
	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	597.1	$	3.1	$	(78.3)	$	—	$	521.9
States and Political Subdivisions	1,530.4		17.3		(173.8)		(0.2)		1,373.7
Foreign Governments	5.4		0.1		(0.4)		—		5.1
Corporate Securities:
Bonds and Notes	4,071.0		31.6		(341.1)		(8.2)		3,753.3
Redeemable Preferred Stocks	11.0		0.1		(0.8)		—		10.3
Collateralized Loan Obligations	804.1		1.8		(8.3)		(1.1)		796.5
Other Mortgage- and Asset-backed	440.4		0.8		(30.0)		—		411.2
Investments in Fixed Maturities	$	7,459.4	$	54.8	$	(632.7)	$	(9.5)	$	6,872.0


	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	594.1	$	1.9	$	(84.5)	$	—	$	511.5
States and Political Subdivisions	1,575.9		16.3		(189.8)		(0.5)		1,401.9
Foreign Governments	4.4		—		(0.6)		—		3.8
Corporate Securities:
Bonds and Notes	4,046.8		35.5		(383.8)		(7.7)		3,690.8
Redeemable Preferred Stocks	9.0		0.1		(0.8)		—		8.3
Collateralized Loan Obligations	973.6		0.7		(24.5)		—		949.8
Other Mortgage- and Asset-backed	362.0		0.1		(46.3)		—		315.8
Investments in Fixed Maturities	$	7,565.8	$	54.6	$	(730.3)	$	(8.2)	$	6,881.9

Other Receivables included $6.0 million and $0.9 million of unsettled sales of Investments in Fixed Maturities at September 30, 2024 and December 31, 2023, respectively. There were $13.8 million of unsettled purchases of Investments in Fixed Maturities included in Accrued Expenses and Other Liabilities as of September 30, 2024. There were no unsettled purchases of Investments in Fixed Maturities included in Accrued Expenses and Other Liabilities as of December 31, 2023. The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at September 30, 2024 by contractual maturity were:


(Dollars in Millions)	Amortized Cost		Fair Value
Due in One Year or Less	$	264.2	$	261.2
Due after One Year to Five Years	874.3		856.2
Due after Five Years to Ten Years	1,031.0		929.6
Due after Ten Years	3,561.0		3,200.6
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date	1,728.9		1,624.4
Investments in Fixed Maturities	$	7,459.4	$	6,872.0

Investments in Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date at September 30, 2024 consisted of securities issued by the Government National Mortgage Association with a fair value of $223.5 million, securities issued by the Federal National Mortgage Association with a fair value of $109.9 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $82.8 million and securities of other non-governmental issuers with a fair value of $1,208.2 million.


	Less Than 12 Months				12 Months or Longer				Total
(Dollars in Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	0.2	$	—	$	413.3	$	(78.3)	$	413.5	$	(78.3)
States and Political Subdivisions	43.1		(0.6)		996.5		(173.2)		1,039.6		(173.8)
Foreign Governments	—		—		1.7		(0.4)		1.7		(0.4)
Corporate Securities:
Bonds and Notes	98.2		(2.2)		2,785.8		(338.9)		2,884.0		(341.1)
Redeemable Preferred Stocks	1.2		—		6.7		(0.8)		7.9		(0.8)
Collateralized Loan Obligations	56.0		(0.3)		100.9		(8.0)		156.9		(8.3)
Other Mortgage- and Asset-backed	21.2		(0.1)		273.2		(29.9)		294.4		(30.0)
Total Fixed Maturities	$	219.9	$	(3.2)	$	4,578.1	$	(629.5)	$	4,798.0	$	(632.7)

Investment-grade fixed maturity investments comprised $617.7 million and below-investment-grade fixed maturity investments comprised $15.0 million of the unrealized losses on investments in fixed maturities at September 30, 2024. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 4.6% of the amortized cost basis of the investment.


	Less Than 12 Months				12 Months or Longer				Total
(Dollars in Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	52.0	$	(0.8)	$	401.6	$	(83.7)	$	453.6	$	(84.5)
States and Political Subdivisions	112.9		(2.3)		928.3		(187.5)		1,041.2		(189.8)
Foreign Governments	—		—		1.9		(0.6)		1.9		(0.6)
Corporate Securities:
Bonds and Notes	198.4		(5.5)		2,813.0		(378.3)		3,011.4		(383.8)
Redeemable Preferred Stocks	—		—		7.9		(0.8)		7.9		(0.8)
Collateralized Loan Obligations	38.8		(0.4)		747.7		(24.1)		786.5		(24.5)
Other Mortgage- and Asset-backed	15.7		(0.1)		287.3		(46.2)		303.0		(46.3)
Total Fixed Maturities	$	417.8	$	(9.1)	$	5,187.7	$	(721.2)	$	5,605.5	$	(730.3)

Investment-grade fixed maturity investments comprised $704.8 million and below-investment-grade fixed maturity investments comprised $25.5 million of the unrealized losses on investments in fixed maturities at December 31, 2023. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 8.8% of the amortized cost basis of the investment.

The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for nine months ended September 30, 2024. Accrued interest excluded from the amortized cost of fixed income securities total $72.1 million and $77.0 million as of September 30, 2024 and December 31, 2023, respectively, and is reported within the Other Receivables line of the Condensed Consolidated Balance Sheets. The Company monitors accrued interest and writes off amounts when they are not expected to be received.


