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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Components of Net Investment Income
The components of net investment income for the following periods were as follows:
($ in millions)Year Ended December 31,
202420232022
Fixed maturity securities$287.0 $269.2 $247.2 
Equity securities5.2 6.5 9.0 
Limited partnership interests(1)
44.8 59.1 40.5 
Short-term and other investments20.6 17.2 11.2 
Investment expenses(13.3)(12.1)(10.5)
Net investment income - investment portfolio344.3 339.9 297.4 
Investment income - deposit asset on reinsurance101.4 104.9 103.5 
Total net investment income$445.7 $444.8 $400.9 
(1) Income related to Voya CML Fund was $19.2 million for 2024.
Schedule of Net Investment Gains (Losses)
Net investment losses for the following periods were as follows:
($ in millions)Year Ended December 31,
202420232022
Fixed maturity securities$(21.1)$(20.3)$(29.1)
Equity securities7.4 (3.9)(32.6)
Short-term investments and other(3.6)0.2 5.2 
Net investment losses$(17.3)$(24.0)$(56.5)
The breakdown of net investment gains (losses) by transaction type for the following periods were as follows:
($ in millions)Year Ended December 31,
202420232022
Credit loss impairments$0.3 $(0.4)$(3.1)
Intent-to-sell impairments(0.2)(6.7)(7.6)
Total impairments0.1 (7.1)(10.7)
Sales and other, net(24.3)(25.0)(17.8)
Change in fair value - equity securities7.4 7.9 (33.2)
Change in fair value and losses realized
on settlements - derivatives
(0.5)0.2 5.2 
Net investment losses$(17.3)$(24.0)$(56.5)
Schedule of Allowance for Credit Loss Impairments on Fixed Maturity Securities
The following table presents changes in the allowance for credit loss impairments on fixed maturity securities classified as available for sale for the category of other asset-backed securities (no other categories of fixed maturity securities have an allowance for credit loss impairments):
($ in millions)Year Ended December 31,
202420232022
Beginning balance$1.2 $1.2 $7.7 
Credit losses on fixed maturity securities for which credit losses were not previously reported1.7 — — 
Net increases (decreases) related to credit losses previously reported(0.4)— 3.1 
Reduction of credit allowances related to sales(1.6)— (9.2)
Write-offs— — (0.4)
Ending balance$0.9 $1.2 $1.2 
Schedule of Available-for-sale Securities Reconciliation Amortized cost, net, gross unrealized investment gains (losses) and fair values of all fixed maturity securities in the portfolio were as follows:
($ in millions)Amortized
Cost, net		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2024
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities
$827.9 $2.7 $74.8 $755.8 
Other, including U.S. Treasury securities
426.5 0.1 69.0 357.6 
Municipal bonds
1,239.1 17.5 105.8 1,150.8 
Foreign government bonds
14.1 — 1.0 13.1 
Corporate bonds
1,995.2 17.3 230.1 1,782.4 
Other asset-backed securities1,339.7 10.8 22.3 1,328.2 
Totals
$5,842.5 $48.4 $503.0 $5,387.9 
December 31, 2023
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities
$713.4 $4.4 $64.6 $653.2 
Other, including U.S. Treasury securities
450.8 0.8 62.8 388.8 
Municipal bonds
1,333.4 28.6 91.9 1,270.1 
Foreign government bonds
23.1 — 1.0 22.1 
Corporate bonds
1,969.9 23.1 220.3 1,772.7 
Other asset-backed securities1,162.3 6.0 39.9 1,128.4 
Totals
$5,652.9 $62.9 $480.5 $5,235.3 
Schedule of Fair Value and Gross Unrealized Losses of Fixed Maturity Securities and Equity Securities in an Unrealized Loss Position
The following table presents the fair value and gross unrealized losses for fixed maturity securities in an unrealized loss position as of December 31, 2024 and 2023. The Company views the decrease in fair value of all fixed maturity securities with unrealized losses as of December 31, 2024 as due to factors other than a credit loss. As of December 31, 2024, the Company has not made the decision to sell and it is more likely than not the Company will not be required to sell the fixed maturity securities with unrealized losses before a recovery of the amortized cost basis. In reaching our conclusion that an allowance for credit is unnecessary, we considered the factors described in the Application of Critical Accounting Estimates - Evaluation of Credit Loss Impairments for Fixed Maturity Securities. The performance of fixed maturity securities has been impacted by the change in interest rates, specifically interest rates being at relatively high levels compared to interest rates at the time of acquisition of the securities. Following significant increases in interest rates throughout 2022, driven mostly by increases in risk-free rates, rates stabilized during 2023 but remain at elevated levels. In consideration of the factors, we expect to receive cash flows sufficient to recover the entire amortized cost basis of the securities in the following table.
