Closed Block (Tables)

12 Months Ended

Dec. 31, 2020

Closed Block

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

	December 31, 2020		December 31, 2019
	(in millions)
Closed Block liabilities
Future policy benefits and claims	$	3,423.2	$	3,563.1
Other policyholder funds		6.0		6.6
Policyholder dividends payable		189.0		199.1
Policyholder dividends obligation		298.2		202.7
Other liabilities		8.7		7.8
Total Closed Block liabilities		3,925.1		3,979.3
Assets designated to the Closed Block
Fixed maturities, available-for-sale		2,353.3		2,269.6
Fixed maturities, trading		2.6		2.6
Equity securities		1.1		1.1
Mortgage loans		565.9		622.8
Policy loans		456.8		486.0
Other investments		61.7		46.4
Total investments		3,441.4		3,428.5
Cash and cash equivalents		23.2		47.5
Accrued investment income		35.4		38.1
Premiums due and other receivables		8.3		9.7
Deferred tax asset		24.2		29.5
Total assets designated to the Closed Block		3,532.5		3,553.3
Excess of Closed Block liabilities over assets designated to the Closed Block		392.6		426.0
Amounts included in accumulated other comprehensive income		0.9		0.9
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	393.5	$	426.9

Closed Block Revenues and Expenses (Table)

	For the year ended December 31,
	2020		2019		2018
	(in millions)
Revenues
Premiums and other considerations	$	217.6	$	227.6	$	244.2
Net investment income		143.6		154.4		160.5
Net realized capital gains (losses)		16.0		7.4		(3.4)
Total revenues		377.2		389.4		401.3
Expenses
Benefits, claims and settlement expenses		212.8		204.4		211.5
Dividends to policyholders		117.8		116.3		120.9
Operating expenses		2.7		2.9		3.3
Total expenses		333.3		323.6		335.7
Closed Block revenues, net of Closed Block expenses, before income taxes		43.9		65.8		65.6
Income taxes		8.4		12.9		11.1
Closed Block revenues, net of Closed Block expenses and income taxes		35.5		52.9		54.5
Funding adjustments		(2.2)		(3.0)		(0.5)
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments	$	33.3	$	49.9	$	54.0

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

	For the year ended December 31,
	2020		2019		2018
	(in millions)
Beginning of year	$	426.9	$	476.8	$	532.1
Effects of implementation of accounting changes (1)		0.1		—		1.3
End of year		393.5		426.9		476.8
Change in maximum future earnings	$	(33.3)	$	(49.9)	$	(54.0)

(1) Includes the effects of implementation of accounting changes related to credit losses in 2020 and equity investments and the reclassification of certain tax effects in 2018.