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Investments (Tables)

12 Months Ended

Dec. 31, 2020



			Gross		Gross		Allowance
	Amortized		unrealized		unrealized		for credit
	cost (1)		gains		losses		loss		Fair value

	(in millions)
December 31, 2020
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,893.1	$	228.9	$	10.5	$	—	$	2,111.5
Non-U.S. governments		881.6		192.1		—		—		1,073.7
States and political subdivisions		8,004.9		1,175.5		12.6		—		9,167.8
Corporate		41,289.9		6,160.9		95.1		0.9		47,354.8
Residential mortgage-backed pass-through securities		2,857.6		129.4		0.2		—		2,986.8
Commercial mortgage-backed securities		4,741.2		241.3		35.9		4.3		4,942.3
Collateralized debt obligations (2)		4,045.9		8.7		24.9		2.2		4,027.5
Other debt obligations		6,832.6		243.2		29.9		—		7,045.9
Total fixed maturities, available-for-sale	$	70,546.8	$	8,380.0	$	209.1	$	7.4	$	78,710.3

									Other-than-
			Gross		Gross				temporary
	Amortized		unrealized		unrealized				impairments in
	cost		gains		losses		Fair value		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 $552.5 million as of December 31, 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	$	2,336.5	$	2,372.9
Due after one year through five years		10,831.5		11,570.0
Due after five years through ten years		14,032.7		15,601.5
Due after ten years		24,868.8		30,163.4
Subtotal		52,069.5		59,707.8
Mortgage-backed and other asset-backed securities		18,477.3		19,002.5
Total	$	70,546.8	$	78,710.3

Net Investment Income (Table)


	For the year ended December 31,
	2020		2019		2018

	(in millions)
Fixed maturities, available-for-sale (1)	$	2,660.5	$	2,606.0	$	2,479.9
Fixed maturities, trading		18.7		23.8		26.4
Equity securities		62.8		110.5		38.8
Mortgage loans		724.7		707.0		641.4
Real estate		180.8		191.1		158.8
Policy loans		41.6		44.0		45.0
Cash and cash equivalents		17.4		65.3		56.2
Derivatives (1)		(1.8)		(2.0)		0.1
Other		296.5		370.8		285.0
Total		4,001.2		4,116.5		3,731.6
Investment expenses		(110.6)		(118.1)		(102.4)
Net investment income	$	3,890.6	$	3,998.4	$	3,629.2

(1)

Upon adoption of authoritative guidance effective January 1, 2019, 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. Prior to 2019, 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 were reported in net realized capital gains (losses). See Note 5, Derivative Financial Instruments, for further details.

Net Realized Capital Gains and Losses (Table)


	For the year ended December 31,
	2020		2019		2018

	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	134.2	$	15.5	$	40.2
Gross losses		(48.5)		(15.3)		(74.8)
Net credit losses (1)		(22.9)		(43.5)		(29.1)
Hedging, net (2)		(9.7)		(9.3)		(39.6)
Fixed maturities, trading (3)		3.2		43.0		(9.0)
Equity securities (4)		70.5		84.5		(17.7)
Mortgage loans		(15.5)		3.0		6.2
Derivatives (2)		77.3		(120.3)		11.7
Other		114.0		(10.4)		36.7
Net realized capital gains (losses)	$	302.6	$	(52.8)	$	(75.4)

(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)

(3)	Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $5.3 million, $32.8 million and $(12.2) million for the years ended December 31, 2020, 2019 and 2018, respectively.

(4)

Unrealized gains (losses) on equity securities still held at the reporting date were $64.6 million, $61.6 million and $(39.9) million for the years ended December 31, 2020, 2019 and 2018, respectively. This excludes $35.2 million, $66.9 million and $4.9 million of unrealized gains on equity securities still held at the reporting date for the years ended December 31, 2020, 2019 and 2018, respectively, that were reported in net investment income.

Allowance for credit loss (Tables)

For the year ended December 31, 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

(2)

obligations

Total

(in millions)

Beginning balance (1)

—

Additions for credit losses not previously recorded

—

13.2

—

2.9

0.1

—

16.2

Reductions for securities sold during the period

—

(7.0)

—

(7.0)

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

—

(5.9)

—

4.0

2.1

—

0.2

Write-offs charged against allowance

—

(2.6)

—

(2.6)

Foreign currency translation adjustment

—

0.6

—

0.6

Ending balance

—

0.9

—

4.3

2.2

—

7.4

(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 year ended December 31,
	2019		2018

