DE | 95-4255452 | |||||||
(State or other jurisdiction of incorporation) |
(IRS Employer Identification No.) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.10 per share | KMPR | NYSE | ||||||
5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 | KMPB | NYSE |
Emerging Growth Company | ☐ |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Kemper Corporation | ||||||||||||||
Date: | May 8, 2023 | /s/ JAMES J. MCKINNEY | ||||||||||||
James J. McKinney | ||||||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
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Kemper Corporation
200 East Randolph Street
Suite 3300
Chicago, IL 60601
kemper.com
|
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Press Release |
Three Months Ended | ||||||||||||||
(Dollars in Millions, Except Per Share Amounts) (Unaudited) | Mar 31, 2023 |
Mar 31, 20222 |
||||||||||||
Net Loss | $ | (80.1) | $ | (86.3) | ||||||||||
Adjusted Consolidated Net Operating Loss1 |
$ | (65.2) | $ | (51.6) | ||||||||||
Impact of Catastrophe Losses and Related Loss Adjustment Expense (LAE) on Net Loss | $ | (20.5) | $ | (11.0) | ||||||||||
Diluted Net Loss Per Share From: | ||||||||||||||
Net Loss | $ | (1.25) | $ | (1.36) | ||||||||||
Adjusted Consolidated Net Operating Loss1 |
$ | (1.02) | $ | (0.81) | ||||||||||
Impact of Catastrophe Losses and Related LAE on Net Loss Per Share | $ | (0.32) | $ | (0.17) | ||||||||||
2 This press release recasts previously reported financial information for the provisions of Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments” (“LDTI”) adopted as of January 1, 2023, with a transition date of January 1, 2021 under the modified retrospective method. |
Three Months Ended | ||||||||||||||
(Dollars in Millions) (Unaudited) | Mar 31, 2023 |
Mar 31, 2022 |
||||||||||||
Segment Net Operating Income (Loss): | ||||||||||||||
Specialty Property & Casualty Insurance | $ | (58.4) | $ | (44.7) | ||||||||||
Preferred Property & Casualty Insurance | (9.5) | (6.1) | ||||||||||||
Life & Health Insurance | 13.2 | 11.6 | ||||||||||||
Total Segment Net Operating Loss | (54.7) | (39.2) | ||||||||||||
Corporate and Other Net Operating Loss | (10.5) | (12.4) | ||||||||||||
Adjusted Consolidated Net Operating Loss 1 |
(65.2) | (51.6) | ||||||||||||
Net Income (Loss) From: | ||||||||||||||
Change in Fair Value of Equity and Convertible Securities | 1.3 | (22.3) | ||||||||||||
Net Realized Investment Gains | 5.1 | 1.2 | ||||||||||||
Impairment Gains (Losses) | 1.7 | (7.0) | ||||||||||||
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (23.0) | (3.7) | ||||||||||||
Loss from Early Extinguishment of Debt | — | (2.9) | ||||||||||||
Net Loss | $ | (80.1) | $ | (86.3) |
Three Months Ended | ||||||||||||||
(Dollars in Millions, Except Per Share Amounts) |
Mar 31, 2023 |
Mar 31, 2022 |
||||||||||||
Revenues: | ||||||||||||||
Earned Premiums |
$ | 1,180.9 | $ | 1,320.0 | ||||||||||
Net Investment Income |
101.8 | 100.0 | ||||||||||||
Change in Value of Alternative Energy Partnership Investments2 |
0.7 | (16.7) | ||||||||||||
Other Income |
1.2 | 2.4 | ||||||||||||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |
1.7 | (28.2) | ||||||||||||
Net Realized Investment Gains | 6.4 | 1.5 | ||||||||||||
Impairment Gains (Losses) | 2.1 | (8.9) | ||||||||||||
Total Revenues | 1,294.8 | 1,370.1 | ||||||||||||
Expenses: | ||||||||||||||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses |
1,052.0 | 1,123.2 | ||||||||||||
Insurance Expenses |
269.3 | 304.8 | ||||||||||||
Loss from Early Extinguishment of Debt | — | 3.7 | ||||||||||||
Interest and Other Expenses |
77.4 | 54.1 | ||||||||||||
Total Expenses | 1,398.7 | 1,485.8 | ||||||||||||
Loss before Income Taxes | (103.9) | (115.7) | ||||||||||||
Income Tax Benefit | 23.8 | 29.4 | ||||||||||||
Net Loss | $ | (80.1) | $ | (86.3) | ||||||||||
Net Loss Per Unrestricted Share: | ||||||||||||||
Basic |
$ | (1.25) | $ | (1.36) | ||||||||||
Diluted |
$ | (1.25) | $ | (1.36) | ||||||||||
Weighted-average Outstanding (Shares in Thousands): | ||||||||||||||
Unrestricted Shares - Basic | 63,946.6 | 63,743.7 | ||||||||||||
Unrestricted Shares and Equivalent Shares - Diluted | 63,946.6 | 63,743.7 | ||||||||||||
Dividends Paid to Shareholders Per Share | $ | 0.31 | $ | 0.31 |
Three Months Ended | ||||||||||||||
(Dollars in Millions) | Mar 31, 2023 |
Mar 31, 2022 |
||||||||||||
REVENUES: | ||||||||||||||
Specialty Property & Casualty Insurance: | ||||||||||||||
Earned Premiums: | ||||||||||||||
Personal Automobile | $ | 787.9 | $ | 901.7 | ||||||||||
Commercial Automobile | 156.3 | 119.9 | ||||||||||||
Total Earned Premiums | 944.2 | 1,021.6 | ||||||||||||
Net Investment Income | 38.5 | 34.9 | ||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.4 | (8.4) | ||||||||||||
Other Income | 0.9 | 1.7 | ||||||||||||
Total Specialty Property & Casualty Insurance Revenues | 984.0 | 1,049.8 | ||||||||||||
Preferred Property & Casualty Insurance: | ||||||||||||||
Earned Premiums: |
||||||||||||||
Personal Automobile | 78.2 | 96.0 | ||||||||||||
Homeowners | 52.2 | 51.3 | ||||||||||||
Other Personal | 7.0 | 8.3 | ||||||||||||
Total Earned Premiums | 137.4 | 155.6 | ||||||||||||
Net Investment Income | 10.5 | 12.5 | ||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.1 | (3.9) | ||||||||||||
Total Preferred Property & Casualty Insurance Revenues | 148.0 | 164.2 | ||||||||||||
Life & Health Insurance: | ||||||||||||||
Earned Premiums: |
||||||||||||||
Life | 82.2 | 82.7 | ||||||||||||
Accident & Health | 5.9 | 45.8 | ||||||||||||
Property | 11.2 | 14.3 | ||||||||||||
Total Earned Premiums | 99.3 | 142.8 | ||||||||||||
Net Investment Income | 49.8 | 49.4 | ||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.2 | (4.4) | ||||||||||||
Other Loss | (0.4) | — | ||||||||||||
Total Life & Health Insurance Revenues | 148.9 | 187.8 | ||||||||||||
Total Segment Revenues | 1,280.9 | 1,401.8 | ||||||||||||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | 1.7 | (28.2) | ||||||||||||
Net Realized Investment Gains | 6.4 | 1.5 | ||||||||||||
Impairment Gains (Losses) | 2.1 | (8.9) | ||||||||||||
Other | 3.7 | 3.9 | ||||||||||||
Total Revenues | $ | 1,294.8 | $ | 1,370.1 |
Mar 31, 2023 |
Dec 31, 2022 |
||||||||||
Assets: |
|||||||||||
Investments: |
|||||||||||
Fixed Maturities at Fair Value |
$ | 7,189.4 | $ | 6,894.8 | |||||||
Equity Securities at Fair Value |
243.6 | 243.2 | |||||||||
Equity Method Limited Liability Investments | 218.7 | 217.0 | |||||||||
Alternative Energy Partnership Investments | 17.0 | 16.3 | |||||||||
Short-term Investments at Cost which Approximates Fair Value | 278.4 | 278.4 | |||||||||
Company-Owned Life Insurance |
595.3 | 586.5 | |||||||||
Loans to Policyholders |
283.1 | 283.4 | |||||||||
Other Investments | 271.8 | 269.9 | |||||||||
Total Investments |
9,097.3 | 8,789.5 | |||||||||
Cash |
60.6 | 212.4 | |||||||||
Receivables from Policyholders |
1,344.0 | 1,286.6 | |||||||||
Other Receivables |
249.4 | 262.6 | |||||||||
Deferred Policy Acquisition Costs |
651.5 | 635.6 | |||||||||
Goodwill |
1,300.3 | 1,300.3 | |||||||||
Current Income Tax Assets |
15.0 | 167.6 | |||||||||
Deferred Income Tax Assets | 166.0 | 129.0 | |||||||||
Other Assets |
519.6 | 530.0 | |||||||||
Total Assets |
$ | 13,403.7 | $ | 13,313.6 | |||||||
Liabilities and Shareholders’ Equity: |
|||||||||||
Insurance Reserves: |
|||||||||||
Life & Health |
$ | 3,399.6 | $ | 3,276.2 | |||||||
Property & Casualty |
2,721.1 | 2,756.9 | |||||||||
Total Insurance Reserves |
6,120.7 | 6,033.1 | |||||||||
Unearned Premiums |
1,778.0 | 1,704.4 | |||||||||
Policyholder Contract Liabilities |
700.6 | 701.3 | |||||||||
Accrued Expenses and Other Liabilities |
770.0 | 817.3 | |||||||||
Long-term Debt, Current and Non-current, at Amortized Cost | 1,387.5 | 1,386.9 | |||||||||
Total Liabilities |
10,756.8 | 10,643.0 | |||||||||
Shareholders’ Equity: |
|||||||||||
Common Stock |
6.4 | 6.4 | |||||||||
Paid-in Capital |
1,828.9 | 1,812.7 | |||||||||
Retained Earnings |
1,266.3 | 1,366.4 | |||||||||
Accumulated Other Comprehensive Loss | (454.7) | (514.9) | |||||||||
Total Shareholders’ Equity |
2,646.9 | 2,670.6 | |||||||||
Total Liabilities and Shareholders’ Equity |
$ | 13,403.7 | $ | 13,313.6 |
Three Months Ended | ||||||||||||||
(Dollars in Millions) | Mar 31, 2023 |
Mar 31, 2022 |
||||||||||||
Results of Operations | ||||||||||||||
Net Premiums Written | $ | 1,022.1 | $ | 1,023.7 | ||||||||||
Earned Premiums | $ | 944.2 | $ | 1,021.6 | ||||||||||
Net Investment Income | 38.5 | 34.9 | ||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.4 | (8.4) | ||||||||||||
Other Income | 0.9 | 1.7 | ||||||||||||
Total Revenues | 984.0 | 1,049.8 | ||||||||||||
Incurred Losses and LAE related to: | ||||||||||||||
Current Year: | ||||||||||||||
Non-catastrophe Losses and LAE | 825.4 | 911.7 | ||||||||||||
Catastrophe Losses and LAE | 8.4 | 2.1 | ||||||||||||
Prior Years: | ||||||||||||||
Non-catastrophe Losses and LAE | 31.6 | (3.8) | ||||||||||||
Catastrophe Losses and LAE | (0.5) | 0.7 | ||||||||||||
Total Incurred Losses and LAE | 864.9 | 910.7 | ||||||||||||
Insurance Expenses | 193.8 | 199.3 | ||||||||||||
Operating Loss | (74.7) | (60.2) | ||||||||||||
Income Tax Benefit | 16.3 | 15.5 | ||||||||||||
Segment Net Operating Loss | $ | (58.4) | $ | (44.7) | ||||||||||
Ratios Based On Earned Premiums | ||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 87.5 | % | 89.2 | % | ||||||||||
Current Year Catastrophe Losses and LAE Ratio | 0.9 | 0.2 | ||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 3.3 | (0.4) | ||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | (0.1) | 0.1 | ||||||||||||
Total Incurred Loss and LAE Ratio | 91.6 | 89.1 | ||||||||||||
Insurance Expense Ratio | 20.5 | 19.5 | ||||||||||||
Combined Ratio | 112.1 | % | 108.6 | % | ||||||||||
Underlying Combined Ratio1 | ||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 87.5 | % | 89.2 | % | ||||||||||
Insurance Expense Ratio | 20.5 | 19.5 | ||||||||||||
Underlying Combined Ratio1 |
108.0 | % | 108.7 | % | ||||||||||
Non-GAAP Measure Reconciliation | ||||||||||||||
Combined Ratio | 112.1 | % | 108.6 | % | ||||||||||
Less: | ||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 0.9 | 0.2 | ||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 3.3 | (0.4) | ||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | (0.1) | 0.1 | ||||||||||||
Underlying Combined Ratio1 |
108.0 | % | 108.7 | % | ||||||||||
Three Months Ended | ||||||||||||||
(Dollars in Millions) | Mar 31, 2023 |
Mar 31, 2022 |
||||||||||||
Results of Operations | ||||||||||||||
Net Premiums Written | $ | 124.0 | $ | 137.4 | ||||||||||
Earned Premiums | $ | 137.4 | $ | 155.6 | ||||||||||
Net Investment Income | 10.5 | 12.5 | ||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.1 | (3.9) | ||||||||||||
Total Revenues | 148.0 | 164.2 | ||||||||||||
Incurred Losses and LAE related to: | ||||||||||||||
Current Year: | ||||||||||||||
Non-catastrophe Losses and LAE | 90.4 | 112.2 | ||||||||||||
Catastrophe Losses and LAE | 17.0 | 11.4 | ||||||||||||
Prior Years: | ||||||||||||||
Non-catastrophe Losses and LAE | 6.9 | 2.1 | ||||||||||||
Catastrophe Losses and LAE | 2.9 | (3.2) | ||||||||||||
Total Incurred Losses and LAE | 117.2 | 122.5 | ||||||||||||
Insurance Expenses | 43.0 | 51.2 | ||||||||||||
Operating Loss | (12.2) | (9.5) | ||||||||||||
Income Tax Benefit | 2.7 | 3.4 | ||||||||||||
Segment Net Operating Loss | $ | (9.5) | $ | (6.1) | ||||||||||
Ratios Based On Earned Premiums | ||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 65.8 | % | 72.2 | % | ||||||||||
Current Year Catastrophe Losses and LAE Ratio | 12.4 | 7.3 | ||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 5.0 | 1.3 | ||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 2.1 | (2.1) | ||||||||||||
Total Incurred Loss and LAE Ratio | 85.3 | 78.7 | ||||||||||||
Insurance Expense Ratio | 31.3 | 32.9 | ||||||||||||
Combined Ratio | 116.6 | % | 111.6 | % | ||||||||||
Underlying Combined Ratio1 | ||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 65.8 | % | 72.2 | % | ||||||||||
Insurance Expense Ratio | 31.3 | 32.9 | ||||||||||||
Underlying Combined Ratio1 |
97.1 | % | 105.1 | % | ||||||||||
Non-GAAP Measure Reconciliation | ||||||||||||||
Combined Ratio | 116.6 | % | 111.6 | % | ||||||||||
Less: | ||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 12.4 | 7.3 | ||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 5.0 | 1.3 | ||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 2.1 | (2.1) | ||||||||||||
Underlying Combined Ratio1 |
97.1 | % | 105.1 | % |
Three Months Ended | ||||||||||||||
(Dollars in Millions) | Mar 31, 2023 |
Mar 31, 2022 |
||||||||||||
Results of Operations | ||||||||||||||
Earned Premiums | $ | 99.3 | $ | 142.8 | ||||||||||
Net Investment Income | 49.8 | 49.4 | ||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.2 | (4.4) | ||||||||||||
Other Loss | (0.4) | — | ||||||||||||
Total Revenues | 148.9 | 187.8 | ||||||||||||
