Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

The Company conducts and manages its business through four reporting segments. The three reporting segments representing the major lines of business, are: (1) Property & Casualty (primarily personal lines of auto and property insurance products), (2) Life & Retirement (primarily tax-qualified fixed and variable annuities as well as life insurance products), and (3) Supplemental & Group Benefits (primarily cancer, heart, hospital, supplemental disability, accident, short-term and long-term group disability, and group term life coverages). The Company does not allocate the impact of corporate-level transactions to these reporting segments, consistent with the basis for management's evaluation of the results of those reporting segments, but classifies those items in the fourth reporting segment, Corporate & 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 reporting 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 & Other to Property & Casualty, Life & Retirement, and Supplemental & Group Benefits on a direct cost basis.

Summarized financial information for these segments is as follows (2022 and 2021 recast for the adoption of LDTI):

($ in millions)	December 31,
	2023		2022		2021
Net premiums and contract charges earned
Property & Casualty	$	645.6	$	608.2	$	617.4
Life & Retirement	151.7		144.0		143.4
Supplemental & Group Benefits(1)	259.8		275.5		128.0
Total	$	1,057.1	$	1,027.7	$	888.8
Net investment income
Property & Casualty	$	37.9	$	31.4	$	61.1
Life & Retirement	369.9		338.3		338.6
Supplemental & Group Benefits(1)	38.9		33.3		25.2
Corporate & Other	0.3		—		(0.1)
Intersegment eliminations	(2.2)		(2.1)		(2.3)
Total	$	444.8	$	400.9	$	422.5
Net income (loss)
Property & Casualty	$	(35.5)	$	(44.4)	$	57.0
Life & Retirement	71.5		63.8		89.1
Supplemental & Group Benefits(1)	54.9		65.9		52.9
Corporate & Other	(45.9)		(65.5)		(28.6)
Total	$	45.0	$	19.8	$	170.4

($ in millions)	December 31,
	2023		2022		2021
Assets
Property & Casualty	$	1,218.1	$	1,083.8	$	1,243.4
Life & Retirement	11,365.0		10,754.4		12,144.2
Supplemental & Group Benefits(1)	1,338.8		1,359.3		855.6
Corporate & Other	190.4		173.4		281.8
Intersegment eliminations	(62.4)		(64.8)		(64.8)
Total	$	14,049.9	$	13,306.1	$	14,460.2

Additional significant financial information for these segments is as follows (2022 and 2021 recast for the adoption of LDTI):

($ in millions)	Years Ended December 31,
	2023		2022		2021
DAC amortization expense
Property & Casualty	$	71.3	$	64.3	$	67.7
Life & Retirement	28.0		23.0		22.0
Supplemental & Group Benefits(1)	1.9		0.9		0.9
Total	$	101.2	$	88.2	$	90.6
Income tax expense (benefit)
Property & Casualty	$	(9.8)	$	(13.8)	$	13.2
Life & Retirement	15.1		10.6		19.3
Supplemental & Group Benefits(1)	14.8		18.1		14.5
Corporate & Other	(11.8)		(18.2)		(7.3)
Total	$	8.3	$	(3.3)	$	39.7

(1)    Group Benefits was acquired effective January 1, 2022 and thus, comparison to amounts for the year ended December 31, 2021 is not meaningful.