Horace Mann Educators (HMN) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-10890
Entity Registrant Name	HORACE MANN EDUCATORS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-0911756
Entity Address, Address Line One	1 Horace Mann Plaza
Entity Address, City or Town	Springfield
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	62715-0001
City Area Code	217
Local Phone Number	789-2500
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	HMN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,431,097
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000850141
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments
Fixed maturity securities, available for sale, at fair value (amortized cost, net 2022, $5,970.7; 2021, $5,797.7)	$ 5,987.4	$ 6,239.3
Equity securities at fair value	126.8	147.2
Limited partnership interests	801.9	712.8
Short-term and other investments	337	350.2
Total investments	7,253.1	7,449.5
Cash	49.1	133.7
Deferred policy acquisition costs	323.5	248
Reinsurance balances receivable	510.9	153.2
Deposit asset on reinsurance	2,491.8	2,481.5
Intangible assets	200.6	145.4
Goodwill	56.3	43.5
Other assets	320.2	288.1
Separate Account (variable annuity) assets	3,221.9	3,441
Total assets	14,427.4	14,383.9
Policy liabilities
Investment contract and policy reserves	7,020.2	6,577.8
Unpaid claims and claim expenses	475.7	425.9
Unearned premiums	244.4	255.1
Total policy liabilities	7,740.3	7,258.8
Other policyholder funds	1,009.8	945.9
Other liabilities	415.9	428.2
Short-term debt	249	249
Long-term debt	253.7	253.6
Separate Account (variable annuity) liabilities	3,221.9	3,441
Total liabilities	12,890.6	12,576.5
Preferred stock, $0.001 par value, authorized 1,000,000 shares; none issued	0	0
Common stock, $0.001 par value, authorized 75,000,000 shares; issued, 2022, 66,484,165; 2021, 66,436,821	0.1	0.1
Additional paid-in capital	496.6	495.3
Retained earnings	1,525.9	1,524.9
Accumulated other comprehensive income (loss), net of tax:
Net unrealized investment gains on fixed maturity securities	20	290.7
Net funded status of benefit plans	(10.2)	(10.2)
Treasury stock, at cost, 2022, 25,103,083 shares; 2021, 25,043,337 shares	(495.6)	(493.4)
Total shareholders’ equity	1,536.8	1,807.4
Total liabilities and shareholders’ equity	$ 14,427.4	$ 14,383.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 5,970.7	$ 5,797.7
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	66,484,165	66,436,821
Treasury stock (in shares)	25,103,083	25,043,337

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Net premiums and contract charges earned	$ 255.9	$ 227.6
Net investment income	97.9	95.5
Net investment losses	(15.5)	(9)
Other income	8.5	7.9
Total revenues	346.8	322
Benefits, losses and expenses
Benefits, claims and settlement expenses	177	134.3
Interest credited	40.8	50.6
Operating expenses	76.8	58
DAC unlocking and amortization expense	26.4	24.1
Intangible asset amortization expense	4.2	3.3
Interest expense	3.9	3.5
Total benefits, losses and expenses	329.1	273.8
Income before income taxes	17.7	48.2
Income tax expense	3.2	8.9
Net income	$ 14.5	$ 39.3
Net income per share
Basic (in usd per share)	$ 0.35	$ 0.94
Diluted (in usd per share)	$ 0.35	$ 0.93
Weighted average number of shares and equivalent shares
Basic (in shares)	41.9	41.9
Diluted (in shares)	42.1	42.1
Net income	$ 14.5	$ 39.3
Other comprehensive loss, net of tax:
Change in net unrealized investment gains (losses) on fixed maturity securities	(270.7)	(122.7)
Change in net funded status of benefit plans	0	0
Other comprehensive loss	(270.7)	(122.7)
Comprehensive loss	$ (256.2)	$ (83.4)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss), net of tax	Treasury stock, at cost
Beginning balance at Dec. 31, 2020		$ 0.1	$ 488.4	$ 1,434.6	$ 355.1	$ (488.1)
Increase (Decrease) in Stockholders' Equity
Options exercised and conversion of common stock units and restricted stock units			(1.2)
Share-based compensation expense			2
Net income	$ 39.3			39.3
Dividends, 2022, $0.32 per share; 2021, $0.31 per share				(13.1)
Change in net unrealized investment gains (losses) on fixed maturity securities					(122.7)
Acquisition of shares						(1.5)
Ending balance at Mar. 31, 2021	1,692.9	0.1	489.2	1,460.8	232.4	(489.6)
Beginning balance at Dec. 31, 2021	1,807.4	0.1	495.3	1,524.9	280.5	(493.4)
Increase (Decrease) in Stockholders' Equity
Options exercised and conversion of common stock units and restricted stock units			(0.6)
Share-based compensation expense			1.9
Net income	14.5			14.5
Dividends, 2022, $0.32 per share; 2021, $0.31 per share				(13.5)
Change in net unrealized investment gains (losses) on fixed maturity securities					(270.7)
Acquisition of shares						(2.2)
Ending balance at Mar. 31, 2022	$ 1,536.8	$ 0.1	$ 496.6	$ 1,525.9	$ 9.8	$ (495.6)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Cash dividends (in usd per share)	$ 0.32	$ 0.31

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows - operating activities
Net income	$ 14.5	$ 39.3
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment losses	15.5	9
Depreciation and intangible asset amortization	3.8	5.5
Share-based compensation expense	2.1	2.2
Income from equity method investments, net of dividends or distributions	1.6	(6.8)
Changes in:
Accrued investment income	(4.5)	(5)
Insurance liabilities	450.5	80.8
Amounts due under reinsurance agreements	(357.7)	(4)
Income tax liabilities	3.4	8.9
Other operating assets and liabilities	(31)	9
Other	(2.5)	3.1
Net cash provided by operating activities	95.7	142
Fixed maturity securities
Purchases	(397.4)	(478.4)
Sales	168.3	95.5
Maturities, paydowns, calls and redemptions	234.4	176.3
Equity securities
Purchases	(1.1)	(28.4)
Sales and repayments	6.8	0.4
Limited partnership interests
Purchases	(111)	(58.6)
Sales	20.5	13.7
Change in short-term and other investments, net	26.2	40
Acquisition of business, net of cash acquired	(164.4)	0
Net cash used in investing activities	(217.7)	(239.5)
Cash flows - financing activities
Dividends paid to shareholders	(13.2)	(12.9)
Acquisition of treasury stock	(2.2)	(1.5)
Proceeds from exercise of stock options	0	0.3
Withholding tax payments on RSUs tendered	(0.9)	(1.7)
Annuity contracts: variable, fixed and FHLB funding agreements:
Deposits	182.8	235.8
Benefits, withdrawals and net transfers to Separate Account (variable annuity) assets	(117.9)	(101.1)
Life policy accounts:
Deposits	2.2	2.2
Withdrawals and surrenders	(0.8)	(1.1)
Change in deposit asset on reinsurance	(14.2)	(2.8)
Change in book overdrafts	1.6	(2.6)
Net cash provided by financing activities	37.4	114.6
Net (decrease) increase in cash	(84.6)	17.1
Cash at beginning of period	133.7	22.3
Cash at end of period	$ 49.1	$ 39.4

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Business Horace Mann Educators Corporation is a holding company for insurance subsidiaries that market and underwrite personal lines of property and casualty insurance products (primarily personal lines of auto and property insurance), life insurance products, retirement products (primarily tax-qualified fixed and variable annuities), voluntary supplemental insurance products (primarily cancer, heart, hospital, supplemental disability and accident coverages), and employer-sponsored group benefit products (primarily short-term and long-term group disability, and group term life coverages), primarily to K-12 teachers, administrators and other employees of public schools and their families (collectively, HMEC, the Company or Horace Mann). As described more fully in Note 2, the Company acquired Madison National Life Insurance Company, Inc. (Madison National) effective January 1, 2022. In conjunction with the acquisition, management changed how it manages and conducts business resulting in three operating segments: (1) Property & Casualty, (2) Life & Retirement, and (3) Supplemental & Group Benefits (which includes the results of Madison National). Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and with the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in annual financial statements prepared in conformity with GAAP, but are not required for interim reporting purposes, have been omitted. These Consolidated Financial Statements and Notes thereto should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Part II - Item 8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year. The accompanying Consolidated Financial Statements and Notes thereto are unaudited. These financial statements reflect all adjustments (generally consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Part II - Item 8, Note 1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The Company has reclassified the presentation of certain prior period information to conform to the current year's presentation. Consolidation All intercompany transactions and balances between HMEC and its subsidiaries and affiliates have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the reporting date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The most significant critical accounting estimates include valuation of hard-to-value fixed maturity securities, evaluation of credit loss impairments for fixed maturity securities, evaluation of goodwill and intangible assets for impairment, valuation of annuity and life deferred policy acquisition costs, valuation of liabilities for property and casualty unpaid claims and claim expenses, valuation of certain investment contracts and policy reserves and valuation of assets acquired and liabilities assumed under purchase accounting and purchase price allocation. Future Adoption of New Accounting Standards Accounting for Long-Duration Insurance Contracts In August 2018, the FASB issued targeted improvements to the accounting and disclosure guidance for long-duration insurance contracts. Under the new guidance, the cash flow assumptions used to measure the liability for future policy benefits for traditional insurance contracts will be required to be updated at least annually with changes recognized as a benefit expense (i.e., assumptions will no longer be locked-in). Insurance entities will be required to use a standard discount rate to measure the liabilities that will be equivalent to the yield from a high-quality bond. The new guidance also changes the amortization of deferred policy acquisition costs (DAC) to be on a constant-level basis over the expected term of the related contracts with no interest accruing on the DAC balance. The new guidance also introduces a new category of contract features associated with deposit type contracts referred to as market risk benefits (MRBs). Contract features meeting the definition of a MRB will be measured at fair value. New disclosures will be required for long-duration insurance contracts in order to provide better transparency into the exposure of insurance entities and the drivers of their results. For public business entities, the guidance is effective for annual reporting periods beginning after December 15, 2022, including interim periods within those years. With regards to the liability for future policy benefits and DAC, the guidance applies to contracts in force as of the beginning of the earliest period presented and may be applied retrospectively. With regards to MRBs, the guidance is to be applied retrospectively at the beginning of the earliest period presented. Early adoption is permitted. Management is currently evaluating the impact this guidance will have on the results of operations and financial position of the Company.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Effective January 1, 2022, the Company acquired all the equity interests in Madison National pursuant to a Stock Purchase Agreement (Agreement) dated as of July 14, 2021. The adjusted purchase price of the transaction was $172.3 million. The seller of Madison National has a potential earn-out of up to $12.5 million payable in cash, if specified financial targets are achieved by the end of 2023. The adjusted purchase price is subject to finalization within 165 days of the acquisition date pursuant to the terms of the Agreement. As a result of the acquisition, Madison National became a wholly owned subsidiary of the Company. Madison National is a leading writer of employer-sponsored benefits provided to educators by K-12 school districts. Founded in 1961 and headquartered in Madison, Wisconsin, Madison National offers short- term and long-term group disability, group term life, and worksite solutions products, including accident and critical illness. Madison National's results are being reported in the operating segment titled "Supplemental & Group Benefits". The amount of revenues and pretax loss for Madison National since the date of acquisition included in the Company's Consolidated Statement of Operations for the three months ended March 31, 2022 are $40.0 million and $(0.7) million (inclusive of the $1.2 million non-cash impact from amortization of intangible assets under purchase accounting), respectively. The Company has not yet completed the process of estimating the fair value of Madison National assets acquired and liabilities assumed, including, but not limited to, intangible assets, policy reserves and certain tax-related balances. Accordingly, the Company’s preliminary estimates and the allocation of the adjusted purchase price to the assets acquired and liabilities assumed are subject to change as the Company completes the process. In accordance with Accounting Standards Codification (ASC) 805, Business Combinations, changes if any, to the preliminary estimates and allocation of the adjusted purchase price will be reported in the Company’s financial statements as an adjustment to the opening balance sheet. Based on the Company’s preliminary allocation of the adjusted purchase price, the fair values of the assets acquired and liabilities assumed were as follows: ($ in millions) Assets: Investments $ 90.4 Cash and short-term investments 123.4 Reinsurance recoverable 356.0 Intangible assets (1) 59.4 Other assets 23.2 Liabilities: Investment contract and policy reserves 274.5 Unpaid claims and claim expenses 48.2 Unearned premiums 1.5 Other policyholder funds 152.8 Other liabilities 15.9 Total identifiable net assets acquired 159.5 Goodwill (2) 12.8 Purchase price $ 172.3 (1) Intangible assets consist of the value of business acquired, value of customer relationships and state licenses. The intangible assets that are amortizable have estimated lives of one (2) The amount of goodwill that is expected to be deductible for federal income tax purposes is $18.6 million.

