Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Measurements

Fair Value (Table)

	December 31, 2017
	Assets/ (liabilities) measured at fair value			Amount measured at net asset value (5)		Fair value hierarchy level
						Level 1		Level 2			Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,351.7		$	—	$	896.8	$	454.9		$	—
Non-U.S. governments		901.5			—		2.9		891.2			7.4
States and political subdivisions		6,801.6			—		—		6,801.6			—
Corporate		37,033.1			—		20.7		36,884.4			128.0
Residential mortgage-backed securities		2,523.3			—		—		2,523.3			—
Commercial mortgage-backed securities		3,708.3			—		—		3,697.7			10.6
Collateralized debt obligations		1,359.3			—		—		1,234.3			125.0
Other debt obligations		5,709.6			—		—		5,707.3			2.3
Total fixed maturities, available-for-sale		59,388.4			—		920.4		58,194.7			273.3
Fixed maturities, trading		566.0			—		—		566.0			—
Equity securities, available-for-sale		96.0			—		47.4		45.9			2.7
Equity securities, trading		1,770.6			—		544.0		1,226.6			—
Derivative assets (1)		304.0			—		—		279.8			24.2
Other investments (2)		498.0			85.8		176.0		229.7			6.5
Cash equivalents (3)		1,793.3			—		46.8		1,746.5			—
Sub-total excluding separate account assets		64,416.3			85.8		1,734.6		62,289.2			306.7
Separate account assets		159,272.7			120.4		90,090.6		61,410.3			7,651.4
Total assets	$	223,689.0		$	206.2	$	91,825.2	$	123,699.5		$	7,958.1
Liabilities
Investment contracts (4)	$	(160.3	)	$	—	$	—	$	—		$	(160.3	)
Derivative liabilities (1)		(274.7	)		—		—		(268.6	)		(6.1	)
Other liabilities (4)		(253.4	)		—		—		(253.4	)		—
Total liabilities	$	(688.4	)	$	—	$	—	$	(522.0	)	$	(166.4	)
Net assets	$	223,000.6		$	206.2	$	91,825.2	$	123,177.5		$	7,791.7

	December 31, 2016
	Assets/ (liabilities) measured at fair value			Amount measured at net asset value (5)		Fair value hierarchy level
						Level 1		Level 2			Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,433.0		$	—	$	996.5	$	436.5		$	—
Non-U.S. governments		893.6			—		3.0		828.5			62.1
States and political subdivisions		5,569.2			—		—		5,569.2			—
Corporate		34,192.4			—		21.2		33,912.1			259.1
Residential mortgage-backed securities		2,834.7			—		—		2,834.7			—
Commercial mortgage-backed securities		4,096.5			—		—		4,025.4			71.1
Collateralized debt obligations		758.6			—		—		725.0			33.6
Other debt obligations		5,068.1			—		—		4,976.6			91.5
Total fixed maturities, available-for-sale		54,846.1			—		1,020.7		53,308.0			517.4
Fixed maturities, trading		398.4			—		—		305.5			92.9
Equity securities, available-for-sale		98.9			—		55.2		41.0			2.7
Equity securities, trading		1,413.4			—		445.7		967.7			—
Derivative assets (1)		893.6			—		—		859.7			33.9
Other investments (2)		470.0			92.7		169.8		170.6			36.9
Cash equivalents (3)		1,947.1			—		51.2		1,895.9			—
Sub-total excluding separate account assets		60,067.5			92.7		1,742.6		57,548.4			683.8
Separate account assets		139,832.6			—		79,688.1		52,789.7			7,354.8
Total assets	$	199,900.1		$	92.7	$	81,430.7	$	110,338.1		$	8,038.6
Liabilities
Investment contracts (4)	$	(176.5	)	$	—	$	—	$	—		$	(176.5	)
Derivative liabilities (1)		(573.0	)		—		—		(550.4	)		(22.6	)
Other liabilities (4)		(272.2	)		—		—		(212.3	)		(59.9	)
Total liabilities	$	(1,021.7	)	$	—	$	—	$	(762.7	)	$	(259.0	)
Net assets	$	198,878.4		$	92.7	$	81,430.7	$	109,575.4		$	7,779.6

