Long-Duration Insurance Contracts (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Liability for Future Policy Benefit, Activity

The following tables summarize balances and changes in LFPB for traditional and limited-pay contracts.

The balances of and changes in LFPB as of and for the three months ended June 30, 2025 were as follows:


($ in millions)
	Whole Life		Term Life		Experience Life(1)		Limited-Pay Whole Life		Supplemental Health(2)		SPIA (life contingent)
Present value of expected net premiums:
Balance at April 1, 2025	$	231.0	$	249.6	$	64.9	$	34.0	$	182.6	$	—
April 1, 2025 balance at original discount rate	262.0		271.0		63.1		36.2		214.6		—
Effect of:
Change in cash flow assumptions	—		—		—		—		—		—
Actual variances from expected experience	1.9		0.5		3.2		0.1		—		—
Adjusted balance at April 1, 2025	263.9		271.5		66.3		36.3		214.6		—
Issuances(3)	3.4		5.9		—		0.5		6.6		0.7
Interest accruals(4)	2.1		2.8		0.9		0.3		1.8		—
Net premiums collected(5)	(4.7)		(6.9)		(1.8)		(1.0)		(6.4)		(0.7)
June 30, 2025 balance at original discount rate	264.7		273.3		65.4		36.1		216.6		—
Effect of changes in discount rate assumptions	(30.3)		(20.1)		2.2		(1.9)		(30.4)		—
Balance at June 30, 2025	234.4		253.2		67.6		34.2		186.2		—

Present value of expected future policy benefits:
Balance at April 1, 2025	510.7		387.9		814.8		87.7		385.6		97.2
April 1, 2025 balance at original discount rate	618.2		437.3		776.3		115.1		480.1		106.0
Effect of:
Changes in cash flow assumptions	—		—		—		—		—		—
Actual variances from expected experience	3.1		0.6		5.4		0.3		(1.0)		0.2
Adjusted balance at April 1, 2025	621.3		437.9		781.7		115.4		479.1		106.2
Issuances	3.5		5.9		—		0.5		6.6		0.7
Interest accruals	5.2		4.3		11.5		1.1		3.5		1.1
Benefit payments(6)	(7.9)		(5.7)		(21.4)		(0.6)		(12.4)		(2.8)
June 30, 2025 balance at original discount rate	622.1		442.4		771.8		116.4		476.8		105.2
Effect of changes in discount rate assumptions	(108.1)		(48.2)		38.9		(27.6)		(92.1)		(8.1)
Balance at June 30, 2025	514.0		394.2		810.7		88.8		384.7		97.1
Net liability for future policy benefits	279.5		141.0		743.1		54.6		198.5		97.1
Less: Reinsurance recoverable	(60.1)		(20.4)		(0.8)		(1.5)		(4.2)		(3.7)
Net liability for future policy benefits, after reinsurance recoverable	219.4		120.6		742.3		53.1		194.3		93.4
Impact of flooring on net liability for future policy benefits	—		—		—		—		—		—
Net liability for future policy benefits at June 30, 2025	$	219.4	$	120.6	$	742.3	$	53.1	$	194.3	$	93.4

(1) Experience Life contains both whole life and term elements.

(2) As of June 30, 2025, the net LFPB for Supplemental Health was $69.4 million for cancer, $18.6 million for accident, $22.1 million for disability and $84.2 million for other supplemental health policies.

(3) Issuances are calculated at present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new policies issued during the current period.

(4) Interest accruals represent the interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.

(5) Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period of in force business.

(6) Benefit payments represent the release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and maturity payments based on revised expected assumptions.

