Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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 (2022 recast for the adoption of LDTI):

($ in millions)	December 31,
	2023		2022
Property & Casualty	$	29.3	$	24.5
Life & Retirement	297.7		299.5
Supplemental & Group Benefits	9.3		6.6
Total	$	336.3	$	330.6

Schedule of Property and Equipment

The following amounts are included in Other assets in the Consolidated Balance Sheets:

($ in millions)	December 31,
	2023		2022
Property and equipment	$	129.4	$	148.3
Less: accumulated depreciation	60.8		79.0
Total	$	68.6	$	69.3

Schedule of FHLB Funding Agreements

As of December 31, 2023, scheduled maturity dates for outstanding FHLB funding agreements were as follows:

($ in millions)
	Amount		Interest Rate		Maturity Date
	$	25.0	5.6	%	September 09, 2026
	50.0		5.7	%	February 13, 2026
	10.0		5.7	%	February 13, 2026
	200.0		5.6	%	January 16, 2026
	125.0		0.6	%	September 11, 2025
	12.5		0.7	%	June 26, 2025
	30.0		5.7	%	February 28, 2025
	10.0		5.7	%	February 28, 2025
	10.0		0.5	%	February 14, 2025
	40.0		5.7	%	February 07, 2025
	31.0		5.7	%	February 07, 2025
	60.0		5.8	%	January 10, 2025
	25.0		5.8	%	January 10, 2025
	6.0		5.8	%	January 10, 2025
	100.0		5.6	%	December 13, 2024
	5.0		5.7	%	August 28, 2024
	10.0		5.7	%	August 28, 2024
	50.0		5.7	%	May 22, 2024
	10.0		5.7	%	May 22, 2024
	20.0		5.7	%	April 24, 2024
	25.0		5.7	%	April 03, 2024
	50.0		5.8	%	January 12, 2024
Total	$	904.5

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,
	2023			2022			2021
Number of stock options granted	209,028			162,224			183,272
Weighted average grant date fair value of stock options granted	$	8.50		$	8.51		$	7.73
Weighted average assumptions:
Risk-free interest rate	4.1		%	1.9		%	0.8		%
Expected dividend yield	3.6		%	3.2		%	3.0		%
Expected life, in years	5.3			5.2			5.1
Expected volatility (based on historical volatility)	30.9		%	30.2		%	30.1		%

Summary of Contributions to Qualified Defined Contribution Plan, 401(k), Non-Qualified Defined Contribution Plan and Total Assets of the Plans

For the two qualified plans, all assets are held in their respective plan trusts. The assets and projected benefit obligation at the end of the year are as follows:

($ in millions)	Year Ended December 31,
	2023		2022
401(k) plan assets	$	245.7	$	207.1
Defined benefit plan assets	13.9		13.6
Projected benefit obligation	16.2		17.2

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 (2022 and 2021 recast for the adoption of LDTI):

($ in millions)	Year Ended December 31,
	2023		2022		2021
Basic:
Net income (loss) for the period	$	45.0	$	19.8	$	170.4
Weighted average number of common shares during the period (in millions)	41.3		41.6		42.0
Net income (loss) per share - basic	$	1.09	$	0.48	$	4.06
Diluted:
Net income (loss) for the period	$	45.0	$	19.8	$	170.4
Weighted average number of common shares during the period (in millions)	41.3		41.6		42.0
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 compensation	0.1		0.2		0.2
Total common and common equivalent shares adjusted to calculate diluted earnings per share (in millions)	41.4		41.8		42.2
Net income (loss) per share - diluted	$	1.09	$	0.47	$	4.04

Schedule of Liability for Future Policy Benefit, Activity

The following table summarizes the balance of and changes in LFPB on January 1, 2021 due to adoption of ASU 2018-12. The impact of shifts between deferred profit liabilities (DPL) and LFPB for limited-payment products are presented as offsetting line items in the effect of net premiums exceeding gross premiums and the effect of decrease/increase of DPL.

