, in cases of limited experience, industry experience. Mortality and lapse/withdrawal rates also take into consideration future expectations in policyholder behavior that may vary from past experience. For our health business, mortality rates, lapse rates, morbidity assumptions and future rate increases are based on our experience and, in cases of limited experience, industry experience. Such assumptions also consider future expectations in policyholder behavior that may vary from past experience.

In the first three months of 2024, we reviewed the actual mortality, lapse, and morbidity experience and determined that no changes to assumptions for future cash flows were necessary. This is consistent with the impact in the "Effect of actual variances from expected experience" line items in the tables below, which indicate our actual experience did not deviate significantly from our expectations.

The following tables summarize balances and changes in the liability for future policy benefits for traditional and limited-payment contracts for the three months ended March 31, 2024 (dollars in millions):
Three months ended
March 31, 2024
Supplemental healthMedicare supplementLong-term careTraditional lifeOther annuities
Present value of expected net premiums ("PVENP"), beginning of period$2,718.2 $3,009.2 $1,055.6 $2,279.6 $— 
Effect of changes in discount rate assumptions, beginning of period86.8 99.1 (7.6)67.6 — 
Beginning PVENP at original discount rate2,805.0 3,108.3 1,048.0 2,347.2 — 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(15.2)(39.0)(7.9)(21.2)— 
Adjusted beginning of period PVENP2,789.8 3,069.3 1,040.1 2,326.0 — 
Issuances66.0 134.2 46.9 108.2 .9 
Interest accrual30.7 32.2 12.9 24.3 — 
Net premiums collected(86.9)(114.4)(39.5)(99.9)(.9)
Ending PVENP at original discount rate2,799.6 3,121.3 1,060.4 2,358.6 — 
Effect of changes in discount rate assumptions, end of period(139.1)(145.5)(11.5)(102.0)— 
PVENP, end of period$2,660.5 $2,975.8 $1,048.9 $2,256.6 $— 

Present value of expected future policy benefits ("PVEFPB"), beginning of period$6,023.3 $3,236.6 $4,364.6 $4,694.7 $308.9 
Effect of changes in discount rate assumptions, beginning of period229.8 108.3 (132.8)170.9 3.0 
Beginning PVEFPB at original discount rate6,253.1 3,344.9 4,231.8 4,865.6 311.9 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(17.7)(39.1)(12.1)(22.0).8 
Adjusted beginning of period PVEFPB6,235.4 3,305.8 4,219.7 4,843.6 312.7 
Issuances66.0 134.2 47.0 108.2 .9 
Interest accrual72.6 34.9 56.7 52.8 3.6 
Benefit payments(105.6)(117.8)(74.2)(120.7)(8.2)
Ending PVEFPB at original discount rate6,268.4 3,357.1 4,249.2 4,883.9 309.0 
Effect of changes in discount rate assumptions, end of period(371.4)(158.4)25.5 (263.8)(10.1)
PVEFPB, end of period$5,897.0 $3,198.7 $4,274.7 $4,620.1 $298.9 

Net liability for future policy benefits$3,236.5 $222.9 $3,225.8 $2,363.5 $298.9 
Flooring impact— .8 — — — 
Adjusted net liability for future policy benefits3,236.5 223.7 3,225.8 2,363.5 298.9 
Related reinsurance recoverable(1.5)— (360.8)(187.3)— 
Net liability for future policy benefits, net of reinsurance recoverable$3,235.0 $223.7 $2,865.0 $2,176.2 $298.9 
The following tables summarize balances and changes in the liability for future policy benefits for traditional and limited-payment contracts for the three months ended March 31, 2023 (dollars in millions):

Three months ended
March 31, 2023
Supplemental healthMedicare supplementLong-term careTraditional lifeOther annuities
PVENP, beginning of period$2,781.3 $2,800.6 $1,034.1 $2,175.0 $— 
Effect of changes in discount rate assumptions, beginning of period188.4 196.4 23.2 137.1 — 
Beginning PVENP at original discount rate2,969.7 2,997.0 1,057.3 2,312.1 — 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(17.2)27.0 (3.4)(14.1)— 
Adjusted beginning of period PVENP2,952.5 3,024.0 1,053.9 2,298.0 — 
Issuances63.7 101.6 15.7 108.3 1.1 
Interest accrual32.0 30.5 12.3 23.0 — 
Net premiums collected(90.3)(113.4)(40.6)(101.4)(1.1)
Ending PVENP at original discount rate2,957.9 3,042.7 1,041.3 2,327.9 — 
Effect of changes in discount rate assumptions, end of period(120.4)(139.2)(4.6)(92.5)— 
PVENP, end of period$2,837.5 $2,903.5 $1,036.7 $2,235.4 $— 

PVEFPB, beginning of period$5,886.8 $3,033.1 $4,158.1 $4,417.9 $310.9 
Effect of changes in discount rate assumptions, beginning of period483.3 212.0 28.5 336.6 15.4 
Beginning PVEFPB at original discount rate6,370.1 3,245.1 4,186.6 4,754.5 326.3 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(20.5)32.2 (6.3)(15.2).7 
Adjusted beginning of period PVEFPB6,349.6 3,277.3 4,180.3 4,739.3 327.0 
Issuances63.7 101.6 15.7 108.3 1.1 
Interest accrual73.8 33.2 55.5 51.0 3.7 
Benefit payments(99.5)(125.6)(71.3)(115.0)(8.6)
Ending PVEFPB at original discount rate6,387.6 3,286.5 4,180.2 4,783.6 323.2 
Effect of changes in discount rate assumptions, end of period(306.8)(150.0)86.4 (223.0)(6.9)
PVEFPB, end of period$6,080.8 $3,136.5 $4,266.6 $4,560.6 $316.3 

Net liability for future policy benefits$3,243.3 $233.0 $3,229.9 $2,325.2 $316.3 
Flooring impact— .4 — — — 
Adjusted net liability for future policy benefits3,243.3 233.4 3,229.9 2,325.2 316.3 
Related reinsurance recoverable(2.4)— (357.5)(201.1)— 
Net liability for future policy benefits, net of reinsurance recoverable$3,240.9 $233.4 $2,872.4 $2,124.1 $316.3 
The following table reconciles the net liability for future policy benefits to the amount presented in the consolidated balance sheet (dollars in millions):

March 31, 2024March 31, 2023
Balances included in the future policy benefits rollforwards:
Supplemental health$3,236.5 $3,243.3 
Medicare supplement223.7 233.4 
Long-term care3,225.8 3,229.9 
Traditional life2,363.5 2,325.2 
Other annuities298.9 316.3 
Reserves excluded from rollforward (a)2,488.1 2,593.3 
Deferred profit liability64.7 57.7 
Amount of reserves above (below) policyholder account balances (b)(195.7)(410.5)
Future loss reserves (c)31.0 34.7 
Future policy benefits$11,736.5 $11,623.3 

_______________
(a)     Primarily comprised of blocks of business that are 100% ceded.
(b)     Such amount represents the difference between: (i) the total insurance liabilities for our fixed indexed annuities (including the host contract and the related embedded derivative); and (ii) the policyholder account balances for these products. The accounting requirement to bifurcate the embedded derivative and value it at the current estimated fair value results in this amount.
(c)        In certain instances for interest-sensitive products, the total insurance liabilities for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (the "future loss reserve") be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years.
Many of our fixed indexed annuity products include a guaranteed living withdrawal benefit ("GLWB") that is considered a market risk benefit ("MRB"). The calculation of MRBs includes market assumptions (interest rate, equity returns, volatility and dividend yields) and nonmarket assumptions (mortality rates, surrender and withdrawal rates, GLWB utilization and spreads). Market assumptions are updated quarterly to reflect current market conditions. During the first three months of 2024, we reviewed the nonmarket assumptions used to calculate MRBs and determined that such assumptions were appropriate.

The following table presents the balance of and changes in MRBs associated with our fixed indexed annuities (dollars in millions):

Three months ended
March 31,
20242023
Net liability (asset), beginning of period$(68.0)$(54.0)
Effect of changes in the instrument-specific credit risk, beginning of period4.8 12.2 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk(63.2)(41.8)
Issuances(.1).1 
Interest accrual5.1 5.2 
Attributed fees collected— — 
Benefit payments— — 
Effect of changes in interest rates(13.7)12.3 
Effect of changes in equity markets(5.0)5.3 
Effect of changes in equity index volatility(1.2)(7.4)
Actual policyholder behavior different from expected behavior1.9 .6 
Effect of changes in future expected policyholder behavior - other— — 
Effect of changes in future expected policyholder behavior - risk margin— — 
Effect of changes in assumptions(.8)(1.4)
Net liability (asset), end of period, before effect of changes in the instrument-specific credit risk(77.0)(27.1)
Effect of changes in the instrument-specific credit risk, end of period(3.3)(13.1)
Net liability (asset), end of period(80.3)(40.2)
Reinsurance recoverable, end of period— — 
Net liability (asset), end of period, net of reinsurance$(80.3)$(40.2)
Balance reported as an asset$84.1 $57.8 
Balance reported as a liability3.8 17.6 
Net liability (asset)$(80.3)$(40.2)
Net amount at risk$46.2 $58.9 
Weighted average attained age of contract holders6968
The following table summarizes the amount of revenue and interest related to traditional and limited-payment contracts recognized in the consolidated statement of operations (dollars in millions):

Gross premiums (a)Interest accretion (b)
Three months endedThree months ended
March 31,March 31,
2024202320242023
Other annuities$1.0 $1.3 $3.6 $3.7 
Supplemental health175.2 179.4 41.9 41.8 
Medicare supplement156.8 159.2 2.7 2.7 
Long-term care85.0 82.7 43.8 43.2 
Traditional life178.9 178.8 28.5 28.0 
Total$596.9 $601.4 $120.5 $119.4 

_____________________
(a) Such amounts are included in insurance policy income in the consolidated statement of operations.
(b) Such amounts are included in insurance policy benefits in the consolidated statement of operations.


The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for traditional and limited-payment contracts (dollars in millions):

March 31, 2024March 31, 2023
UndiscountedDiscounted (a)UndiscountedDiscounted (a)
Other annuity
Expected future gross premiums$— $— $— $— 
Expected future benefits and expenses370.6 298.9 396.9 316.3 
Supplemental health
Expected future gross premiums8,932.2 5,527.6 8,964.4 5,605.7 
Expected future benefits and expenses10,812.6 5,897.0 11,040.9 6,080.8 
Medicare supplement
Expected future gross premiums5,744.3 4,024.7 5,645.2 4,031.9 
Expected future benefits and expenses4,601.3 3,198.7 4,417.8 3,136.5 
Long-term care
Expected future gross premiums3,330.8 2,340.7 2,954.3 2,152.7 
Expected future benefits and expenses7,724.0 4,274.7 7,445.7 4,266.6 
Traditional life
Expected future gross premiums5,642.0 4,048.0 5,435.0 3,953.3 
Expected future benefits and expenses7,574.2 4,620.1 7,382.8 4,560.6 

_____________________
(a) Calculated at the discount rates at period end.

Loss expense as a result of net premium ratio capping was not material in both the three months ended March 31, 2024 and 2023.
The following table provides the weighted average durations (under locked-in rates) of the liability for future policy benefits in years:

March 31,
2024
March 31,
2023
Other annuity9.69.7
Supplemental health11.311.8
Medicare supplement6.46.1
Long-term care10.610.5
Traditional life10.410.1

The following table provides the weighted average interest rates for the liability for future policy benefits:

March 31,
2024
March 31,
2023
Other annuities
Interest accretion rate4.82 %4.76 %
Current discount rate5.37 %5.17 %
Supplemental health
Interest accretion rate5.00 %5.04 %
Current discount rate5.35 %5.14 %
Medicare supplement
Interest accretion rate4.31 %4.26 %
Current discount rate5.24 %4.94 %
Long-term care
Interest accretion rate5.67 %5.67 %
Current discount rate5.39 %5.18 %
Traditional life
Interest accretion rate4.77 %4.77 %
Current discount rate5.37 %5.15 %
Policyholder account balances represent the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. It includes the accumulated account deposits, plus interest credited, less policyholder withdrawals and, if applicable, charges assessed. This balance also includes liabilities for the funding agreement-backed notes ("FABN").

Total liabilities for insurance products related to our fixed indexed annuities are comprised of: (i) the liability related to the host contract; and (ii) the fair market value of the embedded derivatives as summarized below (dollars in millions):

March 31,
2024
December 31,
2023
Fixed indexed annuity insurance liabilities:
Host contract liability$8,601.8 $8,487.0 
Embedded derivatives at fair value1,426.8 1,376.7 
Total fixed indexed annuity insurance liabilities$10,028.6 $9,863.7 

For presentation in the consolidated balance sheet, the total fixed indexed annuity insurance liability balance is bifurcated between: (i) policyholder account balances (which is the total of all current balances accruing to the policyholder under the terms and conditions of the policies assuming the contracts will continue in force); and (ii) the difference between the total fixed indexed annuity insurance liabilities summarized above and the policyholder account balances, which is classified as future policy benefits. These classifications are summarized below (dollars in millions):

March 31,
2024
December 31,
2023
Policyholder account balances$10,247.1 $10,138.6 
Future policy benefits(218.5)(274.9)
Total fixed indexed annuity insurance liabilities$10,028.6 $9,863.7 
    
When the total policyholder account balance exceeds the total fixed indexed annuity insurance liabilities, a negative future policy benefit balance will occur.
The following tables present the balances of and changes in the liability for policyholder account balances (dollars in millions):
Three months ended
March 31, 2024
Fixed indexed annuitiesFixed interest annuitiesOther annuitiesInterest-sensitive life (b)Funding agreementsOther (a)
Balance, beginning of period excluding contracts 100% ceded$9,999.2 $1,636.4 $113.1 $1,255.2 $1,411.0 $381.0 
Issuances (funds collected from new business)345.4 45.1 — 9.7 — — 
Premiums received (premiums collected from inforce business).5 1.0 5.7 52.4 — 65.7 
Policy charges(6.5)(.3)— (48.2)— — 
Surrenders and withdrawals(232.2)(52.8)(8.7)(8.1)(9.9)(74.5)
Benefit payments(74.4)(30.2)(1.4)(5.4)— — 
Interest credited68.9 11.4 .5 15.2 7.2 .7 
Other11.8 — (.1)(.1)— — 
Balance, end of period excluding contracts 100% ceded10,112.7 1,610.6 109.1 1,270.7 1,408.3 372.9 
Balance, end of period for contracts 100% ceded134.4 579.3 25.5 102.9 — 10.3 
Balance, end of period$10,247.1 $2,189.9 $134.6 $1,373.6 $1,408.3 $383.2 
Balance, end of period, reinsurance ceded(134.4)(579.3)(25.5)(121.0)— (24.0)
Balance, end of period, net of reinsurance$10,112.7 $1,610.6 $109.1 $1,252.6 $1,408.3 $359.2 
Weighted average crediting rate1.9 %2.8 %2.4 %4.3 %2.0 %0.8 %
Cash surrender value, net of reinsurance$9,434.2 $1,582.1 $109.1 $1,027.7 $— $359.2 

_______________
(a) Predominantly consists of retained asset accounts associated with our traditional life and supplemental health blocks.
(b) The amount of insurance policy benefit expense resulting from death claims that we would incur in excess of the policyholder account balance (net amount at risk) for interest-sensitive life contracts was $28,672.9 million at the balance sheet date.
Three months ended
March 31, 2023
Fixed indexed annuitiesFixed interest annuitiesOther annuitiesInterest-sensitive life (b)Funding agreementsOther (a)
Balance, beginning of period excluding contracts 100% ceded$9,490.4 $1,663.1 $127.1 $1,209.6 $1,410.8 $395.5 
Issuances (funds collected from new business)323.3 45.3 — 9.5 — — 
Premiums received (premiums collected from inforce business).4 .7 7.5 50.3 — 63.0 
Policy charges(4.0)(.2)— (46.1)— — 
Surrenders and withdrawals(178.2)(43.3)(10.5)(8.2)(9.9)(72.6)
Benefit payments(59.2)(27.7)(1.7)(6.0)— — 
Interest credited6.1 11.3 .6 8.1 7.2 .7 
Other5.5 .1 (.2)— — — 
Balance, end of period excluding contracts 100% ceded9,584.3 1,649.3 122.8 1,217.2 1,408.1 386.6 
Balance, end of period for contracts 100% ceded154.4 632.6 26.3 110.7 — 10.6 
Balance, end of period$9,738.7 $2,281.9 $149.1 $1,327.9 $1,408.1 $397.2 
Balance, end of period, reinsurance ceded(154.4)(632.6)(26.3)(130.5)— (24.8)
Balance, end of period, net of reinsurance$9,584.3 $1,649.3 $122.8 $1,197.4 $1,408.1 $372.4 
Weighted average crediting rate1.6 %2.7 %1.9 %3.1 %2.0 %0.6 %
Cash surrender value, net of reinsurance$8,932.4 $1,631.5 $122.8 $977.1 $— $372.4 
_________________
(a) Predominantly consists of retained asset accounts associated with our traditional life and supplemental health blocks.
(b) The amount of insurance policy benefit expense resulting from death claims that we would incur in excess of the policyholder account balance (net amount at risk) for interest-sensitive life contracts was $26,865.3 million at the balance sheet date.
The following table reconciles the liability for policyholder account balances to the amount presented in the consolidated balance sheet (dollars in millions):

March 31, 2024March 31, 2023
Amounts included in the liability for policyholder account balances rollforwards:
Fixed indexed annuities$10,247.1 $9,738.7 
Fixed interest annuities2,189.9 2,281.9 
Other annuities134.6 149.1 
Interest-sensitive life1,373.6 1,327.9 
Funding agreements1,408.3 1,408.1 
Other383.2 397.2 
Total$15,736.7 $15,302.9 
The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums (dollars in millions):

March 31, 2024
Range of guaranteed minimum crediting rates (a)At guaranteed minimum
1-50 basis points above
51-150 basis points above
Greater than 150 basis points above
Total
Fixed interest annuities
0.00%-2.99%
$105.2 $211.9 $233.0 $100.9 $651.0 
3.00%-4.99%
1,380.6 49.6 15.9 5.2 1,451.3 
5.00% and greater
87.6 — — — 87.6 
Subtotal1,573.4 261.5 248.9 106.1 2,189.9 
Other annuities
0.00%-2.99%
31.6 24.1 — — 55.7 
3.00%-4.99%
44.4 — — — 44.4 
5.00% and greater
34.5 — — — 34.5 
Subtotal110.5 24.1 — — 134.6 
Interest-sensitive life
0.00%-2.99%
17.6 — 5.4 667.2 690.2 
3.00%-4.99%
444.2 49.7 167.1 .5 661.5 
5.00% and greater
21.4 .5 — — 21.9 
Subtotal483.2 50.2 172.5 667.7 1,373.6 
Other
0.00%-2.99%
17.1 343.0 — — 360.1 
3.00%-4.99%
22.9 — — — 22.9 
5.00% and greater
.2 — — — .2 
Subtotal40.2 343.0 — — 383.2 
Total
0.00%-2.99%
171.5 579.0 238.4 768.1 1,757.0 
3.00%-4.99%
1,892.1 99.3 183.0 5.7 2,180.1 
5.00% and greater
143.7 .5 — — 144.2 
Total policyholder account balances, excluding fixed indexed annuities$2,207.3 $678.8 $421.4 $773.8 4,081.3 
Fixed indexed annuity account balances 10,247.1 
Funding agreements1,408.3 
Total policyholder account balances$15,736.7 
____________________
(a)     Excludes the account balances related to: (i) fixed indexed annuity contracts which do not have a minimum crediting rate since returns are based on an index; and (ii) funding agreements which have a fixed crediting rate.
March 31, 2023
Range of guaranteed minimum crediting rates (a)At guaranteed minimum
1-50 basis points above
51-150 basis points above
Greater than 150 basis points above
Total
Fixed interest annuities
0.00%-2.99%
$144.9 $291.7 $78.3 $76.9 $591.8 
3.00%-4.99%
1,572.0 27.7 .1 — 1,599.8 
5.00% and greater
90.3 — — — 90.3 
Subtotal1,807.2 319.4 78.4 76.9 2,281.9 
Other annuities
0.00%-2.99%
43.6 29.5 — — 73.1 
3.00%-4.99%
65.3 — — — 65.3 
5.00% and greater
10.7 — — — 10.7 
Subtotal119.6 29.5 — — 149.1 
Interest-sensitive life
0.00%-2.99%
66.5 225.8 226.3 125.0 643.6 
3.00%-4.99%
461.5 51.7 148.4 .3 661.9 
5.00% and greater
21.9 .5 — — 22.4 
Subtotal549.9 278.0 374.7 125.3 1,327.9 
Other
0.00%-2.99%
17.8 355.4 — — 373.2 
3.00%-4.99%
23.6 — — — 23.6 
5.00% and greater
.4 — — — .4 
Subtotal41.8 355.4 — — 397.2 
Total
0.00%-2.99%
272.8 902.4 304.6 201.9 1,681.7 
3.00%-4.99%
2,122.4 79.4 148.5 .3 2,350.6 
5.00% and greater
123.3 .5 — — 123.8 
Total policyholder account balances, excluding fixed indexed annuities$2,518.5 $982.3 $453.1 $202.2 4,156.1 
Fixed indexed annuity account balances9,738.7 
Funding agreements1,408.1 
Total policyholder account balances$15,302.9 
____________________
(a)     Excludes the account balances related to: (i) fixed indexed annuity contracts which do not have a minimum crediting rate since returns are based on an index; and (ii) funding agreements which have a fixed crediting rate
v3.24.1.u1
DEFERRED ACQUISITION COSTS, PRESENT VALUE OF FUTURE PROFITS AND SALES INDUCEMENTS
3 Months Ended
Mar. 31, 2024
Deferred Charges, Insurers [Abstract]  
DEFERRED ACQUISITION COSTS, PRESENT VALUE OF FUTURE PROFITS AND SALES INDUCEMENTS
DEFERRED ACQUISITION COSTS, PRESENT VALUE OF FUTURE PROFITS AND SALES INDUCEMENTS

Changes in deferred acquisition costs were as follows (dollars in millions):

Three months ended
March 31, 2024
Fixed indexed annuitiesFixed interest annuitiesSupplemental healthMedicare supplementLong-term careInterest-sensitive lifeTraditional lifeFunding agreementsTotal
Beginning of period$407.6 $27.0 $408.0 $157.5 $140.3 $234.5 $471.9 $4.5 $1,851.3 
Capitalizations22.3 3.0 15.0 6.3 5.2 9.3 29.5 — 90.6 
Amortization expense(13.4)(1.1)(8.4)(6.7)(3.7)(3.8)(14.3)(.4)(51.8)
End of period$416.5 $28.9 $414.6 $157.1 $141.8 $240.0 $487.1 $4.1 $1,890.1 

Three months ended
March 31, 2023
Fixed indexed annuitiesFixed interest annuitiesSupplemental healthMedicare supplementLong-term careInterest-sensitive lifeTraditional lifeFunding agreementsTotal
Beginning of period$365.6 $19.6 $378.8 $161.2 $137.9 $212.2 $409.1 $6.0 $1,690.4 
Capitalizations21.6 2.5 14.4 5.8 3.4 8.3 28.2 — 84.2 
Amortization expense(11.1)(.9)(7.6)(7.2)(3.8)(3.5)(12.2)(.3)(46.6)
End of period$376.1 $21.2 $385.6 $159.8 $137.5 $217.0 $425.1 $5.7 $1,728.0 

Changes in the present value of future profits were as follows (dollars in millions):

Three months ended
March 31, 2024
Supplemental healthMedicare supplementLong-term careTraditional lifeFixed indexed annuitiesFixed interest annuitiesTotal
Beginning of period$141.0 $20.6 $5.2 $12.9 $.7 $.3 $180.7 
Amortization expense(3.1)(1.4)(.2)(.4)(.1)— (5.2)
End of period$137.9 $19.2 $5.0 $12.5 $.6 $.3 $175.5 

Three months ended
March 31, 2023
Supplemental healthMedicare supplementLong-term careTraditional lifeFixed indexed annuitiesFixed interest annuitiesTotal
Beginning of period$154.0 $27.5 $6.2 $14.8 $.8 $.4 $203.7 
Amortization expense(3.3)(1.9)(.3)(.5)(.1)— (6.1)
End of period$150.7 $25.6 $5.9 $14.3 $.7 $.4 $197.6 
Changes in sales inducements were as follows (dollars in millions):

Three months ended
March 31, 2024
Fixed indexed annuitiesFixed interest annuitiesTotal
Beginning of period$88.5 $4.6 $93.1 
Capitalizations12.3 .3 12.6 
Amortization expense(3.3)(.2)(3.5)
End of period$97.5 $4.7 $102.2 

Three months ended
March 31, 2023
Fixed indexed annuitiesFixed interest annuitiesTotal
Beginning of period$76.0 $4.5 $80.5 
Capitalizations5.4 .2 5.6 
Amortization expense(2.6)(.2)(2.8)
End of period$78.8 $4.5 $83.3 
v3.24.1.u1
EARNINGS PER SHARE
3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE

A reconciliation of net income (loss) and shares used to calculate basic and diluted earnings per share is as follows (dollars in millions and shares in thousands):
Three months ended
March 31,
 20242023
Net income (loss) for basic and diluted earnings per share$112.3 $(.8)
Shares:  
Weighted average shares outstanding for basic earnings per share108,964 114,545 
Effect of dilutive securities on weighted average shares:  
Amounts related to employee benefit plans1,881 — 
Weighted average shares outstanding for diluted earnings per share110,845 114,545 

In the three months ended March 31, 2023, the equivalent of 2,182 thousand common shares (related to shares issuable pursuant to employee benefit plans) were not included in the diluted weighted average shares outstanding because their inclusion would have been anti-dilutive due to the net loss recognized by the Company in such period.
Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period.  Restricted shares (including our performance units) are not included in basic earnings per share until vested.  Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options were exercised and restricted stock was vested.  The dilution from options and restricted shares is calculated using the treasury stock method.  Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the average market price during the period, reducing the dilutive effect of the exercise of the options (or the vesting of the restricted stock and performance units).
v3.24.1.u1
BUSINESS SEGMENTS
3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENTS
BUSINESS SEGMENTS

We view our operations as three insurance product lines (annuity, health and life) and the investment and fee income segments. Our segments are aligned based on their common characteristics, comparability of profit margins and the way management makes operating decisions and assesses the performance of the business.

Our insurance product line segments (annuity, health and life) include marketing, underwriting and administration of the policies our insurance subsidiaries sell. The business written in each of the three product categories through all of our insurance subsidiaries is aggregated allowing management and investors to assess the performance of each product category. When analyzing profitability of these segments, we use insurance product margin as the measure of profitability, which is: (i) insurance policy income; and (ii) net investment income allocated to the insurance product lines; less (i) insurance policy benefits and interest credited to policyholders; and (ii) amortization of deferred acquisition costs and present value of future profits, non-deferred commissions and advertising expense. Net investment income is allocated to the product lines using the book yield of investments backing the block of business, which is applied to the average net insurance liabilities for the block in each period. Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsured business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.

Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes insurance product margin and income from insurance products help provide a better understanding of the business and a more meaningful analysis of the results of our insurance product lines.

We market our products through the Consumer and Worksite Divisions that reflect the customers served by the Company. The Consumer and Worksite Divisions are primarily focused on marketing insurance products, several types of which are sold in both divisions and underwritten in the same manner.

The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. This structure unifies consumer capabilities into a single division and integrates the strength of our agent sales forces with one of the largest direct-to-consumer insurance businesses with proven experience in advertising, web/digital and call center support.

The Worksite Division focuses on the sale of voluntary benefit life and health insurance products in the workplace for businesses, associations, and other membership groups, interacting with customers at their place of employment and virtually. With a separate Worksite Division, we are bringing a sharper focus to this high-growth business while further capitalizing on the strength of our wholly-owned subsidiary, Optavise, LLC ("Optavise"), a national provider of year-round technology-driven employee benefits management services.

The investment segment involves the management of our capital resources, including investments and the management of corporate debt and liquidity. Our measure of profitability of this segment is the total net investment income not allocated to the insurance products. Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our Federal Home Loan Bank ("FHLB") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on
investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.

Our fee income segment includes the earnings generated from sales of third-party insurance products, services provided by Optavise and the operations of our broker/dealer and registered investment advisor.

Expenses not allocated to product lines include the expenses of our corporate operations, excluding interest expense on debt.

We measure segment performance by excluding total investment gains (losses), changes in fair value of embedded derivative liabilities and MRBs, fair value changes related to the agent deferred compensation plan, income taxes and other non-operating items consisting primarily of earnings attributable to VIEs ("pre-tax operating earnings") because we believe that this performance measure is a better indicator of the ongoing business and trends in our business.  Our primary investment focus is on investment income to support our liabilities for insurance products as opposed to the generation of investment gains (losses), and a long-term focus is necessary to maintain profitability over the life of the business.

Investment gains (losses), changes in fair value of embedded derivative liabilities and MRBs, fair value changes related to the agent deferred compensation plan and other non-operating items consisting primarily of earnings attributable to VIEs depend on market conditions or represent unusual items that do not necessarily relate to the underlying business of our segments.  Investment gains (losses) and changes in fair value of embedded derivative liabilities and MRBs may affect future earnings levels since our underlying business is long-term in nature and changes in our investment portfolio may impact our ability to earn the assumed interest rates needed to maintain the profitability of our business.

Operating information by segment is as follows (dollars in millions):

Three months ended
March 31,
 20242023
Revenues:  
Annuity:  
Insurance policy income$7.3 $5.1 
Net investment income134.5 125.4 
Total annuity revenues141.8 130.5 
Health:
Insurance policy income398.4 401.4 
Net investment income74.3 74.0 
Total health revenues 472.7 475.4 
Life:
Insurance policy income222.7 219.0 
Net investment income36.5 36.3 
Total life revenues259.2 255.3 
Change in market values of the underlying options supporting the fixed indexed annuity and life products (offset by market value changes credited to policyholder balances)139.7 18.6 
Investment income not allocated to product lines71.6 67.8 
Fee revenue and other income:
Fee revenue50.5 51.3 
Amounts netted in expenses not allocated to product lines1.2 1.6 
Total segment revenues$1,136.7 $1,000.5 

(continued on next page)
(continued from previous page)
Three months ended
March 31,
 20242023
Expenses:
Annuity:
Insurance policy benefits$11.3 $8.7 
Interest credited58.3 48.1 
Amortization and non-deferred commissions20.2 16.4 
Total annuity expenses 89.8 73.2 
Health:
Insurance policy benefits308.5 318.1 
Amortization and non-deferred commissions41.2 40.8 
Total health expenses349.7 358.9 
Life:
Insurance policy benefits144.0 147.2 
Interest credited 12.5 12.1 
Amortization, non-deferred commissions and advertising expense48.1 48.6 
Total life expenses204.6 207.9 
Allocated expenses 161.6 157.5 
Expenses not allocated to product lines18.0 19.9 
Market value changes of options credited to fixed indexed annuity and life policyholders139.7 18.6 
Amounts netted in investment income not allocated to product lines:
Interest expense 48.3 37.4 
Interest credited7.2 7.2 
Impact of annual option forfeitures related to fixed indexed annuity surrenders(6.2)— 
Amortization.4 .4 
Other expenses 9.6 7.3 
Expenses netted in fee revenue:
Commissions and other operating expenses39.2 35.8 
Total segment expenses1,061.9 924.1 
Pre-tax measure of profitability:
Annuity margin52.0 57.3 
Health margin123.0 116.5 
Life margin54.6 47.4 
Total insurance product margin229.6 221.2 
Allocated expenses(161.6)(157.5)
Income from insurance products68.0 63.7 
Fee income11.3 15.5 
Investment income not allocated to product lines12.3 15.5 
Expenses not allocated to product lines(16.8)(18.3)
Operating earnings before taxes 74.8 76.4 
Income tax expense on operating income 17.3 17.8 
Net operating income $57.5 $58.6 
A reconciliation of segment revenues and expenses to consolidated revenues and expenses and net income (loss) is as follows (dollars in millions):
Three months ended
March 31,
 20242023
Total segment revenues$1,136.7 $1,000.5 
Total investment gains (losses)7.8 (14.6)
Revenues related to earnings attributable to VIEs12.0 20.1 
Consolidated revenues1,156.5 1,006.0 
Total segment expenses1,061.9 924.1 
Insurance policy benefits - fair value changes in embedded derivative liabilities(64.0)65.1 
Expenses attributable to VIEs12.4 17.8 
Consolidated expenses1,010.3 1,007.0 
Income (loss) before tax146.2 (1.0)
Income tax expense (benefit)33.9 (.2)
Net income (loss)$112.3 $(.8)
v3.24.1.u1
ACCOUNTING FOR DERIVATIVES
3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
ACCOUNTING FOR DERIVATIVES
ACCOUNTING FOR DERIVATIVES

Our freestanding and embedded derivatives, which are not designated as hedging instruments, are held at fair value and are summarized as follows (dollars in millions):
Fair value
March 31,
2024
December 31, 2023
Assets:
Other invested assets:
Fixed indexed call options$355.0 $239.2 
Reinsurance receivables(17.2)(17.5)
Total assets$337.8 $221.7 
Liabilities:
Embedded derivatives related to fixed indexed annuities at fair value:
Policyholder account balances$1,645.3 $1,651.6 
Future policy benefits(218.5)(274.9)
Total liabilities$1,426.8 $1,376.7 

We are required to establish an embedded derivative related to a modified coinsurance agreement pursuant to which we assume the risks of a block of health insurance business. The embedded derivative represents the mark-to-market adjustment for approximately $81 million in underlying investments held by the ceding reinsurer at March 31, 2024.

Our fixed indexed annuity products provide a guaranteed minimum rate of return and a higher potential return that is based on a percentage (the "participation rate") of the amount of increase in the value of a particular index, such as the Standard & Poor's 500 Index, over a specified period.  We are generally able to change the participation rate at the beginning of each index period (typically on each policy anniversary date), subject to contractual minimums.  The Company accounts for the options attributed to the policyholder for the estimated life of the contract as embedded derivatives. These accounting requirements often create volatility in the earnings from these products. We typically buy call options (including call spreads) referenced to the applicable indices in an effort to offset or hedge potential increases to policyholder benefits resulting from increases in the particular index to which the policy's return is linked.  The notional amount of these options was $3.6 billion and $3.3 billion at March 31, 2024 and December 31, 2023, respectively.

We purchase certain fixed maturity securities that contain embedded derivatives that are required to be held at fair value on the consolidated balance sheet. We have elected the fair value option to carry the entire security at fair value with changes in fair value recognized in net income.
The following table provides the pre-tax impact recognized in net income for derivative instruments, which are not designated as hedges for the periods indicated (dollars in millions):
Three months ended
March 31,
20242023
Net investment income from policyholder and other special-purpose portfolios:
Fixed indexed call options$140.2 $18.6 
Total investment gains:
Embedded derivative related to modified coinsurance agreement.3 1.4 
Total revenues from derivative instruments, not designated as hedges140.5 20.0 
Insurance policy benefits:
Embedded derivatives related to fixed indexed annuities— 64.9 
Net pre-tax impact$140.5 $(44.9)

Derivative Counterparty Risk

If the counterparties to the call options fail to meet their obligations, we may recognize a loss.  We limit our exposure to such a loss by diversifying among several counterparties believed to be strong and creditworthy.  At March 31, 2024, all of our counterparties were rated "A" or higher by S&P Global Ratings ("S&P").