Policyholders’ Benefits and Incurred Losses and LAE | 69.9 | 89.9 | ||||||||||||
Insurance Expenses | 64.2 | 85.9 | ||||||||||||
Operating Income | 14.8 | 12.0 | ||||||||||||
Income Tax Expense | (1.6) | (0.4) | ||||||||||||
Segment Net Operating Income | $ | 13.2 | $ | 11.6 |
Three Months Ended | ||||||||||||||
(Dollars in Millions) (Unaudited) | Mar 31, 2023 |
Mar 31, 2022 |
||||||||||||
Net Loss | $ | (80.1) | $ | (86.3) | ||||||||||
Less Net Income (Loss) From: | ||||||||||||||
Change in Fair Value of Equity and Convertible Securities | 1.3 | (22.3) | ||||||||||||
Net Realized Investment Gains | 5.1 | 1.2 | ||||||||||||
Impairment Gains (Losses) | 1.7 | (7.0) | ||||||||||||
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (23.0) | (3.7) | ||||||||||||
Debt Extinguishment, Pension and Other Charges | — | (2.9) | ||||||||||||
Adjusted Consolidated Net Operating Loss 1 |
$ | (65.2) | $ | (51.6) |
Three Months Ended | ||||||||||||||
(Unaudited) | Mar 31, 2023 |
Mar 31, 2022 |
||||||||||||
Diluted Net Loss Per Unrestricted Share | $ | (1.25) | $ | (1.36) | ||||||||||
Less Net Income (Loss) Per Unrestricted Share From: | ||||||||||||||
Change in Fair Value of Equity and Convertible Securities | 0.02 | (0.35) | ||||||||||||
Net Realized Investment Gains | 0.08 | 0.02 | ||||||||||||
Impairment Gains (Losses) | 0.03 | (0.11) | ||||||||||||
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (0.36) | (0.06) | ||||||||||||
Debt Extinguishment, Pension and Other Charges | — | (0.05) | ||||||||||||
Diluted Adjusted Consolidated Net Operating Loss Per Unrestricted Share1 |
$ | (1.02) | $ | (0.81) |
(Dollars in Millions) (Unaudited) | Mar 31, 2023 |
Dec 31, 2022 |
||||||||||||
Shareholders’ Equity | $ | 2,646.9 | $ | 2,670.6 | ||||||||||
Less: Net Unrealized Losses on Fixed Maturities | (574.2) | (716.8) | ||||||||||||
Less: Change in Discount Rate on Future Life Policyholder Benefits | 154.2 | 241.1 | ||||||||||||
Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Change in Discount Rate on Future Life Policyholder Benefits1 |
$ | 3,066.9 | $ | 3,146.3 |
Contacts
|
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Investors: Karen Guerra |
312.668.9720 or investors@kemper.com
|
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Media: Barbara Ciesemier | 312.661.4521 or bciesemier@kemper.com |
Page | |||||
Consolidated Impacts of Adoption of Targeted Improvements to Accounting for Long-Duration Contracts |
2 | ||||
Consolidated Financial Highlights | 3 | ||||
Consolidated Statements of Loss | 4 | ||||
Consolidated Balance Sheets | 5 | ||||
Consolidated Statements of Cash Flows | 6-7 | ||||
Capital Metrics | 8-9 | ||||
Debt Outstanding, FHLB Advances and Ratings |
10 | ||||
Segment Summary Results: | |||||
Revenues | 11 | ||||
Operating Loss | 12 | ||||
Net Operating Loss | 12 | ||||
Catastrophe Frequency and Severity | 13 | ||||
Specialty Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information | 14-15 | ||||
Personal Automobile Insurance | 16 | ||||
Commercial Automobile Insurance | 17 | ||||
Preferred Property & Casualty Insurance Segment - Results of Operations and Selected Financial Information | 18-19 | ||||
Personal Automobile Insurance | 20 | ||||
Homeowners and Other Personal Insurance | 21 | ||||
Homeowners Insurance | 22 | ||||
Other Personal Insurance | 23 | ||||
Life & Health Insurance Segment - Results of Operations and Selected Financial Information | 24 | ||||
Life Insurance | 25 | ||||
Accident and Health Insurance | 25 | ||||
Property Insurance | 26 | ||||
Expenses | 27 | ||||
Details of Investment Performance | 28 | ||||
Details of Invested Assets | 29-30 | ||||
Investment Concentration | 31 | ||||
Municipal Bond Securities | 32 | ||||
Investments in Limited Liability Companies and Limited Partnerships | 33 | ||||
Definitions of Non-GAAP Financial Measures | 34-35 | ||||
For the Three Months Ended | For the Year Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Dec 31, 2022 |
Dec 31, 2021 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||
LDTI Impacts to Net Income (Loss) | $ | 2.2 | $ | 1.4 | $ | 2.5 | $ | 8.5 | $ | 8.2 | $ | (4.0) | $ | (1.7) | $ | (5.7) | $ | 14.6 | $ | (3.2) | ||||||||||||||||||||||||||||||||||||||||||
LDTI Impacts to Adjusted Consolidated Net Income (Loss) | $ | 2.2 | $ | 1.4 | $ | 2.5 | $ | 8.5 | $ | 8.2 | $ | (4.0) | $ | (1.7) | $ | (5.7) | $ | 14.6 | $ | (3.2) | ||||||||||||||||||||||||||||||||||||||||||
LDTI Impact to Income (Loss) Per Unrestricted Share: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic - Net Income (Loss) | $ | 0.03 | $ | 0.02 | $ | 0.04 | $ | 0.13 | $ | 0.13 | $ | (0.06) | $ | (0.03) | $ | (0.09) | $ | 0.22 | $ | (0.05) | ||||||||||||||||||||||||||||||||||||||||||
Basic - Adjusted Consolidated Net Income (Loss) | $ | 0.03 | $ | 0.02 | $ | 0.04 | $ | 0.13 | $ | 0.13 | $ | (0.06) | $ | (0.03) | $ | (0.09) | $ | 0.22 | $ | (0.05) | ||||||||||||||||||||||||||||||||||||||||||
Diluted - Net Income (Loss) | $ | 0.03 | $ | 0.02 | $ | 0.04 | $ | 0.13 | $ | 0.13 | $ | (0.06) | $ | (0.03) | $ | (0.09) | $ | 0.22 | $ | (0.05) | ||||||||||||||||||||||||||||||||||||||||||
Diluted - Adjusted Consolidated Net Income (Loss) | $ | 0.03 | $ | 0.02 | $ | 0.04 | $ | 0.13 | $ | 0.13 | $ | (0.06) | $ | (0.03) | $ | (0.09) | $ | 0.22 | $ | (0.05) |
As of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec 31, 2022 |
Sep 30, 2022 |
Jun 30, 2022 |
Mar 31, 2022 |
Dec 31, 2021 |
Sep 30, 2021 |
Jun 30, 2021 |
Mar 31, 2021 |
Jan 1, 2021 |
||||||||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | $ | (13.7) | $ | (15.9) | $ | (17.3) | $ | (19.8) | $ | (28.3) | $ | (36.5) | $ | (32.5) | $ | (30.8) | $ | (25.1) | ||||||||||||||||||||||||||||||||||||||
Changes in the Discount Rate on Future Life Policyholder Benefits (AOCI) | 241.1 | 272.8 | 11.4 | (405.5) | (849.7) | (823.9) | (852.9) | (626.1) | (1,030.3) | |||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Shareholders’ Equity | $ | 227.4 | $ | 256.9 | $ | (5.9) | $ | (425.3) | $ | (878.0) | $ | (860.4) | $ | (885.4) | $ | (656.9) | $ | (1,055.4) |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
For Period Ended | ||||||||||||||||||||||||||||||||
Earned Premiums |
$ | 1,180.9 | $ | 1,264.9 | $ | 1,290.9 | $ | 1,337.6 | $ | 1,320.0 | ||||||||||||||||||||||
Net Investment Income |
101.8 | 106.3 | 97.8 | 118.5 | 100.0 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.7 | 1.3 | 0.4 | (4.9) | (16.7) | |||||||||||||||||||||||||||
Other Income |
1.2 | 1.9 | 4.0 | 0.9 | 2.4 | |||||||||||||||||||||||||||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities |
1.7 | — | (11.2) | (40.5) | (28.2) | |||||||||||||||||||||||||||
Net Realized Investment Gains (Losses) | 8.5 | 0.2 | (20.4) | 6.1 | (7.4) | |||||||||||||||||||||||||||
Total Revenues |
$ | 1,294.8 | $ | 1,374.6 | $ | 1,361.5 | $ | 1,417.7 | $ | 1,370.1 | ||||||||||||||||||||||
Net Loss | $ | (80.1) | $ | (53.3) | $ | (74.8) | $ | (72.2) | $ | (86.3) | ||||||||||||||||||||||
Adjusted Consolidated Net Operating Loss1 |
$ | (65.2) | $ | (24.4) | $ | (29.1) | $ | (37.2) | $ | (51.6) | ||||||||||||||||||||||
Per Unrestricted Common Share Amounts: |
||||||||||||||||||||||||||||||||
Basic: |
||||||||||||||||||||||||||||||||
Net Loss | $ | (1.25) | $ | (0.84) | $ | (1.17) | $ | (1.13) | $ | (1.36) | ||||||||||||||||||||||
Adjusted Consolidated Net Operating Loss1 |
$ | (1.02) | $ | (0.38) | $ | (0.46) | $ | (0.58) | $ | (0.81) | ||||||||||||||||||||||
Diluted: |
||||||||||||||||||||||||||||||||
Net Loss | $ | (1.25) | $ | (0.84) | $ | (1.17) | $ | (1.13) | $ | (1.36) | ||||||||||||||||||||||
Adjusted Consolidated Net Operating Loss1 |
$ | (1.02) | $ | (0.38) | $ | (0.46) | $ | (0.58) | $ | (0.81) | ||||||||||||||||||||||
Dividends Paid to Shareholders Per Share |
$ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | ||||||||||||||||||||||
At Period End | ||||||||||||||||||||||||||||||||
Total Assets |
$ | 13,403.7 | $ | 13,313.6 | $ | 13,399.9 | $ | 13,964.2 | $ | 14,667.7 | ||||||||||||||||||||||
Insurance Reserves |
$ | 6,120.7 | $ | 6,033.1 | $ | 5,940.1 | $ | 6,343.5 | $ | 6,864.3 | ||||||||||||||||||||||
Debt |
$ | 1,387.5 | $ | 1,386.9 | $ | 1,386.4 | $ | 1,385.8 | $ | 1,385.2 | ||||||||||||||||||||||
Shareholders’ Equity |
$ | 2,646.9 | $ | 2,670.6 | $ | 2,694.5 | $ | 2,844.1 | $ | 2,969.2 | ||||||||||||||||||||||
Shareholders’ Equity Excluding Goodwill1,2 |
$ | 1,346.6 | $ | 1,370.3 | $ | 1,395.7 | $ | 1,532.1 | $ | 1,657.2 | ||||||||||||||||||||||
Common Shares Issued and Outstanding (In Millions) |
63.982 | 63.913 | 63.884 | 63.850 | 63.800 | |||||||||||||||||||||||||||
Book Value Per Share2 |
$ | 41.37 | $ | 41.79 | $ | 42.18 | $ | 44.54 | $ | 46.54 | ||||||||||||||||||||||
Book Value Per Share Excluding Goodwill1,2 |
$ | 21.05 | $ | 21.44 | $ | 21.85 | $ | 24.00 | $ | 25.97 | ||||||||||||||||||||||
Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Changes in the Discount Rate on Future Life Policyholder Benefits1,2 |
$ | 47.93 | $ | 49.23 | $ | 50.16 | $ | 51.76 | $ | 53.11 | ||||||||||||||||||||||
Book Value Per Share Excluding Net Unrealized (Gains) Losses on Fixed Maturities, Changes in the Discount Rate on Future Life Policyholder Benefits and Goodwill1,2 |
$ | 27.61 | $ | 28.88 | $ | 29.83 | $ | 31.21 | $ | 32.55 | ||||||||||||||||||||||
Debt to Total Capitalization2 |
34.4 | % | 34.2 | % | 34.0 | % | 32.8 | % | 31.8 | % | ||||||||||||||||||||||
Rolling 12 Months Return on 5-point Average Shareholders Equity2,3 |
(10.1) | % | (10.0) | % | (11.1) | % | (10.7) | % | (9.9) | % | ||||||||||||||||||||||
1 Non-GAAP Financial Measure. See page 34 for definition. |
||||||||||||||||||||||||||||||||
2 See Capital Metrics on pages 8-9 for detail calculations. |
||||||||||||||||||||||||||||||||
3 Rolling 12 Months Return on 5-point Average Shareholders Equity is calculated by taking the last 12 months of Net Income (Loss) divided by the 5-point average Shareholders’ Equity. The 5-point Average Shareholders’ Equity is calculated by using a 5-point quarter average of Shareholders’ Equity for the 12 month period. |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Earned Premiums | $ | 1,180.9 | $ | 1,264.9 | $ | 1,290.9 | $ | 1,337.6 | $ | 1,320.0 | ||||||||||||||||||||||
Net Investment Income | 101.8 | 106.3 | 97.8 | 118.5 | 100.0 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.7 | 1.3 | 0.4 | (4.9) | (16.7) | |||||||||||||||||||||||||||
Other Income | 1.2 | 1.9 | 4.0 | 0.9 | 2.4 | |||||||||||||||||||||||||||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | 1.7 | — | (11.2) | (40.5) | (28.2) | |||||||||||||||||||||||||||
Net Realized Investment Gains (Losses) | 6.4 | 3.9 | (12.1) | 11.0 | 1.5 | |||||||||||||||||||||||||||
Impairment Gains (Losses) | 2.1 | (3.7) | (8.3) | (4.9) | (8.9) | |||||||||||||||||||||||||||
Total Revenues | 1,294.8 | 1,374.6 | 1,361.5 | 1,417.7 | 1,370.1 | |||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||
Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses | 1,052.0 | 1,073.0 | 1,085.3 | 1,151.1 | 1,123.2 | |||||||||||||||||||||||||||
Insurance Expenses | 269.3 | 288.0 | 300.5 | 307.7 | 304.8 | |||||||||||||||||||||||||||
Loss from Early Extinguishment of Debt | — | — | — | — | 3.7 | |||||||||||||||||||||||||||
Interest and Other Expenses | 77.4 | 86.5 | 63.5 | 53.5 | 54.1 | |||||||||||||||||||||||||||
Total Expenses | 1,398.7 | 1,447.5 | 1,449.3 | 1,512.3 | 1,485.8 | |||||||||||||||||||||||||||
Loss before Income Taxes | (103.9) | (72.9) | (87.8) | (94.6) | (115.7) | |||||||||||||||||||||||||||
Income Tax Benefit | 23.8 | 19.6 | 13.0 | 22.4 | 29.4 | |||||||||||||||||||||||||||
Net Loss | $ | (80.1) | $ | (53.3) | $ | (74.8) | $ | (72.2) | $ | (86.3) | ||||||||||||||||||||||
Loss Per Unrestricted Share: | ||||||||||||||||||||||||||||||||
Basic | $ | (1.25) | $ | (0.84) | $ | (1.17) | $ | (1.13) | $ | (1.36) | ||||||||||||||||||||||
Diluted | $ | (1.25) | $ | (0.84) | $ | (1.17) | $ | (1.13) | $ | (1.36) | ||||||||||||||||||||||
Net Loss Per Unrestricted Share: | ||||||||||||||||||||||||||||||||
Basic | $ | (1.25) | $ | (0.84) | $ | (1.17) | $ | (1.13) | $ | (1.36) | ||||||||||||||||||||||
Diluted | $ | (1.25) | $ | (0.84) | $ | (1.17) | $ | (1.13) | $ | (1.36) | ||||||||||||||||||||||
Dividends Paid to Shareholders Per Share | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | ||||||||||||||||||||||
Weighted Average Unrestricted Common Shares Outstanding (in Millions) | 63.947 | 63.888 | 63.853 | 63.816 | 63.744 |
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Fixed Maturities at Fair Value | $ | 7,189.4 | $ | 6,894.8 | $ | 6,577.1 | $ | 7,218.8 | $ | 7,783.9 | |||||||||||||||||||||||||
Equity Securities at Fair Value | 243.6 | 243.2 | 322.7 | 395.0 | 571.5 | ||||||||||||||||||||||||||||||
Equity Method Limited Liability Investments | 218.7 | 217.0 | 226.0 | 228.9 | 230.0 | ||||||||||||||||||||||||||||||
Alternative Energy Partnerships | 17.0 | 16.3 | 16.9 | 17.0 | 22.4 | ||||||||||||||||||||||||||||||
Short-term Investments at Cost which Approximates Fair Value | 278.4 | 278.4 | 357.2 | 230.2 | 243.8 | ||||||||||||||||||||||||||||||
