Investments (Tables)

6 Months Ended

Jun. 30, 2020

Investments

Available-for-Sale Securities (Table)

			Gross		Gross		Allowance
	Amortized		unrealized		unrealized		for credit
	cost (1)		gains		losses		loss		Fair value
	(in millions)
June 30, 2020
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,609.1	$	266.1	$	0.2	$	—	$	1,875.0
Non-U.S. governments		837.0		169.9		—		—		1,006.9
States and political subdivisions		7,716.7		1,015.0		18.1		—		8,713.6
Corporate		38,968.1		4,900.6		279.1		2.8		43,586.8
Residential mortgage-backed pass-through securities		3,164.1		159.9		0.4		—		3,323.6
Commercial mortgage-backed securities		4,785.7		74.4		150.2		3.4		4,706.5
Collateralized debt obligations (2)		3,592.9		5.0		90.9		1.0		3,506.0
Other debt obligations		7,379.1		246.6		74.9		—		7,550.8
Total fixed maturities, available-for-sale	$	68,052.7	$	6,837.5	$	613.8	$	7.2	$	74,269.2

									Other-than-
			Gross		Gross				temporary
	Amortized		unrealized		unrealized				impairments
	cost		gains		losses		Fair value		in OCI (3)
		(in millions)
December 31, 2019
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,627.0	$	100.2	$	3.0	$	1,724.2	$	—
Non-U.S. governments		852.3		144.1		0.2		996.2		—
States and political subdivisions		6,857.1		644.5		11.6		7,490.0		—
Corporate		36,993.1		3,706.5		52.2		40,647.4		—
Residential mortgage-backed pass-through securities		2,913.9		72.3		3.8		2,982.4		—
Commercial mortgage-backed securities		4,746.6		127.6		24.0		4,850.2		15.8
Collateralized debt obligations (2)		3,226.7		2.9		14.3		3,215.3		0.9
Other debt obligations		8,085.8		129.6		14.9		8,200.5		31.7
Total fixed maturities, available-for-sale	$	65,302.5	$	4,927.7	$	124.0	$	70,106.2	$	48.4

(1) Amortized cost excludes accrued interest receivable of $548.8 million as of June 30, 2020.

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

(3) Excludes $62.3 million as of December 31, 2019, of net unrealized gains on impaired fixed maturities, available-for-sale related to changes in fair value subsequent to the impairment date, which are included in gross unrealized gains and gross unrealized losses.

Fixed Maturities Available-for-Sale by Contractual Maturity (Table)

	Amortized cost		Fair value
	(in millions)
Due in one year or less	$	2,180.1	$	2,204.1
Due after one year through five years		10,883.5		11,404.4
Due after five years through ten years		12,643.7		13,692.8
Due after ten years		23,423.6		27,881.0
Subtotal		49,130.9		55,182.3
Mortgage-backed and other asset-backed securities		18,921.8		19,086.9
Total	$	68,052.7	$	74,269.2

Net Realized Capital Gains and Losses (Table)

	For the three months ended				For the six months ended
	June 30,				June 30,
	2020		2019		2020		2019
	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	83.2	$	6.2	$	106.3	$	8.7
Gross losses		(21.6)		(7.9)		(25.8)		(9.4)
Net credit losses (1)		(8.3)		(17.3)		(16.2)		(24.1)
Hedging, net (2)		(8.1)		(9.3)		(9.6)		(9.3)
Fixed maturities, trading (3)		25.1		17.5		8.7		31.7
Equity securities (4)		39.3		14.7		(24.4)		35.7
Mortgage loans		0.7		0.3		(15.0)		0.6
Derivatives		(195.7)		4.6		94.8		9.6
Other		58.0		(12.8)		(14.8)		37.0
Net realized capital gains (losses)	$	(27.4)	$	(4.0)	$	104.0	$	80.5

(1) Upon adoption of authoritative guidance effective January 1, 2020, net credit losses include adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities. Prior to 2020, net credit losses included net other-than-temporary impairment losses and recoveries on available-for-sale securities.