The balances of and changes in LFPB as of and for the six months ended June 30, 2025 were as follows:


($ in millions)
	Whole Life		Term Life		Experience Life(1)		Limited-Pay Whole Life		Supplemental Health(2)		SPIA (life contingent)
Present value of expected net premiums:
Balance at January 1, 2025	$	229.1	$	245.9	$	66.6	$	34.2	$	179.9	$	—
January 1, 2025 balance at original discount rate	263.2		271.2		65.4		36.8		214.6		—
Effect of:
Change in cash flow assumptions	—		—		—		—		—		—
Actual variances from expected experience	1.3		(2.0)		1.6		(0.2)		(1.5)		—
Adjusted balance at January 1, 2025	264.5		269.2		67.0		36.6		213.1		—
Issuances(3)	5.9		11.7		—		1.0		12.7		1.3
Interest accruals(4)	4.1		5.6		1.8		0.7		3.5		—
Net premiums collected(5)	(9.8)		(13.2)		(3.4)		(2.2)		(12.7)		(1.3)
June 30, 2025 balance at original discount rate	264.7		273.3		65.4		36.1		216.6		—
Effect of changes in discount rate assumptions	(30.3)		(20.1)		2.2		(1.9)		(30.4)		—
Balance at June 30, 2025	234.4		253.2		67.6		34.2		186.2		—

Present value of expected future policy benefits:
Balance at January 1, 2025	504.3		377.8		813.2		86.2		383.4		97.3
January 1, 2025 balance at original discount rate	617.4		433.2		782.8		114.3		482.8		107.3
Effect of:
Changes in cash flow assumptions	—		—		—		—		—		—
Actual variances from expected experience	2.0		(2.6)		3.2		(0.1)		(3.1)		—
Adjusted balance at January 1, 2025	619.4		430.6		786.0		114.2		479.7		107.3
Issuances	5.9		11.8		—		1.0		12.7		1.3
Interest accruals	10.4		8.6		23.0		2.2		7.0		2.1
Benefit payments(6)	(13.6)		(8.6)		(37.2)		(1.0)		(22.6)		(5.5)
June 30, 2025 balance at original discount rate	622.1		442.4		771.8		116.4		476.8		105.2
Effect of changes in discount rate assumptions	(108.1)		(48.2)		38.9		(27.6)		(92.1)		(8.1)
Balance at June 30, 2025	514.0		394.2		810.7		88.8		384.7		97.1
Net liability for future policy benefits	279.5		141.0		743.1		54.6		198.5		97.1
Less: Reinsurance recoverable	(60.1)		(20.4)		(0.8)		(1.5)		(4.2)		(3.7)
Net liability for future policy benefits, after reinsurance recoverable	219.4		120.6		742.3		53.1		194.3		93.4
Impact of flooring on net liability for future policy benefits	—		—		—		—		—		—
Net liability for future policy benefits at June 30, 2025	$	219.4	$	120.6	$	742.3	$	53.1	$	194.3	$	93.4

(1) Experience Life contains both whole life and term elements.

(4) Interest accruals represent the interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.

(5) Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period of in force business.

The balances of and changes in LFPB as of and for the year ended December 31, 2024 were as follows:


($ in millions)
	Whole Life		Term Life		Experience Life(1)		Limited-Pay Whole Life		Supplemental Health(2)		SPIA (life contingent)
Present value of expected net premiums:
Balance at January 1, 2024	$	223.2	$	240.0	$	71.7	$	32.2	$	182.0	$	—
January 1, 2024 balance at original discount rate	247.1		256.6		67.0		33.9		213.4		—
Effect of:
Change in cash flow assumptions	13.8		4.6		1.5		2.2		(5.2)		—
Actual variances from expected experience	3.2		(0.5)		—		—		2.9		—
Adjusted balance at January 1, 2024	264.1		260.7		68.5		36.1		211.1		—
Issuances(3)	12.6		25.2		—		4.0		20.9		2.8
Interest accruals(4)	7.6		10.7		3.7		1.4		6.8		—
Net premiums collected(5)	(21.1)		(25.4)		(6.8)		(4.7)		(24.2)		(2.8)
December 31, 2024 balance at original discount rate	263.2		271.2		65.4		36.8		214.6		—
Effect of changes in discount rate assumptions	(34.1)		(25.3)		1.2		(2.6)		(34.7)		—
Balance at December 31, 2024	229.1		245.9		66.6		34.2		179.9		—