($ in millions)
	Whole Life		Term Life			Experience Life		Limited Pay Whole Life		Supplemental Health(1)		SPIA (life contingent)
Balance, end of year December 31, 2020	$	218.7	$	93.2		$	758.3	$	51.3	$	392.5	$	115.9
Change in discount rate assumptions	111.5		27.3		0	433.0		18.2		23.0		20.6
Change in cash flow assumptions, effect of net premiums exceeding gross premiums	0.4		—			—		—		—		—
Adjusted balance, beginning of year January 1, 2021	330.6		120.5			1,191.3		69.5		415.5		136.5
Less: Reinsurance recoverables, end of year December 31, 2020	(0.1)		(5.4)			(1.3)		(0.1)		—		—
Less: Change in discount rate assumptions	(0.2)		(0.9)			(0.7)		(0.1)		—		—
Adjusted balance, beginning of year January 1, 2021, net of reinsurance	$	330.3	$	114.2		$	1,189.3	$	69.3	$	415.5	$	136.5

(1) As of January 1, 2021, the net LFPB for Supplemental Health was $163.5 million for cancer, $31.2 million for accident, $32.0 million for disability and $188.8 million for other supplemental health policies.

The following tables summarize balances and changes in LFPB for traditional and limited-payment contracts.

The balances of and changes in LFPB as of and for the year ended December 31, 2023 were as follows:

($ in millions)
	Whole Life		Term Life		Experience Life(1)		Limited-Pay Whole Life		Supplemental Health(2)		SPIA (life contingent)
Present value of expected net premiums:
Balance at January 1, 2023	$	215.1	$	234.7	$	68.3	$	29.7	$	167.4	$	—
January 1, 2023 balance at original discount rate	245.9		265.4		65.5		32.4		205.1		—
Effect of:	—		—		—		—		—		—
Change in cash flow assumptions	—		(16.8)		3.7		(0.2)		6.5		—
Actual variances from expected experience	3.8		(2.7)		0.7		1.0		(1.6)		—
Adjusted balance at January 1, 2023	249.7		245.9		69.9		33.2		210.0		—
Issuances(3)	10.8		25.2		—		4.3		19.4		5.6
Interest accruals(4)	7.2		10.3		3.7		1.2		6.0		—
Net premiums collected(5)	(20.6)		(24.8)		(6.6)		(4.8)		(22.0)		(5.6)
December 31, 2023 balance at original discount rate	247.1		256.6		67.0		33.9		213.4		—
Effect of changes in discount rate assumptions	(23.9)		(16.6)		4.7		(1.7)		(31.4)		—
Balance at December 31, 2023	223.2		240.0		71.7		32.2		182.0		—
Present value of expected future policy benefits:
Balance at January 1, 2023	493.6		347.0		867.5		79.4		431.7		103.3
January 1, 2023 balance at original discount rate	581.9		401.0		805.2		98.6		537.1		113.4
Effect of:
Changes in cash flow assumptions	(0.6)		(16.7)		5.0		(0.2)		8.9		—
Actual variances from expected experience	4.0		1.3		1.1		1.0		(2.4)		(0.8)
Adjusted balance at January 1, 2023	585.3		385.6		811.3		99.4		543.6		112.6
Issuances	10.7		25.8		—		4.3		19.4		6.3
Interest accruals	19.0		15.2		47.4		3.9		14.4		4.4
Benefit payments(6)	(22.9)		(21.2)		(61.2)		(2.0)		(59.5)		(11.9)
December 31, 2023 balance at original discount rate	592.1		405.4		797.5		105.6		517.9		111.4
Effect of changes in discount rate assumptions	(70.1)		(35.3)		85.5		(16.0)		(90.3)		(7.2)
Balance at December 31, 2023	522.0		370.1		883.0		89.6		427.6		104.2
Net liability for future policy benefits	298.8		130.2		811.3		57.4		245.6		104.2
Less: Reinsurance recoverable	(64.3)		(19.1)		(1.0)		(1.2)		(4.0)		(3.6)
Net liability for future policy benefits, after reinsurance recoverable	234.5		111.1		810.3		56.2		241.6		100.6
Impact of flooring on net liability for future policy benefits	—		—		—		—		—		—
Net liability for future policy benefits at December 31, 2023	$	234.5	$	111.1	$	810.3	$	56.2	$	241.6	$	100.6

(1) Experience Life contains both whole life and term elements.

(2) As of December 31, 2023, the net LFPB for Supplemental Health was $92.7 million for cancer, $21.4 million for accident, $23.5 million for disability and $104.0 million for other supplemental health policies.

