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Liability for Future Policyholder Benefits (Tables)
 6 Months Ended
Jun. 30, 2025
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 and six months ended June 30, 2025 and 2024:
Three Months EndedSix Months Ended
(Dollars in Millions)Jun 30, 2025Jun 30, 2024Jun 30, 2025Jun 30, 2024
Present Value of Expected Net PremiumsBalance, Beginning of Period$668.2 $690.1 $646.1 $675.4 
Beginning Balance at Original Discount Rate$695.0 $723.1 $681.0 $694.7 
        Effect of Changes in Cash Flow Assumptions— — — — 
        Effect of Actual Variances from Expected Experience6.9 0.4 16.7 5.7 
Adjusted Beginning of Period Balance701.9 723.5 697.7 700.4 
         Issuances20.3 25.3 40.7 63.5 
         Interest Accrual7.5 7.9 14.8 15.5 
         Net Premiums Collected(24.1)(23.5)(47.6)(46.2)
Ending Balance at Original Discount Rate705.6 733.2 705.6 733.2 
         Effect of Changes in Discount Rate Assumptions(22.5)(40.6)(22.5)(40.6)
Balance, End of Period$683.1 $692.6 $683.1 $692.6 
Present Value of Expected Future Policyholder BenefitsBalance, Beginning of Period$3,333.5 $3,488.2 $3,295.9 $3,613.2 
Beginning Balance at Original Discount Rate$3,823.5 $3,865.7 $3,812.1 $3,835.9 
        Effect of Changes in Cash Flow Assumptions— — — — 
        Effect of Actual Variances From Expected Experience6.7 (1.3)16.7 4.2 
Adjusted Beginning of Period Balance3,830.2 3,864.4 3,828.8 3,840.1 
         Issuances 20.7 25.2 41.1 63.4 
         Interest Accrual42.0 42.6 84.0 85.2 
         Benefit Payments(58.6)(57.7)(119.6)(114.2)
Ending Balance at Original Discount Rate3,834.3 3,874.5 3,834.3 3,874.5 
         Effect of Changes in Discount Rate Assumptions(490.9)(494.4)(490.9)(494.4)
Balance, End of Period$3,343.4 $3,380.1 $3,343.4 $3,380.1 
Net Liability for Future Policyholder Benefits, pre-flooring$2,660.3 $2,687.5 $2,660.3 $2,687.5 
Cumulative impact of flooring the future Policyholder Benefits Reserve— 0.6 — 0.6 
Net Liability for Future Policyholder Benefits, post-flooring2,660.3 2,688.1 2,660.3 2,688.1 
Less: Reinsurance Recoverable— — — — 
Net Liability for Future Policyholder Benefits, After Reinsurance Recoverable$2,660.3 $2,688.1 $2,660.3 $2,688.1 
Weighted-Average Liability Duration
The weighted-average liability duration of the liability for future policyholder benefits as calculated under current rates is as follows:
Jun 30, 2025Jun 30, 2024
Weighted-Average Liability Duration of the Liability for Future Policyholder Benefits (Years)13.714.1
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)Jun 30, 2025Jun 30, 2024
Net Liability for Future Policyholder Benefits, post-flooring$2,660.3 $2,688.1 
Deferred Profit Liability444.5 374.1 
Other1
130.5 139.8 
Total Life and Health Insurance Reserves$3,235.3 $3,202.0 
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)Jun 30, 2025Jun 30, 2024
Expected Future Benefit Payments, undiscounted$10,162.1 $10,260.5 
Expected Future Gross Premiums, undiscounted$4,015.8 $4,160.2 
Expected Future Gross Premiums, discounted$2,691.6 $2,737.1 
Liability for Future Policy Benefits Interest Expense and Premiums
The amount of revenue and interest recognized on life insurance products in the Condensed Consolidated Statements of Income is as follows:
Three Months EndedSix Months Ended
(Dollars in Millions)Jun 30, 2025Jun 30, 2024Jun 30, 2025Jun 30, 2024
Gross Premiums or Assessments $98.8 $99.2 $200.5 $200.5 
Interest Expense $34.4 $34.7 $69.1 $69.7 
Weighted Average Interest Rate for Future Policyholder Benfits
The weighted-average interest rate is as follows:
Jun 30, 2025Jun 30, 2024
Interest Accretion Rate4.50 %4.51 %
Current Discount Rate5.74 %5.68 %
Policyholder Account Balance
The balances of and changes in Deferred Profit Liability as of and for the periods indicated are as follows:
Six Months Ended
(Dollars in Millions)Jun 30, 2025Jun 30, 2024
Balance, Beginning of Year$412.1 $337.8 
Profits Deferred79.6 81.4 
Interest Accrual9.7 8.1 
Amortization(57.6)(53.9)
Effect of Actual Variances from Expected Experience and Other Changes0.7 0.7 
Balance, End of Period$444.5 $374.1