Income from Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investment Income, Net [Abstract]

Net Investment Income

Net Investment Income for the years ended December 31, 2024, 2023 and 2022 was:

DOLLARS IN MILLIONS	2024		2023		2022
Investment Income:
Interest on Fixed Income Securities1,2	$	315.3	$	323.3	$	290.0
Dividends on Equity Securities Excluding Alternative Investments	5.4		4.4		6.3
Alternative Investments:
Equity Method Limited Liability Investments	(18.2)		10.5		31.3
Limited Liability Investments Included in Equity Securities	24.5		19.0		42.1
Total Alternative Investments	6.3		29.5		73.4
Short-term Investments	33.5		18.0		3.7
Loans to Policyholders	21.0		20.9		21.5
Real Estate	8.8		8.9		10.1
Company-Owned Life Insurance	35.7		29.2		37.9
Other	8.2		12.9		7.7
Total Investment Income	434.2		447.1		450.6
Investment Expenses:
Real Estate	8.7		8.8		7.9
Other Investment Expenses1	18.0		18.6		20.1
Total Investment Expenses	26.7		27.4		28.0
Net Investment Income	$	407.5	$	419.7	$	422.6
1In 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 $20.3 million, $22.7 million and $10.1 million for the year ended December 31, 2024, 2023, and 2022, respectively.

Realized Gain (Loss) on Investments

The components of Net Realized Gains (Losses) for the years ended December 31, 2024, 2023 and 2022 were:

DOLLARS IN MILLIONS	2024		2023		2022
Fixed Maturities:
Gains on Sales	$	20.2	$	5.9	$	31.6
Losses on Sales	(3.2)		(10.9)		(31.9)
(Losses) Gains on Hedging Activity	(7.9)		(11.9)		1.7
Equity Securities:
Gains on Sales	4.2		0.6		9.7
Losses on Sales	(0.1)		(2.5)		(6.8)
Other Investments:
Gains on Sales	4.2		0.2		—
Losses on Sales	(4.2)		—		—
Net Realized Investment Gains (Losses)	$	13.2	$	(18.6)	$	4.3
Gross Gains on Sales	$	28.6	$	6.7	$	41.3
Gross Losses on Sales	(7.5)		(13.4)		(38.7)
(Losses) Gains on Hedging Activity	(7.9)		(11.9)		1.7
Net Realized Investment Gains (Losses)	$	13.2	$	(18.6)	$	4.3

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The components of Impairment Losses reported in the Consolidated Statements of Income (Loss) for the years ended December 31, 2024, 2023 and 2022 were:

DOLLARS IN MILLIONS	2024		2023		2022
Fixed Maturities	$	(4.8)	$	(0.1)	$	(25.8)
Equity Securities at Modified Cost	(0.4)		(0.5)		—
Real Estate	(0.4)		—		—
Other	(0.2)		(0.5)		—
Net Impairment Losses Recognized in Earnings1	$	(5.8)	$	(1.1)	$	(25.8)

I Includes losses from intent-to-sell securities of $3.3 million, $2.0 million and $23.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.