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Investments (Tables)

12 Months Ended

Dec. 31, 2022



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

	(in millions)
December 31, 2022
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,990.9	$	0.1	$	251.2	$	—	$	1,739.8
Non-U.S. governments		611.2		20.9		64.8		—		567.3
States and political subdivisions		7,355.4		13.7		1,136.8		—		6,232.3
Corporate		40,370.4		461.0		4,640.5		7.7		36,183.2
Residential mortgage-backed pass-through securities		2,420.6		6.2		198.1		—		2,228.7
Commercial mortgage-backed securities		5,572.2		0.5		708.1		—		4,864.6
Collateralized debt obligations (2)		4,705.6		4.5		143.7		—		4,566.4
Other debt obligations		7,236.8		5.7		734.8		0.1		6,507.6
Total fixed maturities, available-for-sale	$	70,263.1	$	512.6	$	7,878.0	$	7.8	$	62,889.9


			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 $578.0 million and $542.6 million as of December 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	$	1,658.8	$	1,645.6
Due after one year through five years		8,661.8		8,328.4
Due after five years through ten years		11,636.1		10,626.7
Due after ten years		28,371.2		24,121.9
Subtotal		50,327.9		44,722.6
Mortgage-backed and other asset-backed securities		19,935.2		18,167.3
Total	$	70,263.1	$	62,889.9

Net Investment Income (Table)


	For the year ended December 31,
	2022		2021		2020

	(in millions)
Fixed maturities, available-for-sale	$	2,100.3	$	2,766.3	$	2,660.5
Fixed maturities, trading		36.8		19.3		18.7
Equity securities		8.9		57.7		62.8
Mortgage loans		771.7		790.2		724.7
Real estate		277.7		194.4		180.8
Policy loans		36.5		38.8		41.6
Cash and cash equivalents		57.4		4.3		17.4
Derivatives		171.3		28.2		(1.8)
Other		509.6		622.0		296.5
Total		3,970.2		4,521.2		4,001.2
Investment expenses		(139.8)		(115.1)		(110.6)
Net investment income	$	3,830.4	$	4,406.1	$	3,890.6

Net Realized Capital Gains and Losses (Table)


	For the year ended December 31,
	2022		2021		2020

	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	41.5	$	64.4	$	134.2
Gross losses		(191.5)		(29.2)		(48.5)
Net credit losses (1)		(8.9)		(45.0)		(22.9)
Hedging, net		(0.7)		(9.5)		(9.7)
Fixed maturities, trading (2)		(30.1)		(33.3)		3.2
Equity securities (3)		(171.9)		100.0		70.5
Mortgage loans		(74.6)		6.5		(15.5)
Derivatives		177.4		(116.9)		77.3
Other		0.4		65.5		114.0
Net realized capital gains (losses)	$	(258.4)	$	2.5	$	302.6

(1)	Net credit losses include adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities.

(2)

Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $(19.9) million, $(32.2) million and $5.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. This excludes $1.4 million of unrealized losses on fixed maturities, trading still held at the reporting date for the year ended December 31, 2022, that were reported in net realized capital gains (losses) on funds withheld assets.

(3)

Unrealized gains (losses) on equity securities still held at the reporting date were $(117.1) million, $58.6 million and $64.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. This excludes $(0.7) million, $28.7 million and $35.2 million of unrealized gains on equity securities still held at the reporting date for the years ended December 31, 2022, 2021 and 2020, respectively, that were reported in net investment income and $(1.7) million that were reported in net realized capital gains (losses) on funds withheld assets for the year ended December 31, 2022.

Allowance for credit loss (Tables)

For the year ended December 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

(1)

obligations

Total

(in millions)

Beginning balance

—

15.1

—

0.3

—

0.1

15.5

Additions for credit losses not previously recorded

—

5.8

—

5.8

Reductions for securities sold during the period

—

(8.7)

—

(8.7)

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

—

(4.2)

—

(4.2)

Write-offs charged against allowance

—

(0.3)

—

(0.3)

Foreign currency translation adjustment

—

(0.3)

—

(0.3)

Ending balance

—

7.7

—

0.1

7.8


	For the year ended December 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		—		—		—		27.5		—		0.4		—		0.1		28.0
Reductions for securities sold during the period		—		—		—		(12.4)		—		—		—		—		(12.4)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		—		—		2.4		0.4		—		2.8
Write-offs charged against allowance		—		—		—		—		—		(6.8)		(2.6)		—		(9.4)
Foreign currency translation adjustment		—		—		—		(0.9)		—		—		—		—		(0.9)
Ending balance	$	—	$	—	$	—	$	15.1	$	—	$	0.3	$	—	$	0.1	$	15.5