(2) The change in fair value of fixed maturities, available-for-sale and the change in fair value of derivative hedging instruments in fair value hedging relationships are reported in net investment income with the earnings effect of fixed maturities, available-for-sale. Gains (losses) for fixed maturities, available-for-sale related to terminated cash flow hedges continue to be reflected in net realized capital gains (losses).

(3) Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $24.4 million and $17.6 million for the three months ended June 30, 2020 and 2019, respectively, and $10.2 million and $31.8 million for the six months ended June 30, 2020 and 2019, respectively.

(4) Unrealized gains (losses) on equity securities still held at the reporting date were $42.3 million and $9.7 million for the three months ended June 30, 2020 and 2019, respectively, and $(20.7) million and $29.7 million for the six months ended June 30, 2020 and 2019, respectively. This excludes $49.0 million and $18.7 million for the three months ended June 30, 2020 and 2019, respectively, and $10.5 million and $41.3 million for the six months ended June 30, 2020 and 2019, respectively, of unrealized gains on equity securities still held at the reporting date that were reported in net investment income.

Allowance for credit loss (Tables)

	For the three months ended June 30, 2020
									Residential
									mortgage-
									backed		Commercial		Collateralized
	U.S.				States and				pass-		mortgage-		debt		Other
	government		Non-U.S		political				through		backed		obligations		debt
	and agencies		governments		subdivisions		Corporate		securities		securities		(2)		obligations		Total
	(in millions)
Beginning balance	$	—	$	—	$	—	$	7.0	$	—	$	0.4	$	0.1	$	0.1	$	7.6
Additions for credit losses not previously recorded		—		—		—		2.8		—		1.3		—		—		4.1
Reductions for securities sold during the period		—		—		—		(7.0)		—		—		—		—		(7.0)
Additional increases (decreases) for credit losses on securities with no allowance recorded in the previous period		—		—		—		—		—		1.7		0.9		(0.1)		2.5
Ending balance	$	—	$	—	$	—	$	2.8	$	—	$	3.4	$	1.0	$	—	$	7.2

	For the six months ended June 30, 2020
									Residential
									mortgage-
									backed		Commercial		Collateralized
	U.S.				States and				pass-		mortgage-		debt		Other
	government		Non-U.S		political				through		backed		obligations		debt
	and agencies		governments		subdivisions		Corporate		securities		securities		(2)		obligations		Total
		(in millions)
Beginning balance (1)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Additions for credit losses not previously recorded		—		—		—		9.8		—		1.7		0.1		0.1		11.7
Reductions for securities sold during the period		—		—		—		(7.0)		—		—		—		—		(7.0)
Additional increases (decreases) for credit losses on securities with no allowance recorded in the previous period		—		—		—		—		—		1.7		0.9		(0.1)		2.5
Ending balance	$	—	$	—	$	—	$	2.8	$	—	$	3.4	$	1.0	$	—	$	7.2

(1) The allowance for credit loss associated with fixed maturities, available-for-sale was applied prospectively upon adoption of authoritative guidance effective January 1, 2020.

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

Other-Than-Temporary Impairment Losses, Net of Recoveries (Table)

	For the three months ended		For the six months ended
	June 30, 2019		June 30, 2019
	(in millions)
Net realized capital gains, excluding impairment losses on available-for-sale securities	$	13.3	$	104.6
Net other-than-temporary impairment losses on available-for-sale securities		(17.0)		(26.6)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income (1)		(0.3)		2.5
Net impairment losses on available-for-sale securities		(17.3)		(24.1)
Net realized capital gains (losses)	$	(4.0)	$	80.5

(1) Represents the net impact of (a) gains resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI and (b) losses resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold.

Other-Than-Temporary Impairment, Credit Losses Recognized in Earnings (Table)

	For the three months ended		For the six months ended
	June 30, 2019		June 30, 2019
			(in millions)
Beginning balance	$	(102.3)	$	(117.5)
Credit losses for which an other-than-temporary impairment was not previously recognized		(0.8)		(2.8)
Credit losses for which an other-than-temporary impairment was previously recognized		(4.6)		(8.9)
Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold		8.0		28.4
Net reduction (increase) for positive changes in cash flows expected to be collected and amortization (1)		(0.6)		0.5
Ending balance	$	(100.3)	$	(100.3)

(1) Amounts are recognized in net investment income.

Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss (Table)

	June 30, 2020
	Less than				Greater than or
	twelve months				equal to twelve months				Total
			Gross				Gross				Gross
	Fair		unrealized		Fair		unrealized		Fair		unrealized
	value		losses		value		losses		value		losses
	(in millions)
Fixed maturities, available-for-sale (1):
U.S. government and agencies	$	30.1	$	0.2	$	—	$	—	$	30.1	$	0.2
Non-U.S. governments		2.6		—		—		—		2.6		—
States and political subdivisions		460.5		18.1		21.0		—		481.5		18.1
Corporate		3,521.5		248.4		149.7		26.8		3,671.2		275.2
Residential mortgage-backed pass-through securities		195.0		0.4		3.2		—		198.2		0.4
Commercial mortgage-backed securities		2,507.8		134.3		151.3		15.5		2,659.1		149.8
Collateralized debt obligations (2)		2,483.8		62.2		776.7		27.3		3,260.5		89.5
Other debt obligations		985.5		71.5		81.0		3.4		1,066.5		74.9
Total fixed maturities, available-for-sale	$	10,186.8	$	535.1	$	1,182.9	$	73.0	$	11,369.7	$	608.1

(1) Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded.

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

Gross Unrealized Losses for Fixed Maturities (Table)

	December 31, 2019
	Less than				Greater than or
	twelve months				equal to twelve months				Total
			Gross				Gross				Gross
	Fair		unrealized		Fair		unrealized		Fair		unrealized
	value		losses (2)		value		losses (2)		value		losses (2)
	(in millions)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	100.0	$	1.9	$	74.2	$	1.1	$	174.2	$	3.0
Non-U.S. governments		17.6		0.2		12.4		—		30.0		0.2
States and political subdivisions		559.9		11.2		86.3		0.4		646.2		11.6
Corporate		1,041.5		27.8		394.7		24.4		1,436.2		52.2
Residential mortgage-backed pass-through securities		429.6		1.4		237.3		2.4		666.9		3.8
Commercial mortgage-backed securities		829.3		9.2		268.5		14.8		1,097.8		24.0
Collateralized debt obligations (1)		639.4		1.8		1,447.8		12.5		2,087.2		14.3
Other debt obligations		1,772.8		9.5		613.7		5.4		2,386.5		14.9
Total fixed maturities, available-for-sale	$	5,390.1	$	63.0	$	3,134.9	$	61.0	$	8,525.0	$	124.0

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

(2) Prior to the implementation of authoritative guidance in 2020, other than temporary impairment losses reported in OCI were included with gross unrealized losses resulting in total gross unrealized losses for fixed maturities, available-for-sale being reported in the table.

Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table)

	June 30, 2020		December 31, 2019
	(in millions)
Net unrealized gains on fixed maturities, available-for-sale (1)	$	6,193.1	$	4,834.2
Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		—		(48.4)
Net unrealized gains on derivative instruments		131.3		94.1
Adjustments for assumed changes in amortization patterns		(264.2)		(261.0)
Adjustments for assumed changes in policyholder liabilities		(1,700.9)		(1,133.5)
Net unrealized gains on other investments and noncontrolling interest adjustments		50.3		96.8
Provision for deferred income taxes		(935.8)		(766.9)
Net unrealized gains on available-for-sale securities and derivative instruments	$	3,473.8	$	2,815.3

(1) Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.

(2) Prior to the implementation of authoritative guidance in 2020, the noncredit component of impairment losses on fixed maturities, available-for-sale was included as a separate component of stockholders' equity.

