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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurements

Fair Value (Table)

December 31, 2019

Assets/

Amount

(liabilities)

measured at

Fair value hierarchy level

measured at

net asset

fair value

value (4)

Level 1

Level 2

Level 3

(in millions)

Assets

Fixed maturities, available-for-sale:

U.S. government and agencies

1,724.2

—

1,320.0

404.2

—

Non-U.S. governments

996.2

—

1.4

994.8

—

States and political subdivisions

7,490.0

—

7,490.0

—

Corporate

40,647.4

—

18.5

40,547.2

81.7

Residential mortgage-backed securities

2,982.4

—

2,982.4

—

Commercial mortgage-backed securities

4,850.2

—

4,837.3

12.9

Collateralized debt obligations (1)

3,215.3

—

3,016.3

199.0

Other debt obligations

8,200.5

—

8,109.2

91.3

Total fixed maturities, available-for-sale

70,106.2

—

1,339.9

68,381.4

384.9

Fixed maturities, trading

675.9

—

0.5

675.1

0.3

Equity securities

1,879.4

—

645.8

1,233.6

—

Derivative assets (2)

294.7

—

265.4

29.3

Other investments

796.0

78.3

335.2

343.5

39.0

Cash equivalents

1,299.0

—

40.9

1,258.1

—

Sub-total excluding separate account assets

75,051.2

78.3

2,362.3

72,157.1

453.5

Separate account assets

165,468.0

129.0

95,652.5

60,718.5

8,968.0

Total assets

240,519.2

207.3

98,014.8

132,875.6

9,421.5

Liabilities

Investment and universal life contracts (3)

(214.2)

—

(214.2)

Derivative liabilities (2)

(217.7)

—

(201.4)

(16.3)

Other liabilities (3)

(98.9)

—

(98.9)

—

Total liabilities

(530.8)

—

(300.3)

(230.5)

Net assets

239,988.4

207.3

98,014.8

132,575.3

9,191.0

14. Fair Value Measurements – (continued)


	December 31, 2018
	Assets/		Amount
	(liabilities)		measured at		Fair value hierarchy level
	measured at		net asset
	fair value		value (4)		Level 1		Level 2		Level 3
	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,441.0	$	—	$	1,027.8	$	413.2	$	—
Non-U.S. governments		890.5		—		2.7		883.2		4.6
States and political subdivisions		6,225.7		—		—		6,225.7		—
Corporate		35,539.3		—		19.2		35,462.2		57.9
Residential mortgage-backed securities		2,460.6		—		—		2,460.6		—
Commercial mortgage-backed securities		3,945.6		—		—		3,936.1		9.5
Collateralized debt obligations (1)		2,420.8		—		—		2,412.5		8.3
Other debt obligations		7,185.0		—		—		7,126.5		58.5
Total fixed maturities, available-for-sale		60,108.5		—		1,049.7		58,920.0		138.8
Fixed maturities, trading		636.1		—		—		636.1		—
Equity securities		1,843.7		—		661.2		1,182.5		—
Derivative assets (2)		194.0		—		—		175.4		18.6
Other investments		828.6		75.4		125.9		610.1		17.2
Cash equivalents		1,775.9		—		46.3		1,729.6		—
Sub-total excluding separate account assets		65,386.8		75.4		1,883.1		63,253.7		174.6

Separate account assets		144,987.9		124.6		79,572.0		56,675.8		8,615.5
Total assets	$	210,374.7	$	200.0	$	81,455.1	$	119,929.5	$	8,790.1

Liabilities
Investment and universal life contracts (3)	$	(45.2)	$	—	$	—	$	—	$	(45.2)
Derivative liabilities (2)		(157.1)		—		—		(141.6)		(15.5)
Other liabilities (3)		(91.5)		—		—		(91.5)		—
Total liabilities	$	(293.8)	$	—	$	—	$	(233.1)	$	(60.7)

Net assets	$	210,080.9	$	200.0	$	81,455.1	$	119,696.4	$	8,729.4

(1)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

(2)

Within the consolidated statements of financial position, derivative assets are reported with other investments and derivative liabilities are reported with other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated statements of financial position; however, are presented net for purposes of the rollforward in the Changes in Level 3 Fair Value Measurements tables. Refer to Note 5, Derivative Financial Instruments, for further information on fair value by class of derivative instruments.