Company-Owned Life Insurance |
595.3 | 586.5 | 578.6 | 566.2 | 556.4 | ||||||||||||||||||||||||||||||
Loans to Policyholders |
283.1 | 283.4 | 283.2 | 282.3 | 284.7 | ||||||||||||||||||||||||||||||
Other Investments | 271.8 | 269.9 | 274.2 | 276.9 | 275.4 | ||||||||||||||||||||||||||||||
Total Investments | 9,097.3 | 8,789.5 | 8,635.9 | 9,215.3 | 9,968.1 | ||||||||||||||||||||||||||||||
Cash | 60.6 | 212.4 | 249.2 | 348.6 | 297.3 | ||||||||||||||||||||||||||||||
Receivables from Policyholders | 1,344.0 | 1,286.6 | 1,345.8 | 1,375.1 | 1,404.5 | ||||||||||||||||||||||||||||||
Other Receivables | 249.4 | 262.6 | 228.7 | 206.5 | 203.4 | ||||||||||||||||||||||||||||||
Deferred Policy Acquisition Costs | 651.5 | 635.6 | 645.1 | 690.1 | 689.6 | ||||||||||||||||||||||||||||||
Goodwill | 1,300.3 | 1,300.3 | 1,298.8 | 1,312.0 | 1,312.0 | ||||||||||||||||||||||||||||||
Current Income Tax Assets | 15.0 | 167.6 | 165.1 | 200.8 | 183.0 | ||||||||||||||||||||||||||||||
Deferred Income Tax Assets | 166.0 | 129.0 | 113.7 | 58.7 | 43.4 | ||||||||||||||||||||||||||||||
Assets Held-for-Sale | — | — | 172.8 | — | — | ||||||||||||||||||||||||||||||
Other Assets | 519.6 | 530.0 | 544.8 | 557.1 | 566.4 | ||||||||||||||||||||||||||||||
Total Assets | $ | 13,403.7 | $ | 13,313.6 | $ | 13,399.9 | $ | 13,964.2 | $ | 14,667.7 | |||||||||||||||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||
Insurance Reserves: | |||||||||||||||||||||||||||||||||||
Life and Health | $ | 3,399.6 | $ | 3,276.2 | $ | 3,219.8 | $ | 3,585.1 | $ | 4,104.2 | |||||||||||||||||||||||||
Property and Casualty | 2,721.1 | 2,756.9 | 2,720.3 | 2,758.4 | 2,760.1 | ||||||||||||||||||||||||||||||
Total Insurance Reserves | 6,120.7 | 6,033.1 | 5,940.1 | 6,343.5 | 6,864.3 | ||||||||||||||||||||||||||||||
Unearned Premiums | 1,778.0 | 1,704.4 | 1,794.8 | 1,854.4 | 1,890.5 | ||||||||||||||||||||||||||||||
Policyholder Contract Liabilities | 700.6 | 701.3 | 704.0 | 704.5 | 655.0 | ||||||||||||||||||||||||||||||
Deferred Income Tax Liabilities | — | — | — | — | — | ||||||||||||||||||||||||||||||
Liabilities Held-for-Sale | — | — | 84.8 | — | — | ||||||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | 770.0 | 817.3 | 795.3 | 831.9 | 903.5 | ||||||||||||||||||||||||||||||
Long-term Debt, Current and Non-current, at Amortized Cost | 1,387.5 | 1,386.9 | 1,386.4 | 1,385.8 | 1,385.2 | ||||||||||||||||||||||||||||||
Total Liabilities | 10,756.8 | 10,643.0 | 10,705.4 | 11,120.1 | 11,698.5 | ||||||||||||||||||||||||||||||
Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||
Common Stock | 6.4 | 6.4 | 6.4 | 6.4 | 6.4 | ||||||||||||||||||||||||||||||
Paid-in Capital | 1,828.9 | 1,812.7 | 1,822.2 | 1,812.5 | 1,803.1 | ||||||||||||||||||||||||||||||
Retained Earnings | 1,266.3 | 1,366.4 | 1,439.7 | 1,534.6 | 1,627.5 | ||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | (454.7) | (514.9) | (573.8) | (509.4) | (467.8) | ||||||||||||||||||||||||||||||
Total Shareholders’ Equity | 2,646.9 | 2,670.6 | 2,694.5 | 2,844.1 | 2,969.2 | ||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 13,403.7 | $ | 13,313.6 | $ | 13,399.9 | $ | 13,964.2 | $ | 14,667.7 |
Kemper Corporation
Consolidated Statements of Cash Flows
(Dollars in Millions)
(Unaudited)
| |||||||||||
Three Months Ended | |||||||||||
Mar 31, 2023 |
Mar 31, 2022 |
||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net Loss | $ | (80.1) | $ | (86.3) | |||||||
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by (Used in) Operating Activities: | |||||||||||
Net Realized Investment Gains | (6.4) | (1.5) | |||||||||
Impairment (Gains) Losses | (2.1) | 8.9 | |||||||||
Depreciation and Amortization of Property, Equipment and Software | 11.9 | 13.4 | |||||||||
Amortization of Intangible Assets Acquired | 4.3 | 6.2 | |||||||||
Loss from Early Extinguishment of Debt | — | 3.7 | |||||||||
Change in Accumulated Undistributed Earnings of Equity Method Limited Liability Investments | 0.8 | (5.8) | |||||||||
Loss from Change in Value of Alternative Energy Partnership Investments | (0.7) | 16.7 | |||||||||
(Increase) Decrease in Value of Equity and Convertible Securities | (1.7) | 28.2 | |||||||||
Changes in: | |||||||||||
Receivables from Policyholders | (57.4) | 14.2 | |||||||||
Reinsurance Recoverables | 4.1 | (0.3) | |||||||||
Deferred Policy Acquisition Costs | (15.9) | (1.6) | |||||||||
Insurance Reserves | (21.8) | (8.7) | |||||||||
Unearned Premiums | 73.6 | (8.2) | |||||||||
Income Taxes | 106.2 | (28.2) | |||||||||
Other Assets and Liabilities | (9.6) | 31.1 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 5.2 | (18.2) | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from the Sales, Calls and Maturities of Fixed Maturities | 154.0 | 128.6 | |||||||||
Proceeds from the Sales or Paydowns of Investments: | |||||||||||
Equity Securities | 19.5 | 249.7 | |||||||||
Mortgage Loans | 18.6 | 22.8 | |||||||||
Other Investments | 2.6 | 20.5 | |||||||||
Purchases of Investments: | |||||||||||
Fixed Maturities | (293.3) | (527.2) | |||||||||
Equity Securities | (13.2) | (21.3) | |||||||||
Real Estate Investments | (0.2) | — | |||||||||
Corporate-Owned Life Insurance | — | (100.0) | |||||||||
Mortgage Loans | (13.3) | (21.3) | |||||||||
Other Investments | (4.7) | (1.9) | |||||||||
Net Sales of Short-term Investments | 0.7 | 40.3 | |||||||||
Acquisition of Software and Long-lived Assets | (10.0) | (16.0) | |||||||||
Other | 1.1 | 0.7 | |||||||||
Net Cash Used in Investing Activities | (138.2) | (225.1) | |||||||||
Kemper Corporation
Consolidated Statements of Cash Flows
(Dollars in Millions)
(Unaudited)
| |||||||||||
Three Months Ended | |||||||||||
Mar 31, 2023 |
Mar 31, 2022 |
||||||||||
Net Cash Provided by (Used in) Investing Activities (Carryforward from page 6) | $ | (138.2) | $ | (225.1) | |||||||
Cash Flows from Financing Activities: | |||||||||||
Repayment of Long-term Debt | — | (280.0) | |||||||||
Proceeds from Issuance of 3.80% Senior Notes due February 23, 2032 |
— | 396.3 | |||||||||
Issuance Fees on 3.80% Senior Notes due February 23, 2032 |
— | (1.2) | |||||||||
Proceeds from Issuance of 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 |
— | 145.6 | |||||||||
Issuance Fees on 5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 |
— | (0.9) | |||||||||
Proceeds from Policyholder Contract Obligations | 89.3 | 208.6 | |||||||||
Repayment of Policyholder Contract Obligations | (90.0) | (57.8) | |||||||||
Proceeds from Shares Issued under Employee Stock Purchase Plan | 1.0 | 1.3 | |||||||||
Dividends and Dividend Equivalents Paid | (19.4) | (19.8) | |||||||||
Other | 0.3 | 0.3 | |||||||||
Net Cash (Used in) Provided by Financing Activities | (18.8) | 392.4 | |||||||||
Net (decrease) increase in cash | (151.8) | 149.1 | |||||||||
Cash, Beginning of Year | 212.4 | 148.2 | |||||||||
Cash, End of Period | $ | 60.6 | $ | 297.3 | |||||||
Kemper Corporation
Capital Metrics
(Dollars and Shares in Millions, Except Per Share Amounts)
(Unaudited)
| ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Book Value Per Share | ||||||||||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||||||||
Shareholders’ Equity | $ | 2,646.9 | $ | 2,670.6 | $ | 2,694.5 | $ | 2,844.1 | $ | 2,969.2 | ||||||||||||||||||||||
Less: Goodwill | (1,300.3) | (1,300.3) | (1,298.8) | (1,312.0) | (1,312.0) | |||||||||||||||||||||||||||
Shareholders’ Equity Excluding Goodwill1 |
$ | 1,346.6 | $ | 1,370.3 | $ | 1,395.7 | $ | 1,532.1 | $ | 1,657.2 | ||||||||||||||||||||||
Shareholders’ Equity | $ | 2,646.9 | $ | 2,670.6 | $ | 2,694.5 | $ | 2,844.1 | $ | 2,969.2 | ||||||||||||||||||||||
Less: Net Unrealized Losses on Fixed Maturities | 574.2 | 716.8 | 782.7 | 472.2 | 13.7 | |||||||||||||||||||||||||||
Less: Changes in the Discount Rate on Future Life Policyholder Benefits | (154.2) | (241.1) | (272.8) | (11.4) | 405.5 | |||||||||||||||||||||||||||
Shareholders’ Equity Excluding Net Unrealized Losses on Fixed Maturities and Changes in the Discount Rate on Future Life Policyholder Benefits1 |
$ | 3,066.9 | $ | 3,146.3 | $ | 3,204.4 | $ | 3,304.9 | $ | 3,388.4 | ||||||||||||||||||||||
Less: Goodwill | (1,300.3) | (1,300.3) | (1,298.8) | (1,312.0) | (1,312.0) | |||||||||||||||||||||||||||
Shareholders’ Equity Excluding Net Unrealized Losses on Fixed Maturities, Changes in the Discount Rate on Future Life Policyholder Benefits and Goodwill1 |
$ | 1,766.6 | $ | 1,846.0 | $ | 1,905.6 | $ | 1,992.9 | $ | 2,076.4 | ||||||||||||||||||||||
Denominator | ||||||||||||||||||||||||||||||||
Common Shares Issued and Outstanding | 63.982 | 63.913 | 63.884 | 63.850 | 63.800 | |||||||||||||||||||||||||||
Book Value Per Share | $ | 41.37 | $ | 41.79 | $ | 42.18 | $ | 44.54 | $ | 46.54 | ||||||||||||||||||||||
Book Value Per Share Excluding Goodwill1 |
$ | 21.05 | $ | 21.44 | $ | 21.85 | $ | 24.00 | $ | 25.97 | ||||||||||||||||||||||
Book Value Per Share Excluding Net Unrealized Losses on Fixed Maturities and Changes in the Discount Rate on Future Life Policyholder Benefits1 |
$ | 47.93 | $ | 49.23 | $ | 50.16 | $ | 51.76 | $ | 53.11 | ||||||||||||||||||||||
Book Value Per Share Excluding Net Unrealized Losses on Fixed Maturities, Changes in the Discount Rate on Future Life Policyholder Benefits and Goodwill1 |
$ | 27.61 | $ | 28.88 | $ | 29.83 | $ | 31.21 | $ | 32.55 | ||||||||||||||||||||||
Return on Shareholders’ Equity | ||||||||||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||||||||
Rolling 12 Months Net Loss | $ | (280.4) | $ | (286.6) | $ | (330.9) | $ | (335.4) | $ | (327.5) | ||||||||||||||||||||||
Denominator (5-point Average) | ||||||||||||||||||||||||||||||||
5-point Average Shareholders’ Equity | $ | 2,765.1 | $ | 2,861.6 | $ | 2,985.7 | $ | 3,130.9 | $ | 3,298.5 | ||||||||||||||||||||||
Rolling 12 Months Return on Average Shareholders' Equity (5-point Average) | (10.1) | % | (10.0) | % | (11.1) | % | (10.7) | % | (9.9) | % | ||||||||||||||||||||||
Return on Shareholders’ Equity Excluding Goodwill1 |
||||||||||||||||||||||||||||||||
Denominator (5-point Average) | ||||||||||||||||||||||||||||||||
5-point Average Shareholders’ Equity Excluding Goodwill1 |
$ | 1,460.4 | $ | 1,554.6 | $ | 1,676.3 | $ | 1,818.9 | $ | 2,026.2 | ||||||||||||||||||||||
Rolling 12 Months Return on Average Shareholders' Equity Excluding Goodwill (5-point Average)1 |
(19.2) | % | (18.4) | % | (19.7) | % | (18.4) | % | (16.2) | % | ||||||||||||||||||||||
Return on Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Changes in the Discount Rate on Future Life Policyholder Benefits1 |
||||||||||||||||||||||||||||||||
Denominator (5-point Average) | ||||||||||||||||||||||||||||||||
5-point Average Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Changes in the Discount Rate on Future Life Policyholder Benefits1 |
$ | 3,277.0 | $ | 3,053.0 | $ | 2,928.3 | $ | 2,798.9 | $ | 2,784.5 | ||||||||||||||||||||||
Rolling 12 Months Return on Average Shareholders' Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities and Changes in the Discount Rate on Future Life Policyholder Benefits (5-point Average)1 |
(8.6) | % | (9.4) | % | (11.3) | % | (12.0) | % | (11.8) | % | ||||||||||||||||||||||
Kemper Corporation
Capital Metrics
(Dollars and Shares in Millions, Except Per Share Amounts)
(Unaudited)
| ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Return on Shareholders’ Equity Excluding Net Unrealized (Gains) Losses on Fixed Maturities, Changes in the Discount Rate on Future Life Policyholder Benefits, and Goodwill1 |
||||||||||||||||||||||||||||||||
Denominator (5-point Average) | ||||||||||||||||||||||||||||||||
5-point Average Shareholders’ Equity Excluding Net Unrealized Losses on Fixed Maturities, Changes in the Discount Rate on Future Life Policyholder Benefits and Goodwill1 |
$ | 1,972.3 | $ | 1,746.0 | $ | 1,619.0 | $ | 1,487.0 | $ | 1,512.2 | ||||||||||||||||||||||
Rolling 12 Months Return on Average Shareholders' Equity Excluding Net Unrealized Losses on Fixed Maturities, Changes in the Discount Rate on Future Life Policyholder Benefits and Goodwill (5-point Average)1 |
(14.2) | % | (16.4) | % | (20.4) | % | (22.6) | % | (21.7) | % | ||||||||||||||||||||||
1 Non-GAAP financial measure. See definitions beginning on page 34. |
||||||||||||||||||||||||||||||||
Debt and Total Capitalization | ||||||||||||||||||||||||||||||||
Debt | $ | 1,387.5 | $ | 1,386.9 | $ | 1,386.4 | $ | 1,385.8 | $ | 1,385.2 | ||||||||||||||||||||||
Shareholders’ Equity | 2,646.9 | 2,670.6 | 2,694.5 | 2,844.1 | 2,969.2 | |||||||||||||||||||||||||||
Total Capitalization | $ | 4,034.4 | $ | 4,057.5 | $ | 4,080.9 | $ | 4,229.9 | $ | 4,354.4 | ||||||||||||||||||||||
Ratio of Debt to Shareholders’ Equity | 52.4 | % | 51.9 | % | 51.5 | % | 48.7 | % | 46.7 | % | ||||||||||||||||||||||
Ratio of Debt to Total Capitalization | 34.4 | % | 34.2 | % | 34.0 | % | 32.8 | % | 31.8 | % | ||||||||||||||||||||||
Debt | $ | 1,387.5 | $ | 1,386.9 | $ | 1,386.4 | $ | 1,385.8 | $ | 1,385.2 | ||||||||||||||||||||||
