Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the Company’s Net Deferred Income Tax Assets and Deferred Income Tax Liabilities at December 31, 2022 and 2021 were:

DOLLARS IN MILLIONS	2022		2021
Deferred Income Tax Assets:
Insurance Reserves	$	33.5	$	31.9
Unearned Premium Reserves	70.8		78.3
Tax Capitalization of Policy Acquisition Costs	45.9		46.6
Payroll and Employee Benefit Accruals	32.8		36.4
Investments	152.2		—
Net Operating Loss and Credit Carryforwards	49.7		3.6
Other	22.6		11.6
Total Deferred Income Tax Assets	407.5		208.4
Deferred Income Tax Liabilities:
Investments	—		209.1
Deferred Policy Acquisition Costs	131.3		142.4
Life VIF and P&C Customer Relationships	3.7		4.6
Goodwill and Other Intangible Assets Acquired	36.9		38.0
Depreciable Assets	35.7		38.7
Other	10.5		2.6
Total Deferred Income Tax Liabilities	218.1		435.4
Net Deferred Income Tax Assets / (Liabilities)	$	189.4	$	(227.0)

Summary of Operating Loss Carryforwards

The expiration of federal net operating loss (“NOL”) and tax credit carryforwards and their related deferred income tax assets at December 31, 2022 is presented below by year of expiration.

DOLLARS IN MILLIONS	NOL Carry-forwards		Deferred Tax Asset
Expiring in:
2039	$	1.4	$	1.4
2040	1.4		1.4
2041	46.0		46.0
No Expiration	4.3		0.9
Total All Years	$	53.1	$	49.7

Schedule of Components of Income Tax Expense (Benefit)

The components of Income Tax Benefit (Expense) from Operations for the years ended December 31, 2022, 2021 and 2020 were:

DOLLARS IN MILLIONS	2022		2021		2020
Current Income Tax Benefit (Expense)	$	(6.2)	$	122.7	$	(86.6)
Deferred Income Tax Benefit (Expense)	94.5		2.1		(13.6)
Income Tax Benefit (Expense)	$	88.3	$	124.8	$	(100.2)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Statutory Federal Income Tax Benefit (Expense) and Rate to the Company’s Effective Income Tax Benefit (Expense) and Rate from Operations for the years ended December 31, 2022, 2021 and 2020 is presented below.

DOLLARS IN MILLIONS	2022				2021				2020
	Amount		Rate		Amount		Rate		Amount		Rate
Statutory Federal Income Tax Benefit (Expense)	$	81.8	21.0	%	$	51.5	21.0	%	$	(107.1)	21.0	%
Tax-exempt Income and Dividends Received Deduction	5.3		1.3		4.6		1.9		4.0		(0.8)
Untaxed Earnings on Company-Owned Life Insurance	8.0		2.1		5.4		2.2		2.7		(0.5)
Tax credits	6.5		1.7		66.1		27.0		3.2		(0.6)
Stock-Based Compensation	(1.3)		(0.3)		0.3		0.1		2.2		(0.5)
Nondeductible Executive Compensation	(1.5)		(0.4)		(2.7)		(1.1)		(2.7)		0.5
Expense on Transactions	(11.5)		(3.0)		—		—		—		—
Other, Net	1.0		0.3		(0.4)		(0.2)		(2.5)		0.5
Effective Income Tax Benefit (Expense)	$	88.3	22.7	%	$	124.8	50.9	%	$	(100.2)	19.6	%

Comprehensive Income Tax Benefit and Expenses

Comprehensive Income Tax Benefit (Expense) included in the Consolidated Financial Statements for the years ended December 31, 2022, 2021 and 2020 was:

DOLLARS IN MILLIONS	2022		2021		2020
Income Tax Benefit (Expense):
Operations	$	88.3	$	124.8	$	(100.2)
Unrealized Depreciation (Appreciation) on Securities	325.5		(60.1)		(78.3)
Tax Effects from Postretirement Benefit Plans	(4.0)		(2.4)		(15.3)
Tax Effects from Cash Flow Hedge	(1.2)		0.1		—
Comprehensive Income Tax Benefit (Expense)	$	408.6	$	62.4	$	(193.8)