Accrued interest written off to net investment income	$	—	$	—	$	—	$	0.2	$	—	$	—	$	—	$	—	$	0.2


	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		securities		(1)		obligations		Total

	(in millions)

Beginning balance (2)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
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)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

(2)	The allowance for credit loss associated with fixed maturities, available-for-sale was applied prospectively upon adoption of authoritative guidance effective January 1, 2020.

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

December 31, 2022

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

1,528.3

209.4

181.5

41.8

1,709.8

251.2

Non-U.S. governments

407.5

57.7

19.9

7.1

427.4

64.8

States and political subdivisions

5,303.5

1,008.9

391.9

127.8

5,695.4

1,136.7

Corporate

27,309.5

3,944.6

2,944.1

698.0

30,253.6

4,642.6

Residential mortgage-backed pass-through securities

1,201.7

97.5

574.8

105.7

1,776.5

203.2

Commercial mortgage-backed securities

3,648.5

484.0

1,124.8

222.5

4,773.3

706.5

Collateralized debt obligations (2)

2,832.2

89.0

1,330.1

54.7

4,162.3

143.7

Other debt obligations

3,419.8

292.0

2,283.8

437.6

5,703.6

729.6

Total fixed maturities, available-for-sale

45,651.0

6,183.1

8,850.9

1,695.2

54,501.9

7,878.3

(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)


	December 31, 2022		December 31, 2021

	(in millions)
Net unrealized gains (losses) on fixed maturities, available-for-sale (1)	$	(7,445.7)	$	5,289.9
Net unrealized gains on derivative instruments		50.7		80.1
Adjustments for assumed changes in amortization patterns		649.7		(266.1)
Adjustments for assumed changes in policyholder liabilities		(77.1)		(689.2)
Net unrealized gains on other investments and noncontrolling interest adjustments		7.9		40.5
Provision for deferred income tax benefits (taxes)		1,456.9		(936.0)
Net unrealized gains (losses) on available-for-sale securities and derivative instruments	$	(5,357.6)	$	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)

December 31, 2022

2022

2021

2020

2019

2018

Prior

Total

(in millions)

Commercial mortgage loans:

A- and above

1,036.4

2,277.9

1,807.3

2,210.2

2,187.9

4,624.9

14,144.6

BBB+ thru BBB-

385.6

439.6

156.8

418.7

238.9

691.7

2,331.3

BB+ thru BB-

104.0

16.8

3.0

—

8.9

71.7

204.4

B+ and below

—

8.3

41.7

50.0

Total

1,526.0

2,734.3

1,967.1

2,628.9

2,444.0

5,430.0

16,730.3

Direct financing leases:

A- and above

110.5

13.0

39.9

1.4

42.9

167.3

375.0

BBB+ thru BBB-

33.9

21.9

62.4

11.9

11.7

70.4

212.2

BB+ thru BB-

2.7

57.3

12.1

2.0

—

2.1

76.2

B+ and below

—

1.6

—

1.6

Total

147.1

93.8

114.4

15.3

54.6

239.8

665.0

Residential mortgage loans:

Performing

1,144.8

1,740.7

447.1

133.0

75.4

417.8

3,958.8

Non-performing

8.0

4.7

2.2

1.7

0.6

7.0

24.2

Total

1,152.8

1,745.4

449.3

134.7

76.0

424.8

3,983.0

Reinsurance recoverable and deposit receivable

22,032.3


	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 recoverable and deposit receivable													$	1,189.2

Non-Accrual Financing Receivables (Table)


	December 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	$	50.0	$	—
Residential mortgage loans		4.0		17.8		0.6
Total	$	17.2	$	67.8	$	0.6


	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 year ended December 31,
	2022		2021		2020

	(in millions)
Commercial mortgage loans	$	0.9	$	0.5	$	—
Total	$	0.9	$	0.5	$	—

Financing Receivables Aging (Table)

December 31, 2022

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

45.9

7.5

14.4

67.8

16,662.5

16,730.3

—

Direct financing leases

6.6

6.2

1.6

14.4

650.6

665.0

1.6

Residential mortgage loans

73.1

15.4

16.2

104.7

3,878.3

3,983.0

6.4

Total

125.6

29.1

32.2

186.9

21,191.4

21,378.3

8.0


	December 31, 2021
													Amortized
													cost
					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 (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 December 31, 2022 and December 31, 2021, no reinsurance recoverables or deposit receivables were considered past due.