(1)	Within the consolidated statements of financial position, derivative assets are reported with other investments and derivative liabilities are reported with other liabilities. Refer to Note 5, Derivative Financial Instruments, for further information on fair value by class of derivative instruments.
(2)	Primarily includes sponsored investment funds, other investment funds, equity method investments reported at fair value and commercial mortgage loans of consolidated VIEs.
(3)	Includes money market instruments and short-term investments with a maturity date of three months or less when purchased.
(4)	Includes bifurcated embedded derivatives that are reported at fair value within the same line item in the consolidated statements of financial position in which the host contract is reported. As of December 31, 2016, other liabilities also include obligations of consolidated VIEs reported at fair value.
(5)	Certain investments are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. Other investments using the NAV practical expedient consist of certain fund interests that are restricted until maturity with unfunded commitments totaling $46.1 million and $57.6 million as of December 31, 2017 and December 31, 2016, respectively. Separate account assets using the NAV practical expedient consist of hedge funds with varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these hedge funds.

Reconciliation for All Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Table)

	For the year ended December 31, 2017
				Total realized/unrealized gains (losses)																	Changes in unrealized gains (losses) included in net income relating to positions still held (1)
	Beginning asset/ (liability) balance as of December 31, 2016																	Ending asset/ (liability) balance as of December 31, 2017
										Net purchases, sales, issuances and settlements (4)
				Included in net income (1)			Included in other comprehensive income (3)						Transfers into Level 3		Transfers out of Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	62.1		$	(0.2	)	$	(0.3	)	$	(19.0	)	$	—	$	(35.2	)	$	7.4		$	(0.3	)
Corporate		259.1			(2.3	)		3.5			(29.2	)		22.2		(125.3	)		128.0			(0.8	)
Commercial mortgage-backed securities		71.1			(12.7	)		11.1			(0.7	)		26.3		(84.5	)		10.6			(4.0	)
Collateralized debt obligations		33.6			—			1.7			7.3			183.7		(101.3	)		125.0			—
Other debt obligations		91.5			—			(0.2	)		(0.8	)		0.1		(88.3	)		2.3			—
Total fixed maturities, available-for-sale		517.4			(15.2	)		15.8			(42.4	)		232.3		(434.6	)		273.3			(5.1	)
Fixed maturities, trading		92.9			(2.4	)		—			(92.4	)		1.9		—			—			—
Equity securities, available-for-sale		2.7			—			—			—			—		—			2.7			—
Equity securities, trading		—			—			—			(0.7	)		0.7		—			—			—
Derivative assets		33.9			(12.8	)		—			3.1			—		—			24.2			(9.0	)
Other investments		36.9			3.9			—			(34.3	)		—		—			6.5			3.8
Separate account assets (2)		7,354.8			798.1			(1.1	)		(464.8	)		3.1		(38.7	)		7,651.4			696.0
Liabilities
Investment contracts		(176.5	)		8.4			0.4			7.4			—		—			(160.3	)		5.7
Derivative liabilities		(22.6	)		15.9			—			0.6			—		—			(6.1	)		13.9
Other liabilities		(59.9	)		(0.1	)		—			60.0			—		—			—			—

