
(Dollars in Millions)	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	702.0	$	3.2	$	(82.8)	$	—	$	622.4
States and Political Subdivisions	1,437.3		1.8		(185.7)		(0.2)		1,253.2
Foreign Governments	10.7		0.4		(0.1)		—		11.0
Corporate Securities:
Bonds and Notes	4,089.8		11.4		(433.5)		(17.4)		3,650.3
Redeemable Preferred Stocks	9.8		0.4		—		—		10.2
Collateralized Loan Obligations	850.8		2.5		(7.8)		(2.5)		843.0
Other Mortgage- and Asset-backed	375.3		1.1		(23.2)		—		353.2
Investments in Fixed Maturities	$	7,475.7	$	20.8	$	(733.1)	$	(20.1)	$	6,743.3


	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	588.6	$	0.6	$	(102.4)	$	—	$	486.8
States and Political Subdivisions	1,457.3		1.6		(225.4)		(0.3)		1,233.2
Foreign Governments	6.5		0.3		(0.2)		—		6.6
Corporate Securities:
Bonds and Notes	4,038.3		8.9		(518.8)		(8.8)		3,519.6
Redeemable Preferred Stocks	9.8		0.1		(1.0)		—		8.9
Collateralized Loan Obligations	747.8		2.5		(7.2)		(1.6)		741.5
Other Mortgage- and Asset-backed	446.7		0.8		(34.5)		—		413.0
Investments in Fixed Maturities	$	7,295.0	$	14.8	$	(889.5)	$	(10.7)	$	6,409.6

Other Receivables included $1.6 million and $1.8 million of unsettled sales of Investments in Fixed Maturities at December 31, 2025 and December 31, 2024, respectively. There were $42.7 million and $11.6 million of unsettled purchases of Investments in Fixed Maturities included in Accrued Expenses and Other Liabilities as of December 31,2025 and December 31, 2024, respectively.


(Dollars in Millions)	Amortized Cost		Fair Value
Due in One Year or Less	$	196.6	$	186.1
Due after One Year to Five Years	975.4		946.3
Due after Five Years to Ten Years	942.1		865.9
Due after Ten Years	3,577.4		3,060.3
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date	1,784.2		1,684.7
Investments in Fixed Maturities	$	7,475.7	$	6,743.3

Investments in Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date at December 31, 2025 consisted of securities issued by the Government National Mortgage Association with a fair value of $345.2 million, securities issued by the Federal National Mortgage Association with a fair value of $84.9 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $58.4 million and securities of other non-governmental issuers with a fair value of $1,196.2 million.


(Dollars in Millions)	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	3.1	$	—	$	380.3	$	(82.8)	$	383.4	$	(82.8)
States and Political Subdivisions	86.2		(2.4)		1,063.3		(183.3)		1,149.5		(185.7)
Foreign Governments	1.0		—		0.5		(0.1)		1.5		(0.1)
Corporate Securities:
Bonds and Notes	353.0		(5.4)		2,759.5		(428.1)		3,112.5		(433.5)
Redeemable Preferred Stocks	—		—		2.0		—		2.0		—
Collateralized Loan Obligations	238.2		(1.2)		61.7		(6.6)		299.9		(7.8)
Other Mortgage- and Asset-backed	24.7		(0.5)		249.5		(22.7)		274.2		(23.2)
Total Fixed Maturities	$	706.2	$	(9.5)	$	4,516.8	$	(723.6)	$	5,223.0	$	(733.1)

The Company regularly reviews its fixed maturity investment portfolio for factors that may indicate that a decline in fair value of an investment has resulted from an expected credit loss. The portions of the declines in the fair values of fixed maturity investments that are determined to be due to expected credit losses are reported as losses in the Consolidated Statements of Income (Loss) in the periods when such determinations are made.

Investment-grade fixed maturity investments comprised $719.6 million and below-investment-grade fixed maturity investments comprised $13.6 million of the unrealized losses on investments in fixed maturities at December 31, 2025. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was 3.3% of the amortized cost basis of the investment.


