
	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	682.3	$	2.6	$	(91.9)	$	—	$	593.0
States and Political Subdivisions	1,441.9		1.5		(223.3)		(0.2)		1,219.9
Foreign Governments	6.5		0.4		(0.2)		—		6.7
Corporate Securities:
Bonds and Notes	4,069.6		18.2		(478.3)		(9.9)		3,599.6
Redeemable Preferred Stocks	9.8		0.4		(0.1)		—		10.1
Collateralized Loan Obligations	876.1		2.3		(7.6)		(2.5)		868.3
Other Mortgage- and Asset-backed	398.1		0.7		(27.3)		—		371.5
Investments in Fixed Maturities	$	7,484.3	$	26.1	$	(828.7)	$	(12.6)	$	6,669.1


	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	588.6	$	0.6	$	(102.4)	$	—	$	486.8
States and Political Subdivisions	1,457.3		1.6		(225.4)		(0.3)		1,233.2
Foreign Governments	6.5		0.3		(0.2)		—		6.6
Corporate Securities:
Bonds and Notes	4,038.3		8.9		(518.8)		(8.8)		3,519.6
Redeemable Preferred Stocks	9.8		0.1		(1.0)		—		8.9
Collateralized Loan Obligations	747.8		2.5		(7.2)		(1.6)		741.5
Other Mortgage- and Asset-backed	446.7		0.8		(34.5)		—		413.0
Investments in Fixed Maturities	$	7,295.0	$	14.8	$	(889.5)	$	(10.7)	$	6,409.6

Other Receivables included $6.1 million and $1.8 million of unsettled sales of Investments in Fixed Maturities at June 30, 2025 and December 31, 2024, respectively. There were $96.9 million and $11.6 million of unsettled purchases of Investments in Fixed Maturities included in Accrued Expenses and Other Liabilities as of June 30, 2025 and December 31, 2024, respectively.


(Dollars in Millions)	Amortized Cost		Fair Value
Due in One Year or Less	$	259.7	$	255.7
Due after One Year to Five Years	893.5		868.8
Due after Five Years to Ten Years	981.3		885.7
Due after Ten Years	3,524.7		2,946.2
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date	1,825.1		1,712.7
Investments in Fixed Maturities	$	7,484.3	$	6,669.1

Investments in Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date at June 30, 2025 consisted of securities issued by the Government National Mortgage Association with a fair value of $302.2 million, securities issued by the Federal National Mortgage Association with a fair value of $96.4 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $73.8 million and securities of other non-governmental issuers with a fair value of $1,240.3 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	$	9.3	$	(0.1)	$	381.1	$	(91.8)	$	390.4	$	(91.9)
States and Political Subdivisions	204.1		(10.7)		958.5		(212.6)		1,162.6		(223.3)
Foreign Governments	0.1		—		1.0		(0.2)		1.1		(0.2)
Corporate Securities:
Bonds and Notes	624.6		(34.0)		2,516.0		(444.3)		3,140.6		(478.3)
Redeemable Preferred Stocks	—		—		1.9		(0.1)		1.9		(0.1)
Collateralized Loan Obligations	180.7		(0.7)		75.3		(6.9)		256.0		(7.6)
Other Mortgage- and Asset-backed	9.8		(0.2)		252.8		(27.1)		262.6		(27.3)
Total Fixed Maturities	$	1,028.6	$	(45.7)	$	4,186.6	$	(783.0)	$	5,215.2	$	(828.7)

Investment-grade fixed maturity investments comprised $808.9 million and below-investment-grade fixed maturity investments comprised $19.8 million of the unrealized losses on investments in fixed maturities at June 30, 2025. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 7.8% 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	$	41.7	$	(0.5)	$	383.6	$	(101.9)	$	425.3	$	(102.4)
States and Political Subdivisions	242.7		(10.3)		933.4		(215.1)		1,176.1		(225.4)
Foreign Governments	—		—		1.4		(0.2)		1.4		(0.2)
Corporate Securities:
Bonds and Notes	674.3		(40.9)		2,605.7		(477.9)		3,280.0		(518.8)
Redeemable Preferred Stocks	2.0		—		6.6		(1.0)		8.6		(1.0)
Collateralized Loan Obligations	34.2		(0.1)		89.5		(7.1)		123.7		(7.2)
Other Mortgage- and Asset-backed	12.0		(0.1)		261.7		(34.4)		273.7		(34.5)
Total Fixed Maturities	$	1,006.9	$	(51.9)	$	4,281.9	$	(837.6)	$	5,288.8	$	(889.5)

Investment-grade fixed maturity investments comprised $875.3 million and below-investment-grade fixed maturity investments comprised $14.2 million of the unrealized losses on investments in fixed maturities at December 31, 2024. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 4.9% 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 six months ended June 30, 2025. Accrued interest excluded from the amortized cost of fixed maturities total $73.5 million and $70.9 million as of June 30, 2025 and December 31, 2024, 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	$	0.3	$	10.4	$	10.7