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Net Investment Income The components of net investment income for the following periods were as follows: ($ in millions) Three Months Ended 2022 2021 Fixed maturity securities $ 58.6 $ 58.0 Equity securities 1.3 1.1 Limited partnership interests 13.0 11.3 Short-term and other investments 2.7 2.8 Investment expenses (2.6) (2.1) Net investment income - investment portfolio 73.0 71.1 Investment income - deposit asset on reinsurance 24.9 24.4 Total net investment income $ 97.9 $ 95.5 Net Investment Losses Net investment (losses) gains for the following periods were as follows: ($ in millions) Three Months Ended 2022 2021 Fixed maturity securities $ (2.3) $ (5.4) Equity securities (15.5) (2.7) Short-term investments and other 2.3 (0.9) Net investment losses $ (15.5) $ (9.0) The Company, from time to time, sells fixed maturity securities subsequent to the reporting date that were considered temporarily impaired at such reporting date. Such sales are due to issuer specific events occurring subsequent to the reporting date that result in a change in the Company's intent to sell a fixed maturity security. The types of events that may result in a sale include significant changes in the economic facts and circumstances related to the invested asset, significant unforeseen changes in liquidity needs, or changes in the Company's investment strategy. Net Investment Losses by Transaction Type The following table reconciles net investment losses by transaction type: ($ in millions) Three Months Ended 2022 2021 Credit loss impairments (1) $ (0.9) $ (1.1) Intent-to-sell impairments (0.9) (2.1) Total impairments on investments recognized in net income (1.8) (3.2) Sales and other, net 1.1 (2.1) Change in fair value - equity securities (17.1) (2.8) Change in fair value and losses realized on settlements - derivatives 2.3 (0.9) Net investment losses $ (15.5) $ (9.0) (1) For the three months ended March 31, 2022 and 2021, the Company recognized a valuation allowance of $0.9 million and $1.1 million, respectively, for credit loss impairments with respect to fixed maturity securities available for sale. Allowance for Credit Loss Impairments on Fixed Maturity Securities The following table presents changes in the allowance for credit loss impairments on fixed maturity securities classified as available for sale for the category of other asset-backed securities (no other categories of fixed maturity securities have an allowance for credit loss impairments): ($ in millions) Three Months Ended 2022 2021 Beginning balance $ 7.7 $ — Credit losses on fixed maturity securities for which credit losses were not previously reported — 1.1 Net increase related to credit losses previously reported 0.9 — Reduction of credit allowances related to sales — — Write-offs (0.3) — Ending balance $ 8.3 $ 1.1 Fixed Maturity Securities The Company's investment portfolio is comprised primarily of fixed maturity securities. Amortized cost, net, gross unrealized investment gains (losses) and fair values of all fixed maturity securities in the portfolio were as follows: ($ in millions) Amortized Gross Unrealized Gross Unrealized Fair March 31, 2022 Fixed maturity securities U.S. Government and federally sponsored agency obligations: (1) Mortgage-backed securities $ 613.4 $ 15.2 $ 13.1 $ 615.5 Other, including U.S. Treasury securities 372.5 11.5 20.9 363.1 Municipal bonds 1,530.9 72.2 23.6 1,579.5 Foreign government bonds 41.3 1.4 0.1 42.6 Corporate bonds 2,308.1 63.4 75.5 2,296.0 Other asset-backed securities 1,104.5 7.1 20.9 1,090.7 Totals $ 5,970.7 $ 170.8 $ 154.1 $ 5,987.4 December 31, 2021 Fixed maturity securities U.S. Government and federally sponsored agency obligations: (1) Mortgage-backed securities $ 612.1 $ 51.9 $ 1.5 $ 662.5 Other, including U.S. Treasury securities 342.5 27.7 4.3 365.9 Municipal bonds 1,519.7 184.4 0.7 1,703.4 Foreign government bonds 40.2 3.4 — 43.6 Corporate bonds 2,217.7 176.2 5.2 2,388.7 Other asset-backed securities 1,065.5 16.6 6.9 1,075.2 Totals $ 5,797.7 $ 460.2 $ 18.6 $ 6,239.3 (1) Fair value includes securities issued by Federal National Mortgage Association (FNMA) of $346.8 million and $376.7 million; Federal Home Loan Mortgage Corporation (FHLMC) of $303.7 million and $326.5 million; and Government National Mortgage Association (GNMA) of $100.7 million and $112.1 million as of March 31, 2022 and December 31, 2021, respectively. The following table presents the fair value and gross unrealized losses for fixed maturity securities in an unrealized loss position at March 31, 2022 and December 31, 2021, respectively. The Company views the decrease in fair value of all of the fixed maturity securities with unrealized losses at March 31, 2022 — which was driven largely by increasing interest rates, spread widening, financial market illiquidity and/or market volatility from the date of acquisition — as temporary. As of March 31, 2022, the Company has not made the decision to sell and it is not more likely than not the Company will be required to sell the fixed maturity securities with unrealized losses before an anticipated recovery in value. Therefore, it was determined that the unrealized losses on the fixed maturity securities presented in the table below were not indicative of any impairments as of March 31, 2022. ($ in millions) 12 Months or Less More than 12 Months Total Fair Value Gross Fair Value Gross Fair Value Gross March 31, 2022 Fixed maturity securities U.S. Government and federally Mortgage-backed securities $ 238.4 $ 10.7 $ 11.0 $ 2.4 $ 249.4 $ 13.1 Other 116.2 9.2 50.4 11.7 166.6 20.9 Municipal bonds 456.0 23.4 1.4 0.2 457.4 23.6 Foreign government bonds 1.5 0.1 — — 1.5 0.1 Corporate bonds 1,012.5 66.7 74.9 8.8 1,087.4 75.5 Other asset-backed securities 637.5 14.5 160.2 6.4 797.7 20.9 Total $ 2,462.1 $ 124.6 $ 297.9 $ 29.5 $ 2,760.0 $ 154.1 Number of positions with a gross unrealized loss 1,756 189 1,945 Fair value as a percentage of total fixed maturity securities at fair value 41.1 % 5.0 % 46.1 % December 31, 2021 Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 67.4 $ 1.3 $ 3.9 $ 0.2 $ 71.3 $ 1.5 Other 59.5 1.7 35.1 2.6 94.6 4.3 Municipal bonds 56.8 0.7 0.6 — 57.4 0.7 Foreign government bonds — — — — — — Corporate bonds 220.7 3.8 44.1 1.4 264.8 5.2 Other asset-backed securities 379.0 3.8 128.2 3.1 507.2 6.9 Total $ 783.4 $ 11.3 $ 211.9 $ 7.3 $ 995.3 $ 18.6 Number of positions with a gross unrealized loss 516 122 638 Fair value as a percentage of total fixed maturity securities at fair value 12.6 % 3.4 % 16.0 % Fixed maturity securities with an investment grade rating represented 90.6% of the gross unrealized losses as of March 31, 2022. With respect to fixed maturity securities involving securitized financial assets, the underlying collateral cash flows were stress tested to determine there was no adverse change in the present value of cash flows below the amortized cost basis. Maturities of Fixed Maturity Securities The following table presents the distribution of the Company’s fixed maturity securities portfolio by estimated expected maturity. Estimated expected maturities differ from contractual maturities, reflecting assumptions regarding borrowers' utilization of the right to call or prepay obligations with or without call or prepayment penalties. For structured securities, estimated expected maturities consider broker-dealer survey prepayment assumptions and are verified for consistency with the interest rate and economic environments. ($ in millions) Percent of Total Fair Value March 31, 2022 March 31, 2022 December 31, 2021 Fair Amortized Estimated expected maturity: Due in 1 year or less 4.1 % 4.0 % $ 248.0 $ 248.0 Due after 1 year through 5 years 27.4 27.0 1,638.0 1,628.4 Due after 5 years through 10 years 27.2 27.7 1,626.1 1,599.9 Due after 10 years through 20 years 24.1 23.9 1,443.1 1,429.5 Due after 20 years 17.2 17.4 1,032.2 1,064.9 Total 100.0 % 100.0 % $ 5,987.4 $ 5,970.7 Average option-adjusted duration, in years 6.6 6.7 Sales of Fixed Maturity and Equity Securities Proceeds received from sales of fixed maturity and equity securities, each determined using the specific identification method, and gross gains and gross losses realized as a result of those sales for each period were as follows: ($ in millions) Three Months Ended 2022 2021 Fixed maturity securities Proceeds received $ 168.3 $ 95.5 Gross gains realized 2.4 1.2 Gross losses realized (2.9) (3.4) Equity securities Proceeds received $ 5.8 $ 0.4 Gross gains realized 1.7 0.1 Gross losses realized (0.1) — Net Unrealized Investment Gains (Losses) on Fixed Maturity Securities The following table reconciles net unrealized investment gains (losses) on fixed maturity securities, net of tax, included in accumulated other comprehensive income (AOCI), before the impact of DAC: ($ in millions) Three Months Ended 2022 2021 Net unrealized investment gains (losses) Beginning of period $ 348.9 $ 439.8 Change in net unrealized investment gains (349.8) (159.0) Reclassification of net investment (gains) losses 14.1 6.4 End of period $ 13.2 $ 287.2 Limited Partnership Interests Investments in limited partnership interests are accounted for using the equity method of accounting (EMA) and include interests in commercial mortgage loan funds, private equity funds, infrastructure debt funds, infrastructure equity funds and other funds. Principal factors influencing carrying amount appreciation or decline include operating performance, comparable public company earnings multiples, capitalization rates and the economic environment. The Company recognizes an impairment loss for EMA limited partnership interests when evidence demonstrates that the loss is other than temporary. Evidence of a loss in value that is other than temporary may include the absence of an ability to recover the carrying amount of the investment or the inability of the investee to sustain a level of earnings that would justify the carrying amount of the investment. The carrying amounts of EMA limited partnership interests were as follows: ($ in millions) March 31, 2022 December 31, 2021 Commercial mortgage loan funds $ 429.2 $ 346.8 Private equity funds 70.2 74.0 Infrastructure debt funds 62.8 62.4 Infrastructure equity funds 67.2 58.3 Other funds (1) 172.5 171.3 Total $ 801.9 $ 712.8 (1) Other funds consist primarily of limited partnership interests in hedge funds, real estate equity and corporate mezzanine funds. Offsetting of Assets and Liabilities The Company's derivatives are subject to enforceable master netting arrangements. Collateral support agreements associated with each master netting arrangement provide that the Company will receive or pledge financial collateral in the event minimum thresholds have been reached. Information regarding the Company's derivatives is contained in Part II - Item 8, Note 5 in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The following table presents instruments that were subject to a master netting arrangement for the Company. ($ in millions) Gross Net Amounts Gross Amounts Not Offset Gross Financial Cash Net March 31, 2022 Asset derivatives: Free-standing derivatives $ 6.0 $ — $ 6.0 $ 1.5 $ 5.2 $ (0.7) December 31, 2021 Asset derivatives: Free-standing derivatives $ 10.7 $ — $ 10.7 $ 4.5 $ 6.4 $ (0.2) Deposits At March 31, 2022 and December 31, 2021, fixed maturity securities with a fair value of $29.1 million and $26.2 million, respectively, were on deposit with governmental agencies as required by law in various states for which the insurance subsidiaries of HMEC conduct business. In addition, at March 31, 2022 and December 31, 2021, fixed maturity securities with a fair value of $921.0 million and $870.1 million, respectively, were on deposit with the Federal Home Loan Bank of Chicago (FHLB) as collateral for amounts subject to funding agreements, advances and borrowings which were equal to $847.5 million at March 31, 2022 and $787.5 million at December 31, 2021. The deposited securities are reported as Fixed maturity securities on the Company’s Consolidated Balance Sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company is required to disclose estimated fair values for certain financial and nonfinancial assets and liabilities. Fair values of the Company’s insurance contracts other than annuity contracts (which are investment contracts) and EMA limited partnership interests are not required to be disclosed. However, the estimated fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk through the matching of investment maturities with amounts due under insurance contracts. Information regarding the three-level hierarchy presented below and the valuation methodologies utilized by the Company to estimate fair values at each reporting date is included in Part II - Item 8, Note 4 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Financial Instruments Measured and Carried at Fair Value on a Recurring Basis The following table presents the Company's fair value hierarchy for financial assets and financial liabilities measured and carried at fair value on a recurring basis. During the three months ended March 31, 2022 and 2021, there were no transfers between Level 1 and Level 2. At March 31, 2022, Level 3 invested assets comprised 5.9% of the Company’s total investment portfolio at fair value. ($ in millions) Carrying Fair Fair Value Measurements at Level 1 Level 2 Level 3 March 31, 2022 Financial Assets Investments Fixed maturity securities U.S. Government and federally Mortgage-backed securities $ 615.5 $ 615.5 $ — $ 615.5 $ — Other, including U.S. Treasury securities 363.1 363.1 25.2 337.9 — Municipal bonds 1,579.5 1,579.5 — 1,525.4 54.1 Foreign government bonds 42.6 42.6 — 42.6 — Corporate bonds 2,296.0 2,296.0 14.0 2,056.0 226.0 Other asset-backed securities 1,090.7 1,090.7 — 1,000.9 89.8 Total fixed maturity securities 5,987.4 5,987.4 39.2 5,578.3 369.9 Equity securities 126.8 126.8 25.6 99.9 1.3 Short-term investments 126.9 126.9 122.0 4.9 — Other investments 38.1 38.1 — 38.1 — Totals $ 6,279.2 $ 6,279.2 $ 186.8 $ 5,721.2 $ 371.2 Separate Account (variable annuity) assets (1) $ 3,221.9 $ 3,221.9 $ 3,221.9 $ — $ — Financial Liabilities Investment contract and policy reserves, embedded derivatives $ 1.5 $ 1.5 $ — $ 1.5 $ — Other policyholder funds, embedded derivatives $ 99.1 $ 99.1 $ — $ — $ 99.1 December 31, 2021 Financial Assets Investments Fixed maturity securities U.S. Government and federally Mortgage-backed securities $ 662.5 $ 662.5 $ — $ 662.5 $ — Other, including U.S. Treasury securities 365.9 365.9 17.7 348.2 — Municipal bonds 1,703.4 1,703.4 — 1,642.6 60.8 Foreign government bonds 43.6 43.6 — 43.6 — Corporate bonds 2,388.7 2,388.7 14.9 2,163.5 210.3 Other asset-backed securities 1,075.2 1,075.2 — 976.3 98.9 Total fixed maturity securities 6,239.3 6,239.3 32.6 5,836.7 370.0 Equity securities 147.2 147.2 35.2 110.6 1.4 Short-term investments 157.8 157.8 157.8 — — Other investments 43.6 43.6 — 43.6 — Totals $ 6,587.9 $ 6,587.9 $ 225.6 $ 5,990.9 $ 371.4 Separate Account (variable annuity) assets (1) $ 3,441.0 $ 3,441.0 $ 3,441.0 $ — $ — Financial Liabilities Investment contract and policy reserves, embedded derivatives $ 2.1 $ 2.1 $ — $ 2.1 $ — Other policyholder funds, embedded derivatives $ 106.6 $ 106.6 $ — $ — $ 106.6 (1) Separate Account (variable annuity) liabilities are equal to the estimated fair value of the Separate Account (variable annuity) assets. Changes in Level 3 Fair Value Measurements The reconciliation for all financial assets and financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were as follows: ($ in millions) Financial Assets Financial Liabilities (1) Municipal Corporate Mortgage-Backed and Other Asset- Backed Securities (2) Total Equity Total Beginning balance, January 1, 2022 $ 60.8 $ 210.3 $ 98.9 $ 370.0 $ 1.4 $ 371.4 $ 106.6 Transfers into Level 3 (3) — 67.5 4.7 72.2 — 72.2 — Transfers out of Level 3 (3) (3.2) — (4.8) (8.0) — (8.0) — Total gains or losses Net investment gains (losses) included in net income related to financial assets — — (0.9) (0.9) (0.1) (1.0) — Net investment (gains) losses included in net income related to financial liabilities — — — — — — (5.2) Net unrealized investment gains (losses) included in OCI (3.4) (6.4) (4.1) (13.9) — (13.9) — Purchases — — — — — — — Issuances — — — — — — 0.9 Sales — — — — — — — Settlements — — — — — — — Paydowns, maturities and distributions (0.1) (45.4) (4.0) (49.5) — (49.5) (3.2) Ending balance, March 31, 2022 $ 54.1 $ 226.0 $ 89.8 $ 369.9 $ 1.3 $ 371.2 $ 99.1 Beginning balance, January 1, 2021 $ 59.6 $ 155.8 $ 139.4 $ 354.8 $ 0.3 $ 355.1 $ 104.5 Transfers into Level 3 (3) — 24.1 3.1 27.2 — 27.2 — Transfers out of Level 3 (3) — (27.3) (5.9) (33.2) — (33.2) — Total gains or losses Net investment gains (losses) included in net income related to financial assets — — — — — — — Net investment (gains) losses included in net income related to financial liabilities — — — — — — 4.3 Net unrealized investment gains (losses) included in OCI (0.9) (2.0) (0.3) (3.2) — (3.2) — Purchases — — — — — — — Issuances — — — — — — 0.7 Sales — — — — — — — Settlements — — — — — — — Paydowns, maturities and distributions (0.1) (1.5) (4.1) (5.7) — (5.7) (1.9) Ending balance, March 31, 2021 $ 58.6 $ 149.1 $ 132.2 $ 339.9 $ 0.3 $ 340.2 $ 107.6 (1) Represents embedded derivatives, all related to the Company's fixed indexed annuity products, reported in Other policyholder funds in the Company's Consolidated Balance Sheets. (2) Includes U.S. Government and federally sponsored agency obligations for mortgage-backed securities and other asset-backed securities. (3) Transfers into and out of Level 3 during the three months ended March 31, 2022 and 2021 were attributable to changes in the availability of observable market information for individual fixed maturity securities. The Company's policy is to recognize transfers into and out of the levels as having occurred at the end of the reporting period in which the transfers were determined. For the three months ended March 31, 2022, the Company had net investment losses of $1.0 million and no net investment losses for the three months ended March 31, 2021, that were included in net income and were primarily attributable to credit loss impairments for Level 3 financial assets. For the three months ended March 31, 2022, the Company had net investment gains of $5.2 million that were included in net income and were attributable to changes in the fair value of Level 3 financial liabilities; for the three months ended March 31, 2021, the respective net investment losses were $4.3 million. Quantitative Information about Level 3 Fair Value Measurements The following table provides quantitative information about the significant unobservable inputs for recurring fair value measurements categorized within Level 3. ($ in millions) Financial Fair Value at March 31, 2022 Valuation Technique(s) Unobservable Inputs Range (Weighted Average) and Single Point Best Estimate (1) Municipal bonds $ 54.1 discounted cash flow option adjusted spread 360 - 409 bps Corporate bonds 226.0 discounted cash flow N spread (2) 213 - 379 bps discounted cash flow T spread (3) 100 - 560 bps discounted cash flow yield 2.7% - 10.7% discounted cash flow discount rate 11.3% - 12.0% market comparable option adjusted spread 12.5% Mortgage-backed and other asset-backed securities 89.8 vendor price haircut 3.0% - 5.0% discounted cash flow discount margin 14.6% discounted cash flow discount rate 8.5% - 20.0% discounted cash flow median comparable yield 10.0% - 22.0% market comparable median price $28.54 - $92.06 discounted cash flow N spread (2) 213 - 379 bps discounted cash flow T spread (3) 100 - 560 bps Equity securities 1.3 Black-Scholes volatility low 30.0% - high 42.1% discounted cash flow variable $100.00 - $121.95 ($ in millions) Financial Fair Value at March 31, 2022 Valuation Technique(s) Unobservable Inputs Range (Weighted Average) and Single Point Best Estimate (1) Derivatives $ 99.1 discounted cash flow lapse rate 5.3% mortality multiplier (4) 66.8% option budget 0.9% - 2.5% non-performance adjustment (5) 5.0% (1) When a range of unobservable inputs is not readily available, the Company uses a single point best estimate. (2) "N spread" is the interpolated weighted average life point on the swap curve. (3) "T spread" is a specific point on the OTR curve. (4) Mortality multiplier is applied to the Annuity 2000 table. (5) Determined as a percentage of the risk-free rate. The valuation techniques and significant unobservable inputs used in the fair value measurement for financial assets and financial liabilities classified as Level 3 are subject to the control processes as described in Part II - Item 8, Note 4 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Generally, valuation techniques for fixed maturity securities include spread pricing, matrix pricing and discounted cash flow methodologies; include inputs such as quoted prices for identical or similar securities that are less liquid; and are based on lower levels of trading activity than securities classified as Level 2. The valuation techniques and significant unobservable inputs used in the fair value measurement for equity securities classified as Level 3 use similar valuation techniques and significant unobservable inputs as those used for fixed maturity securities. The sensitivity of the estimated fair values to changes in the significant unobservable inputs for fixed maturity and equity securities included in Level 3 include: benchmark yield, liquidity premium, estimated cash flows, prepayment and default speeds, spreads, weighted average life and credit rating. Significant spread widening in isolation will adversely impact the overall valuation, while significant tightening will lead to substantial valuation increases. Significant increases (decreases) in illiquidity premiums in isolation will result in substantially lower (higher) valuations. Significant increases (decreases) in expected default rates in isolation will result in substantially lower (higher) valuations. Financial Instruments Not Carried at Fair Value The Company has various other financial assets and financial liabilities used in the normal course of business that are not carried at fair value, but for which fair value disclosure is required. These financial assets and financial liabilities are further described in Part II - Item 8, Note 4 in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The following table presents the carrying amount, fair value and fair value hierarchy of these financial assets and financial liabilities. ($ in millions) Carrying Fair Fair Value Measurements at Level 1 Level 2 Level 3 March 31, 2022 Financial Assets Other investments $ 172.0 $ 175.5 $ — $ — $ 175.5 Deposit asset on reinsurance 2,491.8 2,628.4 — — 2,628.4 Financial Liabilities Investment contract and policy reserves, fixed annuity contracts 4,958.0 5,021.8 — — 5,021.8 Investment contract and policy reserves, account values on life contracts 106.9 116.9 — — 116.9 Other policyholder funds 910.7 910.7 — 842.9 67.8 Short-term debt 249.0 249.0 — — 249.0 Long-term debt 253.7 265.8 — 265.8 — December 31, 2021 Financial Assets Other investments $ 148.8 $ 152.4 $ — $ — $ 152.4 Deposit asset on reinsurance 2,481.5 2,935.1 — — 2,935.1 Financial Liabilities Investment contract and policy reserves, fixed annuity contracts 4,941.3 5,004.9 — — 5,004.9 Investment contract and policy reserves, account values on life contracts 105.4 115.4 — — 115.4 Other policyholder funds 839.3 839.3 — 782.8 56.5 Short-term debt 249.0 249.0 — — 249.0 Long-term debt 253.6 277.4 — 277.4 —

