Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Measurements

Fair Value (Table)

	September 30, 2022
	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	$	2,045.5	$	—	$	1,671.3	$	374.2	$	—
Non-U.S. governments		575.5		—		1.9		573.6		—
States and political subdivisions		6,416.7		—		—		6,345.1		71.6
Corporate		36,610.1		—		28.8		35,101.8		1,479.5
Residential mortgage-backed pass-through securities		1,737.8		—		—		1,737.8		—
Commercial mortgage-backed securities		4,988.3		—		—		4,984.9		3.4
Collateralized debt obligations (1)		3,994.7		—		—		3,952.0		42.7
Other debt obligations		6,040.5		—		—		5,793.1		247.4
Total fixed maturities, available-for-sale		62,409.1		—		1,702.0		58,862.5		1,844.6
Fixed maturities, trading		702.7		—		78.5		500.3		123.9
Equity securities		1,616.2		—		487.7		1,128.5		—
Derivative assets (2)		373.0		—		—		373.0		—
Other investments		686.5		90.0		223.4		371.7		1.4
Cash equivalents		2,798.9		—		22.9		2,776.0		—
Sub-total excluding separate account assets		68,586.4		90.0		2,514.5		64,012.0		1,969.9
Separate account assets		146,571.4		9,707.6		87,723.2		48,059.2		1,081.4
Total assets	$	215,157.8	$	9,797.6	$	90,237.7	$	112,071.2	$	3,051.3
Liabilities
Investment and universal life contracts (3)	$	(25.9)	$	—	$	—	$	—	$	(25.9)
Funds withheld payable embedded derivative (3)		4,305.0		—		—		—		4,305.0
Derivative liabilities (2)		(716.6)		—		—		(699.2)		(17.4)
Other liabilities		(2.2)		—		—		(2.2)		—
Total liabilities	$	3,560.3	$	—	$	—	$	(701.4)	$	4,261.7
Net assets	$	218,718.1	$	9,797.6	$	90,237.7	$	111,369.8	$	7,313.0

	December 31, 2021
	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	$	2,088.6	$	—	$	1,716.5	$	372.1	$	—
Non-U.S. governments		982.0		—		0.6		981.4		—
States and political subdivisions		9,304.4		—		—		9,209.6		94.8
Corporate		45,944.4		—		41.5		45,068.6		834.3
Residential mortgage-backed pass-through securities		3,152.9		—		—		3,152.9		—
Commercial mortgage-backed securities		5,562.2		—		—		5,543.0		19.2
Collateralized debt obligations (1)		3,559.6		—		—		3,473.8		85.8
Other debt obligations		7,560.4		—		—		7,518.3		42.1
Total fixed maturities, available-for-sale		78,154.5		—		1,758.6		75,319.7		1,076.2
Fixed maturities, trading		422.2		—		0.5		416.8		4.9
Equity securities		2,347.2		—		1,027.5		1,319.7		—
Derivative assets (2)		337.1		—		—		336.5		0.6
Other investments		896.2		92.7		395.3		406.1		2.1
Cash equivalents		1,117.8		—		14.2		1,103.6		—
Sub-total excluding separate account assets		83,275.0		92.7		3,196.1		78,902.4		1,083.8
Separate account assets		182,345.4		8,942.9		115,261.7		57,195.5		945.3
Total assets	$	265,620.4	$	9,035.6	$	118,457.8	$	136,097.9	$	2,029.1
Liabilities
Investment and universal life contracts (3)	$	(356.3)	$	—	$	—	$	—	$	(356.3)
Derivative liabilities (2)		(226.0)		—		—		(225.4)		(0.6)
Other liabilities		(0.7)		—		—		(0.7)		—
Total liabilities	$	(583.0)	$	—	$	—	$	(226.1)	$	(356.9)
Net assets	$	265,037.4	$	9,035.6	$	118,457.8	$	135,871.8	$	1,672.2

(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. The funds withheld payable embedded derivative could be in either an asset or (liability) position.

