Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments

Available-for-Sale Securities (Table)

			Gross		Gross		Allowance
	Amortized		unrealized		unrealized		for credit
	cost (1)		gains		losses		loss		Fair value
	(in millions)
March 31, 2022
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,933.7	$	12.8	$	76.7	$	—	$	1,869.8
Non-U.S. governments		836.4		79.1		13.8		—		901.7
States and political subdivisions		8,191.6		309.0		266.5		—		8,234.1
Corporate		42,197.1		1,511.5		1,276.8		20.0		42,411.8
Residential mortgage-backed pass-through securities		1,978.3		10.0		82.9		—		1,905.4
Commercial mortgage-backed securities		5,625.1		15.0		216.6		0.3		5,423.2
Collateralized debt obligations (2)		3,919.3		2.9		33.6		—		3,888.6
Other debt obligations		7,033.1		30.5		284.5		0.1		6,779.0
Total fixed maturities, available-for-sale	$	71,714.6	$	1,970.8	$	2,251.4	$	20.4	$	71,413.6

			Gross		Gross		Allowance
	Amortized		unrealized		unrealized		for credit
	cost (1)		gains		losses		loss		Fair value
		(in millions)
December 31, 2021
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,978.0	$	148.0	$	37.4	$	—	$	2,088.6
Non-U.S. governments		851.0		133.1		2.1		—		982.0
States and political subdivisions		8,290.7		1,030.3		16.6		—		9,304.4
Corporate		42,139.2		4,044.8		224.5		15.1		45,944.4
Residential mortgage-backed pass-through securities		3,122.3		59.0		28.4		—		3,152.9
Commercial mortgage-backed securities		5,436.2		157.8		31.5		0.3		5,562.2
Collateralized debt obligations (2)		3,564.7		4.5		9.6		—		3,559.6
Other debt obligations		7,487.8		131.1		58.4		0.1		7,560.4
Total fixed maturities, available-for-sale	$	72,869.9	$	5,708.6	$	408.5	$	15.5	$	78,154.5

(1) Amortized cost excludes accrued interest receivable of $573.5 million and $542.6 million as of March 31, 2022 and December 31, 2021, respectively.

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

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

	Amortized cost		Fair value
	(in millions)
Due in one year or less	$	2,038.9	$	2,044.2
Due after one year through five years		10,029.8		10,028.3
Due after five years through ten years		14,248.3		14,240.9
Due after ten years		26,841.8		27,104.0
Subtotal		53,158.8		53,417.4
Mortgage-backed and other asset-backed securities		18,555.8		17,996.2
Total	$	71,714.6	$	71,413.6

Net Realized Capital Gains and Losses (Table)

	For the three months ended
	March 31,
	2022		2021
	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	165.8	$	37.0
Gross losses		(120.7)		(5.1)
Net credit losses		(6.1)		(4.4)
Hedging, net (1)		(0.7)		—
Fixed maturities, trading (2)		(14.2)		(14.1)
Equity securities (3)		(105.2)		16.2
Mortgage loans		(19.6)		4.7
Derivatives (1)		42.4		113.6
Other		(52.2)		3.5
Net realized capital gains (losses)	$	(110.5)	$	151.4

(1) 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).

(2) Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $(13.1) million and $(14.0) million for the three months ended March 31, 2022 and 2021, respectively.

(3) Unrealized gains (losses) on equity securities still held at the reporting date were $(105.5) million and $7.4 million for the three months ended March 31, 2022 and 2021, respectively. This excludes $(19.3) million and $5.2 million of unrealized gains (losses) on equity securities still held at the reporting date for the three months ended March 31, 2022 and 2021, respectively, that were reported in net investment income.

