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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of company's fair value hierarchy measured at recurring basis
The following table presents the Company's fair value hierarchy for financial assets and financial liabilities measured and carried at fair value on a recurring basis. During the three months ended March 31, 2023 and 2022, there were no transfers between Level 1 and Level 2. As of March 31, 2023, Level 3 invested assets comprised 8.0% of the Company’s total investment portfolio at fair value.
($ in millions)Carrying
Amount		Fair
Value		Fair Value Measurements at
Reporting Date Using
 Level 1Level 2Level 3
March 31, 2023
Financial Assets
Investments
Fixed maturity securities
U.S. Government and federally
   sponsored agency obligations:
Mortgage-backed securities$584.0 $584.0 $— $581.4 $2.6 
Other, including U.S. Treasury securities364.8 364.8 38.5 326.3 — 
Municipal bonds1,290.9 1,290.9 — 1,235.5 55.4 
Foreign government bonds32.6 32.6 — 32.6 — 
Corporate bonds1,943.5 1,943.5 13.2 1,646.3 284.0 
Other asset-backed securities1,134.2 1,134.2 — 1,032.2 102.0 
Total fixed maturity securities5,350.0 5,350.0 51.7 4,854.3 444.0 
Equity securities98.8 98.8 24.3 72.5 2.0 
Short-term investments75.0 75.0 75.0 — — 
Other investments41.8 41.8 — 41.8 — 
Totals$5,565.6 $5,565.6 $151.0 $4,968.6 $446.0 
Separate Account variable annuity assets(1)
$2,954.7 $2,954.7 $2,954.7 $— $— 
Financial Liabilities
Investment contract and future policy benefit reserves, embedded derivatives$1.7 $1.7 $— $1.7 $— 
Other policyholder funds, embedded derivatives$89.9 $89.9 $— $— $89.9 
December 31, 2022
Financial Assets
Investments
Fixed maturity securities
U.S. Government and federally
   sponsored agency obligations:
Mortgage-backed securities$570.4 $570.4 $— $567.8 $2.6 
Other, including U.S. Treasury securities342.6 342.6 24.6 318.0 — 
Municipal bonds
1,269.7 1,269.7 — 1,215.3 54.4 
Foreign government bonds
33.6 33.6 — 33.6 — 
Corporate bonds
1,901.7 1,901.7 12.2 1,628.2 261.3 
Other asset-backed securities
1,067.0 1,067.0 — 962.0 105.0 
Total fixed maturity securities5,185.0 5,185.0 36.8 4,724.9 423.3 
Equity securities99.6 99.6 23.3 74.3 2.0 
Short-term investments109.4 109.4 109.4 — — 
Other investments38.6 38.6 — 38.6 — 
Totals$5,432.6 $5,432.6 $169.5 $4,837.8 $425.3 
Separate Account (variable annuity) assets(1)
$2,792.3 $2,792.3 $2,792.3 $— $— 
Financial Liabilities     
Investment contract and future policy benefit reserves, embedded derivatives$1.2 $1.2 $— $1.2 $— 
Other policyholder funds, embedded derivatives$91.0 $91.0 $— $— $91.0 
(1)    Separate Account variable annuity assets represent contractholder funds invested in various actively traded mutual funds that have daily quoted net asset values that are readily determinable for identical assets that the Company can access. Separate Account variable annuity liabilities are equal to the estimated fair value of the Separate Account variable annuity assets.
