Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 13—Subsequent Events

In the fourth quarter of 2024, the Company entered into a coinsurance agreement to cede a majority of its annuity business to a third-party insurer. The annuity reserves ceded totaled approximately $460 million subject to final settlement. The pre-tax ceding commission under the agreement was approximately $50 million and will be recognized into income over the remaining life of the ceded contracts. Under the terms of the agreement, the reinsurer will be required to maintain assets in trust at 105% of reserves. The Company's annuity business comprises less than 1% of revenue and is not core to the Company's business. We anticipate that we will adjust our segment reporting to reflect the remaining annuity business within the Corporate and Other category of our segment reporting.