Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

The Company conducts and manages its business through five reporting segments. See Note 1 for a description of the Company's reporting segments that changed effective in the third quarter of 2019. The four operating segments, representing the major lines of insurance business, are: Property and Casualty (primarily personal lines of automobile and property insurance products), the newly created Supplemental (primarily cancer, heart, hospital, supplemental disability and accident coverages), Retirement (primarily tax-qualified fixed and variable annuities) and Life (life insurance). 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 fifth segment, Corporate and Other. In addition to ongoing transactions such as corporate debt service, net investment gains (losses) and certain public company expenses, such items also have included corporate debt retirement costs, when applicable.

The accounting policies of the segments are the same as those described in Note 1. The Company accounts for intersegment transactions, primarily the allocation of operating and agency costs from Corporate and Other to Property and Casualty, Supplemental, Retirement and Life, on a direct cost basis.

Summarized financial information for these segments is as follows:

($ in thousands)	Years Ended December 31,
	2020		2019		2018
Insurance premiums and contract charges earned
Property and Casualty	$	650,168	$	683,454	$	665,734
Supplemental (1)	130,694		65,815		N/A
Retirement	29,649		29,083		31,269
Life	120,186		119,602		120,330
Total	$	930,697	$	897,954	$	817,333
Net investment income
Property and Casualty	$	42,556	$	41,740	$	40,104
Supplemental (1)	17,818		7,480		N/A
Retirement	229,853		245,475		262,634
Life	69,799		71,957		74,399
Corporate and Other	(171)		(85)		142
Intersegment eliminations	(2,259)		(1,503)		(772)
Total	$	357,596	$	365,064	$	376,507
Net income (loss)
Property and Casualty	$	76,516	$	54,359	$	(14,243)
Supplemental (1)	43,089		17,989		N/A
Retirement	20,038		(4,867)		41,736
Life	10,461		17,574		18,754
Corporate and Other	(16,789)		99,388		(27,904)
Total	$	133,315	$	184,443	$	18,343

($ in thousands)	December 31,
	2020		2019		2018
Assets
Property and Casualty	$	1,324,923	$	1,327,099	$	1,236,362
Supplemental	811,457		747,602		N/A
Retirement	9,198,723		8,330,127		7,866,969
Life	2,044,503		1,964,993		1,821,351
Corporate and Other	182,342		172,955		149,014
Intersegment eliminations	(90,135)		(64,072)		(41,800)
Total	$	13,471,813	$	12,478,704	$	11,031,896

(1)    Acquired on July 1, 2019. The twelve month comparison is not meaningful.

Additional significant financial information for these segments is as follows:

($ in thousands)	Years Ended December 31,
	2020		2019		2018
DAC amortization expense
Property and Casualty	$	74,452	$	79,453	$	79,073
Supplemental (1)	1,287		438		N/A
Retirement	16,718		21,446		23,186
Life	7,452		7,844		7,630
Total	$	99,909	$	109,181	$	109,889
Income tax expense (benefit)
Property and Casualty	$	15,380	$	13,954	$	(6,622)
Supplemental (1)	11,972		5,105		N/A
Retirement	2,105		33,772		10,000
Life	2,428		4,907		4,979
Corporate and Other	(5,617)		(5,732)		(7,163)
Total	$	26,268	$	52,006	$	1,194

(1)    Acquired on July 1, 2019. The twelve month comparison is not meaningful.