	States and Political Subdivisions		Corporate Bonds and Notes		Total
(Dollars in Millions)
Balance, Beginning of Year	$	0.5	$	7.7	$	8.2
Additions for Securities for which No Previous Expected Credit Losses were Recognized	—		2.0		2.0
Reductions Due to Sales	—		(0.8)		(0.8)
Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized	(0.3)		0.4		0.1

Balance, End of Period	$	0.2	$	9.3	$	9.5


	States and Political Subdivisions		Corporate Bonds and Notes		Total
(Dollars in Millions)
Balance, Beginning of Year	$	0.7	$	8.9	$	9.6
Additions for Securities for which No Previous Expected Credit Losses were Recognized	—		2.2		2.2
Reductions Due to Sales	(0.3)		(1.9)		(2.2)
Net Increase (Decrease) in Allowance on Securities for which Expected Credit Losses were Previously Recognized	0.1		(1.1)		(1.0)
Write-offs Charged Against Allowance	—		—		—
Balance, End of Period	$	0.5	$	8.1	$	8.6

Investments in Equity Securities at Fair Value were $228.3 million and $225.8 million at September 30, 2024 and December 31, 2023, respectively. Net unrealized (losses) gains arising during the nine months ended September 30, 2024 and 2023 and recognized in earnings, related to such investments still held as of September 30, 2024 and September 30, 2023, were $(2.3) million and $5.1 million, respectively.

The Company’s maximum exposure to loss at September 30, 2024 is limited to the total carrying value of $202.6 million. In addition, the Company had outstanding commitments totaling approximately $77.0 million to fund Equity Method Limited Liability Investments at September 30, 2024. At September 30, 2024, 3.2% of Equity Method Limited Liability Investments were reported without a reporting lag. Of the total carrying value, 4.3% were reported with a one-month lag, and the remainder were reported with a greater than one-month but less than or equal to three-month lag.

There were no unsettled purchases of Equity Method Limited Liability Investments at September 30, 2024 or December 31, 2023.There were no unsettled sales of Equity Method Limited Liability Investments at September 30, 2024 and December 31, 2023. Unsettled purchases and sales of Equity Method Limited Liability Investments are carried within Accrued Expenses and Other Liabilities and Other Receivables, respectively, on the Condensed Consolidated Balance Sheets.

Alternative Energy Partnership Investments include partnerships formed to invest in newly installed residential solar leases and power purchase agreements. As a result of this investment, the Company has the right to certain investment tax credits and tax depreciation benefits, and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers for a fixed period of time. The Hypothetical Liquidation Book Value (“HLBV”) equity method of accounting is used for the Company’s investments in Alternative Energy Partnership Investments.

Loans to Policyholders represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in Net Investment Income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Investments in Equity Securities at Modified Cost were $22.1 million and $32.6 million at September 30, 2024 and December 31, 2023, respectively. The Company performs a qualitative impairment analysis on a quarterly basis consisting of various factors such as earnings performance, current market conditions, changes in credit ratings, changes in the regulatory environment and other factors. If the qualitative analysis identifies the presence of impairment indicators, the Company estimates the fair value of the investment. If the estimated fair value is below the carrying value, the Company records an impairment in the Condensed Consolidated Statements of Income (Loss) to reduce the carrying value to the estimated fair value. When the Company identifies observable transactions of the same or similar securities to those held by the Company, the Company

increases or decreases the carrying value to the observable transaction price. The Company did not recognize any changes in carrying value due to observable transactions for the nine months ended September 30, 2024 and 2023. The Company recognized an impairment of $0.4 million on Equity Securities at Modified Cost for the nine months ended September 30, 2024 as a result of the Company’s impairment analysis. The Company did not recognize any impairments on Equity Securities at Modified Cost for the nine months ended September 30, 2023 as a result of the Company’s impairment analysis. The Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $4.9 million of cumulative impairments on Equity Securities at Modified Cost held as of September 30, 2024. The Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $8.0 million of cumulative impairments on Equity Securities at Modified Cost held as of December 31, 2023.


	Three Months Ended				Nine Months Ended
(Dollars in Millions)	Sep 30, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Investment Income:
Interest on Fixed Income Securities1,2	$	79.0	$	81.2	$	239.0	$	242.3
Dividends on Equity Securities Excluding Alternative Investments	0.9		1.2		4.6		3.4
Alternative Investments:
Equity Method Limited Liability Investments	0.9		4.3		(15.9)		8.2

Limited Liability Investments Included in Equity Securities	9.1		5.4		18.7		14.3
Total Alternative Investments	10.0		9.7		2.8		22.5
Short-term Investments	8.4		6.0		23.0		11.9
Loans to Policyholders	5.5		5.1		15.8		15.6
Real Estate	2.2		2.3		6.7		6.6
Company-Owned Life Insurance	9.7		6.4		25.7		22.6
Other	2.2		1.8		7.3		10.1
Total Investment Income	117.9		113.7		324.9		335.0
Investment Expenses:
Real Estate	1.8		1.7		6.1		6.0
Other Investment Expenses1,2	5.0		5.0		14.3		13.9
Total Investment Expenses	6.8		6.7		20.4		19.9
Net Investment Income	$	111.1	$	107.0	$	304.5	$	315.1

1In the first quarter of 2024, the Company changed its presentation of the details of investment performance to report interest expense incurred on Federal Home Loan Bank ("FHLB") borrowings as an offset to interest on fixed income securities since FHLB borrowings are used for spread lending purposes. The interest expense incurred on FHLB borrowings was previously reported within Other Investment Expenses. The prior period amounts presented above have been updated to reflect this change in presentation.
2Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million and $5.3 million for the three months ended September 30, 2024 and 2023, respectively, and $15.4 million and $17.5 million for the nine months ended September 30, 2024 and 2023, respectively.