($ in millions)12 months or lessMore than 12 monthsTotal
Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
December 31, 2024
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$208.3 $3.1 $419.3 $71.7 $627.6 $74.8 
Other77.1 1.5 274.6 67.6 351.7 69.1 
Municipal bonds
193.5 3.4 632.0 102.4 825.5 105.8 
Foreign government bonds
1.5 — 11.7 0.9 13.2 0.9 
Corporate bonds
235.4 10.3 1,075.8 219.8 1,311.2 230.1 
Other asset-backed securities133.3 0.9 338.3 21.4 471.6 22.3 
Total
$849.1 $19.2 $2,751.7 $483.8 $3,600.8 $503.0 
Number of positions with a
gross unrealized loss
665 1,862 2,527 
Fair value as a percentage of total fixed
maturities securities fair value
15.8 %51.1 %66.9 %
December 31, 2023
Fixed maturity securities
U.S. Government and federally
sponsored agency obligations:
Mortgage-backed securities$45.3 $0.8 $458.5 $63.8 $503.8 $64.6 
Other39.5 0.4 288.0 62.4 327.5 62.8 
Municipal bonds
64.5 0.9 724.6 91.0 789.1 91.9 
Foreign government bonds
1.5 — 20.6 1.0 22.1 1.0 
Corporate bonds
195.0 25.4 1,171.3 194.9 1,366.3 220.3 
Other asset-backed securities133.4 0.8 752.5 39.1 885.9 39.9 
Total$479.2 $28.3 $3,415.5 $452.2 $3,894.7 $480.5 
Number of positions with a
gross unrealized loss
195 2,305 2,500 
Fair value as a percentage of total fixed
maturities securities fair value
9.2 %65.2 %74.4 %
Schedule of Distribution of the Company's Fixed Maturity Portfolio by Estimated Expected Maturity
With regards to fixed maturity securities that had gross unrealized losses more than 12 months, the number of positions by their respective credit ratings was as follows:
Number of Positions
December 31,
20242023
Credit Rating
AAA155 226 
AA899 1,006 
A320 423 
BBB370 448 
Total investment grade
1,744 2,103 
BB40 93 
B18 39 
CCC or lower 4 7 
Total below investment grade
62 139 
Not rated 56 63 
Totals:1,862 2,305 
The following table presents the distribution of the Company's fixed maturity securities portfolio by estimated expected maturity. Estimated expected maturities differ from contractual maturities, reflecting assumptions regarding borrowers' utilization of the right to call or prepay obligations with or without call or prepayment penalties. For structured securities, estimated expected maturities consider broker-dealer survey prepayment assumptions and are verified for consistency with the interest rate and economic environments.
($ in millions)December 31, 2024
Amortized
Cost, net		Fair
Value		Percent of
Total Fair
Value
Estimated expected maturity:
Due in 1 year or less
$283.7 $280.3 5.2 %
Due after 1 year through 5 years
1,487.9 1,455.0 27.0 %
Due after 5 years through 10 years
1,535.8 1,468.6 27.3 %
Due after 10 years through 20 years
1,461.7 1,293.3 24.0 %
Due after 20 years
1,073.4 890.7 16.5 %
Total
$5,842.5 $5,387.9 100.0 %
Schedule of Proceeds Received From Sales of Fixed Maturities and Equity Securities
Proceeds received from sales of fixed maturity and equity securities, each determined using the specific identification method, and gross gains and gross losses realized as a result of those sales for each year were as follows:
($ in millions)Year Ended December 31,
202420232022
Fixed maturity securities
Proceeds received
$424.8 $377.6 $752.0 
Gross gains realized
4.0 2.2 5.5 
Gross losses realized
(19.0)(14.0)(23.7)
Equity securities
Proceeds received
$16.3 $18.7 $10.8 
Gross gains realized
— — 1.7 
Gross losses realized
(7.8)(11.8)(1.0)
Schedule of Reconciliation of Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities and Equity Securities
The following table reconciles the net unrealized investment gains (losses) on fixed maturity securities, net of tax, included in AOCI:
($ in millions)Year Ended December 31,
202420232022
Net unrealized investment gains (losses)
on fixed maturity securities, net of tax
Beginning of period
$(328.3)$(449.6)$347.1 
Change in net unrealized investment gains
(losses) on fixed maturity securities
(45.8)105.3 (819.7)
Reclassification of net investment (gains) losses
on fixed maturity securities to net income
16.7 16.0 23.0 
End of period
$(357.4)$(328.3)$(449.6)
Schedule of Carrying Amounts of Equity Method Limited Partnership Interests The carrying amounts of EMA limited partnership interests were as follows:
($ in millions)December 31,
20242023
Commercial mortgage loan funds$596.0 $660.8 
Real estate equity funds
144.7 109.2 
Private equity funds
102.2 92.7 
Infrastructure equity funds
81.7 77.2 
Infrastructure debt funds69.0 59.1 
Other funds(1)
127.7 139.8 
Total$1,121.3 $1,138.8 
(1) Other funds consist primarily of limited partnership interests in corporate mezzanine, venture capital, and private credit funds.
Schedule of Offsetting Assets and Liability The following table presents instruments that were subject to a master netting arrangement for the Company.
($ in millions)Gross
Amounts
Offset in the Consolidated
Balance
Sheets		Net Amounts
of Assets/
Liabilities
Presented
in the Consolidated
Balance
Sheets		Gross Amounts Not Offset
in the Consolidated
Balance Sheets
Gross
Amounts		Financial
Instruments		Cash
Collateral
Received		Net
Amount
December 31, 2024
Asset derivatives
Free-standing derivatives$18.5 $— $18.5 $— $20.4 $(1.9)
December 31, 2023
Asset derivatives
Free-standing derivatives$19.0 $— $19.0 $— $18.5 $0.5