(3) Issuances are calculated at present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new policies issued during the current period.

(4) Interest accruals represent the interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.

(5) Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period of in force business.

(6) Benefit payments represent the release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and maturity payments based on revised expected assumptions.

The balances of and changes in LFPB as of and for the year ended December 31, 2022 were as follows:

($ in millions)
	Whole Life		Term Life		Experience Life(1)		Limited-Pay Whole Life		Supplemental Health(2)		SPIA (life contingent)
Present Value of Expected Net Premiums
Balance at January 1, 2022(7)	$	260.7	$	264.4	$	74.6	$	29.7	$	226.7	$	—
January 1, 2022 balance at original discount rate(7)	239.3		235.4		55.9		27.2		223.1		—
Effect of:
Change in cash flow assumptions	5.2		18.7		9.1		2.0		12.2		—
Actual variances from expected experience	7.2		(4.2)		3.0		1.6		(25.3)		—
Adjusted balance at January 1, 2022	251.7		249.9		68.0		30.8		210.0		—
Issuances(3)	12.5		28.0		—		6.3		12.0		5.3
Interest accruals(4)	6.7		9.0		3.3		1.1		5.9		—
Net premiums collected(5)	(25.0)		(21.5)		(5.8)		(5.8)		(22.8)		(5.3)
December 31, 2022 balance at original discount rate	245.9		265.4		65.5		32.4		205.1		—
Effect of changes in discount rate assumptions	(30.8)		(30.7)		2.8		(2.7)		(37.7)		—
Balance at December 31, 2022	215.1		234.7		68.3		29.7		167.4		—
Present Value of Expected Future Policy Benefits
Balance at January 1, 2022(7)	660.4		411.5		1,172.7		102.9		590.6		129.1
January 1, 2022 balance at original discount rate(7)	566.1		360.0		802.6		86.6		584.2		115.7
Effect of:
Changes in cash flow assumptions	5.2		21.5		11.0		2.0		13.8		—
Actual variances from expected experience	7.7		(4.7)		3.6		1.4		(30.0)		0.4
Adjusted balance at January 1, 2022	579.0		376.8		817.2		90.0		568.0		116.1
Issuances	12.4		28.3		—		6.4		12.0		5.3
Interest accruals	18.0		14.4		47.4		3.4		15.0		4.3
Benefit payments(6)	(27.5)		(18.5)		(59.4)		(1.2)		(57.9)		(12.3)
December 31, 2022 balance at original discount rate	581.9		401.0		805.2		98.6		537.1		113.4
Effect of changes in discount rate assumptions	(88.3)		(54.0)		62.3		(19.2)		(105.4)		(10.1)
Balance at December 31, 2022	493.6		347.0		867.5		79.4		431.7		103.3
Net liability for future policy benefits	278.4		112.2		799.3		49.6		264.4		103.3
Less: Reinsurance recoverable	(63.1)		(15.3)		(0.8)		—		(3.4)		(3.2)
Net liability for future policy benefits, after reinsurance recoverable	215.3		96.9		798.5		49.6		261.0		100.1
Impact of flooring on net liability for future policy benefits	1.1		0.2		—		—		—		—
Net liability for future policy benefits at December 31, 2022	$	216.4	$	97.1	$	798.5	$	49.6	$	261.0	$	100.1

(1) Experience Life contains both whole life and term elements.

(2) As of December 31, 2022, the net LFPB for Supplemental Health was $101.8 million for cancer, $21.8 million for accident, $23.1 million for disability and $114.3 million for other supplemental health policies.

(3) Issuances are calculated at present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new policies issued during the current period.

(4) Interest accruals represent the interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.

(5) Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period of in force business.

(6) Benefit payments represent the release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and maturity payments based on revised expected assumptions.

(7) Whole Life, Term Life, and Supplemental Health beginning balance at January 1, 2022 includes reserves acquired from Madison National Life Insurance Company, Inc. on January 1, 2022.