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Company conducts impairment testing for goodwill and intangible assets at least annually, or more often if events, changes or circumstances indicate that the carrying amount may not be recoverable. See Part II - Item 8, Note 1 in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 for more information regarding impairment testing. The carrying amount of goodwill by reporting unit as of March 31, 2022 was as follows: ($ in millions) December 31, 2021 Impairment Acquisition March 31, 2022 Property & Casualty $ 9.5 $ — $ — $ 9.5 Life & Retirement 14.4 — — 14.4 Supplemental & Group Benefits 19.6 — 12.8 32.4 Total $ 43.5 $ — $ 12.8 $ 56.3 As of March 31, 2022, the outstanding amounts of definite-lived intangible assets subject to amortization are attributable to the acquisitions of Benefit Consultants Group, Inc. (BCG) and NTA Life Enterprises, LLC (NTA) during 2019, as well as the acquisition of Madison National during 2022. The acquisitions of BCG, NTA and Madison National resulted in initial recognition of definite-lived intangible assets subject to amortization in the amounts of $14.1 million, $160.4 million and $56.5 million, respectively. As of March 31, 2022 the outstanding amounts of definite-lived intangible assets subject to amortization were as follows: ($ in millions) Weighted Average Useful Life (in Years) At inception: Value of business acquired 28 $ 100.1 Value of distribution acquired 17 54.0 Value of agency relationships 14 17.0 Value of customer relationships 10 59.9 Total 20 231.0 Accumulated amortization and impairments: Value of business acquired (20.5) Value of distribution acquired (12.4) Value of agency relationships (6.7) Value of customer relationships (4.5) Total (44.1) Net intangible assets subject to amortization: $ 186.9 With regards to the definite-lived intangible assets in the table above, the value of business acquired intangible asset represents the present value of the expected underwriting profit within policies that were in force on the date of acquisition. The value of distribution acquired intangible asset represents the present value of future business to be written by the existing agency force. The value of agency relationships intangible asset represents the present value of the commission overrides retained by NTA. The value of customer relationships intangible asset represents the present value of the expected profits from existing BCG customers in force at the date of acquisition as well as the present value of future business to be produced by Madison National's existing independent producing brokers. All of the aforementioned definite-lived intangible assets were valued using the income approach. Estimated future amortization of the Company's definite-lived intangible assets were as follows: ($ in millions) Year Ending December 31, 2022 (excluding the three months ended March 31, 2022) $ 12.6 2023 15.5 2024 15.1 2025 14.8 2026 14.5 Thereafter 114.4 Total $ 186.9 The value of business acquired intangible asset is being amortized by product based on the present value of future premiums to be received. The value of distribution acquired intangible asset is being amortized on a straight-line basis. The value of agency relationships intangible asset is being amortized based on the present value of future premiums to be received. The value of customer relationships intangible assets are being amortized based on the present value of future profits to be received for BCG and based on the present value of future premiums for Madison National. Indefinite-lived intangible assets (not subject to amortization) as of March 31, 2022 were as follows: ($ in millions) Trade names $ 7.9 State licenses 5.8 Total $ 13.7 The trade names intangible asset represents the present value of future savings accruing to NTA and BCG by virtue of not having to pay royalties for the use of the trade names, valued using the relief from royalty method. The state licenses intangible asset represents the regulatory licenses held by NTA and Madison National that were valued using the cost approach.

Unpaid Claims and Claim Expense

Unpaid Claims and Claim Expenses	3 Months Ended
	Mar. 31, 2022
Insurance Loss Reserves [Abstract]
Unpaid Claims and Claim Expenses	Unpaid Claims and Claim Expenses The following table is a summary reconciliation of the beginning and ending Property & Casualty unpaid claims and claim expense reserves for the periods indicated. The table presents reserves on both a gross and net (after reinsurance) basis. The total net Property & Casualty insurance claims and claim expense incurred amounts are reflected in the Consolidated Statements of Operations. The end of the period gross reserve (before reinsurance) balances and the reinsurance recoverable balances are reflected on a gross basis in the Consolidated Balance Sheets. ($ in millions) Three Months Ended 2022 2021 Property & Casualty Beginning gross reserves (1) $ 362.4 $ 372.2 Less: reinsurance recoverables 110.3 112.9 Net reserves, beginning of period (2) 252.1 259.3 Incurred claims and claim expenses: Claims occurring in the current period 108.3 94.8 Decrease in estimated reserves for claims occurring in prior periods (3) — — Total claims and claim expenses incurred (4) 108.3 94.8 Claims and claim expense payments for claims occurring during: Current period 33.8 34.4 Prior periods 78.4 58.1 Total claims and claim expense payments 112.2 92.5 Net reserves, end of period (2) 248.2 261.6 Plus: reinsurance recoverables 108.0 112.5 Ending gross reserves (1) $ 356.2 $ 374.1 (1) Unpaid claims and claim expenses as reported in the Consolidated Balance Sheets also include reserves for Life & Retirement and Supplemental & Group Benefits of $119.5 million and $78.4 million as of March 31, 2022 and 2021, respectively, in addition to Property & Casualty reserves. (2) Reserves net of anticipated reinsurance recoverables. (3) Shows the amounts by which the Company decreased its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs. (4) Benefits, claims and settlement expenses as reported in the Consolidated Statements of Operations also include amounts for Life & Retirement and Supplemental & Group Benefits of $68.7 million and $39.5 million for the three months ended March 31, 2022 and 2021, respectively, in addition to Property & Casualty amounts. There were no net favorable development of total reserves for Property & Casualty claims occurring in prior years for the three months ended March 31, 2022 and 2021, respectively.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2022
Insurance [Abstract]
Reinsurance	Reinsurance The Company recognizes the cost of reinsurance premiums over the contract periods for such premiums in proportion to the insurance protection provided. Amounts recoverable from reinsurers for unpaid claims and claim settlement expenses, including estimated amounts for unsettled claims, claims incurred but not yet reported and policy benefits, are estimated in a manner consistent with the insurance liability associated with the policy. The effects of reinsurance on premiums written and contract deposits; premiums and contract charges earned; and benefits, claims and settlement expenses were as follows: ($ in millions) Direct Ceded to Other Companies (1) Assumed Net Three months ended March 31, 2022 Net premiums written and contract deposits (2) $ 359.6 $ 14.9 $ 12.4 $ 357.1 Net premiums and contract charges earned 260.5 17.2 12.6 255.9 Benefits, claims and settlement expenses 179.5 11.5 9.0 177.0 Three months ended March 31, 2021 Net premiums written and contract deposits (2) $ 320.6 $ 5.9 $ 1.5 $ 316.2 Net premiums and contract charges earned 234.2 8.4 1.8 227.6 Benefits, claims and settlement expenses 135.6 2.5 1.2 134.3 (1) Excludes the annuity reinsurance transaction accounted for using the deposit method. (2) This measure is not based on accounting principles generally accepted in the United States of America (non-GAAP). An explanation of this non-GAAP measure is contained in the Glossary of Selected Terms included as Exhibit 99.1 in the Company's reports filed with the SEC.