The Company and its subsidiaries are parties to master netting arrangements with its counterparties related to entering into various derivative contracts.

The following table summarizes information related to derivatives with master netting arrangements or collateral as of March 31, 2024 and December 31, 2023 (dollars in millions):
Gross amounts not offset in the balance sheet
Gross amounts recognizedGross amounts offset in the balance sheetNet amounts of assets presented in the balance sheetNon-cash collateralCash collateral receivedNet amount
March 31, 2024:
Fixed indexed call options$355.0 $— $355.0 $76.0 $— $279.0 
December 31, 2023:
Fixed indexed call options239.2 — 239.2 37.0 — 202.2 
v3.24.1.u1
REINSURANCE
3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
REINSURANCE
REINSURANCE

The cost of reinsurance ceded totaled $46.0 million and $48.3 million in the first quarters of 2024 and 2023, respectively.  We deduct this cost from insurance policy income.  Reinsurance recoveries netted against insurance policy benefits totaled $105.8 million and $134.9 million in the first quarters of 2024 and 2023, respectively.

From time to time, we assume insurance from other companies.  Any costs associated with the assumption of insurance are amortized consistent with the method used to amortize deferred acquisition costs.  Reinsurance premiums assumed totaled $4.1 million and $4.1 million in the first quarters of 2024 and 2023, respectively. Insurance policy benefits related to reinsurance assumed totaled $5.9 million and $4.7 million in the first quarters of 2024 and 2023, respectively.
v3.24.1.u1
INCOME TAXES
3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES

The Company's interim tax expense is based upon the estimated annual effective tax rate for the respective period. Under authoritative guidance, certain items are required to be excluded from the estimated annual effective tax rate calculation. Such items include changes in judgment about the realizability of deferred tax assets resulting from changes in projections of income expected to be available in future years, and items deemed to be unusual, infrequent, or that cannot be reliably estimated. In these cases, the actual tax expense or benefit applicable to that item is treated discretely and is reported in the same period as the related item. The components of income tax expense (benefit) are as follows (dollars in millions):

Three months ended
March 31,
 20242023
Current tax expense$17.3 $14.0 
Deferred tax expense (benefit)16.6 (14.2)
Total income tax expense (benefit)$33.9 $(.2)

A reconciliation of the U.S. statutory corporate tax rate to the estimated annual effective rate, reflected in the consolidated statement of operations is as follows: 
Three months ended
March 31,
 20242023
U.S. statutory corporate rate21.0 %21.0 %
Non-taxable income and nondeductible benefits, net— (.4)
State taxes2.2 2.7 
Effective tax rate23.2 %23.3 %
The components of the Company's income tax assets and liabilities are summarized below (dollars in millions):
March 31,
2024
December 31,
2023
Deferred tax assets:  
Net federal operating loss carryforwards$268.3 $77.1 
Net state operating loss carryforwards42.8 2.5 
Insurance liabilities318.8 322.8 
Indirect costs allocable to self-constructed real estate assets— 252.9 
Accumulated other comprehensive loss419.0 445.5 
Other47.8 35.6 
Gross deferred tax assets1,096.7 1,136.4 
Deferred tax liabilities:  
Investments(35.0)(36.3)
Present value of future profits and deferred acquisition costs(167.7)(163.0)
Gross deferred tax liabilities(202.7)(199.3)
Net deferred tax assets894.0 937.1 
Current income taxes accrued(7.9)(.9)
Income tax assets, net$886.1 $936.2 

Effective January 1, 2024, the Company changed its method of accounting for indirect costs allocable to self-constructed real estate assets which will be reflected in its 2024 federal income tax return filing. This change in accounting method will result in a current year deduction of certain indirect costs previously capitalized under the Company's prior method of accounting. As a result, for tax reporting purposes, the Company recognized a loss of $987 million in the first quarter of 2024 related to the change in accounting method. The loss can be carried forward indefinitely pursuant to Tax Cuts and Jobs Act, subject to limitations specified in the Internal Revenue Code (the "Code").

Our income tax expense includes deferred income taxes arising from temporary differences between the financial reporting and tax bases of assets and liabilities and net operating loss carryforwards ("NOLs"). Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which temporary differences are expected to be recovered or paid.  The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period when the changes are enacted.

A reduction of the net carrying amount of deferred tax assets by establishing a valuation allowance is required if, based on the available evidence, it is more likely than not that such assets will not be realized. In assessing the need for a valuation allowance, all available evidence, both positive and negative, are considered to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. This assessment requires significant judgment and considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of carryforward periods, our experience with operating loss and tax credit carryforwards expiring unused, and tax planning strategies.

We evaluate the need to establish a valuation allowance for our deferred income tax assets on an ongoing basis using a deferred tax valuation model. Our model is adjusted to reflect changes in our projections of future taxable income. Our estimates of future taxable income are based on evidence we consider to be objectively verifiable. Such estimates are subject to numerous risks and uncertainties and the extent to which actual impacts differ from the assumptions used in our deferred tax valuation model. Based on our assessment, we have concluded that it is more likely than not that all our deferred tax assets of $894.0 million will be realized through future taxable earnings.

Recovery of our deferred tax asset is dependent on achieving the level of future taxable income projected in our deferred tax valuation model and failure to do so could result in the recognition of a valuation allowance in a future period.  The recognition of a valuation allowance would increase income tax expense and reduce shareholders' equity, and such an increase could have a significant impact upon our earnings in the future.
The Code limits the extent to which losses realized by a non-life entity (or entities) may offset income from a life insurance company (or companies) to the lesser of: (i) 35 percent of the income of the life insurance company; or (ii) 35 percent of the total loss of the non-life entities (including NOLs of the non-life entities). There is no similar limitation on the extent to which losses realized by a life insurance entity (or entities) may offset income from a non-life entity (or entities).

Section 382 of the Code imposes limitations on a corporation's ability to use its NOLs when the company undergoes a 50 percent ownership change over a three-year period.  Future transactions and the timing of such transactions could cause an ownership change for Section 382 income tax purposes.  Such transactions may include, but are not limited to, additional repurchases under our securities repurchase program, issuances of common stock and acquisitions or sales of shares of CNO stock by certain holders of our shares, including persons who have held, currently hold or may accumulate in the future five percent or more of our outstanding common stock for their own account.  Many of these transactions are beyond our control.  If an additional ownership change were to occur for purposes of Section 382, we would be required to calculate an annual restriction on the use of our NOLs to offset future taxable income.  The annual restriction would be calculated based upon the value of CNO's equity at the time of such ownership change, multiplied by a federal long-term tax exempt rate (3.44 percent at March 31, 2024), and the annual restriction could limit our ability to use a substantial portion of our NOLs to offset future taxable income or may defer the utilization of such NOLs.  We regularly monitor ownership change (as calculated for purposes of Section 382) and, as of March 31, 2024, we were below the 50 percent ownership change level that could limit our ability to utilize our NOLs.

We have $1.3 billion of federal non-life NOLs as of March 31, 2024, as summarized below (dollars in millions):
Net operating loss
Year of expirationcarryforwards
2026$15.8 
202710.8 
2028 through 2035340.7 
No expiration date910.5 
Total federal non-life NOLs$1,277.8 

Our non-life NOLs with expiration dates can be used to offset 35 percent of life insurance company taxable income and 100 percent of non-life company taxable income until all non-life NOLs are utilized or expire. Our non-life NOLs with no expiration date can be used to offset 35 percent of life insurance company taxable income and 80 percent of non-life company taxable income.
We also had deferred tax assets related to NOLs for state income taxes of $42.8 million and $2.5 million at March 31, 2024 and December 31, 2023, respectively.  The related state NOLs are available to offset future state taxable income in certain states and are expected to be fully utilized prior to expiration.
The Internal Revenue Service is conducting an examination of our 2016 through 2018 tax returns. The federal statute of limitations remains open with respect to tax years 2016 through 2023. The Company's various state income tax returns are generally open for tax years based on individual state statutes of limitation. Generally, for tax years which generate NOLs, capital losses or tax credit carryforwards, the statute remains open until the expiration of the statute of limitations for the tax year in which such carryforwards are utilized. The outcome of tax audits cannot be predicted with certainty. If the Company's tax audits are not resolved in a manner consistent with management’s expectations, the Company may be required to adjust its provision for income taxes.
v3.24.1.u1
NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS
NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS

The following notes payable were direct corporate obligations of the Company as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31,
2024
December 31,
2023
5.250% Senior Notes due May 2025
$500.0 $500.0 
5.250% Senior Notes due May 2029
500.0 500.0 
5.125% Subordinated Debentures due November 2060
150.0 150.0 
Revolving Credit Agreement (as defined below)— — 
Unamortized debt issue costs(9.0)(9.5)
Direct corporate obligations$1,141.0 $1,140.5 

Revolving Credit Agreement
The $250.0 million revolving credit agreement (the "Revolving Credit Agreement"), among other things, (i) requires the Company to maintain (each as calculated in accordance with the Revolving Credit Agreement): (i) a debt to total capitalization ratio (excluding hybrid securities, except to the extent that the aggregate amount outstanding of all such hybrid securities exceeds an amount equal to 15 percent of total capitalization) of not more than 35.0 percent (such ratio was 21.4 percent at March 31, 2024); and (ii) a minimum consolidated net worth of not less than the sum of (x) $2,674 million plus (y) 25.0 percent of the net equity proceeds received by the Company from the issuance and sale of equity interests in the Company (the Company's consolidated net worth was $3,848.0 million at March 31, 2024 compared to the minimum requirement of $2,697.2 million). The maturity date of the Revolving Credit Agreement is July 16, 2026. The Revolving Credit Agreement contains certain other restrictive covenants with which the Company must comply. The interest rate applicable to loans under the Revolving Credit Agreement is calculated as the Secured Overnight Financing Rate ("SOFR") (plus a credit spread adjustment of 0.10 percent for all available interest periods) or the base rate, at the Company's option, plus a margin based on the Company's unsecured debt rating. The margins under the Revolving Credit Agreement range from 1.375 percent to 2.125 percent, in the case of loans at the SOFR, and 0.375 percent to 1.125 percent, in the case of loans at the base rate. The commitment fee under the Revolving Credit Agreement is based on the Company's unsecured debt rating. There were no amounts outstanding under the Revolving Credit Agreement during the three months ended March 31, 2024.
v3.24.1.u1
INVESTMENT BORROWINGS
3 Months Ended
Mar. 31, 2024
Investment Borrowings [Abstract]  
INVESTMENT BORROWINGS
INVESTMENT BORROWINGS

Three of the Company's insurance subsidiaries (Bankers Life and Casualty Company ("Bankers Life"), Washington National Insurance Company ("Washington National") and Colonial Penn Life Insurance Company ("Colonial Penn")) are members of the FHLB.  As members of the FHLB, our insurance subsidiaries have the ability to borrow on a collateralized basis from the FHLB. We are required to hold certain minimum amounts of FHLB common stock as a condition of membership in the FHLB, and additional amounts based on the amount of the borrowings.  At March 31, 2024, the carrying value of the FHLB common stock was $94.6 million.  As of March 31, 2024, collateralized borrowings from the FHLB totaled $2.2 billion and the proceeds were used to purchase matched variable rate fixed maturity securities.  The borrowings are classified as investment borrowings in the accompanying consolidated balance sheet.  The borrowings are collateralized by investments with an estimated fair value of $2.7 billion at March 31, 2024, which are maintained in a custodial account for the benefit of the FHLB.  Substantially all of such investments are classified as fixed maturities, available for sale, in our consolidated balance sheet.  
The following summarizes the terms of the borrowings from the FHLB by our insurance subsidiaries (dollars in millions):
AmountMaturityInterest rate at
borroweddateMarch 31, 2024
$15.5 July 2024
Fixed rate – 1.990%
27.0 August 2024
Fixed rate – .640%
21.7 May 2025
Variable rate – 5.724%
17.9 June 2025
Fixed rate – 2.940%
12.5 June 2025
Variable rate – 5.900%
125.0 September 2025
Variable rate – 5.680%
100.0 October 2025
Variable rate – 5.865%
100.0 October 2025
Variable rate – 5.860%
57.7 October 2025
Variable rate – 5.830%
50.0 November 2025
Variable rate – 5.818%
12.5 December 2025
Variable rate – 5.916%
50.0 January 2026
Variable rate – 5.781%
50.0 January 2026
Variable rate – 5.763%
100.0 January 2026
Variable rate – 5.783%
15.0 January 2026
Variable rate – 5.997%
21.8 May 2026
Variable rate – 5.673%
50.0 May 2026
Variable rate – 5.600%
75.0 December 2026
Variable rate – 5.752%
75.0 January 2027
Variable rate – 5.683%
50.0 January 2027
Variable rate – 5.798%
50.0 January 2027
Variable rate – 5.798%
100.0 January 2027
Variable rate – 5.744%
100.0 February 2027
Variable rate – 5.770%
50.0 April 2027
Variable rate – 5.648%
50.0 May 2027
Variable rate – 5.658%
100.0 June 2027
Variable rate – 5.700%
10.0 June 2027
Variable rate – 5.923%
50.0 July 2027
Variable rate – 6.018%
50.0 July 2027
Variable rate – 6.028%
100.0 August 2027
Variable rate – 6.044%
75.0 January 2028
Variable rate – 5.784%
50.0 January 2028
Variable rate – 5.838%
50.0 January 2028
Variable rate – 5.855%
34.5 February 2028
Variable rate – 5.904%
100.0 February 2028
Variable rate – 5.825%
21.0 February 2028
Variable rate – 5.775%
22.0 February 2028
Variable rate – 5.818%
100.0 February 2028
Variable rate – 5.790%
15.0 July 2028
Variable rate – 5.710%
35.0 August 2028
Variable rate – 5.720%
$2,189.1   
Generally, the variable and fixed rate borrowings are pre-payable.  At March 31, 2024, the aggregate prepayment penalty on such outstanding borrowings was not material.

Interest expense of $31.4 million and $21.7 million in the first three months of 2024 and 2023, respectively, was recognized related to total borrowings from the FHLB, reflecting both higher interest rates on the variable rate investment borrowings and higher average borrowings outstanding in the 2024 period.
v3.24.1.u1
SHAREHOLDERS' EQUITY
3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY

In the first three months of 2024, we repurchased 1.5 million shares of common stock for $40.0 million under our securities repurchase program (including $0.8 million of repurchases settled in the second quarter of 2024). The Company had remaining repurchase authority of $481.8 million as of March 31, 2024.

In the first three months of 2024, we issued 0.7 million shares of common stock, net of shares withheld to pay tax withholdings, pursuant to employee benefit plans.

In the first three months of 2024, dividends declared on common stock totaled $16.4 million ($0.15 per common share). In May 2024, the Company increased its quarterly common stock dividend to $0.16 per share from $0.15 per share.

Accumulated other comprehensive income (loss), included in shareholders' equity as of March 31, 2024 and December 31, 2023, is comprised of the following (dollars in millions):
March 31,
2024
December 31,
2023
Net unrealized losses on investments having no allowance for credit losses $(1,267.2)$(1,235.2)
Unrealized losses on investments with an allowance for credit losses (1,006.3)(931.0)
Change in discount rates for liability for future policy benefits365.1 133.4 
Change in instrument-specific credit risk for market risk benefits3.4 4.8 
Deferred income tax assets424.7 451.2 
Accumulated other comprehensive loss$(1,480.3)$(1,576.8)
v3.24.1.u1
LITIGATION AND OTHER LEGAL PROCEEDINGS
3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
LITIGATION AND OTHER LEGAL PROCEEDINGS
LITIGATION AND OTHER LEGAL PROCEEDINGS

Legal Proceedings

The Company and its subsidiaries are involved in various legal actions in the normal course of business, in which claims for compensatory and punitive damages are asserted, some for substantial amounts.  We recognize an estimated loss from these loss contingencies when we believe it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Some of the pending matters have been filed as purported class actions and some actions have been filed in certain jurisdictions that permit punitive damage awards that are disproportionate to the actual damages incurred.  The amounts sought in certain of these actions are often large or indeterminate and the ultimate outcome of certain actions is difficult to predict.  In the event of an adverse outcome in one or more of these matters, there is a possibility that the ultimate liability may be in excess of the liabilities we have established and could have a material adverse effect on our business, financial condition, results of operations and cash flows.  In addition, the resolution of pending or future litigation may involve modifications to the terms of outstanding insurance policies or could impact the timing and amount of rate increases, which could adversely affect the future profitability of the related insurance policies.  Based upon information presently available, and in light of legal, factual and other defenses available to the Company and its subsidiaries, the Company does not believe that it is probable that the ultimate liability from either pending or threatened legal actions, after consideration of existing loss provisions, will have a material adverse effect on the Company's consolidated financial condition, operating results or cash flows. However, given the inherent difficulty in predicting the outcome of legal proceedings, there exists the possibility that such legal actions could have a material adverse effect on the Company's consolidated financial condition, operating results or cash flows.

In addition to the inherent difficulty of predicting litigation outcomes, particularly those that will be decided by a jury,
some matters purport to seek substantial or an unspecified amount of damages for unsubstantiated conduct spanning several years based on complex legal theories and damages models. The alleged damages typically are indeterminate or not factually supported in the complaint, and, in any event, the Company's experience indicates that monetary demands for damages often bear little relation to the ultimate loss. In some cases, plaintiffs are seeking to certify classes in the litigation and class certification either has been denied or is pending and we have filed oppositions to class certification or sought to decertify a prior class certification. In addition, for many of these cases: (i) there is uncertainty as to the outcome of pending appeals or motions; (ii) there are significant factual issues to be resolved; and/or (iii) there are novel legal issues presented. Accordingly, the Company cannot reasonably estimate the possible loss or range of loss in excess of amounts accrued, if any, or predict the timing of the eventual resolution of these matters.  The Company reviews these matters on an ongoing basis.  When assessing reasonably possible and probable outcomes, the Company bases its assessment on the expected ultimate outcome following all appeals.

On June 7, 2019, Platinum Partners Value Arbitrage Fund L.P. (in Official Liquidation) ("PPVA"), the Joint Official Liquidators of PPVA (the "JOLs") and Principal Growth Strategies, LLC, ("PGS"), commenced suit against, among others, CNO Financial Group, Inc., Bankers Conseco Life Insurance Company ("BCLIC"), Washington National and 40|86 Advisors, Inc. (collectively, the "CNO Parties") in Delaware Chancery Court.  Plaintiffs seek an unspecified amount of damages, costs, attorney's fees, and other relief as the court deems appropriate.  Plaintiffs allege that the CNO Parties were unjustly enriched when they terminated BCLIC and Washington National's reinsurance agreements with BRe and recaptured assets from reinsurance trusts, in particular, Agera securities.  Plaintiffs contend that the Agera securities were fraudulently transferred to the reinsurance trusts by other Platinum-related entities and they are seeking to claw back those Agera securities, or the value of those assets, from the CNO Parties.  The CNO Parties had removed the case to the United States District Court for the District of Delaware but on April 6, 2020, the District Court granted the plaintiff's motion to remand the case back to the Delaware Chancery Court. Plaintiffs have filed an Amended Complaint and the CNO Parties have moved to dismiss the Amended Complaint. The Delaware Chancery Court denied the CNO Parties’ motions to dismiss the Amended Complaint on the basis of forum non conveniens, but granted the CNO Parties’ motion to stay the case pending the conclusion of a related matter. On December 1, 2023, the Delaware Chancery Court lifted the stay as of November 30, 2023. On January 25, 2024, the Delaware Chancery Court granted in part and denied in part the CNO Parties’ motion to dismiss the Amended Complaint. Based on the Court’s ruling, PPVA and the JOLs’ claims against the CNO Parties were dismissed. On April 9, 2024, PGS filed a second amended complaint, which contains the same claims against the CNO Parties that PGS had previously asserted. The CNO Parties are vigorously contesting PGS's claims.

On October 5, 2012, plaintiffs William Jeffrey Burnett and Joe H. Camp commenced an action entitled Burnett v. Conseco Life Ins. Co. against, among others, CNO Financial Group, Inc. and CNO Services, LLC (collectively, the "CNO Entities") in the United States District Court for the Central District of California on behalf of a putative class of former interest-sensitive whole life insurance policyholders who surrendered their policies or let them lapse. Plaintiffs' first amended complaint alleges that the CNO Entities are liable under an alter ego theory for Conseco Life Insurance Company's purported breach of the optional premium payment provision (the "Optional Premium Payment") of plaintiffs' insurance policies. In January 2018, the case was transferred to the United States District Court for the Southern District of Indiana. On August 17, 2020, the Court denied the CNO Entities' motions to dismiss. On January 13, 2021, the Court granted final approval of a class action settlement between plaintiffs and co-defendant Conseco Life Insurance Company (n/k/a Wilco Life Insurance Company). The case remains pending against the CNO Entities. On March 25, 2022, the Court certified a Rule 23(b)(3) class of under 2,000 policyholders who invoked the policy's Optional Premium Payment prior to October 2008 and who surrendered their policies between October 7, 2008 and September 1, 2011. The Court's certification order acknowledged the existence of individualized issues of causation and damages, which the Court stated could be addressed in individualized proceedings following a class trial on the alter ego allegations and the meaning of the subject insurance policy language. The CNO Entities continue to vigorously defend the case.

Regulatory Examinations and Fines

Insurance companies face significant risks related to regulatory investigations and actions.  Regulatory investigations generally result from matters related to sales or underwriting practices, payment of contingent or other sales commissions, claim payments and procedures, product design, product disclosure, additional premium charges for premiums paid on a periodic basis, denial or delay of benefits, charging excessive or impermissible fees on products, procedures related to canceling policies, changing the way cost of insurance charges are calculated for certain life insurance products or recommending unsuitable products to customers.  We are, in the ordinary course of our business, subject to various examinations, inquiries and
information requests from state, federal and other authorities.  The ultimate outcome of these regulatory actions (including the costs of complying with information requests and policy reviews) cannot be predicted with certainty.  In the event of an unfavorable outcome in one or more of these matters, the ultimate liability may be in excess of liabilities we have established and we could suffer significant reputational harm as a result of these matters, which could also have a material adverse effect on our business, financial condition, results of operations or cash flows.
v3.24.1.u1
CONSOLIDATED STATEMENT OF CASH FLOWS
3 Months Ended
Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
CONSOLIDATED STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF CASH FLOWS

The following reconciles net income (loss) to net cash from operating activities (dollars in millions):
Three months ended
March 31,
 20242023
Cash flows from operating activities:  
Net income (loss)$112.3 $(.8)
Adjustments to reconcile net income (loss) to net cash from operating activities: 
Amortization and depreciation70.4 65.7 
Income taxes23.8 (6.4)
Insurance liabilities156.6 173.3 
Accrual, amortization and fair value changes included in investment income(134.8)(27.9)
Deferral of policy acquisition costs(103.2)(89.8)
Net investment (gains) losses(7.8)14.6 
Other (a)(22.7)(46.8)
Net cash from operating activities$94.6 $81.9 

_____________
(a)    Primarily relates to: (i) changes in other assets and liabilities related to the timing of payments and receipts; and (ii) the change in fair value of the deferred compensation plan liability.

Other non-cash items not reflected in the investing and financing activities sections of the consolidated statement of cash flows (dollars in millions):
Three months ended
March 31,
 20242023
Amounts related to employee benefit plans$6.1 $6.5 
v3.24.1.u1
INVESTMENTS IN VARIABLE INTEREST ENTITIES
3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
INVESTMENTS IN VARIABLE INTEREST ENTITIES
INVESTMENTS IN VARIABLE INTEREST ENTITIES

We have concluded that we are the primary beneficiary with respect to certain VIEs, which are consolidated in our financial statements.  In consolidating the VIEs, we consistently use the financial information most recently distributed to investors in the VIE.

All of the VIEs are collateralized loan trusts that were established to issue securities to finance the purchase of corporate loans and other permitted investments.  The assets held by the trusts are legally isolated and not available to the Company.  The liabilities of the VIEs are expected to be satisfied from the cash flows generated by the underlying loans held by the trusts, not from the assets of the Company.  The Company has no financial obligation to the VIEs beyond its investment in each VIE.

Certain of our subsidiaries are noteholders of the VIEs.  Another subsidiary of the Company is the investment manager for the VIEs.  As such, it has the power to direct the most significant activities of the VIEs which materially impacts the economic performance of the VIEs.

The following tables provide supplemental information about the assets and liabilities of the VIEs which have been consolidated in accordance with authoritative guidance (dollars in millions):
 March 31, 2024
VIEsEliminationsNet effect on
consolidated
balance sheet
Assets:   
Investments held by variable interest entities$533.4 $— $533.4 
Notes receivable of VIEs held by subsidiaries— (104.9)(104.9)
Cash and cash equivalents held by variable interest entities83.5 — 83.5 
Accrued investment income1.7 — 1.7 
Income tax assets, net12.5 — 12.5 
Other assets.9 (.5).4 
Total assets$632.0 $(105.4)$526.6 
Liabilities:   
Other liabilities$11.0 $(2.9)$8.1 
Borrowings related to variable interest entities565.5 — 565.5 
Notes payable of VIEs held by subsidiaries106.1 (106.1)— 
Total liabilities$682.6 $(109.0)$573.6 
 December 31, 2023
VIEsEliminationsNet effect on
consolidated
balance sheet
Assets:   
Investments held by variable interest entities$768.6 $— $768.6 
Notes receivable of VIEs held by subsidiaries— (113.8)(113.8)
Cash and cash equivalents held by variable interest entities114.5 — 114.5 
Accrued investment income2.7 — 2.7 
Income tax assets, net13.0 — 13.0 
Other assets— (.7)(.7)
Total assets$898.8 $(114.5)$784.3 
Liabilities:   
Other liabilities$14.6 $(2.2)$12.4 
Borrowings related to variable interest entities820.8 — 820.8 
Notes payable of VIEs held by subsidiaries126.1 (126.1)— 
Total liabilities$961.5 $(128.3)$833.2 

The investment portfolios held by the VIEs are primarily comprised of commercial bank loans to corporate obligors which are almost entirely rated below-investment grade.  At March 31, 2024, such loans had an amortized cost of $547.2 million; gross unrealized gains of $1.7 million; gross unrealized losses of $11.2 million; allowance for credit losses of $4.3 million; and an estimated fair value of $533.4 million.

The following table summarizes changes in the allowance for credit losses related to corporate securities held by VIEs for the three months ended March 31, 2024 and 2023 (dollars in millions):
Three months ended
March 31,
20242023
Allowance at the beginning of the period$3.1 $5.5 
Additions for securities for which credit losses were not previously recorded.3 .3 
Additions (reductions) for securities where an allowance was previously recorded1.7 (.7)
Reduction for securities sold during the period(.8)(1.6)
Allowance at the end of the period$4.3 $3.5 
The following table sets forth the amortized cost and estimated fair value of the investments held by the VIEs at March 31, 2024, by contractual maturity.  Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.
Amortized
cost
Estimated
fair
value
 (Dollars in millions)
Due in one year or less$13.7 $13.2 
Due after one year through five years506.7 493.5 
Due after five years through ten years26.8 26.7 
Total$547.2 $533.4 

During the first three months of 2024, the VIEs recognized investment losses of $3.6 million which were comprised of: (i) $6.2 million of net losses from the sales of fixed maturities; (ii) $3.8 million of gains related to the liquidation of a VIE; and (iii) an increase in the allowance for credit losses of $1.2 million. Such net realized losses included gross realized losses of $6.9 million from the sale of $81.3 million of investments. During the first three months of 2023, the VIEs recognized net investment losses of $0.6 million which were comprised of: (i) $2.6 million of net losses from the sales of fixed maturities; and (ii) a decrease in the allowance for credit losses of $2.0 million. Such net realized losses included gross realized losses of $0.8 million from the sale of $11.7 million of investments.

At March 31, 2024, there were no fixed maturity investments held by the VIEs in default.

At March 31, 2024, the VIEs held: (i) investments (for which an allowance for credit losses has not been recorded) with a fair value of $35.7 million and gross unrealized losses not deemed to have credit losses of $0.1 million that had been in an unrealized loss position for less than twelve months; and (ii) investments (for which an allowance for credit losses has not been recorded) with a fair value of $171.2 million and gross unrealized losses not deemed to have credit losses of $3.1 million that had been in an unrealized loss position for twelve months or greater.

At December 31, 2023, the VIEs held: (i) investments (for which an allowance for credit losses has not been recorded) with a fair value of $24.8 million and gross unrealized losses of $0.1 million that had been in an unrealized loss position for less than twelve months; and (ii) investments (for which an allowance for credit losses has not been recorded) with a fair value of $302.3 million and gross unrealized losses of $8.7 million that had been in an unrealized loss position for twelve months or greater.

The investments held by the VIEs are evaluated for impairment in a manner that is consistent with the Company's fixed maturities, available for sale.

In addition, the Company, in the normal course of business, makes passive investments in structured securities issued by VIEs for which the Company is not the investment manager.  These structured securities include asset-backed securities, collateralized loan obligations, commercial mortgage-backed securities, agency residential mortgage-backed securities and
non-agency residential mortgage-backed securities.  Our maximum exposure to loss on these securities is limited to our cost basis in the investment.  We have determined that we are not the primary beneficiary of these structured securities due to the relative size of our investment in comparison to the total principal amount of the individual structured securities and the level of credit subordination which reduces our obligation to absorb gains or losses.

At March 31, 2024, we held investments in various limited partnerships and hedge funds, in which we are not the primary beneficiary, totaling $490.4 million (classified as other invested assets).  At March 31, 2024, we had unfunded commitments to these partnerships totaling $373.1 million.  Our maximum exposure to loss on these investments is limited to the amount of our investment.
v3.24.1.u1
FAIR VALUE MEASUREMENTS
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS

Fair value is 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 and, therefore, represents an exit price, not an entry price.  We carry certain assets and liabilities at fair value on a recurring basis, including fixed maturities, equity securities, trading securities, investments held by VIEs, derivatives, separate account assets and embedded derivatives.  We carry our COLI, which is invested in a series of mutual funds, at its cash surrender value which approximates fair value. In addition, we disclose fair value for certain financial instruments that are not carried at fair value, including mortgage loans, policy loans, cash and cash equivalents, insurance liabilities for interest-sensitive products and funding agreements, investment borrowings, notes payable and borrowings related to VIEs.

The degree of judgment utilized in measuring the fair value of financial instruments is largely dependent on the level to which pricing is based on observable inputs.  Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. Financial instruments with readily available active quoted prices would be considered to have fair values based on the highest level of observable inputs, and little judgment would be utilized in measuring fair value.  Financial instruments that rarely trade would often have fair value based on a lower level of observable inputs, and more judgment would be utilized in measuring fair value.

Valuation Hierarchy

There is a three-level hierarchy for valuing assets or liabilities at fair value based on whether inputs are observable or unobservable.

Level 1 – includes assets and liabilities valued using inputs that are unadjusted quoted prices in active markets for identical assets or liabilities.  Our Level 1 assets primarily include cash and cash equivalents and exchange-traded securities.

Level 2 – includes assets and liabilities valued using inputs that are quoted prices for similar assets in an active market, quoted prices for identical or similar assets in a market that is not active, observable inputs, or observable inputs that can be corroborated by market data.  Level 2 assets and liabilities include those financial instruments that are valued by independent pricing services using models or other valuation methodologies.  These models consider various inputs such as credit rating, maturity, corporate credit spreads, reported trades and other inputs that are observable or derived from observable information in the marketplace or are supported by transactions executed in the marketplace. Financial assets in this category primarily include: certain publicly registered and privately placed corporate fixed maturity securities; certain government or agency securities; certain mortgage and asset-backed securities; certain equity securities; most investments held by our consolidated VIEs; and derivatives such as call options. Financial liabilities in this category include investment borrowings, notes payable and borrowings related to VIEs.

Level 3 – includes assets and liabilities valued using unobservable inputs that are used in model-based valuations that contain management assumptions.  Level 3 assets and liabilities include those financial instruments whose fair value is estimated based on broker/dealer quotes, pricing services or internally developed models or methodologies utilizing significant inputs not based on, or corroborated by, readily available market information.  Financial assets in this category include certain corporate securities, certain structured securities, mortgage loans, and other less liquid securities.  Financial liabilities in this category include our insurance liabilities for interest-sensitive products, which includes embedded derivatives (including embedded derivatives related to our fixed indexed annuity products and to a modified coinsurance arrangement), and funding agreements since their values include significant unobservable inputs including actuarial assumptions.

At each reporting date, we classify assets and liabilities into the three input levels based on the lowest level of input that is significant to the measurement of fair value for each asset and liability reported at fair value.  This classification is impacted by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions.  Our assessment of the significance of a particular input to the fair value measurement and the ultimate classification of each asset and liability requires judgment and is subject to change from period to period based on the observability of the valuation inputs.
The vast majority of our assets carried at fair value use Level 2 inputs for the determination of fair value.  These fair values are obtained primarily from independent pricing services, which use Level 2 inputs for the determination of fair value.  Our Level 2 assets are valued as follows:

Fixed maturities available for sale, equity securities and trading securities

Corporate securities are generally priced using market and income approaches using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, issuer rating, benchmark yields, maturity and credit spreads.

U.S. Treasuries and obligations of U.S. Government corporations and agencies are generally priced using the market approach. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets and maturity.

States and political subdivisions are generally priced using the market approach using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, new issuances and credit spreads.

Foreign governments are generally priced using the market approach using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, new issuances, benchmark yields, credit spreads and issuer rating.

Asset-backed securities, agency and non-agency residential mortgage-backed securities, collateralized loan obligations and commercial mortgage-backed securities are generally priced using market and income approaches using independent pricing services. Inputs generally consist of quoted prices in inactive markets, spreads on actively traded securities, expected prepayments, expected default rates, expected recovery rates and issue specific information including, but not limited to, collateral type, seniority and vintage.

Equity securities are generally priced using the market approach. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, issuer rating, benchmark yields, maturity and credit spreads.

Investments held by VIEs

Corporate securities are generally priced using market and income approaches using pricing vendors. Inputs generally consist of issuer rating, benchmark yields, maturity, and credit spreads.
Other invested assets - derivatives

The fair value measurements for derivative instruments, including embedded derivatives requiring bifurcation, are determined based on the consideration of several inputs including closing exchange or over-the-counter market price quotes, time value and volatility factors underlying options, market interest rates and non-performance risk.

Third-party pricing services normally derive security prices through recently reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information.  If there are no recently reported trades, the third-party pricing services may use matrix or model processes to develop a security price where future cash flow expectations are discounted at an estimated risk-adjusted market rate.  The number of prices obtained for a given security is dependent on the Company's analysis of such prices as further described below.