	(in millions)
Net realized capital losses, excluding impairment losses on available-for-sale securities	$	(9.3)	$	(46.3)
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities		(38.3)		10.6
Other-than-temporary impairment losses on fixed maturities, available-for-sale
reclassified from other comprehensive income (1)		(5.2)		(39.7)
Net impairment losses on available-for-sale securities		(43.5)		(29.1)
Net realized capital losses	$	(52.8)	$	(75.4)

(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 year ended December 31,
	2019		2018

	(in millions)
Beginning balance	$	(117.5)	$	(124.3)
Credit losses for which an other-than-temporary impairment was not previously recognized		(6.8)		(11.3)
Credit losses for which an other-than-temporary impairment was previously recognized		(11.8)		(20.0)
Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold		54.3		29.5
Net reduction for positive changes in cash flows expected to be collected and amortization (1)		0.8		8.6
Ending balance	$	(81.0)	$	(117.5)

(1)	Amounts are recognized in net investment income.

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

December 31, 2020

Less than

Greater than or

twelve months

equal to twelve months

Total

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

351.1

10.4

—

351.1

10.4

States and political subdivisions

363.5

12.5

—

363.5

12.5

Corporate

1,578.7

54.4

267.9

40.6

1,846.6

95.0

Residential mortgage-backed pass- through securities

92.3

0.2

1.6

—

93.9

0.2

Commercial mortgage-backed securities

970.9

22.1

137.4

12.2

1,108.3

34.3

Collateralized debt obligations (2)

1,750.6

11.1

931.1

12.9

2,681.7

24.0

Other debt obligations

802.3

28.1

61.1

1.7

863.4

29.8

Total fixed maturities, available-for-sale

5,909.4

138.8

1,399.1

67.4

7,308.5

206.2

(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)


	December 31, 2020		December 31, 2019

	(in millions)
Net unrealized gains on fixed maturities, available-for-sale (1)	$	8,193.0	$	4,834.2
Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		—		(48.4)
Net unrealized gains on derivative instruments		38.9		94.1
Adjustments for assumed changes in amortization patterns		(437.3)		(261.0)
Adjustments for assumed changes in policyholder liabilities		(2,603.9)		(1,133.5)
Net unrealized gains on other investments and noncontrolling interest adjustments		78.0		96.8
Provision for deferred income taxes		(1,112.2)		(766.9)
Net unrealized gains on available-for-sale securities and derivative instruments	$	4,156.5	$	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:

A- and above

1,807.6

2,486.8

2,464.7

1,780.8

1,417.8

3,697.0

13,654.7

BBB+ thru BBB-

149.1

194.1

352.5

262.7

75.8

499.7

1,533.9

BB+ thru BB-

23.7

69.0

—

9.1

43.9

145.7

B+ and below

39.4

20.0

—

5.8

6.6

35.5

107.3

Total

2,019.8

2,769.9

2,817.2

2,049.3

1,509.3

4,276.1

15,441.6

Direct financing leases:

A- and above

43.9

1.6

42.6

19.2

15.3

202.9

325.5

BBB+ thru BBB-

94.9

5.5

11.3

18.4

3.0

35.5

168.6

BB+ thru BB-

13.3

—

1.9

15.2

B+ and below

57.6

22.5

11.9

—

1.0

108.5

201.5

Total

209.7

29.6

65.8

37.6

19.3

348.8

710.8

Residential mortgage

loans:

Performing

699.1

336.7

167.0

165.1

167.6

398.7

1,934.2

Non-performing

—

2.0

0.8

1.4

0.4

12.7

17.3

Total

699.1

338.7

167.8

166.5

168.0

411.4

1,951.5

Reinsurance recoverables

1,098.0

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)


	December 31, 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	$	10.7	$	—
Residential mortgage loans		6.8		10.8		0.7
Total	$	11.8	$	21.5	$	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)

December 31, 2020

Amortized

cost

90 days or

30-59 days

60-89 days

more past

Total

more and

past due

due

past due

Current

Total (1)

accruing

(in millions)

Commercial mortgage loans

42.1

9.2

12.0

63.3

15,378.3

15,441.6

1.3

Direct financing leases

—

3.2

—

3.2

707.6

710.8

—

Residential mortgage loans

66.6

8.8

10.9

86.3

1,865.2

1,951.5

6.5

Total

108.7

21.2

22.9

152.8

17,951.1

18,103.9

7.8

(1) No reinsurance recoverables were considered past due as of December 31, 2020.