Shareholders’ Equity | $ | 2,646.9 | $ | 2,670.6 | $ | 2,694.5 | $ | 2,844.1 | $ | 2,969.2 | ||||||||||||||||||||||
Less: Accumulated Other Comprehensive Income (Loss) | (454.7) | (514.9) | (573.8) | (509.4) | (467.8) | |||||||||||||||||||||||||||
Shareholders’ Equity Excluding Accumulated Other Comprehensive Income (Loss) | $ | 3,101.6 | $ | 3,185.5 | $ | 3,268.3 | $ | 3,353.5 | $ | 3,437.0 | ||||||||||||||||||||||
Total Capitalization Excluding Accumulated Other Comprehensive Income (Loss) | $ | 4,489.1 | $ | 4,572.4 | $ | 4,654.7 | $ | 4,739.3 | $ | 4,822.2 | ||||||||||||||||||||||
Ratio of Debt to Shareholders’ Equity Excluding Accumulated Other Comprehensive Income (Loss) | 44.7 | % | 43.5 | % | 42.4 | % | 41.3 | % | 40.3 | % | ||||||||||||||||||||||
Ratio of Debt to Total Capitalization Excluding Accumulated Other Comprehensive Income (Loss) | 30.9 | % | 30.3 | % | 29.8 | % | 29.2 | % | 28.7 | % | ||||||||||||||||||||||
Parent Company Liquidity3 |
||||||||||||||||||||||||||||||||
Kemper Holding Company Cash and Investments1 |
$ | 240.6 | $ | 417.6 | $ | 449.8 | $ | 275.9 | $ | 318.3 | ||||||||||||||||||||||
Borrowings Available Under Credit Agreement | 520.0 | 600.0 | 600.0 | 600.0 | 600.0 | |||||||||||||||||||||||||||
Parent Company Liquidity | $ | 760.6 | $ | 1,017.6 | $ | 1,049.8 | $ | 875.9 | $ | 918.3 | ||||||||||||||||||||||
Capital Returned to Shareholders | ||||||||||||||||||||||||||||||||
Cash Dividends Paid 2 |
$ | 19.4 | $ | 20.1 | $ | 20.1 | $ | 20.6 | $ | 19.6 | ||||||||||||||||||||||
1 Includes Kemper's direct non-insurance subsidiaries | ||||||||||||||||||||||||||||||||
2 Three Months Ended | ||||||||||||||||||||||||||||||||
3 Excludes borrowings available from subsidiaries |
||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Kemper Corporation: | ||||||||||||||||||||||||||||||||
Senior Notes at Amortized Cost: | ||||||||||||||||||||||||||||||||
4.350% Senior Notes due February 15, 2025 | 449.4 | 449.3 | 449.3 | 449.2 | 449.1 | |||||||||||||||||||||||||||
2.400% Senior Notes due September 30, 2030 | 396.7 | 396.6 | 396.5 | 396.4 | 396.3 | |||||||||||||||||||||||||||
3.800% Senior Notes due 2032 | 395.6 | 395.5 | 395.3 | 395.2 | 395.1 | |||||||||||||||||||||||||||
5.875% Fixed-Rate Reset Junior Subordinated Debentures Due 2062 at Amortized Cost | 145.8 | 145.5 | 145.3 | 145.0 | 144.7 | |||||||||||||||||||||||||||
Long-term Debt Outstanding | $ | 1,387.5 | $ | 1,386.9 | $ | 1,386.4 | $ | 1,385.8 | $ | 1,385.2 | ||||||||||||||||||||||
Federal Home Loan Bank Advances to Insurance Subsidiaries: | ||||||||||||||||||||||||||||||||
Reported as Policyholder Contract Liabilities: | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank of Chicago | $ | 601.0 | $ | 601.0 | $ | 602.6 | $ | 602.8 | $ | 553.1 | ||||||||||||||||||||||
Reported as Debt Outstanding: | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank of Dallas | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Federal Home Loan Bank of Chicago | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Federal Home Loan Bank of San Francisco | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
A.M. Best | Moody’s | S&P | Fitch | |||||||||||||||||||||||||||||
As of Date of Financial Supplement | ||||||||||||||||||||||||||||||||
Kemper Debt Ratings: |
||||||||||||||||||||||||||||||||
Senior Unsecured Debt | bbb- | Baa3 | BBB- | BBB | ||||||||||||||||||||||||||||
Junior Unsecured Debt | bb | Ba1 | BB | BB+ | ||||||||||||||||||||||||||||
Insurance Company Financial Strength Ratings: |
||||||||||||||||||||||||||||||||
Trinity Universal Insurance Company |
A- | A3 | A- | A | ||||||||||||||||||||||||||||
United Insurance Company of America |
A- | A3 | A- | A- | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Specialty Property & Casualty Insurance: | ||||||||||||||||||||||||||||||||
Earned Premiums: | ||||||||||||||||||||||||||||||||
Personal Automobile | $ | 787.9 | $ | 830.4 | $ | 858.8 | $ | 905.8 | $ | 901.7 | ||||||||||||||||||||||
Commercial Automobile | 156.3 | 151.2 | 140.7 | 137.9 | 119.9 | |||||||||||||||||||||||||||
Total Specialty Property & Casualty Insurance Earned Premiums | 944.2 | 981.6 | 999.5 | 1,043.7 | 1,021.6 | |||||||||||||||||||||||||||
Net Investment Income | 38.5 | 37.9 | 33.9 | 34.0 | 34.9 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.4 | 0.7 | 0.3 | (2.5) | (8.4) | |||||||||||||||||||||||||||
Other Income | 0.9 | 1.0 | 2.3 | 1.0 | 1.7 | |||||||||||||||||||||||||||
Total Specialty Property & Casualty Insurance Revenues | 984.0 | 1,021.2 | 1,036.0 | 1,076.2 | 1,049.8 | |||||||||||||||||||||||||||
Preferred Property & Casualty Insurance: | ||||||||||||||||||||||||||||||||
Earned Premiums: | ||||||||||||||||||||||||||||||||
Personal Automobile | 78.2 | 84.2 | 89.5 | 94.0 | 96.0 | |||||||||||||||||||||||||||
Homeowners | 52.2 | 49.1 | 51.9 | 47.7 | 51.3 | |||||||||||||||||||||||||||
Other Personal | 7.0 | 7.4 | 7.9 | 8.2 | 8.3 | |||||||||||||||||||||||||||
Total Preferred Property & Casualty Insurance Earned Premiums | 137.4 | 140.7 | 149.3 | 149.9 | 155.6 | |||||||||||||||||||||||||||
Net Investment Income | 10.5 | 13.5 | 11.8 | 11.9 | 12.5 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.1 | 0.3 | — | (1.1) | (3.9) | |||||||||||||||||||||||||||
Total Preferred Property & Casualty Insurance Revenues | 148.0 | 154.5 | 161.1 | 160.7 | 164.2 | |||||||||||||||||||||||||||
Life & Health Insurance: | ||||||||||||||||||||||||||||||||
Earned Premiums: | ||||||||||||||||||||||||||||||||
Life | 82.2 | 99.0 | 84.3 | 86.8 | 82.7 | |||||||||||||||||||||||||||
Accident and Health | 5.9 | 31.4 | 45.9 | 45.1 | 45.8 | |||||||||||||||||||||||||||
Property | 11.2 | 12.2 | 11.9 | 12.1 | 14.3 | |||||||||||||||||||||||||||
Total Life & Health Insurance Earned Premiums | 99.3 | 142.6 | 142.1 | 144.0 | 142.8 | |||||||||||||||||||||||||||
Net Investment Income | 49.8 | 52.6 | 52.6 | 61.9 | 49.4 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.2 | 0.3 | 0.1 | (1.3) | (4.4) | |||||||||||||||||||||||||||
Other (Loss) Income | (0.4) | 0.2 | — | (0.8) | — | |||||||||||||||||||||||||||
Total Life & Health Insurance Revenues | 148.9 | 195.7 | 194.8 | 203.8 | 187.8 | |||||||||||||||||||||||||||
Total Segment Revenues | 1,280.9 | 1,371.4 | 1,391.9 | 1,440.7 | 1,401.8 | |||||||||||||||||||||||||||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | 1.7 | — | (11.2) | (40.5) | (28.2) | |||||||||||||||||||||||||||
Net Realized Investment Gains (Losses) | 6.4 | 3.9 | (12.1) | 11.0 | 1.5 | |||||||||||||||||||||||||||
Impairment Gains (Losses) | 2.1 | (3.7) | (8.3) | (4.9) | (8.9) | |||||||||||||||||||||||||||
Other | 3.7 | 3.0 | 1.2 | 11.4 | 3.9 | |||||||||||||||||||||||||||
Total Revenues | $ | 1,294.8 | $ | 1,374.6 | $ | 1,361.5 | $ | 1,417.7 | $ | 1,370.1 | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Segment Operating Income (Loss): | ||||||||||||||||||||||||||||||||
Specialty Property & Casualty Insurance | $ | (74.7) | $ | (46.5) | $ | (39.2) | $ | (51.0) | $ | (60.2) | ||||||||||||||||||||||
Preferred Property & Casualty Insurance | (12.2) | (2.0) | (3.3) | (21.6) | (9.5) | |||||||||||||||||||||||||||
Life & Health Insurance | 14.8 | 26.5 | 15.6 | 23.9 | 12.0 | |||||||||||||||||||||||||||
Total Segment Operating Loss | (72.1) | (22.0) | (26.9) | (48.7) | (57.7) | |||||||||||||||||||||||||||
Other | (12.9) | (15.5) | (16.6) | (1.6) | (14.0) | |||||||||||||||||||||||||||
Corporate and Other Operating Loss | (12.9) | (15.5) | (16.6) | (1.6) | (14.0) | |||||||||||||||||||||||||||
Total Operating Loss | (85.0) | (37.5) | (43.5) | (50.3) | (71.7) | |||||||||||||||||||||||||||
Income From: | ||||||||||||||||||||||||||||||||
Change in Fair Value of Equity and Convertible Securities | 1.7 | — | (11.2) | (40.5) | (28.2) | |||||||||||||||||||||||||||
Net Realized Investment Gains (Losses) | 6.4 | 3.9 | (12.1) | 11.0 | 1.5 | |||||||||||||||||||||||||||
Impairment Losses | 2.1 | (3.7) | (8.3) | (4.9) | (8.9) | |||||||||||||||||||||||||||
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (29.1) | (35.6) | (12.7) | (9.9) | (4.7) | |||||||||||||||||||||||||||
Loss from Early Extinguishment of Debt | — | — | — | — | (3.7) | |||||||||||||||||||||||||||
Loss before Income Taxes | $ | (103.9) | $ | (72.9) | $ | (87.8) | $ | (94.6) | $ | (115.7) | ||||||||||||||||||||||
Segment Net Operating Income (Loss): | ||||||||||||||||||||||||||||||||
Specialty Property & Casualty Insurance | $ | (58.4) | $ | (35.1) | $ | (28.7) | $ | (38.9) | $ | (44.7) | ||||||||||||||||||||||
Preferred Property & Casualty Insurance | (9.5) | (0.9) | (2.1) | (16.8) | (6.1) | |||||||||||||||||||||||||||
Life & Health Insurance | 13.2 | 23.0 | 14.0 | 20.2 | 11.6 | |||||||||||||||||||||||||||
Total Segment Net Operating Loss | (54.7) | (13.0) | (16.8) | (35.5) | (39.2) | |||||||||||||||||||||||||||
Corporate and Other Net Operating Loss From: | ||||||||||||||||||||||||||||||||
Other | (10.5) | (11.4) | (12.3) | (1.7) | (12.4) | |||||||||||||||||||||||||||
Corporate and Other Net Operating Loss | (10.5) | (11.4) | (12.3) | (1.7) | (12.4) | |||||||||||||||||||||||||||
Adjusted Consolidated Net Operating Loss | (65.2) | (24.4) | (29.1) | (37.2) | (51.6) | |||||||||||||||||||||||||||
Net Income (Loss) From: | ||||||||||||||||||||||||||||||||
Change in Fair Value of Equity and Convertible Securities | 1.3 | — | (8.8) | (32.0) | (22.3) | |||||||||||||||||||||||||||
Net Realized Investment Gains (Losses) | 5.1 | 3.1 | (9.6) | 8.7 | 1.2 | |||||||||||||||||||||||||||
Impairment Losses | 1.7 | (2.9) | (6.6) | (3.9) | (7.0) | |||||||||||||||||||||||||||
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (23.0) | (29.1) | (20.7) | (7.8) | (3.7) | |||||||||||||||||||||||||||
Loss from Early Extinguishment of Debt | — | — | — | — | (2.9) | |||||||||||||||||||||||||||
Net Loss | $ | (80.1) | $ | (53.3) | $ | (74.8) | $ | (72.2) | $ | (86.3) | ||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Specialty Property & Casualty Insurance Segment | Preferred Property & Casualty Insurance Segment | Life & Health Insurance Segment | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE | |||||||||||||||||||||||||||||||||||||||||||
Range of Losses and LAE Per Event1: |
||||||||||||||||||||||||||||||||||||||||||||||||||
Below $5 | 20 | $ | 8.3 | 24 | $ | 17.0 | 12 | $ | 0.6 | 24 | $ | 25.9 | ||||||||||||||||||||||||||||||||||||||
$5 - $10 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
$10 - $15 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
$15 - $20 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
$20 - $25 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Greater Than $25 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | 20 | $ | 8.3 | 24 | $ | 17.0 | 12 | $ | 0.6 | 24 | $ | 25.9 | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Specialty Property & Casualty Insurance Segment | Preferred Property & Casualty Insurance Segment | Life & Health Insurance Segment | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE | Number of Events | Losses and LAE | |||||||||||||||||||||||||||||||||||||||||||
Range of Losses and LAE Per Event1: |
||||||||||||||||||||||||||||||||||||||||||||||||||
Below $5 | 11 | $ | 2.1 | 11 | $ | 11.4 | 10 | $ | 0.4 | 11 | $ | 13.9 | ||||||||||||||||||||||||||||||||||||||
$5 - $10 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
$10 - $15 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
$15 - $20 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
$20 - $25 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Greater Than $25 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | 11 | $ | 2.1 | 11 | $ | 11.4 | 10 | $ | 0.4 | 11 | $ | 13.9 | ||||||||||||||||||||||||||||||||||||||
1 Current accident year net incurred catastrophe Losses and LAE only |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Results of Operations | ||||||||||||||||||||||||||||||||
Net Premiums Written | $ | 1,022.1 | $ | 922.3 | $ | 968.5 | $ | 1,019.9 | $ | 1,023.7 | ||||||||||||||||||||||
Total Specialty P&C | ||||||||||||||||||||||||||||||||
Personal Automobile | 787.9 | 830.4 | 858.8 | 905.8 | 901.7 | |||||||||||||||||||||||||||
Commercial Automobile | 156.3 | 151.2 | 140.7 | 137.9 | 119.9 | |||||||||||||||||||||||||||
Earned Premium | $ | 944.2 | $ | 981.6 | $ | 999.5 | $ | 1,043.7 | $ | 1,021.6 | ||||||||||||||||||||||
Net Investment Income | 38.5 | 37.9 | 33.9 | 34.0 | 34.9 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.4 | 0.7 | 0.3 | (2.5) | (8.4) | |||||||||||||||||||||||||||
Other Income | 0.9 | 1.0 | 2.3 | 1.0 | 1.7 | |||||||||||||||||||||||||||
Total Revenues | 984.0 | 1,021.2 | 1,036.0 | 1,076.2 | 1,049.8 | |||||||||||||||||||||||||||
Incurred Losses and LAE related to: | ||||||||||||||||||||||||||||||||
Current Year: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 825.4 | 859.3 | 868.0 | 930.2 | 911.7 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 8.4 | (0.1) | 14.8 | 6.2 | 2.1 | |||||||||||||||||||||||||||