Present value of expected future policy benefits:
Balance at January 1, 2024	522.0		370.1		883.0		89.6		427.6		104.2
January 1, 2024 balance at original discount rate	592.1		405.4		797.5		105.6		517.9		111.4
Effect of:
Changes in cash flow assumptions	13.7		5.6		2.2		2.4		(6.5)		—
Actual variances from expected experience	3.4		(1.0)		0.2		—		2.5		0.2
Adjusted balance at January 1, 2024	609.2		410.0		799.9		108.0		513.9		111.6
Issuances	12.6		25.5		—		4.0		20.9		2.8
Interest accruals	19.8		16.1		46.7		4.2		14.4		4.3
Benefit payments(6)	(24.2)		(18.4)		(63.8)		(1.9)		(66.4)		(11.4)
December 31, 2024 balance at original discount rate	617.4		433.2		782.8		114.3		482.8		107.3
Effect of changes in discount rate assumptions	(113.1)		(55.4)		30.4		(28.1)		(99.4)		(10.0)
Balance at December 31, 2024	504.3		377.8		813.2		86.2		383.4		97.3
Net liability for future policy benefits	275.2		131.8		746.6		52.1		203.5		97.3
Less: Reinsurance recoverable	(60.2)		(19.3)		(0.9)		(1.4)		(4.7)		(3.5)
Net liability for future policy benefits, after reinsurance recoverable	215.0		112.5		745.7		50.7		198.8		93.8
Impact of flooring on net liability for future policy benefits	—		—		—		—		—		—
Net liability for future policy benefits at December 31, 2024	$	215.0	$	112.5	$	745.7	$	50.7	$	198.8	$	93.8

(1) Experience Life contains both whole life and term elements.

(2) As of December 31, 2024, the net LFPB for Supplemental Health was $72.2 million for cancer, $18.8 million for accident, $21.4 million for disability and $86.4 million for other supplemental health policies.

(4) Interest accruals represent the interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.

(5) Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period of in force business.

The following table summarizes the amount of revenue and interest related to traditional and limited-payment contracts recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss):


($ in millions)	Gross premiums or assessments				Gross premiums or assessments
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Whole life	$	7.4	$	6.9	$	14.4	$	13.8
Term life	11.1		11.0		22.8		22.2
Experience life	7.3		7.7		14.7		15.4
Limited-pay whole life	1.6		1.6		3.4		3.4
Supplemental health	31.2		30.0		62.1		60.4
SPIA (life contingent)	0.7		0.5		1.3		1.7
Total	$	59.3	$	57.7	$	118.7	$	116.9


($ in millions)	Interest expense				Interest expense
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Whole life	$	3.2	$	3.0	$	6.3	$	6.0
Term life	1.5		1.3		2.9		2.6
Experience life	10.5		10.8		21.1		21.6
Limited-pay whole life	0.7		0.7		1.5		1.4
Supplemental health	1.7		1.9		3.5		3.9
SPIA (life contingent)	1.0		1.1		2.1		2.2
Total	$	18.6	$	18.8	$	37.4	$	37.7

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:


($ in millions)	As of June 30, 2025				As of December 31, 2024
	Undiscounted		Discounted		Undiscounted		Discounted
Whole life
Expected future gross premiums	$	526.4	$	353.1	$	524.0	$	350.5
Expected future benefits and expenses	1,283.2		622.1		1,272.9		617.4
Term life
Expected future gross premiums	720.8		467.7		712.1		464.2
Expected future benefits and expenses	755.5		442.5		736.2		433.2
Experience Life
Expected future gross premiums	477.5		268.6		497.8		279.3
Expected future benefits and expenses	1,602.8		771.8		1,639.0		782.8
Limited-pay whole life
Expected future gross premiums	72.7		54.1		73.6		54.7
Expected future benefits and expenses	312.0		116.4		307.2		114.3
Supplemental health
Expected future gross premiums	1,606.3		1,165.3		1,595.3		1,165.4
Expected future benefits and expenses	686.2		476.8		684.6		482.8
SPIA (life contingent)
Expected future gross premiums	—		—		—		—
Expected future benefits and expenses	147.7		105.2		150.7		107.3