(Dollars in Millions)	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	41.7	$	(0.5)	$	383.6	$	(101.9)	$	425.3	$	(102.4)
States and Political Subdivisions	242.7		(10.3)		933.4		(215.1)		1,176.1		(225.4)
Foreign Governments	—		—		1.4		(0.2)		1.4		(0.2)
Corporate Securities:
Bonds and Notes	674.3		(40.9)		2,605.7		(477.9)		3,280.0		(518.8)
Redeemable Preferred Stocks	2.0		—		6.6		(1.0)		8.6		(1.0)
Collateralized Loan Obligations	34.2		(0.1)		89.5		(7.1)		123.7		(7.2)
Other Mortgage- and Asset-backed	12.0		(0.1)		261.7		(34.4)		273.7		(34.5)
Total Fixed Maturities	$	1,006.9	$	(51.9)	$	4,281.9	$	(837.6)	$	5,288.8	$	(889.5)

Investment-grade fixed maturity investments comprised $875.3 million and below-investment-grade fixed maturity investments comprised $14.2 million of the unrealized losses on investments in fixed maturities at December 31, 2024. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 4.9% of the amortized cost basis of the investment.

At December 31, 2025 and 2024, the Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before an anticipated recovery of value. The Company evaluated these investments for credit losses at December 31, 2025 and 2024. The Company considers many factors in evaluating whether the unrealized losses were credit related including, but not limited to, the extent to which the fair value has been less than amortized cost, conditions related to the security, industry, or geographic area, payment structure of the investment and the likelihood of the issuer’s ability to make contractual cashflows, defaults or other collectability concerns related to the issuer, changes in the ratings assigned by a rating agency, and other credit enhancements that affect the investment’s expected performance. The Company determined that the unrealized losses on these securities were due to non-credit related factors at the evaluation date.

The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for the year ended December 31, 2025. Accrued interest excluded from the amortized cost of fixed maturities total $75.3 million and $70.9 million as of December 31, 2025 and 2024, respectively, and is reported within the Other Receivables line of the Consolidated Balance Sheets. The Company monitors accrued interest and writes off amounts when they are deemed uncollectible.


	States and Political Subdivisions		Corporate Bonds and Notes		Total
(Dollars in Millions)
Balance, Beginning of Year	$	0.3	$	10.4	$	10.7
Additions for Securities for which No Previous Expected Credit Losses were Recognized	—		2.4		2.4
Reductions due to Sales	—		(1.1)		(1.1)
Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized	(0.1)		9.4		9.3
Write-Offs Charged Against Allowance	—		(1.2)		(1.2)
Balance, End of Year	$	0.2	$	19.9	$	20.1


	States and Political Subdivisions		Corporate Bonds and Notes		Total
(Dollars in Millions)
Balance, Beginning of Year	$	0.5	$	7.7	$	8.2

Additions for Securities for which No Previous Expected Credit Losses were Recognized	—		3.4		3.4
Reduction due to Sales	—		(0.8)		(0.8)
Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized	(0.2)		0.1		(0.1)

Balance, End of Year	$	0.3	$	10.4	$	10.7

Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting. The Company’s investments in Equity Method Limited Liability Investments are generally of a passive nature in that the Company does not take an active role in the management of the investment entity.

The Company’s maximum exposure to loss at December 31, 2025 is limited to the total carrying value of $176.0 million. In addition, the Company had outstanding commitments totaling approximately $97.5 million to fund Equity Method Limited Liability Investments at December 31, 2025. At December 31, 2025, 3.1% of Equity Method Limited Liability Investments were reported without a reporting lag, 1.7% of the total carrying value were reported with a one-month lag, and the remainder were reported with a greater than a one-month but less than or equal to three-month lag.

There were no unsettled purchases or sales of Equity Method Limited Liability Investments as of December 31, 2025 or 2024. Unsettled purchases and sales of Equity Method Limited Liability Investments are carried within the Accrued Expenses and Other Liabilities and Other Receivables, respectively, on the Consolidated Balance Sheets.

Loans to Policyholders represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in Net Investment Income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.