	For the year ended December 31, 2016
				Total realized/unrealized gains (losses)																	Changes in unrealized gains (losses) included in net income relating to positions still held (1)
	Beginning asset/ (liability) balance as of December 31, 2015																	Ending asset/ (liability) balance as of December 31, 2016
										Net purchases, sales, issuances and settlements (4)
				Included in net income (1)			Included in other comprehensive income (3)						Transfers into Level 3		Transfers out of Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	79.1		$	(0.3	)	$	1.4		$	14.5		$	—	$	(32.6	)	$	62.1		$	(0.3	)
Corporate		223.9			(2.2	)		(3.2	)		26.6			15.7		(1.7	)		259.1			(2.2	)
Commercial mortgage-backed securities		4.8			(8.3	)		8.8			32.7			35.4		(2.3	)		71.1			(8.3	)
Collateralized debt obligations		63.5			—			0.8			(30.7	)		—		—			33.6			—
Other debt obligations		7.5			—			0.5			100.1			—		(16.6	)		91.5			—
Total fixed maturities, available-for-sale		378.8			(10.8	)		8.3			143.2			51.1		(53.2	)		517.4			(10.8	)
Fixed maturities, trading		135.5			0.5			—			(43.1	)		—		—			92.9			0.1
Equity securities, available-for-sale		4.1			(1.3	)		(0.1	)		—			—		—			2.7			(1.4	)
Derivative assets		47.2			(15.1	)		—			1.8			—		—			33.9			(12.8	)
Other investments		35.1			1.5			—			0.3			—		—			36.9			1.5
Separate account assets (2)		7,013.9			718.9			—			(382.5	)		5.3		(0.8	)		7,354.8			669.7
Liabilities
Investment contracts		(177.4	)		(5.9	)		—			6.8			—		—			(176.5	)		(12.6	)
Derivative liabilities		(50.5	)		26.4			0.5			1.0			—		—			(22.6	)		23.2
Other liabilities		(68.1	)		(9.2	)		—			17.4			—		—			(59.9	)		(7.5	)

	For the year ended December 31, 2015
																					Changes in unrealized gains (losses) included in net income relating to positions still held (1)
				Total realized/unrealized gains (losses)
	Beginning asset/ (liability) balance as of December 31, 2014																	Ending asset/ (liability) balance as of December 31, 2015
										Net purchases, sales, issuances and settlements (4)
				Included in net income (1)			Included in other comprehensive income (3)						Transfers into Level 3		Transfers out of Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	38.7		$	(0.2	)	$	(0.4	)	$	41.0		$	—	$	—		$	79.1		$	(0.2	)
Corporate		245.6			(0.3	)		(4.4	)		27.7			42.8		(87.5	)		223.9			(0.4	)
Commercial mortgage-backed securities		—			0.1			—			12.3			—		(7.6	)		4.8			—
Collateralized debt obligations		64.2			—			(0.1	)		(0.6	)		—		—			63.5			—
Other debt obligations		63.7			—			0.8			7.0			—		(64.0	)		7.5			—
Total fixed maturities, available-for-sale		412.2			(0.4	)		(4.1	)		87.4			42.8		(159.1	)		378.8			(0.6	)
Fixed maturities, trading		139.7			(4.0	)		—			(0.2	)		—		—			135.5			(4.2	)
Equity securities, available-for-sale		4.1			—			—			—			—		—			4.1			—
Derivative assets		53.7			(8.7	)		—			2.2			—		—			47.2			(8.5	)
Other investments		127.2			7.3			—			(64.4	)		—		(35.0	)		35.1			7.2
Separate account assets (2)		5,891.4			1,054.8			—			59.5			8.5		(0.3	)		7,013.9			850.3
Liabilities
Investment contracts		(176.4	)		(13.4	)		—			12.4			—		—			(177.4	)		(17.8	)
Derivative liabilities		(35.5	)		(17.4	)		2.2			0.2			—		—			(50.5	)		(18.0	)
Other liabilities		(66.3	)		(1.8	)		—			—			—		—			(68.1	)		(1.9	)

(1)	Both realized gains (losses) and mark-to-market unrealized gains (losses) are generally reported in net realized capital gains (losses) within the consolidated statements of operations. Realized and unrealized gains (losses) on certain fixed maturities, trading and certain derivatives used in relation to certain trading portfolios are reported in net investment income within the consolidated statements of operations.
(2)	Gains and losses for separate account assets do not impact net income as the change in value of separate account assets is offset by a change in value of separate account liabilities. Foreign currency translation adjustments related to the Principal International segment separate account assets are recorded in AOCI and are offset by foreign currency translation adjustments of the corresponding separate account liabilities.
(3)	Includes foreign currency translation adjustments related to our Principal International segment.
(4)	Gross purchases, sales, issuances and settlements were:

	For the year ended December 31, 2017
	Purchases			Sales			Issuances			Settlements			Net purchases, sales, issuances and settlements
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	67.4		$	(85.0	)	$	—		$	(1.4	)	$	(19.0	)
Corporate		112.3			(89.4	)		—			(52.1	)		(29.2	)
Commercial mortgage-backed securities		—			—			—			(0.7	)		(0.7	)
Collateralized debt obligations		22.9			—			—			(15.6	)		7.3
Other debt obligations		—			—			—			(0.8	)		(0.8	)
Total fixed maturities, available-for-sale		202.6			(174.4	)		—			(70.6	)		(42.4	)
Fixed maturities, trading		—			—			—			(92.4	)		(92.4	)
Equity securities, trading		—			—			—			(0.7	)		(0.7	)
Derivative assets		2.7			0.4			—			—			3.1
Other investments		2.4			(36.7	)		—			—			(34.3	)
Separate account assets (5)		401.4			(651.4	)		(284.6	)		69.8			(464.8	)
Liabilities
Investment contracts		—			—			(0.2	)		7.6			7.4
Derivative liabilities		(1.2	)		1.8			—			—			0.6
Other liabilities		—			—			—			60.0			60.0

	For the year ended December 31, 2016
	Purchases		Sales			Issuances			Settlements			Net purchases, sales, issuances and settlements
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	19.3	$	(3.4	)	$	—		$	(1.4	)	$	14.5
Corporate		66.0		(13.7	)		—			(25.7	)		26.6
Commercial mortgage-backed securities		35.7		—			—			(3.0	)		32.7
Collateralized debt obligations		—		—			—			(30.7	)		(30.7	)
Other debt obligations		105.0		(2.3	)		—			(2.6	)		100.1
Total fixed maturities, available-for-sale		226.0		(19.4	)		—			(63.4	)		143.2
Fixed maturities, trading		—		(18.0	)		—			(25.1	)		(43.1	)
Derivative assets		0.5		1.3			—			—			1.8
Other investments		0.7		(0.4	)		—			—			0.3
Separate account assets (5)		528.0		(654.5	)		(345.4	)		89.4			(382.5	)
Liabilities
Investment contracts		—		—			1.8			5.0			6.8
Derivative liabilities		—		1.0			—			—			1.0
Other liabilities		—		17.4			—			—			17.4

	For the year ended December 31, 2015
	Purchases		Sales			Issuances			Settlements			Net purchases, sales, issuances and settlements
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	42.4	$	(0.1	)	$	—		$	(1.3	)	$	41.0
Corporate		52.8		(7.7	)		—			(17.4	)		27.7
Commercial mortgage-backed securities		12.4		—			—			(0.1	)		12.3
Collateralized debt obligations		—		—			—			(0.6	)		(0.6	)
Other debt obligations		16.5		—			—			(9.5	)		7.0
Total fixed maturities, available-for-sale		124.1		(7.8	)		—			(28.9	)		87.4
Fixed maturities, trading		—		(0.2	)		—			—			(0.2	)
Derivative assets		2.5		(0.3	)		—			—			2.2
Other investments		4.4		(68.8	)		—			—			(64.4	)
Separate account assets (5)		796.9		(436.5	)		(323.4	)		22.5			59.5
Liabilities
Investment contracts		—		—			5.1			7.3			12.4
Derivative liabilities		—		0.2			—			—			0.2

(5) Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.