Prior Years: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 31.6 | 10.2 | (6.6) | (14.4) | (3.8) | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | (0.5) | (0.1) | 0.2 | (0.2) | 0.7 | |||||||||||||||||||||||||||
Total Incurred Losses and LAE | 864.9 | 869.3 | 876.4 | 921.8 | 910.7 | |||||||||||||||||||||||||||
Insurance Expenses | 193.8 | 198.4 | 198.8 | 205.4 | 199.3 | |||||||||||||||||||||||||||
Operating Loss | (74.7) | (46.5) | (39.2) | (51.0) | (60.2) | |||||||||||||||||||||||||||
Income Tax Benefit | 16.3 | 11.4 | 10.5 | 12.1 | 15.5 | |||||||||||||||||||||||||||
Segment Net Operating Loss | $ | (58.4) | $ | (35.1) | $ | (28.7) | $ | (38.9) | $ | (44.7) | ||||||||||||||||||||||
Ratios Based On Earned Premiums | ||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 87.5 | % | 87.6 | % | 86.9 | % | 89.1 | % | 89.2 | % | ||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 0.9 | — | 1.5 | 0.6 | 0.2 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 3.3 | 1.0 | (0.7) | (1.4) | (0.4) | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | (0.1) | — | — | — | 0.1 | |||||||||||||||||||||||||||
Total Incurred Loss and LAE Ratio | 91.6 | 88.6 | 87.7 | 88.3 | 89.1 | |||||||||||||||||||||||||||
Insurance Expense Ratio | 20.5 | 20.2 | 19.9 | 19.7 | 19.5 | |||||||||||||||||||||||||||
Combined Ratio | 112.1 | % | 108.8 | % | 107.6 | % | 108.0 | % | 108.6 | % | ||||||||||||||||||||||
Underlying Combined Ratio 1 |
||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 87.5 | % | 87.6 | % | 86.9 | % | 89.1 | % | 89.2 | % | ||||||||||||||||||||||
Insurance Expense Ratio | 20.5 | 20.2 | 19.9 | 19.7 | 19.5 | |||||||||||||||||||||||||||
Underlying Combined Ratio | 108.0 | % | 107.8 | % | 106.8 | % | 108.8 | % | 108.7 | % | ||||||||||||||||||||||
Non-GAAP Measure Reconciliation | ||||||||||||||||||||||||||||||||
Combined Ratio as Reported | 112.1 | % | 108.8 | % | 107.6 | % | 108.0 | % | 108.6 | % | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 0.9 | — | 1.5 | 0.6 | 0.2 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 3.3 | 1.0 | (0.7) | (1.4) | (0.4) | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | (0.1) | — | — | — | 0.1 | |||||||||||||||||||||||||||
Underlying Combined Ratio | 108.0 | % | 107.8 | % | 106.8 | % | 108.8 | % | 108.7 | % | ||||||||||||||||||||||
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Insurance Reserves: | ||||||||||||||||||||||||||||||||
Non-Standard Automobile | $ | 1,805.6 | $ | 1,875.8 | $ | 1,857.0 | $ | 1,915.2 | $ | 1,952.3 | ||||||||||||||||||||||
Commercial Automobile | 491.4 | 445.3 | 417.8 | 385.9 | 356.5 | |||||||||||||||||||||||||||
Insurance Reserves | $ | 2,297.0 | $ | 2,321.1 | $ | 2,274.8 | $ | 2,301.1 | $ | 2,308.8 | ||||||||||||||||||||||
Insurance Reserves: | ||||||||||||||||||||||||||||||||
Loss and Allocated LAE Reserves: | ||||||||||||||||||||||||||||||||
Case and Allocated LAE | $ | 1,094.8 | $ | 1,099.9 | $ | 1,110.7 | $ | 1,151.0 | $ | 1,166.0 | ||||||||||||||||||||||
Incurred but Not Reported | 1,027.0 | 1,041.2 | 968.2 | 940.4 | 934.0 | |||||||||||||||||||||||||||
Total Loss Reserves | 2,121.8 | 2,141.1 | 2,078.9 | 2,091.4 | 2,100.0 | |||||||||||||||||||||||||||
Unallocated LAE Reserves | 175.2 | 180.0 | 195.9 | 209.7 | 208.8 | |||||||||||||||||||||||||||
Insurance Reserves | $ | 2,297.0 | $ | 2,321.1 | $ | 2,274.8 | $ | 2,301.1 | $ | 2,308.8 |
Three Months Ended | |||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||||||||||||||||||
Results of Operations | |||||||||||||||||||||||||||||
Net Premiums Written | $ | 842.4 | $ | 762.8 | $ | 805.2 | $ | 852.3 | $ | 884.8 | |||||||||||||||||||
Earned Premiums | $ | 787.9 | $ | 830.4 | $ | 858.8 | $ | 905.8 | $ | 901.7 | |||||||||||||||||||
Net Investment Income | 29.9 | 29.7 | 26.5 | 26.6 | 27.2 | ||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.3 | 0.5 | 0.3 | (1.8) | (6.0) | ||||||||||||||||||||||||
Other Income | 0.9 | 1.0 | 2.3 | 1.0 | 1.7 | ||||||||||||||||||||||||
Total Revenues | 819.0 | 861.6 | 887.9 | 931.6 | 924.6 | ||||||||||||||||||||||||
Incurred Losses and LAE related to: | |||||||||||||||||||||||||||||
Current Year: | |||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 697.6 | 739.8 | 757.8 | 828.6 | 827.7 | ||||||||||||||||||||||||
Catastrophe Losses and LAE | 7.7 | (0.2) | 13.1 | 5.8 | 2.0 | ||||||||||||||||||||||||
Prior Years: | |||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 23.4 | 14.1 | (6.7) | (16.5) | (9.0) | ||||||||||||||||||||||||
Catastrophe Losses and LAE | (0.5) | (0.1) | 0.1 | (0.2) | 0.7 | ||||||||||||||||||||||||
Total Incurred Losses and LAE | 728.2 | 753.6 | 764.3 | 817.7 | 821.4 | ||||||||||||||||||||||||
Insurance Expenses | 162.0 | 172.2 | 172.9 | 179.7 | 177.3 | ||||||||||||||||||||||||
Operating Loss | (71.2) | (64.2) | (49.3) | (65.8) | (74.1) | ||||||||||||||||||||||||
Income Benefit | 15.5 | 14.7 | 12.3 | 14.9 | 17.7 | ||||||||||||||||||||||||
Total Product Line Net Operating Loss | $ | (55.7) | $ | (49.5) | $ | (37.0) | $ | (50.9) | $ | (56.4) | |||||||||||||||||||
Ratios Based On Earned Premiums | |||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 88.5 | % | 89.1 | % | 88.3 | % | 91.5 | % | 91.8 | % | |||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 1.0 | — | 1.5 | 0.6 | 0.2 | ||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 3.0 | 1.7 | (0.8) | (1.8) | (1.0) | ||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | (0.1) | — | — | — | 0.1 | ||||||||||||||||||||||||
Total Incurred Loss and LAE Ratio | 92.4 | 90.8 | 89.0 | 90.3 | 91.1 | ||||||||||||||||||||||||
Insurance Expense Ratio | 20.6 | 20.7 | 20.1 | 19.8 | 19.7 | ||||||||||||||||||||||||
Combined Ratio | 113.0 | % | 111.5 | % | 109.1 | % | 110.1 | % | 110.8 | % | |||||||||||||||||||
Underlying Combined Ratio 1 |
|||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 88.5 | % | 89.1 | % | 88.3 | % | 91.5 | % | 91.8 | % | |||||||||||||||||||
Insurance Expense Ratio | 20.6 | 20.7 | 20.1 | 19.8 | 19.7 | ||||||||||||||||||||||||
Underlying Combined Ratio | 109.1 | % | 109.8 | % | 108.4 | % | 111.3 | % | 111.5 | % | |||||||||||||||||||
Non-GAAP Measure Reconciliation | |||||||||||||||||||||||||||||
Combined Ratio | 113.0 | % | 111.5 | % | 109.1 | % | 110.1 | % | 110.8 | % | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 1.0 | — | 1.5 | 0.6 | 0.2 | ||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 3.0 | 1.7 | (0.8) | (1.8) | (1.0) | ||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | (0.1) | — | — | — | 0.1 | ||||||||||||||||||||||||
Underlying Combined Ratio | 109.1 | % | 109.8 | % | 108.4 | % | 111.3 | % | 111.5 | % | |||||||||||||||||||
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Results of Operations | ||||||||||||||||||||||||||||||||
Net Premiums Written | $ | 179.7 | $ | 159.5 | $ | 163.3 | $ | 167.6 | $ | 138.9 | ||||||||||||||||||||||
Earned Premiums | $ | 156.3 | $ | 151.2 | $ | 140.7 | $ | 137.9 | $ | 119.9 | ||||||||||||||||||||||
Net Investment Income | 8.6 | 8.2 | 7.4 | 7.4 | 7.7 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.1 | 0.2 | — | (0.7) | (2.4) | |||||||||||||||||||||||||||
Total Revenues | 165.0 | 159.6 | 148.1 | 144.6 | 125.2 | |||||||||||||||||||||||||||
Incurred Losses and LAE related to: | ||||||||||||||||||||||||||||||||
Current Year: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 127.8 | 119.5 | 110.2 | 101.6 | 84.0 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 0.7 | 0.1 | 1.7 | 0.4 | 0.1 | |||||||||||||||||||||||||||
Prior Years: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 8.2 | (3.9) | 0.1 | 2.1 | 5.2 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | — | — | 0.1 | — | — | |||||||||||||||||||||||||||
Total Incurred Losses and LAE | 136.7 | 115.7 | 112.1 | 104.1 | 89.3 | |||||||||||||||||||||||||||
Insurance Expenses | 31.8 | 26.2 | 25.9 | 25.7 | 22.0 | |||||||||||||||||||||||||||
Operating (Loss) Income | (3.5) | 17.7 | 10.1 | 14.8 | 13.9 | |||||||||||||||||||||||||||
Income Tax Benefit (Expense) | 0.8 | (3.3) | (1.8) | (2.8) | (2.2) | |||||||||||||||||||||||||||
Total Product Line Net Operating (Loss) Income | $ | (2.7) | $ | 14.4 | $ | 8.3 | $ | 12.0 | $ | 11.7 | ||||||||||||||||||||||
Ratios Based On Earned Premiums | ||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 81.9 | % | 79.0 | % | 78.3 | % | 73.7 | % | 70.1 | % | ||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 0.4 | 0.1 | 1.2 | 0.3 | 0.1 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 5.2 | (2.6) | 0.1 | 1.5 | 4.3 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | — | — | 0.1 | — | — | |||||||||||||||||||||||||||
Total Incurred Loss and LAE Ratio | 87.5 | 76.5 | 79.7 | 75.5 | 74.5 | |||||||||||||||||||||||||||
Insurance Expense Ratio | 20.3 | 17.3 | 18.4 | 18.6 | 18.3 | |||||||||||||||||||||||||||
Combined Ratio | 107.8 | % | 93.8 | % | 98.1 | % | 94.1 | % | 92.8 | % | ||||||||||||||||||||||
Underlying Combined Ratio 1 |
||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 81.9 | % | 79.0 | % | 78.3 | % | 73.7 | % | 70.1 | % | ||||||||||||||||||||||
Insurance Expense Ratio | 20.3 | 17.3 | 18.4 | 18.6 | 18.3 | |||||||||||||||||||||||||||
Underlying Combined Ratio | 102.2 | % | 96.3 | % | 96.7 | % | 92.3 | % | 88.4 | % | ||||||||||||||||||||||
Non-GAAP Measure Reconciliation | ||||||||||||||||||||||||||||||||
Combined Ratio | 107.8 | % | 93.8 | % | 98.1 | % | 94.1 | % | 92.8 | % | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 0.4 | 0.1 | 1.2 | 0.3 | 0.1 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 5.2 | (2.6) | 0.1 | 1.5 | 4.3 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | — | — | 0.1 | — | — | |||||||||||||||||||||||||||
Underlying Combined Ratio | 102.2 | % | 96.3 | % | 96.7 | % | 92.3 | % | 88.4 | % | ||||||||||||||||||||||
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Results of Operations | ||||||||||||||||||||||||||||||||
Net Premiums Written | $ | 124.0 | $ | 115.1 | $ | 133.3 | $ | 141.3 | $ | 137.4 | ||||||||||||||||||||||
Earned Premiums | $ | 137.4 | $ | 140.7 | $ | 149.3 | $ | 149.9 | $ | 155.6 | ||||||||||||||||||||||
Net Investment Income | 10.5 | 13.5 | 11.8 | 11.9 | 12.5 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.1 | 0.3 | — | (1.1) | (3.9) | |||||||||||||||||||||||||||
Total Revenues | 148.0 | 154.5 | 161.1 | 160.7 | 164.2 | |||||||||||||||||||||||||||
Incurred Losses and LAE related to: | ||||||||||||||||||||||||||||||||
Current Year: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 90.4 | 108.9 | 110.7 | 110.5 | 112.2 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 17.0 | 8.8 | 10.8 | 23.5 | 11.4 | |||||||||||||||||||||||||||
Prior Years: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 6.9 | (0.8) | (0.3) | 1.8 | 2.1 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 2.9 | (1.5) | (0.7) | (0.8) | (3.2) | |||||||||||||||||||||||||||
Total Incurred Losses and LAE | 117.2 | 115.4 | 120.5 | 135.0 | 122.5 | |||||||||||||||||||||||||||
Insurance Expenses | 43.0 | 41.1 | 43.9 | 47.3 | 51.2 | |||||||||||||||||||||||||||
Operating Loss | (12.2) | (2.0) | (3.3) | (21.6) | (9.5) | |||||||||||||||||||||||||||
Income Tax Benefit | 2.7 | 1.1 | 1.2 | 4.8 | 3.4 | |||||||||||||||||||||||||||
Segment Net Operating Loss | $ | (9.5) | $ | (0.9) | $ | (2.1) | $ | (16.8) | $ | (6.1) | ||||||||||||||||||||||
Ratios Based On Earned Premiums | ||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 65.8 | % | 77.4 | % | 74.2 | % | 73.7 | % | 72.2 | % | ||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 12.4 | 6.3 | 7.2 | 15.7 | 7.3 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 5.0 | (0.6) | (0.2) | 1.2 | 1.3 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 2.1 | (1.1) | (0.5) | (0.5) | (2.1) | |||||||||||||||||||||||||||
Total Incurred Loss and LAE Ratio | 85.3 | 82.0 | 80.7 | 90.1 | 78.7 | |||||||||||||||||||||||||||
Insurance Expense Ratio | 31.3 | 29.2 | 29.4 | 31.6 | 32.9 | |||||||||||||||||||||||||||
Combined Ratio | 116.6 | % | 111.2 | % | 110.1 | % | 121.7 | % | 111.6 | % | ||||||||||||||||||||||
Underlying Combined Ratio 1 |
||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 65.8 | % | 77.4 | % | 74.2 | % | 73.7 | % | 72.2 | % | ||||||||||||||||||||||
Insurance Expense Ratio | 31.3 | 29.2 | 29.4 | 31.6 | 32.9 | |||||||||||||||||||||||||||
Underlying Combined Ratio | 97.1 | % | 106.6 | % | 103.6 | % | 105.3 | % | 105.1 | % | ||||||||||||||||||||||
Non-GAAP Measure Reconciliation | ||||||||||||||||||||||||||||||||
Combined Ratio as Reported | 116.6 | % | 111.2 | % | 110.1 | % | 121.7 | % | 111.6 | % | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 12.4 | 6.3 | 7.2 | 15.7 | 7.3 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 5.0 | (0.6) | (0.2) | 1.2 | 1.3 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 2.1 | (1.1) | (0.5) | (0.5) | (2.1) | |||||||||||||||||||||||||||
Underlying Combined Ratio | 97.1 | % | 106.6 | % | 103.6 | % | 105.3 | % | 105.1 | % | ||||||||||||||||||||||
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Insurance Reserves: | ||||||||||||||||||||||||||||||||
Personal Automobile | $ | 284.1 | $ | 298.4 | $ | 303.6 | $ | 306.8 | $ | 307.9 | ||||||||||||||||||||||
