XML 147 R132.htm IDEA: XBRL DOCUMENT v3.20.4
Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Recurring Fair Value Measurements
$ in Millions
Dec. 31, 2020
USD ($)
item
Dec. 31, 2019
USD ($)
item
Unobservable inputs    
Assets measured at fair value | $ $ 259,883.4 $ 240,519.2
Liabilities measured at fair value | $ (654.3) (530.8)
Fair value hierarchy Level 3    
Unobservable inputs    
Assets measured at fair value | $ 9,286.1 9,421.5
Liabilities measured at fair value | $ (473.5) (230.5)
Fair value hierarchy Level 3 | Investment and universal life contracts    
Unobservable inputs    
Liabilities measured at fair value | $ $ (467.8) $ (214.2)
Embedded derivative, Valuation technique us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Minimum    
Unobservable inputs    
Embedded derivative, Input 0.012 0.020
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Maximum    
Unobservable inputs    
Embedded derivative, Input 0.014 0.021
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Weighted average input    
Unobservable inputs    
Embedded derivative, Input 0.013  
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Minimum    
Unobservable inputs    
Embedded derivative, Input 0.176 0.150
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Maximum    
Unobservable inputs    
Embedded derivative, Input 0.269 0.269
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Weighted average input    
Unobservable inputs    
Embedded derivative, Input 0.196  
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Minimum    
Unobservable inputs    
Embedded derivative, Input 0.001 0.002
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Maximum    
Unobservable inputs    
Embedded derivative, Input 0.014 0.013
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Weighted average input    
Unobservable inputs    
Embedded derivative, Input 0.009  
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Minimum    
Unobservable inputs    
Embedded derivative, Input 0.000 0.000
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Maximum    
Unobservable inputs    
Embedded derivative, Input 0.160 0.180
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Weighted average input    
Unobservable inputs    
Embedded derivative, Input 0.058  
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale    
Unobservable inputs    
Assets measured at fair value | $ $ 286.1 $ 72.5
Fixed maturities, available-for-sale, Valuation technique us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.009 0.019
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.117 0.051
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.073 0.038
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0 0
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0060 0.0410
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0019 0.0152
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0  
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0769  
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0359  
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Probability of default | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.000  
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Probability of default | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 1.000  
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Probability of default | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.003  
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Potential loss severity | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.000  
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Potential loss severity | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.546  
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Potential loss severity | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.002  
Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale    
Unobservable inputs    
Assets measured at fair value | $ $ 1.1 $ 2.4
Fixed maturities, available-for-sale, Valuation technique gaap:ValuationTechniqueDiscountedCashFlowMember gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | Discounted cash flow | Probability of default    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 1.000 1.000
Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | Discounted cash flow | Probability of default | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 1.000 1.000
Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | Discounted cash flow | Potential loss severity    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.784 0.531
Fair value hierarchy Level 3 | Commercial mortgage-backed securities | Available-for-sale | Discounted cash flow | Potential loss severity | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.784 0.531
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale    
Unobservable inputs    
Assets measured at fair value | $ $ 0.7 $ 108.7
Fixed maturities, available-for-sale, Valuation technique gaap:ValuationTechniqueDiscountedCashFlowMember gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input   0.029
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input   0.100
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input   0.034
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Probability of default    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 1.000 1.000
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Probability of default | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 1.000 1.000
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Potential loss severity    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.405 0.230
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Potential loss severity | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.405 0.230
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale    
Unobservable inputs    
Assets measured at fair value | $ $ 0.8 $ 1.2
Fixed maturities, available-for-sale, Valuation technique us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.100 0.050
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.100 0.050
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0500 0.0500
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0500 0.0500
Fair value hierarchy Level 3 | Other investments    
Unobservable inputs    
Assets measured at fair value | $ $ 30.4 $ 14.8
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Discount rate | Minimum    
Unobservable inputs    
Other investments, Input 0.250 0.250
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Discount rate | Maximum    
Unobservable inputs    
Other investments, Input 0.300 0.300
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Discount rate | Weighted average input    
Unobservable inputs    
Other investments, Input 0.275 0.275
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Terminal earnings before interest, taxes, depreciation and amortization multiple | Minimum    
Unobservable inputs    
Other investments, Input 3.8 3.5
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Terminal earnings before interest, taxes, depreciation and amortization multiple | Maximum    
Unobservable inputs    
Other investments, Input 4.7 4.5
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, other investments | Terminal earnings before interest, taxes, depreciation and amortization multiple | Weighted average input    
Unobservable inputs    
Other investments, Input 4.2 4.0
Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Minimum    
Unobservable inputs    
Other investments, Input 6.0 0.8
Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Maximum    
Unobservable inputs    
Other investments, Input 8.0 7.0
Fair value hierarchy Level 3 | Other investments | Market comparables | Revenue multiples | Weighted average input    
Unobservable inputs    
Other investments, Input 7.0 4.1
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Discount rate    
Unobservable inputs    
Other investments, Input 0.065  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Discount rate | Weighted average input    
Unobservable inputs    
Other investments, Input 0.065  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Terminal capitalization rate    
Unobservable inputs    
Other investments, Input 0.053  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Terminal capitalization rate | Weighted average input    
Unobservable inputs    
Other investments, Input 0.053  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Average market rent growth rate    
Unobservable inputs    
Other investments, Input 0.026  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate | Average market rent growth rate | Weighted average input    
Unobservable inputs    
Other investments, Input 0.026  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Credit spread rate    
Unobservable inputs    
Other investments, Input 0.033  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Credit spread rate | Weighted average input    
Unobservable inputs    
Other investments, Input 0.033  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Loan to value    
Unobservable inputs    
Other investments, Input 0.526  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow, real estate debt | Loan to value | Weighted average input    
Unobservable inputs    
Other investments, Input 0.526  
Fair value hierarchy Level 3 | Separate account assets    
Unobservable inputs    
Assets measured at fair value | $ $ 8,893.2 $ 8,966.2
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Discount rate    
Unobservable inputs    
Separate account assets, Input 0.012 0.028
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Discount rate | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.012 0.028
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Illiquidity premium    
Unobservable inputs    
Separate account assets, Input 0.0060 0.0060
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Illiquidity premium | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.0060 0.0060
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Credit spread rate    
Unobservable inputs    
Separate account assets, Input 0.0110 0.0120
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, mortgage loans | Credit spread rate | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.0110 0.0120
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Minimum    
Unobservable inputs    
Separate account assets, Input 0.056 0.055
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Maximum    
Unobservable inputs    
Separate account assets, Input 0.119 0.118
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.069 0.067
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Minimum    
Unobservable inputs    
Separate account assets, Input 0.045 0.045
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Maximum    
Unobservable inputs    
Separate account assets, Input 0.093 0.093
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.057 0.057
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Minimum    
Unobservable inputs    
Separate account assets, Input 0.015 0.020
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Maximum    
Unobservable inputs    
Separate account assets, Input 0.048 0.047
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.030 0.030
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Minimum    
Unobservable inputs    
Separate account assets, Input 0.063 0.080
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Maximum    
Unobservable inputs    
Separate account assets, Input 0.742 0.804
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.475 0.459
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Minimum    
Unobservable inputs    
Separate account assets, Input 0.020 0.032
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Maximum    
Unobservable inputs    
Separate account assets, Input 0.050 0.058
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.034 0.036