The balances of and changes in LFPB (including a summary of the balance and changes in the LFPB on January 1, 2021 due to adoption of ASU 2018-12) as of and for the year ended December 31, 2021 were as follows:

($ in millions)
	Whole Life		Term Life		Experience  Life(1)		Limited-Pay Whole Life		Supplemental Health(2)		SPIA (life contingent)
Balance, end of year December 31, 2020	$	218.7	$	93.2	$	758.3	$	51.3	$	392.5	$	115.9
Change in discount rate assumptions	111.5		27.3		433.0		18.2		23.0		20.6
Change in cash flow assumptions, effect of net premiums exceeding gross premiums	0.4		—		—		—		—		—
Change in cash flow assumptions, effect of decrease of the DPL	—		—		—		—		—		—
Adjustment for removal of related balances in AOCI	—		—		—		—		—		—
Adjusted balance, beginning of year January 1, 2021	330.6		120.5		1,191.3		69.5		415.5		136.5
Less: Reinsurance recoverables	(0.1)		(5.4)		(1.3)		(0.1)		—		—
Less: Change in discount rate assumptions	(0.2)		(0.9)		(0.7)		(0.1)		—		—
Adjusted balance, beginning of year January 1, 2021, net of reinsurance	$	330.3	$	114.2	$	1,189.3	$	69.3	$	415.5	$	136.5
Present Value of Expected Net Premiums
Balance at January 1, 2021	$	176.5	$	244.1	$	78.0	$	25.4	$	233.0	$	—
January 1, 2021 balance at original discount rate	143.5		200.8		55.2		22.0		218.2		—
Effect of:
Change in cash flow assumptions	2.4		(4.5)		(3.3)		—		(1.8)		—
Actual variances from expected experience	8.8		6.9		6.3		1.0		6.3		—
Adjusted balance at January 1, 2021	154.7		203.2		58.2		23.0		222.7		—
Issuances(3)	13.3		29.8		—		10.2		13.0		3.7
Interest accruals(4)	6.2		7.9		3.2		0.8		5.9		—
Net premiums collected(5)	(16.6)		(19.8)		(5.6)		(6.8)		(24.1)		(3.7)
December 31, 2021 balance at original discount rate	157.6		221.1		55.8		27.2		217.5		—
Effect of changes in discount rate assumptions	25.4		32.0		18.8		2.5		4.0		—
Balance at December 31, 2021	183.0		253.1		74.6		29.7		221.5		—
Present Value of Expected Future Policy Benefits
Balance at January 1, 2021	507.1		364.7		1,269.3		95.0		626.9		136.5
January 1, 2021 balance at original discount rate	362.5		294.0		813.5		73.4		589.1		115.9
Effect of:
Changes in cash flow assumptions	2.8		(4.8)		(3.6)		—		(3.0)		—
Actual variances from expected experience	8.7		7.2		6.6		1.1		6.2		(0.4)
Adjusted balance at January 1, 2021	374.0		296.4		816.5		74.5		592.3		115.5
Issuances	13.3		29.8		—		10.2		13.0		3.7
Interest accruals	17.1		12.0		47.9		2.9		15.7		4.5
Benefit payments(6)	(18.1)		(18.7)		(61.9)		(1.0)		(48.4)		(12.1)
December 31, 2021 balance at original discount rate	386.3		319.5		802.5		86.6		572.6		111.6
Effect of changes in discount rate assumptions	114.4		51.1		370.2		16.3		8.0		13.1
Balance at December 31, 2021	500.7		370.6		1,172.7		102.9		580.6		124.7
Net liability for future policy benefits	317.7		117.6		1,098.1		73.2		359.1		124.7
Less: Reinsurance recoverable	(0.5)		(5.5)		(1.1)		(0.2)		—		—
Net liability for future policy benefits, after reinsurance recoverable	$	317.2	$	112.1	$	1,097.0	$	73.0	$	359.1	$	124.7

(1) Experience Life contains both whole life and term elements.

(2) As of December 31, 2021, the net LFPB for Supplemental Health was $140.8 million for cancer, $28.7 million for accident, $29.3 million for disability and $160.3 million for other supplemental health policies.

(3) Issuances are calculated at present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new policies issued during the current period.

(4) Interest accruals represent the interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.

(5) Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period of in force business.