Allowance for credit loss (Tables)

	For the three months ended March 31, 2022
									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		(1)		obligations		Total
	(in millions)
Beginning balance	$	—	$	—	$	—	$	15.1	$	—	$	0.3	$	—	$	0.1	$	15.5
Additions for credit losses not previously recorded		—		—		—		1.0		—		—		—		—		1.0
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		3.0		—		—		—		—		3.0
Foreign currency translation adjustment		—		—		—		0.9		—		—		—		—		0.9
Ending balance	$	—	$	—	$	—	$	20.0	$	—	$	0.3	$	—	$	0.1	$	20.4

	For the three months ended March 31, 2021
									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		(1)		obligations		Total
	(in millions)
Beginning balance	$	—	$	—	$	—	$	0.9	$	—	$	4.3	$	2.2	$	—	$	7.4
Additions for credit losses not previously recorded		—		—		—		—		—		0.3		—		—		0.3
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		—		—		2.4		0.4		—		2.8
Ending balance	$	—	$	—	$	—	$	0.9	$	—	$	7.0	$	2.6	$	—	$	10.5

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

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

	March 31, 2022
	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	$	1,235.6	$	20.1	$	254.3	$	56.6	$	1,489.9	$	76.7
Non-U.S. governments		232.9		12.9		5.6		1.0		238.5		13.9
States and political subdivisions		3,091.5		245.7		154.1		23.7		3,245.6		269.4
Corporate		18,061.6		1,024.1		1,504.8		252.9		19,566.4		1,277.0
Residential mortgage-backed pass-through securities		1,455.1		76.5		104.4		9.3		1,559.5		85.8
Commercial mortgage-backed securities		4,337.2		186.3		331.7		30.0		4,668.9		216.3
Collateralized debt obligations (2)		2,786.5		23.7		592.1		10.0		3,378.6		33.7
Other debt obligations		4,885.6		238.5		446.8		46.3		5,332.4		284.8
Total fixed maturities, available-for-sale	$	36,086.0	$	1,827.8	$	3,393.8	$	429.8	$	39,479.8	$	2,257.6

(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.

	December 31, 2021
	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	$	129.3	$	3.4	$	482.9	$	34.0	$	612.2	$	37.4
Non-U.S. governments		57.8		2.0		—		—		57.8		2.0
States and political subdivisions		690.2		10.5		102.3		6.1		792.5		16.6
Corporate		5,281.6		121.2		1,327.5		101.5		6,609.1		222.7
Residential mortgage-backed pass-through securities		1,562.6		22.2		194.9		6.3		1,757.5		28.5
Commercial mortgage-backed securities		1,297.4		15.6		299.6		15.7		1,597.0		31.3
Collateralized debt obligations (2)		1,592.5		2.8		424.4		6.7		2,016.9		9.5
Other debt obligations		3,949.9		49.4		211.0		9.0		4,160.9		58.4
Total fixed maturities, available-for-sale	$	14,561.3	$	227.1	$	3,042.6	$	179.3	$	17,603.9	$	406.4

(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.

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

	March 31, 2022		December 31, 2021
	(in millions)
Net unrealized gains (losses) on fixed maturities, available-for-sale (1)	$	(307.8)	$	5,289.9
Net unrealized gains on derivative instruments		52.3		80.1
Adjustments for assumed changes in amortization patterns		81.1		(266.1)
Adjustments for assumed changes in policyholder liabilities		(108.6)		(689.2)
Net unrealized gains on other investments and noncontrolling interest adjustments		54.7		40.5
Provision for deferred income tax benefits (taxes)		57.3		(936.0)
Net unrealized gains (losses) on available-for-sale securities and derivative instruments	$	(171.0)	$	3,519.2

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

Financing Receivable Credit Quality Indicators (Table)