Transfers (Table)

	For the year ended December 31, 2017
	Transfers out of Level 1 into Level 2		Transfers out of Level 1 into Level 3		Transfers out of Level 2 into Level 1		Transfers out of Level 2 into Level 3		Transfers out of Level 3 into Level 1		Transfers out of Level 3 into Level 2
	(in millions)
Assets
Fixed maturities, available-for- sale:
Non-U.S. governments	$	—	$	—	$	—	$	—	$	—	$	35.2
Corporate		—		—		—		22.2		—		125.3
Commercial mortgage-backed securities		—		—		—		26.3		—		84.5
Collateralized debt obligations		—		—		—		183.7		—		101.3
Other debt obligations		—		—		—		0.1		—		88.3
Total fixed maturities, available-for-sale		—		—		—		232.3		—		434.6
Fixed maturities, trading		—		—		—		1.9		—		—
Equity securities, trading		—		—		—		0.7		—		—
Separate account assets		12.5		—		5.9		3.1		—		38.7

	For the year ended December 31, 2016
	Transfers out of Level 1 into Level 2		Transfers out of Level 1 into Level 3		Transfers out of Level 2 into Level 1		Transfers out of Level 2 into Level 3		Transfers out of Level 3 into Level 1		Transfers out of Level 3 into Level 2
	(in millions)
Assets
Fixed maturities, available-for- sale:
Non-U.S. governments	$	—	$	—	$	—	$	—	$	—	$	32.6
Corporate		—		—		—		15.7		—		1.7
Commercial mortgage-backed securities		—		—		—		35.4		—		2.3
Other debt obligations		—		—		—		—		—		16.6
Total fixed maturities, available-for-sale		—		—		—		51.1		—		53.2
Separate account assets		45.4		—		4.9		5.3		—		0.8

	For the year ended December 31, 2015
	Transfers out of Level 1 into Level 2		Transfers out of Level 1 into Level 3		Transfers out of Level 2 into Level 1		Transfers out of Level 2 into Level 3		Transfers out of Level 3 into Level 1		Transfers out of Level 3 into Level 2
	(in millions)
Assets
Fixed maturities, available-for- sale:
Corporate	$	—	$	—	$	—	$	42.8	$	—	$	87.5
Commercial mortgage-backed securities		—		—		—		—		—		7.6
Other debt obligations		—		—		—		—		—		64.0
Total fixed maturities, available-for-sale		—		—		—		42.8		—		159.1
Other investments		—		—		141.4		—		—		35.0
Separate account assets		26.9		—		8.1		8.5		—		0.3

Quantitative Information about Level 3 Fair Value Measurements (Table)

	December 31, 2017
	Assets / (liabilities) measured at fair value		Valuation technique(s)	Unobservable input description	Input/range of inputs	Weighted average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	6.1	Discounted cash flow	Discount rate (1)	2.7%	2.7%
				Illiquidity premium	50 basis points ("bps")	50bps
				Comparability adjustment	(25)bps	(25)bps
Corporate		51.0	Discounted cash flow	Discount rate (1)	1.9% - 7.5%	4.6%
				Illiquidity premium	0bps - 60bps	21bps
Commercial mortgage-backed securities		0.5	Discounted cash flow	Discount rate (1) Probability of default	6.0% 85.0%	6.0% 85.0%
				Potential loss severity	32.0%	32.0%
Other debt obligations		2.3	Discounted cash flow	Discount rate (1)	5.0%	5.0%
				Illiquidity premium	500bps	500bps
Separate account assets		7,484.6	Discounted cash flow — mortgage loans	Discount rate (1)	2.3% - 8.0%	4.8%
				Illiquidity premium	0bps - 60bps	17bps
				Credit spread rate	62bps - 690bps	293bps
			Discounted cash flow — real estate	Discount rate (1)	5.8% - 17.2%	6.9%
				Terminal capitalization rate	4.3% - 9.3%	6.1%
				Average market rent growth rate	0.5% - 4.7%	2.9%
			Discounted cash flow — real estate debt	Loan to value	12.1% - 71.4%	45.8%
				Market interest rate	3.1% - 4.5%	3.8%