(Dollars in Millions)	2025		2024
Equity Securities at Modified Cost	$	21.7	$	22.5

Real Estate at Depreciated Cost	92.7		99.5
Mortgage Loans	149.8		75.3

Other1	7.1		19.8
Total Other Investments	$	271.3	$	217.1

1In 2025, the Company elected to change the presentation of Alternative Energy Partnership Investments by including them within Other Investments. Prior-period amounts have been recast to conform to the current-period presentation.

Investments in Equity Securities at Modified Cost were $21.7 million and $22.5 million at December 31, 2025 and 2024, respectively. The Company performs a qualitative impairment analysis on a quarterly basis consisting of various factors such as earnings performance, current market conditions, changes in credit ratings, changes in the regulatory environment and other factors. If the qualitative analysis identifies the presence of impairment indicators, the Company estimates the fair value of the

investment. If the estimated fair value is below the carrying value, the Company records an impairment in the Consolidated Statements of Income (Loss) to reduce the carrying value to the estimated fair value. When the Company identifies observable transactions of the same or similar securities to those held by the Company, the Company increases or decreases the carrying value to the observable transaction price. The Company did not recognize any changes in carrying value due to observable transactions for the years ended December 31, 2025 and 2024. The Company did not recognize any impairment on Equity Securities at Modified Cost for the year ended December 31, 2025. The Company recognized an impairment of $0.4 million and $0.5 million on Equity Securities at Modified Cost for the year ended December 31, 2024 and 2023, respectively, as a result of the Company’s impairment analysis. The Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $3.2 million of cumulative impairments on Equity Securities at Modified Cost held as of December 31, 2025. The Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $3.2 million of cumulative impairments on Equity Securities at Modified Cost held as of December 31, 2024.


DOLLARS IN MILLIONS	2025		2024		2023
Investment Income:
Interest on Fixed Income Securities1,2	$	309.4	$	315.3	$	323.3
Dividends on Equity Securities Excluding Alternative Investments	8.0		5.4		4.4
Alternative Investments:
Equity Method Limited Liability Investments	(7.0)		(18.2)		10.5

Limited Liability Investments Included in Equity Securities	13.7		24.5		19.0
Total Alternative Investments	6.7		6.3		29.5
Short-term Investments	22.8		33.5		18.0
Loans to Policyholders	20.8		21.0		20.9
Real Estate	9.4		8.8		8.9
Company-Owned Life Insurance	42.9		35.7		29.2
Other	11.5		8.2		12.9
Total Investment Income	431.5		434.2		447.1
Investment Expenses:
Real Estate	9.0		8.7		8.8
Other Investment Expenses1	17.5		18.0		18.6
Total Investment Expenses	26.5		26.7		27.4
Net Investment Income	$	405.0	$	407.5	$	419.7
1In 2024, the Company changed its presentation of the details of investment performance to report interest expense incurred on Federal Home Loan Bank ("FHLB") borrowings as an offset to interest on fixed income securities since FHLB borrowings are used for spread lending purposes. The interest expense incurred on FHLB borrowings was previously reported within Other Investment Expenses. The prior period amounts presented above have been updated to reflect this change in presentation.
2Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $18.7 million, $20.3 million and $22.7 million for the year ended December 31, 2025, 2024, and 2023, respectively.


DOLLARS IN MILLIONS	2025		2024		2023
Fixed Maturities:
Gains on Sales	$	6.3	$	20.2	$	5.9
Losses on Sales	(2.1)		(3.2)		(10.9)
Losses on Hedging Activity1	—		(7.9)		(11.9)
Equity Securities:
Gains on Sales	0.9		4.2		0.6
Losses on Sales	—		(0.1)		(2.5)






Other Investments:

Gains on Sales	0.4		4.2		0.2
Losses on Sales	—		(4.2)		—

Net Realized Investment Gains (Losses)	$	5.5	$	13.2	$	(18.6)

Gross Gains on Sales	$	7.6	$	28.6	$	6.7
Gross Losses on Sales	(2.1)		(7.5)		(13.4)
Losses on Hedging Activity1	—		(7.9)		(11.9)
Net Realized Investment Gains (Losses)	$	5.5	$	13.2	$	(18.6)
1Includes Ultra-Long Treasury Future derivative securities which do not qualify for hedge accounting treatment.