Liability for Future Policyholder Benefits (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Insurance [Abstract] |
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| Liability for Future Policy Benefit, Activity |
The following tables summarize balances and changes in the present value of expected net premiums, present value of expected future policyholder benefits and net liability for future policyholder benefits as of and for the years ended December 31, 2025, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | DOLLARS IN MILLIONS | Year Ended | | | Dec 31, 2025 | | Dec 31, 2024 | | Dec 31, 2023 | | Present Value of Expected Net Premiums | Balance, Beginning of Year | $ | 646.1 | | | $ | 675.4 | | | $ | 688.6 | | | | | | | | | Beginning Balance at Original Discount Rate | $ | 681.0 | | | $ | 694.7 | | | $ | 728.9 | | | Effect of Changes in Cash Flow Assumptions | (28.5) | | | (56.6) | | | (35.7) | | | Effect of Actual Variances from Expected Experience | 17.6 | | | 0.3 | | | (38.5) | | | Adjusted Beginning of Period Balance | 670.1 | | | 638.4 | | | 654.7 | | | Issuances | 83.1 | | | 105.4 | | | 105.2 | | | Interest Accrual | 29.6 | | | 31.0 | | | 29.7 | | | Net Premiums Collected | (96.2) | | | (93.8) | | | (94.9) | | | Ending Balance at Original Discount Rate | 686.6 | | | 681.0 | | | 694.7 | | | Effect of Changes in Discount Rate Assumptions | (14.0) | | | (34.9) | | | (19.3) | | | Balance, End of Year | $ | 672.6 | | | $ | 646.1 | | | $ | 675.4 | | | Present Value of Expected Future Policyholder Benefits | Balance, Beginning of Year | $ | 3,295.9 | | | $ | 3,613.2 | | | $ | 3,561.0 | | | | | | | | | Beginning Balance at Original Discount Rate | $ | 3,812.1 | | | $ | 3,835.9 | | | $ | 3,906.2 | | | Effect of Changes in Cash Flow Assumptions | (37.8) | | | (68.5) | | | (59.0) | | | Effect of Actual Variances From Expected Experience | 12.6 | | | (7.0) | | | (45.5) | | | Adjusted Beginning of Period Balance | 3,786.9 | | | 3,760.4 | | | 3,801.7 | | | Issuances | 83.1 | | | 105.5 | | | 104.6 | | | Interest Accrual | 167.9 | | | 170.5 | | | 171.0 | | | Benefit Payments | (231.3) | | | (224.3) | | | (241.4) | | | Ending Balance at Original Discount Rate | 3,806.6 | | | 3,812.1 | | | 3,835.9 | | | Effect of Changes in Discount Rate Assumptions | (458.1) | | | (516.2) | | | (222.7) | | | Balance, End of Year | $ | 3,348.5 | | | $ | 3,295.9 | | | $ | 3,613.2 | | | Net Liability for Future Policyholder Benefits, pre-flooring | $ | 2,675.9 | | | $ | 2,649.8 | | | $ | 2,937.8 | | | Cumulative impact of flooring the future Policyholder Benefits Reserve | — | | | — | | | — | | | Net Liability for Future Policyholder Benefits, post-flooring | 2,675.9 | | | 2,649.8 | | | 2,937.8 | | | Less: Reinsurance Recoverable | — | | | — | | | — | | | Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable | $ | 2,675.9 | | | $ | 2,649.8 | | | $ | 2,937.8 | |
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| Weighted-Average Liability Duration |
The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows: | | | | | | | | | | | | | | | | | | | Dec 31, 2025 | | Dec 31, 2024 | | Dec 31, 2023 | | Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years) | 13.3 | | 13.9 | | 15.3 |
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| Reconciliation of Net Liability for Future Policyholder Benefits |
The reconciliation of the net liability for future policyholder benefits to Life and Health Insurance Reserves in the Consolidated Balance Sheets is as follows: | | | | | | | | | | | | | DOLLARS IN MILLIONS | Dec 31, 2025 | | Dec 31, 2024 | | | | | | | | | | Net Liability for Future Policyholder Benefits, post-flooring | $ | 2,675.9 | | | $ | 2,649.8 | | | Deferred Profit Liability | 481.7 | | | 412.1 | | Other1 | 129.9 | | | 137.8 | | | Total Life and Health Insurance Reserves | $ | 3,287.5 | | | $ | 3,199.7 | |
1Other primarily consists of Accident and Health and Universal Life reserves
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| Undiscounted Expected Gross Premiums and Expected Future Benefit Payments |
The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, is as follows: | | | | | | | | | | | | | DOLLARS IN MILLIONS | Dec 31, 2025 | | Dec 31, 2024 | | Expected Future Benefit Payments, undiscounted | $ | 9,981.3 | | | $ | 10,100.0 | | | Expected Future Gross Premiums, undiscounted | $ | 3,830.7 | | | $ | 3,976.4 | | | Expected Future Gross Premiums, discounted | $ | 2,614.7 | | | $ | 2,628.1 | |
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| Liability for Future Policy Benefits Interest Expense and Premiums |
The amount of revenue and interest recognized on life insurance products in the Consolidated Statements of Income (Loss) is as follows: | | | | | | | | | | | | | | | | | | | | | | | Year Ended | | DOLLARS IN MILLIONS | | Dec 31, 2025 | | Dec 31, 2024 | | Dec 31, 2023 | | Gross Premiums or Assessments | | $ | 398.6 | | | $ | 399.6 | | | $ | 399.0 | | | Interest Expense | | $ | 138.2 | | | $ | 139.5 | | | $ | 141.3 | |
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| Weighted Average Interest Rate for Future Policyholder Benfits |
The weighted-average interest rate is as follows: | | | | | | | | | | | | | Dec 31, 2025 | | Dec 31, 2024 | | Interest Accretion Rate | 4.53 | % | | 4.55 | % | | Current Discount Rate | 5.71 | % | | 5.77 | % |
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| Policyholder Account Balance |
The balances of and changes in Deferred Profit Liability as of and for the years indicated below are as follows: | | | | | | | | | | | | | | | | | | | DOLLARS IN MILLIONS | Dec 31, 2025 | | Dec 31, 2024 | | Dec 31, 2023 | | Balance, beginning of period | $ | 412.1 | | | $ | 337.8 | | | $ | 253.6 | | | Annual assumption changes | 6.3 | | | 4.8 | | | 15.0 | | | Profits deferred | 156.6 | | | 160.7 | | | 163.1 | | | Interest accrual | 20.2 | | | 17.1 | | | 13.2 | | | Amortization | (115.9) | | | (110.7) | | | (111.2) | | | Effect of actual variances from expected experience and other changes | 2.4 | | | 2.4 | | | 4.1 | | | Balance, end of period | $ | 481.7 | | | $ | 412.1 | | | $ | 337.8 | |
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