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Business Segments
 12 Months Ended
Dec. 31, 2020
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: Specialty Property & Casualty Insurance, Preferred Property & Casualty Insurance and Life & Health Insurance.
The Specialty Property & Casualty Insurance segment’s principal products are specialty automobile insurance and commercial automobile insurance. The Preferred Property & Casualty Insurance segment’s principal products are preferred automobile insurance, homeowners insurance, and other personal insurance. These products are distributed primarily through independent agents and brokers.The Life & Health Insurance segment’s principal products are individual life, accident, health and property insurance. These products are distributed by career agents employed by the Company and independent agents and brokers.
The Company’s earned premiums are derived in the United States. The accounting policies of the segments are the same as those described in Note 2, “Summary of Accounting Policies and Accounting Changes,” to the Consolidated Financial Statements. Capital expenditures for long-lived assets by operating segment are immaterial.
It is the Company’s management practice to allocate certain corporate expenses, primarily compensation costs for corporate employees and related facility costs, included in Interest and Other Expenses in the Consolidated Statements of Income to its insurance operations. The amount of such allocated corporate expenses was $109.5 million, $103.9 million and $68.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company does not allocate Income (Loss) from Change in Fair Value of Equity and Convertible Securities, Net Realized Gains on Sales of Investments, Impairment Losses, Acquisition Related Transaction, Integration and Other Costs, Loss from Early Extinguishment of Debt, interest expense on debt or postretirement benefit plans, and actuarial gains and losses on its postretirement benefit plans to its operating segments. Additionally, the Company did not allocate the 2018 and 2017 impacts of the Tax Act or the gains recognized in 2019 and 2018 on the partial satisfaction of a final judgment against Computer Sciences Corporation (“CSC”) to its operating segments.
Segment Assets at December 31, 2020 and 2019 were:
DOLLARS IN MILLIONS20202019
Specialty Property & Casualty Insurance$4,897.1 $4,435.2 
Preferred Property & Casualty Insurance1,711.2 1,549.8 
Life & Health Insurance6,457.0 5,847.9 
Corporate and Other, Net1,276.6 1,156.2 
Total Assets$14,341.9 $12,989.1 
Earned Premiums by product line for the years ended December 31, 2020, 2019 and 2018 were:
DOLLARS IN MILLIONS202020192018
Specialty Property & Casualty Insurance:
Specialty Automobile$3,031.3 $2,825.6 $1,889.5 
Commercial Automobile304.0 252.8 137.9 
Preferred Property & Casualty Insurance:
Preferred Automobile431.7 470.2 440.2 
Homeowners220.7 241.3 250.1 
Other Personal Lines35.8 38.8 40.4 
Life & Health Insurance:
Life385.7 384.6 378.4 
Accident & Health199.3 190.9 177.5 
Property63.7 68.2 70.4 
Total Earned Premiums$4,672.2 $4,472.4 $3,384.4 
NOTE 19. BUSINESS SEGMENTS (Continued)
Segment Revenues, including a reconciliation to Total Revenues, for the years ended December 31, 2020, 2019 and 2018 were:
DOLLARS IN MILLIONS202020192018
Segment Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums$3,335.3 $3,078.4 $2,027.4 
Net Investment Income114.1 107.5 63.4 
Other Income1.8 7.0 2.4 
Total Specialty Property & Casualty Insurance3,451.2 3,192.9 2,093.2 
Preferred Property & Casualty Insurance:
Earned Premiums688.2 750.3 730.7 
Net Investment Income37.7 44.1 61.8 
Other Income0.1 — — 
Total Preferred Property & Casualty Insurance726.0 794.4 792.5 
Life & Health Insurance:
Earned Premiums648.7 643.7 626.3 
Net Investment Income198.8 206.4 210.9 
Other Income0.6 8.5 4.0 
Total Life & Health Insurance848.1 858.6 841.2 
Total Segment Revenues5,025.3 4,845.9 3,726.9 
Income (Loss) from Change in Fair Value of Equity and Convertible Securities72.1 138.9 (64.3)
Net Realized Gains on the Sales of Investments38.1 41.9 26.4 
Impairment Losses(19.5)(13.8)(4.5)
Other89.7 26.3 40.6 
Total Revenues$5,205.7 $5,039.2 $3,725.1 
Segment Operating Profit, including a reconciliation to Income from Continuing Operations before Income Taxes, for the years ended December 31, 2020, 2019 and 2018 was:
DOLLARS IN MILLIONS202020192018
Segment Operating Profit (Loss):
Specialty Property & Casualty Insurance$420.9 $355.9 $145.6 
Preferred Property & Casualty Insurance1.8 52.3 28.6 
Life & Health Insurance71.2 121.9 115.9 
Total Segment Operating Profit493.9 530.1 290.1 
Corporate and Other Operating Profit (Loss) From:
Partial Satisfaction of Judgment89.4 20.1 35.7 
Other(36.5)(31.4)(39.6)
Corporate and Other Operating Profit (Loss)52.9 (11.3)(3.9)
Adjusted Consolidated Operating Profit (Loss)546.8 518.8 286.2 
Income (Loss) from Change in Fair Value of Equity and Convertible Securities72.1 138.9 (64.3)
Net Realized Gains on Sales of Investments38.1 41.9 26.4 
Impairment Losses(19.5)(13.8)(4.5)
Acquisition Related Transaction, Integration and Other Costs
(63.3)(18.4)(44.7)
Pension Obligation Settlement Costs(64.1)— — 
Loss from Early Extinguishment of Debt
— (5.8)— 
Income from Continuing Operations before Income Taxes
$510.1 $661.6 $199.1 
NOTE 19. BUSINESS SEGMENTS (Continued)
Segment Net Operating Income, including a reconciliation to Income from Continuing Operations, for the years ended December 31, 2020, 2019 and 2018 was:
DOLLARS IN MILLIONS202020192018
Segment Net Operating Income (Loss):
Specialty Property & Casualty Insurance$337.9 $283.1 $115.8 
Preferred Property & Casualty Insurance3.5 41.9 25.7 
Life & Health Insurance60.0 98.7 91.5 
Total Segment Net Operating Income (Loss)401.4 423.7 233.0 
Corporate and Other Net Operating Income (Loss) From:
Effects of Tax Law Changes— — 26.4 
Partial Satisfaction of Judgment70.6 15.9 28.2 
Other(33.2)(21.3)(29.2)
Total Corporate and Other Net Operating Income (Loss)37.4 (5.4)25.4 
Adjusted Consolidated Net Operating Income438.8 418.3 258.4 
Net Income (Loss) From:
Change in Fair Value of Equity and Convertible Securities57.0 109.7 (50.8)
Net Realized Gains on Sales of Investments30.1 33.1 20.9 
Impairment Losses(15.4)(10.9)(3.6)
Acquisition Related Transaction, Integration and Other Costs(50.0)(14.5)(36.5)
Pension Obligation Settlement Costs(50.6)— — 
Loss from Early Extinguishment of Debt— (4.6)— 
Income from Continuing Operations$409.9 $531.1 $188.4