(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 $7.8 million and $10.2 million as of September 30, 2022 and December 31, 2021, 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, 2022
	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,
	2022		(2)		income (3)		(4)		Level 3		Level 3		2022
	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	86.7	$	—	$	(4.5)	$	(0.4)	$	—	$	(10.2)	$	71.6
Corporate		1,248.7		—		(1.5)		232.3		—		—		1,479.5
Commercial mortgage-backed securities		3.8		—		(0.3)		(0.1)		—		—		3.4
Collateralized debt obligations		1.3		—		(0.7)		42.1		—		—		42.7
Other debt obligations		20.8		—		(11.5)		239.1		—		(1.0)		247.4
Total fixed maturities, available-for-sale		1,361.3		—		(18.5)		513.0		—		(11.2)		1,844.6
Fixed maturities, trading		85.7		0.1		—		38.1		—		—		123.9
Other investments		1.4		—		—		—		—		—		1.4
Separate account assets (1)		1,058.6		23.1		—		(0.3)		—		—		1,081.4
Liabilities
Investment and universal life contracts		(75.5)		46.2		—		3.4		—		—		(25.9)
Funds withheld payable embedded derivative		3,067.3		1,237.7		—		—		—		—		4,305.0
Derivatives
Net derivative assets (liabilities)		(0.2)		(17.7)		—		0.5		—		—		(17.4)

	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		Transfers		as of
	July 1,		net income		comprehensive		settlements		into		out of		September 30,
	2021		(2)		income (3)		(4)		Level 3		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 nine months ended September 30, 2022
	Beginning						Net						Ending
	asset/		Total realized/unrealized				purchases,						asset/
	(liability)		gains (losses)				sales,						(liability)
	balance		Included		Included in		issuances						balance
	as of		in net		other		and		Transfers		Transfers		as of
	January 1,		income		comprehensive		settlements		into		out of		September 30,
	2022		(2)		income (3)		(4)		Level 3		Level 3		2022
	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	94.8	$	—	$	(23.8)	$	(1.2)	$	12.0	$	(10.2)	$	71.6
Corporate		834.3		(3.4)		(28.1)		500.4		176.3		—		1,479.5
Commercial mortgage-backed securities		19.2		—		(1.0)		(4.6)		—		(10.2)		3.4
Collateralized debt obligations		85.8		—		(1.4)		97.6		—		(139.3)		42.7
Other debt obligations		42.1		—		(12.1)		238.4		—		(21.0)		247.4
Total fixed maturities, available-for-sale		1,076.2		(3.4)		(66.4)		830.6		188.3		(180.7)		1,844.6
Fixed maturities, trading		4.9		(0.4)		—		90.4		29.0		—		123.9
Other investments		2.1		—		(0.7)		—		—		—		1.4
Separate account assets (1)		945.3		138.8		—		(2.7)		—		—		1,081.4
Liabilities
Investment and universal life contracts		(356.3)		314.4		0.2		15.8		—		—		(25.9)
Funds withheld payable embedded derivative		—		4,305.0		—		—		—		—		4,305.0
Derivatives
Net derivative assets (liabilities)		—		(19.7)		(0.3)		2.9		—		(0.3)		(17.4)

	For the nine months ended September 30, 2021
	Beginning						Net						Ending
	asset/		Total realized/unrealized				purchases,						asset/
	(liability)		gains (losses)				sales,						(liability)
	balance		Included		Included in		issuances						balance
	as of		in net		other		and		Transfers		Transfers		as of
	January 1,		income		comprehensive		settlements		into		out of		September 30,
	2021		(2)		income (3)		(4)		Level 3		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		—		—		—

(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), net realized capital gains (losses) on funds withheld assets or change in fair value of funds withheld embedded derivative 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,
	2022		2021		2022		2021
	(in millions)
Assets
Fixed maturities, available-for-sale:
Corporate	$	—	$	(7.8)	$	—	$	(12.6)
Collateralized debt obligations		—		—		—		(2.0)
Total fixed maturities, available-for-sale		—		(7.8)		—		(14.6)
Fixed maturities, trading		(0.4)		—		(0.4)		—
Other investments		—		(0.1)		—		12.6
Separate account assets		13.1		71.5		126.0		215.6
Liabilities
Investment and universal life contracts		44.7		(76.4)		303.8		86.1
Funds withheld payable embedded derivative		1,237.7		—		4,305.0		—
Derivatives
Net derivative assets (liabilities)		(22.9)		(0.7)		(17.3)		(0.6)

(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,				September 30,
	2022		2021		2022		2021
	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	(4.4)	$	—	$	(22.0)	$	—
Corporate		(1.7)		10.6		(29.8)		4.4
Commercial mortgage-backed securities		(0.3)		(0.2)		(0.6)		(0.6)
Collateralized debt obligations		(0.8)		—		(1.3)		2.1
Other debt obligations		(11.5)		—		(11.5)		—
Total fixed maturities, available-for-sale		(18.7)		10.4		(65.2)		5.9
Other investments		—		(0.6)		—		(0.6)
Liabilities
Investment and universal life contracts		—		0.1		0.2		0.2
Derivatives
Net derivative assets (liabilities)		—		—		(0.2)		—