The following table provides the weighted-average durations of LFPB, in years:


	As of June 30,
	2025	2024
Whole life	19.4	17.8
Term life	15.8	16.6
Experience life	10.0	10.3
Limited-pay whole life	24.1	21.7
Supplemental health	11.6	11.0
SPIA (life contingent)	7.5	7.6

The following table provides ranges of the weighted-average interest rates for LFPB:


	As of June 30,
	2025		2024
Whole life
Interest accretion rate	1.7% - 4.8%		1.7% - 4.9%
Current discount rate	4.9% - 5.7%		4.8% - 5.6%
Term life
Interest accretion rate	4.2% - 4.2%		4.2% - 4.2%
Current discount rate	5.3% - 5.4%		5.4% - 5.5%
Experience life
Interest accretion rate	6.1	%	6.1	%
Current discount rate	5.5	%	5.6	%
Limited-pay whole life
Interest accretion rate	4.0	%	4.0	%
Current discount rate	5.8	%	5.7	%
Supplemental health
Interest accretion rate	1.7% - 2.8%		1.7% - 2.7%
Current discount rate	5.5% - 5.7%		5.6% - 5.7%
SPIA (life contingent)
Interest accretion rate	1.7% - 4.1%		1.7% - 4.1%
Current discount rate	5.2% - 5.3%		5.4% - 5.5%

Schedule of Liability for Future Policy Benefits, by Product Segment

The following table reconciles the net LFPB to LFPB in the Consolidated Balance Sheets. DPL for single premium and immediate annuity products is presented together with LFPB in the Consolidated Balance Sheets:


($ in millions)	June 30, 2025		December 31, 2024
Whole life	$	279.5	$	275.2
Term life	141.0		131.8
Experience life	743.1		746.6
Limited-pay whole life	54.6		52.1
Supplemental health	198.5		203.5
SPIA (life contingent)	97.1		97.3
Limited-pay whole life DPL	5.5		5.2
SPIA (life contingent) DPL	1.5		1.5
Reconciling items(1)	103.7		109.6
Total	$	1,624.4	$	1,622.8

(1) Reconciling items primarily relate to products not in scope of ASU 2018-12 and return of premium reserves.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources:


($ in millions)
	Total		Internal		External
June 30, 2025
Financial Assets
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	$	—	$	—	$	—
Municipal bonds	75.9		—		75.9
Corporate bonds	342.0		203.7		138.3
Other asset-backed securities	63.2		—		63.2
Total fixed maturity securities	481.1		203.7		277.4
Equity securities	4.3		—		4.3
Limited partnership interests	33.7		—		$	33.7
Totals	519.1		203.7		315.4

Financial Liabilities(1)	74.0		74.0		—

December 31, 2024
Financial Assets
Fixed maturity securities
U.S. Government and federally sponsored agency obligations:
Mortgage-backed securities	—		—		—
Municipal bonds	74.9		—		74.9
Corporate bonds	351.3		199.3		152.0
Other asset-backed securities	73.7		—		73.7
Total fixed maturity securities	499.9		199.3		300.6
Equity securities	4.2		—		4.2
Limited partnership interests	28.9		—		28.9
Totals	533.0		199.3		333.7

Financial Liabilities(1)	$	75.5	$	75.5	$	—

(1) Represents embedded derivatives related to fixed indexed annuity and indexed universal life products reported in Future policy benefit reserves and Other policyholder funds as well as net MRBs reported in Policyholders' account balances in the Company's Consolidated Balance Sheets.

The following table provides quantitative information about the significant unobservable inputs for recurring fair value measurements categorized with Level 3.