Reductions Due to Sales	—		(0.5)		(0.5)
Net (Decrease) Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized	(0.1)		3.6		3.5
Write-Offs Charged Against Allowance	—		(1.1)		(1.1)
Balance, End of Period	$	0.2	$	12.4	$	12.6


	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	—		0.4		0.4
Reductions Due to Sales	—		(0.7)		(0.7)
Net Decrease in Allowance on Securities for which Expected Credit Losses were Previously Recognized	(0.2)		(0.2)		(0.4)

Balance, End of Period	$	0.3	$	7.2	$	7.5

Investments in Equity Securities at Fair Value were $284.1 million and $218.5 million at June 30, 2025 and December 31, 2024, respectively. Net unrealized losses arising during the six months ended June 30, 2025 and 2024 and recognized in earnings, related to such investments still held as of June 30, 2025 and June 30, 2024, were $0.1 million and $0.6 million, respectively.

Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting. The Company’s investments in Equity Method Limited Liability Investments are generally of a passive nature in that the Company does not take an active role in the management of the investment entity.

The Company’s maximum exposure to loss at June 30, 2025 is limited to the total carrying value of $176.2 million. In addition, the Company had outstanding commitments totaling approximately $89.0 million to fund Equity Method Limited Liability Investments at June 30, 2025. At June 30, 2025, 2.9% of Equity Method Limited Liability Investments were reported without a reporting lag, 2.1% of the total carrying value 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 or sales of Equity Method Limited Liability Investments as of June 30, 2025 or December 31, 2024. 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.

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 $22.2 million and $22.5 million at June 30, 2025 and December 31, 2024, 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 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 six months ended June 30, 2025 and 2024. The Company did not recognize any impairment on Equity Securities at Modified Cost for the six months ended June 30, 2025 as a result of the Company’s impairment analysis. The Company recognized an impairment of $0.4 million on Equity Securities at Modified Cost for six months ended June 30, 2024 as a result of the Company’s impairment analysis. As of June 30, 2025 and December 31, 2024, the Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $3.2 million of cumulative impairments on Equity Securities at Modified Cost.

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. The Company’s maximum exposure to loss at June 30, 2025 is limited to the total carrying value of $17.4 million. The Company has no outstanding commitments to fund Alternative Energy Partnership Investments as of June 30, 2025. Alternative Energy Partnership Investments are reported on a three-month lag.


	Three Months Ended				Six Months Ended
(Dollars in Millions)	Jun 30, 2025		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Investment Income:
Interest on Fixed Maturities1	$	76.9	$	80.2	$	153.3	$	160.0
Dividends on Equity Securities Excluding Alternative Investments	0.7		0.9		1.5		3.7
Alternative Investments:
Equity Method Limited Liability Investments	(5.3)		(14.7)		(6.0)		(16.8)
Limited Liability Investments Included in Equity Securities	3.1		6.2		6.8		9.6
Total Alternative Investments	(2.2)		(8.5)		0.8		(7.2)
Short-term Investments	6.0		7.3		14.6		14.6
Loans to Policyholders	5.1		5.1		10.4		10.3
Real Estate	2.3		2.2		4.5		4.5
Company-Owned Life Insurance	10.5		8.9		20.7		16.0
Other	3.3		2.6		5.3		5.1
Total Investment Income	102.6		98.7		211.1		207.0
Investment Expenses:
Real Estate	2.2		2.1		4.3		4.3
Other Investment Expenses	4.5		3.6		9.7		9.3
Total Investment Expenses	6.7		5.7		14.0		13.6
Net Investment Income	$	95.9	$	93.0	$	197.1	$	193.4

1Reduced by interest expense incurred on FHLB borrowings used for spread lending purposes of $4.8 million and $5.4 million for the three months ended June 30, 2025 and 2024, respectively, and $9.6 million and $10.6 million for the six months ended June 30, 2025 and 2024, respectively.


	Three Months Ended				Six Months Ended
(Dollars in Millions)	Jun 30, 2025		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Fixed Maturities:
Gains on Sales	$	0.4	$	2.2	$	1.7	$	15.0
Losses on Sales	(0.5)		(0.3)		(1.0)		(2.6)
Losses on Hedging Activity1	—		—		—		(7.9)
Equity Securities:
Gains on Sales	—		—		—		4.1
Losses on Sales	—		—		—		(0.1)
Other Investments:
Gains on Sales	—		1.5		0.1		1.5
Losses on Sales	—		(1.9)		—		(1.9)
Net Realized Investment (Losses) Gains	$	(0.1)	$	1.5	$	0.8	$	8.1
1 Includes Ultra-Long Treasury Future derivative securities which do not qualify for hedge accounting treatment.