v3.22.2.2
Dispositions
9 Months Ended
Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions Dispositions
Sale of Global Preneed
On August 2, 2021, the Company completed its sale of the legal entities which comprise the businesses previously reported as the Global Preneed segment and certain businesses previously disposed of through reinsurance, which were previously reported in the Corporate and Other segment, to subsidiaries of CUNA Mutual Group for an aggregate purchase price at closing of $1.34 billion in cash.
The following table summarizes the components of net income from discontinued operations included in the consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
20212021
Revenues
Net earned premiums$6.1 $42.6 
Fees and other income13.6 91.0 
Net investment income23.7 168.4 
Net realized gains on investments and fair value changes to equity securities0.5 4.2 
Gain on disposal of businesses926.4 920.1 
Total revenues970.3 1,226.3 
Benefits, losses and expenses
Policyholder benefits24.6 172.7 
Underwriting, selling, general and administrative expenses12.8 85.2 
Total benefits, losses and expenses37.4 257.9 
Income from discontinued operations before income taxes932.9 968.4 
Benefit for income taxes204.1 206.4 
Net income from discontinued operations$728.8 $762.0 
Sale of John Alden Life Insurance Company
On April 1, 2022, the Company completed its sale of John Alden Life Insurance Company (“JALIC”), a run-off business reported in the Corporate and Other segment. Prior to the sale, JALIC met the criteria for held for sale presentation and, therefore, its assets and liabilities were recorded as held for sale in the December 31, 2021 consolidated balance sheet. The major classes of assets and liabilities held for sale included $915.8 million of future policy benefits and expenses, $881.6 million of reinsurance recoverables, $159.6 million of other investments and $117.2 million of claims and benefits payable as December 31, 2021.
Most of the $881.6 million reinsurance recoverables balance for JALIC, which was included in assets held for sale as of December 31, 2021 was reinsured with Employers Reassurance Corporation and was uncollateralized.