(3)	Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported.

(4)

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 $19.9 million and $32.0 million as of December 31, 2019 and December 31, 2018, 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, 2019

Total realized/unrealized

gains (losses)

Changes in

Beginning

unrealized

asset/

Net

Ending

gains (losses)

(liability)

purchases,

asset/

included in

balance

Included

Included in

sales,

(liability)

net income

as of

in net

other

issuances

Transfers

balance as of

relating to

January 1,

income

comprehensive

and

into

out of

December 31,

positions

2019

(1)

income (3)

settlements (4)

Level 3

2019

still held (1)

(in millions)

Assets

Fixed maturities, available-for-sale:

Non-U.S. governments

4.6

—

(4.6)

—

Corporate

57.9

—

2.5

17.2

4.1

—

81.7

—

Commercial mortgage-backed securities

9.5

(3.8)

3.4

2.4

3.7

(2.3)

12.9

(2.9)

Collateralized debt obligations

8.3

(2.6)

0.9

122.5

69.9

—

199.0

(2.6)

Other debt obligations

58.5

—

0.8

100.0

8.3

(76.3)

91.3

—

Total fixed maturities, available-for-sale

138.8

(6.4)

7.6

237.5

86.0

(78.6)

384.9

(5.5)

Fixed maturities, trading

—

0.3

—

0.3

—

Other investments

17.2

6.0

—

5.8

10.0

—

39.0

6.0

Separate account assets (2)

8,615.5

739.9

—

(214.2)

—

(173.2)

8,968.0

697.1

Liabilities

Investment and universal life contracts

(45.2)

(145.5)

(0.2)

(23.3)

—

(214.2)

(146.0)

Derivatives

Net derivative assets (liabilities)

3.1

(0.8)

—

10.7

—

13.0

5.3


	For the year ended December 31, 2018
			Total realized/unrealized
			gains (losses)												Changes in
	Beginning														unrealized
	asset/												Ending		gains (losses)
	(liability)						Net purchases,						asset/		included in
	balance				Included in		sales,						(liability)		net income
	as of		Included		other		issuances		Transfers		Transfers		balance as of		relating to
	January 1,		in net		comprehensive		and		into		out of		December 31,		positions
	2018		income (1)		income (3)		settlements (4)		Level 3		Level 3		2018		still held (1)
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	7.4	$	—	$	(0.1)	$	(1.4)	$	—	$	(1.3)	$	4.6	$	—
Corporate		128.0		(1.0)		(0.1)		(15.2)		1.0		(54.8)		57.9		—
Commercial mortgage-backed securities		10.6		(3.5)		0.2		0.1		3.6		(1.5)		9.5		(1.9)
Collateralized debt obligations		125.0		(0.9)		0.2		66.3		54.7		(237.0)		8.3		(0.9)
Other debt obligations		2.3		—		(0.2)		147.4		—		(91.0)		58.5		—
Total fixed maturities, available-for-sale		273.3		(5.4)		—		197.2		59.3		(385.6)		138.8		(2.8)
Fixed maturities, trading		—		—		—		3.7		—		(3.7)		—		—
Equity securities		2.7		12.9		—		(15.6)		—		—		—		—
Other investments		6.5		1.7		—		9.0		—		—		17.2		1.7
Separate account assets (2)		7,651.4		869.5		(0.3)		133.7		2.3		(41.1)		8,615.5		829.8

Liabilities
Investment and universal life contracts		(160.3)		107.5		0.1		7.5		—		—		(45.2)		109.9

Derivatives
Net derivative assets (liabilities)		18.1		(20.2)		—		5.2		—		—		3.1		(18.4)