Commitments

Commitments	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments	Commitments Investment Commitments The Company has outstanding commitments to fund investments primarily in limited partnership interests. Such unfunded commitments were $790.4 million and $858.1 million as of March 31, 2022 and December 31, 2021, respectively.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information The Company conducts and manages its business through four segments. The three operating segments, representing the major lines of business, are: (1) Property & Casualty (primarily personal lines of auto and property insurance products), (2) Life & Retirement (primarily tax-qualified fixed and variable annuities as well as life insurance products), and (3) Supplemental & Group Benefits (primarily cancer, heart, hospital, supplemental disability, accident, short-term and long-term group disability, and group term life coverages). The Company does not allocate the impact of corporate-level transactions to these operating segments, consistent with the basis for management's evaluation of the results of those segments, but classifies those items in the fourth segment, Corporate & Other. In addition to ongoing transactions such as corporate debt service, net investment gains (losses) and certain public company expenses, such items in Corporate & Other have also included corporate debt retirement costs, when applicable. In 2021 and prior, the Company conducted and managed its business through four operating segments: (1) Property & Casualty, (2) Supplemental, (3) Retirement, and (4) Life. The change in operating segments in 2022 aligns with leadership assignments and how the Company makes operating decisions and assesses performance as well as maintaining discrete financial information to evaluate performance and allocate resources. Accordingly, the presentation of prior period segment information has been reclassified to conform to the current year's presentation. Summarized financial information for these segments is as follows: ($ in millions) Three Months Ended 2022 2021 Net premiums and contract charges earned Property & Casualty $ 150.2 $ 155.8 Life & Retirement 35.8 39.4 Supplemental & Group Benefits 69.9 32.4 Total $ 255.9 $ 227.6 Net investment income Property & Casualty $ 7.2 $ 10.8 Life & Retirement 84.2 79.9 Supplemental & Group Benefits 7.1 5.4 Corporate & Other — — Intersegment eliminations (0.6) (0.6) Total $ 97.9 $ 95.5 Net income (loss) Property & Casualty $ 8.5 $ 27.9 Life & Retirement 11.8 11.4 Supplemental & Group Benefits 11.2 11.3 Corporate & Other (17.0) (11.3) Total $ 14.5 $ 39.3 ($ in millions) March 31, 2022 December 31, 2021 Assets Property & Casualty $ 1,116.3 $ 1,243.4 Life & Retirement 11,707.5 12,064.7 Supplemental & Group Benefits 1,484.8 858.8 Corporate & Other 183.8 281.8 Intersegment eliminations (65.0) (64.8) Total $ 14,427.4 $ 14,383.9

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) AOCI represents the accumulated change in shareholders’ equity from transactions and other events and circumstances from non-shareholder sources. For the Company, AOCI includes the after tax change in net unrealized investment gains (losses) on fixed maturity securities and the after tax change in net funded status of benefit plans for the periods as shown in the Consolidated Statements of Changes in Shareholders’ Equity. The following table reconciles these components. ($ in millions) Net Unrealized Investment Gains (Losses) on Securities (1) Net Funded Status of Benefit Plans (1) Total (1) Beginning balance, January 1, 2022 $ 290.7 $ (10.2) $ 280.5 Other comprehensive income (loss) before reclassifications (284.8) — (284.8) Amounts reclassified from AOCI (2) 14.1 — 14.1 Net current period other comprehensive income (loss) (270.7) — (270.7) Ending balance, March 31, 2022 $ 20.0 $ (10.2) $ 9.8 Beginning balance, January 1, 2021 $ 366.3 $ (11.2) $ 355.1 Other comprehensive income (loss) before reclassifications (129.1) — (129.1) Amounts reclassified from AOCI (2) 6.4 — 6.4 Net current period other comprehensive income (loss) (122.7) — (122.7) Ending balance, March 31, 2021 $ 243.6 $ (11.2) $ 232.4 (1) All amounts are net of tax. (2) The pretax amounts reclassified from AOCI, $(17.9) million and $(8.1) million, are included in Net investment losses and the related income tax expenses, $(3.8) million and $(1.7) million, are included in income tax expense in the Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, respectively. Comparative information for elements that are not required to be reclassified in their entirety to net income in the same reporting period is disclosed in Note 3.