($ in millions)

Fair Value

as of

June 30, 2025

Valuation Technique(s)

Unobservable Inputs

Range

(Weighted Average)

and Single Point

Best Estimate(1)

Impact of Increase in Input on Fair Value

Financial Assets

Corporate bonds

203.7

discounted cash flow

yield

3.4% - 9.2%

decrease

discounted cash flow

option adjusted spread

282 bps - 808 bps

decrease

Financial Liabilities

Derivatives embedded in fixed indexed annuity products

80.7

discounted cash flow

lapse rate

6.4%

decrease

mortality multiplier(2)

67.0%

decrease

option budget

0.9% - 3.8%

increase

non-performance adjustment(3)

5.0%

decrease

Net MRBs

(6.7)

discounted cash flow

lapse rate

6.4%

decrease

mortality multiplier(2)

67.0%

increase

(1) When a range of unobservable inputs is not readily available, the Company uses a single point best estimate.

(2) Mortality multiplier is applied to the Annuity 2000 table.

(3) Determined as a percentage of the risk-free rate.

The following table summarizes the ranges of actual experience and expected experience for mortality and lapses of LFPB:


	June 30, 2025
	Whole Life		Term Life	Experience Life		Limited-Pay Whole Life		Supplemental Health		SPIA (life contingent)
Mortality / Morbidity
Actual experience	0.9	%	0.1% - 0.4%	1.9	%	0.2	%	37.6	%	N.M.
Expected experience	0.8	%	0.1% - 0.9%	1.9	%	0.3	%	26.9	%	N.M.
Lapses
Actual experience	3.3	%	3.7% - 10.1%	3.6	%	3.4	%	11.0	%	N.M.
Expected experience	3.8	%	5.1% - 9.6%	3.0	%	4.0	%	14.0	%	N.M.

	June 30, 2024
	Whole Life		Term Life	Experience Life		Limited-Pay Whole Life		Supplemental Health		SPIA (life contingent)
Mortality / Morbidity
Actual experience	0.7	%	0.1% - 0.3%	1.9	%	0.2	%	35.6	%	N.M.
Expected experience	0.7	%	0.1% - 0.8%	1.7	%	0.3	%	26.3	%	N.M.
Lapses
Actual experience	2.9	%	3.7% - 28.6%	3.0	%	3.5	%	9.8	%	N.M.
Expected experience	4.4	%	5.4% - 12.8%	3.0	%	4.7	%	13.8	%	N.M.

Schedule of Policyholder Account Balance

The Company recognizes a liability for policyholders' account balances. The following tables summarize balances of and changes in policyholders' account balances:


($ in millions)	Three Months Ended June 30, 2025
	Indexed Universal Life			Experience Life			Fixed Account Annuities			Fixed Indexed Account Annuities			SPIA (non-life contingent)
Balance at April 1, 2025	$	78.2		$	57.4		$	4,495.9		$	399.7		$	28.3
Premiums received(1)	$	4.9		$	(0.2)		$	46.6		$	3.4		$	0.8
Surrenders and withdrawals(2)	(0.4)			(1.0)			(80.8)			(11.2)			—
Benefit payments(3)	—			(0.4)			(21.4)			(0.7)			(1.1)
Net transfers from (to) separate account	(0.1)			—			8.2			(0.4)			—
Interest credited(4)	0.8			0.7			40.9			2.8			0.2
Other	(1.1)			—			5.7			(5.0)			(0.3)
Balance at June 30, 2025	$	82.3		$	56.5		$	4,495.1		$	388.6		$	27.9
Weighted-average crediting rate	4.1		%	5.0		%	3.7		%	2.9		%	2.9		%
Net amount at risk(5)	$	—		$	—		$	24.7		$	—		$	—
Cash surrender value	$	62.4		$	55.9		$	4,448.7		$	382.7		$	27.6