Homeowners | 94.7 | 91.8 | 93.7 | 100.6 | 93.1 | |||||||||||||||||||||||||||
Other Personal | 29.1 | 28.9 | 29.7 | 31.6 | 30.6 | |||||||||||||||||||||||||||
Insurance Reserves | $ | 407.9 | $ | 419.1 | $ | 427.0 | $ | 439.0 | $ | 431.6 | ||||||||||||||||||||||
Insurance Reserves: | ||||||||||||||||||||||||||||||||
Loss and Allocated LAE Reserves: | ||||||||||||||||||||||||||||||||
Case and Allocated LAE | $ | 250.3 | $ | 251.6 | $ | 259.6 | $ | 270.0 | $ | 271.1 | ||||||||||||||||||||||
Incurred but Not Reported | 129.0 | 139.0 | 138.1 | 139.9 | 131.8 | |||||||||||||||||||||||||||
Total Loss Reserves | 379.3 | 390.6 | 397.7 | 409.9 | 402.9 | |||||||||||||||||||||||||||
Unallocated LAE Reserves | 28.6 | 28.5 | 29.3 | 29.1 | 28.7 | |||||||||||||||||||||||||||
Insurance Reserves | $ | 407.9 | $ | 419.1 | $ | 427.0 | $ | 439.0 | $ | 431.6 |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Results of Operations | ||||||||||||||||||||||||||||||||
Net Premiums Written | $ | 71.8 | $ | 66.1 | $ | 73.3 | $ | 84.6 | $ | 84.2 | ||||||||||||||||||||||
Earned Premiums | $ | 78.2 | $ | 84.2 | $ | 89.5 | $ | 94.0 | $ | 96.0 | ||||||||||||||||||||||
Net Investment Income | 5.4 | 6.5 | 5.7 | 5.8 | 6.0 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.1 | 0.1 | — | (0.5) | (1.9) | |||||||||||||||||||||||||||
Total Revenues | 83.7 | 90.8 | 95.2 | 99.3 | 100.1 | |||||||||||||||||||||||||||
Incurred Losses and LAE related to: | ||||||||||||||||||||||||||||||||
Current Year: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 62.7 | 75.7 | 76.7 | 77.8 | 80.5 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 1.2 | 0.6 | 1.1 | 1.6 | 0.5 | |||||||||||||||||||||||||||
Prior Years: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 2.9 | 0.1 | 0.2 | — | 1.5 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 0.5 | (0.2) | 0.1 | — | 0.1 | |||||||||||||||||||||||||||
Total Incurred Losses and LAE | 67.3 | 76.2 | 78.1 | 79.4 | 82.6 | |||||||||||||||||||||||||||
Insurance Expenses | 24.6 | 23.9 | 26.5 | 28.4 | 31.2 | |||||||||||||||||||||||||||
Operating Loss | (8.2) | (9.3) | (9.4) | (8.5) | (13.7) | |||||||||||||||||||||||||||
Income Tax Benefit | 1.8 | 2.3 | 2.2 | 1.9 | 3.6 | |||||||||||||||||||||||||||
Total Product Line Net Operating Loss | $ | (6.4) | $ | (7.0) | $ | (7.2) | $ | (6.6) | $ | (10.1) | ||||||||||||||||||||||
Ratios Based On Earned Premiums | ||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 80.3 | % | 89.9 | % | 85.8 | % | 82.8 | % | 83.8 | % | ||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 1.5 | 0.7 | 1.2 | 1.7 | 0.5 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 3.7 | 0.1 | 0.2 | — | 1.6 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 0.6 | (0.2) | 0.1 | — | 0.1 | |||||||||||||||||||||||||||
Total Incurred Loss and LAE Ratio | 86.1 | 90.5 | 87.3 | 84.5 | 86.0 | |||||||||||||||||||||||||||
Insurance Expense Ratio | 31.5 | 28.4 | 29.6 | 30.2 | 32.5 | |||||||||||||||||||||||||||
Combined Ratio | 117.6 | % | 118.9 | % | 116.9 | % | 114.7 | % | 118.5 | % | ||||||||||||||||||||||
Underlying Combined Ratio 1 |
||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 80.3 | % | 89.9 | % | 85.8 | % | 82.8 | % | 83.8 | % | ||||||||||||||||||||||
Insurance Expense Ratio | 31.5 | 28.4 | 29.6 | 30.2 | 32.5 | |||||||||||||||||||||||||||
Underlying Combined Ratio | 111.8 | % | 118.3 | % | 115.4 | % | 113.0 | % | 116.3 | % | ||||||||||||||||||||||
Non-GAAP Measure Reconciliation | ||||||||||||||||||||||||||||||||
Combined Ratio | 117.6 | % | 118.9 | % | 116.9 | % | 114.7 | % | 118.5 | % | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 1.5 | 0.7 | 1.2 | 1.7 | 0.5 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 3.7 | 0.1 | 0.2 | — | 1.6 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 0.6 | (0.2) | 0.1 | — | 0.1 | |||||||||||||||||||||||||||
Underlying Combined Ratio | 111.8 | % | 118.3 | % | 115.4 | % | 113.0 | % | 116.3 | % | ||||||||||||||||||||||
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Results of Operations | ||||||||||||||||||||||||||||||||
Net Premiums Written | $ | 52.2 | $ | 49.0 | $ | 60.0 | $ | 56.7 | $ | 53.2 | ||||||||||||||||||||||
Earned Premiums | $ | 59.2 | $ | 56.5 | $ | 59.8 | $ | 55.9 | $ | 59.6 | ||||||||||||||||||||||
Net Investment Income | 5.1 | 7.0 | 6.1 | 6.1 | 6.5 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | — | 0.2 | — | (0.6) | (2.0) | |||||||||||||||||||||||||||
Total Revenues | 64.3 | 63.7 | 65.9 | 61.4 | 64.1 | |||||||||||||||||||||||||||
Incurred Losses and LAE related to: | ||||||||||||||||||||||||||||||||
Current Year: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 27.7 | 33.2 | 34.0 | 32.7 | 31.7 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 15.8 | 8.2 | 9.7 | 21.9 | 10.9 | |||||||||||||||||||||||||||
Prior Years: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 4.0 | (0.9) | (0.5) | 1.8 | 0.6 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 2.4 | (1.3) | (0.8) | (0.8) | (3.3) | |||||||||||||||||||||||||||
Total Incurred Losses and LAE | 49.9 | 39.2 | 42.4 | 55.6 | 39.9 | |||||||||||||||||||||||||||
Insurance Expenses | 18.4 | 17.2 | 17.4 | 18.9 | 20.0 | |||||||||||||||||||||||||||
Operating (Loss) Income | (4.0) | 7.3 | 6.1 | (13.1) | 4.2 | |||||||||||||||||||||||||||
Income Tax Benefit (Expense) | 0.9 | (1.2) | (1.0) | 2.9 | (0.2) | |||||||||||||||||||||||||||
Total Product Line Net Operating (Loss) Income | $ | (3.1) | $ | 6.1 | $ | 5.1 | $ | (10.2) | $ | 4.0 | ||||||||||||||||||||||
Ratios Based On Earned Premiums | ||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 46.7 | % | 58.8 | % | 56.8 | % | 58.5 | % | 53.1 | % | ||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 26.7 | 14.5 | 16.2 | 39.2 | 18.3 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 6.8 | (1.6) | (0.8) | 3.2 | 1.0 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 4.1 | (2.3) | (1.3) | (1.4) | (5.5) | |||||||||||||||||||||||||||
Total Incurred Loss and LAE Ratio | 84.3 | 69.4 | 70.9 | 99.5 | 66.9 | |||||||||||||||||||||||||||
Insurance Expense Ratio | 31.1 | 30.4 | 29.1 | 33.8 | 33.6 | |||||||||||||||||||||||||||
Combined Ratio | 115.4 | % | 99.8 | % | 100.0 | % | 133.3 | % | 100.5 | % | ||||||||||||||||||||||
Underlying Combined Ratio 1 |
||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 46.7 | % | 58.8 | % | 56.8 | % | 58.5 | % | 53.1 | % | ||||||||||||||||||||||
Insurance Expense Ratio | 31.1 | 30.4 | 29.1 | 33.8 | 33.6 | |||||||||||||||||||||||||||
Underlying Combined Ratio | 77.8 | % | 89.2 | % | 85.9 | % | 92.3 | % | 86.7 | % | ||||||||||||||||||||||
Non-GAAP Measure Reconciliation | ||||||||||||||||||||||||||||||||
Combined Ratio | 115.4 | % | 99.8 | % | 100.0 | % | 133.3 | % | 100.5 | % | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 26.7 | 14.5 | 16.2 | 39.2 | 18.3 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 6.8 | (1.6) | (0.8) | 3.2 | 1.0 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 4.1 | (2.3) | (1.3) | (1.4) | (5.5) | |||||||||||||||||||||||||||
Underlying Combined Ratio | 77.8 | % | 89.2 | % | 85.9 | % | 92.3 | % | 86.7 | % | ||||||||||||||||||||||
1Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Results of Operations | ||||||||||||||||||||||||||||||||
Net Premiums Written | $ | 46.2 | $ | 42.4 | $ | 52.8 | $ | 49.2 | $ | 45.5 | ||||||||||||||||||||||
Earned Premiums | $ | 52.2 | $ | 49.1 | $ | 51.9 | $ | 47.7 | $ | 51.3 | ||||||||||||||||||||||
Net Investment Income | 4.2 | 5.8 | 5.1 | 5.1 | 5.4 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | — | 0.1 | 0.1 | (0.5) | (1.7) | |||||||||||||||||||||||||||
Total Revenues | 56.4 | 55.0 | 57.1 | 52.3 | 55.0 | |||||||||||||||||||||||||||
Incurred Losses and LAE related to: | ||||||||||||||||||||||||||||||||
Current Year: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 23.9 | 30.1 | 28.8 | 28.6 | 27.5 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 14.9 | 8.3 | 9.4 | 21.3 | 10.8 | |||||||||||||||||||||||||||
Prior Years: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 3.1 | (0.3) | — | (0.1) | (1.6) | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 2.4 | (1.2) | (0.8) | (0.8) | (2.8) | |||||||||||||||||||||||||||
Total Incurred Losses and LAE | 44.3 | 36.9 | 37.4 | 49.0 | 33.9 | |||||||||||||||||||||||||||
Insurance Expenses | 16.6 | 14.9 | 15.2 | 16.3 | 17.5 | |||||||||||||||||||||||||||
Operating (Loss) Income | (4.5) | 3.2 | 4.5 | (13.0) | 3.6 | |||||||||||||||||||||||||||
Income Tax Benefit (Expense) | 1.0 | (0.4) | (0.7) | 2.9 | (0.2) | |||||||||||||||||||||||||||
Total Product Line Net Operating (Loss) Income | $ | (3.5) | $ | 2.8 | $ | 3.8 | $ | (10.1) | $ | 3.4 | ||||||||||||||||||||||
Ratios Based On Earned Premiums | ||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 45.9 | % | 61.3 | % | 55.5 | % | 59.9 | % | 53.6 | % | ||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 28.5 | 16.9 | 18.1 | 44.7 | 21.1 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 5.9 | (0.6) | — | (0.2) | (3.1) | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 4.6 | (2.4) | (1.5) | (1.7) | (5.5) | |||||||||||||||||||||||||||
Total Incurred Loss and LAE Ratio | 84.9 | 75.2 | 72.1 | 102.7 | 66.1 | |||||||||||||||||||||||||||
Insurance Expense Ratio | 31.8 | 30.3 | 29.3 | 34.2 | 34.1 | |||||||||||||||||||||||||||
Combined Ratio | 116.7 | % | 105.5 | % | 101.4 | % | 136.9 | % | 100.2 | % | ||||||||||||||||||||||
Underlying Combined Ratio 1 |
||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 45.9 | % | 61.3 | % | 55.5 | % | 59.9 | % | 53.6 | % | ||||||||||||||||||||||
Insurance Expense Ratio | 31.8 | 30.3 | 29.3 | 34.2 | 34.1 | |||||||||||||||||||||||||||
Underlying Combined Ratio | 77.7 | % | 91.6 | % | 84.8 | % | 94.1 | % | 87.7 | % | ||||||||||||||||||||||
Non-GAAP Measure Reconciliation | ||||||||||||||||||||||||||||||||
Combined Ratio | 116.7 | % | 105.5 | % | 101.4 | % | 136.9 | % | 100.2 | % | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 28.5 | 16.9 | 18.1 | 44.7 | 21.1 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 5.9 | (0.6) | — | (0.2) | (3.1) | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 4.6 | (2.4) | (1.5) | (1.7) | (5.5) | |||||||||||||||||||||||||||
Underlying Combined Ratio | 77.7 | % | 91.6 | % | 84.8 | % | 94.1 | % | 87.7 | % | ||||||||||||||||||||||
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Results of Operations | ||||||||||||||||||||||||||||||||
Net Premiums Written | $ | 6.0 | $ | 6.6 | $ | 7.2 | $ | 7.5 | $ | 7.7 | ||||||||||||||||||||||
Earned Premiums | $ | 7.0 | $ | 7.4 | $ | 7.9 | $ | 8.2 | $ | 8.3 | ||||||||||||||||||||||
Net Investment Income | 0.9 | 1.2 | 1.0 | 1.0 | 1.1 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | — | 0.1 | (0.1) | (0.1) | (0.3) | |||||||||||||||||||||||||||
Total Revenues | 7.9 | 8.7 | 8.8 | 9.1 | 9.1 | |||||||||||||||||||||||||||
Incurred Losses and LAE related to: | ||||||||||||||||||||||||||||||||
Current Year: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 3.8 | 3.1 | 5.2 | 4.1 | 4.2 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 0.9 | (0.1) | 0.3 | 0.6 | 0.1 | |||||||||||||||||||||||||||
Prior Years: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 0.9 | (0.6) | (0.5) | 1.9 | 2.2 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | — | (0.1) | — | — | (0.5) | |||||||||||||||||||||||||||
Total Incurred Losses and LAE | 5.6 | 2.3 | 5.0 | 6.6 | 6.0 | |||||||||||||||||||||||||||
Insurance Expenses | 1.8 | 2.3 | 2.2 | 2.6 | 2.5 | |||||||||||||||||||||||||||
Operating Income (Loss) | 0.5 | 4.1 | 1.6 | (0.1) | 0.6 | |||||||||||||||||||||||||||
Income Tax Expense | (0.1) | (0.8) | (0.3) | — | — | |||||||||||||||||||||||||||
Total Product Line Net Operating Income (Loss) | $ | 0.4 | $ | 3.3 | $ | 1.3 | $ | (0.1) | $ | 0.6 | ||||||||||||||||||||||
Ratios Based On Earned Premiums | ||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 54.2 | % | 42.0 | % | 65.8 | % | 50.0 | % | 50.6 | % | ||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 12.9 | (1.4) | 3.8 | 7.3 | 1.2 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 12.9 | (8.1) | (6.3) | 23.2 | 26.5 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | — | (1.4) | — | — | (6.0) | |||||||||||||||||||||||||||
Total Incurred Loss and LAE Ratio | 80.0 | 31.1 | 63.3 | 80.5 | 72.3 | |||||||||||||||||||||||||||
Insurance Expense Ratio | 25.7 | 31.1 | 27.8 | 31.7 | 30.1 | |||||||||||||||||||||||||||
Combined Ratio | 105.7 | % | 62.2 | % | 91.1 | % | 112.2 | % | 102.4 | % | ||||||||||||||||||||||
Underlying Combined Ratio 1 |
||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 54.2 | % | 42.0 | % | 65.8 | % | 50.0 | % | 50.6 | % | ||||||||||||||||||||||
Insurance Expense Ratio | 25.7 | 31.1 | 27.8 | 31.7 | 30.1 | |||||||||||||||||||||||||||
Underlying Combined Ratio | 79.9 | % | 73.1 | % | 93.6 | % | 81.7 | % | 80.7 | % | ||||||||||||||||||||||
Non-GAAP Measure Reconciliation | ||||||||||||||||||||||||||||||||