As the Company is responsible for the determination of fair value, we have control processes designed to ensure that the fair values received from third-party pricing sources are reasonable and the valuation techniques and assumptions used appear reasonable and consistent with prevailing market conditions. Additionally, when inputs are provided by third-party pricing sources, we have controls in place to review those inputs for reasonableness. As part of these controls, we perform monthly quantitative and qualitative analysis on the prices received from third parties to determine whether the prices are reasonable estimates of fair value.  The Company's analysis includes: (i) a review of the methodology used by third-party pricing services; (ii) where available, a comparison of multiple pricing services' valuations for the same security; (iii) a review of month to month price fluctuations; (iv) a review to ensure valuations are not unreasonably dated; and (v) back testing to compare actual purchase and sale transactions with valuations received from third parties.  As a result of such procedures, the Company may conclude a particular price received from a third party is not reflective of current market conditions.  In those instances, we may request additional pricing quotes or apply internally developed valuations. However, the number of such instances is insignificant and the aggregate change in value of such investments is not materially different from the original prices received.

The categorization of the fair value measurements of our investments priced by independent pricing services was based upon the Company's judgment of the inputs or methodologies used by the independent pricing services to value different asset classes.  Such inputs typically include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other relevant data.  The Company categorizes such fair value measurements based upon asset classes and the underlying observable or unobservable inputs used to value such investments.

For securities that are not priced by pricing services and may not be reliably priced using pricing models, we obtain broker quotes.  These broker quotes are non-binding and represent an exit price, but assumptions used to establish the fair value may not be observable and therefore represent Level 3 inputs.  Approximately 93 percent of our Level 3 fixed maturity securities and trading securities were valued using unadjusted broker quotes or broker-provided valuation inputs.  The remaining Level 3 fixed maturity investments do not have readily determinable market prices and/or observable inputs.  For these securities, we use internally developed valuations.  Key assumptions used to determine fair value for these securities may include risk premiums, projected performance of underlying collateral and other factors involving significant assumptions which may not be reflective of an active market.  For certain investments, we use a matrix or model process to develop a security price where future cash flow expectations are discounted at an estimated market rate.  The pricing matrix incorporates term interest rates as well as a spread level based on the issuer's credit rating, other factors relating to the issuer, and the security's maturity.  In some instances issuer-specific spread adjustments, which can be positive or negative, are made based upon internal analysis of security specifics such as liquidity, deal size, and time to maturity.
The categorization of fair value measurements, by input level, for our financial instruments carried at fair value on a recurring basis at March 31, 2024 is as follows (dollars in millions):
 Quoted prices in active markets
 for identical assets or liabilities
(Level 1)
Significant other observable inputs
(Level 2)
Significant unobservable inputs
 (Level 3)
Total
Assets:    
Fixed maturities, available for sale:    
Corporate securities$— $11,491.4 $147.5 $11,638.9 
United States Treasury securities and obligations of United States government corporations and agencies— 214.4 — 214.4 
States and political subdivisions— 2,703.4 — 2,703.4 
Foreign governments— 82.3 — 82.3 
Asset-backed securities— 1,428.3 25.6 1,453.9 
Agency residential mortgage-backed securities— 687.7 — 687.7 
Non-agency residential mortgage-backed securities— 1,559.8 — 1,559.8 
Collateralized loan obligations— 1,145.6 — 1,145.6 
Commercial mortgage-backed securities— 2,162.1 — 2,162.1 
Total fixed maturities, available for sale— 21,475.0 173.1 21,648.1 
Equity securities - corporate securities45.8 — 72.6 118.4 
Trading securities:    
Asset-backed securities— 31.2 — 31.2 
Agency residential mortgage-backed securities— 3.4 — 3.4 
Non-agency residential mortgage-backed securities— 57.4 — 57.4 
Collateralized loan obligations— 9.1 — 9.1 
Commercial mortgage-backed securities— 121.7 — 121.7 
Total trading securities— 222.8 — 222.8 
Investments held by variable interest entities - corporate securities— 533.4 — 533.4 
Other invested assets:
Derivatives— 355.0 — 355.0 
Residual tranches— 2.6 52.2 54.8 
Total other invested assets— 357.6 52.2 409.8 
Market risk benefit asset— — 84.1 84.1 
Assets held in separate accounts— 3.3 — 3.3 
Total assets carried at fair value by category$45.8 $22,592.1 $382.0 $23,019.9 
Liabilities:    
Market risk benefit liability$— $— $3.8 $3.8 
Embedded derivatives associated with fixed indexed annuity products— — 1,426.8 1,426.8 
Total liabilities carried at fair value by category$— $— $1,430.6 $1,430.6 
The categorization of fair value measurements, by input level, for our financial instruments carried at fair value on a recurring basis at December 31, 2023 is as follows (dollars in millions):
 Quoted prices in active markets
 for identical assets or liabilities
(Level 1)
Significant other observable inputs
 (Level 2)
Significant unobservable inputs 
(Level 3)
Total
Assets:    
Fixed maturities, available for sale:    
Corporate securities$— $11,678.2 $159.3 $11,837.5 
United States Treasury securities and obligations of United States government corporations and agencies— 194.4 — 194.4 
States and political subdivisions— 2,566.7 — 2,566.7 
Foreign governments— 83.1 — 83.1 
Asset-backed securities— 1,346.9 25.5 1,372.4 
Agency residential mortgage-backed securities— 648.0 — 648.0 
Non-agency residential mortgage-backed securities— 1,553.2 — 1,553.2 
Collateralized loan obligations— 1,032.8 — 1,032.8 
Commercial mortgage-backed securities— 2,205.0 13.1 2,218.1 
Total fixed maturities, available for sale— 21,308.3 197.9 21,506.2 
Equity securities - corporate securities24.2 — 72.7 96.9 
Trading securities:    
Asset-backed securities— 32.8 — 32.8 
Agency residential mortgage-backed securities— 3.5 — 3.5 
Non-agency residential mortgage-backed securities— 58.5 — 58.5 
Collateralized loan obligations— 9.0 — 9.0 
Commercial mortgage-backed securities— 118.9 — 118.9 
Total trading securities— 222.7 — 222.7 
Investments held by variable interest entities - corporate securities— 768.6 — 768.6 
Other invested assets:
Derivatives— 239.2 — 239.2 
Residual tranches— 7.5 31.5 39.0 
Total other invested assets— 246.7 31.5 278.2 
Market risk benefit asset— — 75.4 75.4 
Assets held in separate accounts— 3.1 — 3.1 
Total assets carried at fair value by category$24.2 $22,549.4 $377.5 $22,951.1 
Liabilities:    
Market risk benefit liability$— $— $7.4 $7.4 
Embedded derivatives associated with fixed indexed annuity products— — 1,376.7 1,376.7 
Total liabilities carried at fair value by category$— $— $1,384.1 $1,384.1 
The fair value of our financial instruments not carried at fair value on a recurring basis are as follows (dollars in millions):
March 31, 2024
 Quoted prices in active markets for identical assets or liabilities
(Level 1)
Significant other observable inputs
 (Level 2)
Significant unobservable inputs 
(Level 3)
Total estimated fair valueTotal carrying amount
Assets:    
Mortgage loans$— $— $1,930.8 $1,930.8 $2,087.1 
Policy loans— — 130.3 130.3 130.3 
Other invested assets:
Company-owned life insurance— 305.2 — 305.2 305.2 
Cash and cash equivalents:
Unrestricted566.3 — — 566.3 566.3 
Held by variable interest entities83.5 — — 83.5 83.5 
Liabilities: 
Policyholder account balances— — 15,736.7 15,736.7 15,736.7 
Future policy benefits— — (218.4)(218.4)(218.4)
Investment borrowings— 2,189.8 — 2,189.8 2,189.1 
Borrowings related to variable interest entities— 564.3 — 564.3 565.5 
Notes payable – direct corporate obligations— 1,115.8 — 1,115.8 1,141.0 


December 31, 2023
 Quoted prices in active markets for identical assets or liabilities
(Level 1)
Significant other observable inputs
 (Level 2)
Significant unobservable inputs 
(Level 3)
Total estimated fair valueTotal carrying amount
Assets:    
Mortgage loans$— $— $1,926.9 $1,926.9 $2,064.1 
Policy loans— — 128.5 128.5 128.5 
Other invested assets:
Company-owned life insurance— 303.0 — 303.0 303.0 
Cash and cash equivalents:
Unrestricted774.5 — — 774.5 774.5 
Held by variable interest entities114.5 — — 114.5 114.5 
Liabilities:
Policyholder account balances— — 15,667.8 15,667.8 15,667.8 
Future policy benefits— — (274.9)(274.9)(274.9)
Investment borrowings— 2,190.2 — 2,190.2 2,189.3 
Borrowings related to variable interest entities— 814.8 — 814.8 820.8 
Notes payable – direct corporate obligations— 1,097.3 — 1,097.3 1,140.5 
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value for the three months ended March 31, 2024 (dollars in millions):
 March 31, 2024 
 Beginning balance as of December 31, 2023Purchases, sales, issuances and settlements, net (b)Total realized and unrealized gains (losses) included in net incomeTotal realized and unrealized gains (losses) included in accumulated other comprehensive income (loss)Transfers into Level 3 (a)Transfers out of
Level 3 (a)
Ending balance as of March 31, 2024Amount of total gains (losses) for the three months ended March 31, 2024 included in our net income relating to assets still held as of the reporting dateAmount of total gains (losses) for the three months ended March 31, 2024 included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date
Assets:        
Fixed maturities, available for sale:        
Corporate securities$159.3 $6.7 $4.4 $(5.9)$— $(17.0)$147.5 $4.4 $(6.7)
Asset-backed securities25.5 (.2)— .3 — — 25.6 — .2 
Commercial mortgage-backed securities13.1 — — — — (13.1)— — — 
Total fixed maturities, available for sale197.9 6.5 4.4 (5.6)— (30.1)173.1 4.4 (6.5)
Equity securities - corporate securities72.7 — (.1)— — — 72.6 (.1)— 
Other invested assets - residual tranches31.5 7.9 6.4 — 6.4 — 52.2 6.4 — 
_________
(a)Transfers into Level 3 are the result of unobservable inputs utilized within valuation methodologies for assets that were previously valued using observable inputs. Transfers out of Level 3 are due to the use of observable inputs in valuation methodologies as well as the utilization of pricing service information for certain assets that the Company is able to validate.
(b)Purchases, sales, issuances and settlements, net, represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period.  Such activity primarily consists of purchases and sales of fixed maturity and equity securities.  The following summarizes such activity for the three months ended March 31, 2024 (dollars in millions):
 PurchasesSalesIssuancesSettlementsPurchases, sales, issuances and settlements, net
Assets:     
Fixed maturities, available for sale:     
Corporate securities$6.8 $(.1)$— $— $6.7 
Asset-backed securities— (.2)— — (.2)
Total fixed maturities, available for sale6.8 (.3)— — 6.5 
Other invested assets - residual tranches9.2 (1.3)— — 7.9 
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value for the three months ended March 31, 2023 (dollars in millions):

 March 31, 2023
 Beginning balance as of December 31, 2022Purchases, sales, issuances and settlements, net (b)Total realized and unrealized gains (losses) included in net incomeTotal realized and unrealized gains (losses) included in accumulated other comprehensive income (loss)Transfers into Level 3 (a)Transfers out of Level 3 (a)Ending balance as of March 31, 2023Amount of total gains (losses) for the three months ended March 31, 2023 included in our net income relating to assets still held as of the reporting dateAmount of total gains (losses) for the three months ended March 31, 2023 included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date
Assets:        
Fixed maturities, available for sale:        
Corporate securities$127.8 $(.5)$.1 $.9 $5.9 $(6.4)$127.8 $.1 $.1 
Asset-backed securities57.0 (5.1)(.2)(.2)— (10.4)41.1 — (.5)
Non-agency residential mortgage-backed securities56.2 (.2)— 2.3 — (24.5)33.8 — 2.4 
Collateralized loan obligations3.4 — — — — (3.4)— — — 
Commercial mortgage-backed securities14.5 — — (.7)— — 13.8 — (.7)
Total fixed maturities, available for sale258.9 (5.8)(.1)2.3 5.9 (44.7)216.5 .1 1.3 
Equity securities - corporate securities75.7 — (.7)— — — 75.0 (.7)— 
Trading securities - non-agency residential mortgage-backed securities.5 — — — — — .5 — — 
Other invested assets - residual tranches18.3 .5 .4 — — — 19.2 .4 — 
____________
(a)Transfers into Level 3 are the result of unobservable inputs utilized within valuation methodologies for assets that were previously valued using observable inputs. Transfers out of Level 3 are due to the use of observable inputs in valuation methodologies as well as the utilization of pricing service information for certain assets that the Company is able to validate.
(b)Purchases, sales, issuances and settlements, net, represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period.  Such activity primarily consists of purchases and sales of fixed maturity and equity securities.  The following summarizes such activity for the three months ended March 31, 2023 (dollars in millions):

 PurchasesSalesIssuancesSettlementsPurchases, sales, issuances and settlements, net
Assets:     
Fixed maturities, available for sale:     
Corporate securities$.9 $(1.4)$— $— $(.5)
Asset-backed securities2.3 (7.4)— — (5.1)
Non-agency residential mortgage-backed securities— (.2)— — (.2)
Total fixed maturities, available for sale3.2 (9.0)— — (5.8)
Other invested assets - residual tranches.7 (.2)— — .5 

Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses during the time the applicable financial instruments were classified as Level 3. Realized and unrealized gains (losses) on Level 3 assets are primarily reported in either net investment income for policyholder and other special-purpose portfolios or investment gains (losses) within the consolidated statement of operations; or accumulated other comprehensive income (loss) within shareholders' equity based on the appropriate accounting treatment for the instrument. The amount presented for gains (losses) included in our net income for assets still held as of the reporting date primarily represents: (i) the change in the allowance for credit losses for fixed maturities, available for sale; and (ii) changes in fair value of equity securities and trading securities that are held as of the reporting date. The amount presented for gains (losses) included in accumulated other comprehensive income (loss) for assets still held as of the reporting date primarily represents changes in the fair value of fixed maturities, available for sale, that are held as of the reporting date.

At March 31, 2024, 72 percent of our Level 3 fixed maturities, available for sale, were investment grade and 85 percent of our Level 3 fixed maturities, available for sale, consisted of corporate securities.
The following table summarizes changes in the value of our embedded derivatives associated with fixed indexed annuity products (classified in policyholder account balances and future policy benefits as presented in the note to the consolidated financial statements entitled "Accounting for Derivatives") which are measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value (dollars in millions):

Three months ended
March 31,
20242023
Balance at beginning of the period$1,376.7 $1,297.0 
Premiums less benefits(17.8)(14.0)
Change in fair value, net67.9 64.9 
Balance at end of the period$1,426.8 $1,347.9 

The change in fair value, net for each period in our embedded derivatives is included in the insurance policy benefits line item in the consolidated statement of operations.
The following table provides additional information about the significant unobservable (Level 3) inputs developed internally by the Company to determine fair value for certain assets and liabilities carried at fair value at March 31, 2024 (dollars in millions):
Fair value at March 31, 2024Valuation techniquesUnobservable inputsRange (weighted average) (a)
Assets:
Corporate securities (b)$2.5 Recovery methodPercent of recovery expected
(25.00%)
Corporate securities (c)1.5 Unadjusted purchase priceNot applicableNot applicable
Asset-backed securities (d)8.3 Discounted cash flow analysisDiscount margins
(2.28%)
Equity securities (e)63.3 Market comparablesEBITDA multiples
11.5X
Equity securities (f).1 Recovery methodPercent of recovery expected
0.00% - 100.00% (100.00%)
Equity securities (g)9.2 Unadjusted purchase priceNot applicableNot applicable
Other assets categorized as Level 3 (h)213.0 Unadjusted third-party price sourceNot applicableNot applicable
Market risk benefit asset (i)84.1 Discounted cash flow analysisSurrender rates
1.42% - 15.25% (4.28%)
Utilization rates
5.92% - 47.62% (24.88%)
Total382.0 
Liabilities:
Market risk benefit liability (i)3.8 Discounted cash flow analysisSurrender rates
1.42% - 15.25% (4.28%)
Utilization rates
5.92% - 47.62% (24.88%)
Embedded derivatives related to fixed indexed annuity products (j)1,426.8 Discounted projected embedded derivativesProjected portfolio yields
4.32% - 4.92% (4.57%)
Discount rates
4.07% - 5.74% (4.72%)
Surrender rates
1.42% - 23.70% (6.92%)
________________________________
(a)    The weighted average is based on the relative fair value of the related assets or liabilities.
(b)    Corporate securities - The significant unobservable input used in the fair value measurement of these corporate securities is percentage of recovery expected.  Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
(c)    Corporate securities - For these assets, there were no adjustments to the purchase price.
(d)    Asset-backed securities - The significant unobservable input used in the fair value measurement of these asset-backed securities is discount margin added to a riskless market yield. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.
(e)    Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA"). Generally, increases (decreases) in the EBITDA multiples would result in higher (lower) fair value measurements.
(f)    Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is percentage of recovery expected.  Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
(g)    Equity securities - For these assets, there were no adjustments to the purchase price.
(h)    Other assets categorized as Level 3 - For these assets, there were no adjustments to non-binding quoted market prices obtained from third-party pricing sources.
(i)    Market risk benefits – Many of our fixed indexed annuity products include a GLWB that is considered a MRB. The calculation of the value of MRBs is based on significant unobservable inputs including assumptions related to surrenders
and utilization of policy benefits. These assumptions are based on actuarial estimates and past experience. Increases in assumed surrender rates would generally increase the value of a MRB asset or decrease the value of a MRB liability (with decreases in assumed surrender rates having the opposite impacts). Increases in utilization rates would generally decrease the value of a MRB asset or increase the value of a MRB liability (with decreases in utilization rates having the opposite impacts).
(j)    Embedded derivatives related to fixed indexed annuity products (classified as policyholder account liabilities) - The significant unobservable inputs used in the fair value measurement of our embedded derivatives associated with fixed indexed annuity products are projected portfolio yields, discount rates and surrender rates. Increases (decreases) in projected portfolio yields in isolation would have resulted in a higher (lower) fair value measurement. The discount rate is based on risk free rates (U.S. Treasury rates for similar durations) adjusted for our non-performance risk and risk margins for non-capital market inputs. Increases (decreases) in the discount rates would have resulted in a lower (higher) fair value measurement. Assumed surrender rates are used to project how long the contracts remain in force. Generally, the longer the contracts are assumed to be in force the higher the fair value of the embedded derivative. The embedded derivatives related to fixed indexed annuity products are classified in policyholder account balances and future policy benefits as presented in the note to the consolidated financial statements entitled "Accounting for Derivatives".
The following table provides additional information about the significant unobservable (Level 3) inputs developed internally by the Company to determine fair value for certain assets and liabilities carried at fair value at December 31, 2023 (dollars in millions):
Fair value at December 31, 2023Valuation techniquesUnobservable inputsRange (weighted average) (a)
Assets:
Corporate securities (b)$2.9 Discounted cash flow analysisDiscount margins
(2.22%)
Corporate securities (c)2.5 Recovery methodPercent of recovery expected
(25.00%)
Corporate securities (d)1.5 Unadjusted purchase priceNot applicableNot applicable
Asset-backed securities (e)8.6 Discounted cash flow analysisDiscount margins
(2.24%)
Equity securities (f)63.4 Market comparablesEBITDA multiples11.3X
Equity securities (g).1 Recovery methodPercent of recovery expected
0.00% - 100.00% (100.00%)
Equity securities (h)9.2 Unadjusted purchase priceNot applicableNot applicable
Other assets categorized as Level 3 (i)213.9 Unadjusted third-party price sourceNot applicableNot applicable
Market risk benefit asset (j)75.4 Discounted cash flow analysisSurrender rates
1.42% - 15.25% (4.28%)
Utilization rates
5.92% - 47.62% (24.88%)
Total377.5 
Liabilities:
Market risk benefit liability (j)7.4 Discounted cash flow analysisSurrender rates
1.42% - 15.25% (4.28%)
Utilization rates
5.92% - 47.62% (24.88%)
Embedded derivatives related to fixed indexed annuity products (k)1,376.7 Discounted projected embedded derivativesProjected portfolio yields
4.32% - 4.92% (4.57%)
Discount rates
3.85% - 5.76% (4.41%)
Surrender rates
1.42% - 23.70% (6.92%)
________________________________
(a)    The weighted average is based on the relative fair value of the related assets or liabilities.
(b)    Corporate securities - The significant unobservable input used in the fair value measurement of our corporate securities is discount margin added to a riskless market yield. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.
(c)    Corporate securities - The significant unobservable input used in the fair value measurement of these corporate securities is percentage of recovery expected.  Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
(d)    Corporate securities - For these assets, there were no adjustments to the purchase price.
(e)    Asset-backed securities - The significant unobservable input used in the fair value measurement of these asset-backed securities is discount margin added to a riskless market yield. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.
(f)    Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is multiples of earnings before EBITDA. Generally, increases (decreases) in the EBITDA multiples would result in higher (lower) fair value measurements.
(g)    Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is percentage of recovery expected.  Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
(h)    Equity securities - For these assets, there were no adjustments to the purchase price.
(i)    Other assets categorized as Level 3 - For these assets, there were no adjustments to non-binding quoted market prices obtained from third-party pricing sources.
(j)    Market risk benefits – Many of our fixed indexed annuity products include a GLWB that is considered a MRB. The calculation of the value of MRBs is based on significant unobservable inputs including assumptions related to surrenders and utilization of policy benefits. These assumptions are based on actuarial estimates and past experience. Increases in assumed surrender rates would generally increase the value of a MRB asset or decrease the value of a MRB liability (with decreases in assumed surrender rates having the opposite impacts). Increases in utilization rates would generally decrease the value of a MRB asset or increase the value of a MRB liability (with decreases in utilization rates having the opposite impacts).
(k)    Embedded derivatives related to fixed indexed annuity products - The significant unobservable inputs used in the fair value measurement of our embedded derivatives associated with fixed indexed annuity products are projected portfolio yields, discount rates and surrender rates. Increases (decreases) in projected portfolio yields in isolation would have resulted in a higher (lower) fair value measurement. The discount rate is based on risk free rates (U.S. Treasury rates for similar durations) adjusted for our non-performance risk and risk margins for non-capital market inputs. Increases (decreases) in the discount rates would have resulted in a lower (higher) fair value measurement. Assumed surrender rates are used to project how long the contracts remain in force. Generally, the longer the contracts are assumed to be in force the higher the fair value of the embedded derivative. The embedded derivatives related to fixed indexed annuity products are classified in policyholder account balances and future policy benefits as presented in the note to the consolidated financial statements entitled "Accounting for Derivatives".
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net income (loss) $ 112.3 $ (0.8)
v3.24.1.u1
Insider Trading Arrangements
3 Months Ended
Mar. 31, 2024
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Michael E. Mead [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the first quarter of 2024, one officer (as defined in Rule 16a-1(f) of the Exchange Act) (the "Section 16 officers") of the Company adopted a Rule 10b5-1 trading arrangement (as defined in Item 408(a) of Regulation S-K) for the sale of the Company’s common stock. The following summarizes the material terms of such Rule 10b5-1 trading arrangement, which is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act and the Company’s policies regarding transactions in Company securities:

Name and title of officerDate of trading arrangementDuration of trading arrangement (a)Aggregate shares of common stock to be sold pursuant to the trading arrangement
Michael E. MeadFebruary 26, 2024November 28, 202412,703 
Chief Information Officer

_________
(a)    Or such earlier date that the aggregate amount of shares has been sold.
Name Michael E. Mead
Title –Chief Information Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 26, 2024
Arrangement Duration 276 days
Aggregate Available 12,703
v3.24.1.u1
BUSINESS AND BASIS OF PRESENTATION (Policies)
3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting
When we prepare financial statements in conformity with GAAP, we are required to make estimates and assumptions that significantly affect reported amounts of various assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting periods.  For example, we use significant estimates and assumptions to calculate values for deferred acquisition costs, the present value of future profits, fair value measurements of certain investments (including derivatives), allowance for credit losses and other-than-temporary impairments of investments, assets and liabilities related to income taxes, liabilities for insurance products, liabilities related to litigation and guaranty fund assessment accruals.  If our future experience differs from these estimates and assumptions, our financial statements could be materially affected.
Consolidation
The accompanying financial statements are unaudited and include the accounts of the Company and its subsidiaries. Our consolidated financial statements exclude transactions between us and our consolidated affiliates, or among our consolidated affiliates.
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. Such requirements include: (i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss on an annual and interim basis; (ii) disclosures of an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis (the other segment items category is the difference between segment revenues less the segment expenses disclosed pursuant to the new guidance); (iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and (iv) specifying the title and position of the CODM and an explanation of how the CODM uses the reported measures to assess segment performance and make decisions about allocating resources. ASU 2023-07 is effective for annual periods beginning January 1, 2024 and interim periods beginning January 1, 2025, to be applied on a retrospective basis (with early adoption permitted). The adoption of ASU 2023-07 will expand our disclosures but will not have an impact on our financial position or results of operations.

In December 2023, the FASB issued Accounting Standards Update 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to improve the effectiveness of income tax disclosures by requiring, among other things, the disclosure on an annual basis of: (i) specific categories in the rate reconciliation; and (ii) additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires disclosure (on an annual basis) of the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). ASU 2023-09 is effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted). The adoption of ASU 2023-09 will modify our disclosures but will not have an impact on our financial position or results of operations.
Policyholder account balances
Policyholder account balances represent the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. It includes the accumulated account deposits, plus interest credited, less policyholder withdrawals and, if applicable, charges assessed. This balance also includes liabilities for the funding agreement-backed notes ("FABN").

Total liabilities for insurance products related to our fixed indexed annuities are comprised of: (i) the liability related to the host contract; and (ii) the fair market value of the embedded derivatives as summarized below (dollars in millions):

March 31,
2024
December 31,
2023
Fixed indexed annuity insurance liabilities:
Host contract liability$8,601.8 $8,487.0 
Embedded derivatives at fair value1,426.8 1,376.7 
Total fixed indexed annuity insurance liabilities$10,028.6 $9,863.7 

For presentation in the consolidated balance sheet, the total fixed indexed annuity insurance liability balance is bifurcated between: (i) policyholder account balances (which is the total of all current balances accruing to the policyholder under the terms and conditions of the policies assuming the contracts will continue in force); and (ii) the difference between the total fixed indexed annuity insurance liabilities summarized above and the policyholder account balances, which is classified as future policy benefits. These classifications are summarized below (dollars in millions):

March 31,
2024
December 31,
2023
Policyholder account balances$10,247.1 $10,138.6 
Future policy benefits(218.5)(274.9)
Total fixed indexed annuity insurance liabilities$10,028.6 $9,863.7 
    
When the total policyholder account balance exceeds the total fixed indexed annuity insurance liabilities, a negative future policy benefit balance will occur.
Investments
We classify our fixed maturity securities into one of two categories: (i) "available for sale" (which we carry at estimated fair value with any unrealized gain or loss, net of tax and related adjustments, recorded as a component of shareholders' equity); or (ii) "trading" (which we carry at estimated fair value with changes in such value recognized as either net investment income (classified as investment income from policyholder and other special-purpose portfolios) or investment gains (losses)).

Trading securities include: (i) investments purchased with the intent of selling in the near term to generate income; and (ii) certain fixed maturity securities containing embedded derivatives for which we have elected the fair value option.  The change in fair value of the income generating investments is recognized in income from policyholder and other special-purpose portfolios (a component of net investment income). The change in fair value of securities with embedded derivatives is recognized in other investment gains (losses).

We review our available for sale fixed maturity securities with unrealized losses to determine whether such impairments are the result of credit losses. We analyze various factors to make such determinations including, but not limited to: (i) actions taken by rating agencies; (ii) default by the issuer; (iii) the significance of the decline; (iv) an assessment of our intent to sell the security before recovering the security's amortized cost; (v) an economic analysis of the issuer's industry; and (vi) the financial strength, liquidity, and recoverability of the issuer. We perform a security by security review each quarter to evaluate whether a credit loss has occurred.

In determining the credit loss component, we discount the estimated cash flows on a security by security basis. We consider the impact of macroeconomic conditions on inputs used to measure the amount of credit loss. For most structured securities, cash flow estimates are based on bond-specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity, prepayment speeds and structural support, including overcollateralization, excess spread, subordination and guarantees. For corporate bonds, cash flow estimates are derived by considering asset type, rating, time to maturity, and applying an expected loss rate.

If a portion of the decline is due to credit-related factors, we separate the credit loss component of the impairment from the amount related to all other factors. The credit loss component is recorded as an allowance and reported in other investment gains (losses) (limited to the difference between estimated fair value and amortized cost). The impairment related to all other factors (non-credit factors) is reported in accumulated other comprehensive income (loss) along with unrealized gains (losses) related to fixed maturity investments, available for sale, net of tax and related adjustments. The allowance is adjusted for any additional credit losses and subsequent recoveries. When recognizing an allowance associated with a credit loss, the cost basis is not adjusted. When we determine a security is uncollectable, the remaining amortized cost will be written off.
  
If we intend to sell an impaired fixed maturity security, available for sale, or identify an impaired fixed maturity security, available for sale, for which it is more likely than not we will be required to sell before anticipated recovery, the difference between the fair value and the amortized cost is included in other investment gains (losses) and the fair value becomes the new amortized cost. The new cost basis is not adjusted for any subsequent recoveries in fair value.

The Company reports accrued investment income separately from fixed maturities, available for sale, and has elected not to measure an allowance for credit losses for accrued investment income. Accrued investment income is written off through net investment income at the time the issuer of the bond defaults or is expected to default on payments.
Future events may occur, or additional information may become available, which may necessitate future realized losses in our portfolio.  Significant losses could have a material adverse effect on our consolidated financial statements in future periods.
Earnings Per Share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period.  Restricted shares (including our performance units) are not included in basic earnings per share until vested.  Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options were exercised and restricted stock was vested.  The dilution from options and restricted shares is calculated using the treasury stock method.  Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the average market price during the period, reducing the dilutive effect of the exercise of the options (or the vesting of the restricted stock and performance units).
Business Segments
We view our operations as three insurance product lines (annuity, health and life) and the investment and fee income segments. Our segments are aligned based on their common characteristics, comparability of profit margins and the way management makes operating decisions and assesses the performance of the business.

Our insurance product line segments (annuity, health and life) include marketing, underwriting and administration of the policies our insurance subsidiaries sell. The business written in each of the three product categories through all of our insurance subsidiaries is aggregated allowing management and investors to assess the performance of each product category. When analyzing profitability of these segments, we use insurance product margin as the measure of profitability, which is: (i) insurance policy income; and (ii) net investment income allocated to the insurance product lines; less (i) insurance policy benefits and interest credited to policyholders; and (ii) amortization of deferred acquisition costs and present value of future profits, non-deferred commissions and advertising expense. Net investment income is allocated to the product lines using the book yield of investments backing the block of business, which is applied to the average net insurance liabilities for the block in each period. Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account balances for annuity products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsured business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities.

Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes insurance product margin and income from insurance products help provide a better understanding of the business and a more meaningful analysis of the results of our insurance product lines.

We market our products through the Consumer and Worksite Divisions that reflect the customers served by the Company. The Consumer and Worksite Divisions are primarily focused on marketing insurance products, several types of which are sold in both divisions and underwritten in the same manner.

The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. This structure unifies consumer capabilities into a single division and integrates the strength of our agent sales forces with one of the largest direct-to-consumer insurance businesses with proven experience in advertising, web/digital and call center support.

The Worksite Division focuses on the sale of voluntary benefit life and health insurance products in the workplace for businesses, associations, and other membership groups, interacting with customers at their place of employment and virtually. With a separate Worksite Division, we are bringing a sharper focus to this high-growth business while further capitalizing on the strength of our wholly-owned subsidiary, Optavise, LLC ("Optavise"), a national provider of year-round technology-driven employee benefits management services.

The investment segment involves the management of our capital resources, including investments and the management of corporate debt and liquidity. Our measure of profitability of this segment is the total net investment income not allocated to the insurance products. Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the FABN program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our Federal Home Loan Bank ("FHLB") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on
investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.

Our fee income segment includes the earnings generated from sales of third-party insurance products, services provided by Optavise and the operations of our broker/dealer and registered investment advisor.

Expenses not allocated to product lines include the expenses of our corporate operations, excluding interest expense on debt.

We measure segment performance by excluding total investment gains (losses), changes in fair value of embedded derivative liabilities and MRBs, fair value changes related to the agent deferred compensation plan, income taxes and other non-operating items consisting primarily of earnings attributable to VIEs ("pre-tax operating earnings") because we believe that this performance measure is a better indicator of the ongoing business and trends in our business.  Our primary investment focus is on investment income to support our liabilities for insurance products as opposed to the generation of investment gains (losses), and a long-term focus is necessary to maintain profitability over the life of the business.

Investment gains (losses), changes in fair value of embedded derivative liabilities and MRBs, fair value changes related to the agent deferred compensation plan and other non-operating items consisting primarily of earnings attributable to VIEs depend on market conditions or represent unusual items that do not necessarily relate to the underlying business of our segments.  Investment gains (losses) and changes in fair value of embedded derivative liabilities and MRBs may affect future earnings levels since our underlying business is long-term in nature and changes in our investment portfolio may impact our ability to earn the assumed interest rates needed to maintain the profitability of our business.
Fair Value Measurements
Fair value is 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 and, therefore, represents an exit price, not an entry price.  We carry certain assets and liabilities at fair value on a recurring basis, including fixed maturities, equity securities, trading securities, investments held by VIEs, derivatives, separate account assets and embedded derivatives.  We carry our COLI, which is invested in a series of mutual funds, at its cash surrender value which approximates fair value. In addition, we disclose fair value for certain financial instruments that are not carried at fair value, including mortgage loans, policy loans, cash and cash equivalents, insurance liabilities for interest-sensitive products and funding agreements, investment borrowings, notes payable and borrowings related to VIEs.

The degree of judgment utilized in measuring the fair value of financial instruments is largely dependent on the level to which pricing is based on observable inputs.  Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. Financial instruments with readily available active quoted prices would be considered to have fair values based on the highest level of observable inputs, and little judgment would be utilized in measuring fair value.  Financial instruments that rarely trade would often have fair value based on a lower level of observable inputs, and more judgment would be utilized in measuring fair value.

Valuation Hierarchy

There is a three-level hierarchy for valuing assets or liabilities at fair value based on whether inputs are observable or unobservable.

Level 1 – includes assets and liabilities valued using inputs that are unadjusted quoted prices in active markets for identical assets or liabilities.  Our Level 1 assets primarily include cash and cash equivalents and exchange-traded securities.

Level 2 – includes assets and liabilities valued using inputs that are quoted prices for similar assets in an active market, quoted prices for identical or similar assets in a market that is not active, observable inputs, or observable inputs that can be corroborated by market data.  Level 2 assets and liabilities include those financial instruments that are valued by independent pricing services using models or other valuation methodologies.  These models consider various inputs such as credit rating, maturity, corporate credit spreads, reported trades and other inputs that are observable or derived from observable information in the marketplace or are supported by transactions executed in the marketplace. Financial assets in this category primarily include: certain publicly registered and privately placed corporate fixed maturity securities; certain government or agency securities; certain mortgage and asset-backed securities; certain equity securities; most investments held by our consolidated VIEs; and derivatives such as call options. Financial liabilities in this category include investment borrowings, notes payable and borrowings related to VIEs.