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

	For the three months ended September 30, 2022
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements
	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(0.4)	$	(0.4)
Corporate		308.2		(11.2)		—		(64.7)		232.3
Commercial mortgage-backed securities		—		—		—		(0.1)		(0.1)
Collateralized debt obligations		42.1		—		—		—		42.1
Other debt obligations		242.0		—		—		(2.9)		239.1
Total fixed maturities, available-for-sale		592.3		(11.2)		—		(68.1)		513.0
Fixed maturities, trading		38.1		—		—		—		38.1
Separate account assets (5)		—		—		(0.1)		(0.2)		(0.3)
Liabilities
Investment and universal life contracts		—		—		0.1		3.3		3.4
Derivatives
Net derivative assets (liabilities)		—		0.5		—		—		0.5

	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)		(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 nine months ended September 30, 2022
									Net purchases,
									sales, issuances
	Purchases		Sales		Issuances		Settlements		and settlements
	(in millions)
Assets
Fixed maturities, available-for-sale:
States and political subdivisions	$	—	$	—	$	—	$	(1.2)	$	(1.2)
Corporate		659.1		(36.5)		—		(122.2)		500.4
Commercial mortgage-backed securities		—		(4.2)		—		(0.4)		(4.6)
Collateralized debt obligations		97.6		—		—		—		97.6
Other debt obligations		242.0		—		—		(3.6)		238.4
Total fixed maturities, available-for-sale		998.7		(40.7)		—		(127.4)		830.6
Fixed maturities, trading		90.6		—		—		(0.2)		90.4
Separate account assets (5)		—		—		(2.0)		(0.7)		(2.7)
Liabilities
Investment and universal life contracts		—		—		(7.0)		22.8		15.8
Derivatives
Net derivative assets (liabilities)		—		2.9		—		—		2.9

	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

(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, 2022
	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:
States and political subdivisions	$	—	$	—	$	—	$	10.2
Other debt obligations		—		—		—		1.0
Total fixed maturities, available-for-sale		—		—		—		11.2

	For the three months ended September 30, 2021
	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	$	—	$	25.1	$	—	$	—
Collateralized debt obligations		—		—		—		172.8
Other debt obligations		—		—		—		25.0
Total fixed maturities, available-for-sale		—		25.1		—		197.8

	For the nine months ended September 30, 2022
	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:
States and political subdivisions	$	—	$	12.0	$	—	$	10.2
Corporate		—		176.3		—		—
Commercial mortgage-backed securities		—		—		—		10.2
Collateralized debt obligations		—		—		—		139.3
Other debt obligations		—		—		—		21.0
Total fixed maturities, available-for-sale		—		188.3		—		180.7
Fixed maturities, trading		—		29.0		—		—
Derivatives
Net derivative assets (liabilities)		—		—		—		0.3

	For the nine months ended September 30, 2021
	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	$	—	$	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

Quantitative Information about Level 3 Fair Value Measurements (Table)

	September 30, 2022
	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	$	1,474.0	Discounted cash flow	Discount rate (1)	5.7	%   -	17.6	%	9.8	%
				Illiquidity premium	0	basis points (“bps”)-	517	bps	53	bps
Other debt obligations		247.4	Discounted cash flow	Discount rate (1)	6.2	%   -	9.5	%	8.0	%
				Illiquidity premium	0	bps-	361	bps	229	bps
				Comparability adjustment			35	bps	35	bps
Fixed maturities, trading		123.9	Discounted cash flow	Discount rate (1)	7.5	%   -	15.7	%	10.3	%
Separate account assets		1,081.7	Discounted cash flow - mortgage loans	Discount rate (1)			4.9	%	4.9	%
				Credit spread rate			143	bps	143	bps
			Discounted cash flow - real estate	Discount rate (1)	5.5	%   -	10.0	%	6.8	%
				Terminal capitalization rate	4.3	%   -	9.3	%	5.5	%
				Average market rent growth rate	2.0	%   -	3.9	%	3.0	%
			Discounted cash flow - real estate debt	Loan to value	40.3	%   -	56.3	%	45.2	%
				Market interest rate	4.6	%   -	7.0	%	5.8	%

Liabilities
Investment and universal life contracts (6)	(25.9)	Discounted cash flow	Long duration interest rate	2.0	%   -	4.1	%	(3)	3.3	%
			Long-term equity market volatility	18.1	%   -	41.1	%		22.0	%
			Nonperformance risk	0.8	%   -	2.1	%		1.6	%
			Utilization rate	See note (4)
			Lapse rate	0.0	%   -	19.4	%		7.9	%
			Mortality rate	See note (5)