(6) Benefit payments represent the release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and maturity payments based on revised expected assumptions

The following tables summarize the amount of revenue from gross premiums or assessment and interest expense related to traditional and limited-payment contracts recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss):

($ in millions)	Gross premiums or assessments
	Year Ended December 31,
	2023		2022
Whole life	$	28.1	$	25.9
Term life	45.2		42.4
Experience life	32.1		33.5
Limited-pay whole life	7.2		8.1
Supplemental health	120.3		121.2
SPIA (life contingent)	6.1		5.7
Total	$	239.0	$	236.8

($ in millions)	Interest expense
	Year Ended December 31,
	2023		2022
Whole life	$	11.8	$	11.3
Term life	4.8		4.4
Experience life	43.7		44.2
Limited-pay whole life	2.6		2.4
Supplemental health	8.4		9.1
SPIA (life contingent)	4.4		4.4
Total	$	75.7	$	75.8

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for traditional and limited-payment contracts:

($ in millions)	As of December 31, 2023				As of December 31, 2022
	Undiscounted		Discounted		Undiscounted		Discounted
Whole life
Expected future gross premiums	$	478.8	$	325.0	$	469.0	$	322.5
Expected future benefits and expenses	1,152.8		592.1		1,121.4		580.4
Term life
Expected future gross premiums	689.0		449.4		739.3		464.2
Expected future benefits and expenses	682.7		405.4		678.0		401.0
Experience Life
Expected future gross premiums	530.0		296.1		569.6		315.5
Expected future benefits and expenses	1,703.1		797.5		1,755.4		805.2
Limited-pay whole life
Expected future gross premiums	64.7		49.1		60.8		46.5
Expected future benefits and expenses	244.9		105.6		226.8		98.6
Supplemental health
Expected future gross premiums	1,624.1		1,192.5		1,640.5		1,214.9
Expected future benefits and expenses	719.4		517.9		730.7		537.1
SPIA (life contingent)
Expected future gross premiums	—		—		—		—
Expected future benefits and expenses	156.1		111.4		157.7		113.4

The following table provides the weighted-average durations of LFPB, in years:

	As of December 31,
	2023	2022
Whole life	18.0	18.3
Term life	16.7	16.8
Experience life	10.3	10.6
Limited-pay whole life	22.1	22.9
Supplemental health	10.7	10.1
SPIA (life contingent)	7.6	7.7

The following table provides ranges of the weighted-average interest rates for LFPB:

	As of December 31,
	2023		2022
Whole life
Interest accretion rate	1.7% - 4.9%		1.7% - 4.9%
Current discount rate	4.4% - 5.0%		4.7% - 5.3%
Term life
Interest accretion rate	4.2% - 4.3%		4.1% -4.3%
Current discount rate	4.9% - 5.0%		5.3% - 5.3%
Experience life
Interest accretion rate	6.1	%	6.1	%
Current discount rate	5.0	%	5.3	%
Limited-pay whole life
Interest accretion rate	4.0	%	3.9	%
Current discount rate	5.1	%	5.3	%
Supplemental health
Interest accretion rate	1.7% - 2.7%		1.7% - 2.7%
Current discount rate	5.0% - 5.2%		5.3% - 5.5%
SPIA (life contingent)
Interest accretion rate	1.7% - 4.1%		1.7% - 4.0%
Current discount rate	4.9% - 4.9%		5.2% - 5.2%

Schedule of Deferred Policy Acquisition Costs

The following table summarizes the balance of and changes in DAC on January 1, 2021 due to adoption of ASU 2018-12:

($ in millions)
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, end of year December 31, 2020	$	17.8	$	25.6	$	2.6	$	4.4	$	11.3	$	4.3	$	137.7
Adjustment for removal of related balances in AOCI	—		—		3.6		—		1.6		—		85.4
Adjusted balance, beginning of year January 1, 2021	$	17.8	$	25.6	$	6.2	$	4.4	$	12.9	$	4.3	$	223.1

DAC and Deferred Sales Inducements

The following tables roll-forward DAC for the periods indicated:

($ in millions)	Year Ended December 31, 2023
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, beginning of period	$	20.9	$	30.0	$	5.8	$	6.7	$	15.4	$	6.2	$	221.1
Capitalizations	2.7		5.8		0.3		1.1		2.5		2.9		15.0
Amortization expense	(1.2)		(3.1)		(0.4)		(0.3)		(1.0)		(0.6)		(14.7)
Experience adjustment	(0.1)		(0.1)		—		(0.1)		(0.1)		(0.3)		(7.4)
Balance, end of period	$	22.3	$	32.6	$	5.7	$	7.4	$	16.8	$	8.2	$	214.0
($ in millions)	Year Ended December 31, 2022
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, beginning of year	$	19.1	$	27.5	$	6.0	$	5.6	$	13.7	$	4.9	$	223.3
Capitalizations	3.0		5.0		0.2		1.4		2.5		1.8		15.5
Amortization expense	(1.2)		(2.5)		(0.4)		(0.3)		(0.8)		(0.5)		(15.8)
Experience adjustment	—		—		—		—		—		—		(1.9)
Balance, end of year	$	20.9	$	30.0	$	5.8	$	6.7	$	15.4	$	6.2	$	221.1
($ in millions)	Year Ended December 31, 2021
	Whole Life		Term Life		Experience Life		Limited-Pay Whole Life		Indexed Universal Life		Supplemental Health		Total Annuities
Balance, end of year December 31, 2020	$	17.8	$	25.6	$	2.6	$	4.4	$	11.3	$	4.3	$	137.7
Adjustment for removal of related balances in AOCI	—		—		3.6		—		1.6		—		85.4
Adjusted balance, beginning of year January 1, 2021	$	17.8	$	25.6	$	6.2	$	4.4	$	12.9	$	4.3	$	223.1
Capitalizations	2.4		4.2		0.2		1.5		1.7		1.1		17.3
Amortization expense	(1.1)		(2.3)		(0.4)		(0.3)		(0.8)		(0.5)		(16.0)
Experience adjustment	—		—		—		—		(0.1)		—		(1.1)
Balance, end of year December 31, 2021	$	19.1	$	27.5	$	6.0	$	5.6	$	13.7	$	4.9	$	223.3

Schedule of Market Risk Benefit, Activity

The following table summarizes the balance of and changes in the net liability position of MRBs on January 1, 2021 due to adoption of ASU 2018-12:

($ in millions)
Balance, end of year December 31, 2020	$	0.1
Adjustment for the difference between carrying amount and fair value, except for the difference due to instrument-specific credit risk	6.8
Adjustment for cumulative effect of changes in the instrument-specific credit risk at issuance	1.7
Total adjustment for the difference between carrying amount and fair value	8.5
Balance, beginning of year January 1, 2021	8.6
Less: Reinsurance recoverable	—
Balance, beginning of year January 1, 2021, net of reinsurance	$	8.6

The following table presents the balances of and changes in MRBs associated with deferred variable annuities as of and for the year ended December 31, 2023 and 2022, respectively:

($ in millions)	Year Ended December 31,
	2023		2022
Balance, beginning of period	$	0.3	$	4.8
Balance, beginning of period, before effects of changes in the instrument-specific credit risk	—		2.0
Changes in market risk benefits(1)	(4.5)		(2.0)
Balance, end of period(2)	$	(4.5)	$	—
Effect of changes in the instrument-specific credit risk	0.6		0.3
Balance, end of period	$	(3.9)	$	0.3
Net amount at risk(3)	$	20.5	$	55.3
Weighted-average attained age of contract holders	62		61

(1) Reflects interest accruals and effect of changes in interest rates, equity markets, equity index volatility and future assumptions.

(2) Balance, end of period, before the effect of changes in the instrument-specific credit risk.

(3) Net amount at risk represents the current guaranteed benefit less current account balance at the reporting date.

The following table presents MRBs by amounts in an asset position and amounts in a liability position. The net liabilities (assets) are included in Policyholders' account balances presented in the Consolidated Balance Sheets.

($ in millions)	As of December 31, 2023						As of December 31, 2022
	(Asset)		Liability		Net		(Asset)		Liability		Net
Deferred variable annuities	$	(6.7)	$	2.8	$	(3.9)	$	(4.4)	$	4.7	$	0.3

Schedule of Changes in Accounting Policies

The following table presents the effect of the after-tax transition adjustments on consolidated shareholders' equity due to adoption of ASU 2018:

($ in millions)	January 1, 2021
	AOCI		Retained Earnings
Liability for future policy benefits	$	(496.4)	$	(0.2)
Deferred policy acquisition costs	71.1		—
Deferred sales inducements	—		—
Market risk benefits	(1.3)		(5.3)
Total	$	(426.6)	$	(5.5)