	December 31, 2019 (1)
													Recorded
													investment
					90 days or								90 days or
	30-59 days		60-89 days		more past		Total						more and
	past due		past due		due		past 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 year ended December 31, 2020

Direct

Commercial

financing

Residential

Reinsurance

Other

mortgage loans

leases

mortgage loans

recoverables

receivables

Total

(in millions)

Beginning balance (1)

27.3

—

3.3

2.5

—

33.1

Provision (2)

15.5

0.1

1.5

0.2

—

17.3

Charge-offs

—

(0.9)

—

(0.9)

Recoveries

—

2.8

—

2.8

Foreign currency translation adjustment

0.4

—

0.2

—

0.6

Ending balance

43.2

0.1

6.9

2.7

—

52.9


	Commercial		Residential		Total

	(in millions)
For the year ended December 31, 2019 (3)
Beginning balance	$	24.3	$	3.1	$	27.4
Provision		0.2		(3.2)		(3.0)
Charge-offs		—		(0.6)		(0.6)
Recoveries		—		3.2		3.2
Ending balance	$	24.5	$	2.5	$	27.0
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	1.4	$	1.4
Collectively evaluated for impairment		24.5		1.1		25.6
Allowance ending balance	$	24.5	$	2.5	$	27.0
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	11.4	$	11.4
Collectively evaluated for impairment		15,017.2		1,485.3		16,502.5
Loan ending balance	$	15,017.2	$	1,496.7	$	16,513.9

For the year ended December 31, 2018 (3)
Beginning balance	$	25.8	$	6.9	$	32.7
Provision		(1.5)		(4.5)		(6.0)
Charge-offs		—		(2.4)		(2.4)
Recoveries		—		3.1		3.1
Ending balance	$	24.3	$	3.1	$	27.4
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	1.4	$	1.4
Collectively evaluated for impairment		24.3		1.7		26.0
Allowance ending balance	$	24.3	$	3.1	$	27.4
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	9.2	$	9.2
Collectively evaluated for impairment		13,996.3		1,358.8		15,355.1
Loan ending balance	$	13,996.3	$	1,368.0	$	15,364.3

(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 year ended December 31, 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 year ended December 31,
	2020		2019		2018

	(in millions)
Commercial mortgage loans:
Purchased	$	166.8	$	200.5	$	127.5
Sold		7.6		1.6		2.2
Residential mortgage loans:
Purchased(1)		1,151.1		489.2		394.2
Sold		117.4		70.7		80.3

(1)	Includes mortgage loans purchased by a residential mortgage loan VIE established in 2020.

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


	December 31, 2020				December 31, 2019
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total

	($ in millions)
Geographic distribution
New England	$	593.9	3.8	%	$	613.9	4.1	%
Middle Atlantic		4,438.2	28.8			4,139.7	27.5
East North Central		572.6	3.7			624.5	4.2
West North Central		267.5	1.7			237.2	1.6
South Atlantic		2,368.9	15.3			2,318.4	15.4
East South Central		316.6	2.1			438.5	2.9
West South Central		1,315.9	8.5			1,450.0	9.7
Mountain		936.2	6.1			931.8	6.2
Pacific		4,183.0	27.1			3,963.7	26.4
International		448.8	2.9			299.5	2.0
Total	$	15,441.6	100.0	%	$	15,017.2	100.0	%

Property type distribution
Office	$	4,491.7	29.0	%	$	4,887.1	32.6	%
Retail		1,815.3	11.8			2,052.6	13.7
Industrial		2,488.7	16.1			2,268.5	15.1
Apartments		5,958.0	38.6			5,246.9	34.9
Hotel		89.4	0.6			90.8	0.6
Mixed use/other		598.5	3.9			471.3	3.1
Total	$	15,441.6	100.0	%	$	15,017.2	100.0	%

Minority Interests in Unconsolidated Entities-Balance Sheet (Table)


	December 31,
	2020		2019

	(in millions)
Total assets	$	155,724.1	$	158,439.7
Total liabilities		73,438.2		88,455.8
Total equity	$	82,285.9	$	69,983.9
Net investment in unconsolidated entities (1)	$	1,912.9	$	1,825.5

Minority Interests in Unconsolidated Entities-Income Statement (Table)


	For the year ended
	December 31,
	2020		2019		2018

	(in millions)
Total revenues	$	14,989.0	$	17,802.2	$	15,389.4
Net income		7,757.0		7,938.3		6,542.1
Our share of net income of unconsolidated entities (1)		143.9		222.5		161.6

(1)	Our most significant equity investee is Brasilprev Seguros e Previdencia, a co-managed joint venture in Brazil.

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)
December 31, 2020
Derivative assets	$	463.5	$	(132.5)	$	(293.5)	$	37.5
Reverse repurchase agreements		63.7		—		(63.7)		—
Total	$	527.2	$	(132.5)	$	(357.2)	$	37.5

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 $0.0 million and $6.0 million of derivative assets as of December 31, 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)

December 31, 2020

Derivative liabilities

186.2

(132.5)

(45.7)

8.0

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 $467.8 million and $314.5 million of derivative liabilities as of December 31, 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.