	December 31, 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	$	829.9	Discounted cash flow	Discount rate (1)		0.9	%   -	15.5	%	6.8	%
				Illiquidity premium		0	bps-	70	bps	6	bps
			Market comparables	Potential loss severity				39.4	%	39.4	%
				Probability of default				100.0	%	100.0	%
Commercial mortgage-backed securities		3.5	Discounted cash flow	Discount rate (1)				3.7	%	3.7	%
Collateralized debt obligations		45.9	Discounted cash flow	Discount rate (1)		3.0	%   -	5.3	%	4.0	%
				Illiquidity premium		0	bps-	385	bps	255	bps
Other debt obligations		22.1	Discounted cash flow	Discount rate (1)		3.0	%   -	10.0	%	3.3	%
				Illiquidity premium		225	bps-	500	bps	237	bps
Fixed maturities, trading		4.9	Discounted cash flow	Discount rate (1)				7.5	%	7.5	%
Other investments		0.6	Market comparables - other investments	Revenue multiples (2)		6.8	x    -	9.1	x	8.0	x
Separate account assets		946.0	Discounted cash flow - mortgage loans	Discount rate (1)				1.4	%	1.4	%
				Credit spread rate				120	bps	120	bps
			Discounted cash flow - real estate	Discount rate (1)		5.3	%   -	10.0	%	6.6	%
				Terminal capitalization rate		4.3	%   -	9.3	%	5.6	%
				Average market rent growth rate		1.6	%   -	3.6	%	2.7	%
			Discounted cash flow - real estate debt	Loan to value		40.1	%   -	58.5	%	46.0	%
				Market interest rate		2.5	%   -	3.1	%	2.7	%

Liabilities
Investment and universal life contracts (6)	(356.3)	Discounted cash flow	Long duration interest rate	1.8	%   -	1.9	%	(3)	1.9	%
			Long-term equity market volatility	18.0	%   -	32.5	%		22.1	%
			Nonperformance risk	0.3	%   -	1.1	%		0.9	%
			Utilization rate	See note (4)
			Lapse rate	0.0	%   -	17.0	%		5.1	%
			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)

	For the three months ended September 30,				For the nine months ended September 30,
	2022		2021		2022		2021
	(in millions)
Real estate ventures
Change in fair value pre-tax gain (1)	$	—	$	(0.1)	$	—	$	12.6

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

Financial Instruments Not Reported at Fair Value (Table)

	September 30, 2022
					Fair value hierarchy level
	Carrying amount		Fair value		Level 1		Level 2		Level 3
	(in millions)
Assets (liabilities)
Mortgage loans	$	20,602.6	$	18,553.9	$	—	$	—	$	18,553.9
Policy loans		766.2		788.5		—		—		788.5
Other investments		132.6		121.7		—		24.1		97.6
Cash and cash equivalents		1,440.7		1,440.7		1,415.6		25.1		—
Reinsurance deposit receivable		8,810.8		7,662.4		—		—		7,662.4
Investment contracts		(36,144.4)		(32,896.7)		—		(7,202.2)		(25,694.5)
Short-term debt		(66.5)		(66.5)		—		(66.5)		—
Long-term debt		(3,981.0)		(3,590.3)		—		(3,553.0)		(37.3)
Separate account liabilities		(133,400.3)		(132,520.1)		—		—		(132,520.1)
Bank deposits (1)		(348.8)		(331.2)		—		(331.2)		—
Cash collateral payable		(388.2)		(388.2)		(388.2)		—		—

	December 31, 2021
					Fair value hierarchy level
	Carrying amount		Fair value		Level 1		Level 2		Level 3
	(in millions)
Assets (liabilities)
Mortgage loans	$	19,668.7	$	20,602.7	$	—	$	—	$	20,602.7
Policy loans		759.6		952.9		—		—		952.9
Other investments		304.0		294.8		—		198.6		96.2
Cash and cash equivalents		1,214.2		1,214.2		1,197.8		16.4		—
Investment contracts		(35,810.4)		(36,088.6)		—		(7,454.3)		(28,634.3)
Short-term debt		(79.8)		(79.8)		—		(79.8)		—
Long-term debt		(4,280.2)		(4,793.1)		—		(4,755.1)		(38.0)
Separate account liabilities		(165,098.7)		(164,028.9)		—		—		(164,028.9)
Bank deposits (1)		(373.3)		(372.8)		—		(372.8)		—
Cash collateral payable		(214.9)		(214.9)		(214.9)		—		—

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