Financing Receivable Credit Quality Indicators (Table)

	2020		2019		2018		2017		2016		Prior		Total
		(in millions)
Commercial mortgage loans (1):
A- and above	$	807.2	$	2,543.9	$	2,478.7	$	1,803.8	$	1,538.5	$	4,213.4	$	13,385.5
BBB+ thru BBB-		95.0		205.7		342.4		286.8		89.4		538.8		1,558.1
BB+ thru BB-		14.8		41.1		—		—		16.9		74.5		147.3
B+ and below		—		—		—		—		—		4.6		4.6
Total	$	917.0	$	2,790.7	$	2,821.1	$	2,090.6	$	1,644.8	$	4,831.3	$	15,095.5
Direct financing leases:
A- and above	$	41.0	$	1.5	$	36.9	$	16.6	$	13.3	$	205.3	$	314.6
BBB+ thru BBB-		95.2		22.4		20.0		19.5		3.5		149.9		310.5
BB+ thru BB-		11.0		1.8		3.6		—		—		4.2		20.6
B+ and below		1.4		—		—		—		—		—		1.4
Total	$	148.6	$	25.7	$	60.5	$	36.1	$	16.8	$	359.4	$	647.1
Residential mortgage loans (1):
Performing	$	243.5	$	460.7	$	192.6	$	180.8	$	171.1	$	389.1	$	1,637.8
Non-performing		—		0.9		0.9		0.1		—		7.4		9.3
Total	$	243.5	$	461.6	$	193.5	$	180.9	$	171.1	$	396.5	$	1,647.1
Reinsurance recoverables													$	1,076.0

(1) The amortized cost of mortgage loans excluded accrued interest receivable of $58.8 million as of June 30, 2020.

Commercial Mortgage Loan Portfolio by Credit Risk (Table)

	December 31, 2019 (1)
	Brick and mortar		Credit tenant loans		Total
	(in millions)
A- and above	$	13,885.2	$	76.7	$	13,961.9
BBB+ thru BBB-		943.1		83.8		1,026.9
BB+ thru BB-		23.3		—		23.3
B+ and below		5.1		—		5.1
Total	$	14,856.7	$	160.5	$	15,017.2

(1) Prior to the implementation of authoritative guidance in 2020, commercial mortgage loan credit quality disclosures included information about classes of those mortgages and information by vintage was excluded. Beginning in 2020, we determined that total commercial mortgage loans by credit risk and vintage is the most meaningful presentation.

Performing and Non-Performing Residential Mortgage Loans (Table)

	December 31, 2019 (1)
	First liens		Home equity		Total
	(in millions)
Performing	$	1,474.2	$	8.0	$	1,482.2
Non-performing		11.5		3.0		14.5
Total	$	1,485.7	$	11.0	$	1,496.7

(1) Prior to the implementation of authoritative guidance in 2020, residential mortgage loan credit quality disclosures included information about classes of those mortgages and information by vintage was excluded. Beginning in 2020, we determined that total residential mortgage loans by credit risk and vintage is the most meaningful presentation.

Non-Accrual Financing Receivables (Table)

	June 30, 2020
					Amortized cost
	Beginning		Ending		of nonaccrual
	amortized cost		amortized cost		assets without
	on nonaccrual		on nonaccrual		a valuation
	status		status		allowance
		(in millions)
Commercial mortgage loans	$	5.0	$	4.6	$	—
Residential mortgage loans		6.8		8.1		0.7
Total	$	11.8	$	12.7	$	0.7

	December 31, 2019 (1)
	(in millions)
Residential:
First liens	$	8.8
Home equity		3.0
Total	$	11.8

(1) Prior to the implementation of authoritative guidance in 2020, commercial and residential mortgage loan non-accrual disclosures included information about classes of those mortgages. Beginning in 2020, we determined that total commercial and residential mortgage loans on non-accrual status is the most meaningful presentation.

Financing Receivables Aging (Table)

	June 30, 2020
													Amortized
													cost
					90 days or								90 days or
	30-59 days		60-89 days		more past		Total past						more and
	past due		past due		due		due		Current		Total (1)		accruing
	(in millions)
Commercial mortgage loans	$	14.9	$	30.1	$	12.3	$	57.3	$	15,038.2	$	15,095.5	$	7.7
Direct financing leases		3.5		—		—		3.5		643.6		647.1		—
Residential mortgage loans		40.6		18.4		3.1		62.1		1,585.0		1,647.1		1.2
Total	$	59.0	$	48.5	$	15.4	$	122.9	$	17,266.8	$	17,389.7	$	8.9

(1) No reinsurance recoverables were considered past due as of June 30, 2020.