Supplemental Consolidated Cash

Supplemental Consolidated Cash and Cash Flow Information	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Consolidated Cash and Cash Flow Information	Supplemental Consolidated Cash and Cash Flow Information ($ in millions) March 31, 2022 December 31, 2021 Cash $ 48.3 $ 133.0 Restricted cash 0.8 0.7 Total cash and restricted cash reported in the Consolidated Balance Sheets $ 49.1 $ 133.7 ($ in millions) Three Months Ended 2022 2021 Cash paid (recovered) for: Interest $ 0.6 $ 0.6 Income taxes (0.3) (0.1) Non-cash investing activities with respect to modifications or exchanges of fixed maturity securities as well as paid-in-kind activity for policy loans were insignificant for the three months ended March 31, 2022 and 2021, respectively.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and with the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in annual financial statements prepared in conformity with GAAP, but are not required for interim reporting purposes, have been omitted. These Consolidated Financial Statements and Notes thereto should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Part II - Item 8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year. The accompanying Consolidated Financial Statements and Notes thereto are unaudited. These financial statements reflect all adjustments (generally consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods. The Company's significant accounting policies are summarized in Part II - Item 8, Note 1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The Company has reclassified the presentation of certain prior period information to conform to the current year's presentation.
Consolidation	Consolidation All intercompany transactions and balances between HMEC and its subsidiaries and affiliates have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the reporting date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The most significant critical accounting estimates include valuation of hard-to-value fixed maturity securities, evaluation of credit loss impairments for fixed maturity securities, evaluation of goodwill and intangible assets for impairment, valuation of annuity and life deferred policy acquisition costs, valuation of liabilities for property and casualty unpaid claims and claim expenses, valuation of certain investment contracts and policy reserves and valuation of assets acquired and liabilities assumed under purchase accounting and purchase price allocation.
Future Adoption of New Accounting Standards	Future Adoption of New Accounting Standards Accounting for Long-Duration Insurance Contracts In August 2018, the FASB issued targeted improvements to the accounting and disclosure guidance for long-duration insurance contracts. Under the new guidance, the cash flow assumptions used to measure the liability for future policy benefits for traditional insurance contracts will be required to be updated at least annually with changes recognized as a benefit expense (i.e., assumptions will no longer be locked-in). Insurance entities will be required to use a standard discount rate to measure the liabilities that will be equivalent to the yield from a high-quality bond. The new guidance also changes the amortization of deferred policy acquisition costs (DAC) to be on a constant-level basis over the expected term of the related contracts with no interest accruing on the DAC balance. The new guidance also introduces a new category of contract features associated with deposit type contracts referred to as market risk benefits (MRBs). Contract features meeting the definition of a MRB will be measured at fair value. New disclosures will be required for long-duration insurance contracts in order to provide better transparency into the exposure of insurance entities and the drivers of their results. For public business entities, the guidance is effective for annual reporting periods beginning after December 15, 2022, including interim periods within those years. With regards to the liability for future policy benefits and DAC, the guidance applies to contracts in force as of the beginning of the earliest period presented and may be applied retrospectively. With regards to MRBs, the guidance is to be applied retrospectively at the beginning of the earliest period presented. Early adoption is permitted. Management is currently evaluating the impact this guidance will have on the results of operations and financial position of the Company.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Summary of assets acquired and liabilities assumed	Based on the Company’s preliminary allocation of the adjusted purchase price, the fair values of the assets acquired and liabilities assumed were as follows: ($ in millions) Assets: Investments $ 90.4 Cash and short-term investments 123.4 Reinsurance recoverable 356.0 Intangible assets (1) 59.4 Other assets 23.2 Liabilities: Investment contract and policy reserves 274.5 Unpaid claims and claim expenses 48.2 Unearned premiums 1.5 Other policyholder funds 152.8 Other liabilities 15.9 Total identifiable net assets acquired 159.5 Goodwill (2) 12.8 Purchase price $ 172.3 (1) Intangible assets consist of the value of business acquired, value of customer relationships and state licenses. The intangible assets that are amortizable have estimated lives of one (2) The amount of goodwill that is expected to be deductible for federal income tax purposes is $18.6 million.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Components of net investment income	The components of net investment income for the following periods were as follows: ($ in millions) Three Months Ended 2022 2021 Fixed maturity securities $ 58.6 $ 58.0 Equity securities 1.3 1.1 Limited partnership interests 13.0 11.3 Short-term and other investments 2.7 2.8 Investment expenses (2.6) (2.1) Net investment income - investment portfolio 73.0 71.1 Investment income - deposit asset on reinsurance 24.9 24.4 Total net investment income $ 97.9 $ 95.5
Schedule of net investment losses	Net investment (losses) gains for the following periods were as follows: ($ in millions) Three Months Ended 2022 2021 Fixed maturity securities $ (2.3) $ (5.4) Equity securities (15.5) (2.7) Short-term investments and other 2.3 (0.9) Net investment losses $ (15.5) $ (9.0) The following table reconciles net investment losses by transaction type: ($ in millions) Three Months Ended 2022 2021 Credit loss impairments (1) $ (0.9) $ (1.1) Intent-to-sell impairments (0.9) (2.1) Total impairments on investments recognized in net income (1.8) (3.2) Sales and other, net 1.1 (2.1) Change in fair value - equity securities (17.1) (2.8) Change in fair value and losses realized on settlements - derivatives 2.3 (0.9) Net investment losses $ (15.5) $ (9.0) (1) For the three months ended March 31, 2022 and 2021, the Company recognized a valuation allowance of $0.9 million and $1.1 million, respectively, for credit loss impairments with respect to fixed maturity securities available for sale.
Schedule of allowance for credit loss impairments on fixed maturity securities	The following table presents changes in the allowance for credit loss impairments on fixed maturity securities classified as available for sale for the category of other asset-backed securities (no other categories of fixed maturity securities have an allowance for credit loss impairments): ($ in millions) Three Months Ended 2022 2021 Beginning balance $ 7.7 $ — Credit losses on fixed maturity securities for which credit losses were not previously reported — 1.1 Net increase related to credit losses previously reported 0.9 — Reduction of credit allowances related to sales — — Write-offs (0.3) — Ending balance $ 8.3 $ 1.1
Schedule of Available-for-sale Securities Reconciliation	Amortized cost, net, gross unrealized investment gains (losses) and fair values of all fixed maturity securities in the portfolio were as follows: ($ in millions) Amortized Gross Unrealized Gross Unrealized Fair March 31, 2022 Fixed maturity securities U.S. Government and federally sponsored agency obligations: (1) Mortgage-backed securities $ 613.4 $ 15.2 $ 13.1 $ 615.5 Other, including U.S. Treasury securities 372.5 11.5 20.9 363.1 Municipal bonds 1,530.9 72.2 23.6 1,579.5 Foreign government bonds 41.3 1.4 0.1 42.6 Corporate bonds 2,308.1 63.4 75.5 2,296.0 Other asset-backed securities 1,104.5 7.1 20.9 1,090.7 Totals $ 5,970.7 $ 170.8 $ 154.1 $ 5,987.4 December 31, 2021 Fixed maturity securities U.S. Government and federally sponsored agency obligations: (1) Mortgage-backed securities $ 612.1 $ 51.9 $ 1.5 $ 662.5 Other, including U.S. Treasury securities 342.5 27.7 4.3 365.9 Municipal bonds 1,519.7 184.4 0.7 1,703.4 Foreign government bonds 40.2 3.4 — 43.6 Corporate bonds 2,217.7 176.2 5.2 2,388.7 Other asset-backed securities 1,065.5 16.6 6.9 1,075.2 Totals $ 5,797.7 $ 460.2 $ 18.6 $ 6,239.3 (1) Fair value includes securities issued by Federal National Mortgage Association (FNMA) of $346.8 million and $376.7 million; Federal Home Loan Mortgage Corporation (FHLMC) of $303.7 million and $326.5 million; and Government National Mortgage Association (GNMA) of $100.7 million and $112.1 million as of March 31, 2022 and December 31, 2021, respectively.
Summary of fair value and gross unrealized losses of fixed maturity securities and equity securities in an unrealized loss position	Therefore, it was determined that the unrealized losses on the fixed maturity securities presented in the table below were not indicative of any impairments as of March 31, 2022. ($ in millions) 12 Months or Less More than 12 Months Total Fair Value Gross Fair Value Gross Fair Value Gross March 31, 2022 Fixed maturity securities U.S. Government and federally Mortgage-backed securities $ 238.4 $ 10.7 $ 11.0 $ 2.4 $ 249.4 $ 13.1 Other 116.2 9.2 50.4 11.7 166.6 20.9 Municipal bonds 456.0 23.4 1.4 0.2 457.4 23.6 Foreign government bonds 1.5 0.1 — — 1.5 0.1 Corporate bonds 1,012.5 66.7 74.9 8.8 1,087.4 75.5 Other asset-backed securities 637.5 14.5 160.2 6.4 797.7 20.9 Total $ 2,462.1 $ 124.6 $ 297.9 $ 29.5 $ 2,760.0 $ 154.1 Number of positions with a gross unrealized loss 1,756 189 1,945 Fair value as a percentage of total fixed maturity securities at fair value 41.1 % 5.0 % 46.1 % December 31, 2021 Fixed maturity securities U.S. Government and federally sponsored agency obligations: Mortgage-backed securities $ 67.4 $ 1.3 $ 3.9 $ 0.2 $ 71.3 $ 1.5 Other 59.5 1.7 35.1 2.6 94.6 4.3 Municipal bonds 56.8 0.7 0.6 — 57.4 0.7 Foreign government bonds — — — — — — Corporate bonds 220.7 3.8 44.1 1.4 264.8 5.2 Other asset-backed securities 379.0 3.8 128.2 3.1 507.2 6.9 Total $ 783.4 $ 11.3 $ 211.9 $ 7.3 $ 995.3 $ 18.6 Number of positions with a gross unrealized loss 516 122 638 Fair value as a percentage of total fixed maturity securities at fair value 12.6 % 3.4 % 16.0 %
Distribution of the company's fixed maturity portfolio by estimated expected maturity	The following table presents the distribution of the Company’s fixed maturity securities portfolio by estimated expected maturity. Estimated expected maturities differ from contractual maturities, reflecting assumptions regarding borrowers' utilization of the right to call or prepay obligations with or without call or prepayment penalties. For structured securities, estimated expected maturities consider broker-dealer survey prepayment assumptions and are verified for consistency with the interest rate and economic environments. ($ in millions) Percent of Total Fair Value March 31, 2022 March 31, 2022 December 31, 2021 Fair Amortized Estimated expected maturity: Due in 1 year or less 4.1 % 4.0 % $ 248.0 $ 248.0 Due after 1 year through 5 years 27.4 27.0 1,638.0 1,628.4 Due after 5 years through 10 years 27.2 27.7 1,626.1 1,599.9 Due after 10 years through 20 years 24.1 23.9 1,443.1 1,429.5 Due after 20 years 17.2 17.4 1,032.2 1,064.9 Total 100.0 % 100.0 % $ 5,987.4 $ 5,970.7 Average option-adjusted duration, in years 6.6 6.7
Proceeds received from sales of fixed maturities and equity securities	Proceeds received from sales of fixed maturity and equity securities, each determined using the specific identification method, and gross gains and gross losses realized as a result of those sales for each period were as follows: ($ in millions) Three Months Ended 2022 2021 Fixed maturity securities Proceeds received $ 168.3 $ 95.5 Gross gains realized 2.4 1.2 Gross losses realized (2.9) (3.4) Equity securities Proceeds received $ 5.8 $ 0.4 Gross gains realized 1.7 0.1 Gross losses realized (0.1) —
Reconciliation of net unrealized investment gains (losses) on fixed maturity securities and equity securities	The following table reconciles net unrealized investment gains (losses) on fixed maturity securities, net of tax, included in accumulated other comprehensive income (AOCI), before the impact of DAC: ($ in millions) Three Months Ended 2022 2021 Net unrealized investment gains (losses) Beginning of period $ 348.9 $ 439.8 Change in net unrealized investment gains (349.8) (159.0) Reclassification of net investment (gains) losses 14.1 6.4 End of period $ 13.2 $ 287.2
Schedule of carrying amounts of equity method limited partnership interests	The carrying amounts of EMA limited partnership interests were as follows: ($ in millions) March 31, 2022 December 31, 2021 Commercial mortgage loan funds $ 429.2 $ 346.8 Private equity funds 70.2 74.0 Infrastructure debt funds 62.8 62.4 Infrastructure equity funds 67.2 58.3 Other funds (1) 172.5 171.3 Total $ 801.9 $ 712.8 (1) Other funds consist primarily of limited partnership interests in hedge funds, real estate equity and corporate mezzanine funds.
Offsetting assets and liability	The following table presents instruments that were subject to a master netting arrangement for the Company. ($ in millions) Gross Net Amounts Gross Amounts Not Offset Gross Financial Cash Net March 31, 2022 Asset derivatives: Free-standing derivatives $ 6.0 $ — $ 6.0 $ 1.5 $ 5.2 $ (0.7) December 31, 2021 Asset derivatives: Free-standing derivatives $ 10.7 $ — $ 10.7 $ 4.5 $ 6.4 $ (0.2)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of company's fair value hierarchy measured at recurring basis	The following table presents the Company's fair value hierarchy for financial assets and financial liabilities measured and carried at fair value on a recurring basis. During the three months ended March 31, 2022 and 2021, there were no transfers between Level 1 and Level 2. At March 31, 2022, Level 3 invested assets comprised 5.9% of the Company’s total investment portfolio at fair value. ($ in millions) Carrying Fair Fair Value Measurements at Level 1 Level 2 Level 3 March 31, 2022 Financial Assets Investments Fixed maturity securities U.S. Government and federally Mortgage-backed securities $ 615.5 $ 615.5 $ — $ 615.5 $ — Other, including U.S. Treasury securities 363.1 363.1 25.2 337.9 — Municipal bonds 1,579.5 1,579.5 — 1,525.4 54.1 Foreign government bonds 42.6 42.6 — 42.6 — Corporate bonds 2,296.0 2,296.0 14.0 2,056.0 226.0 Other asset-backed securities 1,090.7 1,090.7 — 1,000.9 89.8 Total fixed maturity securities 5,987.4 5,987.4 39.2 5,578.3 369.9 Equity securities 126.8 126.8 25.6 99.9 1.3 Short-term investments 126.9 126.9 122.0 4.9 — Other investments 38.1 38.1 — 38.1 — Totals $ 6,279.2 $ 6,279.2 $ 186.8 $ 5,721.2 $ 371.2 Separate Account (variable annuity) assets (1) $ 3,221.9 $ 3,221.9 $ 3,221.9 $ — $ — Financial Liabilities Investment contract and policy reserves, embedded derivatives $ 1.5 $ 1.5 $ — $ 1.5 $ — Other policyholder funds, embedded derivatives $ 99.1 $ 99.1 $ — $ — $ 99.1 December 31, 2021 Financial Assets Investments Fixed maturity securities U.S. Government and federally Mortgage-backed securities $ 662.5 $ 662.5 $ — $ 662.5 $ — Other, including U.S. Treasury securities 365.9 365.9 17.7 348.2 — Municipal bonds 1,703.4 1,703.4 — 1,642.6 60.8 Foreign government bonds 43.6 43.6 — 43.6 — Corporate bonds 2,388.7 2,388.7 14.9 2,163.5 210.3 Other asset-backed securities 1,075.2 1,075.2 — 976.3 98.9 Total fixed maturity securities 6,239.3 6,239.3 32.6 5,836.7 370.0 Equity securities 147.2 147.2 35.2 110.6 1.4 Short-term investments 157.8 157.8 157.8 — — Other investments 43.6 43.6 — 43.6 — Totals $ 6,587.9 $ 6,587.9 $ 225.6 $ 5,990.9 $ 371.4 Separate Account (variable annuity) assets (1) $ 3,441.0 $ 3,441.0 $ 3,441.0 $ — $ — Financial Liabilities Investment contract and policy reserves, embedded derivatives $ 2.1 $ 2.1 $ — $ 2.1 $ — Other policyholder funds, embedded derivatives $ 106.6 $ 106.6 $ — $ — $ 106.6 (1) Separate Account (variable annuity) liabilities are equal to the estimated fair value of the Separate Account (variable annuity) assets.
Table for reconciliations for all Level 3 assets measured at fair value on a recurring basis	The reconciliation for all financial assets and financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were as follows: ($ in millions) Financial Assets Financial Liabilities (1) Municipal Corporate Mortgage-Backed and Other Asset- Backed Securities (2) Total Equity Total Beginning balance, January 1, 2022 $ 60.8 $ 210.3 $ 98.9 $ 370.0 $ 1.4 $ 371.4 $ 106.6 Transfers into Level 3 (3) — 67.5 4.7 72.2 — 72.2 — Transfers out of Level 3 (3) (3.2) — (4.8) (8.0) — (8.0) — Total gains or losses Net investment gains (losses) included in net income related to financial assets — — (0.9) (0.9) (0.1) (1.0) — Net investment (gains) losses included in net income related to financial liabilities — — — — — — (5.2) Net unrealized investment gains (losses) included in OCI (3.4) (6.4) (4.1) (13.9) — (13.9) — Purchases — — — — — — — Issuances — — — — — — 0.9 Sales — — — — — — — Settlements — — — — — — — Paydowns, maturities and distributions (0.1) (45.4) (4.0) (49.5) — (49.5) (3.2) Ending balance, March 31, 2022 $ 54.1 $ 226.0 $ 89.8 $ 369.9 $ 1.3 $ 371.2 $ 99.1 Beginning balance, January 1, 2021 $ 59.6 $ 155.8 $ 139.4 $ 354.8 $ 0.3 $ 355.1 $ 104.5 Transfers into Level 3 (3) — 24.1 3.1 27.2 — 27.2 — Transfers out of Level 3 (3) — (27.3) (5.9) (33.2) — (33.2) — Total gains or losses Net investment gains (losses) included in net income related to financial assets — — — — — — — Net investment (gains) losses included in net income related to financial liabilities — — — — — — 4.3 Net unrealized investment gains (losses) included in OCI (0.9) (2.0) (0.3) (3.2) — (3.2) — Purchases — — — — — — — Issuances — — — — — — 0.7 Sales — — — — — — — Settlements — — — — — — — Paydowns, maturities and distributions (0.1) (1.5) (4.1) (5.7) — (5.7) (1.9) Ending balance, March 31, 2021 $ 58.6 $ 149.1 $ 132.2 $ 339.9 $ 0.3 $ 340.2 $ 107.6 (1) Represents embedded derivatives, all related to the Company's fixed indexed annuity products, reported in Other policyholder funds in the Company's Consolidated Balance Sheets. (2) Includes U.S. Government and federally sponsored agency obligations for mortgage-backed securities and other asset-backed securities. (3) Transfers into and out of Level 3 during the three months ended March 31, 2022 and 2021 were attributable to changes in the availability of observable market information for individual fixed maturity securities. The Company's policy is to recognize transfers into and out of the levels as having occurred at the end of the reporting period in which the transfers were determined.
Fair value measurement inputs and valuation techniques	The following table provides quantitative information about the significant unobservable inputs for recurring fair value measurements categorized within Level 3. ($ in millions) Financial Fair Value at March 31, 2022 Valuation Technique(s) Unobservable Inputs Range (Weighted Average) and Single Point Best Estimate (1) Municipal bonds $ 54.1 discounted cash flow option adjusted spread 360 - 409 bps Corporate bonds 226.0 discounted cash flow N spread (2) 213 - 379 bps discounted cash flow T spread (3) 100 - 560 bps discounted cash flow yield 2.7% - 10.7% discounted cash flow discount rate 11.3% - 12.0% market comparable option adjusted spread 12.5% Mortgage-backed and other asset-backed securities 89.8 vendor price haircut 3.0% - 5.0% discounted cash flow discount margin 14.6% discounted cash flow discount rate 8.5% - 20.0% discounted cash flow median comparable yield 10.0% - 22.0% market comparable median price $28.54 - $92.06 discounted cash flow N spread (2) 213 - 379 bps discounted cash flow T spread (3) 100 - 560 bps Equity securities 1.3 Black-Scholes volatility low 30.0% - high 42.1% discounted cash flow variable $100.00 - $121.95 ($ in millions) Financial Fair Value at March 31, 2022 Valuation Technique(s) Unobservable Inputs Range (Weighted Average) and Single Point Best Estimate (1) Derivatives $ 99.1 discounted cash flow lapse rate 5.3% mortality multiplier (4) 66.8% option budget 0.9% - 2.5% non-performance adjustment (5) 5.0% (1) When a range of unobservable inputs is not readily available, the Company uses a single point best estimate. (2) "N spread" is the interpolated weighted average life point on the swap curve. (3) "T spread" is a specific point on the OTR curve. (4) Mortality multiplier is applied to the Annuity 2000 table. (5) Determined as a percentage of the risk-free rate.
Summary of fair value assets and liabilities measured on nonrecurring basis	The following table presents the carrying amount, fair value and fair value hierarchy of these financial assets and financial liabilities. ($ in millions) Carrying Fair Fair Value Measurements at Level 1 Level 2 Level 3 March 31, 2022 Financial Assets Other investments $ 172.0 $ 175.5 $ — $ — $ 175.5 Deposit asset on reinsurance 2,491.8 2,628.4 — — 2,628.4 Financial Liabilities Investment contract and policy reserves, fixed annuity contracts 4,958.0 5,021.8 — — 5,021.8 Investment contract and policy reserves, account values on life contracts 106.9 116.9 — — 116.9 Other policyholder funds 910.7 910.7 — 842.9 67.8 Short-term debt 249.0 249.0 — — 249.0 Long-term debt 253.7 265.8 — 265.8 — December 31, 2021 Financial Assets Other investments $ 148.8 $ 152.4 $ — $ — $ 152.4 Deposit asset on reinsurance 2,481.5 2,935.1 — — 2,935.1 Financial Liabilities Investment contract and policy reserves, fixed annuity contracts 4,941.3 5,004.9 — — 5,004.9 Investment contract and policy reserves, account values on life contracts 105.4 115.4 — — 115.4 Other policyholder funds 839.3 839.3 — 782.8 56.5 Short-term debt 249.0 249.0 — — 249.0 Long-term debt 253.6 277.4 — 277.4 —

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The carrying amount of goodwill by reporting unit as of March 31, 2022 was as follows: ($ in millions) December 31, 2021 Impairment Acquisition March 31, 2022 Property & Casualty $ 9.5 $ — $ — $ 9.5 Life & Retirement 14.4 — — 14.4 Supplemental & Group Benefits 19.6 — 12.8 32.4 Total $ 43.5 $ — $ 12.8 $ 56.3
Summary of finite-lived intangible assets	As of March 31, 2022 the outstanding amounts of definite-lived intangible assets subject to amortization were as follows: ($ in millions) Weighted Average Useful Life (in Years) At inception: Value of business acquired 28 $ 100.1 Value of distribution acquired 17 54.0 Value of agency relationships 14 17.0 Value of customer relationships 10 59.9 Total 20 231.0 Accumulated amortization and impairments: Value of business acquired (20.5) Value of distribution acquired (12.4) Value of agency relationships (6.7) Value of customer relationships (4.5) Total (44.1) Net intangible assets subject to amortization: $ 186.9
Future amortization expense	Estimated future amortization of the Company's definite-lived intangible assets were as follows: ($ in millions) Year Ending December 31, 2022 (excluding the three months ended March 31, 2022) $ 12.6 2023 15.5 2024 15.1 2025 14.8 2026 14.5 Thereafter 114.4 Total $ 186.9
Summary of indefinite-lived intangible assets	Indefinite-lived intangible assets (not subject to amortization) as of March 31, 2022 were as follows: ($ in millions) Trade names $ 7.9 State licenses 5.8 Total $ 13.7