Combined Ratio | 105.7 | % | 62.2 | % | 91.1 | % | 112.2 | % | 102.4 | % | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 12.9 | (1.4) | 3.8 | 7.3 | 1.2 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 12.9 | (8.1) | (6.3) | 23.2 | 26.5 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | — | (1.4) | — | — | (6.0) | |||||||||||||||||||||||||||
Underlying Combined Ratio | 79.9 | % | 73.1 | % | 93.6 | % | 81.7 | % | 80.7 | % | ||||||||||||||||||||||
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Results of Operations | ||||||||||||||||||||||||||||||||
Earned Premiums | $ | 99.3 | $ | 142.6 | $ | 142.1 | $ | 144.0 | $ | 142.8 | ||||||||||||||||||||||
Net Investment Income | 49.8 | 52.6 | 52.6 | 61.9 | 49.4 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.2 | 0.3 | 0.1 | (1.3) | (4.4) | |||||||||||||||||||||||||||
Other Income | (0.4) | 0.2 | — | (0.8) | — | |||||||||||||||||||||||||||
Total Revenues | 148.9 | 195.7 | 194.8 | 203.8 | 187.8 | |||||||||||||||||||||||||||
Policyholders’ Benefits and Incurred Losses and LAE | 69.9 | 88.1 | 88.5 | 94.3 | 89.9 | |||||||||||||||||||||||||||
Insurance Expenses | 64.2 | 81.1 | 90.7 | 85.6 | 85.9 | |||||||||||||||||||||||||||
Operating Income | 14.8 | 26.5 | 15.6 | 23.9 | 12.0 | |||||||||||||||||||||||||||
Income Tax Expense | (1.6) | (3.5) | (1.6) | (3.7) | (0.4) | |||||||||||||||||||||||||||
Segment Net Operating Income | $ | 13.2 | $ | 23.0 | $ | 14.0 | $ | 20.2 | $ | 11.6 |
Mar 31, 2023 | Dec 31, 2022 |
Sep 30, 2022 1 |
Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Insurance Reserves: | ||||||||||||||||||||||||||||||||
Future Policyholder Benefits | $ | 3,346.9 | $ | 3,218.5 | $ | 3,190.2 | $ | 3,503.4 | $ | 4,015.4 | ||||||||||||||||||||||
Incurred Losses and LAE Reserves: | ||||||||||||||||||||||||||||||||
Life | 48.3 | 53.3 | 55.7 | 56.7 | 63.6 | |||||||||||||||||||||||||||
Accident and Health | 4.4 | 4.3 | 23.4 | 25.0 | 25.2 | |||||||||||||||||||||||||||
Property | 2.7 | 2.3 | 3.6 | 3.1 | 3.1 | |||||||||||||||||||||||||||
Total Incurred Losses and LAE Reserves | 55.4 | 59.9 | 82.7 | 84.8 | 91.9 | |||||||||||||||||||||||||||
Insurance Reserves | $ | 3,402.3 | $ | 3,278.4 | $ | 3,272.9 | $ | 3,588.2 | $ | 4,107.3 | ||||||||||||||||||||||
1 Includes reserves classified as Held-for-Sale Liabilities on the Condensed Consolidated Balance Sheets. See Note 3, “Dispositions,” for more information. |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Results of Operations | ||||||||||||||||||||||||||||||||
Earned Premiums | $ | 82.2 | $ | 99.0 | $ | 84.3 | $ | 86.8 | $ | 82.7 | ||||||||||||||||||||||
Net Investment Income | 49.5 | 51.0 | 51.0 | 60.1 | 47.9 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | 0.2 | 0.3 | 0.1 | (1.3) | (4.0) | |||||||||||||||||||||||||||
Other (Loss) Income | (0.5) | 0.1 | (0.1) | (1.1) | — | |||||||||||||||||||||||||||
Total Revenues | 131.4 | 150.4 | 135.3 | 144.5 | 126.6 | |||||||||||||||||||||||||||
Policyholders’ Benefits and Incurred Losses and LAE | 64.1 | 70.4 | 61.5 | 64.9 | 60.4 | |||||||||||||||||||||||||||
Insurance Expenses | 56.1 | 58.9 | 61.7 | 58.9 | 58.2 | |||||||||||||||||||||||||||
Operating Income | 11.2 | 21.1 | 12.1 | 20.7 | 8.0 | |||||||||||||||||||||||||||
Income Tax (Expense) Benefit | (0.9) | (2.6) | (0.9) | (3.0) | 0.3 | |||||||||||||||||||||||||||
Total Product Line Net Operating Income | $ | 10.3 | $ | 18.5 | $ | 11.2 | $ | 17.7 | $ | 8.3 | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Results of Operations | ||||||||||||||||||||||||||||||||
Earned Premiums | $ | 5.9 | $ | 31.4 | $ | 45.9 | $ | 45.1 | $ | 45.8 | ||||||||||||||||||||||
Net Investment Income | — | 0.8 | 0.8 | 1.0 | 0.7 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | — | — | — | — | (0.1) | |||||||||||||||||||||||||||
Other Income | 0.1 | 0.1 | 0.1 | 0.3 | — | |||||||||||||||||||||||||||
Total Revenues | 6.0 | 32.3 | 46.8 | 46.4 | 46.4 | |||||||||||||||||||||||||||
Policyholders’ Benefits and Incurred Losses and LAE | 2.0 | 16.2 | 22.3 | 24.5 | 23.5 | |||||||||||||||||||||||||||
Insurance Expenses | 2.0 | 15.8 | 22.4 | 20.1 | 20.8 | |||||||||||||||||||||||||||
Operating Income | 2.0 | 0.3 | 2.1 | 1.8 | 2.1 | |||||||||||||||||||||||||||
Income Tax (Expense) Benefit | (0.4) | 0.1 | (0.4) | (0.4) | (0.4) | |||||||||||||||||||||||||||
Total Product Line Net Operating Income | $ | 1.6 | $ | 0.4 | $ | 1.7 | $ | 1.4 | $ | 1.7 | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Results of Operations | ||||||||||||||||||||||||||||||||
Earned Premiums | $ | 11.2 | $ | 12.2 | $ | 11.9 | $ | 12.1 | $ | 14.3 | ||||||||||||||||||||||
Net Investment Income | 0.3 | 0.8 | 0.8 | 0.8 | 0.8 | |||||||||||||||||||||||||||
Change in Value of Alternative Energy Partnership Investments | — | — | — | — | (0.3) | |||||||||||||||||||||||||||
Total Revenues | 11.5 | 13.0 | 12.7 | 12.9 | 14.8 | |||||||||||||||||||||||||||
Incurred Losses and LAE related to: | ||||||||||||||||||||||||||||||||
Current Year: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 2.2 | 2.0 | 2.8 | 3.6 | 4.1 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 0.6 | (0.6) | 1.4 | 0.6 | 0.4 | |||||||||||||||||||||||||||
Prior Years: | ||||||||||||||||||||||||||||||||
Non-catastrophe Losses and LAE | 0.8 | 0.1 | 0.1 | 0.5 | 0.6 | |||||||||||||||||||||||||||
Catastrophe Losses and LAE | 0.2 | — | 0.4 | 0.2 | 0.9 | |||||||||||||||||||||||||||
Total Incurred Losses and LAE | 3.8 | 1.5 | 4.7 | 4.9 | 6.0 | |||||||||||||||||||||||||||
Insurance Expenses | 6.1 | 6.4 | 6.6 | 6.6 | 6.9 | |||||||||||||||||||||||||||
Operating Income | 1.6 | 5.1 | 1.4 | 1.4 | 1.9 | |||||||||||||||||||||||||||
Income Tax Expense | (0.3) | (1.0) | (0.3) | (0.3) | (0.3) | |||||||||||||||||||||||||||
Total Product Line Net Operating Income | $ | 1.3 | $ | 4.1 | $ | 1.1 | $ | 1.1 | $ | 1.6 | ||||||||||||||||||||||
Ratios Based On Earned Premiums | ||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 19.6 | % | 16.4 | % | 23.5 | % | 29.7 | % | 28.7 | % | ||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 5.4 | (4.9) | 11.8 | 5.0 | 2.8 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 7.1 | 0.8 | 0.8 | 4.1 | 4.2 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 1.8 | — | 3.4 | 1.7 | 6.3 | |||||||||||||||||||||||||||
Total Incurred Loss and LAE Ratio | 33.9 | 12.3 | 39.5 | 40.5 | 42.0 | |||||||||||||||||||||||||||
Insurance Expense Ratio | 54.5 | 52.5 | 55.5 | 54.5 | 48.3 | |||||||||||||||||||||||||||
Combined Ratio | 88.4 | % | 64.8 | % | 95.0 | % | 95.0 | % | 90.3 | % | ||||||||||||||||||||||
Underlying Combined Ratio 1 |
||||||||||||||||||||||||||||||||
Current Year Non-catastrophe Losses and LAE Ratio | 19.6 | % | 16.4 | % | 23.5 | % | 29.7 | % | 28.7 | % | ||||||||||||||||||||||
Insurance Expense Ratio | 54.5 | 52.5 | 55.5 | 54.5 | 48.3 | |||||||||||||||||||||||||||
Underlying Combined Ratio | 74.1 | % | 68.9 | % | 79.0 | % | 84.2 | % | 77.0 | % | ||||||||||||||||||||||
Non-GAAP Measure Reconciliation | ||||||||||||||||||||||||||||||||
Combined Ratio | 88.4 | % | 64.8 | % | 95.0 | % | 95.0 | % | 90.3 | % | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||
Current Year Catastrophe Losses and LAE Ratio | 5.4 | (4.9) | 11.8 | 5.0 | 2.8 | |||||||||||||||||||||||||||
Prior Years Non-catastrophe Losses and LAE Ratio | 7.1 | 0.8 | 0.8 | 4.1 | 4.2 | |||||||||||||||||||||||||||
Prior Years Catastrophe Losses and LAE Ratio | 1.8 | — | 3.4 | 1.7 | 6.3 | |||||||||||||||||||||||||||
Underlying Combined Ratio | 74.1 | % | 68.9 | % | 79.0 | % | 84.2 | % | 77.0 | % | ||||||||||||||||||||||
1 Underlying Combined Ratio is a non-GAAP measure, which is computed as the difference between three operating ratios: the combined ratio, the effect of catastrophes (excluding development of prior-year catastrophes) on the combined ratio and the effect of prior-year reserve development at the reporting date (including development on prior-year catastrophes) on the combined ratio. |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Insurance Expenses: | ||||||||||||||||||||||||||||||||
Commissions | $ | 166.9 | $ | 165.7 | $ | 176.3 | $ | 190.9 | $ | 191.9 | ||||||||||||||||||||||
General Expenses | 94.2 | 86.4 | 93.5 | 91.4 | 87.1 | |||||||||||||||||||||||||||
Premium Taxes | 23.6 | 25.3 | 23.6 | 25.2 | 25.4 | |||||||||||||||||||||||||||
Total Costs Incurred | 284.7 | 277.4 | 293.4 | 307.5 | 304.4 | |||||||||||||||||||||||||||
Net Policy Acquisition Costs (Deferred) Amortized | (15.9) | 9.9 | 6.5 | (0.5) | (1.7) | |||||||||||||||||||||||||||
Amortization of Valuation of Business Acquired ("VOBA") | 0.5 | 0.7 | 0.6 | 0.7 | 2.1 | |||||||||||||||||||||||||||
Insurance Expenses | 269.3 | 288.0 | 300.5 | 307.7 | 304.8 | |||||||||||||||||||||||||||
Loss from Early Extinguishment of Debt | — | — | — | — | 3.7 | |||||||||||||||||||||||||||
Interest and Other Expenses: | ||||||||||||||||||||||||||||||||
Interest Expense | 14.1 | 13.7 | 14.3 | 14.0 | 12.7 | |||||||||||||||||||||||||||
Other Expenses: | ||||||||||||||||||||||||||||||||
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | 29.1 | 35.6 | 12.7 | 9.9 | 4.7 | |||||||||||||||||||||||||||
Other | 34.2 | 37.2 | 36.5 | 29.6 | 36.7 | |||||||||||||||||||||||||||
Other Expenses | 63.3 | 72.8 | 49.2 | 39.5 | 41.4 | |||||||||||||||||||||||||||
Interest and Other Expenses | 77.4 | 86.5 | 63.5 | 53.5 | 54.1 | |||||||||||||||||||||||||||
Total Expenses | $ | 346.7 | $ | 374.5 | $ | 364.0 | $ | 361.2 | $ | 362.6 |
Three Months Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||||||||||||
Interest on Fixed Income Securities | $ | 86.2 | $ | 81.7 | $ | 76.9 | $ | 72.8 | $ | 68.7 | ||||||||||||||||||||||
Dividends on Equity Securities Excluding Alternative Investments | 1.0 | 2.0 | 1.1 | 1.7 | 1.5 | |||||||||||||||||||||||||||
Alternative Investments: | ||||||||||||||||||||||||||||||||
Equity Method Limited Liability Investments | 1.1 | 3.3 | (0.6) | 15.3 | 13.3 | |||||||||||||||||||||||||||
Limited Liability Investments Included in Equity Securities | 2.6 | 7.2 | 8.8 | 18.5 | 7.6 | |||||||||||||||||||||||||||
Total Alternative Investments | 3.7 | 10.5 | 8.2 | 33.8 | 20.9 | |||||||||||||||||||||||||||
Short-term Investments | 2.3 | 2.3 | 1.1 | 0.2 | 0.1 | |||||||||||||||||||||||||||
Loans to Policyholders | 5.4 | 5.2 | 5.5 | 5.3 | 5.5 | |||||||||||||||||||||||||||
Real Estate | 2.4 | 2.5 | 3.1 | 2.3 | 2.2 | |||||||||||||||||||||||||||
Company-Owned Life Insurance |
8.8 | 9.9 | 9.9 | 9.8 | 8.3 | |||||||||||||||||||||||||||
Other | 3.0 | 2.6 | 1.7 | 1.7 | 1.7 | |||||||||||||||||||||||||||
Total Investment Income | 112.8 | 116.7 | 107.5 | 127.6 | 108.9 | |||||||||||||||||||||||||||
Investment Expenses: | ||||||||||||||||||||||||||||||||
Real Estate | 2.1 | 2.1 | 2.3 | 1.0 | 2.5 | |||||||||||||||||||||||||||
Other Investment Expenses | 8.9 | 8.3 | 7.4 | 8.1 | 6.4 | |||||||||||||||||||||||||||
Total Investment Expenses | 11.0 | 10.4 | 9.7 | 9.1 | 8.9 | |||||||||||||||||||||||||||
Net Investment Income | $ | 101.8 | $ | 106.3 | $ | 97.8 | $ | 118.5 | $ | 100.0 | ||||||||||||||||||||||
Net Realized Investment Gains (Losses) | ||||||||||||||||||||||||||||||||
Fixed Maturities: | ||||||||||||||||||||||||||||||||
Gains on Sales | 1.1 | $ | 3.6 | $ | 14.2 | $ | 13.4 | 0.4 | ||||||||||||||||||||||||
Losses on Sales | (3.3) | (4.4) | (23.9) | (2.8) | (0.8) | |||||||||||||||||||||||||||
Gains (Losses) on Hedging Activity | — | 1.7 | (0.3) | 0.3 | — | |||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||
Gains on Sales | — | 3.1 | 4.5 | 0.1 | 2.0 | |||||||||||||||||||||||||||
Losses on Sales | — | (0.1) | (6.6) | — | (0.1) | |||||||||||||||||||||||||||
Other Investments: | ||||||||||||||||||||||||||||||||
Gains on Sales | 8.6 | — | — | — | — | |||||||||||||||||||||||||||
Net Realized Investment Gains (Losses) | $ | 6.4 | $ | 3.9 | $ | (12.1) | $ | 11.0 | $ | 1.5 | ||||||||||||||||||||||
Net Impairment Losses Recognized in Earnings |
||||||||||||||||||||||||||||||||
Fixed Maturities | $ | 2.1 | $ | (3.7) | $ | (8.3) | $ | (4.9) | $ | (8.9) | ||||||||||||||||||||||
Net Impairment Gains (Losses) Recognized in Earnings | $ | 2.1 | $ | (3.7) | $ | (8.3) | $ | (4.9) | $ | (8.9) | ||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||||||||||||||||||||||||||||||||
Carrying Value |
Percent
of Total1
|
Carrying Value |
Percent
of Total1
|
Carrying Value |
Percent
of Total1
|
|||||||||||||||||||||||||||||||||
Fixed Maturities Reported at Fair Value: |
||||||||||||||||||||||||||||||||||||||
U.S. Government and Government Agencies and Authorities |
$ | 564.0 | 6.2 | % | $ | 528.0 | 6.0 | % | $ | 585.3 | 5.8 | % | ||||||||||||||||||||||||||
States and Political Subdivisions |
1,622.9 | 17.8 | 1,568.9 | 17.8 | 1,589.5 | 15.9 | ||||||||||||||||||||||||||||||||
Foreign Governments |
4.0 | — | 4.1 | — | 5.2 | 0.1 | ||||||||||||||||||||||||||||||||
Corporate Securities: |
||||||||||||||||||||||||||||||||||||||
Bonds and Notes |
3,703.3 | 40.8 | 3,539.4 | 40.4 | 4,425.4 | 44.1 | ||||||||||||||||||||||||||||||||
Redeemable Preferred Stocks |
8.0 | 0.1 | 8.0 | 0.1 | 7.5 | 0.1 | ||||||||||||||||||||||||||||||||
