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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Measurements

Fair Value (Table)

September 30, 2021

Assets/

Amount

(liabilities)

measured at

net asset

Fair value hierarchy level

fair value

value (4)

Level 1

Level 2

Level 3

(in millions)

Assets

Fixed maturities, available-for-sale:

U.S. government and agencies

1,921.8

—

1,606.0

315.8

—

Non-U.S. governments

1,044.8

—

1.0

1,043.8

—

States and political subdivisions

9,233.0

—

9,233.0

—

Corporate

45,544.9

—

41.6

44,697.5

805.8

Residential mortgage-backed pass-through securities

2,882.6

—

2,882.6

—

Commercial mortgage-backed securities

5,283.2

—

5,269.0

14.2

Collateralized debt obligations (1)

3,566.3

—

3,515.9

50.4

Other debt obligations

7,080.5

—

7,058.3

22.2

Total fixed maturities, available-for-sale

76,557.1

—

1,648.6

74,015.9

892.6

Fixed maturities, trading

413.5

—

0.5

413.0

—

Equity securities

2,428.2

—

1,089.9

1,338.3

—

Derivative assets (2)

328.1

—

327.4

0.7

Other investments

784.4

92.6

312.0

377.1

2.7

Cash equivalents

1,786.9

—

65.9

1,721.0

—

Sub-total excluding separate account assets

82,298.2

92.6

3,116.9

78,192.7

896.0

Separate account assets

177,850.5

8,165.2

110,111.4

58,306.6

1,267.3

Total assets

260,148.7

8,257.8

113,228.3

136,499.3

2,163.3

Liabilities

Investment and universal life contracts (3)

(355.3)

—

(355.3)

Derivative liabilities (2)

(242.9)

—

(242.2)

(0.7)

Other liabilities

(1.8)

—

(1.8)

—

Total liabilities

(600.0)

—

(244.0)

(356.0)

Net assets

259,548.7

8,257.8

113,228.3

136,255.3

1,807.3


	December 31, 2020
	Assets/		Amount
	(liabilities)		measured at
	measured at		net asset		Fair value hierarchy level
	fair value		value (4)		Level 1		Level 2		Level 3

	(in millions)
Assets
Fixed maturities, available-for-sale:
U.S. government and agencies	$	2,111.5	$	—	$	1,768.3	$	343.2	$	—
Non-U.S. governments		1,073.7		—		1.1		1,072.6		—
States and political subdivisions		9,167.8		—		—		9,167.8		—
Corporate		47,354.8		—		—		47,064.0		290.8
Residential mortgage-backed pass-through securities		2,986.8		—		—		2,986.8		—
Commercial mortgage-backed securities		4,942.3		—		—		4,929.1		13.2
Collateralized debt obligations (1)		4,027.5		—		—		4,000.3		27.2
Other debt obligations		7,045.9		—		—		7,016.7		29.2
Total fixed maturities, available-for-sale		78,710.3		—		1,769.4		76,580.5		360.4
Fixed maturities, trading		532.1		—		0.5		531.6		—
Equity securities		2,013.4		—		659.7		1,353.7		—
Derivative assets (2)		463.5		—		—		462.9		0.6
Other investments		746.3		75.7		252.8		385.9		31.9
Cash equivalents		1,466.4		—		38.3		1,428.1		—
Sub-total excluding separate account assets		83,932.0		75.7		2,720.7		80,742.7		392.9
Separate account assets		175,951.4		155.8		102,550.5		64,351.9		8,893.2
Total assets	$	259,883.4	$	231.5	$	105,271.2	$	145,094.6	$	9,286.1

Liabilities
Investment and universal life contracts (3)	$	(467.8)	$	—	$	—	$	—	$	(467.8)
Derivative liabilities (2)		(186.1)		—		—		(180.4)		(5.7)
Other liabilities		(0.4)		—		—		(0.4)		—
Total liabilities	$	(654.3)	$	—	$	—	$	(180.8)	$	(473.5)

Net assets	$	259,229.1	$	231.5	$	105,271.2	$	144,913.8	$	8,812.6

(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 4, 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 $10.8 million and $15.1 million as of September 30, 2021 and December 31, 2020, respectively. Separate account assets using the NAV practical expedient consist of hedge funds and a real estate fund with varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these funds.