Unpaid Claims and Claim Expen_2

Unpaid Claims and Claim Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Insurance Loss Reserves [Abstract]
Reconciliation of property and casualty unpaid claims and claim expense	The end of the period gross reserve (before reinsurance) balances and the reinsurance recoverable balances are reflected on a gross basis in the Consolidated Balance Sheets. ($ in millions) Three Months Ended 2022 2021 Property & Casualty Beginning gross reserves (1) $ 362.4 $ 372.2 Less: reinsurance recoverables 110.3 112.9 Net reserves, beginning of period (2) 252.1 259.3 Incurred claims and claim expenses: Claims occurring in the current period 108.3 94.8 Decrease in estimated reserves for claims occurring in prior periods (3) — — Total claims and claim expenses incurred (4) 108.3 94.8 Claims and claim expense payments for claims occurring during: Current period 33.8 34.4 Prior periods 78.4 58.1 Total claims and claim expense payments 112.2 92.5 Net reserves, end of period (2) 248.2 261.6 Plus: reinsurance recoverables 108.0 112.5 Ending gross reserves (1) $ 356.2 $ 374.1 (1) Unpaid claims and claim expenses as reported in the Consolidated Balance Sheets also include reserves for Life & Retirement and Supplemental & Group Benefits of $119.5 million and $78.4 million as of March 31, 2022 and 2021, respectively, in addition to Property & Casualty reserves. (2) Reserves net of anticipated reinsurance recoverables. (3) Shows the amounts by which the Company decreased its reserves in each of the periods indicated for claims occurring in previous periods to reflect subsequent information on such claims and changes in their projected final settlement costs. (4) Benefits, claims and settlement expenses as reported in the Consolidated Statements of Operations also include amounts for Life & Retirement and Supplemental & Group Benefits of $68.7 million and $39.5 million for the three months ended March 31, 2022 and 2021, respectively, in addition to Property & Casualty amounts.

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2022
Insurance [Abstract]
Effects of reinsurance on premiums and benefits	The effects of reinsurance on premiums written and contract deposits; premiums and contract charges earned; and benefits, claims and settlement expenses were as follows: ($ in millions) Direct Ceded to Other Companies (1) Assumed Net Three months ended March 31, 2022 Net premiums written and contract deposits (2) $ 359.6 $ 14.9 $ 12.4 $ 357.1 Net premiums and contract charges earned 260.5 17.2 12.6 255.9 Benefits, claims and settlement expenses 179.5 11.5 9.0 177.0 Three months ended March 31, 2021 Net premiums written and contract deposits (2) $ 320.6 $ 5.9 $ 1.5 $ 316.2 Net premiums and contract charges earned 234.2 8.4 1.8 227.6 Benefits, claims and settlement expenses 135.6 2.5 1.2 134.3 (1) Excludes the annuity reinsurance transaction accounted for using the deposit method. (2) This measure is not based on accounting principles generally accepted in the United States of America (non-GAAP). An explanation of this non-GAAP measure is contained in the Glossary of Selected Terms included as Exhibit 99.1 in the Company's reports filed with the SEC.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summarized financial information for these segments	Summarized financial information for these segments is as follows: ($ in millions) Three Months Ended 2022 2021 Net premiums and contract charges earned Property & Casualty $ 150.2 $ 155.8 Life & Retirement 35.8 39.4 Supplemental & Group Benefits 69.9 32.4 Total $ 255.9 $ 227.6 Net investment income Property & Casualty $ 7.2 $ 10.8 Life & Retirement 84.2 79.9 Supplemental & Group Benefits 7.1 5.4 Corporate & Other — — Intersegment eliminations (0.6) (0.6) Total $ 97.9 $ 95.5 Net income (loss) Property & Casualty $ 8.5 $ 27.9 Life & Retirement 11.8 11.4 Supplemental & Group Benefits 11.2 11.3 Corporate & Other (17.0) (11.3) Total $ 14.5 $ 39.3 ($ in millions) March 31, 2022 December 31, 2021 Assets Property & Casualty $ 1,116.3 $ 1,243.4 Life & Retirement 11,707.5 12,064.7 Supplemental & Group Benefits 1,484.8 858.8 Corporate & Other 183.8 281.8 Intersegment eliminations (65.0) (64.8) Total $ 14,427.4 $ 14,383.9

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following table reconciles these components. ($ in millions) Net Unrealized Investment Gains (Losses) on Securities (1) Net Funded Status of Benefit Plans (1) Total (1) Beginning balance, January 1, 2022 $ 290.7 $ (10.2) $ 280.5 Other comprehensive income (loss) before reclassifications (284.8) — (284.8) Amounts reclassified from AOCI (2) 14.1 — 14.1 Net current period other comprehensive income (loss) (270.7) — (270.7) Ending balance, March 31, 2022 $ 20.0 $ (10.2) $ 9.8 Beginning balance, January 1, 2021 $ 366.3 $ (11.2) $ 355.1 Other comprehensive income (loss) before reclassifications (129.1) — (129.1) Amounts reclassified from AOCI (2) 6.4 — 6.4 Net current period other comprehensive income (loss) (122.7) — (122.7) Ending balance, March 31, 2021 $ 243.6 $ (11.2) $ 232.4 (1) All amounts are net of tax. (2) The pretax amounts reclassified from AOCI, $(17.9) million and $(8.1) million, are included in Net investment losses and the related income tax expenses, $(3.8) million and $(1.7) million, are included in income tax expense in the Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, respectively.

Supplemental Consolidated Cas_2

Supplemental Consolidated Cash and Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Summary of cash and restricted cash	($ in millions) March 31, 2022 December 31, 2021 Cash $ 48.3 $ 133.0 Restricted cash 0.8 0.7 Total cash and restricted cash reported in the Consolidated Balance Sheets $ 49.1 $ 133.7 ($ in millions) Three Months Ended 2022 2021 Cash paid (recovered) for: Interest $ 0.6 $ 0.6 Income taxes (0.3) (0.1)

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - Madison National - USD ($) $ in Millions	Jan. 01, 2022	Mar. 31, 2022
Business Acquisition
Purchase price	$ 172.3
Business acquisition, contingent consideration, liability	$ 12.5
Period to finalize transaction (days)	165 days
Revenue of acquiree since acquisition date, actual		$ 40
Earnings or loss of acquiree since acquisition date, actual		(0.7)
Noncash amortization of intangible assets		$ 1.2

Acquisitions - Identifiable Ass

Acquisitions - Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jan. 01, 2022	Mar. 31, 2022	Dec. 31, 2021
Liabilities:
Goodwill		$ 56.3	$ 43.5
Goodwill expected to be deductible for tax purposes	$ 18.6
Madison National
Assets:
Investments	90.4
Cash and short-term investments	123.4
Reinsurance recoverable	356
Intangible assets	59.4	$ 56.5
Other assets	23.2
Liabilities:
Investment contract and policy reserves	274.5
Unpaid claims and claim expenses	48.2
Unearned premiums	1.5
Other policyholder funds	152.8
Other liabilities	15.9
Total identifiable net assets acquired	159.5
Goodwill	12.8
Purchase price	$ 172.3
Minimum | Madison National
Liabilities:
Acquired finite-lived intangible assets, useful lives	1 year
Maximum | Madison National
Liabilities:
Acquired finite-lived intangible assets, useful lives	10 years

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Investment Income
Total net investment income	$ 97.9	$ 95.5
Investment Portfolio
Net Investment Income
Investment expenses	(2.6)	(2.1)
Total net investment income	73	71.1
Deposit asset on reinsurance
Net Investment Income
Total net investment income	24.9	24.4
Fixed maturity securities | Investment Portfolio
Net Investment Income
Net investment income	58.6	58
Equity securities | Investment Portfolio
Net Investment Income
Net investment income	1.3	1.1
Limited partnership interests | Investment Portfolio
Net Investment Income
Net investment income	13	11.3
Short-term and other investments | Investment Portfolio
Net Investment Income
Net investment income	$ 2.7	$ 2.8

Investments - Realized Investme

Investments - Realized Investment (Losses) Gains (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Gain (Loss) on Securities
Net investment losses	$ (15.5)	$ (9)
Fixed maturity securities
Gain (Loss) on Securities
Net investment losses	(2.3)	(5.4)
Equity securities
Gain (Loss) on Securities
Net investment losses	(15.5)	(2.7)
Short-term investments and other
Gain (Loss) on Securities
Net investment losses	$ 2.3	$ (0.9)

Investments - Net Investment (L

Investments - Net Investment (Losses) Gains By Transaction Type (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Credit loss impairments	$ (0.9)	$ (1.1)
Intent-to-sell impairments	(0.9)	(2.1)
Total impairments on investments recognized in net income	(1.8)	(3.2)
Sales and other, net	1.1	(2.1)
Change in fair value - equity securities	(17.1)	(2.8)
Change in fair value and losses realized on settlements - derivatives	2.3	(0.9)
Net investment losses	(15.5)	(9)
Credit losses on fixed maturity securities for which credit losses were not previously reported	$ 0.9	$ 1.1

Investments- Allowance for Cred

Investments- Allowance for Credit Loss Impairments on Fixed Maturity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss
Credit losses on fixed maturity securities for which credit losses were not previously reported	$ 0.9	$ 1.1
Fixed maturity securities
Debt Securities, Available-for-sale, Allowance for Credit Loss
Beginning balance	8.3	1.1	$ 7.7	$ 0
Credit losses on fixed maturity securities for which credit losses were not previously reported	0	1.1
Net increase related to credit losses previously reported	0.9	0
Reduction of credit allowances related to sales	0	0
Write-offs	(0.3)	0
Ending balance	$ 8.3	$ 1.1

Investments - Summary of Fair V

Investments - Summary of Fair Value and Amortized Costs (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost, net	$ 5,970.7	$ 5,797.7
Fair Value	5,987.4	6,239.3
FNMA
Unrealized gains and losses on fixed maturities and equity securities
Fair Value	346.8	376.7
FHLMC
Unrealized gains and losses on fixed maturities and equity securities
Fair Value	303.7	326.5
GNMA
Unrealized gains and losses on fixed maturities and equity securities
Fair Value	100.7	112.1
Total
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost, net	5,970.7	5,797.7
Gross Unrealized Gains	170.8	460.2
Gross Unrealized Losses	154.1	18.6
Fair Value	5,987.4	6,239.3
Mortgage-backed securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost, net	613.4	612.1
Gross Unrealized Gains	15.2	51.9
Gross Unrealized Losses	13.1	1.5
Fair Value	615.5	662.5
Other, including U.S. Treasury securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost, net	372.5	342.5
Gross Unrealized Gains	11.5	27.7
Gross Unrealized Losses	20.9	4.3
Fair Value	363.1	365.9
Municipal bonds
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost, net	1,530.9	1,519.7
Gross Unrealized Gains	72.2	184.4
Gross Unrealized Losses	23.6	0.7
Fair Value	1,579.5	1,703.4
Foreign government bonds
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost, net	41.3	40.2
Gross Unrealized Gains	1.4	3.4
Gross Unrealized Losses	0.1	0
Fair Value	42.6	43.6
Corporate bonds
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost, net	2,308.1	2,217.7
Gross Unrealized Gains	63.4	176.2
Gross Unrealized Losses	75.5	5.2
Fair Value	2,296	2,388.7
Other asset-backed securities
Unrealized gains and losses on fixed maturities and equity securities
Amortized Cost, net	1,104.5	1,065.5
Gross Unrealized Gains	7.1	16.6
Gross Unrealized Losses	20.9	6.9
Fair Value	$ 1,090.7	$ 1,075.2

Investments - Fair Value and Gr

Investments - Fair Value and Gross Unrealized Losses (Details) $ in Millions	Mar. 31, 2022USD ($)security	Dec. 31, 2021USD ($)security
Fixed maturity securities, Gross Unrealized Losses
Number of positions with a gross unrealized loss, 12 Months or Less | security	1,756	516
Number of position with a gross unrealized loss, more than 12 months | security	189	122
Number of position with a gross unrealized loss, Total | security	1,945	638
Fair value as a percentage of total fixed maturities and equity securities fair value, 12 Months or Less	41.10%	12.60%
Fair value as a percentage of total fixed maturities and equity securities fair value, more than 12 months	5.00%	3.40%
Fair value as a percentage of total fixed maturities and equity securities fair value, Total	46.10%	16.00%
Total
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	$ 2,462.1	$ 783.4
Fixed maturity securities, Fair Value, More than 12 Months	297.9	211.9
Fixed maturity securities, Fair Value, Total	2,760	995.3
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	124.6	11.3
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	29.5	7.3
Fixed maturity securities, Gross Unrealized Losses, Total	154.1	18.6
Mortgage-backed securities
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	238.4	67.4
Fixed maturity securities, Fair Value, More than 12 Months	11	3.9
Fixed maturity securities, Fair Value, Total	249.4	71.3
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	10.7	1.3
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	2.4	0.2
Fixed maturity securities, Gross Unrealized Losses, Total	13.1	1.5
Other
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	116.2	59.5
Fixed maturity securities, Fair Value, More than 12 Months	50.4	35.1
Fixed maturity securities, Fair Value, Total	166.6	94.6
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	9.2	1.7
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	11.7	2.6
Fixed maturity securities, Gross Unrealized Losses, Total	20.9	4.3
Municipal bonds
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	456	56.8
Fixed maturity securities, Fair Value, More than 12 Months	1.4	0.6
Fixed maturity securities, Fair Value, Total	457.4	57.4
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	23.4	0.7
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	0.2	0
Fixed maturity securities, Gross Unrealized Losses, Total	23.6	0.7
Foreign government bonds
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	1.5	0
Fixed maturity securities, Fair Value, More than 12 Months	0	0
Fixed maturity securities, Fair Value, Total	1.5	0
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	0.1	0
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	0	0
Fixed maturity securities, Gross Unrealized Losses, Total	0.1	0
Corporate bonds
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	1,012.5	220.7
Fixed maturity securities, Fair Value, More than 12 Months	74.9	44.1
Fixed maturity securities, Fair Value, Total	1,087.4	264.8
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	66.7	3.8
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	8.8	1.4
Fixed maturity securities, Gross Unrealized Losses, Total	75.5	5.2
Other asset-backed securities
Fixed maturity securities, Fair Value
Fixed maturity securities, Fair Value, 12 Months or Less	637.5	379
Fixed maturity securities, Fair Value, More than 12 Months	160.2	128.2
Fixed maturity securities, Fair Value, Total	797.7	507.2
Fixed maturity securities, Gross Unrealized Losses
Fixed maturity securities, Gross Unrealized Losses, 12 Months or Less	14.5	3.8
Fixed maturity securities, Gross Unrealized Losses, More than 12 Months	6.4	3.1
Fixed maturity securities, Gross Unrealized Losses, Total	$ 20.9	$ 6.9