Level 3 – includes assets and liabilities valued using unobservable inputs that are used in model-based valuations that contain management assumptions.  Level 3 assets and liabilities include those financial instruments whose fair value is estimated based on broker/dealer quotes, pricing services or internally developed models or methodologies utilizing significant inputs not based on, or corroborated by, readily available market information.  Financial assets in this category include certain corporate securities, certain structured securities, mortgage loans, and other less liquid securities.  Financial liabilities in this category include our insurance liabilities for interest-sensitive products, which includes embedded derivatives (including embedded derivatives related to our fixed indexed annuity products and to a modified coinsurance arrangement), and funding agreements since their values include significant unobservable inputs including actuarial assumptions.

At each reporting date, we classify assets and liabilities into the three input levels based on the lowest level of input that is significant to the measurement of fair value for each asset and liability reported at fair value.  This classification is impacted by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction and overall market conditions.  Our assessment of the significance of a particular input to the fair value measurement and the ultimate classification of each asset and liability requires judgment and is subject to change from period to period based on the observability of the valuation inputs.
The vast majority of our assets carried at fair value use Level 2 inputs for the determination of fair value.  These fair values are obtained primarily from independent pricing services, which use Level 2 inputs for the determination of fair value.  Our Level 2 assets are valued as follows:

Fixed maturities available for sale, equity securities and trading securities

Corporate securities are generally priced using market and income approaches using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, issuer rating, benchmark yields, maturity and credit spreads.

U.S. Treasuries and obligations of U.S. Government corporations and agencies are generally priced using the market approach. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets and maturity.

States and political subdivisions are generally priced using the market approach using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, new issuances and credit spreads.

Foreign governments are generally priced using the market approach using independent pricing services. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, new issuances, benchmark yields, credit spreads and issuer rating.

Asset-backed securities, agency and non-agency residential mortgage-backed securities, collateralized loan obligations and commercial mortgage-backed securities are generally priced using market and income approaches using independent pricing services. Inputs generally consist of quoted prices in inactive markets, spreads on actively traded securities, expected prepayments, expected default rates, expected recovery rates and issue specific information including, but not limited to, collateral type, seniority and vintage.

Equity securities are generally priced using the market approach. Inputs generally consist of trades of identical or similar securities, quoted prices in inactive markets, issuer rating, benchmark yields, maturity and credit spreads.

Investments held by VIEs

Corporate securities are generally priced using market and income approaches using pricing vendors. Inputs generally consist of issuer rating, benchmark yields, maturity, and credit spreads.
Other invested assets - derivatives

The fair value measurements for derivative instruments, including embedded derivatives requiring bifurcation, are determined based on the consideration of several inputs including closing exchange or over-the-counter market price quotes, time value and volatility factors underlying options, market interest rates and non-performance risk.

Third-party pricing services normally derive security prices through recently reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information.  If there are no recently reported trades, the third-party pricing services may use matrix or model processes to develop a security price where future cash flow expectations are discounted at an estimated risk-adjusted market rate.  The number of prices obtained for a given security is dependent on the Company's analysis of such prices as further described below.

As the Company is responsible for the determination of fair value, we have control processes designed to ensure that the fair values received from third-party pricing sources are reasonable and the valuation techniques and assumptions used appear reasonable and consistent with prevailing market conditions. Additionally, when inputs are provided by third-party pricing sources, we have controls in place to review those inputs for reasonableness. As part of these controls, we perform monthly quantitative and qualitative analysis on the prices received from third parties to determine whether the prices are reasonable estimates of fair value.  The Company's analysis includes: (i) a review of the methodology used by third-party pricing services; (ii) where available, a comparison of multiple pricing services' valuations for the same security; (iii) a review of month to month price fluctuations; (iv) a review to ensure valuations are not unreasonably dated; and (v) back testing to compare actual purchase and sale transactions with valuations received from third parties.  As a result of such procedures, the Company may conclude a particular price received from a third party is not reflective of current market conditions.  In those instances, we may request additional pricing quotes or apply internally developed valuations. However, the number of such instances is insignificant and the aggregate change in value of such investments is not materially different from the original prices received.

The categorization of the fair value measurements of our investments priced by independent pricing services was based upon the Company's judgment of the inputs or methodologies used by the independent pricing services to value different asset classes.  Such inputs typically include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other relevant data.  The Company categorizes such fair value measurements based upon asset classes and the underlying observable or unobservable inputs used to value such investments.

For securities that are not priced by pricing services and may not be reliably priced using pricing models, we obtain broker quotes.  These broker quotes are non-binding and represent an exit price, but assumptions used to establish the fair value may not be observable and therefore represent Level 3 inputs.  Approximately 93 percent of our Level 3 fixed maturity securities and trading securities were valued using unadjusted broker quotes or broker-provided valuation inputs.  The remaining Level 3 fixed maturity investments do not have readily determinable market prices and/or observable inputs.  For these securities, we use internally developed valuations.  Key assumptions used to determine fair value for these securities may include risk premiums, projected performance of underlying collateral and other factors involving significant assumptions which may not be reflective of an active market.  For certain investments, we use a matrix or model process to develop a security price where future cash flow expectations are discounted at an estimated market rate.  The pricing matrix incorporates term interest rates as well as a spread level based on the issuer's credit rating, other factors relating to the issuer, and the security's maturity.  In some instances issuer-specific spread adjustments, which can be positive or negative, are made based upon internal analysis of security specifics such as liquidity, deal size, and time to maturity.
v3.24.1.u1
INVESTMENTS (Tables)
3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fixed Maturities for Available for Sale Securities
At March 31, 2024, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):
Amortized costGross unrealized gainsGross unrealized lossesAllowance for credit lossesEstimated fair value
Corporate securities$13,132.7 $50.5 $(1,506.6)$(37.7)$11,638.9 
United States Treasury securities and obligations of United States government corporations and agencies232.8 — (18.4)— 214.4 
States and political subdivisions3,054.5 26.4 (376.9)(.6)2,703.4 
Foreign governments94.8 .6 (12.5)(.6)82.3 
Asset-backed securities1,546.1 3.3 (95.4)(.1)1,453.9 
Agency residential mortgage-backed securities683.3 6.7 (2.3)— 687.7 
Non-agency residential mortgage-backed securities1,670.4 33.6 (144.2)— 1,559.8 
Collateralized loan obligations1,151.0 4.6 (10.0)— 1,145.6 
Commercial mortgage-backed securities2,385.2 1.8 (224.9)— 2,162.1 
Total fixed maturities, available for sale$23,950.8 $127.5 $(2,391.2)$(39.0)$21,648.1 

At December 31, 2023, the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and estimated fair value of fixed maturities, available for sale, were as follows (dollars in millions):
Amortized costGross unrealized gainsGross unrealized lossesAllowance for credit lossesEstimated fair value
Corporate securities$13,186.9 $74.7 $(1,382.4)$(41.7)$11,837.5 
United States Treasury securities and obligations of United States government corporations and agencies207.6 .1 (13.3)— 194.4 
States and political subdivisions2,896.8 31.3 (360.7)(.7)2,566.7 
Foreign governments92.7 1.2 (10.4)(.4)83.1 
Asset-backed securities1,476.2 4.1 (107.8)(.1)1,372.4 
Agency residential mortgage-backed securities639.0 9.5 (.5)— 648.0 
Non-agency residential mortgage-backed securities1,670.1 35.8 (152.7)— 1,553.2 
Collateralized loan obligations1,042.5 3.3 (13.0)— 1,032.8 
Commercial mortgage-backed securities2,487.4 .7 (270.0)— 2,218.1 
Total fixed maturities, available for sale$23,699.2 $160.7 $(2,310.8)$(42.9)$21,506.2 
Schedule of Investments Classified by Contractual Maturity Date
The following table sets forth the amortized cost and estimated fair value of fixed maturities, available for sale, at March 31, 2024, by contractual maturity.  Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.  Structured securities (such as asset-backed securities, agency residential mortgage-backed securities, non-agency residential mortgage-backed securities, collateralized loan obligations and commercial mortgage-backed securities, collectively referred to as "structured securities") frequently include provisions for periodic principal payments and permit periodic unscheduled payments.
Amortized
cost
Estimated
fair
value
 (Dollars in millions)
Due in one year or less$324.8 $314.6 
Due after one year through five years2,278.8 2,175.7 
Due after five years through ten years1,529.8 1,450.2 
Due after ten years12,381.4 10,698.5 
Subtotal16,514.8 14,639.0 
Structured securities7,436.0 7,009.1 
Total fixed maturities, available for sale$23,950.8 $21,648.1 

Gross Unrealized Investment Losses
Schedule of Unrealized Loss on Investments
The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at March 31, 2024 (dollars in millions):

 Less than 12 months12 months or greaterTotal
Description of securitiesFair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Corporate securities$508.6 $(7.4)$5,339.7 $(719.3)$5,848.3 $(726.7)
United States Treasury securities and obligations of United States government corporations and agencies72.9 (3.3)119.0 (15.1)191.9 (18.4)
States and political subdivisions272.4 (4.0)959.2 (166.4)1,231.6 (170.4)
Foreign governments12.0 (.5)18.2 (1.1)30.2 (1.6)
Asset-backed securities110.5 (.8)1,064.1 (93.7)1,174.6 (94.5)
Agency residential mortgage-backed securities249.8 (1.9)11.5 (.4)261.3 (2.3)
Non-agency residential mortgage-backed securities117.7 (.9)1,064.4 (143.3)1,182.1 (144.2)
Collateralized loan obligations233.1 (1.9)334.2 (8.1)567.3 (10.0)
Commercial mortgage-backed securities96.3 (.6)1,851.1 (224.3)1,947.4 (224.9)
Total fixed maturities, available for sale$1,673.3 $(21.3)$10,761.4 $(1,371.7)$12,434.7 $(1,393.0)

The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at December 31, 2023 (dollars in millions):

 Less than 12 months12 months or greaterTotal
Description of securitiesFair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Corporate securities$332.0 $(5.3)$5,199.0 $(640.6)$5,531.0 $(645.9)
United States Treasury securities and obligations of United States government corporations and agencies126.7 (10.2)34.5 (3.1)161.2 (13.3)
States and political subdivisions236.9 (3.8)990.0 (181.2)1,226.9 (185.0)
Foreign governments6.2 — 21.1 (2.3)27.3 (2.3)
Asset-backed securities46.9 (.8)1,066.8 (106.0)1,113.7 (106.8)
Agency residential mortgage-backed securities73.4 (.4)7.1 (.1)80.5 (.5)
Non-agency residential mortgage-backed securities69.0 (1.3)1,062.9 (151.4)1,131.9 (152.7)
Collateralized loan obligations75.0 (.3)590.9 (12.7)665.9 (13.0)
Commercial mortgage-backed securities203.8 (2.4)1,914.1 (267.6)2,117.9 (270.0)
Total fixed maturities, available for sale$1,169.9 $(24.5)$10,886.4 $(1,365.0)$12,056.3 $(1,389.5)
Schedule of Changes in the Allowance for Current Expected Credit Losses
The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended March 31, 2024 (dollars in millions):

Corporate securitiesStates and political subdivisionsForeign governmentsAsset-backed securitiesTotal
Allowance at December 31, 2023$41.7 $.7 $.4 $.1 $42.9 
Additions for securities for which credit losses were not previously recorded2.2 (.1).1 — 2.2 
Additions (reductions) for securities where an allowance was previously recorded(6.1)— .1 — (6.0)
Reduction for securities sold during the period(.1)— — — (.1)
Allowance at March 31, 2024$37.7 $.6 $.6 $.1 $39.0 

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended March 31, 2023 (dollars in millions):

Corporate securitiesStates and political subdivisionsForeign governmentsAsset-backed securitiesTotal
Allowance at December 31, 2022$54.4 $.9 $.4 $.3 $56.0 
Additions for securities for which credit losses were not previously recorded3.0 — — — 3.0 
Additions (reductions) for securities where an allowance was previously recorded.5 (.1).1 .3 .8 
Reduction for securities sold during the period(.7)— — — (.7)
Allowance at March 31, 2023$57.2 $.8 $.5 $.6 $59.1 
The following table summarizes changes in the allowance for credit losses related to corporate securities held by VIEs for the three months ended March 31, 2024 and 2023 (dollars in millions):
Three months ended
March 31,
20242023
Allowance at the beginning of the period$3.1 $5.5 
Additions for securities for which credit losses were not previously recorded.3 .3 
Additions (reductions) for securities where an allowance was previously recorded1.7 (.7)
Reduction for securities sold during the period(.8)(1.6)
Allowance at the end of the period$4.3 $3.5 
Schedule of Carrying Value and Estimated Fair Value of Outstanding Commercial Mortgage Loans and Underlying Collateral
The following table provides the amortized cost by year of origination and estimated fair value of our outstanding commercial mortgage loans and the underlying collateral as of March 31, 2024 (dollars in millions):
Estimated fair
value
Loan-to-value ratio (a)20242023202220212020PriorTotal amortized costMortgage loansCollateral
Less than 60%
$12.8 $160.7 $160.8 $96.2 $33.2 $525.5 $989.2 $877.8 $3,675.3 
60% to less than 70%
— 126.9 47.4 29.2 5.5 18.6 227.6 208.3 348.7 
70% to less than 80%
— 19.3 54.7 24.9 — 49.7 148.6 127.2 201.0 
80% to less than 90%
— — 47.8 — — 48.5 96.3 77.2 113.8 
Total$12.8 $306.9 $310.7 $150.3 $38.7 $642.3 $1,461.7 $1,290.5 $4,338.8 
________________
(a)Loan-to-value ratios are calculated as the ratio of: (i) the amortized cost of the commercial mortgage loans; to (ii) the estimated fair value of the underlying collateral.
Schedule of Changes in the Allowance for Current Expected Credit Losses Related to Mortgage Loans
The following table summarizes changes in the allowance for credit losses related to mortgage loans for the three months ended March 31, 2024 and 2023 (dollars in millions):

Three months ended
March 31,
20242023
Allowance at the beginning of the period$15.4 $8.0 
Current period provision for expected credit losses1.2 .4 
Allowance at the end of the period$16.6 $8.4 
Schedule of Realized Gain (Loss) on Investments
The following table sets forth the total investment gains (losses) for the periods indicated (dollars in millions):

Three months ended
March 31,
 20242023
Realized investment gains (losses): 
Gross realized gains on sales of fixed maturities, available for sale$2.1 $7.3 
Gross realized losses on sales of fixed maturities, available for sale(5.9)(14.4)
Equity securities, net— (.2)
Other, net(6.2)(7.3)
Total realized investment losses(10.0)(14.6)
Change in allowance for credit losses (a)1.5 (1.5)
Change in fair value of equity securities (b).9 .4 
Other changes in fair value (c)11.6 1.1 
Gain on liquidation of variable interest entity3.8 — 
Other investment gains17.8 — 
Total investment gains (losses)$7.8 $(14.6)
_________________
(a)    Changes in the allowance for credit losses includes $(1.2) million and $2.0 million in the three months ended March 31, 2024 and 2023, respectively, related to investments held by variable interest entities ("VIEs").
(b)    Changes in the estimated fair value of equity securities (that are still held as of the end of the respective periods) were $1.0 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively.
(c)    Changes in the estimated fair value of trading securities that we have elected the fair value option (that are still held as of the end of the respective periods) were $4.8 million and $(2.5) million in the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS (Tables)
3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Schedule of Balances and Changes in the Liability for Future Policy Benefits
The following tables summarize balances and changes in the liability for future policy benefits for traditional and limited-payment contracts for the three months ended March 31, 2024 (dollars in millions):
Three months ended
March 31, 2024
Supplemental healthMedicare supplementLong-term careTraditional lifeOther annuities
Present value of expected net premiums ("PVENP"), beginning of period$2,718.2 $3,009.2 $1,055.6 $2,279.6 $— 
Effect of changes in discount rate assumptions, beginning of period86.8 99.1 (7.6)67.6 — 
Beginning PVENP at original discount rate2,805.0 3,108.3 1,048.0 2,347.2 — 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(15.2)(39.0)(7.9)(21.2)— 
Adjusted beginning of period PVENP2,789.8 3,069.3 1,040.1 2,326.0 — 
Issuances66.0 134.2 46.9 108.2 .9 
Interest accrual30.7 32.2 12.9 24.3 — 
Net premiums collected(86.9)(114.4)(39.5)(99.9)(.9)
Ending PVENP at original discount rate2,799.6 3,121.3 1,060.4 2,358.6 — 
Effect of changes in discount rate assumptions, end of period(139.1)(145.5)(11.5)(102.0)— 
PVENP, end of period$2,660.5 $2,975.8 $1,048.9 $2,256.6 $— 

Present value of expected future policy benefits ("PVEFPB"), beginning of period$6,023.3 $3,236.6 $4,364.6 $4,694.7 $308.9 
Effect of changes in discount rate assumptions, beginning of period229.8 108.3 (132.8)170.9 3.0 
Beginning PVEFPB at original discount rate6,253.1 3,344.9 4,231.8 4,865.6 311.9 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(17.7)(39.1)(12.1)(22.0).8 
Adjusted beginning of period PVEFPB6,235.4 3,305.8 4,219.7 4,843.6 312.7 
Issuances66.0 134.2 47.0 108.2 .9 
Interest accrual72.6 34.9 56.7 52.8 3.6 
Benefit payments(105.6)(117.8)(74.2)(120.7)(8.2)
Ending PVEFPB at original discount rate6,268.4 3,357.1 4,249.2 4,883.9 309.0 
Effect of changes in discount rate assumptions, end of period(371.4)(158.4)25.5 (263.8)(10.1)
PVEFPB, end of period$5,897.0 $3,198.7 $4,274.7 $4,620.1 $298.9 

Net liability for future policy benefits$3,236.5 $222.9 $3,225.8 $2,363.5 $298.9 
Flooring impact— .8 — — — 
Adjusted net liability for future policy benefits3,236.5 223.7 3,225.8 2,363.5 298.9 
Related reinsurance recoverable(1.5)— (360.8)(187.3)— 
Net liability for future policy benefits, net of reinsurance recoverable$3,235.0 $223.7 $2,865.0 $2,176.2 $298.9 
The following tables summarize balances and changes in the liability for future policy benefits for traditional and limited-payment contracts for the three months ended March 31, 2023 (dollars in millions):

Three months ended
March 31, 2023
Supplemental healthMedicare supplementLong-term careTraditional lifeOther annuities
PVENP, beginning of period$2,781.3 $2,800.6 $1,034.1 $2,175.0 $— 
Effect of changes in discount rate assumptions, beginning of period188.4 196.4 23.2 137.1 — 
Beginning PVENP at original discount rate2,969.7 2,997.0 1,057.3 2,312.1 — 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(17.2)27.0 (3.4)(14.1)— 
Adjusted beginning of period PVENP2,952.5 3,024.0 1,053.9 2,298.0 — 
Issuances63.7 101.6 15.7 108.3 1.1 
Interest accrual32.0 30.5 12.3 23.0 — 
Net premiums collected(90.3)(113.4)(40.6)(101.4)(1.1)
Ending PVENP at original discount rate2,957.9 3,042.7 1,041.3 2,327.9 — 
Effect of changes in discount rate assumptions, end of period(120.4)(139.2)(4.6)(92.5)— 
PVENP, end of period$2,837.5 $2,903.5 $1,036.7 $2,235.4 $— 

PVEFPB, beginning of period$5,886.8 $3,033.1 $4,158.1 $4,417.9 $310.9 
Effect of changes in discount rate assumptions, beginning of period483.3 212.0 28.5 336.6 15.4 
Beginning PVEFPB at original discount rate6,370.1 3,245.1 4,186.6 4,754.5 326.3 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(20.5)32.2 (6.3)(15.2).7 
Adjusted beginning of period PVEFPB6,349.6 3,277.3 4,180.3 4,739.3 327.0 
Issuances63.7 101.6 15.7 108.3 1.1 
Interest accrual73.8 33.2 55.5 51.0 3.7 
Benefit payments(99.5)(125.6)(71.3)(115.0)(8.6)
Ending PVEFPB at original discount rate6,387.6 3,286.5 4,180.2 4,783.6 323.2 
Effect of changes in discount rate assumptions, end of period(306.8)(150.0)86.4 (223.0)(6.9)
PVEFPB, end of period$6,080.8 $3,136.5 $4,266.6 $4,560.6 $316.3 

Net liability for future policy benefits$3,243.3 $233.0 $3,229.9 $2,325.2 $316.3 
Flooring impact— .4 — — — 
Adjusted net liability for future policy benefits3,243.3 233.4 3,229.9 2,325.2 316.3 
Related reinsurance recoverable(2.4)— (357.5)(201.1)— 
Net liability for future policy benefits, net of reinsurance recoverable$3,240.9 $233.4 $2,872.4 $2,124.1 $316.3 
The following table reconciles the net liability for future policy benefits to the amount presented in the consolidated balance sheet (dollars in millions):

March 31, 2024March 31, 2023
Balances included in the future policy benefits rollforwards:
Supplemental health$3,236.5 $3,243.3 
Medicare supplement223.7 233.4 
Long-term care3,225.8 3,229.9 
Traditional life2,363.5 2,325.2 
Other annuities298.9 316.3 
Reserves excluded from rollforward (a)2,488.1 2,593.3 
Deferred profit liability64.7 57.7 
Amount of reserves above (below) policyholder account balances (b)(195.7)(410.5)
Future loss reserves (c)31.0 34.7 
Future policy benefits$11,736.5 $11,623.3 

_______________
(a)     Primarily comprised of blocks of business that are 100% ceded.
(b)     Such amount represents the difference between: (i) the total insurance liabilities for our fixed indexed annuities (including the host contract and the related embedded derivative); and (ii) the policyholder account balances for these products. The accounting requirement to bifurcate the embedded derivative and value it at the current estimated fair value results in this amount.
(c)        In certain instances for interest-sensitive products, the total insurance liabilities for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (the "future loss reserve") be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years.
The following table summarizes the amount of revenue and interest related to traditional and limited-payment contracts recognized in the consolidated statement of operations (dollars in millions):

Gross premiums (a)Interest accretion (b)
Three months endedThree months ended
March 31,March 31,
2024202320242023
Other annuities$1.0 $1.3 $3.6 $3.7 
Supplemental health175.2 179.4 41.9 41.8 
Medicare supplement156.8 159.2 2.7 2.7 
Long-term care85.0 82.7 43.8 43.2 
Traditional life178.9 178.8 28.5 28.0 
Total$596.9 $601.4 $120.5 $119.4 

_____________________
(a) Such amounts are included in insurance policy income in the consolidated statement of operations.
(b) Such amounts are included in insurance policy benefits in the consolidated statement of operations.


The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for traditional and limited-payment contracts (dollars in millions):

March 31, 2024March 31, 2023
UndiscountedDiscounted (a)UndiscountedDiscounted (a)
Other annuity
Expected future gross premiums$— $— $— $— 
Expected future benefits and expenses370.6 298.9 396.9 316.3 
Supplemental health
Expected future gross premiums8,932.2 5,527.6 8,964.4 5,605.7 
Expected future benefits and expenses10,812.6 5,897.0 11,040.9 6,080.8 
Medicare supplement
Expected future gross premiums5,744.3 4,024.7 5,645.2 4,031.9 
Expected future benefits and expenses4,601.3 3,198.7 4,417.8 3,136.5 
Long-term care
Expected future gross premiums3,330.8 2,340.7 2,954.3 2,152.7 
Expected future benefits and expenses7,724.0 4,274.7 7,445.7 4,266.6 
Traditional life
Expected future gross premiums5,642.0 4,048.0 5,435.0 3,953.3 
Expected future benefits and expenses7,574.2 4,620.1 7,382.8 4,560.6 

_____________________
(a) Calculated at the discount rates at period end.
The following table provides the weighted average durations (under locked-in rates) of the liability for future policy benefits in years:

March 31,
2024
March 31,
2023
Other annuity9.69.7
Supplemental health11.311.8
Medicare supplement6.46.1
Long-term care10.610.5
Traditional life10.410.1

The following table provides the weighted average interest rates for the liability for future policy benefits:

March 31,
2024
March 31,
2023
Other annuities
Interest accretion rate4.82 %4.76 %
Current discount rate5.37 %5.17 %
Supplemental health
Interest accretion rate5.00 %5.04 %
Current discount rate5.35 %5.14 %
Medicare supplement
Interest accretion rate4.31 %4.26 %
Current discount rate5.24 %4.94 %
Long-term care
Interest accretion rate5.67 %5.67 %
Current discount rate5.39 %5.18 %
Traditional life
Interest accretion rate4.77 %4.77 %
Current discount rate5.37 %5.15 %
Schedule of Changes in Market Risk Benefits
The following table presents the balance of and changes in MRBs associated with our fixed indexed annuities (dollars in millions):

Three months ended
March 31,
20242023
Net liability (asset), beginning of period$(68.0)$(54.0)
Effect of changes in the instrument-specific credit risk, beginning of period4.8 12.2 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk(63.2)(41.8)
Issuances(.1).1 
Interest accrual5.1 5.2 
Attributed fees collected— — 
Benefit payments— — 
Effect of changes in interest rates(13.7)12.3 
Effect of changes in equity markets(5.0)5.3 
Effect of changes in equity index volatility(1.2)(7.4)
Actual policyholder behavior different from expected behavior1.9 .6 
Effect of changes in future expected policyholder behavior - other— — 
Effect of changes in future expected policyholder behavior - risk margin— — 
Effect of changes in assumptions(.8)(1.4)
Net liability (asset), end of period, before effect of changes in the instrument-specific credit risk(77.0)(27.1)
Effect of changes in the instrument-specific credit risk, end of period(3.3)(13.1)
Net liability (asset), end of period(80.3)(40.2)
Reinsurance recoverable, end of period— — 
Net liability (asset), end of period, net of reinsurance$(80.3)$(40.2)
Balance reported as an asset$84.1 $57.8 
Balance reported as a liability3.8 17.6 
Net liability (asset)$(80.3)$(40.2)
Net amount at risk$46.2 $58.9 
Weighted average attained age of contract holders6968
Schedule of Fixed Indexed Annuity Insurance Liabilities
Total liabilities for insurance products related to our fixed indexed annuities are comprised of: (i) the liability related to the host contract; and (ii) the fair market value of the embedded derivatives as summarized below (dollars in millions):

March 31,
2024
December 31,
2023
Fixed indexed annuity insurance liabilities:
Host contract liability$8,601.8 $8,487.0 
Embedded derivatives at fair value1,426.8 1,376.7 
Total fixed indexed annuity insurance liabilities$10,028.6 $9,863.7 

For presentation in the consolidated balance sheet, the total fixed indexed annuity insurance liability balance is bifurcated between: (i) policyholder account balances (which is the total of all current balances accruing to the policyholder under the terms and conditions of the policies assuming the contracts will continue in force); and (ii) the difference between the total fixed indexed annuity insurance liabilities summarized above and the policyholder account balances, which is classified as future policy benefits. These classifications are summarized below (dollars in millions):

March 31,
2024
December 31,
2023
Policyholder account balances$10,247.1 $10,138.6 
Future policy benefits(218.5)(274.9)
Total fixed indexed annuity insurance liabilities$10,028.6 $9,863.7 
Schedule of Policyholder Account Balance
The following tables present the balances of and changes in the liability for policyholder account balances (dollars in millions):
Three months ended
March 31, 2024
Fixed indexed annuitiesFixed interest annuitiesOther annuitiesInterest-sensitive life (b)Funding agreementsOther (a)
Balance, beginning of period excluding contracts 100% ceded$9,999.2 $1,636.4 $113.1 $1,255.2 $1,411.0 $381.0 
Issuances (funds collected from new business)345.4 45.1 — 9.7 — — 
Premiums received (premiums collected from inforce business).5 1.0 5.7 52.4 — 65.7 
Policy charges(6.5)(.3)— (48.2)— — 
Surrenders and withdrawals(232.2)(52.8)(8.7)(8.1)(9.9)(74.5)
Benefit payments(74.4)(30.2)(1.4)(5.4)— — 
Interest credited68.9 11.4 .5 15.2 7.2 .7 
Other11.8 — (.1)(.1)— — 
Balance, end of period excluding contracts 100% ceded10,112.7 1,610.6 109.1 1,270.7 1,408.3 372.9 
Balance, end of period for contracts 100% ceded134.4 579.3 25.5 102.9 — 10.3 
Balance, end of period$10,247.1 $2,189.9 $134.6 $1,373.6 $1,408.3 $383.2 
Balance, end of period, reinsurance ceded(134.4)(579.3)(25.5)(121.0)— (24.0)
Balance, end of period, net of reinsurance$10,112.7 $1,610.6 $109.1 $1,252.6 $1,408.3 $359.2 
Weighted average crediting rate1.9 %2.8 %2.4 %4.3 %2.0 %0.8 %
Cash surrender value, net of reinsurance$9,434.2 $1,582.1 $109.1 $1,027.7 $— $359.2 

_______________
(a) Predominantly consists of retained asset accounts associated with our traditional life and supplemental health blocks.
(b) The amount of insurance policy benefit expense resulting from death claims that we would incur in excess of the policyholder account balance (net amount at risk) for interest-sensitive life contracts was $28,672.9 million at the balance sheet date.
Three months ended
March 31, 2023
Fixed indexed annuitiesFixed interest annuitiesOther annuitiesInterest-sensitive life (b)Funding agreementsOther (a)
Balance, beginning of period excluding contracts 100% ceded$9,490.4 $1,663.1 $127.1 $1,209.6 $1,410.8 $395.5 
Issuances (funds collected from new business)323.3 45.3 — 9.5 — — 
Premiums received (premiums collected from inforce business).4 .7 7.5 50.3 — 63.0 
Policy charges(4.0)(.2)— (46.1)— — 
Surrenders and withdrawals(178.2)(43.3)(10.5)(8.2)(9.9)(72.6)
Benefit payments(59.2)(27.7)(1.7)(6.0)— — 
Interest credited6.1 11.3 .6 8.1 7.2 .7 
Other5.5 .1 (.2)— — — 
Balance, end of period excluding contracts 100% ceded9,584.3 1,649.3 122.8 1,217.2 1,408.1 386.6 
Balance, end of period for contracts 100% ceded154.4 632.6 26.3 110.7 — 10.6 
Balance, end of period$9,738.7 $2,281.9 $149.1 $1,327.9 $1,408.1 $397.2 
Balance, end of period, reinsurance ceded(154.4)(632.6)(26.3)(130.5)— (24.8)
Balance, end of period, net of reinsurance$9,584.3 $1,649.3 $122.8 $1,197.4 $1,408.1 $372.4 
Weighted average crediting rate1.6 %2.7 %1.9 %3.1 %2.0 %0.6 %
Cash surrender value, net of reinsurance$8,932.4 $1,631.5 $122.8 $977.1 $— $372.4 
_________________
(a) Predominantly consists of retained asset accounts associated with our traditional life and supplemental health blocks.
(b) The amount of insurance policy benefit expense resulting from death claims that we would incur in excess of the policyholder account balance (net amount at risk) for interest-sensitive life contracts was $26,865.3 million at the balance sheet date.
The following table reconciles the liability for policyholder account balances to the amount presented in the consolidated balance sheet (dollars in millions):

March 31, 2024March 31, 2023
Amounts included in the liability for policyholder account balances rollforwards:
Fixed indexed annuities$10,247.1 $9,738.7 
Fixed interest annuities2,189.9 2,281.9 
Other annuities134.6 149.1 
Interest-sensitive life1,373.6 1,327.9 
Funding agreements1,408.3 1,408.1 
Other383.2 397.2 
Total$15,736.7 $15,302.9 
Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums (dollars in millions):

March 31, 2024
Range of guaranteed minimum crediting rates (a)At guaranteed minimum
1-50 basis points above
51-150 basis points above
Greater than 150 basis points above
Total
Fixed interest annuities
0.00%-2.99%
$105.2 $211.9 $233.0 $100.9 $651.0 
3.00%-4.99%
1,380.6 49.6 15.9 5.2 1,451.3 
5.00% and greater
87.6 — — — 87.6 
Subtotal1,573.4 261.5 248.9 106.1 2,189.9 
Other annuities
0.00%-2.99%
31.6 24.1 — — 55.7 
3.00%-4.99%
44.4 — — — 44.4 
5.00% and greater
34.5 — — — 34.5 
Subtotal110.5 24.1 — — 134.6 
Interest-sensitive life
0.00%-2.99%
17.6 — 5.4 667.2 690.2 
3.00%-4.99%
444.2 49.7 167.1 .5 661.5 
5.00% and greater
21.4 .5 — — 21.9 
Subtotal483.2 50.2 172.5 667.7 1,373.6 
Other
0.00%-2.99%
17.1 343.0 — — 360.1 
3.00%-4.99%
22.9 — — — 22.9 
5.00% and greater
.2 — — — .2 
Subtotal40.2 343.0 — — 383.2 
Total
0.00%-2.99%
171.5 579.0 238.4 768.1 1,757.0 
3.00%-4.99%
1,892.1 99.3 183.0 5.7 2,180.1 
5.00% and greater
143.7 .5 — — 144.2 
Total policyholder account balances, excluding fixed indexed annuities$2,207.3 $678.8 $421.4 $773.8 4,081.3 
Fixed indexed annuity account balances 10,247.1 
Funding agreements1,408.3 
Total policyholder account balances$15,736.7 
____________________
(a)     Excludes the account balances related to: (i) fixed indexed annuity contracts which do not have a minimum crediting rate since returns are based on an index; and (ii) funding agreements which have a fixed crediting rate.
March 31, 2023
Range of guaranteed minimum crediting rates (a)At guaranteed minimum
1-50 basis points above
51-150 basis points above
Greater than 150 basis points above
Total
Fixed interest annuities
0.00%-2.99%
$144.9 $291.7 $78.3 $76.9 $591.8 
3.00%-4.99%
1,572.0 27.7 .1 — 1,599.8 
5.00% and greater
90.3 — — — 90.3 
Subtotal1,807.2 319.4 78.4 76.9 2,281.9 
Other annuities
0.00%-2.99%
43.6 29.5 — — 73.1 
3.00%-4.99%
65.3 — — — 65.3 
5.00% and greater
10.7 — — — 10.7 
Subtotal119.6 29.5 — — 149.1 
Interest-sensitive life
0.00%-2.99%
66.5 225.8 226.3 125.0 643.6 
3.00%-4.99%
461.5 51.7 148.4 .3 661.9 
5.00% and greater
21.9 .5 — — 22.4 
Subtotal549.9 278.0 374.7 125.3 1,327.9 
Other
0.00%-2.99%
17.8 355.4 — — 373.2 
3.00%-4.99%
23.6 — — — 23.6 
5.00% and greater
.4 — — — .4 
Subtotal41.8 355.4 — — 397.2 
Total
0.00%-2.99%
272.8 902.4 304.6 201.9 1,681.7 
3.00%-4.99%
2,122.4 79.4 148.5 .3 2,350.6 
5.00% and greater
123.3 .5 — — 123.8 
Total policyholder account balances, excluding fixed indexed annuities$2,518.5 $982.3 $453.1 $202.2 4,156.1 
Fixed indexed annuity account balances9,738.7 
Funding agreements1,408.1 
Total policyholder account balances$15,302.9 
____________________
(a)     Excludes the account balances related to: (i) fixed indexed annuity contracts which do not have a minimum crediting rate since returns are based on an index; and (ii) funding agreements which have a fixed crediting rate.
v3.24.1.u1
DEFERRED ACQUISITION COSTS, PRESENT VALUE OF FUTURE PROFITS AND SALES INDUCEMENTS (Tables)
3 Months Ended
Mar. 31, 2024
Deferred Charges, Insurers [Abstract]  
Schedule of Deferred Policy Acquisition Costs
Changes in deferred acquisition costs were as follows (dollars in millions):