($ in millions)	Three Months Ended June 30, 2024
	Indexed Universal Life			Experience Life			Fixed Account Annuities			Fixed Indexed Account Annuities			SPIA (non-life contingent)
Balance at April 1, 2024	$	61.0		$	60.1		$	4,519.9		$	437.4		$	31.6
Premiums received(1)	$	4.9		$	(0.2)		$	42.8		$	4.1		$	0.1
Surrenders and withdrawals(2)	(0.3)			(0.8)			(86.4)			(13.5)			(0.3)
Benefit payments(3)	—			(0.4)			(16.3)			(0.8)			(1.3)
Net transfers from (to) separate account	—			—			6.3			(0.6)			—
Interest credited(4)	0.8			0.8			41.3			3.2			0.3
Other	(1.2)			(0.1)			1.9			(3.2)			—
Balance at June 30, 2024	$	65.2		$	59.4		$	4,509.5		$	426.6		$	30.4
Weighted-average crediting rate	5.2		%	5.5		%	3.7		%	3.0		%	3.9		%
Net amount at risk(5)	$	—		$	—		$	30.9		$	—		$	—
Cash surrender value	$	47.1		$	58.8		$	4,466.3		$	428.4		$	31.4

(1) Premiums received represents premiums collected from policyholder during the period of in force business.

(2) Surrenders and withdrawals represent reductions to the policyholders' account balance due to policyholders surrendering the policy or withdrawing funds from the account balance.

(3) Benefit payments represent benefits due under contract that were paid to a policyholder during the periods.

(4) Interest credited represents interest earned and credited to policyholders' account balance during the periods.

(5) Net amount at risk represents guaranteed benefit amounts less current policyholders' account balance at the reporting date.


($ in millions)	Six Months Ended June 30, 2025
	Indexed Universal Life			Experience Life			Fixed Account Annuities			Fixed Indexed Account Annuities			SPIA (non-life contingent)
Balance at January 1, 2025	$	72.9		$	58.0		$	4,508.4		$	409.5		$	28.6
Premiums received(1)	$	10.9		$	(0.4)		$	90.0		$	7.6		$	1.4
Surrenders and withdrawals(2)	(0.8)			(1.8)			(170.0)			(24.4)			(0.2)
Benefit payments(3)	—			(0.7)			(43.2)			(2.4)			(2.3)
Net transfers from (to) separate account	(0.2)			—			20.2			(0.6)			—
Interest credited(4)	1.8			1.4			83.6			6.2			0.5
Other	(2.3)			—			6.1			(7.3)			(0.1)
Balance at June 30, 2025	$	82.3		$	56.5		$	4,495.1		$	388.6		$	27.9
Weighted-average crediting rate	4.8		%	5.0		%	3.8		%	3.2		%	3.7		%
Net amount at risk(5)	$	—		$	—		$	24.7		$	—		$	—
Cash surrender value	$	62.4		$	55.9		$	4,448.7		$	382.7		$	27.6

($ in millions)	Six Months Ended June 30, 2024
	Indexed Universal Life			Experience Life			Fixed Account Annuities			Fixed Indexed Account Annuities			SPIA (non-life contingent)
Balance at January 1, 2024	$	57.8		$	61.2		$	4,556.0		$	449.0		$	32.6
Premiums received(1)	$	8.8		$	(0.3)		$	91.8		$	7.7		$	0.9
Surrenders and withdrawals(2)	(0.8)			(2.1)			(198.6)			(26.8)			(0.9)
Benefit payments(3)	—			(0.9)			(36.9)			(1.6)			(2.7)
Net transfers from (to) separate account	(0.1)			—			8.2			(1.4)			—
Interest credited(4)	1.6			1.5			83.0			5.9			0.5
Other	(2.1)			—			6.0			(6.2)			—
Balance at June 30, 2024	$	65.2		$	59.4		$	4,509.5		$	426.6		$	30.4
Weighted-average crediting rate	5.4		%	5.0		%	3.7		%	2.7		%	3.1		%
Net amount at risk(5)	$	—		$	—		$	30.9		$	—		$	—
Cash surrender value	$	47.1		$	58.8		$	4,466.3		$	428.4		$	31.4

(1) Premiums received represents premiums collected from policyholder during the period of in force business.

(2) Surrenders and withdrawals represent reductions to the policyholders' account balance due to policyholders surrendering the policy or withdrawing funds from the account balance.

(3) Benefit payments represent benefits due under contract that were paid to a policyholder during the periods.

