Liability for Future Policyholder Benefits (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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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 three and six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | (Dollars in Millions) | | Jun 30, 2026 | | Jun 30, 2025 | | Jun 30, 2026 | | Jun 30, 2025 | | Present Value of Expected Net Premiums | Balance, Beginning of Period | | $ | 681.8 | | | $ | 668.2 | | | $ | 672.6 | | | $ | 646.1 | | | | | | | | | | | | Beginning Balance at Original Discount Rate | | $ | 704.4 | | | $ | 695.0 | | | $ | 686.6 | | | $ | 681.0 | | | Effect of Changes in Cash Flow Assumptions | | — | | | — | | | — | | | — | | | Effect of Actual Variances from Expected Experience | | 1.8 | | | 6.9 | | | 11.2 | | | 16.7 | | | Adjusted Beginning of Period Balance | | 706.2 | | | 701.9 | | | 697.8 | | | 697.7 | | | Issuances | | 27.2 | | | 20.3 | | | 53.0 | | | 40.7 | | | Interest Accrual | | 7.4 | | | 7.5 | | | 14.7 | | | 14.8 | | | Net Premiums Collected | | (25.1) | | | (24.1) | | | (49.8) | | | (47.6) | | | Ending Balance at Original Discount Rate | | 715.7 | | | 705.6 | | | 715.7 | | | 705.6 | | | Effect of Changes in Discount Rate Assumptions | | (22.2) | | | (22.5) | | | (22.2) | | | (22.5) | | | Balance, End of Period | | $ | 693.5 | | | $ | 683.1 | | | $ | 693.5 | | | $ | 683.1 | | | Present Value of Expected Future Policyholder Benefits | Balance, Beginning of Period | | $ | 3,295.2 | | | $ | 3,333.5 | | | $ | 3,348.5 | | | $ | 3,295.9 | | | | | | | | | | | | Beginning Balance at Original Discount Rate | | $ | 3,825.6 | | | $ | 3,823.5 | | | $ | 3,806.6 | | | $ | 3,812.1 | | | Effect of Changes in Cash Flow Assumptions | | — | | | — | | | — | | | — | | | Effect of Actual Variances from Expected Experience | | (0.1) | | | 6.7 | | | 8.9 | | | 16.7 | | | Adjusted Beginning of Period Balance | | 3,825.5 | | | 3,830.2 | | | 3,815.5 | | | 3,828.8 | | | Issuances | | 27.1 | | | 20.7 | | | 52.9 | | | 41.1 | | | Interest Accrual | | 41.8 | | | 42.0 | | | 83.5 | | | 84.0 | | | Benefit Payments | | (55.9) | | | (58.6) | | | (113.4) | | | (119.6) | | | Ending Balance at Original Discount Rate | | 3,838.5 | | | 3,834.3 | | | 3,838.5 | | | 3,834.3 | | | Effect of Changes in Discount Rate Assumptions | | (506.7) | | | (490.9) | | | (506.7) | | | (490.9) | | | Balance, End of Period | | $ | 3,331.8 | | | $ | 3,343.4 | | | $ | 3,331.8 | | | $ | 3,343.4 | | | Net Liability for Future Policyholder Benefits, pre-flooring | | $ | 2,638.3 | | | $ | 2,660.3 | | | $ | 2,638.3 | | | $ | 2,660.3 | | | Cumulative impact of flooring the future Policyholder Benefits Reserve | | — | | | — | | | — | | | — | | | Net Liability for Future Policyholder Benefits, post-flooring | | 2,638.3 | | | 2,660.3 | | | 2,638.3 | | | 2,660.3 | | | Less: Reinsurance Recoverable | | — | | | — | | | — | | | — | | | Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable | | $ | 2,638.3 | | | $ | 2,660.3 | | | $ | 2,638.3 | | | $ | 2,660.3 | |
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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: | | | | | | | | | | | | | | | | | Jun 30, 2026 | | Jun 30, 2025 | | Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years) | | 13.4 | | 13.7 |
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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 Condensed Consolidated Balance Sheets is as follows: | | | | | | | | | | | | | | | | (Dollars in Millions) | | Jun 30, 2026 | | Jun 30, 2025 | | | | | | | | | | | | | | | | | Net Liability for Future Policyholder Benefits, post-flooring | | $ | 2,638.3 | | | $ | 2,660.3 | | | Deferred Profit Liability | | 510.3 | | | 444.5 | | Other1 | | 129.5 | | | 130.5 | | | Total Life and Health Insurance Reserves | | $ | 3,278.1 | | | $ | 3,235.3 | | 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, are as follows: | | | | | | | | | | | | | | | | (Dollars in Millions) | | Jun 30, 2026 | | Jun 30, 2025 | | Expected Future Benefit Payments, undiscounted | | $ | 10,067.6 | | | $ | 10,162.1 | | | Expected Future Gross Premiums, undiscounted | | $ | 3,938.1 | | | $ | 4,015.8 | | | Expected Future Gross Premiums, discounted | | $ | 2,641.2 | | | $ | 2,691.6 | |
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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 Condensed Consolidated Statements of (Loss) Income is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | (Dollars in Millions) | | Jun 30, 2026 | | Jun 30, 2025 | | Jun 30, 2026 | | Jun 30, 2025 | | Gross Premiums or Assessments | | $ | 99.4 | | | $ | 98.8 | | | $ | 200.9 | | | $ | 200.5 | | | Interest Expense | | $ | 34.3 | | | $ | 34.4 | | | $ | 68.8 | | | $ | 69.1 | |
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| Weighted Average Interest Rate for Future Policyholder Benfits |
The weighted-average interest rate is as follows: | | | | | | | | | | | | | | | | | Jun 30, 2026 | | Jun 30, 2025 | | Interest Accretion Rate | | 4.50 | % | | 4.50 | % | | Current Discount Rate | | 5.83 | % | | 5.74 | % |
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| Policyholder Account Balance |
The balances of and changes in Deferred Profit Liability as of and for the periods indicated are as follows: | | | | | | | | | | | | | | | | | Six Months Ended | | (Dollars in Millions) | | Jun 30, 2026 | | Jun 30, 2025 | | Balance, Beginning of Year | | $ | 481.7 | | | $ | 412.1 | | | Profits Deferred | | 77.0 | | | 79.6 | | | Interest Accrual | | 11.2 | | | 9.7 | | | Amortization | | (58.9) | | | (57.6) | | | Effect of Actual Variances from Expected Experience and Other Changes | | (0.7) | | | 0.7 | | | Balance, End of Period | | $ | 510.3 | | | $ | 444.5 | |
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