Collateralized Loan Obligations | 981.9 | 10.8 | 953.9 | 10.9 | 767.7 | 7.7 | ||||||||||||||||||||||||||||||||
Other Mortgage- and Asset-backed |
305.3 | 3.4 | 292.5 | 3.3 | 225.3 | 2.3 | ||||||||||||||||||||||||||||||||
Total Fixed Maturities Reported at Fair Value |
7,189.4 | 79.1 | 6,894.8 | 78.5 | 7,605.9 | 75.9 | ||||||||||||||||||||||||||||||||
Equity Securities Reported at Fair Value: |
||||||||||||||||||||||||||||||||||||||
Preferred Stocks |
40.0 | 0.4 | 39.8 | 0.5 | 51.8 | 0.5 | ||||||||||||||||||||||||||||||||
Common Stocks |
1.2 | — | 2.1 | — | 21.8 | 0.2 | ||||||||||||||||||||||||||||||||
Other Equity Interests: |
||||||||||||||||||||||||||||||||||||||
Exchange Traded Funds |
6.8 | 0.1 | 12.2 | 0.1 | 432.0 | 4.3 | ||||||||||||||||||||||||||||||||
Limited Liability Companies and Limited Partnerships |
195.6 | 2.2 | 189.1 | 2.2 | 325.0 | 3.2 | ||||||||||||||||||||||||||||||||
Total Equity Securities Reported at Fair Value |
243.6 | 2.7 | 243.2 | 2.8 | 830.6 | 8.3 | ||||||||||||||||||||||||||||||||
Equity Method Limited Liability Investments |
218.7 | 2.4 | 217.0 | 2.5 | 241.9 | 2.4 | ||||||||||||||||||||||||||||||||
Alternative Energy Partnership Investments | 17.0 | 0.2 | 16.3 | 0.2 | 39.6 | 0.4 | ||||||||||||||||||||||||||||||||
Short-term Investments at Cost which Approximates Fair Value |
278.4 | 3.1 | 278.4 | 3.2 | 284.1 | 2.8 | ||||||||||||||||||||||||||||||||
Company Owned Life Insurance | 595.3 | 6.5 | 586.5 | 6.7 | 448.1 | 4.5 | ||||||||||||||||||||||||||||||||
Loans to Policyholders | 283.1 | 3.1 | 283.4 | 3.2 | 286.2 | 2.9 | ||||||||||||||||||||||||||||||||
Other Investments: |
||||||||||||||||||||||||||||||||||||||
Equity Securities Reported at Modified Cost | 37.1 | 0.4 | 38.4 | 0.4 | 32.3 | 0.3 | ||||||||||||||||||||||||||||||||
Convertible Securities at Fair Value | 45.3 | 0.5 | 43.3 | 0.5 | 46.4 | 0.6 | ||||||||||||||||||||||||||||||||
Real Estate at Depreciated Cost | 93.0 | 1.0 | 93.6 | 1.1 | 94.0 | 0.9 | ||||||||||||||||||||||||||||||||
Mortgage Loans | 85.7 | 0.9 | 91.1 | 1.0 | 96.8 | 1.0 | ||||||||||||||||||||||||||||||||
Other | 10.7 | 0.1 | 3.5 | — | 0.5 | — | ||||||||||||||||||||||||||||||||
Total Other Investments |
271.8 | 2.9 | 269.9 | 3.0 | 270.0 | 2.8 | ||||||||||||||||||||||||||||||||
Total Investments |
$ | 9,097.3 | 100.0 | % | $ | 8,789.5 | 100.0 | % | $ | 10,006.4 | 100.0 | % | ||||||||||||||||||||||||||
1 Sum of percentages for individual lines may not equal subtotals and grand total due to rounding. |
||||||||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||||||||||||||||||||||||||||||||
Carrying Value |
Percent
of Total1
|
Carrying Value |
Percent
of Total1
|
Carrying Value |
Percent
of Total1
|
|||||||||||||||||||||||||||||||||
S&P Equivalent Rating for Fixed Maturities |
||||||||||||||||||||||||||||||||||||||
AAA, AA, A |
$ | 5,179.6 | 72.0 | % | $ | 4,896.4 | 71.0 | % | $ | 5,351.6 | 67.0 | % | ||||||||||||||||||||||||||
BBB |
1,718.7 | 23.9 | 1,687.4 | 24.5 | 2,215.1 | 27.7 | ||||||||||||||||||||||||||||||||
BB, B |
225.2 | 3.2 | 239.7 | 3.5 | 331.0 | 4.2 | ||||||||||||||||||||||||||||||||
CCC or Lower |
65.9 | 0.9 | 71.3 | 1.0 | 89.2 | 1.1 | ||||||||||||||||||||||||||||||||
Total Investments in Fixed Maturities |
$ | 7,189.4 | 100.0 | % | $ | 6,894.8 | 100.0 | % | $ | 7,986.9 | 100.0 | % | ||||||||||||||||||||||||||
Duration (in Years) |
||||||||||||||||||||||||||||||||||||||
Total Investments in Fixed Maturities |
8.7 | 8.2 | 8.5 | |||||||||||||||||||||||||||||||||||
Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||||||||||||||||||||||||||||||||
Fair Value of Non-governmental Fixed Maturities by Industry |
Amount | Percent of Total Investments |
Amount | Percent of Total Investments |
Amount | Percent of Total Investments |
||||||||||||||||||||||||||||||||
Finance, Insurance and Real Estate |
$ | 2,086.3 | 22.9 | % | $ | 2,007.5 | 22.8 | % | $ | 1,996.7 | 19.2 | % | ||||||||||||||||||||||||||
Manufacturing |
1,100.1 | 12.1 | 1,085.9 | 12.4 | 1,571.0 | 15.1 | ||||||||||||||||||||||||||||||||
Transportation, Communication and Utilities |
804.7 | 8.8 | 733.7 | 8.3 | 815.8 | 7.9 | ||||||||||||||||||||||||||||||||
Services |
640.7 | 7.0 | 602.4 | 6.9 | 617.5 | 5.9 | ||||||||||||||||||||||||||||||||
Mining |
182.2 | 2.0 | 173.3 | 2.0 | 254.3 | 2.4 | ||||||||||||||||||||||||||||||||
Retail Trade |
158.8 | 1.7 | 165.1 | 1.9 | 171.4 | 1.7 | ||||||||||||||||||||||||||||||||
Construction | 8.8 | 0.1 | 11.7 | 0.1 | 13.1 | 0.1 | ||||||||||||||||||||||||||||||||
Other |
16.9 | 0.2 | 14.2 | 0.2 | 14.1 | 0.1 | ||||||||||||||||||||||||||||||||
Total Fair Value of Non-governmental Fixed Maturities |
$ | 4,998.5 | 54.8 | % | $ | 4,793.8 | 54.6 | % | $ | 5,453.9 | 52.4 | % |
Mar 31, 2023 | ||||||||||||||||||||
Ten Largest Investment Exposures 1 |
Fair Value |
Percent of Total Investments |
||||||||||||||||||
Fixed Maturities: | ||||||||||||||||||||
States including their Political Subdivisions: | ||||||||||||||||||||
Texas | $ | 143.6 | 1.6 | % | ||||||||||||||||
California | 133.1 | 1.5 | ||||||||||||||||||
Michigan | 93.6 | 1.0 | ||||||||||||||||||
New York | 89.5 | 1.0 | ||||||||||||||||||
Georgia | 80.3 | 0.9 | ||||||||||||||||||
Louisiana | 65.5 | 0.7 | ||||||||||||||||||
Florida | 59.2 | 0.7 | ||||||||||||||||||
Pennsylvania | 59.2 | 0.7 | ||||||||||||||||||
Colorado | 52.9 | 0.6 | ||||||||||||||||||
Massachusetts | 49.2 | 0.5 | ||||||||||||||||||
Total | $ | 826.1 | 9.2 | % |
Mar 31, 2023 | ||||||||||||||||||||||||||||||||||||||
State General Obligation |
Political Subdivision General Obligation |
Revenue | Total Fair Value |
Percent
of Total
Muni Bond1
|
Percent
of Total
Investments1
|
|||||||||||||||||||||||||||||||||
Texas | $ | 20.7 | $ | 117.4 | $ | 5.5 | $ | 143.6 | 8.8 | % | 1.6 | % | ||||||||||||||||||||||||||
California | 11.1 | 122.0 | — | 133.1 | 8.2 | 1.5 | ||||||||||||||||||||||||||||||||
Michigan | — | 82.6 | 11.0 | 93.6 | 5.8 | 1.0 | ||||||||||||||||||||||||||||||||
New York | 18.9 | 70.6 | — | 89.5 | 5.5 | 1.0 | ||||||||||||||||||||||||||||||||
Georgia | 5.9 | 69.9 | 4.5 | 80.3 | 4.9 | 0.9 | ||||||||||||||||||||||||||||||||
Louisiana | 5.2 | 28.0 | 32.3 | 65.5 | 4.0 | 0.7 | ||||||||||||||||||||||||||||||||
Florida | — | 59.2 | — | 59.2 | 3.6 | 0.7 | ||||||||||||||||||||||||||||||||
Pennsylvania | 3.0 | 56.2 | — | 59.2 | 3.6 | 0.7 | ||||||||||||||||||||||||||||||||
Colorado | — | 52.9 | — | 52.9 | 3.3 | 0.6 | ||||||||||||||||||||||||||||||||
Massachusetts | 1.3 | 40.3 | 7.6 | 49.2 | 3.0 | 0.5 | ||||||||||||||||||||||||||||||||
Oregon | 2.3 | 21.4 | 25.3 | 49.0 | 3.0 | 0.5 | ||||||||||||||||||||||||||||||||
Missouri | 1.1 | 42.9 | — | 44.0 | 2.7 | 0.5 | ||||||||||||||||||||||||||||||||
Washington | 1.3 | 31.6 | 7.7 | 40.6 | 2.5 | 0.4 | ||||||||||||||||||||||||||||||||
New Mexico | — | 39.6 | — | 39.6 | 2.4 | 0.4 | ||||||||||||||||||||||||||||||||
Virginia | — | 32.0 | 6.3 | 38.3 | 2.4 | 0.4 | ||||||||||||||||||||||||||||||||
Illinois | 0.6 | 37.3 | — | 37.9 | 2.3 | 0.4 | ||||||||||||||||||||||||||||||||
Ohio | — | 36.0 | — | 36.0 | 2.2 | 0.4 | ||||||||||||||||||||||||||||||||
Indiana | — | 34.9 | — | 34.9 | 2.1 | 0.4 | ||||||||||||||||||||||||||||||||
Minnesota | 1.1 | 33.7 | — | 34.8 | 2.1 | 0.4 | ||||||||||||||||||||||||||||||||
Maryland | 2.4 | 29.0 | 2.0 | 33.4 | 2.1 | 0.4 | ||||||||||||||||||||||||||||||||
Connecticut | — | 17.1 | 13.4 | 30.5 | 1.9 | 0.3 | ||||||||||||||||||||||||||||||||
District of Columbia | — | 20.8 | 6.3 | 27.1 | 1.7 | 0.3 | ||||||||||||||||||||||||||||||||
Tennessee | 3.3 | 19.6 | 2.1 | 25.0 | 1.5 | 0.3 | ||||||||||||||||||||||||||||||||
Mississippi | — | 10.9 | 12.4 | 23.3 | 1.4 | 0.3 | ||||||||||||||||||||||||||||||||
Oklahoma | — | 23.0 | — | 23.0 | 1.4 | 0.3 | ||||||||||||||||||||||||||||||||
Rhode Island | 1.6 | 21.1 | — | 22.7 | 1.4 | 0.2 | ||||||||||||||||||||||||||||||||
North Carolina | 1.7 | 18.6 | — | 20.3 | 1.3 | 0.2 | ||||||||||||||||||||||||||||||||
Arizona | 0.8 | 18.5 | — | 19.3 | 1.2 | 0.2 | ||||||||||||||||||||||||||||||||
New Hampshire | 0.4 | 18.3 | — | 18.7 | 1.2 | 0.2 | ||||||||||||||||||||||||||||||||
Utah | — | 17.4 | — | 17.4 | 1.1 | 0.2 | ||||||||||||||||||||||||||||||||
South Carolina | — | 16.2 | — | 16.2 | 1.0 | 0.2 | ||||||||||||||||||||||||||||||||
Nebraska | 6.1 | 10.0 | — | 16.1 | 1.0 | 0.2 | ||||||||||||||||||||||||||||||||
North Dakota | — | 15.7 | — | 15.7 | 1.0 | 0.2 | ||||||||||||||||||||||||||||||||
Alabama | — | 14.4 | — | 14.4 | 0.9 | 0.2 | ||||||||||||||||||||||||||||||||
Kentucky | — | 14.1 | — | 14.1 | 0.9 | 0.2 | ||||||||||||||||||||||||||||||||
Iowa | — | 11.7 | — | 11.7 | 0.7 | 0.1 | ||||||||||||||||||||||||||||||||
Montana | — | 11.0 | — | 11.0 | 0.7 | 0.1 | ||||||||||||||||||||||||||||||||
Alaska | 2.7 | 6.2 | 1.6 | 10.5 | 0.6 | 0.1 | ||||||||||||||||||||||||||||||||
Hawaii | 3.4 | 3.3 | 3.2 | 9.9 | 0.6 | 0.1 | ||||||||||||||||||||||||||||||||
All Other States | 9.1 | 49.2 | 3.5 | 61.8 | 3.8 | 0.7 | ||||||||||||||||||||||||||||||||
Total | $ | 104.0 | $ | 1,374.6 | $ | 144.7 | $ | 1,623.3 | 100.0 | % | 17.9 | % | ||||||||||||||||||||||||||
1 Sum of percentages for individual lines may not equal total due to rounding. |
Unfunded Commitment |
Reported Value | |||||||||||||||||||
Asset Class | Mar 31, 2023 |
Mar 31, 2023 |
Dec 31, 2022 | |||||||||||||||||
Reported as Equity Method Limited Liability Investments: | ||||||||||||||||||||
Mezzanine Debt | $ | 53.3 | $ | 117.3 | $ | 114.3 | ||||||||||||||
Senior Debt | 40.7 | 21.8 | 21.6 | |||||||||||||||||
Distressed Debt | — | 8.3 | 9.4 | |||||||||||||||||
Secondary Transactions | 1.7 | 9.1 | 9.3 | |||||||||||||||||
Leveraged Buyout | 0.7 | 9.2 | 8.9 | |||||||||||||||||
Growth Equity | — | 1.2 | 1.2 | |||||||||||||||||
Real Estate | — | 43.3 | 43.3 | |||||||||||||||||
Hedge Fund | — | 0.1 | 0.5 | |||||||||||||||||
Other | — | 8.4 | 8.5 | |||||||||||||||||
Total Equity Method Limited Liability Investments | 96.4 | 218.7 | 217.0 | |||||||||||||||||
Alternative Energy Partnership Investments | — | 17.0 | 16.3 | |||||||||||||||||
Reported as Other Equity Interests at Fair Value: |
||||||||||||||||||||
Mezzanine Debt | 62.4 | 111.4 | 106.0 | |||||||||||||||||
Senior Debt | 6.0 | 21.9 | 21.9 | |||||||||||||||||
Distressed Debt | 13.0 | 12.7 | 12.5 | |||||||||||||||||
Secondary Transactions | 4.3 | 3.1 | 3.5 | |||||||||||||||||
Hedge Funds | — | 17.7 | 18.1 | |||||||||||||||||
Leveraged Buyout | 7.9 | 22.3 | 21.6 | |||||||||||||||||
Growth Equity | 6.7 | 6.3 | 5.4 | |||||||||||||||||
Real Estate | 0.2 | 0.2 | — | |||||||||||||||||
Other | — | — | 0.1 | |||||||||||||||||
Total Reported as Other Equity Interests at Fair Value | 100.5 | 195.6 | 189.1 | |||||||||||||||||
Reported as Other Equity Interests at Modified Cost: |
||||||||||||||||||||
Other | — | 8.3 | 8.3 | |||||||||||||||||
Total Reported as Other Equity Interests at Modified Cost | — | 8.3 | 8.3 | |||||||||||||||||
Total Investments in Limited Liability Companies and Limited Partnerships | $ | 196.9 | $ | 439.6 | $ | 430.7 |
Three Months Ended | ||||||||||||||||||||||||||||||||
Dollars in Millions (Unaudited) | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||||||||||||||||||||
Net Loss | $ | (80.1) | $ | (53.3) | $ | (74.8) | $ | (72.2) | $ | (86.3) | ||||||||||||||||||||||
Less Net Income (Loss) From: | ||||||||||||||||||||||||||||||||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | 1.3 | — | (8.8) | (32.0) | (22.3) | |||||||||||||||||||||||||||
Net Realized Investment Gains (Losses) | 5.1 | 3.1 | (9.6) | 8.7 | 1.2 | |||||||||||||||||||||||||||
Impairment Losses | 1.7 | (2.9) | (6.6) | (3.9) | (7.0) | |||||||||||||||||||||||||||
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (23.0) | (29.1) | (20.7) | (7.8) | (3.7) | |||||||||||||||||||||||||||
Debt Extinguishment, Pension and Other Charges | — | — | — | — | (2.9) | |||||||||||||||||||||||||||
Adjusted Consolidated Net Operating Loss | $ | (65.2) | $ | (24.4) | $ | (29.1) | $ | (37.2) | $ | (51.6) | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
(Unaudited) | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||||||||||||||||||||
Net Loss Per Unrestricted Share | $ | (1.25) | $ | (0.84) | $ | (1.17) | $ | (1.13) | $ | (1.36) | ||||||||||||||||||||||
Less Net Income (Loss) Per Unrestricted Share From: | ||||||||||||||||||||||||||||||||
Income (Loss) from Change in Fair Value of Equity and Convertible Securities | 0.02 | — | (0.14) | (0.50) | (0.35) | |||||||||||||||||||||||||||
Net Realized Investment Gains (Losses) | 0.08 | 0.05 | (0.15) | 0.13 | 0.02 | |||||||||||||||||||||||||||
Impairment Losses | 0.03 | (0.05) | (0.10) | (0.06) | (0.11) | |||||||||||||||||||||||||||
Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs | (0.36) | (0.46) | (0.32) | (0.12) | (0.06) | |||||||||||||||||||||||||||
Debt Extinguishment, Pension and Other Charges | — | — | — | — | (0.05) | |||||||||||||||||||||||||||
Adjusted Consolidated Net Operating Loss Per Unrestricted Share | $ | (1.02) | $ | (0.38) | $ | (0.46) | $ | (0.58) | $ | (0.81) | ||||||||||||||||||||||