Reconciliation for All Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Table)

For the three months ended September 30, 2021

Beginning

Net

Ending

asset/

Total realized/unrealized

purchases,

asset/

(liability)

gains (losses)

sales,

(liability)

balance

Included in

issuances

balance

as of

Included in

other

and

Transfers

as of

July 1,

net income

comprehensive

settlements

into

out of

September 30,

2021

(2)

income (3)

(4)

Level 3

2021

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

549.0

(7.8)

10.5

229.0

25.1

—

805.8

Commercial mortgage-backed securities

11.6

—

(0.1)

2.7

—

14.2

Collateralized debt obligations

195.6

—

27.6

—

(172.8)

50.4

Other debt obligations

61.4

—

(0.2)

(14.0)

—

(25.0)

22.2

Total fixed maturities, available-for-sale

817.6

(7.8)

10.2

245.3

25.1

(197.8)

892.6

Other investments

44.5

(0.1)

(0.6)

(41.1)

—

2.7

Separate account assets (1)

1,217.4

71.0

—

(21.1)

—

1,267.3

Liabilities

Investment and universal life contracts

(281.6)

(80.4)

0.1

6.6

—

(355.3)

Derivatives

Net derivative assets (liabilities)

(8.9)

(1.8)

—

10.7

—


	For the three months ended September 30, 2020
	Beginning						Net						Ending
	asset/		Total realized/unrealized				purchases,						asset/
	(liability)		gains (losses)				sales,						(liability)
	balance				Included in		issuances						balance
	as of		Included in		other		and		Transfers		Transfers		as of
	July 1,		net income		comprehensive		settlements		into		out of		September 30,
	2020		(2)		income (3)		(4)		Level 3		Level 3		2020

	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	275.0	$	(1.0)	$	4.3	$	27.5	$	—	$	(24.5)	$	281.3
Commercial mortgage-backed securities		13.1		(0.4)		—		—		0.3		—		13.0
Collateralized debt obligations		2.8		(0.9)		0.4		16.1		—		—		18.4
Other debt obligations		71.2		—		(0.2)		(35.1)		—		(6.8)		29.1
Total fixed maturities, available-for-sale		362.1		(2.3)		4.5		8.5		0.3		(31.3)		341.8
Other investments		38.7		2.7		—		(11.0)		—		—		30.4
Separate account assets (1)		8,821.3		72.3		—		(38.4)		—		—		8,855.2

Liabilities
Investment and universal life contracts		(576.0)		23.2		—		0.4		—		—		(552.4)

Derivatives
Net derivative assets (liabilities)		(14.2)		4.7		—		(0.9)		—		—		(10.4)

For the nine months ended September 30, 2021

Beginning

Net

Ending

asset/

Total realized/unrealized

purchases,

asset/

(liability)

gains (losses)

sales,

(liability)

balance

Included in

issuances

balance

as of

Included in

other

and

Transfers

as of

January 1,

net income

comprehensive

settlements

into

out of

September 30,

2021

(2)

income (3)

(4)

Level 3

2021

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

290.8

(12.7)

5.8

354.3

167.6

—

805.8

Commercial mortgage-backed securities

13.2

(1.0)

(0.6)

2.6

—

14.2

Collateralized debt obligations

27.2

(2.0)

1.8

337.5

84.1

(398.2)

50.4

Other debt obligations

29.2

—

0.6

(3.2)

20.6

(25.0)

22.2

Total fixed maturities, available-for-sale

360.4

(15.7)

7.6

691.2

272.3

(423.2)

892.6

Other investments

31.9

12.5

(0.6)

(41.1)

—

2.7

Separate account assets (1)

8,893.2

215.6

—

(7,841.5)

—

1,267.3

Liabilities

Investment and universal life contracts

(467.8)

89.3

0.2

23.0

—

(355.3)

Derivatives

Net derivative assets (liabilities)

(5.1)

(6.2)

—

11.3

—


	For the nine months ended September 30, 2020
	Beginning						Net						Ending
	asset/		Total realized/unrealized				purchases,						asset/
	(liability)		gains (losses)				sales,						(liability)
	balance				Included in		issuances						balance
	as of		Included in		other		and		Transfers		Transfers		as of
	January 1,		net income		comprehensive		settlements		into		out of		September 30,
	2020		(2)		income (3)		(4)		Level 3		Level 3		2020

	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	81.7	$	(1.0)	$	(6.3)	$	38.3	$	342.0	$	(173.4)	$	281.3
Commercial mortgage-backed securities		12.9		(1.3)		1.1		—		0.3		—		13.0
Collateralized debt obligations		199.0		(1.9)		(22.2)		158.1		—		(314.6)		18.4
Other debt obligations		91.3		—		(1.6)		(37.8)		46.1		(68.9)		29.1
Total fixed maturities, available-for-sale		384.9		(4.2)		(29.0)		158.6		388.4		(556.9)		341.8
Fixed maturities, trading		0.3		—		—		—		—		(0.3)		—
Other investments		39.0		5.0		(2.9)		(10.7)		—		—		30.4
Separate account assets (1)		8,968.0		225.4		—		(338.2)		—		—		8,855.2

Liabilities
Investment and universal life contracts		(214.2)		(335.5)		(0.3)		(2.4)		—		—		(552.4)

Derivatives
Net derivative assets (liabilities)		13.0		6.5		—		(3.4)		—		(26.5)		(10.4)

(1)

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.

