Closed Block (Tables)

12 Months Ended

Dec. 31, 2019

Closed Block

Closed Block Liabilities and Assets Designated to the Closed Block (Table)

	December 31, 2019		December 31, 2018
	(in millions)
Closed Block liabilities
Future policy benefits and claims	$	3,563.1	$	3,732.5
Other policyholder funds		6.6		6.5
Policyholder dividends payable		199.1		211.3
Policyholder dividends obligation		202.7		36.6
Other liabilities		7.8		9.5
Total Closed Block liabilities		3,979.3		3,996.4
Assets designated to the Closed Block
Fixed maturities, available-for-sale		2,269.6		2,176.4
Fixed maturities, trading		2.6		2.5
Equity securities		1.1		1.0
Mortgage loans		622.8		678.5
Policy loans		486.0		510.5
Other investments		46.4		33.8
Total investments		3,428.5		3,402.7
Cash and cash equivalents		47.5		42.1
Accrued investment income		38.1		39.5
Premiums due and other receivables		9.7		10.0
Deferred tax asset		29.5		30.5
Total assets designated to the Closed Block		3,553.3		3,524.8
Excess of Closed Block liabilities over assets designated to the Closed Block		426.0		471.6
Amounts included in accumulated other comprehensive income		0.9		5.2
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	426.9	$	476.8

Closed Block Revenues and Expenses (Table)

	For the year ended December 31,
	2019		2018		2017
	(in millions)
Revenues
Premiums and other considerations	$	227.6	$	244.2	$	275.6
Net investment income		154.4		160.5		169.4
Net realized capital gains (losses)		7.4		(3.4)		(5.8)
Total revenues		389.4		401.3		439.2
Expenses
Benefits, claims and settlement expenses		204.4		211.5		245.6
Dividends to policyholders		116.3		120.9		122.0
Operating expenses		2.9		3.3		3.5
Total expenses		323.6		335.7		371.1
Closed Block revenues, net of Closed Block expenses, before income taxes		65.8		65.6		68.1
Income taxes		12.9		11.1		46.0
Closed Block revenues, net of Closed Block expenses and income taxes		52.9		54.5		22.1
Funding adjustments		(3.0)		(0.5)		(4.4)
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments	$	49.9	$	54.0	$	17.7

Change in Maximum Future Earnings of the Closed Block (Table)

	For the year ended December 31,
	2019		2018		2017
	(in millions)
Beginning of year	$	476.8	$	532.1	$	549.8
Effects of implementation of accounting changes (1)		—		1.3		—
End of year		426.9		476.8		532.1
Change in maximum future earnings	$	(49.9)	$	(54.0)	$	(17.7)

(1) Includes the effects of implementation of accounting changes related to equity investments and the reclassification of certain tax effects.