Investments - Distribution of F

Investments - Distribution of Fixed Maturity Securities by Expected Maturity (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Percent of Total Fair Value
Due in 1 year or less	4.10%	4.00%
Due after 1 year through 5 years	27.40%	27.00%
Due after 5 years through 10 years	27.20%	27.70%
Due after 10 years through 20 years	24.10%	23.90%
Due after 20 years	17.20%	17.40%
Total	100.00%	100.00%
Fair Value
Due in 1 year or less	$ 248
Due after 1 year through 5 years	1,638
Due after 5 years through 10 years	1,626.1
Due after 10 years through 20 years	1,443.1
Due after 20 years	1,032.2
Fixed maturity securities, available for sale, at fair value (amortized cost, net 2022, $5,970.7; 2021, $5,797.7)	5,987.4	$ 6,239.3
Amortized Cost, net
Due in 1 year or less	248
Due after 1 year through 5 years	1,628.4
Due after 5 years through 10 years	1,599.9
Due after 10 years through 20 years	1,429.5
Due after 10 years through 20 years, Amortized Cost	1,064.9
Amortized Cost, net	$ 5,970.7	$ 5,797.7
Average option-adjusted duration, in years	6 years 7 months 6 days	6 years 8 months 12 days

Investments - Sales of Fixed Ma

Investments - Sales of Fixed Maturity and Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fixed maturity securities
Proceeds received	$ 168.3	$ 95.5
Gross gains realized	2.4	1.2
Gross losses realized	(2.9)	(3.4)
Equity securities
Proceeds received	5.8	0.4
Gross gains realized	1.7	0.1
Gross losses realized	$ (0.1)	$ 0

Investments - Reconciliation of

Investments - Reconciliation of Net Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net unrealized investment gains (losses) on fixed maturity securities, net of tax
Beginning balance	$ 1,807.4
Ending balance	1,536.8	$ 1,692.9
Net unrealized investment gains (losses) on securities
Net unrealized investment gains (losses) on fixed maturity securities, net of tax
Beginning balance	290.7	366.3
Ending balance	20	243.6
Net unrealized investment gains (losses) on securities | Fixed maturity securities
Net unrealized investment gains (losses) on fixed maturity securities, net of tax
Beginning balance	348.9	439.8
Change in net unrealized investment gains (losses) on fixed maturity securities	(349.8)	(159)
Reclassification of net investment (gains) losses on fixed maturity securities to net income	14.1	6.4
Ending balance	$ 13.2	$ 287.2

Investments - Carrying Amount o

Investments - Carrying Amount of Equity Method Limited Partnership Interests (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments
Limited partnership interests	$ 801.9	$ 712.8
Commercial mortgage loan funds
Schedule of Equity Method Investments
Limited partnership interests	429.2	346.8
Private equity funds
Schedule of Equity Method Investments
Limited partnership interests	70.2	74
Infrastructure debt funds
Schedule of Equity Method Investments
Limited partnership interests	62.8	62.4
Infrastructure equity funds
Schedule of Equity Method Investments
Limited partnership interests	67.2	58.3
Other funds
Schedule of Equity Method Investments
Limited partnership interests	$ 172.5	$ 171.3

Investments - Offsetting of Ass

Investments - Offsetting of Assets and Liabilities (Details) - Free-standing derivatives - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Asset derivatives:
Gross Amounts	$ 6	$ 10.7
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheets	6	10.7
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	1.5	4.5
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received	5.2	6.4
Net Amount	$ (0.7)	$ (0.2)

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Investment grade rating	90.60%
Debt securities, available-for-sale	$ 5,987.4	$ 6,239.3
FHLB funding agreements	847.5	787.5
FHLB of Chicago
Investment Holdings [Line Items]
Debt securities, available-for-sale	921	870.1
Governmental Agencies as Required by Law in Various States
Investment Holdings [Line Items]
Debt securities, available-for-sale	$ 29.1	$ 26.2

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Percentage of level 3 invested assets in total investment portfolio	5.90%
Net investment gains (losses) included in net income related to financial assets	$ 1	$ 0
Net investment (gains) losses included in net income related to financial liabilities	$ (5.2)	$ 4.3

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments Measured and Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Financial Assets
Debt securities, available-for-sale	$ 5,987.4	$ 6,239.3
Equity securities	126.8	147.2
Mortgage-backed securities
Financial Assets
Debt securities, available-for-sale	615.5	662.5
Other, including U.S. Treasury securities
Financial Assets
Debt securities, available-for-sale	363.1	365.9
Municipal bonds
Financial Assets
Debt securities, available-for-sale	1,579.5	1,703.4
Foreign government bonds
Financial Assets
Debt securities, available-for-sale	42.6	43.6
Corporate bonds
Financial Assets
Debt securities, available-for-sale	2,296	2,388.7
Other asset-backed securities
Financial Assets
Debt securities, available-for-sale	1,090.7	1,075.2
Carrying Amount
Financial Assets
Equity securities	126.8	147.2
Short-term investments	126.9	157.8
Other investments	38.1	43.6
Totals	6,279.2	6,587.9
Separate Account (variable annuity) assets	3,221.9	3,441
Financial Liabilities
Investment contract and policy reserves, embedded derivatives	1.5	2.1
Other policyholder funds, embedded derivatives	99.1	106.6
Carrying Amount | Recurring
Financial Assets
Debt securities, available-for-sale	5,987.4	6,239.3
Carrying Amount | Mortgage-backed securities
Financial Assets
Debt securities, available-for-sale	615.5	662.5
Carrying Amount | Other, including U.S. Treasury securities
Financial Assets
Debt securities, available-for-sale	363.1	365.9
Carrying Amount | Municipal bonds
Financial Assets
Debt securities, available-for-sale	1,579.5	1,703.4
Carrying Amount | Foreign government bonds
Financial Assets
Debt securities, available-for-sale	42.6	43.6
Carrying Amount | Corporate bonds
Financial Assets
Debt securities, available-for-sale	2,296	2,388.7
Carrying Amount | Other asset-backed securities
Financial Assets
Debt securities, available-for-sale	1,090.7
Carrying Amount | Other asset-backed securities
Financial Assets
Debt securities, available-for-sale		1,075.2
Fair Value
Financial Assets
Equity securities	126.8	147.2
Short-term investments	126.9	157.8
Other investments	38.1	43.6
Totals	6,279.2	6,587.9
Separate Account (variable annuity) assets	3,221.9	3,441
Financial Liabilities
Investment contract and policy reserves, embedded derivatives	1.5	2.1
Other policyholder funds, embedded derivatives	99.1	106.6
Fair Value | Recurring
Financial Assets
Debt securities, available-for-sale	5,987.4	6,239.3
Fair Value | Mortgage-backed securities
Financial Assets
Debt securities, available-for-sale	615.5	662.5
Fair Value | Other, including U.S. Treasury securities
Financial Assets
Debt securities, available-for-sale	363.1	365.9
Fair Value | Municipal bonds
Financial Assets
Debt securities, available-for-sale	1,579.5	1,703.4
Fair Value | Foreign government bonds
Financial Assets
Debt securities, available-for-sale	42.6	43.6
Fair Value | Corporate bonds
Financial Assets
Debt securities, available-for-sale	2,296	2,388.7
Fair Value | Other asset-backed securities
Financial Assets
Debt securities, available-for-sale	1,090.7
Fair Value | Other asset-backed securities
Financial Assets
Debt securities, available-for-sale		1,075.2
Fair Value | Level 1
Financial Assets
Equity securities	25.6	35.2
Short-term investments	122	157.8
Other investments	0	0
Totals	186.8	225.6
Separate Account (variable annuity) assets	3,221.9	3,441
Financial Liabilities
Investment contract and policy reserves, embedded derivatives	0	0
Other policyholder funds, embedded derivatives	0	0
Fair Value | Level 1 | Recurring
Financial Assets
Debt securities, available-for-sale	39.2	32.6
Fair Value | Level 1 | Mortgage-backed securities
Financial Assets
Debt securities, available-for-sale	0	0
Fair Value | Level 1 | Other, including U.S. Treasury securities
Financial Assets
Debt securities, available-for-sale	25.2	17.7
Fair Value | Level 1 | Municipal bonds
Financial Assets
Debt securities, available-for-sale	0	0
Fair Value | Level 1 | Foreign government bonds
Financial Assets
Debt securities, available-for-sale	0	0
Fair Value | Level 1 | Corporate bonds
Financial Assets
Debt securities, available-for-sale	14	14.9
Fair Value | Level 1 | Other asset-backed securities
Financial Assets
Debt securities, available-for-sale	0
Fair Value | Level 1 | Other asset-backed securities
Financial Assets
Debt securities, available-for-sale		0
Fair Value | Level 2
Financial Assets
Equity securities	99.9	110.6
Short-term investments	4.9	0
Other investments	38.1	43.6
Totals	5,721.2	5,990.9
Separate Account (variable annuity) assets	0	0
Financial Liabilities
Investment contract and policy reserves, embedded derivatives	1.5	2.1
Other policyholder funds, embedded derivatives	0	0
Fair Value | Level 2 | Recurring
Financial Assets
Debt securities, available-for-sale	5,578.3	5,836.7
Fair Value | Level 2 | Mortgage-backed securities
Financial Assets
Debt securities, available-for-sale	615.5	662.5
Fair Value | Level 2 | Other, including U.S. Treasury securities
Financial Assets
Debt securities, available-for-sale	337.9	348.2
Fair Value | Level 2 | Municipal bonds
Financial Assets
Debt securities, available-for-sale	1,525.4	1,642.6
Fair Value | Level 2 | Foreign government bonds
Financial Assets
Debt securities, available-for-sale	42.6	43.6
Fair Value | Level 2 | Corporate bonds
Financial Assets
Debt securities, available-for-sale	2,056	2,163.5
Fair Value | Level 2 | Other asset-backed securities
Financial Assets
Debt securities, available-for-sale	1,000.9
Fair Value | Level 2 | Other asset-backed securities
Financial Assets
Debt securities, available-for-sale		976.3
Fair Value | Level 3
Financial Assets
Equity securities	1.3	1.4
Short-term investments	0	0
Other investments	0	0
Totals	371.2	371.4
Separate Account (variable annuity) assets	0	0
Financial Liabilities
Investment contract and policy reserves, embedded derivatives	0	0
Other policyholder funds, embedded derivatives	99.1	106.6
Fair Value | Level 3 | Recurring
Financial Assets
Debt securities, available-for-sale	369.9	370
Fair Value | Level 3 | Mortgage-backed securities
Financial Assets
Debt securities, available-for-sale	0	0
Fair Value | Level 3 | Other, including U.S. Treasury securities
Financial Assets
Debt securities, available-for-sale	0	0
Fair Value | Level 3 | Municipal bonds
Financial Assets
Debt securities, available-for-sale	54.1	60.8
Fair Value | Level 3 | Foreign government bonds
Financial Assets
Debt securities, available-for-sale	0	0
Fair Value | Level 3 | Corporate bonds
Financial Assets
Debt securities, available-for-sale	226	210.3
Fair Value | Level 3 | Other asset-backed securities
Financial Assets
Debt securities, available-for-sale	$ 89.8
Fair Value | Level 3 | Other asset-backed securities
Financial Assets
Debt securities, available-for-sale		$ 98.9

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Rollforward of Instruments Measured on Recurring Basis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financial Assets
Beginning balance	$ 371.4	$ 355.1
Transfers into Level 3	72.2	27.2
Transfers out of Level 3	(8)	(33.2)
Total gains or losses
Net investment losses included in net income related to financial assets	(1)	0
Net unrealized investment gains (losses) included in OCI	(13.9)	(3.2)
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	(49.5)	(5.7)
Ending balance	371.2	340.2
Financial Liabilities
Beginning balance	106.6	104.5
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Total gains or losses
Net investment (gains) losses included in net income related to financial liabilities	(5.2)	4.3
Net unrealized investment gains (losses) included in OCI	0	0
Purchases	0	0
Issuances	0.9	0.7
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	(3.2)	(1.9)
Ending balance	99.1	107.6
Municipal bonds
Financial Assets
Beginning balance	60.8	59.6
Transfers into Level 3	0	0
Transfers out of Level 3	(3.2)	0
Total gains or losses
Net investment losses included in net income related to financial assets	0	0
Net unrealized investment gains (losses) included in OCI	(3.4)	(0.9)
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	(0.1)	(0.1)
Ending balance	54.1	58.6
Corporate bonds
Financial Assets
Beginning balance	210.3	155.8
Transfers into Level 3	67.5	24.1
Transfers out of Level 3	0	(27.3)
Total gains or losses
Net investment losses included in net income related to financial assets	0	0
Net unrealized investment gains (losses) included in OCI	(6.4)	(2)
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	(45.4)	(1.5)
Ending balance	226	149.1
Mortgage and Asset Backed Securities
Financial Assets
Beginning balance	98.9	139.4
Transfers into Level 3	4.7	3.1
Transfers out of Level 3	(4.8)	(5.9)
Total gains or losses
Net investment losses included in net income related to financial assets	(0.9)	0
Net unrealized investment gains (losses) included in OCI	(4.1)	(0.3)
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	(4)	(4.1)
Ending balance	89.8	132.2
Total
Financial Assets
Beginning balance	370	354.8
Transfers into Level 3	72.2	27.2
Transfers out of Level 3	(8)	(33.2)
Total gains or losses
Net investment losses included in net income related to financial assets	(0.9)	0
Net unrealized investment gains (losses) included in OCI	(13.9)	(3.2)
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	(49.5)	(5.7)
Ending balance	369.9	339.9
Equity securities
Financial Assets
Beginning balance	1.4	0.3
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Total gains or losses
Net investment losses included in net income related to financial assets	(0.1)	0
Net unrealized investment gains (losses) included in OCI	0	0
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Paydowns, maturities and distributions	0	0
Ending balance	$ 1.3	$ 0.3

