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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investments:    
Fixed maturity securities available for sale, at fair value (amortized cost – $7,292.4 and $6,920.8 at December 31, 2023 and 2022, respectively) $ 6,912.1 $ 6,283.7
Equity securities at fair value 223.0 281.3
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $4.0 and $1.8 at December 31, 2023 and 2022, respectively) 328.7 295.6
Short-term investments 258.1 155.5
Other investments 499.0 508.4
Total investments 8,220.9 7,524.5
Cash and cash equivalents 1,627.4 1,536.7
Premiums and accounts receivable (net of allowances for credit losses of $9.0 and $9.2 at December 31, 2023 and 2022, respectively) 2,265.6 2,406.4
Reinsurance recoverables (net of allowances for credit losses of $4.8 and $5.4 at December 31, 2023 and 2022, respectively) 6,649.2 6,999.4
Accrued investment income 97.0 85.1
Deferred acquisition costs 9,967.2 9,677.1
Property and equipment, net 685.8 645.1
Goodwill 2,608.8 2,603.0
Value of business acquired 83.9 262.8
Other intangible assets, net 567.1 638.9
Other assets (net of allowances for credit losses of $0.7 and $1.7 at December 31, 2023 and 2022, respectively) [1] 862.3 738.3
Total assets 33,635.2 33,117.3
Liabilities    
Future policy benefits and expenses 487.2 507.9
Unearned premiums 20,110.4 19,802.4
Claims and benefits payable 1,989.2 2,210.0
Commissions payable 542.8 647.5
Reinsurance balances payable 430.1 492.8
Funds held under reinsurance 392.7 366.6
Accounts payable and other liabilities (including allowances for credit losses of $8.3 and $10.3 at December 31, 2023 and 2022) 2,792.7 2,731.5
Debt 2,080.6 2,129.9
Total liabilities 28,825.7 28,888.6
Commitments and contingencies (Note 27)
Stockholders’ equity    
Common stock, par value $0.01 per share, 800,000,000 shares authorized, 54,252,083 and 55,126,470 shares issued and 51,955,994 and 52,830,381 shares outstanding at December 31, 2023 and 2022, respectively 0.6 0.6
Additional paid-in capital 1,668.5 1,637.8
Retained earnings 4,028.2 3,699.3
Accumulated other comprehensive loss (765.0) (986.2)
Treasury stock, at cost; 2,296,089 shares at December 31, 2023 and 2022 (122.8) (122.8)
Total equity 4,809.5 4,228.7
Total liabilities and equity $ 33,635.2 $ 33,117.3
[1] Other assets as of December 31, 2023 includes the assets of the Company’s Miami, Florida office which were reclassified from property and equipment, net, when held-for-sale criteria was met in second quarter 2023. Refer to Note 14 for additional information.