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Liability for Future Policyholder Benefits (Tables)
 12 Months Ended
Dec. 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 years ended December 31, 2024, 2023 and 2022:
DOLLARS IN MILLIONSYear Ended
Dec 31, 2024Dec 31, 2023Dec 31, 2022
Present Value of Expected Net PremiumsBalance, Beginning of Year$675.4 $688.6 $669.0 
Beginning Balance at Original Discount Rate$694.7 $728.9 $599.8 
        Effect of Changes in Cash Flow Assumptions(56.6)(35.7)68.5 
        Effect of Actual Variances from Expected Experience0.3 (38.5)(6.4)
Adjusted Beginning of Period Balance638.4 654.7 661.9 
         Issuances105.4 105.2 133.2 
         Interest Accrual31.0 29.7 21.9 
         Net Premiums Collected(93.8)(94.9)(88.1)
Ending Balance at Original Discount Rate681.0 694.7 728.9 
         Effect of Changes in Discount Rate Assumptions(34.9)(19.3)(40.3)
Balance, End of Year$646.1 $675.4 $688.6 
Present Value of Expected Future Policyholder BenefitsBalance, Beginning of Year$3,613.2 $3,561.0 $4,933.1 
Beginning Balance at Original Discount Rate$3,835.9 $3,906.2 $3,788.1 
        Effect of Changes in Cash Flow Assumptions(68.5)(59.0)77.2 
        Effect of Actual Variances From Expected Experience(7.0)(45.5)(7.0)
Adjusted Beginning of Period Balance3,760.4 3,801.7 3,858.3 
         Issuances 105.5 104.6 133.2 
         Interest Accrual170.5 171.0 164.0 
         Benefit Payments(224.3)(241.4)(249.3)
Ending Balance at Original Discount Rate3,812.1 3,835.9 3,906.2 
         Effect of Changes in Discount Rate Assumptions(516.2)(222.7)(345.2)
Balance, End of Year$3,295.9 $3,613.2 $3,561.0 
Net Liability for Future Policyholder Benefits, pre-flooring$2,649.8 $2,937.8 $2,872.4 
Cumulative impact of flooring the future Policyholder Benefits Reserve— — — 
Net Liability for Future Policyholder Benefits, post-flooring2,649.8 2,937.8 2,872.4 
Less: Reinsurance Recoverable— — — 
Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable$2,649.8 $2,937.8 $2,872.4 
Weighted-Average Liability Duration
The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows:
Dec 31, 2024Dec 31, 2023Dec 31, 2022
Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years)13.915.314.6
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 Consolidated Balance Sheets is as follows:
DOLLARS IN MILLIONSDec 31, 2024Dec 31, 2023
Net Liability for Future Policyholder Benefits, post-flooring$2,649.8 $2,937.8 
Deferred Profit Liability412.1 337.8 
Other1
137.8 146.8 
Total Life and Health Insurance Reserves$3,199.7 $3,422.4 
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 MILLIONSDec 31, 2024Dec 31, 2023
Expected Future Benefit Payments, undiscounted$10,100.0 $10,185.2 
Expected Future Gross Premiums, undiscounted$3,976.4 $4,107.9 
Expected Future Gross Premiums, discounted$2,628.1 $2,800.6 
Liability for Future Policy Benefits Interest Expense and Premiums
The amount of revenue and interest recognized in the Consolidated Statements of Income (Loss) is as follows:
Year Ended
DOLLARS IN MILLIONSDec 31, 2024Dec 31, 2023Dec 31, 2022
Gross Premiums or Assessments $399.6 $399.0 $392.1 
Interest Expense $139.5 $141.3 $142.1 
Weighted Average Interest Rate for Future Policyholder Benfits
The weighted-average interest rate is as follows:
Dec 31, 2024Dec 31, 2023
Interest Accretion Rate4.55 %4.57 %
Current Discount Rate5.77 %5.08 %
Policyholder Account Balance
The balances of and changes in Deferred Profit Liability as of and for the years indicated below are as follows:
DOLLARS IN MILLIONSDec 31, 2024Dec 31, 2023Dec 31, 2022
Balance, beginning of period$337.8 $253.6 $193.4 
Annual assumption changes4.8 15.0 (12.7)
Profits deferred160.7 163.1 164.7 
Interest accrual17.1 13.2 10.4 
Amortization(110.7)(111.2)(101.6)
Effect of actual variances from expected experience and other changes2.4 4.1 (0.6)
Balance, end of period$412.1 $337.8 $253.6