Table for reconciliations for all Level 3 assets measured at fair value on a recurring basis
The reconciliation for all financial assets and financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were as follows:
($ in millions)Financial Assets
Financial
Liabilities(1)
Municipal
Bonds		Corporate
Bonds

Mortgage-Backed
and Other
Asset-
Backed
Securities(2)
Total
Fixed
Maturity
Securities		Equity
Securities		Total
Beginning balance, January 1, 2023$54.4 $261.3 $107.6 $423.3 $2.0 $425.3 $91.0 
Transfers into Level 3(3)
— 5.9 0.4 6.3 — 6.3 — 
Transfers out of Level 3(3)
— — — — — — — 
Total gains or losses
Net investment gains (losses)
 included in net income related
 to financial assets
— — — — — — — 
Net investment (gains) losses
 included in net income related
 to financial liabilities
— — — — — — 0.2 
Net unrealized investment gains
 (losses) included in OCI
1.2 0.9 (0.4)1.7 — 1.7 — 
Purchases— 19.0 0.2 19.2 — 19.2 — 
Issuances— — — — — — 2.1 
Sales— (2.6)— (2.6)— (2.6)— 
Settlements— — — — — — — 
Paydowns, maturities and distributions(0.2)(0.5)(3.2)(3.9)— (3.9)(3.4)
Ending balance, March 31, 2023$55.4 $284.0 $104.6 $444.0 $2.0 $446.0 $89.9 
Beginning balance, January 1, 2022$60.8 $210.3 $98.9 $370.0 $1.4 $371.4 $106.6 
Transfers into Level 3(3)
— 67.5 4.7 72.2 — 72.2 — 
Transfers out of Level 3(3)
(3.2)— (4.8)(8.0)— (8.0)— 
Total gains or losses
Net investment gains (losses)
 included in net income related
 to financial assets
— — (0.9)(0.9)(0.1)(1.0)— 
Net investment (gains) losses
 included in net income related
 to financial liabilities
— — — — — — (5.2)
Net unrealized investment gains
 (losses) included in OCI
(3.4)(6.4)(4.1)(13.9)— (13.9)— 
Purchases— — — — — — — 
Issuances— — — — — — 0.9 
Sales— — — — — — — 
Settlements— — — — — — — 
Paydowns, maturities and distributions(0.1)(45.4)(4.0)(49.5)— (49.5)(3.2)
Ending balance, March 31, 2022$54.1 $226.0 $89.8 $369.9 $1.3 $371.2 $99.1 
(1)Represents embedded derivatives, all related to the Company's fixed indexed annuity products, reported in Other policyholder funds in the Company's Consolidated Balance Sheets.
(2)Includes U.S. Government and federally sponsored agency obligations for mortgage-backed securities and other asset-backed securities.
(3)Transfers into and out of Level 3 during the three months ended March 31, 2023 and 2022 were related to changes in the primary pricing source and changes in observability of external information used in determining fair value. The Company's policy is to recognize transfers into and out of the levels as having occurred at the end of the reporting period in which the transfers were determined.
Fair value measurement inputs and valuation techniques
The following table provides quantitative information about the significant unobservable inputs for recurring fair value measurements categorized within Level 3.
($ in millions)
Financial
Assets
Fair Value as of
March 31, 2023
Valuation Technique(s)Unobservable Inputs
Range
(Weighted Average)
and Single Point Best Estimate(1)
Municipal bonds$55.4 discounted cash flowoption adjusted spread
308 bps
Corporate bonds284.0 discounted cash flowyield
6.1%
vendor priced vendor priced
79.64
discounted cash flowyield
11.0%
market comparableEV / Fwd EBITDA (x)
5.92x
discounted cash flowdiscount rate
6.2% - 10.7%
discounted cash flowexit cap
6.2%
discounted cash flow option adjusted spread
241 bps
Mortgage-backed and other asset-backed securities104.6 vendor price haircut
0.01% -0.3%
discounted cash flowdiscount margin
39.5%
discounted cash flowdiscount rate
16.0% - 21.0%
discounted cash flowmedian comparable yield
20.7% - 43.2%
discounted cash flowyield
6.4% - 6.5%
discounted cash flowLIBOR2.3%
discounted cash flowPDI spread5.5%
discounted cash flowSBL spread4.5%
discounted cash flowweighting
17.0% - 83.0%
discounted cash flowCPR20.0%
discounted cash flowdefault rate annual4.0%
discounted cash flowrecovery65.0%
discounted cash flowI spread
175 bps
discounted cash flowN spread
463 bps
discounted cash flowT Spread
226 bps
market comparable median price
81.34
Equity securities2.0black-scholesvolatility
low 28.0% - high 44.0%
black-scholes time to exit
2.67 bps
market comparable price/book ExAOCI
1.06x
($ in millions)
Financial
Liabilities
Fair Value as of
March 31, 2023
Valuation Technique(s)Unobservable Inputs
Range
(Weighted Average)
and Single Point Best Estimate(1)
Derivatives
embedded in
fixed indexed annuity products		$89.9 discounted cash flowlapse rate5.4%
mortality multiplier(4)
67.8%
      option budget 
0.9% - 3.5%
non-performance adjustment(5)
5.0%
(1)    When a range of unobservable inputs is not readily available, the Company uses a single point best estimate.