	December 31, 2017
	Assets / (liabilities) measured at fair value			Valuation technique(s)	Unobservable input description	Input/range of inputs	Weighted average
	(in millions)
Liabilities
Investment contracts		(160.3	)	Discounted cash flow	Long duration interest rate	2.5% - 2.7% (2)
					Long-term equity market volatility	18.7% - 41.1%
					Non-performance risk	0.2% - 1.2%
					Utilization rate	See note (3)
					Lapse rate	1.3% - 16.0%
					Mortality rate	See note (4)

	December 31, 2016
	Assets / (liabilities) measured at fair value			Valuation technique(s)	Unobservable input description	Input/range of inputs	Weighted average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	7.6		Discounted cash flow	Discount rate (1)	2.3%	2.3%
					Illiquidity premium	50bps	50bps
					Comparability adjustment	(25)bps	(25)bps
Corporate		49.8		Discounted cash flow	Discount rate (1)	1.5% - 7.6%	4.0%
					Illiquidity premium	0bps - 60bps	27bps
					Comparability adjustment	0bps - 20bps	6bps
Commercial mortgage-backed securities		49.3		Discounted cash flow	Discount rate (1) Probability of default	3.1% - 12.8% 0.0% - 10.0%	10.2% 7.8%
					Potential loss severity	0.0% - 99.5%	39.5%
Collateralized debt obligations		0.2		Discounted cash flow	Discount rate (1) Probability of default	95.1% 100.0%	95.1% 100.0%
					Potential loss severity	91.2%	91.2%
Other debt obligations		6.8		Discounted cash flow	Discount rate (1)	5.0%	5.0%
					Illiquidity premium	500bps	500bps
Fixed maturities, trading		10.5		Discounted cash flow	Discount rate (1)	2.3% - 9.0%	2.7%
					Illiquidity premium	0bps - 300bps	240bps
Other investments		36.9		Discounted cash flow — equity method real estate investments	Discount rate (1) Terminal capitalization rate Average market rent growth rate	7.6% 6.8% 2.9%	7.6% 6.8% 2.9%
				Discounted cash flow — equity method real estate investments — debt	Loan to value	52.5%	52.5%
					Credit spread rate	2.1%	2.1%
Separate account assets		7,225.4		Discounted cash flow — mortgage loans	Discount rate (1)	1.4% - 5.3%	3.7%
					Illiquidity premium	0bps - 60bps	13bps
					Credit spread rate	83bps - 472bps	227bps
				Discounted cash flow — real estate	Discount rate (1)	5.8% - 16.2%	7.0%
					Terminal capitalization rate	4.3% - 9.3%	6.1%
					Average market rent growth rate	1.8% - 4.3%	2.9%
				Discounted cash flow — real estate debt	Loan to value	6.3% - 69.7%	47.0%
					Market interest rate	3.3% - 4.6%	3.9%
Liabilities
Investment contracts		(176.5	)	Discounted cash flow	Long duration interest rate	2.6% - 2.7% (2)
					Long-term equity market volatility	16.0% - 45.9%
					Non-performance risk	0.3% - 1.7%
					Utilization rate	See note (3)
					Lapse rate	0.5% - 14.1%
					Mortality rate	See note (4)

(1)	Represents market comparable interest rate or an index adjusted rate used as the base rate in the discounted cash flow analysis prior to any credit spread, illiquidity or other adjustments, where applicable.
(2)	Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. Derived from interpolation between various observable swap rates.
(3)	This input factor is the number of contractholders taking withdrawals as well as the amount and timing of the withdrawals and a range does not provide a meaningful presentation.
(4)	This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation.