(2)

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. Changes in unrealized gains (losses) included in net income relating to positions still held were:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2021		2020		2021		2020

	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	(7.8)	$	—	$	(12.6)	$	—
Commercial mortgage-backed securities		—		(0.4)		—		(1.3)
Collateralized debt obligations		—		(0.9)		(2.0)		(1.9)
Total fixed maturities, available-for-sale		(7.8)		(1.3)		(14.6)		(3.2)
Other investments		(0.1)		1.7		12.6		4.0
Separate account assets		71.5		72.3		215.6		211.2

Liabilities
Investment and universal life contracts		(76.4)		29.4		86.1		(344.8)

Derivatives
Net derivative assets (liabilities)		(0.7)		4.6		(0.6)		5.2

(3)	Changes in unrealized gains (losses) included in OCI, including foreign currency translation adjustments related to our Principal International segment, relating to positions still held were:

For the three months ended

For the nine months ended

September 30,

2021

2020

2021

2020

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

10.6

3.6

4.4

(2.1)

Commercial mortgage-backed securities

(0.2)

—

(0.6)

1.1

Collateralized debt obligations

—

0.3

2.1

(0.6)

Total fixed maturities, available-for-sale

10.4

3.9

5.9

(1.6)

Other investments

(0.6)

—

(0.6)

(2.9)

Liabilities

Investment and universal life contracts

0.1

—

0.2

(0.3)

(4)	Gross purchases, sales, issuances and settlements were:

For the three months ended September 30, 2021

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

268.5

(3.4)

—

(36.1)

229.0

Commercial mortgage-backed securities

2.7

—

2.7

Collateralized debt obligations

27.6

—

27.6

Other debt obligations

—

(14.0)

Total fixed maturities, available-for-sale

298.8

(3.4)

—

(50.1)

245.3

Other investments

—

(41.1)

—

(41.1)

Separate account assets (5)

—

(2.0)

(34.4)

15.3

(21.1)

Liabilities

Investment and universal life contracts

—

(3.5)

10.1

6.6

Derivatives

Net derivative assets (liabilities)

—

10.7

—

10.7


	For the three months ended September 30, 2020
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	42.6	$	(4.4)	$	—	$	(10.7)	$	27.5
Collateralized debt obligations		16.0		—		—		0.1		16.1
Other debt obligations		—		—		—		(35.1)		(35.1)
Total fixed maturities, available-for-sale		58.6		(4.4)		—		(45.7)		8.5
Other investments		—		(11.0)		—		—		(11.0)
Separate account assets (5)		4.2		(0.2)		(42.2)		(0.2)		(38.4)

Liabilities
Investment and universal life contracts		—		—		(6.3)		6.7		0.4

Derivatives
Net derivative assets (liabilities)		—		(0.9)		—		—		(0.9)

For the nine months ended September 30, 2021

Net purchases,

sales, issuances

Purchases

Sales

Issuances

Settlements

and settlements

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

469.3

(14.3)

—

(100.7)

354.3

Commercial mortgage-backed securities

2.7

—

(0.1)

2.6

Collateralized debt obligations

362.0

—

(24.5)

337.5

Other debt obligations

25.1

—

(28.3)

(3.2)

Total fixed maturities, available-for-sale

859.1

(14.3)

—

(153.6)

691.2

Other investments

—

(41.1)

—

(41.1)

Separate account assets (5)

36.7

(7,795.2)

(175.4)

92.4

(7,841.5)

Liabilities

Investment and universal life contracts

—

(11.7)

34.7

23.0

Derivatives

Net derivative assets (liabilities)

—

11.3

—

11.3


	For the nine months ended September 30, 2020
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements

	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	77.5	$	(5.4)	$	—	$	(33.8)	$	38.3
Collateralized debt obligations		157.8		—		—		0.3		158.1
Other debt obligations		14.3		—		—		(52.1)		(37.8)
Total fixed maturities, available-for-sale		249.6		(5.4)		—		(85.6)		158.6
Other investments		0.3		(11.0)		—		—		(10.7)
Separate account assets (5)		72.2		(185.8)		(269.0)		44.4		(338.2)

Liabilities
Investment and universal life contracts		—		—		(18.5)		16.1		(2.4)

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

(5)	Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.