(4) Interest credited represents interest earned and credited to policyholders' account balance during the periods.

(5) Net amount at risk represents guaranteed benefit amounts less current policyholders' account balance at the reporting date.

The following table reconciles policyholders' account balances to the policyholders' account balance liability in the Consolidated Balances Sheets:


($ in millions)	June 30, 2025		December 31, 2024
Indexed universal life	$	82.3	$	72.9
Experience Life	56.5		58.0
Fixed account annuities	4,495.1		4,508.4
Fixed indexed account annuities	388.6		409.5
SPIA (non-life contingent)	27.9		28.6
Reconciling items(1)	26.0		22.9
Total	$	5,076.4	$	5,100.3

(1) Reconciling items primarily relate to FIA reserves net of account balances, miscellaneous fixed annuity reserves, personal promise accounts and MRBs.

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following tables present the gross 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:


($ in millions)	June 30, 2025
	At Guaranteed Minimum		1-50 Basis Points Above		51-150 Basis Points Above		Greater Than 150 Basis Points Above		Total(1)
Guaranteed minimum crediting rates:
Less than 2%	$	9.4	$	12.8	$	367.2	$	380.2	$	769.6
Equal to 2% but less than 3%	81.2		149.9		109.4		164.3		504.8
Equal to 3% but less than 4%	562.4		9.7		14.0		52.4		638.5
Equal to 4% but less than 5%	2,575.8		—		—		—		2,575.8
5% or higher	80.4		—		—		—		80.4
Total	$	3,309.2	$	172.4	$	490.6	$	596.9	$	4,569.1

($ in millions)	December 31, 2024
	At Guaranteed Minimum		1-50 Basis Points Above		51-150 Basis Points Above		Greater Than 150 Basis Points Above		Total(1)
Guaranteed minimum crediting rates:
Less than 2%	$	15.9	$	77.3	$	400.4	$	304.0	$	797.6
Equal to 2% but less than 3%	94.5		122.2		97.9		134.8		449.4
Equal to 3% but less than 4%	545.6		43.3		13.3		51.2		653.4
Equal to 4% but less than 5%	2,600.0		—		—		—		2,600.0
5% or higher	81.8		—		—		—		81.8
Total	$	3,337.8	$	242.8	$	511.6	$	490.0	$	4,582.2

(1) Excludes products not containing a fixed guaranteed minimum crediting rate.

Schedule of Separate Account, Liability

The following table presents the balances of and changes in the Separate Account variable annuity liabilities presented in the Consolidated Balance Sheets(1):


($ in millions)	Retirement Services
	Variable Account Annuities
	June 30, 2025		December 31, 2024
Balance, beginning of year	$	3,708.8	$	3,294.1
Deposits	137.4		266.2
Withdrawals	(146.4)		(290.3)
Net transfers	(19.6)		(21.1)
Fees and charges	(27.0)		(53.3)
Market appreciation (depreciation)	210.1		513.2
Other	—		—
Balance, end of period	$	3,863.3	$	3,708.8

(1) The Separate Account variable annuity liabilities are backed by, and are equal to, the Separate Account variable annuity assets that represent contractholder funds invested in various actively traded mutual funds that have daily quoted net asset values that are readily determinable for identical assets that the Company can access.

Schedule of Market Risk Benefit, Activity

The following table presents the balances of and changes in MRBs associated with deferred variable annuities as of and for the three and six months ended June 30, 2025 and 2024, respectively:


($ in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Balance, beginning of period	$	(5.2)	$	(6.3)	$	(6.8)	$	(3.9)
Balance, beginning of period, before effects of changes in the instrument-specific credit risk	(6.0)		(6.8)		(7.4)		(4.5)
Changes in market risk benefits(1)	(1.0)		—		0.4		(2.3)
Balance, end of period(2)	$	(7.0)	$	(6.8)	$	(7.0)	$	(6.8)
Effect of changes in the instrument-specific credit risk	0.3		0.6		0.3		0.6
Balance, end of period	$	(6.7)	$	(6.2)	$	(6.7)	$	(6.2)
Net amount at risk(3)	$	13.8	$	16.5	$	13.8	$	16.5
Weighted-average attained age of contract holders	62		63		62		62

(1) Reflects interest accruals and effect of changes in interest rates, equity markets, equity index volatility and future assumptions.