Fair Value Option (Table)

	December 31, 2017		December 31, 2016
	(in millions)
Commercial mortgage loans of consolidated VIEs (1) (2)
Fair value	$	9.3	$	12.4
Aggregate contractual principal		9.2		12.0
Obligations of consolidated VIEs (3)
Fair value		—		59.9
Aggregate unpaid principal		—		60.0
Real estate ventures (1)
Fair value		6.5		36.9
Investment funds (1)
Fair value		45.2		36.9

(1)	Reported with other investments in the consolidated statements of financial position.
(2)	None of the loans were more than 90 days past due or in non-accrual status.
(3)	Reported with other liabilities in the consolidated statements of financial position.

	For the year ended December 31,
	2017			2016			2015
Commercial mortgage loans of consolidated VIEs
Change in fair value pre-tax loss (1) (2)	$	(0.4	)	$	(0.1	)	$	(2.0	)
Interest income (3)		0.9			1.2			3.6
Obligations of consolidated VIEs
Change in fair value pre-tax loss — instrument specific credit risk (2) (4)		(0.1	)		(9.8	)		(1.9	)
Change in fair value pre-tax loss (2)		(0.1	)		(9.8	)		(2.1	)
Interest expense (5)		0.3			1.1			1.1
Real estate ventures
Change in fair value pre-tax gain (6)		3.8			1.5			7.2
Investment funds
Change in fair value pre-tax gain (6) (7)		1.7			2.8			—
Dividend income (6)		1.9			0.3			—

(1)	None of the change in fair value related to instrument-specific credit risk.
(2)	Reported in net realized capital gains (losses) on the consolidated statements of operations.
(3)	Reported in net investment income on the consolidated statements of operations and recorded based on the effective interest rates as determined at the closing of the loan.
(4)	Estimated based on credit spreads and quality ratings.
(5)	Reported in operating expenses on the consolidated statements of operations.
(6)	Reported in net investment income on the consolidated statements of operations.
(7)	Absent the fair value election, the change in fair value on the investments would be reported in OCI.

Financial Instruments Not Reported at Fair Value (Table)

	December 31, 2017
							Fair value hierarchy level
	Carrying amount
				Fair value			Level 1			Level 2			Level 3
	(in millions)
Assets (liabilities)
Mortgage loans	$	14,150.5		$	14,443.2		$	—		$	—		$	14,443.2
Policy loans		808.3			998.4			—			—			998.4
Other investments		236.8			234.0			—			159.4			74.6
Cash and cash equivalents		677.5			677.5			659.9			17.6			—
Investment contracts		(31,003.0	)		(30,468.8	)		—			(4,736.1	)		(25,732.7	)
Short-term debt		(39.5	)		(39.5	)		—			(39.5	)		—
Long-term debt		(3,178.4	)		(3,442.5	)		—			(3,393.5	)		(49.0	)
Separate account liabilities		(145,552.5	)		(144,300.5	)		—			—			(144,300.5	)
Bank deposits		(2,336.4	)		(2,328.9	)		(1,780.3	)		(548.6	)		—
Cash collateral payable		(125.8	)		(125.8	)		(125.8	)		—			—

	December 31, 2016
							Fair value hierarchy level
	Carrying amount
				Fair value			Level 1			Level 2			Level 3
	(in millions)
Assets (liabilities)
Mortgage loans	$	13,230.2		$	13,453.2		$	—		$	—		$	13,453.2
Policy loans		823.8			1,011.0			—			—			1,011.0
Other investments		230.3			236.8			—			157.7			79.1
Cash and cash equivalents		772.5			772.5			731.4			41.1			—
Investment contracts		(31,089.4	)		(30,622.6	)		—			(5,400.8	)		(25,221.8	)
Short-term debt		(51.4	)		(51.4	)		—			(51.4	)		—
Long-term debt		(3,125.7	)		(3,242.0	)		—			(3,242.0	)		—
Separate account liabilities		(127,452.1	)		(126,282.0	)		—			—			(126,282.0	)
Bank deposits		(2,199.8	)		(2,204.1	)		(1,585.1	)		(619.0	)		—
Cash collateral payable		(575.7	)		(575.7	)		(575.7	)		—			—