Three months ended
March 31, 2024
Fixed indexed annuitiesFixed interest annuitiesSupplemental healthMedicare supplementLong-term careInterest-sensitive lifeTraditional lifeFunding agreementsTotal
Beginning of period$407.6 $27.0 $408.0 $157.5 $140.3 $234.5 $471.9 $4.5 $1,851.3 
Capitalizations22.3 3.0 15.0 6.3 5.2 9.3 29.5 — 90.6 
Amortization expense(13.4)(1.1)(8.4)(6.7)(3.7)(3.8)(14.3)(.4)(51.8)
End of period$416.5 $28.9 $414.6 $157.1 $141.8 $240.0 $487.1 $4.1 $1,890.1 

Three months ended
March 31, 2023
Fixed indexed annuitiesFixed interest annuitiesSupplemental healthMedicare supplementLong-term careInterest-sensitive lifeTraditional lifeFunding agreementsTotal
Beginning of period$365.6 $19.6 $378.8 $161.2 $137.9 $212.2 $409.1 $6.0 $1,690.4 
Capitalizations21.6 2.5 14.4 5.8 3.4 8.3 28.2 — 84.2 
Amortization expense(11.1)(.9)(7.6)(7.2)(3.8)(3.5)(12.2)(.3)(46.6)
End of period$376.1 $21.2 $385.6 $159.8 $137.5 $217.0 $425.1 $5.7 $1,728.0 
Schedule of Present Value of Future Insurance Profits
Changes in the present value of future profits were as follows (dollars in millions):

Three months ended
March 31, 2024
Supplemental healthMedicare supplementLong-term careTraditional lifeFixed indexed annuitiesFixed interest annuitiesTotal
Beginning of period$141.0 $20.6 $5.2 $12.9 $.7 $.3 $180.7 
Amortization expense(3.1)(1.4)(.2)(.4)(.1)— (5.2)
End of period$137.9 $19.2 $5.0 $12.5 $.6 $.3 $175.5 

Three months ended
March 31, 2023
Supplemental healthMedicare supplementLong-term careTraditional lifeFixed indexed annuitiesFixed interest annuitiesTotal
Beginning of period$154.0 $27.5 $6.2 $14.8 $.8 $.4 $203.7 
Amortization expense(3.3)(1.9)(.3)(.5)(.1)— (6.1)
End of period$150.7 $25.6 $5.9 $14.3 $.7 $.4 $197.6 
Schedule of Deferred Sale Inducement Cost
Changes in sales inducements were as follows (dollars in millions):

Three months ended
March 31, 2024
Fixed indexed annuitiesFixed interest annuitiesTotal
Beginning of period$88.5 $4.6 $93.1 
Capitalizations12.3 .3 12.6 
Amortization expense(3.3)(.2)(3.5)
End of period$97.5 $4.7 $102.2 

Three months ended
March 31, 2023
Fixed indexed annuitiesFixed interest annuitiesTotal
Beginning of period$76.0 $4.5 $80.5 
Capitalizations5.4 .2 5.6 
Amortization expense(2.6)(.2)(2.8)
End of period$78.8 $4.5 $83.3 
v3.24.1.u1
EARNINGS PER SHARE (Tables)
3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation
A reconciliation of net income (loss) and shares used to calculate basic and diluted earnings per share is as follows (dollars in millions and shares in thousands):
Three months ended
March 31,
 20242023
Net income (loss) for basic and diluted earnings per share$112.3 $(.8)
Shares:  
Weighted average shares outstanding for basic earnings per share108,964 114,545 
Effect of dilutive securities on weighted average shares:  
Amounts related to employee benefit plans1,881 — 
Weighted average shares outstanding for diluted earnings per share110,845 114,545 
v3.24.1.u1
BUSINESS SEGMENTS (Tables)
3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Operating Information by Segment
Operating information by segment is as follows (dollars in millions):

Three months ended
March 31,
 20242023
Revenues:  
Annuity:  
Insurance policy income$7.3 $5.1 
Net investment income134.5 125.4 
Total annuity revenues141.8 130.5 
Health:
Insurance policy income398.4 401.4 
Net investment income74.3 74.0 
Total health revenues 472.7 475.4 
Life:
Insurance policy income222.7 219.0 
Net investment income36.5 36.3 
Total life revenues259.2 255.3 
Change in market values of the underlying options supporting the fixed indexed annuity and life products (offset by market value changes credited to policyholder balances)139.7 18.6 
Investment income not allocated to product lines71.6 67.8 
Fee revenue and other income:
Fee revenue50.5 51.3 
Amounts netted in expenses not allocated to product lines1.2 1.6 
Total segment revenues$1,136.7 $1,000.5 

(continued on next page)
(continued from previous page)
Three months ended
March 31,
 20242023
Expenses:
Annuity:
Insurance policy benefits$11.3 $8.7 
Interest credited58.3 48.1 
Amortization and non-deferred commissions20.2 16.4 
Total annuity expenses 89.8 73.2 
Health:
Insurance policy benefits308.5 318.1 
Amortization and non-deferred commissions41.2 40.8 
Total health expenses349.7 358.9 
Life:
Insurance policy benefits144.0 147.2 
Interest credited 12.5 12.1 
Amortization, non-deferred commissions and advertising expense48.1 48.6 
Total life expenses204.6 207.9 
Allocated expenses 161.6 157.5 
Expenses not allocated to product lines18.0 19.9 
Market value changes of options credited to fixed indexed annuity and life policyholders139.7 18.6 
Amounts netted in investment income not allocated to product lines:
Interest expense 48.3 37.4 
Interest credited7.2 7.2 
Impact of annual option forfeitures related to fixed indexed annuity surrenders(6.2)— 
Amortization.4 .4 
Other expenses 9.6 7.3 
Expenses netted in fee revenue:
Commissions and other operating expenses39.2 35.8 
Total segment expenses1,061.9 924.1 
Pre-tax measure of profitability:
Annuity margin52.0 57.3 
Health margin123.0 116.5 
Life margin54.6 47.4 
Total insurance product margin229.6 221.2 
Allocated expenses(161.6)(157.5)
Income from insurance products68.0 63.7 
Fee income11.3 15.5 
Investment income not allocated to product lines12.3 15.5 
Expenses not allocated to product lines(16.8)(18.3)
Operating earnings before taxes 74.8 76.4 
Income tax expense on operating income 17.3 17.8 
Net operating income $57.5 $58.6 
Schedule of Reconciliation of Segment Revenues and Expenses to Consolidated Revenues and Expenses and Net Income (Loss)
A reconciliation of segment revenues and expenses to consolidated revenues and expenses and net income (loss) is as follows (dollars in millions):
Three months ended
March 31,
 20242023
Total segment revenues$1,136.7 $1,000.5 
Total investment gains (losses)7.8 (14.6)
Revenues related to earnings attributable to VIEs12.0 20.1 
Consolidated revenues1,156.5 1,006.0 
Total segment expenses1,061.9 924.1 
Insurance policy benefits - fair value changes in embedded derivative liabilities(64.0)65.1 
Expenses attributable to VIEs12.4 17.8 
Consolidated expenses1,010.3 1,007.0 
Income (loss) before tax146.2 (1.0)
Income tax expense (benefit)33.9 (.2)
Net income (loss)$112.3 $(.8)
v3.24.1.u1
ACCOUNTING FOR DERIVATIVES (Tables)
3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value by Balance Sheet Location
Our freestanding and embedded derivatives, which are not designated as hedging instruments, are held at fair value and are summarized as follows (dollars in millions):
Fair value
March 31,
2024
December 31, 2023
Assets:
Other invested assets:
Fixed indexed call options$355.0 $239.2 
Reinsurance receivables(17.2)(17.5)
Total assets$337.8 $221.7 
Liabilities:
Embedded derivatives related to fixed indexed annuities at fair value:
Policyholder account balances$1,645.3 $1,651.6 
Future policy benefits(218.5)(274.9)
Total liabilities$1,426.8 $1,376.7 
Schedule Pre-Tax Gains (Losses) Recognized in Net Income for Derivative Instruments
The following table provides the pre-tax impact recognized in net income for derivative instruments, which are not designated as hedges for the periods indicated (dollars in millions):
Three months ended
March 31,
20242023
Net investment income from policyholder and other special-purpose portfolios:
Fixed indexed call options$140.2 $18.6 
Total investment gains:
Embedded derivative related to modified coinsurance agreement.3 1.4 
Total revenues from derivative instruments, not designated as hedges140.5 20.0 
Insurance policy benefits:
Embedded derivatives related to fixed indexed annuities— 64.9 
Net pre-tax impact$140.5 $(44.9)
Schedule of Derivatives with Master Netting Arrangements
The following table summarizes information related to derivatives with master netting arrangements or collateral as of March 31, 2024 and December 31, 2023 (dollars in millions):
Gross amounts not offset in the balance sheet
Gross amounts recognizedGross amounts offset in the balance sheetNet amounts of assets presented in the balance sheetNon-cash collateralCash collateral receivedNet amount
March 31, 2024:
Fixed indexed call options$355.0 $— $355.0 $76.0 $— $279.0 
December 31, 2023:
Fixed indexed call options239.2 — 239.2 37.0 — 202.2 
v3.24.1.u1
INCOME TAXES (Tables)
3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) The components of income tax expense (benefit) are as follows (dollars in millions):
Three months ended
March 31,
 20242023
Current tax expense$17.3 $14.0 
Deferred tax expense (benefit)16.6 (14.2)
Total income tax expense (benefit)$33.9 $(.2)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the U.S. statutory corporate tax rate to the estimated annual effective rate, reflected in the consolidated statement of operations is as follows: 
Three months ended
March 31,
 20242023
U.S. statutory corporate rate21.0 %21.0 %
Non-taxable income and nondeductible benefits, net— (.4)
State taxes2.2 2.7 
Effective tax rate23.2 %23.3 %
Schedule of Deferred Tax Assets and Liabilities
The components of the Company's income tax assets and liabilities are summarized below (dollars in millions):
March 31,
2024
December 31,
2023
Deferred tax assets:  
Net federal operating loss carryforwards$268.3 $77.1 
Net state operating loss carryforwards42.8 2.5 
Insurance liabilities318.8 322.8 
Indirect costs allocable to self-constructed real estate assets— 252.9 
Accumulated other comprehensive loss419.0 445.5 
Other47.8 35.6 
Gross deferred tax assets1,096.7 1,136.4 
Deferred tax liabilities:  
Investments(35.0)(36.3)
Present value of future profits and deferred acquisition costs(167.7)(163.0)
Gross deferred tax liabilities(202.7)(199.3)
Net deferred tax assets894.0 937.1 
Current income taxes accrued(7.9)(.9)
Income tax assets, net$886.1 $936.2 
Schedule of Operating Loss Carryforwards
We have $1.3 billion of federal non-life NOLs as of March 31, 2024, as summarized below (dollars in millions):
Net operating loss
Year of expirationcarryforwards
2026$15.8 
202710.8 
2028 through 2035340.7 
No expiration date910.5 
Total federal non-life NOLs$1,277.8 
v3.24.1.u1
NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS (Tables)
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following notes payable were direct corporate obligations of the Company as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31,
2024
December 31,
2023
5.250% Senior Notes due May 2025
$500.0 $500.0 
5.250% Senior Notes due May 2029
500.0 500.0 
5.125% Subordinated Debentures due November 2060
150.0 150.0 
Revolving Credit Agreement (as defined below)— — 
Unamortized debt issue costs(9.0)(9.5)
Direct corporate obligations$1,141.0 $1,140.5 
v3.24.1.u1
INVESTMENT BORROWINGS (Tables)
3 Months Ended
Mar. 31, 2024
Investment Borrowings [Abstract]  
Schedule of Terms of Federal Home Loan Bank Borrowing
The following summarizes the terms of the borrowings from the FHLB by our insurance subsidiaries (dollars in millions):
AmountMaturityInterest rate at
borroweddateMarch 31, 2024
$15.5 July 2024
Fixed rate – 1.990%
27.0 August 2024
Fixed rate – .640%
21.7 May 2025
Variable rate – 5.724%
17.9 June 2025
Fixed rate – 2.940%
12.5 June 2025
Variable rate – 5.900%
125.0 September 2025
Variable rate – 5.680%
100.0 October 2025
Variable rate – 5.865%
100.0 October 2025
Variable rate – 5.860%
57.7 October 2025
Variable rate – 5.830%
50.0 November 2025
Variable rate – 5.818%
12.5 December 2025
Variable rate – 5.916%
50.0 January 2026
Variable rate – 5.781%
50.0 January 2026
Variable rate – 5.763%
100.0 January 2026
Variable rate – 5.783%
15.0 January 2026
Variable rate – 5.997%
21.8 May 2026
Variable rate – 5.673%
50.0 May 2026
Variable rate – 5.600%
75.0 December 2026
Variable rate – 5.752%
75.0 January 2027
Variable rate – 5.683%
50.0 January 2027
Variable rate – 5.798%
50.0 January 2027
Variable rate – 5.798%
100.0 January 2027
Variable rate – 5.744%
100.0 February 2027
Variable rate – 5.770%
50.0 April 2027
Variable rate – 5.648%
50.0 May 2027
Variable rate – 5.658%
100.0 June 2027
Variable rate – 5.700%
10.0 June 2027
Variable rate – 5.923%
50.0 July 2027
Variable rate – 6.018%
50.0 July 2027
Variable rate – 6.028%
100.0 August 2027
Variable rate – 6.044%
75.0 January 2028
Variable rate – 5.784%
50.0 January 2028
Variable rate – 5.838%
50.0 January 2028
Variable rate – 5.855%
34.5 February 2028
Variable rate – 5.904%
100.0 February 2028
Variable rate – 5.825%
21.0 February 2028
Variable rate – 5.775%
22.0 February 2028
Variable rate – 5.818%
100.0 February 2028
Variable rate – 5.790%
15.0 July 2028
Variable rate – 5.710%
35.0 August 2028
Variable rate – 5.720%
$2,189.1   
v3.24.1.u1
SHAREHOLDERS' EQUITY (Tables)
3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss), included in shareholders' equity as of March 31, 2024 and December 31, 2023, is comprised of the following (dollars in millions):
March 31,
2024
December 31,
2023
Net unrealized losses on investments having no allowance for credit losses $(1,267.2)$(1,235.2)
Unrealized losses on investments with an allowance for credit losses (1,006.3)(931.0)
Change in discount rates for liability for future policy benefits365.1 133.4 
Change in instrument-specific credit risk for market risk benefits3.4 4.8 
Deferred income tax assets424.7 451.2 
Accumulated other comprehensive loss$(1,480.3)$(1,576.8)
v3.24.1.u1
CONSOLIDATED STATEMENT OF CASH FLOWS (Tables)
3 Months Ended
Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Schedule of the Reconciliation for Net Income Provided by Operating Activities
The following reconciles net income (loss) to net cash from operating activities (dollars in millions):
Three months ended
March 31,
 20242023
Cash flows from operating activities:  
Net income (loss)$112.3 $(.8)
Adjustments to reconcile net income (loss) to net cash from operating activities: 
Amortization and depreciation70.4 65.7 
Income taxes23.8 (6.4)
Insurance liabilities156.6 173.3 
Accrual, amortization and fair value changes included in investment income(134.8)(27.9)
Deferral of policy acquisition costs(103.2)(89.8)
Net investment (gains) losses(7.8)14.6 
Other (a)(22.7)(46.8)
Net cash from operating activities$94.6 $81.9 

_____________
(a)    Primarily relates to: (i) changes in other assets and liabilities related to the timing of payments and receipts; and (ii) the change in fair value of the deferred compensation plan liability.
Schedule of Other Significant Noncash Transactions
Other non-cash items not reflected in the investing and financing activities sections of the consolidated statement of cash flows (dollars in millions):
Three months ended
March 31,
 20242023
Amounts related to employee benefit plans$6.1 $6.5 
v3.24.1.u1
INVESTMENTS IN VARIABLE INTEREST ENTITIES (Tables)
3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Impact on Balance Sheet of Consolidating Variable Interest Entities
The following tables provide supplemental information about the assets and liabilities of the VIEs which have been consolidated in accordance with authoritative guidance (dollars in millions):
 March 31, 2024
VIEsEliminationsNet effect on
consolidated
balance sheet
Assets:   
Investments held by variable interest entities$533.4 $— $533.4 
Notes receivable of VIEs held by subsidiaries— (104.9)(104.9)
Cash and cash equivalents held by variable interest entities83.5 — 83.5 
Accrued investment income1.7 — 1.7 
Income tax assets, net12.5 — 12.5 
Other assets.9 (.5).4 
Total assets$632.0 $(105.4)$526.6 
Liabilities:   
Other liabilities$11.0 $(2.9)$8.1 
Borrowings related to variable interest entities565.5 — 565.5 
Notes payable of VIEs held by subsidiaries106.1 (106.1)— 
Total liabilities$682.6 $(109.0)$573.6 
 December 31, 2023
VIEsEliminationsNet effect on
consolidated
balance sheet
Assets:   
Investments held by variable interest entities$768.6 $— $768.6 
Notes receivable of VIEs held by subsidiaries— (113.8)(113.8)
Cash and cash equivalents held by variable interest entities114.5 — 114.5 
Accrued investment income2.7 — 2.7 
Income tax assets, net13.0 — 13.0 
Other assets— (.7)(.7)
Total assets$898.8 $(114.5)$784.3 
Liabilities:   
Other liabilities$14.6 $(2.2)$12.4 
Borrowings related to variable interest entities820.8 — 820.8 
Notes payable of VIEs held by subsidiaries126.1 (126.1)— 
Total liabilities$961.5 $(128.3)$833.2 
Schedule of Changes in the Allowance for Current Expected Credit Losses Related to Investments Held by VIEs
The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended March 31, 2024 (dollars in millions):

Corporate securitiesStates and political subdivisionsForeign governmentsAsset-backed securitiesTotal
Allowance at December 31, 2023$41.7 $.7 $.4 $.1 $42.9 
Additions for securities for which credit losses were not previously recorded2.2 (.1).1 — 2.2 
Additions (reductions) for securities where an allowance was previously recorded(6.1)— .1 — (6.0)
Reduction for securities sold during the period(.1)— — — (.1)
Allowance at March 31, 2024$37.7 $.6 $.6 $.1 $39.0 

The following table summarizes changes in the allowance for credit losses related to fixed maturities, available for sale, for the three months ended March 31, 2023 (dollars in millions):

Corporate securitiesStates and political subdivisionsForeign governmentsAsset-backed securitiesTotal
Allowance at December 31, 2022$54.4 $.9 $.4 $.3 $56.0 
Additions for securities for which credit losses were not previously recorded3.0 — — — 3.0 
Additions (reductions) for securities where an allowance was previously recorded.5 (.1).1 .3 .8 
Reduction for securities sold during the period(.7)— — — (.7)
Allowance at March 31, 2023$57.2 $.8 $.5 $.6 $59.1 
The following table summarizes changes in the allowance for credit losses related to corporate securities held by VIEs for the three months ended March 31, 2024 and 2023 (dollars in millions):
Three months ended
March 31,
20242023
Allowance at the beginning of the period$3.1 $5.5 
Additions for securities for which credit losses were not previously recorded.3 .3 
Additions (reductions) for securities where an allowance was previously recorded1.7 (.7)
Reduction for securities sold during the period(.8)(1.6)
Allowance at the end of the period$4.3 $3.5 
Schedule of Variable Interest Entities by Contractual Maturity
The following table sets forth the amortized cost and estimated fair value of the investments held by the VIEs at March 31, 2024, by contractual maturity.  Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.
Amortized
cost
Estimated
fair
value
 (Dollars in millions)
Due in one year or less$13.7 $13.2 
Due after one year through five years506.7 493.5 
Due after five years through ten years26.8 26.7 
Total$547.2 $533.4 
v3.24.1.u1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Carried at Fair Value Categorized by Input Level
The categorization of fair value measurements, by input level, for our financial instruments carried at fair value on a recurring basis at March 31, 2024 is as follows (dollars in millions):
 Quoted prices in active markets
 for identical assets or liabilities
(Level 1)
Significant other observable inputs
(Level 2)
Significant unobservable inputs
 (Level 3)
Total
Assets:    
Fixed maturities, available for sale:    
Corporate securities$— $11,491.4 $147.5 $11,638.9 
United States Treasury securities and obligations of United States government corporations and agencies— 214.4 — 214.4 
States and political subdivisions— 2,703.4 — 2,703.4 
Foreign governments— 82.3 — 82.3 
Asset-backed securities— 1,428.3 25.6 1,453.9 
Agency residential mortgage-backed securities— 687.7 — 687.7 
Non-agency residential mortgage-backed securities— 1,559.8 — 1,559.8 
Collateralized loan obligations— 1,145.6 — 1,145.6 
Commercial mortgage-backed securities— 2,162.1 — 2,162.1 
Total fixed maturities, available for sale— 21,475.0 173.1 21,648.1 
Equity securities - corporate securities45.8 — 72.6 118.4 
Trading securities:    
Asset-backed securities— 31.2 — 31.2 
Agency residential mortgage-backed securities— 3.4 — 3.4 
Non-agency residential mortgage-backed securities— 57.4 — 57.4 
Collateralized loan obligations— 9.1 — 9.1 
Commercial mortgage-backed securities— 121.7 — 121.7 
Total trading securities— 222.8 — 222.8 
Investments held by variable interest entities - corporate securities— 533.4 — 533.4 
Other invested assets:
Derivatives— 355.0 — 355.0 
Residual tranches— 2.6 52.2 54.8 
Total other invested assets— 357.6 52.2 409.8 
Market risk benefit asset— — 84.1 84.1 
Assets held in separate accounts— 3.3 — 3.3 
Total assets carried at fair value by category$45.8 $22,592.1 $382.0 $23,019.9 
Liabilities:    
Market risk benefit liability$— $— $3.8 $3.8 
Embedded derivatives associated with fixed indexed annuity products— — 1,426.8 1,426.8 
Total liabilities carried at fair value by category$— $— $1,430.6 $1,430.6 
The categorization of fair value measurements, by input level, for our financial instruments carried at fair value on a recurring basis at December 31, 2023 is as follows (dollars in millions):
 Quoted prices in active markets
 for identical assets or liabilities
(Level 1)
Significant other observable inputs
 (Level 2)
Significant unobservable inputs 
(Level 3)
Total
Assets:    
Fixed maturities, available for sale:    
Corporate securities$— $11,678.2 $159.3 $11,837.5 
United States Treasury securities and obligations of United States government corporations and agencies— 194.4 — 194.4 
States and political subdivisions— 2,566.7 — 2,566.7 
Foreign governments— 83.1 — 83.1 
Asset-backed securities— 1,346.9 25.5 1,372.4 
Agency residential mortgage-backed securities— 648.0 — 648.0 
Non-agency residential mortgage-backed securities— 1,553.2 — 1,553.2 
Collateralized loan obligations— 1,032.8 — 1,032.8 
Commercial mortgage-backed securities— 2,205.0 13.1 2,218.1 
Total fixed maturities, available for sale— 21,308.3 197.9 21,506.2 
Equity securities - corporate securities24.2 — 72.7 96.9 
Trading securities:    
Asset-backed securities— 32.8 — 32.8 
Agency residential mortgage-backed securities— 3.5 — 3.5 
Non-agency residential mortgage-backed securities— 58.5 — 58.5 
Collateralized loan obligations— 9.0 — 9.0 
Commercial mortgage-backed securities— 118.9 — 118.9 
Total trading securities— 222.7 — 222.7 
Investments held by variable interest entities - corporate securities— 768.6 — 768.6 
Other invested assets:
Derivatives— 239.2 — 239.2 
Residual tranches— 7.5 31.5 39.0 
Total other invested assets— 246.7 31.5 278.2 
Market risk benefit asset— — 75.4 75.4 
Assets held in separate accounts— 3.1 — 3.1 
Total assets carried at fair value by category$24.2 $22,549.4 $377.5 $22,951.1 
Liabilities:    
Market risk benefit liability$— $— $7.4 $7.4 
Embedded derivatives associated with fixed indexed annuity products— — 1,376.7 1,376.7 
Total liabilities carried at fair value by category$— $— $1,384.1 $1,384.1 
The fair value of our financial instruments not carried at fair value on a recurring basis are as follows (dollars in millions):
March 31, 2024
 Quoted prices in active markets for identical assets or liabilities
(Level 1)
Significant other observable inputs
 (Level 2)
Significant unobservable inputs 
(Level 3)
Total estimated fair valueTotal carrying amount
Assets:    
Mortgage loans$— $— $1,930.8 $1,930.8 $2,087.1 
Policy loans— — 130.3 130.3 130.3 
Other invested assets:
Company-owned life insurance— 305.2 — 305.2 305.2 
Cash and cash equivalents:
Unrestricted566.3 — — 566.3 566.3 
Held by variable interest entities83.5 — — 83.5 83.5 
Liabilities: 
Policyholder account balances— — 15,736.7 15,736.7 15,736.7 
Future policy benefits— — (218.4)(218.4)(218.4)
Investment borrowings— 2,189.8 — 2,189.8 2,189.1 
Borrowings related to variable interest entities— 564.3 — 564.3 565.5 
Notes payable – direct corporate obligations— 1,115.8 — 1,115.8 1,141.0 


December 31, 2023
 Quoted prices in active markets for identical assets or liabilities
(Level 1)
Significant other observable inputs
 (Level 2)
Significant unobservable inputs 
(Level 3)
Total estimated fair valueTotal carrying amount
Assets:    
Mortgage loans$— $— $1,926.9 $1,926.9 $2,064.1 
Policy loans— — 128.5 128.5 128.5 
Other invested assets:
Company-owned life insurance— 303.0 — 303.0 303.0 
Cash and cash equivalents:
Unrestricted774.5 — — 774.5 774.5 
Held by variable interest entities114.5 — — 114.5 114.5 
Liabilities:
Policyholder account balances— — 15,667.8 15,667.8 15,667.8 
Future policy benefits— — (274.9)(274.9)(274.9)
Investment borrowings— 2,190.2 — 2,190.2 2,189.3 
Borrowings related to variable interest entities— 814.8 — 814.8 820.8 
Notes payable – direct corporate obligations— 1,097.3 — 1,097.3 1,140.5 
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value for the three months ended March 31, 2024 (dollars in millions):
 March 31, 2024 
 Beginning balance as of December 31, 2023Purchases, sales, issuances and settlements, net (b)Total realized and unrealized gains (losses) included in net incomeTotal realized and unrealized gains (losses) included in accumulated other comprehensive income (loss)Transfers into Level 3 (a)Transfers out of
Level 3 (a)
Ending balance as of March 31, 2024Amount of total gains (losses) for the three months ended March 31, 2024 included in our net income relating to assets still held as of the reporting dateAmount of total gains (losses) for the three months ended March 31, 2024 included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date
Assets:        
Fixed maturities, available for sale:        
Corporate securities$159.3 $6.7 $4.4 $(5.9)$— $(17.0)$147.5 $4.4 $(6.7)
Asset-backed securities25.5 (.2)— .3 — — 25.6 — .2 
Commercial mortgage-backed securities13.1 — — — — (13.1)— — — 
Total fixed maturities, available for sale197.9 6.5 4.4 (5.6)— (30.1)173.1 4.4 (6.5)
Equity securities - corporate securities72.7 — (.1)— — — 72.6 (.1)— 
Other invested assets - residual tranches31.5 7.9 6.4 — 6.4 — 52.2 6.4 — 
_________
(a)Transfers into Level 3 are the result of unobservable inputs utilized within valuation methodologies for assets that were previously valued using observable inputs. Transfers out of Level 3 are due to the use of observable inputs in valuation methodologies as well as the utilization of pricing service information for certain assets that the Company is able to validate.
(b)Purchases, sales, issuances and settlements, net, represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period.  Such activity primarily consists of purchases and sales of fixed maturity and equity securities.  The following summarizes such activity for the three months ended March 31, 2024 (dollars in millions):
 PurchasesSalesIssuancesSettlementsPurchases, sales, issuances and settlements, net
Assets:     
Fixed maturities, available for sale:     
Corporate securities$6.8 $(.1)$— $— $6.7 
Asset-backed securities— (.2)— — (.2)
Total fixed maturities, available for sale6.8 (.3)— — 6.5 
Other invested assets - residual tranches9.2 (1.3)— — 7.9 
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value for the three months ended March 31, 2023 (dollars in millions):

 March 31, 2023
 Beginning balance as of December 31, 2022Purchases, sales, issuances and settlements, net (b)Total realized and unrealized gains (losses) included in net incomeTotal realized and unrealized gains (losses) included in accumulated other comprehensive income (loss)Transfers into Level 3 (a)Transfers out of Level 3 (a)Ending balance as of March 31, 2023Amount of total gains (losses) for the three months ended March 31, 2023 included in our net income relating to assets still held as of the reporting dateAmount of total gains (losses) for the three months ended March 31, 2023 included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date
Assets:        
Fixed maturities, available for sale:        
Corporate securities$127.8 $(.5)$.1 $.9 $5.9 $(6.4)$127.8 $.1 $.1 
Asset-backed securities57.0 (5.1)(.2)(.2)— (10.4)41.1 — (.5)
Non-agency residential mortgage-backed securities56.2 (.2)— 2.3 — (24.5)33.8 — 2.4 
Collateralized loan obligations3.4 — — — — (3.4)— — — 
Commercial mortgage-backed securities14.5 — — (.7)— — 13.8 — (.7)
Total fixed maturities, available for sale258.9 (5.8)(.1)2.3 5.9 (44.7)216.5 .1 1.3 
Equity securities - corporate securities75.7 — (.7)— — — 75.0 (.7)— 
Trading securities - non-agency residential mortgage-backed securities.5 — — — — — .5 — — 
Other invested assets - residual tranches18.3 .5 .4 — — — 19.2 .4 — 
____________
(a)Transfers into Level 3 are the result of unobservable inputs utilized within valuation methodologies for assets that were previously valued using observable inputs. Transfers out of Level 3 are due to the use of observable inputs in valuation methodologies as well as the utilization of pricing service information for certain assets that the Company is able to validate.
(b)Purchases, sales, issuances and settlements, net, represent the activity that occurred during the period that results in a change of the asset but does not represent changes in fair value for the instruments held at the beginning of the period.  Such activity primarily consists of purchases and sales of fixed maturity and equity securities.  The following summarizes such activity for the three months ended March 31, 2023 (dollars in millions):

 PurchasesSalesIssuancesSettlementsPurchases, sales, issuances and settlements, net
Assets:     
Fixed maturities, available for sale:     
Corporate securities$.9 $(1.4)$— $— $(.5)
Asset-backed securities2.3 (7.4)— — (5.1)
Non-agency residential mortgage-backed securities— (.2)— — (.2)
Total fixed maturities, available for sale3.2 (9.0)— — (5.8)
Other invested assets - residual tranches.7 (.2)— — .5 
The following table summarizes changes in the value of our embedded derivatives associated with fixed indexed annuity products (classified in policyholder account balances and future policy benefits as presented in the note to the consolidated financial statements entitled "Accounting for Derivatives") which are measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value (dollars in millions):