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Quantitative Information about Level 3 Fair Value Measurements (Details)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, available-for-sale	$ 5,987,400,000	$ 6,239,300,000
Equity securities at fair value	126,800,000	147,200,000
Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques
Equity securities at fair value	126,800,000	147,200,000
Municipal bonds
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, available-for-sale	1,579,500,000	1,703,400,000
Municipal bonds | Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, available-for-sale	1,579,500,000	1,703,400,000
Corporate bonds
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, available-for-sale	2,296,000,000	2,388,700,000
Corporate bonds | Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, available-for-sale	$ 2,296,000,000	2,388,700,000
Other asset-backed securities | Carrying Amount
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, available-for-sale		$ 1,075,200,000
Level 3 | discounted cash flow | volatility | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Equity securities, measurement input	100
Level 3 | discounted cash flow | volatility | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Equity securities, measurement input	121.95
Level 3 | discounted cash flow | lapse rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Derivatives embedded in fixed indexed annuity products, measurement input	0.053
Level 3 | discounted cash flow | mortality multiplier | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Derivatives embedded in fixed indexed annuity products, measurement input	0.668
Level 3 | discounted cash flow | option budget | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Derivatives embedded in fixed indexed annuity products, measurement input	0.009
Level 3 | discounted cash flow | option budget | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Derivatives embedded in fixed indexed annuity products, measurement input	0.025
Level 3 | discounted cash flow | non-performance adjustment | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Derivatives embedded in fixed indexed annuity products, measurement input	0.050
Level 3 | Municipal bonds | discounted cash flow | I Spread | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.0360
Level 3 | Municipal bonds | discounted cash flow | I Spread | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.0409
Level 3 | Corporate bonds | discounted cash flow | N Spread | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.0213
Level 3 | Corporate bonds | discounted cash flow | N Spread | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.0379
Level 3 | Corporate bonds | discounted cash flow | T spread | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	100
Level 3 | Corporate bonds | discounted cash flow | T spread | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	560
Level 3 | Corporate bonds | discounted cash flow | yield | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.027
Level 3 | Corporate bonds | discounted cash flow | yield | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.107
Level 3 | Corporate bonds | discounted cash flow | discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.113
Level 3 | Corporate bonds | discounted cash flow | discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.120
Level 3 | Corporate bonds | market comparable | option adjusted spread | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.125
Level 3 | Other asset-backed securities | discounted cash flow | N Spread | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.0213
Level 3 | Other asset-backed securities | discounted cash flow | N Spread | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.0379
Level 3 | Other asset-backed securities | discounted cash flow | T spread | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.0100
Level 3 | Other asset-backed securities | discounted cash flow | T spread | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.0560
Level 3 | Other asset-backed securities | discounted cash flow | discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.085
Level 3 | Other asset-backed securities | discounted cash flow | discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.200
Level 3 | Other asset-backed securities | discounted cash flow | discount margin | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.146
Level 3 | Other asset-backed securities | discounted cash flow | median comparable yield | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.100
Level 3 | Other asset-backed securities | discounted cash flow | median comparable yield | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.220
Level 3 | Other asset-backed securities | market comparable | median price | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	28.54
Level 3 | Other asset-backed securities | market comparable | median price | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	92.06
Level 3 | Other asset-backed securities | vendor price | haircut | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.030
Level 3 | Other asset-backed securities | vendor price | haircut | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Debt securities, measurement input	0.050

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Financial Instrument Not Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Level 1
Investments
Other investments	$ 0	$ 0
Deposit asset on reinsurance	0	0
Financial Liabilities
Investment contract and policy reserves, fixed annuity contracts	0	0
Investment contract and policy reserves, account values on life contracts	0	0
Other policyholder funds	0	0
Short-term debt	0	0
Long-term debt	0	0
Level 2
Investments
Other investments	0	0
Deposit asset on reinsurance	0	0
Financial Liabilities
Investment contract and policy reserves, fixed annuity contracts	0	0
Investment contract and policy reserves, account values on life contracts	0	0
Other policyholder funds	842.9	782.8
Short-term debt	0	0
Long-term debt	265.8	277.4
Level 3
Investments
Other investments	175.5	152.4
Deposit asset on reinsurance	2,628.4	2,935.1
Financial Liabilities
Investment contract and policy reserves, fixed annuity contracts	5,021.8	5,004.9
Investment contract and policy reserves, account values on life contracts	116.9	115.4
Other policyholder funds	67.8	56.5
Short-term debt	249	249
Long-term debt	0	0
Carrying Amount
Investments
Other investments	172	148.8
Deposit asset on reinsurance	2,491.8	2,481.5
Financial Liabilities
Investment contract and policy reserves, fixed annuity contracts	4,958	4,941.3
Investment contract and policy reserves, account values on life contracts	106.9	105.4
Other policyholder funds	910.7	839.3
Short-term debt	249	249
Long-term debt	253.7	253.6
Fair Value
Investments
Other investments	175.5	152.4
Deposit asset on reinsurance	2,628.4	2,935.1
Financial Liabilities
Investment contract and policy reserves, fixed annuity contracts	5,021.8	5,004.9
Investment contract and policy reserves, account values on life contracts	116.9	115.4
Other policyholder funds	910.7	839.3
Short-term debt	249	249
Long-term debt	$ 265.8	$ 277.4

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill Rollforward (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill
Beginning balance	$ 43.5
Impairment	0
Acquisition	12.8
Ending balance	56.3
Property & Casualty
Goodwill
Beginning balance	9.5
Impairment	0
Acquisition	0
Ending balance	9.5
Life & Retirement
Goodwill
Beginning balance	14.4
Impairment	0
Acquisition	0
Ending balance	14.4
Supplemental & Group Benefits
Goodwill
Beginning balance	19.6
Impairment	0
Acquisition	12.8
Ending balance	$ 32.4

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jan. 01, 2022
BCG
Goodwill
Acquired finite-lived intangible assets	$ 14.1
NTA
Goodwill
Acquired finite-lived intangible assets	160.4
Madison National
Goodwill
Acquired finite-lived intangible assets	$ 56.5	$ 59.4

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Summary of Finite-Lived Intangible Assets (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Finite-Lived Intangible Assets
Weighted Average useful Life (in Years)	20 years
At inception	$ 231
Accumulated amortization	(44.1)
Total	$ 186.9
Value of business acquired
Finite-Lived Intangible Assets
Weighted Average useful Life (in Years)	28 years
At inception	$ 100.1
Accumulated amortization	$ (20.5)
Value of distribution acquired
Finite-Lived Intangible Assets
Weighted Average useful Life (in Years)	17 years
At inception	$ 54
Accumulated amortization	$ (12.4)
Value of agency relationships
Finite-Lived Intangible Assets
Weighted Average useful Life (in Years)	14 years
At inception	$ 17
Accumulated amortization	$ (6.7)
Value of customer relationships
Finite-Lived Intangible Assets
Weighted Average useful Life (in Years)	10 years
At inception	$ 59.9
Accumulated amortization	$ (4.5)

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Estimated Future Amortization (Details) $ in Millions	Mar. 31, 2022USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule
2022 (excluding the three months ended March 31, 2022)	$ 12.6
2023	15.5
2024	15.1
2025	14.8
2026	14.5
Thereafter	114.4
Total	$ 186.9

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Summary of Indefinite-Lived Intangibles (Details) $ in Millions	Mar. 31, 2022USD ($)
Indefinite-lived Intangible Assets
Indefinite-lived intangible assets	$ 13.7
Trade names
Indefinite-lived Intangible Assets
Indefinite-lived intangible assets	7.9
State licenses
Indefinite-lived Intangible Assets
Indefinite-lived intangible assets	$ 5.8

Unpaid Claims and Claim Expen_3

Unpaid Claims and Claim Expenses - Summary of Reinsurance Reserve Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information
Beginning gross reserves	$ 425.9
Claims and claim expense payments for claims occurring during:
Ending gross reserves	475.7
Benefits, claims and settlement expenses	177	$ 134.3
Property & Casualty
Segment Reporting Information
Beginning gross reserves	362.4	372.2
Less: reinsurance recoverables	110.3	112.9
Net reserves, beginning of period	252.1	259.3
Incurred claims and claim expenses:
Claims occurring in the current period	108.3	94.8
Decrease in estimated reserves for claims occurring in prior periods	0	0
Total claims and claim expenses incurred	108.3	94.8
Claims and claim expense payments for claims occurring during:
Current period	33.8	34.4
Prior periods	78.4	58.1
Total claims and claim expense payments	112.2	92.5
Net reserves, end of period	248.2	261.6
Plus: reinsurance recoverables	108	112.5
Ending gross reserves	356.2	374.1
Life and Annuity Segments
Claims and claim expense payments for claims occurring during:
Net reserves, end of period	119.5	78.4
Benefits, claims and settlement expenses	$ 68.7	$ 39.5

Unpaid Claims and Claim Expen_4

Unpaid Claims and Claim Expenses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property & Casualty
Segment Reporting Information
Favorable development of total reserves for property and casualty claims occurring in prior years	$ 0	$ 0

Reinsurance - Summary of Reinsu

Reinsurance - Summary of Reinsurance Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Direct Amount
Net premiums written and contract deposits, Direct Amount	$ 359.6	$ 320.6
Net premiums and contract charges earned, Direct Amount	260.5	234.2
Benefits, claims and settlement expenses, Direct Amount	179.5	135.6
Ceded to Other Companies
Net premiums written and contract deposits, Ceded to Other Companies	14.9	5.9
Net premiums and contract charges earned, Ceded to Other Companies	17.2	8.4
Benefits, claims and settlement expenses, Ceded to Other Companies	11.5	2.5
Assumed from Other Companies
Net premiums written and contract deposits, Assumed from Other Companies	12.4	1.5
Net premiums and contract charges earned, Assumed from Other Companies	12.6	1.8
Benefits, claims and settlement expenses, Assumed from Other Companies	9	1.2
Net Amount
Net premiums written and contract deposits, Net Amount	357.1	316.2
Net premiums and contract charges earned, Net Amount	255.9	227.6
Benefits, claims and settlement expenses, Net Amount	$ 177	$ 134.3

Commitments (Details)

Commitments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments to purchase investments	$ 790.4	$ 858.1

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	4

Segment Information - Summary o

Segment Information - Summary of Segment Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information
Net premiums and contract charges earned	$ 255.9	$ 227.6
Net investment income	97.9	95.5
Net income (loss)	14.5	39.3
Assets	14,427.4		$ 14,383.9
Intersegment eliminations
Segment Reporting Information
Net investment income	(0.6)	(0.6)
Assets	(65)		(64.8)
Property & Casualty | Operating segments
Segment Reporting Information
Net premiums and contract charges earned	150.2	155.8
Net investment income	7.2	10.8
Net income (loss)	8.5	27.9
Assets	1,116.3		1,243.4
Life & Retirement
Segment Reporting Information
Assets	11,707.5		12,064.7
Life & Retirement | Operating segments
Segment Reporting Information
Net premiums and contract charges earned	35.8	39.4
Net investment income	84.2	79.9
Net income (loss)	11.8	11.4
Supplemental & Group Benefits | Operating segments
Segment Reporting Information
Net premiums and contract charges earned	69.9	32.4
Net investment income	7.1	5.4
Net income (loss)	11.2	11.3
Assets	1,484.8		858.8
Corporate & Other
Segment Reporting Information
Net investment income	0	0
Net income (loss)	(17)	$ (11.3)
Assets	$ 183.8		$ 281.8

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net unrealized investment gains (losses) on fixed maturity securities, net of tax
Beginning balance	$ 1,807.4
Other comprehensive income (loss) before reclassifications	(284.8)	$ (129.1)
Amounts reclassified from AOCI	14.1	6.4
Other comprehensive loss	(270.7)	(122.7)
Ending balance	1,536.8	1,692.9
Pretax reclassification amounts from AOCI, tax	(3.8)	(1.7)
Total
Net unrealized investment gains (losses) on fixed maturity securities, net of tax
Beginning balance	280.5	355.1
Ending balance	9.8	232.4
Net Unrealized Investment Gains (Losses) on Securities
Net unrealized investment gains (losses) on fixed maturity securities, net of tax
Beginning balance	290.7	366.3
Other comprehensive income (loss) before reclassifications	(284.8)	(129.1)
Amounts reclassified from AOCI	14.1	6.4
Other comprehensive loss	(270.7)	(122.7)
Ending balance	20	243.6
Pretax reclassification amounts from accumulated other comprehensive income (loss)	(17.9)	(8.1)
Net Funded Status of Benefit Plans
Net unrealized investment gains (losses) on fixed maturity securities, net of tax
Beginning balance	(10.2)	(11.2)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Other comprehensive loss	0	0
Ending balance	$ (10.2)	$ (11.2)

Supplemental Consolidated Cas_3

Supplemental Consolidated Cash and Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash	$ 48.3		$ 133
Restricted cash	0.8		0.7
Total cash and restricted cash reported in the Consolidated Balance Sheets	49.1	$ 39.4	$ 133.7	$ 22.3
Interest	0.6	0.6
Income taxes	$ (0.3)	$ (0.1)