	As of March 31, 2022
	2022		2021		2020		2019		2018		Prior		Total
		(in millions)
Commercial mortgage loans:
A- and above	$	491.7	$	2,282.4	$	1,800.0	$	2,410.7	$	2,418.7	$	5,577.2	$	14,980.7
BBB+ thru BBB-		11.5		324.2		311.6		295.8		99.7		700.5		1,743.3
BB+ thru BB-		—		40.6		5.9		—		—		46.0		92.5
B+ and below		—		—		—		—		8.8		34.9		43.7
Total	$	503.2	$	2,647.2	$	2,117.5	$	2,706.5	$	2,527.2	$	6,358.6	$	16,860.2
Direct financing leases:
A- and above	$	75.2	$	13.0	$	45.9	$	1.5	$	43.3	$	207.0	$	385.9
BBB+ thru BBB-		13.9		22.5		63.7		24.1		11.6		72.0		207.8
BB+ thru BB-		—		56.4		14.8		2.0		—		2.2		75.4
B+ and below		—		1.6		—		—		—		—		1.6
Total	$	89.1	$	93.5	$	124.4	$	27.6	$	54.9	$	281.2	$	670.7
Residential mortgage loans:
Performing	$	443.3	$	2,077.4	$	494.1	$	149.7	$	83.2	$	491.4	$	3,739.1
Non-performing		—		0.6		3.1		2.1		0.8		4.7		11.3
Total	$	443.3	$	2,078.0	$	497.2	$	151.8	$	84.0	$	496.1	$	3,750.4
Reinsurance recoverables													$	1,115.3

	As of December 31, 2021
	2021		2020		2019		2018		2017		Prior		Total
	(in millions)
Commercial mortgage loans:
A- and above	$	2,275.9	$	1,722.7	$	2,412.9	$	2,383.3	$	1,437.2	$	4,334.2	$	14,566.2
BBB+ thru BBB-		278.6		305.6		294.0		131.4		302.1		380.0		1,691.7
BB+ thru BB-		32.8		5.3		—		—		—		55.4		93.5
B+ and below		—		—		—		8.8		—		34.5		43.3
Total	$	2,587.3	$	2,033.6	$	2,706.9	$	2,523.5	$	1,739.3	$	4,804.1	$	16,394.7
Direct financing leases:
A- and above	$	11.7	$	41.8	$	1.4	$	39.4	$	16.6	$	235.6	$	346.5
BBB+ thru BBB-		30.2		57.9		22.0		17.9		15.5		50.2		193.7
BB+ thru BB-		50.8		13.4		1.9		—		—		2.1		68.2
B+ and below		1.5		—		—		—		—		—		1.5
Total	$	94.2	$	113.1	$	25.3	$	57.3	$	32.1	$	287.9	$	609.9
Residential mortgage loans:
Performing	$	2,039.1	$	510.1	$	155.6	$	91.2	$	102.4	$	415.6	$	3,314.0
Non-performing		—		1.8		0.6		—		0.8		2.7		5.9
Total	$	2,039.1	$	511.9	$	156.2	$	91.2	$	103.2	$	418.3	$	3,319.9
Reinsurance recoverables													$	1,189.3

Non-Accrual Financing Receivables (Table)

		March 31, 2022
					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	$	13.2	$	46.5	$	—
Residential mortgage loans		4.0		6.1		0.7
Total	$	17.2	$	52.6	$	0.7

	December 31, 2021
					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	$	10.7	$	13.2	$	—
Residential mortgage loans		10.8		4.0		0.7
Total	$	21.5	$	17.2	$	0.7

Schedule of Interest Income Recognized on Non-accrual Financing Receivables (Table)

	For the three months ended
	March 31,
	2022		2021
	(in millions)
Commercial mortgage loans	$	0.3	$	—
Total	$	0.3	$	—

Financing Receivables Aging (Table)

	March 31, 2022
													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	$	7.4	$	0.8	$	16.5	$	24.7	$	16,835.5	$	16,860.2	$	—
Direct financing leases		—		2.1		—		2.1		668.6		670.7		—
Residential mortgage loans		98.9		10.4		10.5		119.8		3,630.6		3,750.4		5.2
Total	$	106.3	$	13.3	$	27.0	$	146.6	$	21,134.7	$	21,281.3	$	5.2

	December 31, 2021
													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	$	0.7	$	—	$	7.1	$	7.8	$	16,386.9	$	16,394.7	$	2.7
Direct financing leases		—		1.9		0.7		2.6		607.3		609.9		0.7
Residential mortgage loans		59.2		9.6		5.2		74.0		3,245.9		3,319.9		1.9
Total	$	59.9	$	11.5	$	13.0	$	84.4	$	20,240.1	$	20,324.5	$	5.3

(1) As of both March 31, 2022 and December 31, 2021, no reinsurance recoverables were considered past due.