(2)    "N spread" is the interpolated weighted average life point on the swap curve.
(3)    "T spread" is a specific point on the OTR curve.
(4)    Mortality multiplier is applied to the Annuity 2000 table.
(5)    Determined as a percentage of the risk-free rate.
The following table summarizes the ranges of actual experience and expected experience for mortality and lapses of LFPB:
March 31, 2023
Whole Life Term LifeExperience Life Limited-Pay Whole Life SPIA (life contingent)
Mortality
Actual experience0.7 %
0.1% - 0.3%
1.9 %— %N.M.
Expected experience0.7 %
0.1% - 0.6%
1.6 %0.2 %N.M.
Lapses
Actual experience3.6 %
5.6% - 8.3%
3.4 %3.6 %N.M.
Expected experience4.6 %
2.8% - 5.6%
3.0 %5.1 %N.M.
March 31, 2022
Whole LifeTerm LifeExperience LifeLimited-Pay Whole LifeSPIA (life contingent)
Mortality
Actual experience0.8 %
0.1% - 0.1%
1.8 %0.4 %N.M.
Expected experience0.7 %
0.1% - 0.3%
1.4 %0.2 %N.M.
Lapses
Actual experience3.0 %
5.2% - 76.1%
3.1 %2.9 %N.M.
Expected experience5.7 %
2.8% - 6.6%
3.1 %7.2 %N.M.
Summary of fair value assets and liabilities measured on nonrecurring basis The following table presents the carrying amount, fair value and fair value hierarchy of these financial assets and financial liabilities.
($ in millions)Carrying
Amount		Fair
Value		Fair Value Measurements at
Reporting Date Using
Level 1Level 2Level 3
March 31, 2023
Financial Assets
Other investments$174.3 $177.8 $— $— $177.8 
Deposit asset on reinsurance2,517.9 2,270.6 — — 2,270.6 
Financial Liabilities
Investment contract and future policy benefit reserves, fixed annuity contracts4,954.6 4,854.3 — — 4,854.3 
Investment contract and future policy benefit reserves, account values on life contracts113.3 109.3 — — 109.3 
Other policyholder funds938.4 938.4 — 888.1 50.3 
Reverse repurchase agreements70.2 74.7 — 74.7 — 
Short-term debt249.0 249.0 — — 249.0 
Long-term debt249.0 239.7 — 239.7 — 
December 31, 2022
Financial Assets
Other investments$167.4 $170.9 $— $— $170.9 
Deposit asset on reinsurance2,516.6 2,207.2 — — 2,207.2 
Financial Liabilities     
Investment contract and future policy benefit reserves, fixed annuity contracts4,988.5 4,901.3 — — 4,901.3 
Investment contract and future policy benefit reserves, account values on life contracts111.9 107.7 — — 107.7 
Other policyholder funds 863.0 863.0 — 810.7 52.3 
Reverse repurchase agreements70.2 73.3 — 73.3 — 
Short-term debt249.0 249.0 — — 249.0 
Long-term debt249.0 240.5 — 240.5 —