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Business Segments
9 Months Ended
Sep. 30, 2022
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 personal automobile insurance and commercial automobile insurance. The Preferred Property & Casualty Insurance segment’s principal products are personal 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, supplemental health and property insurance. These products are distributed by career agents employed by the Company and independent agents and brokers.
Note 5 - Business Segments (Continued)
Earned Premiums by product line for the nine and three months ended September 30, 2022 and 2021 were:
 Nine Months EndedThree Months Ended
(Dollars in Millions)Sep 30,
2022
Sep 30,
2021
Sep 30,
2022
Sep 30,
2021
Specialty Property & Casualty Insurance:
Personal Automobile$2,666.3 $2,615.6 $858.8 $920.6 
Commercial Automobile398.5 300.6 140.7 107.7 
Preferred Property & Casualty Insurance:
Personal Automobile279.5 309.1 89.5 102.6 
Homeowners150.9 154.6 51.9 52.5 
Other Personal Lines24.4 25.4 7.9 8.6 
Life & Health Insurance:
Life304.6 300.2 100.4 101.5 
Accident and Health136.8 142.3 45.9 47.0 
Property38.3 46.8 11.9 15.6 
Total Earned Premiums$3,999.3 $3,894.6 $1,307.0 $1,356.1 
Note 5 - Business Segments (Continued)
Segment Revenues, including a reconciliation to Total Revenues, for the nine and three months ended September 30, 2022 and 2021 were:
 Nine Months EndedThree Months Ended
(Dollars in Millions)Sep 30,
2022
Sep 30,
2021
Sep 30,
2022
Sep 30,
2021
Segment Revenues:
Specialty Property & Casualty Insurance:
Earned Premiums$3,064.8 $2,916.2 $999.5 $1,028.3 
Net Investment Income102.8 114.7 33.9 37.0 
Change in Value of Alternative Energy Partnership Investments(10.6)(22.3)0.3 (11.3)
Other Income5.0 3.1 2.3 1.2 
Total Specialty Property & Casualty Insurance3,162.0 3,011.7 1,036.0 1,055.2 
Preferred Property & Casualty Insurance:
Earned Premiums454.8 489.1 149.3 163.7 
Net Investment Income36.2 51.5 11.8 16.1 
Change in Value of Alternative Energy Partnership Investments(5.0)(12.5)— (6.4)
Total Preferred Property & Casualty Insurance486.0 528.1 161.1 173.4 
Life & Health Insurance:
Earned Premiums479.7 489.3 158.2 164.1 
Net Investment Income163.9 151.9 52.6 48.4 
Change in Value of Alternative Energy Partnership Investments(5.6)(12.1)0.1 (6.1)
Other Income(0.8)0.3 — 0.1 
Total Life & Health Insurance637.2 629.4 210.9 206.5 
Total Segment Revenues4,285.2 4,169.2 1,408.0 1,435.1 
Income (Loss) from Change in Fair Value of Equity and Convertible Securities(79.9)92.4 (11.2)(0.6)
Net Realized Investment Gains (Losses)0.4 43.1 (12.1)10.1 
Net Impairment Losses Recognized in Earnings(22.1)(7.8)(8.3)(0.6)
Other16.5 18.2 1.2 11.4 
Total Revenues$4,200.1 $4,315.1 $1,377.6 $1,455.4 
Note 5 - Business Segments (Continued)
Segment Operating Income (Loss), including a reconciliation to Income (Loss) before Income Taxes, for the nine and three months ended September 30, 2022 and 2021 was:
 Nine Months EndedThree Months Ended
(Dollars in Millions)Sep 30,
2022
Sep 30,
2021
Sep 30,
2022
Sep 30,
2021
Segment Operating Income (Loss):
Specialty Property & Casualty Insurance$(150.4)$(128.7)$(39.2)$(91.8)
Preferred Property & Casualty Insurance(34.4)(27.8)(3.3)(17.4)
Life & Health Insurance35.8 6.5 13.8 (5.9)
Total Segment Operating Income (Loss)(149.0)(150.0)(28.7)(115.1)
Corporate and Other Operating Income (Loss) From:
Other(32.2)(40.8)(16.6)(15.5)
Corporate and Other Operating Income (Loss)(32.2)(40.8)(16.6)(15.5)
Adjusted Consolidated Operating Income (Loss)(181.2)(190.8)(45.3)(130.6)
Income (Loss) from Change in Fair Value of Equity and Convertible Securities(79.9)92.4 (11.2)(0.6)
Net Realized Investment Gains (Losses)0.4 43.1 (12.1)10.1 
Impairment Losses(22.1)(7.8)(8.3)(0.6)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(27.3)(34.8)(12.7)(8.1)
Loss from Early Extinguishment of Debt(3.7)— — — 
Income (Loss) before Income Taxes$(313.8)$(97.9)$(89.6)$(129.8)
Segment Net Operating Income (Loss), including a reconciliation to Net Income (Loss), for the nine and three months ended September 30, 2022 and 2021 was:
 Nine Months EndedThree Months Ended
(Dollars in Millions and Net of Income Taxes)Sep 30,
2022
Sep 30,
2021
Sep 30,
2022
Sep 30,
2021
Segment Net Operating Income (Loss):
Specialty Property & Casualty Insurance$(112.3)$(70.9)$(28.7)$(59.3)
Preferred Property & Casualty Insurance(25.0)(5.1)(2.1)(6.4)
Life & Health Insurance33.4 23.1 12.6 2.8 
Total Segment Net Operating Income (Loss)(103.9)(52.9)(18.2)(62.9)
Corporate and Other Net Operating Income (Loss) From:
Other(26.4)(35.1)(12.3)(12.9)
Total Corporate and Other Net Operating Income (Loss)(26.4)(35.1)(12.3)(12.9)
Adjusted Consolidated Net Operating Income (Loss)(130.3)(88.0)(30.5)(75.8)
Net Income (Loss) From:
Income (Loss) from Change in Fair Value of Equity and Convertible Securities(63.1)73.0 (8.8)(0.5)
Net Realized Investment Gains (Losses)0.3 34.0 (9.6)7.9 
Impairment Losses(17.5)(6.2)(6.6)(0.5)
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs(32.2)(27.5)(20.7)(6.4)
Loss from Early Extinguishment of Debt(2.9)— — — 
Net Income (Loss)$(245.7)$(14.7)$(76.2)$(75.3)