Transfers (Table)

For the three months ended September 30, 2021

Transfers out

of Level 1 into

of Level 2 into

of Level 3 into

Level 3

Level 1

Level 2

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

—

25.1

—

Collateralized debt obligations

—

172.8

Other debt obligations

—

25.0

Total fixed maturities, available-for-sale

—

25.1

—

197.8


	For the three months ended September 30, 2020
	Transfers out		Transfers out		Transfers out		Transfers out
	of Level 1 into		of Level 2 into		of Level 3 into		of Level 3 into
	Level 3		Level 3		Level 1		Level 2

	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	—	$	—	$	—	$	24.5
Commercial mortgage-backed securities		—		0.3		—		—
Other debt obligations		—		—		—		6.8
Total fixed maturities, available-for-sale		—		0.3		—		31.3

For the nine months ended September 30, 2021

Transfers out

of Level 1 into

of Level 2 into

of Level 3 into

Level 3

Level 1

Level 2

(in millions)

Assets

Fixed maturities, available-for-sale:

Corporate

—

167.6

—

Collateralized debt obligations

—

84.1

—

398.2

Other debt obligations

—

20.6

—

25.0

Total fixed maturities, available-for-sale

—

272.3

—

423.2


	For the nine months ended September 30, 2020
	Transfers out		Transfers out		Transfers out		Transfers out
	of Level 1 into		of Level 2 into		of Level 3 into		of Level 3 into
	Level 3		Level 3		Level 1		Level 2

	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	—	$	342.0	$	—	$	173.4
Commercial mortgage-backed securities		—		0.3		—		—
Collateralized debt obligations		—		—		—		314.6
Other debt obligations		—		46.1		—		68.9
Total fixed maturities, available-for-sale		—		388.4		—		556.9
Fixed maturities, trading		—		—		—		0.3

Derivatives
Net derivative assets (liabilities)		—		—		—		26.5

Quantitative Information about Level 3 Fair Value Measurements (Table)


	September 30, 2021
	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	$	746.9	Discounted cash flow	Discount rate (1)	0.7	% -	18.6	%	7.0	%
				Illiquidity premium	0	basis points (“bps”)-	70	bps	7	bps
				Potential loss severity			16.4	%	16.4	%
				Probability of default			100.0	%	100.0	%
Commercial mortgage-backed securities		2.7	Discounted cash flow	Discount rate (1)			3.9	%	3.9	%
Collateralized debt obligations		1.0	Discounted cash flow	Discount rate (1)			3.0	%	3.0	%
				Illiquidity premium			291	bps	291	bps
Other debt obligations		22.2	Discounted cash flow	Discount rate (1)	2.5	% -	10.0	%	2.8	%
				Illiquidity premium	225	bps-	500	bps	235	bps
Other investments		1.3	Market comparables - other investments	Revenue multiples (2)	6.8	x -	9.1	x	8.0	x
Separate account assets		1,268.0	Discounted cash flow - mortgage loans	Discount rate (1)			1.2	%	1.2	%
				Illiquidity premium			60	bps	60	bps
				Credit spread rate			109	bps	109	bps
			Discounted cash flow - real estate	Discount rate (1)	5.5	% -	11.9	%	7.5	%
				Terminal capitalization rate	4.5	% -	9.3	%	5.9	%
				Average market rent growth rate	1.5	% -	3.6	%	2.8	%
			Discounted cash flow - real estate debt	Loan to value	29.0	% -	60.2	%	43.6	%
				Market interest rate	2.3	% -	4.5	%	2.8	%


Liabilities
Investment and universal life contracts (6)	(355.3)	Discounted cash flow	Long duration interest rate	1.9	% -	2.1	%	(3)	2.0%
			Long-term equity market volatility	17.9	% -	32.0	%		22.1%
			Nonperformance risk	0.2	% -	1.0	%		0.8%
			Utilization rate	See note (4)
			Lapse rate	0.0	% -	17.0	%		5.1%
			Mortality rate	See note (5)


