Closed Block (Tables)

12 Months Ended

Dec. 31, 2022

Closed Block

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

	December 31, 2022		December 31, 2021
	(in millions)
Closed Block liabilities
Future policy benefits and claims	$	3,128.1	$	3,286.0
Other policyholder funds		5.1		5.3
Policyholder dividends payable		168.2		176.6
Policyholder dividend obligation		—		210.7
Other liabilities		24.9		8.8
Total Closed Block liabilities		3,326.3		3,687.4
Assets designated to the Closed Block
Fixed maturities, available-for-sale		1,690.2		2,191.6
Fixed maturities, trading		2.0		2.4
Equity securities		0.8		1.0
Mortgage loans		544.9		554.9
Policy loans		407.4		425.2
Other investments		62.2		48.4
Total investments		2,707.5		3,223.5
Cash and cash equivalents		62.0		19.7
Accrued investment income		30.3		32.6
Reinsurance recoverable and deposit receivable		3.9		5.1
Premiums due and other receivables		4.1		3.3
Deferred tax asset		62.0		24.6
Other assets		0.1		—
Total assets designated to the Closed Block		2,869.9		3,308.8
Excess of Closed Block liabilities over assets designated to the Closed Block		456.4		378.6
Amounts included in accumulated other comprehensive income		(111.9)		0.6
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	344.5	$	379.2

Closed Block Revenues and Expenses (Table)

	For the year ended December 31,
	2022		2021		2020
	(in millions)
Revenues
Premiums and other considerations	$	178.0	$	196.1	$	217.6
Net investment income		129.1		137.6		143.6
Net realized capital gains (losses)		(21.2)		(4.6)		16.0
Total revenues		285.9		329.1		377.2
Expenses
Benefits, claims and settlement expenses		184.3		212.0		212.8
Dividends to policyholders		92.5		92.6		117.8
Operating expenses		2.2		2.3		2.7
Total expenses		279.0		306.9		333.3
Closed Block revenues, net of Closed Block expenses, before income taxes		6.9		22.2		43.9
Income taxes		0.7		3.9		8.4
Closed Block revenues, net of Closed Block expenses and income taxes		6.2		18.3		35.5
Funding adjustments and other transfers		28.5		(4.0)		(2.2)
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments	$	34.7	$	14.3	$	33.3

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

	For the year ended December 31,
	2022		2021		2020
	(in millions)
Beginning of year	$	379.2	$	393.5	$	426.9
Effects of implementation of accounting changes (1)		—		—		0.1
End of year		344.5		379.2		393.5
Change in maximum future earnings	$	(34.7)	$	(14.3)	$	(33.3)

(1) Includes the effects of implementation of accounting changes related to credit losses in 2020.