v3.25.4
Income from Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investment Income, Net [Abstract]  
Net Investment Income
Net Investment Income for the years ended December 31, 2025, 2024 and 2023 was:
DOLLARS IN MILLIONS202520242023
Investment Income:
Interest on Fixed Income Securities1,2
$309.4 $315.3 $323.3 
Dividends on Equity Securities Excluding Alternative Investments8.0 5.4 4.4 
Alternative Investments:
Equity Method Limited Liability Investments(7.0)(18.2)10.5 
Limited Liability Investments Included in Equity Securities13.7 24.5 19.0 
Total Alternative Investments6.7 6.3 29.5 
Short-term Investments22.8 33.5 18.0 
Loans to Policyholders20.8 21.0 20.9 
Real Estate9.4 8.8 8.9 
Company-Owned Life Insurance42.9 35.7 29.2 
Other11.5 8.2 12.9 
Total Investment Income431.5 434.2 447.1 
Investment Expenses:
Real Estate9.0 8.7 8.8 
Other Investment Expenses1
17.5 18.0 18.6 
Total Investment Expenses26.5 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.
Realized Gain (Loss) on Investments
The components of Net Realized Investment Gains (Losses) for the years ended December 31, 2025, 2024 and 2023 were:
DOLLARS IN MILLIONS202520242023
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 Sales0.9 4.2 0.6 
Losses on Sales— (0.1)(2.5)
Other Investments:
Gains on Sales0.4 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 $(18.6)
1Includes Ultra-Long Treasury Future derivative securities which do not qualify for hedge accounting treatment.
Other than Temporary Impairment, Credit Losses Recognized in Earnings
The components of Impairment Losses reported in the Consolidated Statements of Income (Loss) for the years ended December 31, 2025, 2024 and 2023 were:
DOLLARS IN MILLIONS202520242023
Fixed Maturities$(10.8)$(4.8)$(0.1)
Equity Securities at Modified Cost— (0.4)(0.5)
Real Estate0.1 (0.4)— 
Other (0.1)(0.2)(0.5)
Net Impairment Losses Recognized in Earnings1
$(10.8)$(5.8)$(1.1)
I Includes losses from intent-to-sell securities of $1.1 million, $3.3 million and $2.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.