v3.26.1
BUSINESS SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Operating Information by Segment
Operating information by segment is as follows (dollars in millions):
Three months endedSix months ended
June 30,June 30,
2026202520262025
Revenues:
Annuity:
Insurance policy income$10.2 $8.4 $18.9 $18.2 
Net investment income163.9 155.3 324.9 303.3 
Total annuity revenues174.1 163.7 343.8 321.5 
Health:
Insurance policy income436.4 412.5 868.4 824.5 
Net investment income75.8 75.9 150.3 151.0 
Total health revenues 512.2 488.4 1,018.7 975.5 
Life:
Insurance policy income234.1 230.4 466.8 459.3 
Net investment income38.4 37.8 76.4 75.4 
Total life revenues272.5 268.2 543.2 534.7 
Change in market values of the underlying options supporting fixed indexed products
161.8 79.5 97.3 9.3 
Investment income not allocated to product lines152.9 128.2 270.0 242.0 
Fee revenue and other income:
Fee revenue18.5 33.5 61.3 80.9 
Amounts netted in expenses not allocated to product lines0.8 1.2 1.8 2.2 
Total segment revenues$1,292.8 $1,162.7 $2,336.1 $2,166.1 
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Three months endedSix months ended
June 30,June 30,
2026202520262025
Expenses:
Annuity:
Insurance policy benefits$9.0 $10.0 $20.6 $20.3 
Interest credited75.7 73.4 147.5 141.7 
Amortization and non-deferred commissions28.8 25.5 56.6 50.2 
Total annuity expenses 113.5 108.9 224.7 212.2 
Health:
Insurance policy benefits322.3 313.3 653.5 633.6 
Amortization and non-deferred commissions42.7 41.1 85.4 81.7 
Total health expenses365.0 354.4 738.9 715.3 
Life:
Insurance policy benefits139.3 144.5 282.7 282.6 
Interest credited 14.2 13.8 27.9 26.8 
Amortization and non-deferred commissions30.3 27.6 59.8 53.6 
Advertising expense
17.5 18.7 35.8 39.9 
Total life expenses201.3 204.6 406.2 402.9 
Allocated expenses 152.9 149.4 312.8 310.6 
Expenses not allocated to product lines24.1 26.5 44.5 47.8 
Market value changes of options credited to fixed indexed annuity and life policyholders161.8 79.5 97.3 9.3 
Amounts netted in investment income not allocated to product lines:
Interest expense 51.4 53.3 98.3 107.5 
Interest credited36.5 26.9 72.1 54.0 
Impact of annual option forfeitures related to fixed indexed annuity surrenders(5.4)(1.5)(9.6)(5.0)
Amortization1.1 0.8 2.2 1.6 
Other expenses 19.9 14.9 15.9 12.1 
Expenses netted in fee revenue:
Commissions and other operating expenses19.7 32.7 51.9 80.9 
Total segment expenses1,141.8 1,050.4 2,055.2 1,949.2 
Pre-tax measure of profitability:
Annuity margin60.6 54.8 119.1 109.3 
Health margin147.2 134.0 279.8 260.2 
Life margin71.2 63.6 137.0 131.8 
Total insurance product margin279.0 252.4 535.9 501.3 
Allocated expenses(152.9)(149.4)(312.8)(310.6)
Income from insurance products126.1 103.0 223.1 190.7 
Fee income margin
(1.2)0.8 9.4 — 
Investment income not allocated to product lines49.4 33.8 91.1 71.8 
Expenses not allocated to product lines(23.3)(25.3)(42.7)(45.6)
Operating earnings before taxes 151.0 112.3 280.9 216.9 
Income tax expense on operating income 31.5 24.8 60.1 48.3 
Net operating income $119.5 $87.5 $220.8 $168.6 
Schedule of Reconciliation of Segment Revenues and Expenses to Consolidated Revenues and Expenses and Net Income (Loss)
A reconciliation of segment revenues and expenses to consolidated revenues and expenses and net income is as follows (dollars in millions):
Three months endedSix months ended
June 30,June 30,
2026202520262025
Total segment revenues$1,292.8 $1,162.7 $2,336.1 $2,166.1 
Total investment losses
(14.7)(18.4)(37.4)(25.2)
Revenues related to earnings attributable to VIEs3.8 7.2 7.6 14.7 
Fee revenue related to divested business
3.3 — 8.5 — 
Consolidated revenues1,285.2 1,151.5 2,314.8 2,155.6 
Total segment expenses1,141.8 1,050.4 2,055.2 1,949.2 
Changes in fair value of embedded derivative liabilities and market risk benefits
(34.6)(25.2)7.8 44.4 
Expenses attributable to VIEs4.2 7.1 8.8 14.5 
Expenses related to TechMod initiative
9.7 3.2 23.4 3.2 
Expenses related to divested business
4.4 — 11.5 — 
Other expenses— (2.0)— (1.5)
Consolidated expenses1,125.5 1,033.5 2,106.7 2,009.8 
Income before tax159.7 118.0 208.1 145.8 
Income tax expense33.8 26.2 44.5 32.5 
Net income$125.9 $91.8 $163.6 $113.3 
Schedule of Balance Sheet Information, by Segment
Segment balance sheet information is as follows (dollars in millions):
June 30,December 31,
20262025
Assets:
Annuity$14,333.1 $13,692.5 
Health9,310.9 9,367.1 
Life4,380.9 4,331.3 
Investments not allocated to product lines11,347.4 10,879.8 
Assets of our non-life companies included in the fee income segment130.9 161.0 
Assets of our other non-life companies358.0 358.9 
Total assets$39,861.2 $38,790.6 
Liabilities:
Annuity$14,879.7 $14,445.0 
Health9,479.4 9,573.7 
Life4,476.7 4,448.9 
Liabilities associated with investments not allocated to product lines (a)8,226.9 7,425.3 
Liabilities of our non-life companies included in the fee income segment34.0 50.5 
Liabilities of our other non-life companies172.9 209.0 
Total liabilities$37,269.6 $36,152.4 
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(a)     Includes investment borrowings, policyholder account balances related to funding agreements, borrowings related to VIEs and notes payable - direct corporate obligations.