14. Fair Value Measurements – (continued)


	For the year ended December 31, 2017
			Total realized/unrealized
			gains (losses)												Changes in
	Beginning														unrealized
	asset/												Ending		gains (losses)
	(liability)						Net purchases,						asset/		included in
	balance				Included in		sales,						(liability)		net income
	as of		Included		other		issuances		Transfers		Transfers		balance as of		relating to
	January 1,		in net		comprehensive		and		into		out of		December 31,		positions
	2017		income (1)		income (3)		settlements (4)		Level 3		Level 3		2017		still held (1)
	(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		—		—		—
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 and universal life contracts		(176.5)		8.4		0.4		7.4		—		—		(160.3)		5.7
Other liabilities		(59.9)		(0.1)		—		60.0		—		—		—		—

Derivatives
Net derivative assets (liabilities)		11.3		3.1		—		3.7		—		—		18.1		4.9

(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 securities with an investment objective to realize economic value through mark-to-market changes 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:

14. Fair Value Measurements – (continued)

For the year ended December 31, 2019

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

Non-U.S. governments

—

(4.6)

Corporate

41.9

(1.4)

—

(23.3)

17.2

Commercial mortgage-backed securities

2.4

—

2.4

Collateralized debt obligations

124.7

—

(2.2)

122.5

Other debt obligations

107.7

—

(7.7)

100.0

Total fixed maturities, available-for-sale

276.7

(1.4)

—

(37.8)

237.5

Fixed maturities, trading

0.5

—

(0.2)

0.3

Other investments

10.7

(4.9)

—

5.8

Separate account assets (5)

279.1

(526.4)

(280.4)

313.5

(214.2)

Liabilities

Investment and universal life contracts

—

(33.4)

10.1

(23.3)

Derivatives

Net derivative assets (liabilities)

1.9

8.8

—

10.7


	For the year ended December 31, 2018
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	—	$	—	$	—	$	(1.4)	$	(1.4)
Corporate		12.9		(10.1)		—		(18.0)		(15.2)
Commercial mortgage-backed securities		—		—		—		0.1		0.1
Collateralized debt obligations		93.6		—		—		(27.3)		66.3
Other debt obligations		152.0		—		—		(4.6)		147.4
Total fixed maturities, available-for-sale		258.5		(10.1)		—		(51.2)		197.2
Fixed maturities, trading		3.7		—		—		—		3.7
Equity securities		—		(15.6)		—		—		(15.6)
Other investments		9.0		—		—		—		9.0
Separate account assets (5)		743.0		(608.4)		(206.5)		205.6		133.7

Liabilities
Investment and universal life contracts		—		—		2.8		4.7		7.5

Derivatives
Net derivative assets (liabilities)		1.8		3.4		—		—		5.2

14. Fair Value Measurements – (continued)


	For the year ended December 31, 2017
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		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)
Other investments		2.4		(36.7)		—		—		(34.3)
Separate account assets (5)		401.4		(651.4)		(284.6)		69.8		(464.8)

Liabilities
Investment and universal life contracts		—		—		(0.2)		7.6		7.4
Other liabilities		—		—		—		60.0		60.0

Derivatives
Net derivative assets (liabilities)		1.5		2.2		—		—		3.7

(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, 2019

Transfers out

of Level 1 into

of Level 2 into

of Level 3 into

Level 2

Level 3

Level 1

Level 3

Level 1

Level 2

(in millions)

Assets

Fixed maturities, available-for-sale:

U.S. government and agencies

—

1.1

—

Corporate

—

4.1

—

Commercial mortgage-backed securities

—

3.7

—

2.3

Collateralized debt obligations

—

69.9

—

Other debt obligations

—

8.3

—

76.3

Total fixed maturities, available-for-sale

—

1.1

86.0

—

78.6

Other investments

—

10.0

—

Separate account assets

102.7

—

173.2

14. Fair Value Measurements – (continued)


	For the year ended December 31, 2018
	Transfers out		Transfers out		Transfers out		Transfers out		Transfers out		Transfers out
	of Level 1 into		of Level 1 into		of Level 2 into		of Level 2 into		of Level 3 into		of Level 3 into
	Level 2		Level 3		Level 1		Level 3		Level 1		Level 2
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	—	$	—	$	—	$	—	$	—	$	1.3
Corporate		—		—		—		1.0		—		54.8
Commercial mortgage-backed securities		—		—		—		3.6		—		1.5
Collateralized debt obligations		—		—		—		54.7		—		237.0
Other debt obligations		—		—		—		—		—		91.0
Total fixed maturities, available-for-sale		—		—		—		59.3		—		385.6
Fixed maturities, trading		—		—		—		—		—		3.7
Separate account assets		293.2		—		0.8		2.3		0.2		40.9