Financing Receivables Valuation Allowance (Table)

For the year ended December 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

34.0

0.2

1.5

—

35.7

Charge-offs

—

(0.2)

—

(0.2)

Recoveries

—

2.3

—

2.3

Ending balance

77.9

0.6

5.6

2.7

86.8


	For the year ended December 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 (1)		1.0		0.4		(8.0)		—		(6.6)
Charge-offs		—		—		(0.5)		—		(0.5)
Recoveries		—		—		3.6		—		3.6
Foreign currency translation adjustment		(0.3)		(0.1)		—		—		(0.4)
Ending balance	$	43.9	$	0.4	$	2.0	$	2.7	$	49.0


	For the year ended December 31, 2020
			Direct
	Commercial		financing		Residential		Reinsurance
	mortgage loans		leases		mortgage loans		recoverables		Total

		(in millions)
Beginning balance	$	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

(1)

During the year ended December 31, 2021, certain valuation allowances for residential mortgage loans were released. This release was a result of further adjustments to our current and forecasted environmental factors management believed to be relevant as global economic activity improved from previously adverse impacts due to COVID-19.

(2)

During the year ended December 31, 2020, 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 believed to be relevant were adjusted, resulting in an increase in the valuation allowance for commercial and residential mortgage loans and direct financing leases.

Mortgage Loans Purchased and Sold (Table)


	For the year ended December 31,
	2022		2021		2020

	(in millions)
Commercial mortgage loans:
Purchased	$	325.4	$	118.2	$	166.8
Sold		15.6		73.8		7.6
Residential mortgage loans:
Purchased (1)		1,846.0		2,370.9		1,151.1
Sold		535.7		88.9		117.4

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

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


	December 31, 2022				December 31, 2021
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total

	($ in millions)
Geographic distribution
New England	$	512.1	3.1	%	$	585.6	3.6	%
Middle Atlantic		4,505.6	26.9			4,536.5	27.7
East North Central		652.5	3.9			623.9	3.8
West North Central		370.9	2.2			338.6	2.1
South Atlantic		2,558.3	15.3			2,464.9	15.0
East South Central		339.8	2.0			378.9	2.3
West South Central		1,204.9	7.2			1,243.7	7.6
Mountain		938.7	5.6			925.6	5.6
Pacific		5,115.3	30.6			4,864.4	29.7
International		532.2	3.2			432.6	2.6
Total	$	16,730.3	100.0	%	$	16,394.7	100.0	%

Property type distribution
Office	$	4,322.0	25.9	%	$	4,789.8	29.3	%
Retail		1,499.4	9.0			1,622.1	9.9
Industrial		3,235.9	19.3			2,966.4	18.1
Apartments		6,827.1	40.8			6,234.3	38.0
Hotel		72.5	0.4			85.7	0.5
Mixed use/other		773.4	4.6			696.4	4.2
Total	$	16,730.3	100.0	%	$	16,394.7	100.0	%

Mortgage Loans Modified as a Troubled Debt Restructuring (Table)


	For the year ended December 31, 2022
	TDRs			TDRs in payment default
	Number of	Recorded		Number of	Recorded
	contracts	investment		contracts	investment
			(in millions)			(in millions)
Commercial mortgage loans	1	$	35.5	—	$	—
Total	1	$	35.5	—	$	—

Minority Interests in Unconsolidated Entities-Balance Sheet (Table)


	December 31,
	2022		2021

	(in millions)
Total assets	$	209,547.3	$	177,429.0
Total liabilities		81,346.4		72,001.3
Total equity	$	128,200.9	$	105,427.7
Net investment in unconsolidated entities (1)	$	2,721.8	$	2,162.5

Minority Interests in Unconsolidated Entities-Income Statement (Table)

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, 2022
Derivative assets	$	321.0	$	(135.7)	$	(151.9)	$	33.4
Reverse repurchase agreements		124.4		—		(124.4)		—
Total	$	445.4	$	(135.7)	$	(276.3)	$	33.4
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)

December 31, 2022

Derivative liabilities

634.2

(135.7)

(485.1)

13.4

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 derivative liabilities, 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.