Three months ended
March 31,
20242023
Balance at beginning of the period$1,376.7 $1,297.0 
Premiums less benefits(17.8)(14.0)
Change in fair value, net67.9 64.9 
Balance at end of the period$1,426.8 $1,347.9 
Schedule of Fair Value Measurement Inputs
The following table provides additional information about the significant unobservable (Level 3) inputs developed internally by the Company to determine fair value for certain assets and liabilities carried at fair value at March 31, 2024 (dollars in millions):
Fair value at March 31, 2024Valuation techniquesUnobservable inputsRange (weighted average) (a)
Assets:
Corporate securities (b)$2.5 Recovery methodPercent of recovery expected
(25.00%)
Corporate securities (c)1.5 Unadjusted purchase priceNot applicableNot applicable
Asset-backed securities (d)8.3 Discounted cash flow analysisDiscount margins
(2.28%)
Equity securities (e)63.3 Market comparablesEBITDA multiples
11.5X
Equity securities (f).1 Recovery methodPercent of recovery expected
0.00% - 100.00% (100.00%)
Equity securities (g)9.2 Unadjusted purchase priceNot applicableNot applicable
Other assets categorized as Level 3 (h)213.0 Unadjusted third-party price sourceNot applicableNot applicable
Market risk benefit asset (i)84.1 Discounted cash flow analysisSurrender rates
1.42% - 15.25% (4.28%)
Utilization rates
5.92% - 47.62% (24.88%)
Total382.0 
Liabilities:
Market risk benefit liability (i)3.8 Discounted cash flow analysisSurrender rates
1.42% - 15.25% (4.28%)
Utilization rates
5.92% - 47.62% (24.88%)
Embedded derivatives related to fixed indexed annuity products (j)1,426.8 Discounted projected embedded derivativesProjected portfolio yields
4.32% - 4.92% (4.57%)
Discount rates
4.07% - 5.74% (4.72%)
Surrender rates
1.42% - 23.70% (6.92%)
________________________________
(a)    The weighted average is based on the relative fair value of the related assets or liabilities.
(b)    Corporate securities - The significant unobservable input used in the fair value measurement of these corporate securities is percentage of recovery expected.  Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
(c)    Corporate securities - For these assets, there were no adjustments to the purchase price.
(d)    Asset-backed securities - The significant unobservable input used in the fair value measurement of these asset-backed securities is discount margin added to a riskless market yield. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.
(e)    Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA"). Generally, increases (decreases) in the EBITDA multiples would result in higher (lower) fair value measurements.
(f)    Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is percentage of recovery expected.  Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
(g)    Equity securities - For these assets, there were no adjustments to the purchase price.
(h)    Other assets categorized as Level 3 - For these assets, there were no adjustments to non-binding quoted market prices obtained from third-party pricing sources.
(i)    Market risk benefits – Many of our fixed indexed annuity products include a GLWB that is considered a MRB. The calculation of the value of MRBs is based on significant unobservable inputs including assumptions related to surrenders
and utilization of policy benefits. These assumptions are based on actuarial estimates and past experience. Increases in assumed surrender rates would generally increase the value of a MRB asset or decrease the value of a MRB liability (with decreases in assumed surrender rates having the opposite impacts). Increases in utilization rates would generally decrease the value of a MRB asset or increase the value of a MRB liability (with decreases in utilization rates having the opposite impacts).
(j)    Embedded derivatives related to fixed indexed annuity products (classified as policyholder account liabilities) - The significant unobservable inputs used in the fair value measurement of our embedded derivatives associated with fixed indexed annuity products are projected portfolio yields, discount rates and surrender rates. Increases (decreases) in projected portfolio yields in isolation would have resulted in a higher (lower) fair value measurement. The discount rate is based on risk free rates (U.S. Treasury rates for similar durations) adjusted for our non-performance risk and risk margins for non-capital market inputs. Increases (decreases) in the discount rates would have resulted in a lower (higher) fair value measurement. Assumed surrender rates are used to project how long the contracts remain in force. Generally, the longer the contracts are assumed to be in force the higher the fair value of the embedded derivative. The embedded derivatives related to fixed indexed annuity products are classified in policyholder account balances and future policy benefits as presented in the note to the consolidated financial statements entitled "Accounting for Derivatives".
The following table provides additional information about the significant unobservable (Level 3) inputs developed internally by the Company to determine fair value for certain assets and liabilities carried at fair value at December 31, 2023 (dollars in millions):
Fair value at December 31, 2023Valuation techniquesUnobservable inputsRange (weighted average) (a)
Assets:
Corporate securities (b)$2.9 Discounted cash flow analysisDiscount margins
(2.22%)
Corporate securities (c)2.5 Recovery methodPercent of recovery expected
(25.00%)
Corporate securities (d)1.5 Unadjusted purchase priceNot applicableNot applicable
Asset-backed securities (e)8.6 Discounted cash flow analysisDiscount margins
(2.24%)
Equity securities (f)63.4 Market comparablesEBITDA multiples11.3X
Equity securities (g).1 Recovery methodPercent of recovery expected
0.00% - 100.00% (100.00%)
Equity securities (h)9.2 Unadjusted purchase priceNot applicableNot applicable
Other assets categorized as Level 3 (i)213.9 Unadjusted third-party price sourceNot applicableNot applicable
Market risk benefit asset (j)75.4 Discounted cash flow analysisSurrender rates
1.42% - 15.25% (4.28%)
Utilization rates
5.92% - 47.62% (24.88%)
Total377.5 
Liabilities:
Market risk benefit liability (j)7.4 Discounted cash flow analysisSurrender rates
1.42% - 15.25% (4.28%)
Utilization rates
5.92% - 47.62% (24.88%)
Embedded derivatives related to fixed indexed annuity products (k)1,376.7 Discounted projected embedded derivativesProjected portfolio yields
4.32% - 4.92% (4.57%)
Discount rates
3.85% - 5.76% (4.41%)
Surrender rates
1.42% - 23.70% (6.92%)
________________________________
(a)    The weighted average is based on the relative fair value of the related assets or liabilities.
(b)    Corporate securities - The significant unobservable input used in the fair value measurement of our corporate securities is discount margin added to a riskless market yield. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.
(c)    Corporate securities - The significant unobservable input used in the fair value measurement of these corporate securities is percentage of recovery expected.  Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
(d)    Corporate securities - For these assets, there were no adjustments to the purchase price.
(e)    Asset-backed securities - The significant unobservable input used in the fair value measurement of these asset-backed securities is discount margin added to a riskless market yield. Significant increases (decreases) in discount margin in isolation would have resulted in a significantly lower (higher) fair value measurement.
(f)    Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is multiples of earnings before EBITDA. Generally, increases (decreases) in the EBITDA multiples would result in higher (lower) fair value measurements.
(g)    Equity securities - The significant unobservable input used in the fair value measurement of these equity securities is percentage of recovery expected.  Significant increases (decreases) in percentage of recovery expected in isolation would have resulted in a significantly higher (lower) fair value measurement.
(h)    Equity securities - For these assets, there were no adjustments to the purchase price.
(i)    Other assets categorized as Level 3 - For these assets, there were no adjustments to non-binding quoted market prices obtained from third-party pricing sources.
(j)    Market risk benefits – Many of our fixed indexed annuity products include a GLWB that is considered a MRB. The calculation of the value of MRBs is based on significant unobservable inputs including assumptions related to surrenders and utilization of policy benefits. These assumptions are based on actuarial estimates and past experience. Increases in assumed surrender rates would generally increase the value of a MRB asset or decrease the value of a MRB liability (with decreases in assumed surrender rates having the opposite impacts). Increases in utilization rates would generally decrease the value of a MRB asset or increase the value of a MRB liability (with decreases in utilization rates having the opposite impacts).
(k)    Embedded derivatives related to fixed indexed annuity products - The significant unobservable inputs used in the fair value measurement of our embedded derivatives associated with fixed indexed annuity products are projected portfolio yields, discount rates and surrender rates. Increases (decreases) in projected portfolio yields in isolation would have resulted in a higher (lower) fair value measurement. The discount rate is based on risk free rates (U.S. Treasury rates for similar durations) adjusted for our non-performance risk and risk margins for non-capital market inputs. Increases (decreases) in the discount rates would have resulted in a lower (higher) fair value measurement. Assumed surrender rates are used to project how long the contracts remain in force. Generally, the longer the contracts are assumed to be in force the higher the fair value of the embedded derivative. The embedded derivatives related to fixed indexed annuity products are classified in policyholder account balances and future policy benefits as presented in the note to the consolidated financial statements entitled "Accounting for Derivatives".
v3.24.1.u1
INVESTMENTS - SCHEDULE OF AMORTIZED COST, GROSS UNREALIZED GAINS AND LOSSES, ESTIMATED FAIR VALUE, AND ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]        
Amortized cost $ 23,950.8      
Allowance for credit losses (39.0) $ (42.9) $ (59.1) $ (56.0)
Estimated fair value 21,648.1 21,506.2    
Corporate securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized cost 13,132.7 13,186.9    
Gross unrealized gains 50.5 74.7    
Gross unrealized losses (1,506.6) (1,382.4)    
Allowance for credit losses (37.7) (41.7) (57.2) (54.4)
Estimated fair value 11,638.9 11,837.5    
United States Treasury securities and obligations of United States government corporations and agencies        
Debt Securities, Available-for-sale [Line Items]        
Amortized cost 232.8 207.6    
Gross unrealized gains 0.0 0.1    
Gross unrealized losses (18.4) (13.3)    
Allowance for credit losses 0.0 0.0    
Estimated fair value 214.4 194.4    
States and political subdivisions        
Debt Securities, Available-for-sale [Line Items]        
Amortized cost 3,054.5 2,896.8    
Gross unrealized gains 26.4 31.3    
Gross unrealized losses (376.9) (360.7)    
Allowance for credit losses (0.6) (0.7) (0.8) (0.9)
Estimated fair value 2,703.4 2,566.7    
Foreign governments        
Debt Securities, Available-for-sale [Line Items]        
Amortized cost 94.8 92.7    
Gross unrealized gains 0.6 1.2    
Gross unrealized losses (12.5) (10.4)    
Allowance for credit losses (0.6) (0.4) (0.5) (0.4)
Estimated fair value 82.3 83.1    
Asset-backed securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized cost 1,546.1 1,476.2    
Gross unrealized gains 3.3 4.1    
Gross unrealized losses (95.4) (107.8)    
Allowance for credit losses (0.1) (0.1) $ (0.6) $ (0.3)
Estimated fair value 1,453.9 1,372.4    
Agency residential mortgage-backed securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized cost 683.3 639.0    
Gross unrealized gains 6.7 9.5    
Gross unrealized losses (2.3) (0.5)    
Allowance for credit losses 0.0 0.0    
Estimated fair value 687.7 648.0    
Non-agency residential mortgage-backed securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized cost 1,670.4 1,670.1    
Gross unrealized gains 33.6 35.8    
Gross unrealized losses (144.2) (152.7)    
Allowance for credit losses 0.0 0.0    
Estimated fair value 1,559.8 1,553.2    
Collateralized loan obligations        
Debt Securities, Available-for-sale [Line Items]        
Amortized cost 1,151.0 1,042.5    
Gross unrealized gains 4.6 3.3    
Gross unrealized losses (10.0) (13.0)    
Allowance for credit losses 0.0 0.0    
Estimated fair value 1,145.6 1,032.8    
Commercial mortgage-backed securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized cost 2,385.2 2,487.4    
Gross unrealized gains 1.8 0.7    
Gross unrealized losses (224.9) (270.0)    
Allowance for credit losses 0.0 0.0    
Estimated fair value 2,162.1 2,218.1    
Total fixed maturities, available for sale        
Debt Securities, Available-for-sale [Line Items]        
Amortized cost 23,950.8 23,699.2    
Gross unrealized gains 127.5 160.7    
Gross unrealized losses (2,391.2) (2,310.8)    
Allowance for credit losses (39.0) (42.9)    
Estimated fair value $ 21,648.1 $ 21,506.2    
v3.24.1.u1
INVESTMENTS - SUMMARY OF INVESTMENTS BY CONTRACTUAL MATURITY (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Amortized cost    
Due in one year or less $ 324.8  
Due after one year through five years 2,278.8  
Due after five years through ten years 1,529.8  
Due after ten years 12,381.4  
Subtotal 16,514.8  
Structured securities 7,436.0  
Amortized cost 23,950.8  
Estimated fair value    
Due in one year or less 314.6  
Due after one year through five years 2,175.7  
Due after five years through ten years 1,450.2  
Due after ten years 10,698.5  
Subtotal 14,639.0  
Structured securities 7,009.1  
Estimated fair value $ 21,648.1 $ 21,506.2
v3.24.1.u1
INVESTMENTS - SUMMARY OF INVESTMENTS WITH UNREALIZED LOSSES BY INVESTMENT CATEGORY (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair value    
Less than 12 months $ 1,673.3 $ 1,169.9
12 months or greater 10,761.4 10,886.4
Total 12,434.7 12,056.3
Unrealized losses    
Less than 12 months (21.3) (24.5)
12 months or greater (1,371.7) (1,365.0)
Total (1,393.0) (1,389.5)
Corporate securities    
Fair value    
Less than 12 months 508.6 332.0
12 months or greater 5,339.7 5,199.0
Total 5,848.3 5,531.0
Unrealized losses    
Less than 12 months (7.4) (5.3)
12 months or greater (719.3) (640.6)
Total (726.7) (645.9)
United States Treasury securities and obligations of United States government corporations and agencies    
Fair value    
Less than 12 months 72.9 126.7
12 months or greater 119.0 34.5
Total 191.9 161.2
Unrealized losses    
Less than 12 months (3.3) (10.2)
12 months or greater (15.1) (3.1)
Total (18.4) (13.3)
States and political subdivisions    
Fair value    
Less than 12 months 272.4 236.9
12 months or greater 959.2 990.0
Total 1,231.6 1,226.9
Unrealized losses    
Less than 12 months (4.0) (3.8)
12 months or greater (166.4) (181.2)
Total (170.4) (185.0)
Foreign governments    
Fair value    
Less than 12 months 12.0 6.2
12 months or greater 18.2 21.1
Total 30.2 27.3
Unrealized losses    
Less than 12 months (0.5) 0.0
12 months or greater (1.1) (2.3)
Total (1.6) (2.3)
Asset-backed securities    
Fair value    
Less than 12 months 110.5 46.9
12 months or greater 1,064.1 1,066.8
Total 1,174.6 1,113.7
Unrealized losses    
Less than 12 months (0.8) (0.8)
12 months or greater (93.7) (106.0)
Total (94.5) (106.8)
Agency residential mortgage-backed securities    
Fair value    
Less than 12 months 249.8 73.4
12 months or greater 11.5 7.1
Total 261.3 80.5
Unrealized losses    
Less than 12 months (1.9) (0.4)
12 months or greater (0.4) (0.1)
Total (2.3) (0.5)
Non-agency residential mortgage-backed securities    
Fair value    
Less than 12 months 117.7 69.0
12 months or greater 1,064.4 1,062.9
Total 1,182.1 1,131.9
Unrealized losses    
Less than 12 months (0.9) (1.3)
12 months or greater (143.3) (151.4)
Total (144.2) (152.7)
Collateralized loan obligations    
Fair value    
Less than 12 months 233.1 75.0
12 months or greater 334.2 590.9
Total 567.3 665.9
Unrealized losses    
Less than 12 months (1.9) (0.3)
12 months or greater (8.1) (12.7)
Total (10.0) (13.0)
Commercial mortgage-backed securities    
Fair value    
Less than 12 months 96.3 203.8
12 months or greater 1,851.1 1,914.1
Total 1,947.4 2,117.9
Unrealized losses    
Less than 12 months (0.6) (2.4)
12 months or greater (224.3) (267.6)
Total $ (224.9) $ (270.0)
v3.24.1.u1
INVESTMENTS - SUMMARY OF CHANGES IN THE ALLOWANCE FOR CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Allowance at the beginning of the period $ 42.9 $ 56.0
Additions for securities for which credit losses were not previously recorded 2.2 3.0
Additions (reductions) for securities where an allowance was previously recorded (6.0) 0.8
Reduction for securities sold during the period (0.1) (0.7)
Allowance at the end of the period 39.0 59.1
Corporate securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Allowance at the beginning of the period 41.7 54.4
Additions for securities for which credit losses were not previously recorded 2.2 3.0
Additions (reductions) for securities where an allowance was previously recorded (6.1) 0.5
Reduction for securities sold during the period (0.1) (0.7)
Allowance at the end of the period 37.7 57.2
States and political subdivisions    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Allowance at the beginning of the period 0.7 0.9
Additions for securities for which credit losses were not previously recorded (0.1) 0.0
Additions (reductions) for securities where an allowance was previously recorded 0.0 (0.1)
Reduction for securities sold during the period 0.0 0.0
Allowance at the end of the period 0.6 0.8
Foreign governments    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Allowance at the beginning of the period 0.4 0.4
Additions for securities for which credit losses were not previously recorded 0.1 0.0
Additions (reductions) for securities where an allowance was previously recorded 0.1 0.1
Reduction for securities sold during the period 0.0 0.0
Allowance at the end of the period 0.6 0.5
Asset-backed securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Allowance at the beginning of the period 0.1 0.3
Additions for securities for which credit losses were not previously recorded 0.0 0.0
Additions (reductions) for securities where an allowance was previously recorded 0.0 0.3
Reduction for securities sold during the period 0.0 0.0
Allowance at the end of the period $ 0.1 $ 0.6
v3.24.1.u1
INVESTMENTS - NARRATIVE (Details)
$ in Millions
3 Months Ended
Mar. 31, 2024
USD ($)
mortgage_loan
loan
investment
Mar. 31, 2023
USD ($)
Debt Securities, Available-for-sale [Line Items]    
Net realized investment gains (losses) $ 7.8 $ (14.6)
Gain on liquidation of variable interest entity 3.8 0.0
Change in allowance for credit losses $ (1.5) 1.5
Number of investments in default or considered nonperforming | investment 0  
Value of available for sale securities sold $ 197.1 288.5
Financial Asset, Past Due    
Debt Securities, Available-for-sale [Line Items]    
Number of mortgage loans noncurrent | mortgage_loan 1  
Total Fixed Maturities, Available For Sale    
Debt Securities, Available-for-sale [Line Items]    
Gross realized losses on sale $ 5.9 14.4
Embedded Derivative Related to Fixed Maturity Securities    
Debt Securities, Available-for-sale [Line Items]    
Increase (decrease) in fair value of certain fixed maturity investments with embedded derivatives 11.3 (0.3)
Reinsurance Contract | Coinsurance    
Debt Securities, Available-for-sale [Line Items]    
Increase (decrease) in fair value of certain fixed maturity investments with embedded derivatives 0.3 1.4
Marketable Securities    
Debt Securities, Available-for-sale [Line Items]    
Net realized investment gains (losses) (10.0) (14.4)
Equity Securities - Corporate Securities    
Debt Securities, Available-for-sale [Line Items]    
Net realized investment gains (losses) 0.9 0.2
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Gross realized losses on sale 1.1 2.2
Corporate Securities    
Debt Securities, Available-for-sale [Line Items]    
Gross realized losses on sale 3.5 11.1
Various Other Investments    
Debt Securities, Available-for-sale [Line Items]    
Gross realized losses on sale 1.3 $ 1.1
Amortized Cost | Commercial Mortgage | Financial Asset, Past Due    
Debt Securities, Available-for-sale [Line Items]    
Mortgage loans 17.3  
Amortized Cost | Residential Mortgage    
Debt Securities, Available-for-sale [Line Items]    
Mortgage loans 642.0  
Fair Value | Residential Mortgage    
Debt Securities, Available-for-sale [Line Items]    
Mortgage loans $ 640.3  
Commercial Portfolio Segment    
Debt Securities, Available-for-sale [Line Items]    
Number of mortgage loans in process of foreclosure | mortgage_loan 0  
Amortized cost $ 1,461.7  
Commercial Portfolio Segment | Amortized Cost | Commercial Mortgage    
Debt Securities, Available-for-sale [Line Items]    
Mortgage loans 1,461.7  
Commercial Portfolio Segment | Fair Value | Commercial Mortgage    
Debt Securities, Available-for-sale [Line Items]    
Mortgage loans $ 1,290.5  
Residential Portfolio Segment | Financial Asset, Past Due    
Debt Securities, Available-for-sale [Line Items]    
Number of mortgage loans noncurrent | loan 17  
Amortized cost $ 9.4  
Residential Portfolio Segment | Foreclosure | Financial Asset, Past Due    
Debt Securities, Available-for-sale [Line Items]    
Number of mortgage loans noncurrent | loan 11  
Amortized cost $ 4.2  
v3.24.1.u1
INVESTMENTS - SUMMARY OF CARRYING VALUE AND ESTIMATED FAIR VALUE OF OUTSTANDING COMMERCIAL MORTGAGE LOANS AND UNDERLYING COLLATERAL (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Less than 60% | Maximum  
Financing Receivable, Credit Quality Indicator [Line Items]  
Loan to value ratio 60.00%
60% to less than 70% | Maximum  
Financing Receivable, Credit Quality Indicator [Line Items]  
Loan to value ratio 70.00%
60% to less than 70% | Minimum  
Financing Receivable, Credit Quality Indicator [Line Items]  
Loan to value ratio 60.00%
70% to less than 80% | Maximum  
Financing Receivable, Credit Quality Indicator [Line Items]  
Loan to value ratio 80.00%
70% to less than 80% | Minimum  
Financing Receivable, Credit Quality Indicator [Line Items]  
Loan to value ratio 70.00%
80% to less than 90% | Maximum  
Financing Receivable, Credit Quality Indicator [Line Items]  
Loan to value ratio 90.00%
80% to less than 90% | Minimum  
Financing Receivable, Credit Quality Indicator [Line Items]  
Loan to value ratio 80.00%
Commercial Portfolio Segment  
Financing Receivable, Credit Quality Indicator [Line Items]  
2024 $ 12.8
2023 306.9
2022 310.7
2021 150.3
2020 38.7
Prior 642.3
Total amortized cost 1,461.7
Mortgage loans 1,290.5
Collateral 4,338.8
Commercial Portfolio Segment | Less than 60%  
Financing Receivable, Credit Quality Indicator [Line Items]  
2024 12.8
2023 160.7
2022 160.8
2021 96.2
2020 33.2
Prior 525.5
Total amortized cost 989.2
Mortgage loans 877.8
Collateral 3,675.3
Commercial Portfolio Segment | 60% to less than 70%  
Financing Receivable, Credit Quality Indicator [Line Items]  
2024 0.0
2023 126.9
2022 47.4
2021 29.2
2020 5.5
Prior 18.6
Total amortized cost 227.6
Mortgage loans 208.3
Collateral 348.7
Commercial Portfolio Segment | 70% to less than 80%  
Financing Receivable, Credit Quality Indicator [Line Items]  
2024 0.0
2023 19.3
2022 54.7
2021 24.9
2020 0.0
Prior 49.7
Total amortized cost 148.6
Mortgage loans 127.2
Collateral 201.0
Commercial Portfolio Segment | 80% to less than 90%  
Financing Receivable, Credit Quality Indicator [Line Items]  
2024 0.0
2023 0.0
2022 47.8
2021 0.0
2020 0.0
Prior 48.5
Total amortized cost 96.3
Mortgage loans 77.2
Collateral $ 113.8
v3.24.1.u1
INVESTMENTS - SUMMARY OF CHANGES IN THE ALLOWANCE FOR CURRENT EXPECTED CREDIT LOSSES RELATED TO MORTGAGE LOANS (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Allowance at the beginning of the period $ 15.4 $ 8.0
Current period provision for expected credit losses 1.2 (0.4)
Allowance at the end of the period $ 16.6 $ 8.4
v3.24.1.u1
INVESTMENTS - TOTAL INVESTMENT GAINS (LOSSES) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Realized investment gains (losses):    
Total realized investment losses $ (10.0) $ (14.6)
Change in allowance for credit losses 1.5 (1.5)
Change in fair value of equity securities 0.9 0.4
Other changes in fair value 11.6 1.1
Gain on liquidation of variable interest entity 3.8 0.0
Other investment gains 17.8 0.0
Net realized investment gains (losses) 7.8 (14.6)
Variable interest entities, change in allowance for current expected credit losses 1.2 (2.0)
Increase (decrease) in equity securities, FV-NI, held at end of period 1.0 0.3
Change in estimated fair value of trading securities 4.8 (2.5)
Total Fixed Maturities, Available For Sale    
Realized investment gains (losses):    
Gross realized gains on sales of fixed maturities, available for sale 2.1 7.3
Gross realized losses on sales of fixed maturities, available for sale (5.9) (14.4)
Equity securities, net 0.0 (0.2)
Other, net $ (6.2) $ (7.3)
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - SUMMARY OF CHANGES IN LIABILITY FOR FUTURE POLICY BENEFITS (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Net liability for future policy benefits $ 11,736.5   $ 11,928.2  
Supplemental health        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Present value of expected net premiums ("PVENP"), beginning of period 2,718.2 $ 2,781.3    
Effect of changes in discount rate assumptions, beginning of period 86.8 188.4    
Beginning PVENP at original discount rate 2,805.0 2,969.7    
Effect of changes in cash flow assumptions     0.0 $ 0.0
Effect of actual variances from expected experience     (15.2) (17.2)
Adjusted beginning of period PVENP     2,789.8 2,952.5
Issuances 66.0 63.7    
Interest accrual 30.7 32.0    
Net premiums collected (86.9) (90.3)    
Ending PVENP at original discount rate 2,799.6 2,957.9    
Effect of changes in discount rate assumptions, end of period (139.1) (120.4)    
PVENP, end of period 2,660.5 2,837.5    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Present value of expected future policy benefits ("PVEFPB"), beginning of period 6,023.3 5,886.8    
Effect of changes in discount rate assumptions, beginning of period 229.8 483.3    
Beginning PVEFPB at original discount rate 6,253.1 6,370.1    
Effect of changes in cash flow assumptions     0.0 0.0
Effect of actual variances from expected experience     (17.7) (20.5)
Adjusted beginning of period PVEFPB     6,235.4 6,349.6
Issuances 66.0 63.7    
Interest accrual 72.6 73.8    
Benefit payments (105.6) (99.5)    
Ending PVEFPB at original discount rate 6,268.4 6,387.6    
Effect of changes in discount rate assumptions, end of period (371.4) (306.8)    
PVEFPB, end of period 5,897.0 6,080.8    
Net liability for future policy benefits 3,236.5 3,243.3    
Flooring impact 0.0 0.0    
Adjusted net liability for future policy benefits 3,236.5 3,243.3    
Related reinsurance recoverable (1.5) (2.4)    
Net liability for future policy benefits, net of reinsurance recoverable 3,235.0 3,240.9    
Medicare supplement        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Present value of expected net premiums ("PVENP"), beginning of period 3,009.2 2,800.6    
Effect of changes in discount rate assumptions, beginning of period 99.1 196.4    
Beginning PVENP at original discount rate 3,108.3 2,997.0    
Effect of changes in cash flow assumptions     0.0 0.0
Effect of actual variances from expected experience     (39.0) 27.0
Adjusted beginning of period PVENP     3,069.3 3,024.0
Issuances 134.2 101.6    
Interest accrual 32.2 30.5    
Net premiums collected (114.4) (113.4)    
Ending PVENP at original discount rate 3,121.3 3,042.7    
Effect of changes in discount rate assumptions, end of period (145.5) (139.2)    
PVENP, end of period 2,975.8 2,903.5    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Present value of expected future policy benefits ("PVEFPB"), beginning of period 3,236.6 3,033.1    
Effect of changes in discount rate assumptions, beginning of period 108.3 212.0    
Beginning PVEFPB at original discount rate 3,344.9 3,245.1    
Effect of changes in cash flow assumptions     0.0 0.0
Effect of actual variances from expected experience     (39.1) 32.2
Adjusted beginning of period PVEFPB     3,305.8 3,277.3
Issuances 134.2 101.6    
Interest accrual 34.9 33.2    
Benefit payments (117.8) (125.6)    
Ending PVEFPB at original discount rate 3,357.1 3,286.5    
Effect of changes in discount rate assumptions, end of period (158.4) (150.0)    
PVEFPB, end of period 3,198.7 3,136.5    
Net liability for future policy benefits 222.9 233.0    
Flooring impact 0.8 0.4    
Adjusted net liability for future policy benefits 223.7 233.4    
Related reinsurance recoverable 0.0 0.0    
Net liability for future policy benefits, net of reinsurance recoverable 223.7 233.4    
Long-term care        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Present value of expected net premiums ("PVENP"), beginning of period 1,055.6 1,034.1    
Effect of changes in discount rate assumptions, beginning of period (7.6) 23.2    
Beginning PVENP at original discount rate 1,048.0 1,057.3    
Effect of changes in cash flow assumptions     0.0 0.0
Effect of actual variances from expected experience     (7.9) (3.4)
Adjusted beginning of period PVENP     1,040.1 1,053.9
Issuances 46.9 15.7    
Interest accrual 12.9 12.3    
Net premiums collected (39.5) (40.6)    
Ending PVENP at original discount rate 1,060.4 1,041.3    
Effect of changes in discount rate assumptions, end of period (11.5) (4.6)    
PVENP, end of period 1,048.9 1,036.7    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Present value of expected future policy benefits ("PVEFPB"), beginning of period 4,364.6 4,158.1    
Effect of changes in discount rate assumptions, beginning of period (132.8) 28.5    
Beginning PVEFPB at original discount rate 4,231.8 4,186.6    
Effect of changes in cash flow assumptions     0.0 0.0
Effect of actual variances from expected experience     (12.1) (6.3)
Adjusted beginning of period PVEFPB     4,219.7 4,180.3
Issuances 47.0 15.7    
Interest accrual 56.7 55.5    
Benefit payments (74.2) (71.3)    
Ending PVEFPB at original discount rate 4,249.2 4,180.2    
Effect of changes in discount rate assumptions, end of period 25.5 86.4    
PVEFPB, end of period 4,274.7 4,266.6    
Net liability for future policy benefits 3,225.8 3,229.9    
Flooring impact 0.0 0.0    
Adjusted net liability for future policy benefits 3,225.8 3,229.9    
Related reinsurance recoverable (360.8) (357.5)    
Net liability for future policy benefits, net of reinsurance recoverable 2,865.0 2,872.4    
Traditional life        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Present value of expected net premiums ("PVENP"), beginning of period 2,279.6 2,175.0    
Effect of changes in discount rate assumptions, beginning of period 67.6 137.1    
Beginning PVENP at original discount rate 2,347.2 2,312.1    
Effect of changes in cash flow assumptions     0.0 0.0
Effect of actual variances from expected experience     (21.2) (14.1)
Adjusted beginning of period PVENP     2,326.0 2,298.0
Issuances 108.2 108.3    
Interest accrual 24.3 23.0    
Net premiums collected (99.9) (101.4)    
Ending PVENP at original discount rate 2,358.6 2,327.9    
Effect of changes in discount rate assumptions, end of period (102.0) (92.5)    
PVENP, end of period 2,256.6 2,235.4    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Present value of expected future policy benefits ("PVEFPB"), beginning of period 4,694.7 4,417.9    
Effect of changes in discount rate assumptions, beginning of period 170.9 336.6    
Beginning PVEFPB at original discount rate 4,865.6 4,754.5    
Effect of changes in cash flow assumptions     0.0 0.0
Effect of actual variances from expected experience     (22.0) (15.2)
Adjusted beginning of period PVEFPB     4,843.6 4,739.3
Issuances 108.2 108.3    
Interest accrual 52.8 51.0    
Benefit payments (120.7) (115.0)    
Ending PVEFPB at original discount rate 4,883.9 4,783.6    
Effect of changes in discount rate assumptions, end of period (263.8) (223.0)    
PVEFPB, end of period 4,620.1 4,560.6    
Net liability for future policy benefits 2,363.5 2,325.2    
Flooring impact 0.0 0.0    
Adjusted net liability for future policy benefits 2,363.5 2,325.2    
Related reinsurance recoverable (187.3) (201.1)    
Net liability for future policy benefits, net of reinsurance recoverable 2,176.2 2,124.1    
Other annuities        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Present value of expected net premiums ("PVENP"), beginning of period 0.0 0.0    
Effect of changes in discount rate assumptions, beginning of period 0.0 0.0    
Beginning PVENP at original discount rate 0.0 0.0    
Effect of changes in cash flow assumptions     0.0 0.0
Effect of actual variances from expected experience     0.0 0.0
Adjusted beginning of period PVENP     0.0 0.0
Issuances 0.9 1.1    
Interest accrual 0.0 0.0    
Net premiums collected (0.9) (1.1)    
Ending PVENP at original discount rate 0.0 0.0    
Effect of changes in discount rate assumptions, end of period 0.0 0.0    
PVENP, end of period 0.0 0.0    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Present value of expected future policy benefits ("PVEFPB"), beginning of period 308.9 310.9    
Effect of changes in discount rate assumptions, beginning of period 3.0 15.4    
Beginning PVEFPB at original discount rate 311.9 326.3    
Effect of changes in cash flow assumptions     0.0 0.0
Effect of actual variances from expected experience     0.8 0.7
Adjusted beginning of period PVEFPB     $ 312.7 $ 327.0
Issuances 0.9 1.1    
Interest accrual 3.6 3.7    
Benefit payments (8.2) (8.6)    
Ending PVEFPB at original discount rate 309.0 323.2    
Effect of changes in discount rate assumptions, end of period (10.1) (6.9)    
PVEFPB, end of period 298.9 316.3    
Net liability for future policy benefits 298.9 316.3    
Flooring impact 0.0 0.0    
Adjusted net liability for future policy benefits 298.9 316.3    
Related reinsurance recoverable 0.0 0.0    
Net liability for future policy benefits, net of reinsurance recoverable $ 298.9 $ 316.3    
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - RECONCILIATION OF NET LIABILITY FOR FUTURE POLICY BENEFITS (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]    
Reserves excluded from rollforward $ 2,488.1 $ 2,593.3
Deferred profit liability 64.7 57.7
Amount of reserves above (below) policyholder account balances (195.7) (410.5)
Future loss reserves 31.0 34.7
Future policy benefits 11,736.5 11,623.3
Supplemental health    
Liability for Future Policy Benefit, Activity [Line Items]    
Adjusted net liability for future policy benefits 3,236.5 3,243.3
Medicare supplement    
Liability for Future Policy Benefit, Activity [Line Items]    
Adjusted net liability for future policy benefits 223.7 233.4
Long-term care    
Liability for Future Policy Benefit, Activity [Line Items]    
Adjusted net liability for future policy benefits 3,225.8 3,229.9
Traditional life    
Liability for Future Policy Benefit, Activity [Line Items]    
Adjusted net liability for future policy benefits 2,363.5 2,325.2
Other annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Adjusted net liability for future policy benefits $ 298.9 $ 316.3
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - CHANGES IN MARKET RISK BENEFITS (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Market Risk Benefit [Roll Forward]      
Net liability (asset), beginning of period $ (68.0) $ (54.0)  
Effect of changes in the instrument-specific credit risk, beginning of period 4.8 12.2  
Balance, beginning of period, before effect of changes in the instrument-specific credit risk (63.2) (41.8)  
Issuances (0.1) 0.1  
Interest accrual 5.1 5.2  
Attributed fees collected 0.0 0.0  
Benefit payments 0.0 0.0  
Effect of changes in interest rates (13.7) 12.3  
Effect of changes in equity markets (5.0) 5.3  
Effect of changes in equity index volatility (1.2) (7.4)  
Actual policyholder behavior different from expected behavior 1.9 0.6  
Effect of changes in future expected policyholder behavior - other 0.0 0.0  
Effect of changes in future expected policyholder behavior - risk margin 0.0 0.0  
Effect of changes in assumptions (0.8) (1.4)  
Net liability (asset), end of period, before effect of changes in the instrument-specific credit risk (77.0) (27.1)  
Effect of changes in the instrument-specific credit risk, end of period (3.3) (13.1)  
Net liability (asset), end of period (80.3) (40.2)  
Reinsurance recoverable, end of period 0.0 0.0  
Net liability (asset), end of period, net of reinsurance (80.3) (40.2)  
Balance reported as an asset 84.1 57.8 $ 75.4
Balance reported as a liability 3.8 17.6 7.4
Net liability (asset) (80.3) (40.2) $ (68.0)
Net amount at risk $ 46.2 $ 58.9  
Weighted average attained age of contract holders 69 years 68 years  
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - SUMMARY OF AMOUNT OF REVENUE AND INTEREST, TRADITIONAL AND LIMITED PAYMENT CONTRACTS (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premiums $ 596.9 $ 601.4
Interest accretion 120.5 119.4
Other annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premiums 1.0 1.3
Interest accretion 3.6 3.7
Supplemental health    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premiums 175.2 179.4
Interest accretion 41.9 41.8
Medicare supplement    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premiums 156.8 159.2
Interest accretion 2.7 2.7
Long-term care    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premiums 85.0 82.7
Interest accretion 43.8 43.2
Traditional life    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premiums 178.9 178.8
Interest accretion $ 28.5 $ 28.0
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - SUMMARY OF AMOUNT OF UNDISCOUNTED AND DISCOUNTED EXPECTED GROSS PREMIUMS AND EXPECTED FUTURE BENEFITS (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Other annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Expected future gross premiums (Undiscounted) $ 0.0 $ 0.0
Expected future gross premiums (Discounted) 0.0 0.0
Expected future benefits and expenses (Undiscounted) 370.6 396.9
Expected future benefits and expenses (Discounted) 298.9 316.3
Supplemental health    
Liability for Future Policy Benefit, Activity [Line Items]    
Expected future gross premiums (Undiscounted) 8,932.2 8,964.4
Expected future gross premiums (Discounted) 5,527.6 5,605.7
Expected future benefits and expenses (Undiscounted) 10,812.6 11,040.9
Expected future benefits and expenses (Discounted) 5,897.0 6,080.8
Medicare supplement    
Liability for Future Policy Benefit, Activity [Line Items]    
Expected future gross premiums (Undiscounted) 5,744.3 5,645.2
Expected future gross premiums (Discounted) 4,024.7 4,031.9
Expected future benefits and expenses (Undiscounted) 4,601.3 4,417.8
Expected future benefits and expenses (Discounted) 3,198.7 3,136.5
Long-term care    
Liability for Future Policy Benefit, Activity [Line Items]    
Expected future gross premiums (Undiscounted) 3,330.8 2,954.3
Expected future gross premiums (Discounted) 2,340.7 2,152.7
Expected future benefits and expenses (Undiscounted) 7,724.0 7,445.7
Expected future benefits and expenses (Discounted) 4,274.7 4,266.6
Traditional life    
Liability for Future Policy Benefit, Activity [Line Items]    
Expected future gross premiums (Undiscounted) 5,642.0 5,435.0
Expected future gross premiums (Discounted) 4,048.0 3,953.3
Expected future benefits and expenses (Undiscounted) 7,574.2 7,382.8
Expected future benefits and expenses (Discounted) $ 4,620.1 $ 4,560.6
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - WEIGHTED AVERAGE DURATIONS OF LIABILITY (Details)
Mar. 31, 2024
Mar. 31, 2023
Other annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted average duration 9 years 7 months 6 days 9 years 8 months 12 days
Supplemental health    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted average duration 11 years 3 months 18 days 11 years 9 months 18 days
