Segment Information

12 Months Ended

Dec. 31, 2019

The Company conducts and manages its business through five segments. See Note 1 for a description of the Company's reporting segments that changed effective in the third quarter of 2019. The four operating segments, representing the major lines of insurance business, are Property and Casualty (primarily personal lines of automobile and property insurance products), the newly created Supplemental (primarily heart, cancer, accident and limited short-term supplemental disability coverages), Retirement (primarily tax-qualified fixed and variable annuities) and Life (life insurance). The Company does not allocate the impact of corporate-level transactions to these operating segments, consistent with the basis for management's evaluation of the results of those segments, but classifies those items in the fifth segment, Corporate and Other. In addition to ongoing transactions such as corporate debt service, net investment gains (losses) and certain public company expenses, such items also have included corporate debt retirement costs, when applicable.

The accounting policies of the segments are the same as those described in Note 1. The Company accounts for intersegment transactions, primarily the allocation of operating and agency costs from Corporate and Other to Property and Casualty, Supplemental, Retirement and Life, on a direct cost basis.

Summarized financial information for these segments is as follows:



($ in thousands)	Years Ended December 31,
	2019			2018			2017
Insurance premiums and contract charges earned
Property and Casualty	$	683,454		$	665,734		$	648,263
Supplemental	65,815			N/A			N/A
Retirement	29,083			31,269			28,003
Life	119,602			120,330			118,437
Total	$	897,954		$	817,333		$	794,703

Net investment income
Property and Casualty	$	41,740		$	40,104		$	36,178
Supplemental	7,480			N/A			N/A
Retirement	245,475			262,634			261,994
Life	71,957			74,399			76,195
Corporate and Other	(85		)	142			78
Intersegment eliminations	(1,503		)	(772		)	(815		)
Total	$	365,064		$	376,507		$	373,630

Net income (loss)
Property and Casualty	$	54,359		$	(14,243	)	$	17,790
Supplemental	17,989			N/A			N/A
Retirement	(4,867		)	41,736			88,473
Life	17,574			18,754			77,595
Corporate and Other	99,388			(27,904		)	(14,399		)
Total	$	184,443		$	18,343		$	169,459



($ in thousands)	December 31,
	2019			2018			2017
Assets
Property and Casualty	$	1,327,099		$	1,236,362		$	1,217,394
Supplemental	747,602			N/A			N/A
Retirement	8,330,127			7,866,969			8,063,912
Life	1,964,993			1,821,351			1,815,732
Corporate and Other	172,955			149,014			143,784
Intersegment eliminations	(64,072		)	(41,800		)	(42,482		)
Total	$	12,478,704		$	11,031,896		$	11,198,340

Additional significant financial information for these segments is as follows:



($ in thousands)	Years Ended December 31,
	2019			2018			2017
DAC amortization expense
Property and Casualty	$	79,453		$	79,073		$	76,967
Supplemental	438			N/A			N/A
Retirement	21,446			23,186			17,759
Life	7,844			7,630			7,459
Total	$	109,181		$	109,889		$	102,185

Income tax expense (benefit)
Property and Casualty	$	13,954		$	(6,622	)	$	(3,279	)
Supplemental	5,105			N/A			N/A
Retirement	33,772			10,000			(19,498		)
Life	4,907			4,979			(51,876		)
Corporate and Other	(5,732		)	(7,163		)	(6,119		)
Total	$	52,006		$	1,194		$	(80,772	)