	December 31, 2019 (1)
													Recorded
													investment
					90 days or								90 days or
	30-59 days		60-89 days		more past		Total past						more and
	past due		past due		due		due		Current		Total loans		accruing
	(in millions)
Commercial-brick and mortar	$	—	$	—	$	—	$	—	$	14,856.7	$	14,856.7	$	—
Commercial-credit tenant loans		—		—		—		—		160.5		160.5		—
Residential-first liens		46.6		9.3		11.2		67.1		1,418.6		1,485.7		2.7
Residential-home equity		0.8		—		0.3		1.1		9.9		11.0		—
Total	$	47.4	$	9.3	$	11.5	$	68.2	$	16,445.7	$	16,513.9	$	2.7

(1) Prior to the implementation of authoritative guidance in 2020, commercial and residential mortgage loan past due disclosures included information about classes of those mortgages. Beginning in 2020, we determined that aging for total commercial and residential mortgage loans is the most meaningful presentation.

Financing Receivables Valuation Allowance (Table)

	For the three months ended June 30, 2020
			Direct
	Commercial		financing		Residential		Reinsurance
	mortgage loans		leases		mortgage loans		recoverables		Total
		(in millions)
Beginning balance	$	37.7	$	0.2	$	6.1	$	2.5	$	46.5
Provision		2.7		—		(1.0)		—		1.7
Charge-offs		—		—		(0.1)		—		(0.1)
Recoveries		—		—		0.6		—		0.6
Ending balance	$	40.4	$	0.2	$	5.6	$	2.5	$	48.7

	For the six months ended June 30, 2020
			Direct
	Commercial		financing		Residential		Reinsurance
	mortgage loans		leases		mortgage loans		recoverables		Total
		(in millions)
Beginning balance (1)	$	27.3	$	—	$	3.3	$	2.5	$	33.1
Provision (2)		13.1		0.2		1.3		—		14.6
Charge-offs		—		—		(0.2)		—		(0.2)
Recoveries		—		—		1.2		—		1.2
Ending balance	$	40.4	$	0.2	$	5.6	$	2.5	$	48.7

	For the three months ended June 30, 2019 (3)
	Commercial		Residential		Total
	(in millions)
Beginning balance	$	24.7	$	2.9	$	27.6
Provision		0.7		(0.8)		(0.1)
Charge-offs		—		(0.3)		(0.3)
Recoveries		—		0.9		0.9
Ending balance	$	25.4	$	2.7	$	28.1

	For the six months ended June 30, 2019 (3)
	Commercial		Residential		Total
	(in millions)
Beginning balance	$	24.3	$	3.1	$	27.4
Provision		1.1		(1.6)		(0.5)
Charge-offs		—		(0.4)		(0.4)
Recoveries		—		1.6		1.6
Ending balance	$	25.4	$	2.7	$	28.1
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	1.5	$	1.5
Collectively evaluated for impairment		25.4		1.2		26.6
Allowance ending balance	$	25.4	$	2.7	$	28.1
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	13.3	$	13.3
Collectively evaluated for impairment		14,830.6		1,321.0		16,151.6
Loan ending balance	$	14,830.6	$	1,334.3	$	16,164.9

(1) Upon adoption of authoritative guidance effective January 1, 2020, we updated accounting policies and methodology, adjusted the commercial and residential mortgage loan valuation allowance and established a valuation allowance for reinsurance recoverables. See Note 1, Nature of Operations and Significant Accounting Policies under the caption, "Recent Accounting Pronouncements" for further details.

(2) During the six months ended June 30, 2020, the outbreak of COVID-19 adversely impacted global economic activity and contributed to significant volatility in financial markets. As a result, certain current and forecasted environmental factors management believes to be relevant were adjusted, resulting in an increase in the valuation allowance for commercial and residential mortgage loans and direct financing leases.