	For the year ended December 31, 2017
	Transfers out		Transfers out		Transfers out		Transfers out		Transfers out		Transfers out
	of Level 1 into		of Level 1 into		of Level 2 into		of Level 2 into		of Level 3 into		of Level 3 into
	Level 2		Level 3		Level 1		Level 3		Level 1		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

Quantitative Information about Level 3 Fair Value Measurements (Table)


	December 31, 2019
	Assets /
	(liabilities)
	measured at		Valuation	Unobservable	Input/range of				Weighted
	fair value		technique(s)	input description	inputs				average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	72.5	Discounted cash flow	Discount rate (1)	1.9	%-	5.1	%	3.8	%
				Illiquidity premium	0	basis points ("bps")-	410	bps	152	bps
Commercial mortgage-backed securities		2.4	Discounted cash flow	Probability of default			100.0	%	100.0	%
				Potential loss severity			53.1	%	53.1	%
Collateralized debt obligations		108.7	Discounted cash flow	Discount rate (1)	2.9	%-	10.0	%	3.4	%
				Potential loss severity			23.0	%	23.0	%
				Probability of default			100.0	%	100.0	%
Other debt obligations		1.2	Discounted cash flow	Discount rate (1)			5.0	%	5.0	%
				Illiquidity premium			500	bps	500	bps
Other investments		14.8	Discounted cash flow	Discount rate (1)	25.0	%-	30.0	%	27.5	%
				Terminal earnings before interest, taxes, depreciation and amortization multiple	3.5	x-	4.5	x	4.0	x
			Market comparables	Revenue multiples (2)	0.8	x-	7.0	x	4.1	x
Separate account assets		8,966.2	Discounted cash flow - mortgage loans	Discount rate (1)			2.8	%	2.8	%
				Illiquidity premium			60	bps	60	bps
				Credit spread rate			120	bps	120	bps
			Discounted cash flow - real estate	Discount rate (1)	5.5	%-	11.8	%	6.7	%
				Terminal capitalization rate	4.5	%-	9.3	%	5.7	%
				Average market rent growth rate	2.0	%-	4.7	%	3.0	%
			Discounted cash flow - real estate debt	Loan to value	8.0	%-	80.4	%	45.9	%
				Market interest rate	3.2	%-	5.8	%	3.6	%

Liabilities
Investment and universal life contracts (6)		(214.2)	Discounted cash flow	Long duration interest rate	2.0	%-	2.1	% (3)
				Long-term equity market volatility	15.0	%-	26.9	%
				Non-performance risk	0.2	%-	1.3	%
				Utilization rate	See note (4)
				Lapse rate	0.0	%-	18.0	%
				Mortality rate	See note (5)

14. Fair Value Measurements – (continued)


	December 31, 2018
	Assets /
	(liabilities)
	measured at		Valuation	Unobservable	Input/range of				Weighted
	fair value		technique(s)	input description	inputs				average
	(in millions)
Assets
Fixed maturities, available-for-sale:
Non-U.S. governments	$	4.6	Discounted cash flow	Discount rate (1)			3.2	%	3.2	%
				Illiquidity premium			50	bps	50	bps
				Comparability adjustment			(25)	bps	(25)	bps
Corporate		25.4	Discounted cash flow	Discount rate (1)	3.3	%-	4.5	%	3.9	%
				Illiquidity premium	0	bps-	60	bps	36	bps
Other debt obligations		1.7	Discounted cash flow	Discount rate (1)			5.0	%	5.0	%
				Illiquidity premium			500	bps	500	bps
Separate account assets		8,440.8	Discounted cash flow - mortgage loans	Discount rate (1)	3.3	%-	4.7	%	4.2	%
				Illiquidity premium	0	bps-	60	bps	56	bps
				Credit spread rate	85	bps-	172	bps	168	bps
			Discounted cash flow - real estate	Discount rate (1)	5.6	%-	11.5	%	6.7	%
				Terminal capitalization rate	4.3	%-	9.3	%	5.8	%
				Average market rent growth rate	2.0	%-	4.7	%	2.9	%
			Discounted cash flow - real estate debt	Loan to value	11.0	%-	69.3	%	45.9	%
				Market interest rate	3.9	%-	6.0	%	4.3	%