Medicare supplement    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted average duration 6 years 4 months 24 days 6 years 1 month 6 days
Long-term care    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted average duration 10 years 7 months 6 days 10 years 6 months
Traditional life    
Liability for Future Policy Benefit, Activity [Line Items]    
Weighted average duration 10 years 4 months 24 days 10 years 1 month 6 days
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - WEIGHTED AVERAGE INTEREST RATE (Details)
Mar. 31, 2024
Mar. 31, 2023
Other annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 4.82% 4.76%
Current discount rate 5.37% 5.17%
Supplemental health    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 5.00% 5.04%
Current discount rate 5.35% 5.14%
Medicare supplement    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 4.31% 4.26%
Current discount rate 5.24% 4.94%
Long-term care    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 5.67% 5.67%
Current discount rate 5.39% 5.18%
Traditional life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 4.77% 4.77%
Current discount rate 5.37% 5.15%
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - Liabilities for Insurance Products Related to Fixed Indexed Annuity (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Policyholder Account Balance [Line Items]    
Total fixed indexed annuity insurance liabilities $ 10,028.6 $ 9,863.7
Fixed Indexed Annuity    
Policyholder Account Balance [Line Items]    
Host contract liability 8,601.8 8,487.0
Embedded derivatives at fair value $ 1,426.8 $ 1,376.7
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - Fixed Indexed Annuity Insurance Liability (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 15,736.7 $ 15,667.8 $ 15,302.9
Total fixed indexed annuity insurance liabilities 10,028.6 9,863.7  
Fixed Indexed Annuity      
Policyholder Account Balance [Line Items]      
Policyholder account balances 10,247.1 10,138.6  
Future policy benefits $ (218.5) $ (274.9)  
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - SUMMARY OF CHANGES IN POLICYHOLDER ACCOUNT BALANCES (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Policyholder Account Balance [Roll Forward]      
Policyholder account balances $ 15,736.7 $ 15,302.9 $ 15,667.8
Fixed indexed annuities      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period excluding contracts 100% ceded 9,999.2 9,490.4  
Issuances (funds collected from new business) 345.4 323.3  
Premiums received (premiums collected from inforce business) 0.5 0.4  
Policy charges (6.5) (4.0)  
Surrenders and withdrawals (232.2) (178.2)  
Benefit payments (74.4) (59.2)  
Interest credited 68.9 6.1  
Other 11.8 5.5  
Balance, end of period excluding contracts 100% ceded 10,112.7 9,584.3  
Balance, end of period for contracts 100% ceded 134.4 154.4  
Policyholder account balances 10,247.1 9,738.7  
Balance, end of period, reinsurance ceded (134.4) (154.4)  
Balance, end of period, net of reinsurance $ 10,112.7 $ 9,584.3  
Weighted average crediting rate 1.90% 1.60%  
Cash surrender value, net of reinsurance $ 9,434.2 $ 8,932.4  
Fixed interest annuities      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period excluding contracts 100% ceded 1,636.4 1,663.1  
Issuances (funds collected from new business) 45.1 45.3  
Premiums received (premiums collected from inforce business) 1.0 0.7  
Policy charges (0.3) (0.2)  
Surrenders and withdrawals (52.8) (43.3)  
Benefit payments (30.2) (27.7)  
Interest credited 11.4 11.3  
Other 0.0 0.1  
Balance, end of period excluding contracts 100% ceded 1,610.6 1,649.3  
Balance, end of period for contracts 100% ceded 579.3 632.6  
Policyholder account balances 2,189.9 2,281.9  
Balance, end of period, reinsurance ceded (579.3) (632.6)  
Balance, end of period, net of reinsurance $ 1,610.6 $ 1,649.3  
Weighted average crediting rate 2.80% 2.70%  
Cash surrender value, net of reinsurance $ 1,582.1 $ 1,631.5  
Other annuities      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period excluding contracts 100% ceded 113.1 127.1  
Issuances (funds collected from new business) 0.0 0.0  
Premiums received (premiums collected from inforce business) 5.7 7.5  
Policy charges 0.0 0.0  
Surrenders and withdrawals (8.7) (10.5)  
Benefit payments (1.4) (1.7)  
Interest credited 0.5 0.6  
Other (0.1) (0.2)  
Balance, end of period excluding contracts 100% ceded 109.1 122.8  
Balance, end of period for contracts 100% ceded 25.5 26.3  
Policyholder account balances 134.6 149.1  
Balance, end of period, reinsurance ceded (25.5) (26.3)  
Balance, end of period, net of reinsurance $ 109.1 $ 122.8  
Weighted average crediting rate 2.40% 1.90%  
Cash surrender value, net of reinsurance $ 109.1 $ 122.8  
Interest-sensitive life      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period excluding contracts 100% ceded 1,255.2 1,209.6  
Issuances (funds collected from new business) 9.7 9.5  
Premiums received (premiums collected from inforce business) 52.4 50.3  
Policy charges (48.2) (46.1)  
Surrenders and withdrawals (8.1) (8.2)  
Benefit payments (5.4) (6.0)  
Interest credited 15.2 8.1  
Other (0.1) 0.0  
Balance, end of period excluding contracts 100% ceded 1,270.7 1,217.2  
Balance, end of period for contracts 100% ceded 102.9 110.7  
Policyholder account balances 1,373.6 1,327.9  
Balance, end of period, reinsurance ceded (121.0) (130.5)  
Balance, end of period, net of reinsurance $ 1,252.6 $ 1,197.4  
Weighted average crediting rate 4.30% 3.10%  
Cash surrender value, net of reinsurance $ 1,027.7 $ 977.1  
Net amount at risk 28,672.9 26,865.3  
Funding agreements      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period excluding contracts 100% ceded 1,411.0 1,410.8  
Issuances (funds collected from new business) 0.0 0.0  
Premiums received (premiums collected from inforce business) 0.0 0.0  
Policy charges 0.0 0.0  
Surrenders and withdrawals (9.9) (9.9)  
Benefit payments 0.0 0.0  
Interest credited 7.2 7.2  
Other 0.0 0.0  
Balance, end of period excluding contracts 100% ceded 1,408.3 1,408.1  
Balance, end of period for contracts 100% ceded 0.0 0.0  
Policyholder account balances 1,408.3 1,408.1  
Balance, end of period, reinsurance ceded 0.0 0.0  
Balance, end of period, net of reinsurance $ 1,408.3 $ 1,408.1  
Weighted average crediting rate 2.00% 2.00%  
Cash surrender value, net of reinsurance $ 0.0 $ 0.0  
Other      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period excluding contracts 100% ceded 381.0 395.5  
Issuances (funds collected from new business) 0.0 0.0  
Premiums received (premiums collected from inforce business) 65.7 63.0  
Policy charges 0.0 0.0  
Surrenders and withdrawals (74.5) (72.6)  
Benefit payments 0.0 0.0  
Interest credited 0.7 0.7  
Other 0.0 0.0  
Balance, end of period excluding contracts 100% ceded 372.9 386.6  
Balance, end of period for contracts 100% ceded 10.3 10.6  
Policyholder account balances 383.2 397.2  
Balance, end of period, reinsurance ceded (24.0) (24.8)  
Balance, end of period, net of reinsurance $ 359.2 $ 372.4  
Weighted average crediting rate 0.80% 0.60%  
Cash surrender value, net of reinsurance $ 359.2 $ 372.4  
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - RECONCILIATION OF LIABILITY FOR POLICYHOLDER ACCOUNT BALANCES (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Policyholder Account Balance [Line Items]      
Balance $ 15,736.7 $ 15,667.8 $ 15,302.9
Fixed indexed annuities      
Policyholder Account Balance [Line Items]      
Balance 10,247.1   9,738.7
Fixed interest annuities      
Policyholder Account Balance [Line Items]      
Balance 2,189.9   2,281.9
Other annuities      
Policyholder Account Balance [Line Items]      
Balance 134.6   149.1
Interest-sensitive life      
Policyholder Account Balance [Line Items]      
Balance 1,373.6   1,327.9
Funding agreements      
Policyholder Account Balance [Line Items]      
Balance 1,408.3   1,408.1
Other      
Policyholder Account Balance [Line Items]      
Balance $ 383.2   $ 397.2
v3.24.1.u1
LIABILITIES FOR INSURANCE PRODUCTS - GUARANTEED MINIMUM CREDITING RATES (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Mar. 31, 2023
USD ($)
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 15,736.7 $ 15,667.8 $ 15,302.9
0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 1,757.0   $ 1,681.7
0.00%-2.99% | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 0.00%   0.00%
0.00%-2.99% | Maximum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 2.99%   2.99%
3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 2,180.1   $ 2,350.6
3.00%-4.99% | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 3.00%   3.00%
3.00%-4.99% | Maximum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 4.99%   4.99%
5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 144.2   $ 123.8
5.00% and greater | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 5.00%   5.00%
At guaranteed minimum | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 171.5   $ 272.8
At guaranteed minimum | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1,892.1   2,122.4
At guaranteed minimum | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 143.7   $ 123.3
1-50 basis points above | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balance, above guaranteed minimum crediting rate 0.0001   0.0001
1-50 basis points above | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder account balance, above guaranteed minimum crediting rate 0.0050   0.0050
1-50 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 579.0   $ 902.4
1-50 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 99.3   79.4
1-50 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0.5   $ 0.5
51-150 basis points above | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balance, above guaranteed minimum crediting rate 0.0051   0.0051
51-150 basis points above | Maximum      
Policyholder Account Balance [Line Items]      
Policyholder account balance, above guaranteed minimum crediting rate 0.0150   0.0150
51-150 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 238.4   $ 304.6
51-150 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 183.0   148.5
51-150 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0.0   $ 0.0
Greater than 150 basis points above | Minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balance, above guaranteed minimum crediting rate 0.0150   0.0150
Greater than 150 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 768.1   $ 201.9
Greater than 150 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 5.7   0.3
Greater than 150 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Contracts Excluding Fixed Indexed Annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances 4,081.3   4,156.1
Contracts Excluding Fixed Indexed Annuities | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2,207.3   2,518.5
Contracts Excluding Fixed Indexed Annuities | 1-50 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 678.8   982.3
Contracts Excluding Fixed Indexed Annuities | 51-150 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 421.4   453.1
Contracts Excluding Fixed Indexed Annuities | Greater than 150 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 773.8   202.2
Fixed interest annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances 2,189.9   2,281.9
Fixed interest annuities | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 651.0   $ 591.8
Fixed interest annuities | 0.00%-2.99% | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 0.00%   0.00%
Fixed interest annuities | 0.00%-2.99% | Maximum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 2.99%   2.99%
Fixed interest annuities | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 1,451.3   $ 1,599.8
Fixed interest annuities | 3.00%-4.99% | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 3.00%   3.00%
Fixed interest annuities | 3.00%-4.99% | Maximum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 4.99%   4.99%
Fixed interest annuities | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 87.6   $ 90.3
Fixed interest annuities | 5.00% and greater | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 5.00%   5.00%
Fixed interest annuities | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 1,573.4   $ 1,807.2
Fixed interest annuities | At guaranteed minimum | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 105.2   144.9
Fixed interest annuities | At guaranteed minimum | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1,380.6   1,572.0
Fixed interest annuities | At guaranteed minimum | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 87.6   90.3
Fixed interest annuities | 1-50 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 261.5   319.4
Fixed interest annuities | 1-50 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 211.9   291.7
Fixed interest annuities | 1-50 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 49.6   27.7
Fixed interest annuities | 1-50 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Fixed interest annuities | 51-150 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 248.9   78.4
Fixed interest annuities | 51-150 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 233.0   78.3
Fixed interest annuities | 51-150 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 15.9   0.1
Fixed interest annuities | 51-150 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Fixed interest annuities | Greater than 150 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 106.1   76.9
Fixed interest annuities | Greater than 150 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 100.9   76.9
Fixed interest annuities | Greater than 150 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 5.2   0.0
Fixed interest annuities | Greater than 150 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances 134.6   149.1
Other annuities | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 55.7   $ 73.1
Other annuities | 0.00%-2.99% | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 0.00%   0.00%
Other annuities | 0.00%-2.99% | Maximum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 2.99%   2.99%
Other annuities | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 44.4   $ 65.3
Other annuities | 3.00%-4.99% | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 3.00%   3.00%
Other annuities | 3.00%-4.99% | Maximum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 4.99%   4.99%
Other annuities | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 34.5   $ 10.7
Other annuities | 5.00% and greater | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 5.00%   5.00%
Other annuities | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 110.5   $ 119.6
Other annuities | At guaranteed minimum | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 31.6   43.6
Other annuities | At guaranteed minimum | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 44.4   65.3
Other annuities | At guaranteed minimum | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 34.5   10.7
Other annuities | 1-50 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 24.1   29.5
Other annuities | 1-50 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 24.1   29.5
Other annuities | 1-50 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other annuities | 1-50 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other annuities | 51-150 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other annuities | 51-150 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other annuities | 51-150 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other annuities | 51-150 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other annuities | Greater than 150 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other annuities | Greater than 150 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other annuities | Greater than 150 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other annuities | Greater than 150 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Interest-sensitive life      
Policyholder Account Balance [Line Items]      
Policyholder account balances 1,373.6   1,327.9
Interest-sensitive life | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 690.2   $ 643.6
Interest-sensitive life | 0.00%-2.99% | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 0.00%   0.00%
Interest-sensitive life | 0.00%-2.99% | Maximum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 2.99%   2.99%
Interest-sensitive life | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 661.5   $ 661.9
Interest-sensitive life | 3.00%-4.99% | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 3.00%   3.00%
Interest-sensitive life | 3.00%-4.99% | Maximum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 4.99%   4.99%
Interest-sensitive life | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 21.9   $ 22.4
Interest-sensitive life | 5.00% and greater | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 5.00%   5.00%
Interest-sensitive life | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 483.2   $ 549.9
Interest-sensitive life | At guaranteed minimum | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 17.6   66.5
Interest-sensitive life | At guaranteed minimum | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 444.2   461.5
Interest-sensitive life | At guaranteed minimum | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 21.4   21.9
Interest-sensitive life | 1-50 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 50.2   278.0
Interest-sensitive life | 1-50 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   225.8
Interest-sensitive life | 1-50 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 49.7   51.7
Interest-sensitive life | 1-50 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.5   0.5
Interest-sensitive life | 51-150 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 172.5   374.7
Interest-sensitive life | 51-150 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 5.4   226.3
Interest-sensitive life | 51-150 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 167.1   148.4
Interest-sensitive life | 51-150 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Interest-sensitive life | Greater than 150 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 667.7   125.3
Interest-sensitive life | Greater than 150 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 667.2   125.0
Interest-sensitive life | Greater than 150 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.5   0.3
Interest-sensitive life | Greater than 150 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other      
Policyholder Account Balance [Line Items]      
Policyholder account balances 383.2   397.2
Other | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 360.1   $ 373.2
Other | 0.00%-2.99% | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 0.00%   0.00%
Other | 0.00%-2.99% | Maximum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 2.99%   2.99%
Other | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 22.9   $ 23.6
Other | 3.00%-4.99% | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 3.00%   3.00%
Other | 3.00%-4.99% | Maximum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 4.99%   4.99%
Other | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 0.2   $ 0.4
Other | 5.00% and greater | Minimum      
Policyholder Account Balance [Line Items]      
Range of guaranteed minimum crediting rates 5.00%   5.00%
Other | At guaranteed minimum      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 40.2   $ 41.8
Other | At guaranteed minimum | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 17.1   17.8
Other | At guaranteed minimum | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 22.9   23.6
Other | At guaranteed minimum | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.2   0.4
Other | 1-50 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 343.0   355.4
Other | 1-50 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 343.0   355.4
Other | 1-50 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other | 1-50 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other | 51-150 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other | 51-150 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other | 51-150 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other | 51-150 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other | Greater than 150 basis points above      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other | Greater than 150 basis points above | 0.00%-2.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other | Greater than 150 basis points above | 3.00%-4.99%      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Other | Greater than 150 basis points above | 5.00% and greater      
Policyholder Account Balance [Line Items]      
Policyholder account balances 0.0   0.0
Fixed indexed annuities      
Policyholder Account Balance [Line Items]      
Policyholder account balances 10,247.1   9,738.7
Funding agreements      
Policyholder Account Balance [Line Items]      
Policyholder account balances $ 1,408.3   $ 1,408.1
v3.24.1.u1
DEFERRED ACQUISITION COSTS, PRESENT VALUE OF FUTURE PROFITS AND SALES INDUCEMENTS - DEFERRED ACQUISITION COSTS (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning of period $ 1,851.3 $ 1,690.4
Capitalizations 90.6 84.2
Amortization expense (51.8) (46.6)
End of period 1,890.1 1,728.0
Fixed indexed annuities    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning of period 407.6 365.6
Capitalizations 22.3 21.6
Amortization expense (13.4) (11.1)
End of period 416.5 376.1
Fixed interest annuities    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning of period 27.0 19.6
Capitalizations 3.0 2.5
Amortization expense (1.1) (0.9)
End of period 28.9 21.2
Supplemental health    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning of period 408.0 378.8
Capitalizations 15.0 14.4
Amortization expense (8.4) (7.6)
End of period 414.6 385.6
Medicare supplement    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning of period 157.5 161.2
Capitalizations 6.3 5.8
Amortization expense (6.7) (7.2)
End of period 157.1 159.8
Long-term care    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning of period 140.3 137.9
Capitalizations 5.2 3.4
Amortization expense (3.7) (3.8)
End of period 141.8 137.5
Interest-sensitive life    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning of period 234.5 212.2
Capitalizations 9.3 8.3
Amortization expense (3.8) (3.5)
End of period 240.0 217.0
Traditional life    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning of period 471.9 409.1
Capitalizations 29.5 28.2
Amortization expense (14.3) (12.2)
End of period 487.1 425.1
Funding agreements    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning of period 4.5 6.0
Capitalizations 0.0 0.0
Amortization expense (0.4) (0.3)
End of period $ 4.1 $ 5.7
v3.24.1.u1
DEFERRED ACQUISITION COSTS, PRESENT VALUE OF FUTURE PROFITS AND SALES INDUCEMENTS - PRESENT VALUE OF FUTURE PROFITS (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Beginning of period $ 180.7 $ 203.7
Amortization expense (5.2) (6.1)
End of period 175.5 197.6
Supplemental health    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Beginning of period 141.0 154.0
Amortization expense (3.1) (3.3)
End of period 137.9 150.7
Medicare supplement    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Beginning of period 20.6 27.5
Amortization expense (1.4) (1.9)
End of period 19.2 25.6
Long-term care    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Beginning of period 5.2 6.2
Amortization expense (0.2) (0.3)
End of period 5.0 5.9
Traditional life    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Beginning of period 12.9 14.8
Amortization expense (0.4) (0.5)
End of period 12.5 14.3
Fixed indexed annuities    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Beginning of period 0.7 0.8
Amortization expense (0.1) (0.1)
End of period 0.6 0.7
Fixed interest annuities    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Beginning of period 0.3 0.4
Amortization expense 0.0 0.0
End of period $ 0.3 $ 0.4
v3.24.1.u1
DEFERRED ACQUISITION COSTS, PRESENT VALUE OF FUTURE PROFITS AND SALES INDUCEMENTS - SALES INDUCEMENTS (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Fixed indexed annuities    
Movement in Deferred Sales Inducements [Roll Forward]    
Beginning of period $ 88.5 $ 76.0
Capitalizations 12.3 5.4
Amortization expense (3.3) (2.6)
End of period 97.5 78.8
Fixed interest annuities    
Movement in Deferred Sales Inducements [Roll Forward]    
Beginning of period 4.6 4.5
Capitalizations 0.3 0.2
Amortization expense (0.2) (0.2)
End of period 4.7 4.5
Annuity    
Movement in Deferred Sales Inducements [Roll Forward]    
Beginning of period 93.1 80.5
Capitalizations 12.6 5.6
Amortization expense (3.5) (2.8)
End of period $ 102.2 $ 83.3
v3.24.1.u1
EARNINGS PER SHARE - BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($)
shares in Thousands, $ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Net income (loss) for basic earnings per share $ 112.3 $ (0.8)
Net income (loss) for diluted earnings per share $ 112.3 $ (0.8)
Shares:    
Weighted average shares outstanding for basic earnings per share (in shares) 108,964 114,545
Effect of dilutive securities on weighted average shares:    
Amounts related to employee benefit plans (in shares) 1,881 0
Weighted average shares outstanding for diluted earnings per share (in shares) 110,845 114,545
Common share equivalent excluded from computation of earnings per share (in shares)   2,182
v3.24.1.u1
BUSINESS SEGMENTS - NARRATIVE (Details)
3 Months Ended
Mar. 31, 2024
product_line
Segment Reporting [Abstract]  
Number of product lines 3
v3.24.1.u1
BUSINESS SEGMENTS - SCHEDULE OF SEGMENT REPORTING INFORMATION BY SEGMENT (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues:    
Insurance policy income $ 628.4 $ 625.5
Total segment revenues 1,136.7 1,000.5
Expenses:    
Insurance policy benefits 631.4 609.7
Interest expense 60.2 54.7
Other expenses 278.3 271.7
Total segment expenses 1,061.9 924.1
Operating earnings before taxes 74.8 76.4
Income tax expense on operating income 17.3 17.8
Net operating income 57.5 58.6
Operating Segments    
Revenues:    
Total segment revenues 1,136.7 1,000.5
Expenses:    
Total segment expenses 1,061.9 924.1
Insurance Product Lines    
Expenses:    
Allocated expenses 161.6 157.5
Total insurance product margin 229.6 221.2
Operating earnings before taxes 68.0 63.7
Investment income not allocated to product lines    
Revenues:    
Change in market values of the underlying options supporting the fixed indexed annuity and life products (offset by market value changes credited to policyholder balances) 139.7 18.6
Investment income not allocated to product lines 71.6 67.8
Expenses:    
Interest credited 7.2 7.2
Market value changes of options credited to fixed indexed annuity and life policyholders 139.7 18.6
Interest expense 48.3 37.4
Impact of annual option forfeitures related to fixed indexed annuity surrenders (6.2) 0.0
Amortization 0.4 0.4
Other expenses 9.6 7.3
Total insurance product margin 12.3 15.5
Fee revenue    
Revenues:    
Fee revenue 50.5 51.3
Expenses:    
Commissions and other operating expenses 39.2 35.8
Total insurance product margin 11.3 15.5
Amounts netted in expenses not allocated to product lines    
Revenues:    
Amounts netted in expenses not allocated to product lines 1.2 1.6
Expenses:    
Expenses not allocated to product lines 18.0 19.9
Total insurance product margin (16.8) (18.3)
Annuity: | Insurance Product Lines    
Revenues:    
Insurance policy income 7.3 5.1
Net investment income 134.5 125.4
Total insurance product line revenue 141.8 130.5
Expenses:    
Insurance policy benefits 11.3 8.7
Interest credited 58.3 48.1
Amortization and non-deferred commissions 20.2 16.4
Total expenses 89.8 73.2
Total insurance product margin 52.0 57.3
Health: | Insurance Product Lines    
Revenues:    
Insurance policy income 398.4 401.4
Net investment income 74.3 74.0
Total insurance product line revenue 472.7 475.4
Expenses:    
Insurance policy benefits 308.5 318.1
Amortization and non-deferred commissions 41.2 40.8
Total expenses 349.7 358.9
Total insurance product margin 123.0 116.5
Life: | Insurance Product Lines    
Revenues:    
Insurance policy income 222.7 219.0
Net investment income 36.5 36.3
Total insurance product line revenue 259.2 255.3
Expenses:    
Insurance policy benefits 144.0 147.2
Interest credited 12.5 12.1
Amortization and non-deferred commissions 48.1 48.6
Total expenses 204.6 207.9
Total insurance product margin 54.6 47.4
Allocated expenses | Insurance Product Lines    
Expenses:    
Total insurance product margin $ (161.6) $ (157.5)
v3.24.1.u1
BUSINESS SEGMENTS - RECONCILIATION OF OPERATING PROFIT (LOSS) FROM SEGMENTS TO CONSOLIDATED (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Total segment revenues $ 1,136.7 $ 1,000.5
Total investment gains (losses) (10.0) (14.6)
Total revenues 1,156.5 1,006.0
Total segment expenses 1,061.9 924.1
Total benefits and expenses 1,010.3 1,007.0
Income (loss) before income taxes 146.2 (1.0)
Income tax expense (benefit) 33.9 (0.2)
Net income (loss) 112.3 (0.8)
Operating Segments    
Segment Reporting Information [Line Items]    
Total segment revenues 1,136.7 1,000.5
Total segment expenses 1,061.9 924.1
Segment Reconciling Items    
Segment Reporting Information [Line Items]    
Total investment gains (losses) 7.8 (14.6)
Revenues related to earnings attributable to VIEs 12.0 20.1
Insurance policy benefits - fair value changes in embedded derivative liabilities (64.0) 65.1
Expenses attributable to VIEs $ 12.4 $ 17.8
v3.24.1.u1
ACCOUNTING FOR DERIVATIVES - FAIR VALUE BY BALANCE SHEET LOCATION (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fixed indexed call options    
Derivatives, Fair Value [Line Items]    
Fixed indexed call options $ 355.0 $ 239.2
Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Total assets 337.8 221.7
Total liabilities 1,426.8 1,376.7
Not Designated as Hedging Instrument | Fixed indexed call options | Other invested assets    
Derivatives, Fair Value [Line Items]    
Fixed indexed call options 355.0 239.2
Not Designated as Hedging Instrument | Reinsurance receivables | Reinsurance receivables    
Derivatives, Fair Value [Line Items]    
Reinsurance receivables (17.2) (17.5)
Not Designated as Hedging Instrument | Embedded derivatives related to fixed indexed annuities at fair value | Policyholder account balances    
Derivatives, Fair Value [Line Items]    
Total liabilities 1,645.3 1,651.6
Not Designated as Hedging Instrument | Embedded derivatives related to fixed indexed annuities at fair value | Future policy benefits    
Derivatives, Fair Value [Line Items]    
Total liabilities $ (218.5) $ (274.9)
v3.24.1.u1
ACCOUNTING FOR DERIVATIVES - NARRATIVE (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Embedded derivative $ 81  
Fixed Index Call Options    
Derivative [Line Items]    
Notional amount $ 3,600 $ 3,300
v3.24.1.u1
ACCOUNTING FOR DERIVATIVES - SCHEDULE PRE-TAX GAINS (LOSSES) RECOGNIZED IN NET INCOME FOR DERIVATIVE INSTRUMENTS (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative [Line Items]    
Gains on derivatives not designated as hedging instruments $ 140.5 $ 20.0
Net pre-tax impact 140.5 (44.9)
Embedded derivatives    
Derivative [Line Items]    
Embedded derivatives related to fixed indexed annuities (11.3) 0.3
Embedded derivatives | Fixed indexed annuities    
Derivative [Line Items]    
Embedded derivatives related to fixed indexed annuities 0.0 64.9
Net investment income from policyholder and other special-purpose portfolios | Fixed indexed call options    
Derivative [Line Items]    
Gains on derivatives not designated as hedging instruments 140.2 18.6
Net realized gains (losses) | Embedded derivatives | Coinsurance agreements    
Derivative [Line Items]    
Gains on derivatives not designated as hedging instruments $ 0.3 $ 1.4
v3.24.1.u1
ACCOUNTING FOR DERIVATIVES - DERIVATIVES WITH MASTER NETTING ARRANGEMENTS (Details) - Fixed indexed call options - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Gross amounts recognized $ 355.0 $ 239.2
Gross amounts offset in the balance sheet 0.0 0.0
Net amounts of assets presented in the balance sheet 355.0 239.2
Non-cash collateral 76.0 37.0
Cash collateral received 0.0 0.0
Net amount $ 279.0 $ 202.2
v3.24.1.u1
REINSURANCE (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Insurance [Abstract]    
Ceded premiums written $ 46.0 $ 48.3
Reinsurance recoveries benefits 105.8 134.9
Assumed premiums written 4.1 4.1
Insurance policy benefits related to reinsurance assumed $ 5.9 $ 4.7
v3.24.1.u1
INCOME TAXES - COMPONENTS OF TAX EXPENSE (BENEFIT) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Current tax expense $ 17.3 $ 14.0
Deferred tax expense (benefit) 16.6 (14.2)
Total income tax expense (benefit) $ 33.9 $ (0.2)
v3.24.1.u1
INCOME TAXES - RECONCILIATION OF CORPORATE TAX RATE (Details)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
U.S. statutory corporate rate 21.00% 21.00%
Non-taxable income and nondeductible benefits, net 0.00% (0.40%)
State taxes 2.20% 2.70%
Effective tax rate 23.20% 23.30%
v3.24.1.u1
INCOME TAXES - DEFERRED ASSETS AND LIABILITIES (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net federal operating loss carryforwards $ 268.3 $ 77.1
Net state operating loss carryforwards 42.8 2.5
Insurance liabilities 318.8 322.8
Indirect costs allocable to self-constructed real estate assets 0.0 252.9
Accumulated other comprehensive loss 419.0 445.5
Other 47.8 35.6
Gross deferred tax assets 1,096.7 1,136.4
Deferred tax liabilities:    
Investments (35.0) (36.3)
Present value of future profits and deferred acquisition costs (167.7) (163.0)
Gross deferred tax liabilities (202.7) (199.3)
Net deferred tax assets 894.0 937.1
Current income taxes accrued (7.9) (0.9)
Income tax assets, net $ 886.1 $ 936.2
v3.24.1.u1
INCOME TAXES - NARRATIVE (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]    
Reporting a tax loss $ 987.0  
Deferred tax assets more likely than not to be realized through future taxable earnings $ 894.0 $ 937.1
Loss limitation based on income of life insurance company, percent 35.00%  
Loss limitation based on loss of non-life entities, percent 35.00%  
Federal long-term tax exempt rate 3.44%  
Ownership change threshold restricting NOL usage 50.00%  
Net state operating loss carryforwards $ 42.8 $ 2.5
Federal    
Operating Loss Carryforwards [Line Items]    
Net federal operating loss carryforwards $ 1,300.0  
v3.24.1.u1
INCOME TAXES - NET OPERATING LOSSES (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Operating Loss Carryforwards [Line Items]  
Total federal non-life NOLs $ 1,277.8
2026  
Operating Loss Carryforwards [Line Items]  
Net operating loss carryforwards 15.8
2027  
Operating Loss Carryforwards [Line Items]  
Net operating loss carryforwards 10.8
2028 through 2035  
Operating Loss Carryforwards [Line Items]  
Net operating loss carryforwards 340.7
No expiration date  
Operating Loss Carryforwards [Line Items]  
Net operating loss carryforwards $ 910.5
v3.24.1.u1
NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS - SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Outstanding principal $ 1,141.0 $ 1,140.5
Unamortized debt issue costs $ (9.0) (9.5)
Senior Notes | 5.250% Senior Notes due May 2025    
Debt Instrument [Line Items]    
Interest rate 5.25%  
Outstanding principal $ 500.0 500.0
Senior Notes | 5.250% Senior Notes due May 2029    
Debt Instrument [Line Items]    
Interest rate 5.25%  
Outstanding principal $ 500.0 500.0
Subordinated Debt | 5.125% Subordinated Debentures due November 2060    
Debt Instrument [Line Items]    
Interest rate 5.125%  
Outstanding principal $ 150.0 150.0
Revolving Credit Agreement | Revolving Credit Facility    
Debt Instrument [Line Items]    
Outstanding principal $ 0.0 $ 0.0
v3.24.1.u1
NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS - NARRATIVE (Details) - USD ($)
Jul. 16, 2021
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Outstanding amount   $ 1,141,000,000 $ 1,140,500,000
Line of Credit | Revolving Credit Agreement      
Debt Instrument [Line Items]      
Line of credit maximum borrowing capacity $ 250,000,000    
Total capitalization percentage 15.00%    
Debt covenant, required minimum debt to total capitalization ratio 35.00%    
Debt covenant, actual debt to total capitalization ratio at period end   21.40%  
Debt covenant, minimum required consolidated net worth, component one, amount $ 2,674,000,000    
Debt covenant, minimum required consolidated net worth, component two, as a percent of net equity proceeds received from issuance and sale of equity interests 25.00%    
Debt covenant, actual consolidated net worth at period end   $ 3,848,000,000  
Debt covenant, required minimum consolidated net worth, amount   2,697,200,000  
Outstanding amount   $ 0 $ 0
Line of Credit | Revolving Credit Agreement | SOFR | Minimum      
Debt Instrument [Line Items]      
Basis spread on variable rate 1.375%    
Line of Credit | Revolving Credit Agreement | SOFR | Maximum      
Debt Instrument [Line Items]      
Basis spread on variable rate 2.125%    
Line of Credit | Revolving Credit Agreement | Base Rate | Minimum      
Debt Instrument [Line Items]      
Basis spread on variable rate 0.375%    
Line of Credit | Revolving Credit Agreement | Base Rate | Maximum      
Debt Instrument [Line Items]      
Basis spread on variable rate 1.125%    
Line of Credit | Revolving Credit Agreement | Credit Spread Adjustment (SOFR)      
Debt Instrument [Line Items]      
Basis spread on variable rate 0.10%    
v3.24.1.u1
INVESTMENT BORROWINGS - NARRATIVE (Details)
$ in Millions
3 Months Ended
Mar. 31, 2024
USD ($)
subsidiary
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]      
Number of insurance subsidiaries that are members of the FHLB | subsidiary 3    
Investment borrowings $ 2,189.1   $ 2,189.3
Interest expense on FHLB borrowings 31.4 $ 21.7  
Federal Home Loan Bank Advances      
Debt Instrument [Line Items]      
Federal home loan bank stock 94.6    
Investment borrowings 2,189.1    
Federal home loan bank advances, collateral pledged $ 2,700.0    
v3.24.1.u1
INVESTMENT BORROWINGS - TERMS OF THE BORROWINGS FROM THE FHLB (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 2,189.1 $ 2,189.3
Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings 2,189.1  
Borrowings due July 2024 at 1.990% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 15.5  
Interest rate 1.99%  
Borrowings Due August 2024 at 0.640% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 27.0  
Interest rate 0.64%  
Borrowings due May 2025 at 5.724% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 21.7  
Interest rate 5.724%  
Borrowings Due June 2025 at 2.940% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 17.9  
Interest rate 2.94%  
Borrowings Due June 2025 at 5.900% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 12.5  
Interest rate 5.90%  
Borrowings due September 2025 at 5.680% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 125.0  
Interest rate 5.68%  
Borrowings due October 2025 at 5.865% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 100.0  
Interest rate 5.865%  
Borrowings due October 2025 at 5.860% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 100.0  
Interest rate 5.86%  
Borrowings due October 2025 at 5.830% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 57.7  
Interest rate 5.83%  
Borrowings due November 2025 at 5.818% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 5.818%  
Borrowings Due December 2025 at 5.916% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 12.5  
Interest rate 5.916%  
Borrowings due January 2026 at 5.781% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 5.781%  
Borrowings due January 2026 at 5.763% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 5.763%  
Borrowings due January 2026 at 5.783% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 100.0  
Interest rate 5.783%  
Borrowings Due January 2026 at 5.997% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 15.0  
Interest rate 5.997%  
Borrowings due May 2026 at 5.673% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 21.8  
Interest rate 5.673%  
Borrowings due May 2026 at 5.600% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 5.60%  
Borrowings Due December 2026 at 5.752% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 75.0  