Financing Receivables Valuation Allowance (Table)

	For the three months ended March 31, 2022
			Direct
	Commercial		financing		Residential		Reinsurance
	mortgage loans		leases		mortgage loans		recoverables		Total
		(in millions)
Beginning balance	$	43.9	$	0.4	$	2.0	$	2.7	$	49.0
Provision		22.1		—		(0.5)		—		21.6
Charge-offs		—		—		(0.1)		—		(0.1)
Recoveries		—		—		0.4		—		0.4
Foreign currency translation adjustment		0.1		—		—		—		0.1
Ending balance	$	66.1	$	0.4	$	1.8	$	2.7	$	71.0

	For the three months ended March 31, 2021
			Direct
	Commercial		financing		Residential		Reinsurance
	mortgage loans		leases		mortgage loans		recoverables		Total
		(in millions)
Beginning balance	$	43.2	$	0.1	$	6.9	$	2.7	$	52.9
Provision		(0.1)		—		(3.9)		—		(4.0)
Charge-offs		—		—		(0.1)		—		(0.1)
Recoveries		—		—		1.0		—		1.0
Ending balance	$	43.1	$	0.1	$	3.9	$	2.7	$	49.8

Mortgage Loans Purchased and Sold (Table)

	For the three months ended
	March 31,
	2022		2021
	(in millions)
Commercial mortgage loans:
Purchased	$	32.7	$	89.2
Sold		—		66.3
Residential mortgage loans:
Purchased (1)		534.3		651.0
Sold		7.1		37.0

(1) Includes mortgage loans purchased by residential mortgage loan VIEs.

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

	March 31, 2022				December 31, 2021
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total
	($ in millions)
Geographic distribution
New England	$	582.8	3.5	%	$	585.6	3.6	%
Middle Atlantic		4,622.1	27.5			4,536.5	27.7
East North Central		645.4	3.8			623.9	3.8
West North Central		355.8	2.1			338.6	2.1
South Atlantic		2,483.6	14.7			2,464.9	15.0
East South Central		344.5	2.0			378.9	2.3
West South Central		1,239.7	7.4			1,243.7	7.6
Mountain		951.8	5.6			925.6	5.6
Pacific		5,123.7	30.4			4,864.4	29.7
International		510.8	3.0			432.6	2.6
Total	$	16,860.2	100.0	%	$	16,394.7	100.0	%
Property type distribution
Office	$	4,740.2	28.2	%	$	4,789.8	29.3	%
Retail		1,597.8	9.5			1,622.1	9.9
Industrial		3,143.6	18.6			2,966.4	18.1
Apartments		6,528.6	38.7			6,234.3	38.0
Hotel		75.6	0.4			85.7	0.5
Mixed use/other		774.4	4.6			696.4	4.2
Total	$	16,860.2	100.0	%	$	16,394.7	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)
March 31, 2022
Derivative assets	$	271.0	$	(127.6)	$	(123.4)	$	20.0
Reverse repurchase agreements		8.4		—		(8.4)		—
Total	$	279.4	$	(127.6)	$	(131.8)	$	20.0
December 31, 2021
Derivative assets	$	337.1	$	(100.1)	$	(229.7)	$	7.3
Reverse repurchase agreements		16.4		—		(16.4)		—
Total	$	353.5	$	(100.1)	$	(246.1)	$	7.3

(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 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)
March 31, 2022
Derivative liabilities	$	329.1	$	(127.6)	$	(197.1)	$	4.4
December 31, 2021
Derivative liabilities	$	225.3	$	(100.1)	$	(115.2)	$	10.0

(1) The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes $155.1 million and $357.0 million of derivative liabilities as of March 31, 2022 and December 31, 2021, 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.