	December 31, 2020
	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	$	286.1	Discounted cash flow	Discount rate (1)		0.9	% -	11.7	%	7.3	%
				Illiquidity premium		0	bps-	60	bps	19	bps
				Comparability adjustment		0	bps-	769	bps	359	bps
				Potential loss severity				54.6	%	54.6	%
				Probability of default				100.0	%	100.0	%
Commercial mortgage-backed securities		1.1	Discounted cash flow	Probability of default				100.0	%	100.0	%
				Potential loss severity				78.4	%	78.4	%
Collateralized debt obligations		0.7	Discounted cash flow	Potential loss severity				40.5	%	40.5	%
				Probability of default				100.0	%	100.0	%
Other debt obligations		0.8	Discounted cash flow	Discount rate (1)				10.0	%	10.0	%
				Illiquidity premium				500	bps	500	bps
Other investments		30.4	Discounted cash flow - other investments	Discount rate (1)		25.0	% -	30.0	%	27.5	%
				Terminal earnings before interest, taxes, depreciation and amortization multiple		3.8	x -	4.7	x	4.2	x
			Market comparables - other investments	Revenue multiples (2)		6.0	x -	8.0	x	7.0	x
			Discounted cash flow - real estate	Discount rate (1)				6.5	%	6.5	%
				Terminal capitalization rate				5.3	%	5.3	%
				Average market rent growth rate				2.6	%	2.6	%
			Discounted cash flow - real estate debt	Loan to value				52.6	%	52.6	%
				Credit spread				3.3	%	3.3	%
Separate account assets		8,893.2	Discounted cash flow - mortgage loans	Discount rate (1)				1.2	%	1.2	%
				Illiquidity premium				60	bps	60	bps
				Credit spread rate				110	bps	110	bps
			Discounted cash flow - real estate	Discount rate (1)		5.6	% -	11.9	%	6.9	%
				Terminal capitalization rate		4.5	% -	9.3	%	5.7	%
				Average market rent growth rate		1.5	% -	4.8	%	3.0	%
			Discounted cash flow - real estate debt	Loan to value		6.3	% -	74.2	%	47.5	%
				Market interest rate		2.0	% -	5.0	%	3.4	%


	December 31, 2020
	Assets /
	(liabilities)
	measured at		Valuation	Unobservable	Input/range of					Weighted
	fair value		technique(s)	input description	inputs					average
	(in millions)
Liabilities
Investment and universal life contracts (6)		(467.8)	Discounted cash flow	Long duration interest rate		1.2	% -	1.4	% (3)	1.3	%
				Long-term equity market volatility		17.6	% -	26.9	%	19.6	%
				Nonperformance risk		0.1	% -	1.4	%	0.9	%
				Utilization rate		See note (4)
				Lapse rate		0.0	% -	16.0	%	5.8	%
				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)

(1)	Reported with other investments in the consolidated statements of financial position.

For the three months ended September 30,

For the nine months ended September 30,

2021

2020

2021

2020

(in millions)

Real estate ventures

Change in fair value pre-tax gain (1)

(0.1)

1.7

12.6

4.0

(1)	Reported in net investment income on the consolidated statements of operations.

Financial Instruments Not Reported at Fair Value (Table)

September 30, 2021

Fair value hierarchy level

Carrying amount

Fair value

Level 1

Level 2

Level 3

(in millions)

Assets (liabilities)

Mortgage loans

19,426.0

20,504.4

—

20,504.4

Policy loans

762.1

961.7

—

961.7

Other investments

344.7

334.5

—

244.2

90.3

Cash and cash equivalents

1,358.5

1,334.4

24.1

—

Investment contracts

(36,067.9)

(36,717.2)

—

(7,500.2)

(29,217.0)

Short-term debt

(74.3)

—

(74.3)

—

Long-term debt

(4,279.7)

(4,827.7)

—

(4,788.3)

(39.4)

Separate account liabilities

(161,410.9)

(160,362.4)

—

(160,362.4)

Bank deposits (1)

(385.3)

(387.8)

—

(387.8)

—

Cash collateral payable

(176.9)

—


	December 31, 2020
					Fair value hierarchy level
	Carrying amount		Fair value		Level 1		Level 2		Level 3

	(in millions)
Assets (liabilities)
Mortgage loans	$	17,343.0	$	18,762.6	$	—	$	—	$	18,762.6
Policy loans		784.0		1,037.7		—		—		1,037.7
Other investments		347.2		338.5		—		247.1		91.4
Cash and cash equivalents		1,383.4		1,383.4		1,369.7		13.7		—
Investment contracts		(35,449.9)		(36,738.7)		—		(5,276.9)		(31,461.8)
Short-term debt		(84.7)		(84.7)		—		(84.7)		—
Long-term debt		(4,279.2)		(4,949.9)		—		(4,908.7)		(41.2)
Separate account liabilities		(160,316.4)		(159,129.2)		—		—		(159,129.2)
Bank deposits (1)		(423.5)		(429.7)		—		(429.7)		—
Cash collateral payable		(224.6)		(224.6)		(224.6)		—		—

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

September 30, 2021

December 31, 2020

(in millions)

Real estate ventures (1)

Fair value