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Basis of Presentation and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Deferred Policy Acquisition Costs Asset by Segment
The Company's DAC by reporting segment was as follows:
($ in millions)December 31,
20222021
Property & Casualty$24.5 $24.4 
Life & Retirement403.5 219.4 
Supplemental & Group Benefits5.1 4.2 
Total$433.1 $248.0 
Schedule of Adjustment to Amortization Expenses The Company recognized the following adjustments to DAC amortization expense as a result of evaluating actual experience and prospective assumptions (i.e., the impact of unlocking):
($ in millions)Year Ended December 31,
202220212020
(Decrease) increase to DAC amortization expense:
Life & Retirement$5.1 $(1.5)$(2.1)
Supplemental & Group Benefits— — — 
Total$5.1 $(1.5)$(2.1)
Schedule of Property and Equipment The following amounts are included in Other assets in the Consolidated Balance Sheets:
($ in millions)December 31,
20222021
Property and equipment$148.3 $136.4 
Less: accumulated depreciation79.0 70.4 
Total$69.3 $66.0 
Schedule of Investment Contract and Life Policy Reserves
This table summarizes the Company's investment contract and policy reserves.
($ in millions)December 31,
20222021
Investment contract reserves$5,117.0 $4,941.3 
Policy reserves1,851.0 1,636.5 
Total
$6,968.0 $6,577.8 
Summary of Guaranteed Minimum Death Benefit The Company has relatively low exposure to GMDB risk as shown below.
($ in millions)December 31,
20222021
GMDB reserve$0.3 $0.1 
Aggregate in-the-money death benefits under the GMDB provision66.4 22.3 
Variable annuity contract value distribution based on GMDB feature:
No guarantee
25 %24 %
Return of premium guarantee
70 %71 %
Guarantee of premium roll-up at an annual rate of 5% or 5%
5 %5 %
Total
100 %100 %
Schedule of FHLB Funding Agreements
As of December 31, 2022, scheduled maturity dates for outstanding FHLB funding agreements were as follows:
($ in millions)
AmountInterest RateMaturity Date
$25.0 4.7 %September 09, 2026
50.0 4.6 %February 13, 2026
10.0 4.6 %February 13, 2026
200.0 4.2 %January 16, 2026
125.0 0.6 %September 11, 2025
12.5 0.7 %June 26, 2025
30.0 4.8 %February 28, 2025
10.0 4.8 %February 28, 2025
10.0 0.5 %February 14, 2025
50.0 4.7 %May 22, 2024
10.0 4.7 %May 22, 2024
25.0 4.0 %April 03, 2024
50.0 4.3 %January 12, 2024
100.0 3.9 %December 15, 2023
25.0 4.6 %February 10, 2023
60.0 4.3 %January 13, 2023
Total$792.5 
Schedule of Stock Options Fair Value Pricing Model Weighted-Average Assumptions The fair value of stock options granted was estimated on the respective dates of grant using the Black-Scholes option pricing model with the weighted average assumptions shown in the following table.
Year Ended December 31,
202220212020
Number of stock options granted162,224 183,272 234,248 
Weighted average grant date fair value of stock options granted$8.51 $7.73 $6.02 
Weighted average assumptions:
Risk-free interest rate1.9 %0.8 %0.8 %
Expected dividend yield3.2 %3.0 %2.7 %
Expected life, in years5.25.15.1
Expected volatility (based on historical volatility)30.2 %30.1 %22.8 %
Schedule of Computations of Net Income Per Share on both Basic and Diluted Bases, Including Reconciliations of the Numerators and Denominators
The computations of net income (loss) per share on both basic and diluted bases, including reconciliations of the numerators and denominators, were as follows:
($ in millions)Year Ended December 31,
202220212020
Basic:
Net income (loss) for the period$(2.6)$142.8 $133.3 
Weighted average number of common shares
during the period (in millions)
41.6 42.0 41.9 
Net income (loss) per share - basic$(0.06)$3.40 $3.18 
Diluted:
Net income (loss) for the period$(2.6)$142.8 $133.3 
Weighted average number of common shares
during the period (in thousands)
41.6 42.0 41.9 
Weighted average number of common equivalent shares to reflect the
dilutive effect of common stock equivalent securities (in millions):
Stock options— — — 
CSUs related to deferred compensation for employees— — — 
RSUs related to incentive compensation0.2 0.2 0.1 
Total common and common equivalent shares adjusted
to calculate diluted earnings per share (in millions)
41.8 42.2 42.0 
Net income (loss) per share - diluted$(0.06)$3.39 $3.17 
Accounting Standards Update and Change in Accounting Principle
At adoption, the Company will recognize an adjustment to retained earnings and AOCI for transition adjustments, including the change in the LFPB, DAC and MRBs. A summary of the January 1, 2021 transition date adjustments is included in the table below:
($ in millions)
Adjustments at Transition DateAOCIRetained Earnings
Liability for future policy benefits$(499.3)$(0.2)
Deferred policy acquisition costs71.5 — 
Market risk benefits(1.3)(5.4)
Total$(429.1)$(5.6)
The estimated range of impact from adoption to income after-tax for the years ended December 31, 2022 and 2021 is included in the table below:
($ in millions)
December 31, 2022December 31, 2021
low-end of rangehigh-end of rangelow-end of rangehigh-end of range
Liability for future policy benefits$7 $17 $15 $25 
Deferred policy acquisition costs8 10 3 4 
Market risk benefits0 4 2 6 
Total$15 $31 $20 $35 
The estimated range of the inception to date impact from adoption to AOCI and retained earnings as of December 31, 2022 and 2021 is included in the table below:
($ in millions)
December 31, 2022December 31, 2021
low-end of rangehigh-end of rangelow-end of rangehigh-end of range
Liability for future policy benefits$80 $100 $(375)$(355)
Deferred policy acquisition costs(83)(79)58 62 
Market risk benefits(3)3 (7)(1)
Total$(6)$24 $(324)$(294)