(3) Prior to the implementation of authoritative guidance in 2020, only commercial and residential mortgage loans were included in the allowance rollforward and the allowance was based on either individual or collective evaluation.

Mortgage Loans Purchased and Sold (Table)

	For the three months ended				For the six months ended
	June 30,				June 30,
	2020		2019		2020		2019
	(in millions)
Commercial mortgage loans:
Purchased	$	73.5	$	103.0	$	86.3	$	115.9
Sold		—		—		1.1		0.5
Residential mortgage loans:
Purchased		267.7		66.2		494.5		99.4
Sold		48.5		21.2		73.4		32.1

Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)

	June 30, 2020				December 31, 2019
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total
	($ in millions)
Geographic distribution
New England	$	668.4	4.4	%	$	613.9	4.1	%
Middle Atlantic		4,137.7	27.4			4,139.7	27.5
East North Central		611.8	4.1			624.5	4.2
West North Central		236.7	1.6			237.2	1.6
South Atlantic		2,286.0	15.1			2,318.4	15.4
East South Central		340.7	2.3			438.5	2.9
West South Central		1,404.1	9.3			1,450.0	9.7
Mountain		972.3	6.4			931.8	6.2
Pacific		4,121.2	27.3			3,963.7	26.4
International		316.6	2.1			299.5	2.0
Total	$	15,095.5	100.0	%	$	15,017.2	100.0	%
Property type distribution
Office	$	4,689.9	31.1	%	$	4,887.1	32.6	%
Retail		1,921.3	12.7			2,052.6	13.7
Industrial		2,310.0	15.3			2,268.5	15.1
Apartments		5,616.7	37.2			5,246.9	34.9
Hotel		89.9	0.6			90.8	0.6
Mixed use/other		467.7	3.1			471.3	3.1
Total	$	15,095.5	100.0	%	$	15,017.2	100.0	%

Financial Assets Subject to Netting Agreements (Table)

			Gross amounts not offset in the
			consolidated statements
			of financial position
	Gross amount
	of recognized		Financial		Collateral
	assets (1)		instruments (2)		received		Net amount
	(in millions)
June 30, 2020
Derivative assets	$	530.6	$	(100.3)	$	(426.3)	$	4.0
Reverse repurchase agreements		21.7		—		(21.7)		—
Total	$	552.3	$	(100.3)	$	(448.0)	$	4.0
December 31, 2019
Derivative assets	$	288.7	$	(88.4)	$	(197.6)	$	2.7
Reverse repurchase agreements		23.6		—		(23.6)		—
Total	$	312.3	$	(88.4)	$	(221.2)	$	2.7

(1) The gross amount of recognized derivative and reverse repurchase agreement assets are reported with other investments and cash and cash equivalents, respectively, on the consolidated statements of financial position. The above excludes $0.8 million and $6.0 million of derivative assets as of June 30, 2020 and December 31, 2019, respectively, that are not subject to master netting agreements or similar agreements. The gross amounts of derivative and reverse repurchase agreement assets are not netted against offsetting liabilities for presentation on the consolidated statements of financial position.

(2) Represents amount of offsetting derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets for presentation on the consolidated statements of financial position.

Financial Liabilities Subject to Netting Agreements (Table)

			Gross amounts not offset in the
			consolidated statements
			of financial position
	Gross amount
	of recognized		Financial		Collateral
	liabilities (1)		instruments (2)		pledged		Net amount
	(in millions)
June 30, 2020
Derivative liabilities	$	192.8	$	(100.3)	$	(77.5)	$	15.0
December 31, 2019
Derivative liabilities	$	216.0	$	(88.4)	$	(118.3)	$	9.3

(1) The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes $576.0 million and $314.5 million of derivative liabilities as of June 30, 2020 and December 31, 2019, respectively, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amounts of derivative liabilities are not netted against offsetting assets for presentation on the consolidated statements of financial position.

(2) Represents amount of offsetting derivative assets that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative liabilities for presentation on the consolidated statements of financial position.