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Business Segments
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company is engaged, through its subsidiaries, in the property and casualty insurance and life and health insurance businesses. The Company conducts its operations through three operating segments: Preferred Property & Casualty Insurance, Specialty Property & Casualty Insurance and Life & Health Insurance.
The Preferred Property & Casualty Insurance segment’s principal products are preferred automobile insurance, homeowners insurance, other personal insurance. The Specialty Property & Casualty Insurance segment’s principal products are specialty automobile insurance and commercial automobile insurance. These products are distributed primarily through independent agents and brokers. The Life & Health Insurance segment’s principal products are individual life, accident, supplemental health and property insurance. These products are distributed by career agents employed by the Company and independent agents and brokers.
Earned Premiums by product line for the six and three months ended June 30, 2019 and 2018 were:
 
 
Six Months Ended
 
Three Months Ended
(Dollars in Millions)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
Preferred Property & Casualty Insurance:
 
 
 
 
 
 
 
 
Personal Automobile
 
$
233.3

 
$
213.6

 
$
117.9

 
$
108.7

Homeowners
 
121.1

 
124.0

 
60.8

 
62.2

Other Personal Lines
 
19.7

 
20.3

 
9.8

 
10.2

Specialty Property & Casualty Insurance:
 
 
 
 
 
 
 
 
Specialty Automobile
 
1,373.3

 
573.7

 
703.7

 
307.5

Commercial Automobile
 
122.0

 
24.7

 
62.3

 
12.5

Life & Health Insurance:
 
 
 
 
 
 
 
 
Life
 
192.8

 
189.1

 
97.0

 
95.4

Accident and Health
 
94.8

 
87.1

 
47.9

 
43.8

Property
 
34.4

 
35.4

 
17.2

 
17.8

Total Earned Premiums
 
$
2,191.4

 
$
1,267.9

 
$
1,116.6

 
$
658.1






Note 12 - Business Segments (continued)
Segment Revenues, including a reconciliation to Total Revenues, for the six and three months ended June 30, 2019 and 2018 were:
 
 
Six Months Ended
 
Three Months Ended
(Dollars in Millions)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
Segment Revenues:
 
 
 
 
 
 
 
 
Preferred Property & Casualty Insurance:
 
 
 
 
 
 
 
 
Earned Premiums
 
$
374.1

 
$
357.9

 
$
188.5

 
$
181.1

Net Investment Income
 
20.6

 
27.7

 
12.3

 
14.0

Total Preferred Property & Casualty Insurance
 
394.7

 
385.6

 
200.8

 
195.1

Specialty Property & Casualty Insurance:
 
 
 
 
 
 
 
 
Earned Premiums
 
1,495.3

 
598.4

 
766.0

 
320.0

Net Investment Income
 
50.4

 
20.1

 
28.9

 
10.2

Other Income
 
1.8

 
0.7

 
1.0

 
0.4

Total Specialty Property & Casualty Insurance
 
1,547.5

 
619.2

 
795.9

 
330.6

Life & Health Insurance:
 
 
 
 
 
 
 
 
Earned Premiums
 
322.0

 
311.6

 
162.1

 
157.0

Net Investment Income
 
104.7

 
108.2

 
53.0

 
54.5

Other Income
 
2.7

 
1.7

 
1.6

 
0.9

Total Life & Health Insurance
 
429.4

 
421.5

 
216.7

 
212.4

Total Segment Revenues
 
2,371.6

 
1,426.3

 
1,213.4

 
738.1

Income from Change in Fair Value of Equity and Convertible Securities
 
89.9

 
1.1

 
25.5

 
0.4

Net Realized Gains on Sales of Investments
 
37.4

 
6.4

 
21.3

 
3.8

Net Impairment Losses Recognized in Earnings
 
(10.3
)
 
(0.5
)
 
(6.7
)
 
—

Other
 
23.1

 
1.6

 
21.9

 
(0.4
)
Total Revenues
 
$
2,511.7

 
$
1,434.9

 
$
1,275.4

 
$
741.9


Note 12 - Business Segments (continued)
Segment Operating Profit, including a reconciliation to Income from Continuing Operations before Income Taxes, for the six and three months ended June 30, 2019 and 2018 was:
 
 
Six Months Ended
 
Three Months Ended
(Dollars in Millions)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
Segment Operating Profit:
 
 
 
 
 
 
 
 
Preferred Property & Casualty Insurance
 
$
9.7

 
$
7.9

 
$
6.4

 
$
(8.7
)
Specialty Property & Casualty Insurance
 
178.8

 
57.2

 
79.4

 
28.2

Life & Health Insurance
 
45.4

 
64.1

 
16.1

 
33.8

Total Segment Operating Profit
 
233.9

 
129.2

 
101.9

 
53.3

Corporate and Other Operating Profit (Loss) From:
 
 
 
 
 
 
 
 
Partial Satisfaction of Judgment
 
20.1

 
—

 
20.1

 
—

Other
 
(21.0
)
 
(13.9
)
 
(12.4
)
 
(8.4
)
Corporate and Other Operating Profit (Loss)
 
(0.9
)
 
(13.9
)
 
7.7

 
(8.4
)
Adjusted Consolidated Operating Profit
 
233.0

 
115.3

 
109.6

 
44.9

Income from Change in Fair Value of Equity and Convertible Securities
 
89.9

 
1.1

 
25.5

 
0.4

Net Realized Gains on Sales of Investments
 
37.4

 
6.4

 
21.3

 
3.8

Net Impairment Losses Recognized in Earnings
 
(10.3
)
 
(0.5
)
 
(6.7
)
 
—

Acquisition Related Transaction, Integration and Other Costs
 
(6.8
)
 
(9.8
)
 
(1.2
)
 
(3.6
)
Income from Continuing Operations before Income Taxes
 
$
343.2

 
$
112.5

 
$
148.5

 
$
45.5


Segment Net Operating Income, including a reconciliation to Income from Continuing Operations, for the six and three months ended June 30, 2019 and 2018 was:
 
 
Six Months Ended
 
Three Months Ended
(Dollars in Millions and Net of Income Taxes)
 
Jun 30,
2019
 
Jun 30,
2018
 
Jun 30,
2019
 
Jun 30,
2018
Segment Net Operating Income (Loss):
 
 
 
 
 
 
 
 
Preferred Property & Casualty Insurance
 
$
8.0

 
$
7.5

 
$
5.2

 
$
(6.0
)
Specialty Property & Casualty Insurance
 
142.3

 
45.8

 
62.7

 
22.4

Life & Health Insurance
 
36.4

 
50.8

 
13.3

 
26.7

Total Segment Net Operating Income
 
186.7

 
104.1

 
81.2

 
43.1

Total Corporate and Other Net Operating Income (Loss)
 
3.7

 
(10.1
)
 
10.3

 
(6.6
)
Adjusted Consolidated Net Operating Income
 
190.4

 
94.0

 
91.5

 
36.5

Net Income (Loss) From:
 
 
 
 
 
 
 
 
Change in Fair Value of Equity and Convertible Securities
 
71.0

 
0.9

 
20.1

 
0.3

Net Realized Gains on Sales of Investments
 
29.5

 
5.1

 
16.8

 
3.0

Net Impairment Losses Recognized in Earnings
 
(8.1
)
 
(0.4
)
 
(5.3
)
 
—

Acquisition Related Transaction, Integration and Other Costs
 
(5.4
)
 
(8.5
)
 
(1.0
)
 
(2.3
)
Income from Continuing Operations
 
$
277.4

 
$
91.1

 
$
122.1

 
$
37.5