Liability for Future Policyholder Benefits (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Liability for Future Policy Benefit, Activity

The following tables summarize balances and changes in the present value of expected net premiums, present value of expected future policyholder benefits and net liability for future policyholder benefits as of and for the three months ended March 31, 2024 and 2023:

		Three Months Ended
(Dollars in Millions)		Mar 31, 2024		Mar 31, 2023
Present Value of Expected Net Premiums	Balance, Beginning of Year	$	675.4	$	688.6
	Beginning Balance at Original Discount Rate	$	694.7	$	728.9
	Effect of Changes in Cash Flow Assumptions	—		—
	Effect of Actual Variances from Expected Experience	5.3		0.7
	Adjusted Beginning of Year Balance	700.0		729.6
	Issuances	38.2		31.8
	Interest Accrual	7.6		7.0
	Net Premiums Collected	(22.7)		(23.9)
	Ending Balance at Original Discount Rate	723.1		744.5
	Effect of Changes in Discount Rate Assumptions	(33.0)		(22.1)
	Balance, End of Period	$	690.1	$	722.4
Present Value of Expected Future Policyholder Benefits	Balance, Beginning of Year	$	3,613.2	$	3,561.0
	Beginning Balance at Original Discount Rate	$	3,835.9	$	3,906.2
	Effect of Changes in Cash Flow Assumptions	—		—
	Effect of Actual Variances From Expected Experience	5.5		0.3
	Adjusted Beginning of Year Balance	3,841.4		3,906.5
	Issuances	38.2		31.8
	Interest Accrual	42.6		42.4
	Benefit Payments	(56.5)		(63.8)
	Ending Balance at Original Discount Rate	3,865.7		3,916.9
	Effect of Changes in Discount Rate Assumptions	(377.5)		(217.4)
	Balance, End of Period	$	3,488.2	$	3,699.5
	Net Liability for Future Policyholder Benefits	$	2,798.1	$	2,977.1
	Less: Reinsurance Recoverable	—		—
	Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable	$	2,798.1	$	2,977.1

Weighted-Average Liability Duration

The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows:

	Mar 31, 2024	Mar 31, 2023
Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years)	14.6	14.9

Reconciliation of Net Liability for Future Policyholder Benefits

The reconciliation of the net liability for future policyholder benefits to Life and Health Insurance Reserves in the Condensed Consolidated Balance Sheets is as follows:

(Dollars in Millions)	Mar 31, 2024		Mar 31, 2023
Net Liability for Future Policyholder Benefits	$	2,798.1	$	2,977.1
Deferred Profit Liability	357.5		272.6
Other1	138.7		149.9
Total Life and Health Insurance Reserves	$	3,294.3	$	3,399.6

1Other primarily consists of Accident and Health and Universal Life reserves

Undiscounted Expected Gross Premiums and Expected Future Benefit Payments

The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, is as follows:

(Dollars in Millions)	Mar 31, 2024		Mar 31, 2023
Expected Future Benefit Payments, undiscounted	$	10,225.9	$	10,177.7
Expected Future Gross Premiums, undiscounted	$	4,136.0	$	4,464.2
Expected Future Gross Premiums, discounted	$	2,758.3	$	2,931.1

Liability for Future Policy Benefits Interest Expense and Premiums

The amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) is as follows:

	Three Months Ended
(Dollars in Millions)	Mar 31, 2024		Mar 31, 2023
Gross Premiums or Assessments	$	101.3	$	103.8
Interest Expense	$	35.0	$	35.4

Weighted Average Interest Rate for Future Policyholder Benfits

The weighted-average interest rate is as follows:

	Mar 31, 2024		Mar 31, 2023
Interest Accretion Rate	4.55	%	4.55	%
Current Discount Rate	5.40	%	5.05	%

Policyholder Account Balance

The balances of and changes in Deferred Profit Liability as of and for the periods indicated are as follows:

	Three Months Ended
(Dollars in Millions)	Mar 31, 2024		Mar 31, 2023
Balance, Beginning of Year	$	337.8	$	253.6
Profits Deferred	41.8		43.0
Interest Accrual	4.0		3.0
Amortization	(25.9)		(27.0)
Effect of Actual Variances from Expected Experience and Other Changes	(0.2)		—
Balance, End of Period	$	357.5	$	272.6