Interest rate 5.752%  
Borrowings Due January 2027 at 5.683% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 75.0  
Interest rate 5.683%  
Borrowings Due January 2027 at 5.798% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 5.798%  
Borrowings Due January 2027 at 5.798% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 5.798%  
Borrowings Due January 2027 at 5.744% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 100.0  
Interest rate 5.744%  
Borrowings Due February 2027 at 5.770% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 100.0  
Interest rate 5.77%  
Borrowings due April 2027 at 5.648% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 5.648%  
Borrowings due May 2027 at 5.658% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 5.658%  
Borrowings due June 2027 at 5.700% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 100.0  
Interest rate 5.70%  
Borrowings due June 2027 at 5.923% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 10.0  
Interest rate 5.923%  
Borrowings Due July 2027 at 6.018% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 6.018%  
Borrowings Due July 2027 at 6.028% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 6.028%  
Borrowings Due August 2027 at 6.044% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 100.0  
Interest rate 6.044%  
Borrowings Due January 2028 at 5.784% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 75.0  
Interest rate 5.784%  
Borrowings Due January 2028 at 5.838% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 5.838%  
Borrowings Due January 2028 at 5.855% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 50.0  
Interest rate 5.855%  
Borrowings Due February 2028 at 5.904% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 34.5  
Interest rate 5.904%  
Borrowings Due February 2028 at 5.825% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 100.0  
Interest rate 5.825%  
Borrowings Due February 2028 at 5.775% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 21.0  
Interest rate 5.775%  
Borrowings Due February 2028 at 5.818% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 22.0  
Interest rate 5.818%  
Borrowings Due February 2028 at 5.790% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 100.0  
Interest rate 5.79%  
Borrowings Due July 2028 at 5.710% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 15.0  
Interest rate 5.71%  
Borrowings Due August 2028 at 5.720% | Federal Home Loan Bank Advances    
Debt and Equity Securities, FV-NI [Line Items]    
Investment borrowings $ 35.0  
Interest rate 5.72%  
v3.24.1.u1
SHAREHOLDERS' EQUITY - NARRATIVE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
3 Months Ended
May 06, 2024
Apr. 02, 2024
Mar. 31, 2024
Mar. 31, 2023
Equity, Class of Treasury Stock [Line Items]        
Common stock repurchased     $ 40.0 $ 15.1
Stock repurchase program, remaining repurchase authorized amount     481.8  
Common stock dividends declared     $ 16.4 $ 16.4
Dividends (in dollars per share)     $ 0.15  
Subsequent Event        
Equity, Class of Treasury Stock [Line Items]        
Common stock repurchased   $ 0.8    
Common stock        
Equity, Class of Treasury Stock [Line Items]        
Stock repurchased and retired during period (in shares)     1,483 633
Employee benefit plans, net of shares used to pay tax withholdings (in shares)     694 1,195
Dividends (in dollars per share)     $ 0.15  
Common stock | Subsequent Event        
Equity, Class of Treasury Stock [Line Items]        
Dividends (in dollars per share) $ 0.16      
v3.24.1.u1
SHAREHOLDERS' EQUITY - SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Equity [Abstract]    
Net unrealized losses on investments having no allowance for credit losses $ (1,267.2) $ (1,235.2)
Unrealized losses on investments with an allowance for credit losses (1,006.3) (931.0)
Change in discount rates for liability for future policy benefits 365.1 133.4
Change in instrument-specific credit risk for market risk benefits 3.4 4.8
Deferred income tax assets 424.7 451.2
Accumulated other comprehensive loss $ (1,480.3) $ (1,576.8)
v3.24.1.u1
LITIGATION AND OTHER LEGAL PROCEEDINGS (Details)
Mar. 25, 2022
policyholder
Commitments and Contingencies Disclosure [Abstract]  
Number of policyholders 2,000
v3.24.1.u1
CONSOLIDATED STATEMENT OF CASH FLOWS (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ 112.3 $ (0.8)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Amortization and depreciation 70.4 65.7
Income taxes 23.8 (6.4)
Insurance liabilities 156.6 173.3
Accrual, amortization and fair value changes included in investment income (134.8) (27.9)
Deferral of policy acquisition costs (103.2) (89.8)
Net investment (gains) losses (7.8) 14.6
Other (22.7) (46.8)
Net cash from operating activities 94.6 81.9
Amounts related to employee benefit plans $ 6.1 $ 6.5
v3.24.1.u1
INVESTMENTS IN VARIABLE INTEREST ENTITIES - BALANCE SHEET ITEMS (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Assets:    
Investments held by variable interest entities $ 533.4 $ 768.6
Cash and cash equivalents held by variable interest entities 83.5 114.5
Accrued investment income 252.0 251.5
Income tax assets, net 886.1 936.2
Total assets 34,939.7 35,102.5
Liabilities:    
Other liabilities 905.0 848.8
Borrowings related to variable interest entities 565.5 820.8
Total liabilities 32,572.0 32,886.9
Variable Interest Entity, Primary Beneficiary    
Assets:    
Investments held by variable interest entities 533.4 768.6
Notes receivable of VIEs held by subsidiaries (104.9) (113.8)
Cash and cash equivalents held by variable interest entities 83.5 114.5
Accrued investment income 1.7 2.7
Income tax assets, net 12.5 13.0
Other assets 0.4 (0.7)
Total assets 526.6 784.3
Liabilities:    
Other liabilities 8.1 12.4
Borrowings related to variable interest entities 565.5 820.8
Notes payable of VIEs held by subsidiaries 0.0 0.0
Total liabilities 573.6 833.2
Variable Interest Entity, Primary Beneficiary | VIEs    
Assets:    
Investments held by variable interest entities 533.4 768.6
Notes receivable of VIEs held by subsidiaries 0.0 0.0
Cash and cash equivalents held by variable interest entities 83.5 114.5
Accrued investment income 1.7 2.7
Income tax assets, net 12.5 13.0
Other assets 0.9 0.0
Total assets 632.0 898.8
Liabilities:    
Other liabilities 11.0 14.6
Borrowings related to variable interest entities 565.5 820.8
Notes payable of VIEs held by subsidiaries 106.1 126.1
Total liabilities 682.6 961.5
Variable Interest Entity, Primary Beneficiary | Eliminations    
Assets:    
Investments held by variable interest entities 0.0 0.0
Notes receivable of VIEs held by subsidiaries (104.9) (113.8)
Cash and cash equivalents held by variable interest entities 0.0 0.0
Accrued investment income 0.0 0.0
Income tax assets, net 0.0 0.0
Other assets (0.5) (0.7)
Total assets (105.4) (114.5)
Liabilities:    
Other liabilities (2.9) (2.2)
Borrowings related to variable interest entities 0.0 0.0
Notes payable of VIEs held by subsidiaries (106.1) (126.1)
Total liabilities $ (109.0) $ (128.3)
v3.24.1.u1
INVESTMENTS IN VARIABLE INTEREST ENTITIES - NARRATIVE (Details)
$ in Millions
3 Months Ended
Mar. 31, 2024
USD ($)
investment
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Variable Interest Entity [Line Items]      
Total amortized cost $ 547.2    
Variable interest entity, gross unrealized gains fixed maturity securities 1.7    
Variable interest entity gross unrealized losses fixed maturity securities 11.2    
Variable interest entity, allowance for credit losses fixed maturity securities 4.3    
Estimated fair value of fixed maturity securities 533.4    
Variable interest entities net realized gain (losses) on investments (3.6) $ (0.6)  
Variable interest entities net loss from sale of fixed maturity investments (6.2) (2.6)  
Gain on liquidation of variable interest entity 3.8 0.0  
Variable interest entities, change in allowance for current expected credit losses 1.2 (2.0)  
Variable interest entity, gross investment losses 6.9 0.8  
Variable interest entities, investments sold $ 81.3 $ 11.7  
Number of investments held by VIE, in default | investment 0    
Fair value of investments in unrealized loss position for less than 12 months $ 1,673.3   $ 1,169.9
Gross unrealized losses of investments in unrealized loss position for less than 12 months 21.3   24.5
Fair value of investments in unrealized loss position for more than 12 months 10,761.4   10,886.4
Gross unrealized losses of investments in unrealized loss position for more than 12 months 1,371.7   1,365.0
Investments held in limited partnerships 490.4    
Unfunded commitments to limited partnerships 373.1    
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Fair value of investments in unrealized loss position for less than 12 months 35.7   24.8
Gross unrealized losses of investments in unrealized loss position for less than 12 months 0.1   0.1
Fair value of investments in unrealized loss position for more than 12 months 171.2   302.3
Gross unrealized losses of investments in unrealized loss position for more than 12 months $ 3.1   $ 8.7
v3.24.1.u1
INVESTMENTS IN VARIABLE INTEREST ENTITIES - CHANGES IN ALLOWANCE (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Allowance at the beginning of the period $ 42.9 $ 56.0
Additions for securities for which credit losses were not previously recorded 2.2 3.0
Additions (reductions) for securities where an allowance was previously recorded (6.0) 0.8
Reduction for securities sold during the period (0.1) (0.7)
Allowance at the end of the period 39.0 59.1
Corporate securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Allowance at the beginning of the period 41.7 54.4
Additions for securities for which credit losses were not previously recorded 2.2 3.0
Additions (reductions) for securities where an allowance was previously recorded (6.1) 0.5
Reduction for securities sold during the period (0.1) (0.7)
Allowance at the end of the period 37.7 57.2
Variable Interest Entity, Primary Beneficiary | Corporate securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]    
Allowance at the beginning of the period 3.1 5.5
Additions for securities for which credit losses were not previously recorded 0.3 0.3
Additions (reductions) for securities where an allowance was previously recorded 1.7 (0.7)
Reduction for securities sold during the period (0.8) (1.6)
Allowance at the end of the period $ 4.3 $ 3.5
v3.24.1.u1
INVESTMENTS IN VARIABLE INTEREST ENTITIES - SCHEDULE OF VIEs (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Amortized cost    
Due in one year or less $ 324.8  
Due after one year through five years 2,278.8  
Due after five years through ten years 1,529.8  
Amortized cost 23,950.8  
Estimated fair value    
Due in one year or less 314.6  
Due after one year through five years 2,175.7  
Due after five years through ten years 1,450.2  
Estimated fair value 21,648.1 $ 21,506.2
Variable Interest Entity, Primary Beneficiary    
Amortized cost    
Due in one year or less 13.7  
Due after one year through five years 506.7  
Due after five years through ten years 26.8  
Amortized cost 547.2  
Estimated fair value    
Due in one year or less 13.2  
Due after one year through five years 493.5  
Due after five years through ten years 26.7  
Estimated fair value $ 533.4  
v3.24.1.u1
FAIR VALUE MEASUREMENTS - NARRATIVE (Details)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair value of level 3 fixed maturity securities and trading securities valued using broker quotes, percentage 93.00%
Available for sale fixed maturities classified as level 3, investment grade, percent 72.00%
Available for sale fixed maturities classified as Level 3 and corporate securities 85.00%
v3.24.1.u1
FAIR VALUE MEASUREMENTS - MEASUREMENTS BY INPUT LEVEL (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Assets:      
Total fixed maturities, available for sale $ 21,648.1 $ 21,506.2  
Equity securities - corporate securities 118.4 96.9  
Total trading securities 222.8 222.7  
Investments held by variable interest entities - corporate securities 533.4 768.6  
Total other invested assets 1,471.3 1,353.4  
Market risk benefit asset 84.1 75.4 $ 57.8
Assets held in separate accounts 3.3 3.1  
Liabilities:      
Market risk benefit liability 3.8 7.4 $ 17.6
Corporate securities      
Assets:      
Total fixed maturities, available for sale 11,638.9 11,837.5  
United States Treasury securities and obligations of United States government corporations and agencies      
Assets:      
Total fixed maturities, available for sale 214.4 194.4  
States and political subdivisions      
Assets:      
Total fixed maturities, available for sale 2,703.4 2,566.7  
Foreign governments      
Assets:      
Total fixed maturities, available for sale 82.3 83.1  
Asset-backed securities      
Assets:      
Total fixed maturities, available for sale 1,453.9 1,372.4  
Agency residential mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 687.7 648.0  
Non-agency residential mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 1,559.8 1,553.2  
Collateralized loan obligations      
Assets:      
Total fixed maturities, available for sale 1,145.6 1,032.8  
Commercial mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 2,162.1 2,218.1  
Significant unobservable inputs  (Level 3)      
Assets:      
Total assets carried at fair value by category 382.0 377.5  
Fair Value, Measurements, Recurring      
Assets:      
Total trading securities 222.8 222.7  
Investments held by variable interest entities - corporate securities 533.4 768.6  
Derivatives 355.0 239.2  
Residual tranches 54.8 39.0  
Total other invested assets 409.8 278.2  
Market risk benefit asset 84.1 75.4  
Assets held in separate accounts 3.3 3.1  
Total assets carried at fair value by category 23,019.9 22,951.1  
Liabilities:      
Market risk benefit liability 3.8 7.4  
Embedded derivatives associated with fixed indexed annuity products 1,426.8 1,376.7  
Total liabilities carried at fair value by category 1,430.6 1,384.1  
Fair Value, Measurements, Recurring | Corporate securities      
Assets:      
Total fixed maturities, available for sale 11,638.9 11,837.5  
Equity securities - corporate securities 118.4 96.9  
Fair Value, Measurements, Recurring | United States Treasury securities and obligations of United States government corporations and agencies      
Assets:      
Total fixed maturities, available for sale 214.4 194.4  
Fair Value, Measurements, Recurring | States and political subdivisions      
Assets:      
Total fixed maturities, available for sale 2,703.4 2,566.7  
Fair Value, Measurements, Recurring | Foreign governments      
Assets:      
Total fixed maturities, available for sale 82.3 83.1  
Fair Value, Measurements, Recurring | Asset-backed securities      
Assets:      
Total fixed maturities, available for sale 1,453.9 1,372.4  
Total trading securities 31.2 32.8  
Fair Value, Measurements, Recurring | Agency residential mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 687.7 648.0  
Total trading securities 3.4 3.5  
Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 1,559.8 1,553.2  
Total trading securities 57.4 58.5  
Fair Value, Measurements, Recurring | Collateralized loan obligations      
Assets:      
Total fixed maturities, available for sale 1,145.6 1,032.8  
Total trading securities 9.1 9.0  
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 2,162.1 2,218.1  
Total trading securities 121.7 118.9  
Fair Value, Measurements, Recurring | Total Fixed Maturities, Available For Sale      
Assets:      
Total fixed maturities, available for sale 21,648.1 21,506.2  
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1)      
Assets:      
Total trading securities 0.0 0.0  
Investments held by variable interest entities - corporate securities 0.0 0.0  
Derivatives 0.0 0.0  
Residual tranches 0.0 0.0  
Total other invested assets 0.0 0.0  
Market risk benefit asset 0.0 0.0  
Assets held in separate accounts 0.0 0.0  
Total assets carried at fair value by category 45.8 24.2  
Liabilities:      
Market risk benefit liability 0.0 0.0  
Embedded derivatives associated with fixed indexed annuity products 0.0 0.0  
Total liabilities carried at fair value by category 0.0 0.0  
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1) | Corporate securities      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Equity securities - corporate securities 45.8 24.2  
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1) | United States Treasury securities and obligations of United States government corporations and agencies      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1) | States and political subdivisions      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1) | Foreign governments      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1) | Asset-backed securities      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Total trading securities 0.0 0.0  
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1) | Agency residential mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Total trading securities 0.0 0.0  
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1) | Non-agency residential mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Total trading securities 0.0 0.0  
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1) | Collateralized loan obligations      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Total trading securities 0.0 0.0  
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1) | Commercial mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Total trading securities 0.0 0.0  
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1) | Total Fixed Maturities, Available For Sale      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2)      
Assets:      
Total trading securities 222.8 222.7  
Investments held by variable interest entities - corporate securities 533.4 768.6  
Derivatives 355.0 239.2  
Residual tranches 2.6 7.5  
Total other invested assets 357.6 246.7  
Market risk benefit asset 0.0 0.0  
Assets held in separate accounts 3.3 3.1  
Total assets carried at fair value by category 22,592.1 22,549.4  
Liabilities:      
Market risk benefit liability 0.0 0.0  
Embedded derivatives associated with fixed indexed annuity products 0.0 0.0  
Total liabilities carried at fair value by category 0.0 0.0  
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | Corporate securities      
Assets:      
Total fixed maturities, available for sale 11,491.4 11,678.2  
Equity securities - corporate securities 0.0 0.0  
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | United States Treasury securities and obligations of United States government corporations and agencies      
Assets:      
Total fixed maturities, available for sale 214.4 194.4  
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | States and political subdivisions      
Assets:      
Total fixed maturities, available for sale 2,703.4 2,566.7  
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | Foreign governments      
Assets:      
Total fixed maturities, available for sale 82.3 83.1  
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | Asset-backed securities      
Assets:      
Total fixed maturities, available for sale 1,428.3 1,346.9  
Total trading securities 31.2 32.8  
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | Agency residential mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 687.7 648.0  
Total trading securities 3.4 3.5  
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | Non-agency residential mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 1,559.8 1,553.2  
Total trading securities 57.4 58.5  
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | Collateralized loan obligations      
Assets:      
Total fixed maturities, available for sale 1,145.6 1,032.8  
Total trading securities 9.1 9.0  
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | Commercial mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 2,162.1 2,205.0  
Total trading securities 121.7 118.9  
Fair Value, Measurements, Recurring | Significant other observable inputs (Level 2) | Total Fixed Maturities, Available For Sale      
Assets:      
Total fixed maturities, available for sale 21,475.0 21,308.3  
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3)      
Assets:      
Total trading securities 0.0 0.0  
Investments held by variable interest entities - corporate securities 0.0 0.0  
Derivatives 0.0 0.0  
Residual tranches 52.2 31.5  
Total other invested assets 52.2 31.5  
Market risk benefit asset 84.1 75.4  
Assets held in separate accounts 0.0 0.0  
Total assets carried at fair value by category 382.0 377.5  
Liabilities:      
Market risk benefit liability 3.8 7.4  
Embedded derivatives associated with fixed indexed annuity products 1,426.8 1,376.7  
Total liabilities carried at fair value by category 1,430.6 1,384.1  
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3) | Corporate securities      
Assets:      
Total fixed maturities, available for sale 147.5 159.3  
Equity securities - corporate securities 72.6 72.7  
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3) | United States Treasury securities and obligations of United States government corporations and agencies      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3) | States and political subdivisions      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3) | Foreign governments      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3) | Asset-backed securities      
Assets:      
Total fixed maturities, available for sale 25.6 25.5  
Total trading securities 0.0 0.0  
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3) | Agency residential mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Total trading securities 0.0 0.0  
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3) | Non-agency residential mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Total trading securities 0.0 0.0  
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3) | Collateralized loan obligations      
Assets:      
Total fixed maturities, available for sale 0.0 0.0  
Total trading securities 0.0 0.0  
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3) | Commercial mortgage-backed securities      
Assets:      
Total fixed maturities, available for sale 0.0 13.1  
Total trading securities 0.0 0.0  
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3) | Total Fixed Maturities, Available For Sale      
Assets:      
Total fixed maturities, available for sale $ 173.1 $ 197.9  
v3.24.1.u1
FAIR VALUE MEASUREMENTS - RECURRING BASIS (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Cash and cash equivalents:    
Held by variable interest entities $ 83.5 $ 114.5
Fair Value, Measurements, Recurring | Total estimated fair value    
Assets:    
Mortgage loans 1,930.8 1,926.9
Policy loans 130.3 128.5
Other invested assets:    
Company-owned life insurance 305.2 303.0
Cash and cash equivalents:    
Unrestricted 566.3 774.5
Held by variable interest entities 83.5 114.5
Liabilities:    
Policyholder account balances 15,736.7 15,667.8
Future policy benefits (218.4) (274.9)
Investment borrowings 2,189.8 2,190.2
Borrowings related to variable interest entities 564.3 814.8
Notes payable – direct corporate obligations 1,115.8 1,097.3
Fair Value, Measurements, Recurring | Total carrying amount    
Assets:    
Mortgage loans 2,087.1 2,064.1
Policy loans 130.3 128.5
Other invested assets:    
Company-owned life insurance 305.2 303.0
Cash and cash equivalents:    
Unrestricted 566.3 774.5
Held by variable interest entities 83.5 114.5
Liabilities:    
Policyholder account balances 15,736.7 15,667.8
Future policy benefits (218.4) (274.9)
Investment borrowings 2,189.1 2,189.3
Borrowings related to variable interest entities 565.5 820.8
Notes payable – direct corporate obligations 1,141.0 1,140.5
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets or liabilities (Level 1)    
Assets:    
Mortgage loans 0.0 0.0
Policy loans 0.0 0.0
Other invested assets:    
Company-owned life insurance 0.0 0.0
Cash and cash equivalents:    
Unrestricted 566.3 774.5
Held by variable interest entities 83.5 114.5
Liabilities:    
Policyholder account balances 0.0 0.0
Future policy benefits 0.0 0.0
Investment borrowings 0.0 0.0
Borrowings related to variable interest entities 0.0 0.0
Notes payable – direct corporate obligations 0.0 0.0
Fair Value, Measurements, Recurring | Significant other observable inputs  (Level 2)    
Assets:    
Mortgage loans 0.0 0.0
Policy loans 0.0 0.0
Other invested assets:    
Company-owned life insurance 305.2 303.0
Cash and cash equivalents:    
Unrestricted 0.0 0.0
Held by variable interest entities 0.0 0.0
Liabilities:    
Policyholder account balances 0.0 0.0
Future policy benefits 0.0 0.0
Investment borrowings 2,189.8 2,190.2
Borrowings related to variable interest entities 564.3 814.8
Notes payable – direct corporate obligations 1,115.8 1,097.3
Fair Value, Measurements, Recurring | Significant unobservable inputs  (Level 3)    
Assets:    
Mortgage loans 1,930.8 1,926.9
Policy loans 130.3 128.5
Other invested assets:    
Company-owned life insurance 0.0 0.0
Cash and cash equivalents:    
Unrestricted 0.0 0.0
Held by variable interest entities 0.0 0.0
Liabilities:    
Policyholder account balances 15,736.7 15,667.8
Future policy benefits (218.4) (274.9)
Investment borrowings 0.0 0.0
Borrowings related to variable interest entities 0.0 0.0
Notes payable – direct corporate obligations $ 0.0 $ 0.0
v3.24.1.u1
FAIR VALUE MEASUREMENTS - BALANCE SHEET RECURRING (Details) - Significant unobservable inputs  (Level 3) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Corporate securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 159.3 $ 127.8
Purchases, sales, issuances and settlements, net 6.7 (0.5)
Total realized and unrealized gains (losses) included in net income 4.4 0.1
Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss) (5.9) 0.9
Transfers into level 3 0.0 5.9
Transfers out of level 3 (17.0) (6.4)
Ending balance 147.5 127.8
Amount of total gains (losses) included in our net income relating to assets still held as of the reporting date 4.4 0.1
Amount of total gains (losses) included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date (6.7) 0.1
Asset-backed securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 25.5 57.0
Purchases, sales, issuances and settlements, net (0.2) (5.1)
Total realized and unrealized gains (losses) included in net income 0.0 (0.2)
Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss) 0.3 (0.2)
Transfers into level 3 0.0 0.0
Transfers out of level 3 0.0 (10.4)
Ending balance 25.6 41.1
Amount of total gains (losses) included in our net income relating to assets still held as of the reporting date 0.0 0.0
Amount of total gains (losses) included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date 0.2 (0.5)
Non-agency residential mortgage-backed securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance   56.2
Purchases, sales, issuances and settlements, net   (0.2)
Total realized and unrealized gains (losses) included in net income   0.0
Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss)   2.3
Transfers into level 3   0.0
Transfers out of level 3   (24.5)
Ending balance   33.8
Amount of total gains (losses) included in our net income relating to assets still held as of the reporting date   0.0
Amount of total gains (losses) included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date   2.4
Collateralized loan obligations    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance   3.4
Purchases, sales, issuances and settlements, net   0.0
Total realized and unrealized gains (losses) included in net income   0.0
Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss)   0.0
Transfers into level 3   0.0
Transfers out of level 3   (3.4)
Ending balance   0.0
Amount of total gains (losses) included in our net income relating to assets still held as of the reporting date   0.0
Amount of total gains (losses) included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date   0.0
Commercial mortgage-backed securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 13.1 14.5
Purchases, sales, issuances and settlements, net 0.0 0.0
Total realized and unrealized gains (losses) included in net income 0.0 0.0
Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss) 0.0 (0.7)
Transfers into level 3 0.0 0.0
Transfers out of level 3 (13.1) 0.0
Ending balance 0.0 13.8
Amount of total gains (losses) included in our net income relating to assets still held as of the reporting date 0.0 0.0
Amount of total gains (losses) included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date 0.0 (0.7)
Total Fixed Maturities, Available For Sale    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 197.9 258.9
Purchases, sales, issuances and settlements, net 6.5 (5.8)
Total realized and unrealized gains (losses) included in net income 4.4 (0.1)
Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss) (5.6) 2.3
Transfers into level 3 0.0 5.9
Transfers out of level 3 (30.1) (44.7)
Ending balance 173.1 216.5
Amount of total gains (losses) included in our net income relating to assets still held as of the reporting date 4.4 0.1
Amount of total gains (losses) included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date (6.5) 1.3
Equity securities - corporate securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 72.7 75.7
Purchases, sales, issuances and settlements, net 0.0 0.0
Total realized and unrealized gains (losses) included in net income (0.1) (0.7)
Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss) 0.0 0.0
Transfers into level 3 0.0 0.0
Transfers out of level 3 0.0 0.0
Ending balance 72.6 75.0
Amount of total gains (losses) included in our net income relating to assets still held as of the reporting date (0.1) (0.7)
Amount of total gains (losses) included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date 0.0 0.0
Trading Securities - Non-agency residential mortgage-backed securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance   0.5
Purchases, sales, issuances and settlements, net   0.0
Total realized and unrealized gains (losses) included in net income   0.0
Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss)   0.0
Transfers into level 3   0.0
Transfers out of level 3   0.0
Ending balance   0.5
Amount of total gains (losses) included in our net income relating to assets still held as of the reporting date   0.0
Amount of total gains (losses) included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date   0.0
Other invested assets - residual tranches    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 31.5 18.3
Purchases, sales, issuances and settlements, net 7.9 0.5
Total realized and unrealized gains (losses) included in net income 6.4 0.4
Total realized and unrealized gains (losses) included in accumulated other comprehensive income (loss) 0.0 0.0
Transfers into level 3 6.4 0.0
Transfers out of level 3 0.0 0.0
Ending balance 52.2 19.2
Amount of total gains (losses) included in our net income relating to assets still held as of the reporting date 6.4 0.4
Amount of total gains (losses) included in accumulated other comprehensive income (loss) relating to assets still held as of the reporting date $ 0.0 $ 0.0
v3.24.1.u1
FAIR VALUE MEASUREMENTS - FAIR VALUE ACTIVITY (Details) - Significant unobservable inputs  (Level 3) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Corporate securities    
Assets:    
Purchases $ 6.8 $ 0.9
Sales (0.1) (1.4)
Issuances 0.0 0.0
Settlements 0.0 0.0
Purchases, sales, issuances and settlements, net 6.7 (0.5)
Asset-backed securities    
Assets:    
Purchases 0.0 2.3
Sales (0.2) (7.4)
Issuances 0.0 0.0
Settlements 0.0 0.0
Purchases, sales, issuances and settlements, net (0.2) (5.1)
Non-agency residential mortgage-backed securities    
Assets:    
Purchases   0.0
Sales   (0.2)
Issuances   0.0
Settlements   0.0
Purchases, sales, issuances and settlements, net   (0.2)
Commercial mortgage-backed securities    
Assets:    
Purchases, sales, issuances and settlements, net 0.0 0.0
Total Fixed Maturities, Available For Sale    
Assets:    
Purchases 6.8 3.2
Sales (0.3) (9.0)
Issuances 0.0 0.0
Settlements 0.0 0.0
Purchases, sales, issuances and settlements, net 6.5 (5.8)
Equity securities - corporate securities    
Assets:    
Purchases, sales, issuances and settlements, net 0.0 0.0
Other invested assets - residual tranches    
Assets:    
Purchases 9.2 0.7
Sales (1.3) (0.2)
Issuances 0.0 0.0
Settlements 0.0 0.0
Purchases, sales, issuances and settlements, net $ 7.9 $ 0.5
v3.24.1.u1
FAIR VALUE MEASUREMENTS-CHANGES IN VALUE OF EMBEDDED DERIVATIVES (Details) - Fair Value, Inputs, Level 3 - Fixed Index Annuity Products - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Liabilities:    
Balance at beginning of the period $ 1,376.7 $ 1,297.0
Premiums less benefits (17.8) (14.0)
Change in fair value, net 67.9 64.9
Balance at end of the period $ 1,426.8 $ 1,347.9
v3.24.1.u1
FAIR VALUE MEASUREMENTS - FAIR VALUE INPUTS (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Mar. 31, 2023
USD ($)
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Equity securities - corporate securities $ 118.4 $ 96.9  
Market risk benefit asset 84.1 75.4 $ 57.8
Market risk benefit liability 3.8 7.4 $ 17.6
Significant unobservable inputs  (Level 3)      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Total assets carried at fair value by category 382.0 377.5  
Significant unobservable inputs  (Level 3) | Discounted cash flow analysis      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Market risk benefit asset 84.1 75.4  
Market risk benefit liability $ 3.8 $ 7.4  
Significant unobservable inputs  (Level 3) | Discounted cash flow analysis | Surrender rates | Minimum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, market risk benefit, assets measurement input 0.0142 0.0142  
Unobservable inputs, market risk benefit, liability measurement input 0.0142 0.0142  
Significant unobservable inputs  (Level 3) | Discounted cash flow analysis | Surrender rates | Maximum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, market risk benefit, assets measurement input 0.1525 0.1525  
Unobservable inputs, market risk benefit, liability measurement input 0.1525 0.1525  
Significant unobservable inputs  (Level 3) | Discounted cash flow analysis | Surrender rates | Weighted Average      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, market risk benefit, assets measurement input 0.0428 0.0428  
Unobservable inputs, market risk benefit, liability measurement input 0.0428 0.0428  
Significant unobservable inputs  (Level 3) | Discounted cash flow analysis | Utilization rates | Minimum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, market risk benefit, assets measurement input 0.0592 0.0592  
Unobservable inputs, market risk benefit, liability measurement input 0.0592 0.0592  
Significant unobservable inputs  (Level 3) | Discounted cash flow analysis | Utilization rates | Maximum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, market risk benefit, assets measurement input 0.4762 0.4762  
Unobservable inputs, market risk benefit, liability measurement input 0.4762 0.4762  
Significant unobservable inputs  (Level 3) | Discounted cash flow analysis | Utilization rates | Weighted Average      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, market risk benefit, assets measurement input 0.2488 0.2488  
Unobservable inputs, market risk benefit, liability measurement input 0.2488 0.2488  
Significant unobservable inputs  (Level 3) | Recovery method | Percent of recovery expected | Minimum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, equity securities 0.0000 0.0000  
Significant unobservable inputs  (Level 3) | Recovery method | Percent of recovery expected | Maximum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, equity securities 1.0000 1.0000  
Significant unobservable inputs  (Level 3) | Recovery method | Percent of recovery expected | Weighted Average      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, fixed maturities 0.2500 0.2500  
Unobservable inputs, equity securities 1.0000 1.0000  
Significant unobservable inputs  (Level 3) | Market comparables | EBITDA multiples | Weighted Average      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, equity securities 11.5 11.3  
Significant unobservable inputs  (Level 3) | Unadjusted third-party price source      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Other assets $ 213.0 $ 213.9  
Significant unobservable inputs  (Level 3) | Discounted projected embedded derivatives      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Embedded derivatives related to fixed indexed annuity products $ 1,426.8 $ 1,376.7  
Significant unobservable inputs  (Level 3) | Discounted projected embedded derivatives | Discount margins/rates | Minimum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, liabilities 0.0407 0.0385  
Significant unobservable inputs  (Level 3) | Discounted projected embedded derivatives | Discount margins/rates | Maximum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, liabilities 0.0574 0.0576  
Significant unobservable inputs  (Level 3) | Discounted projected embedded derivatives | Discount margins/rates | Weighted Average      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, liabilities 0.0472 0.0441  
Significant unobservable inputs  (Level 3) | Discounted projected embedded derivatives | Projected portfolio yields | Minimum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, liabilities 0.0432 0.0432  
Significant unobservable inputs  (Level 3) | Discounted projected embedded derivatives | Projected portfolio yields | Maximum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, liabilities 0.0492 0.0492  
Significant unobservable inputs  (Level 3) | Discounted projected embedded derivatives | Projected portfolio yields | Weighted Average      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, liabilities 0.0457 0.0457  
Significant unobservable inputs  (Level 3) | Discounted projected embedded derivatives | Surrender rates | Minimum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, liabilities 0.0142 0.0142  
Significant unobservable inputs  (Level 3) | Discounted projected embedded derivatives | Surrender rates | Maximum      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, liabilities 0.2370 0.2370  
Significant unobservable inputs  (Level 3) | Discounted projected embedded derivatives | Surrender rates | Weighted Average      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, liabilities 0.0692 0.0692  
Significant unobservable inputs  (Level 3) | Corporate securities | Discounted cash flow analysis      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Fixed maturities, available for sale   $ 2.9  
Significant unobservable inputs  (Level 3) | Corporate securities | Discounted cash flow analysis | Discount margins/rates | Weighted Average      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, fixed maturities   0.0222  
Significant unobservable inputs  (Level 3) | Corporate securities | Recovery method      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Fixed maturities, available for sale $ 2.5 $ 2.5  
Significant unobservable inputs  (Level 3) | Corporate securities | Unadjusted purchase price      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Fixed maturities, available for sale 1.5 1.5  
Significant unobservable inputs  (Level 3) | Asset-backed securities | Discounted cash flow analysis      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Fixed maturities, available for sale $ 8.3 $ 8.6  
Significant unobservable inputs  (Level 3) | Asset-backed securities | Discounted cash flow analysis | Discount margins/rates | Weighted Average      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Unobservable inputs, fixed maturities 0.0228 0.0224  
Significant unobservable inputs  (Level 3) | Equity Securities | Recovery method      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Equity securities - corporate securities $ 0.1 $ 0.1  
Significant unobservable inputs  (Level 3) | Equity Securities | Unadjusted purchase price      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Equity securities - corporate securities 9.2 9.2  
Significant unobservable inputs  (Level 3) | Equity Securities | Market comparables      
Fair Value, Assets on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Equity securities - corporate securities $ 63.3 $ 63.4