(2) Balance, end of period, before the effect of changes in the instrument-specific credit risk.

(3) Net amount at risk represents the current guaranteed benefit less current account balance at the reporting date.

The following table presents MRBs by amounts in an asset position and amounts in a liability position. The net liabilities (assets) are included in Policyholders' account balances presented in the Consolidated Balance Sheets.


($ in millions)	As of June 30, 2025						As of December 31, 2024
	(Asset)		Liability		Net		(Asset)		Liability		Net
Deferred variable annuities	$	(8.7)	$	2.0	$	(6.7)	$	(8.8)	$	2.0	$	(6.8)

Schedule of Deferred Policy Acquisition Costs

Deferred Acquisition Costs

The following tables roll-forward DAC for the periods indicated:


($ in millions)	Three Months Ended June 30, 2025
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, beginning of period	$	24.1	$	34.5	$	5.4	$	8.0	$	19.8	$	11.2	$	210.4
Capitalizations	0.8		1.0		0.1		0.2		0.8		1.1		3.2
Amortization expense	(0.3)		(0.7)		(0.1)		(0.1)		(0.3)		(0.2)		(3.9)
Experience adjustment	—		—		—		—		—		—		(0.3)
Balance, end of period	$	24.6	$	34.8	$	5.4	$	8.1	$	20.3	$	12.1	$	209.4

($ in millions)	Three Months Ended June 30, 2024
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, beginning of period	$	22.6	$	32.9	$	5.7	$	7.5	$	17.1	$	8.7	$	212.9
Capitalizations	0.7		1.4		—		0.3		0.9		0.8		4.1
Amortization expense	(0.3)		(0.8)		(0.1)		(0.1)		(0.2)		(0.2)		(4.2)
Experience adjustment	—		—		—		—		—		—		(0.4)
Balance, end of period	$	23.0	$	33.5	$	5.6	$	7.7	$	17.8	$	9.3	$	212.4


($ in millions)	Six Months Ended June 30, 2025
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, beginning of period	$	23.8	$	34.2	$	5.5	$	8.0	$	19.2	$	10.6	$	211.4
Capitalizations	1.4		2.2		0.1		0.3		1.6		2.1		6.8
Amortization expense	(0.6)		(1.6)		(0.2)		(0.2)		(0.5)		(0.5)		(7.9)
Experience adjustment	—		—		—		—		—		(0.1)		(0.9)
Balance, end of period	$	24.6	$	34.8	$	5.4	$	8.1	$	20.3	$	12.1	$	209.4

($ in millions)	Six Months Ended June 30, 2024
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, beginning of period	$	22.3	$	32.6	$	5.7	$	7.4	$	16.8	$	8.2	$	214.0
Capitalizations	1.4		2.6		0.1		0.5		1.6		1.6		8.0
Amortization expense	(0.6)		(1.7)		(0.2)		(0.2)		(0.5)		(0.4)		(7.9)
Experience adjustment	(0.1)		—		—		—		(0.1)		(0.1)		(1.7)
Balance, end of period	$	23.0	$	33.5	$	5.6	$	7.7	$	17.8	$	9.3	$	212.4

The following table presents a reconciliation of DAC to the Consolidated Balance Sheets:


($ in millions)	June 30, 2025		December 31, 2024
Whole life	$	24.6	$	23.8
Term life	34.8		34.2
Experience life	5.4		5.5
Limited pay whole life	8.1		8.0
Indexed universal life	20.3		19.2
Supplemental health	12.1		10.6
Total annuities	209.4		211.4
Reconciling item(1)	36.7		34.5
Total	$	351.4	$	347.2

(1) Reconciling item relates to DAC associated with the Property & Casualty reporting segment.