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ACCOUNTING FOR DERIVATIVES (Tables)
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value by Balance Sheet Location
Our freestanding and embedded derivatives, which are not designated as hedging instruments, are held at fair value and are summarized as follows (dollars in millions):
Fair value
September 30,
2021		December 31, 2020
Assets:
Other invested assets:
Fixed index call options$193.4 $216.7 
Other2.5 — 
Reinsurance receivables(.5)1.4 
Total assets$195.4 $218.1 
Liabilities:
Future policy benefits:
Fixed index products$1,704.2 $1,644.5 
Total liabilities$1,704.2 $1,644.5 
Schedule Pre-Tax Gains (Losses) Recognized in Net Income for Derivative Instruments
The following table provides the pre-tax gains (losses) recognized in net income for derivative instruments, which are not designated as hedges for the periods indicated (dollars in millions):
Three months endedNine months ended
September 30,September 30,
2021202020212020
Net investment income (loss) from policyholder and other special-purpose portfolios:
Fixed index call options$7.4 $45.0 $127.0 $(37.7)
Net realized gains (losses):
Embedded derivative related to modified coinsurance agreement(.7)1.7 (1.9)1.8 
Insurance policy benefits:
Embedded derivative related to fixed index annuities22.6 5.1 125.4 16.3 
Total$29.3 $51.8 $250.5 $(19.6)
Derivatives with Master Netting Arrangements
The following table summarizes information related to derivatives with master netting arrangements or collateral as of September 30, 2021 and December 31, 2020 (dollars in millions):
Gross amounts not offset in the balance sheet
Gross amounts recognizedGross amounts offset in the balance sheetNet amounts of assets presented in the balance sheetFinancial instrumentsCash collateral receivedNet amount
September 30, 2021:
Fixed index call options$193.4 $— $193.4 $— $— $193.4 
December 31, 2020:
Fixed index call options216.7 — 216.7 — — 216.7