Liabilities
Investment and universal life contracts (6)		(45.2)	Discounted cash flow	Long duration interest rate	2.8	%-	2.9	% (3)
				Long-term equity market volatility	16.7	%-	27.8	%
				Non-performance risk	0.6	%-	1.6	%
				Utilization rate	See note (4)
				Lapse rate	1.3	%-	16.0	%
				Mortality rate	See note (5)

(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 illiquidity or other adjustments, where applicable.

(2)	Revenue multiples are amounts used when we have determined market participants would use such multiples to value the investments.

(3)	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.

(4)	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.

(5)	This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation.

(6)	Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported.

Fair Value Option (Table)


	December 31, 2019		December 31, 2018
	(in millions)
Commercial mortgage loans of consolidated VIEs (1) (2)
Fair value	$	—	$	6.4
Aggregate contractual principal		—		6.5
Real estate ventures (1)
Fair value		22.8		17.2

(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.

14. Fair Value Measurements – (continued)


	For the year ended December 31,
	2019		2018		2017
	(in millions)
Commercial mortgage loans of consolidated VIEs
Change in fair value pre-tax gain (loss) (1) (2)	$	0.1	$	(0.2)	$	(0.4)
Interest income (3)		0.3		0.7		0.9

Obligations of consolidated VIEs
Change in fair value pre-tax loss - instrument specific credit risk (2) (4)		—		—		(0.1)
Change in fair value pre-tax loss (2)		—		—		(0.1)
Interest expense (5)		—		—		0.3

Real estate ventures
Change in fair value pre-tax gain (6)		6.0		1.7		3.8

Investment funds
Change in fair value pre-tax gain (6) (7)		—		—		1.7
Dividend income (6)		—		—		1.9

(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, 2019

Fair value hierarchy level

Carrying amount

Fair value

Level 1

Level 2

Level 3

(in millions)

Assets (liabilities)

Mortgage loans

16,486.9

17,214.7

—

17,214.7

Policy loans

798.0

1,030.8

—

1,030.8

Other investments

278.8

273.1

—

180.3

92.8

Cash and cash equivalents

1,216.9

1,193.3

23.6

—

Investment contracts

(33,922.2)

(34,001.3)

—

(4,304.5)

(29,696.8)

Short-term debt

(93.4)

—

(93.4)

—

Long-term debt

(3,734.1)

(4,122.9)

—

(4,015.3)

(107.6)

Separate account liabilities

(151,132.4)

(149,955.6)

—

(149,955.6)

Bank deposits (1)

(469.6)

(468.3)

—

(468.3)

—

Cash collateral payable

(156.8)

—


	December 31, 2018
					Fair value hierarchy level
	Carrying amount		Fair value		Level 1		Level 2		Level 3
	(in millions)
Assets (liabilities)
Mortgage loans	$	15,336.9	$	15,383.6	$	—	$	—	$	15,383.6
Policy loans		801.4		965.5		—		—		965.5
Other investments		247.4		239.8		—		157.5		82.3
Cash and cash equivalents		1,201.6		1,201.6		1,148.6		53.0		—
Investment contracts		(32,572.1)		(31,428.2)		—		(4,085.7)		(27,342.5)
Short-term debt		(42.9)		(42.9)		—		(42.9)		—
Long-term debt		(3,259.6)		(3,257.1)		—		(3,129.3)		(127.8)
Separate account liabilities		(132,562.9)		(131,491.4)		—		—		(131,491.4)
Bank deposits (1)		(500.0)		(489.1)		—		(489.1)		—
Cash collateral payable		(79.5)		(79.5)		(79.5)		—		—

(1) Excludes deposit liabilities without defined or contractual maturities.