Investments

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


	Amortized cost		Fair value

	(in millions)
Due in one year or less	$	1,282.4	$	1,265.7
Due after one year through five years		9,308.1		8,904.5
Due after five years through ten years		10,066.3		9,016.4
Due after ten years		28,291.3		22,691.5
Subtotal		48,948.1		41,878.1
Mortgage-backed and other asset-backed securities		21,615.6		19,703.9
Total	$	70,563.7	$	61,582.0

For the three months ended September 30, 2023

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

$

—

$

—

$

—

$

8.4

$

—

$

—

$

—

$

0.1

$

8.5

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

—

(1.5)

—

(1.5)

Foreign currency translation adjustment

—

(0.5)

—

(0.5)

Ending balance

$

—

$

—

$

—

$

6.4

$

—

$

—

$

—

$

0.1

$

6.5

Accrued interest written off to net investment income

$

—

$

—

$

—

$

0.1

$

—

$

—

$

—

$

—

$

0.1


	For the three months ended September 30, 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	$	—	$	—	$	—	$	12.5	$	—	$	—	$	—	$	—	$	12.5
Additions for credit losses not previously recorded		—		—		—		1.8		—		—		—		0.1		1.9
Reductions for securities sold during the period		—		—		—		(1.2)		—		—		—		—		(1.2)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		(6.4)		—		0.2		—		—		(6.2)
Write-offs charged against allowance		—		—		—		—		—		(0.2)		—		—		(0.2)
Foreign currency translation adjustment		—		—		—		0.1		—		—		—		—		0.1
Ending balance	$	—	$	—	$	—	$	6.8	$	—	$	—	$	—	$	0.1	$	6.9

For the nine months ended September 30, 2023

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

$

—

$

—

$

—

$

7.7

$

—

$

—

$

—

$

0.1

$

7.8

Additions for credit losses not previously recorded

—

6.2

—

6.2

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

—

(7.5)

—

(7.5)

Ending balance

$

—

$

—

$

—

$

6.4

$

—

$

—

$

—

$

0.1

$

6.5

Accrued interest written off to net investment income

$

—

$

—

$

—

$

0.1

$

—

$

—

$

—

$

—

$

0.1


	For the nine months ended September 30, 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		—		—		—		5.0		—		—		—		0.1		5.1
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		—		—		—		(3.4)		—		—		—		—		(3.4)
Write-offs charged against allowance		—		—		—		—		—		(0.3)		—		(0.1)		(0.4)
Foreign currency translation adjustment		—		—		—		(1.2)		—		—		—		—		(1.2)
Ending balance	$	—	$	—	$	—	$	6.8	$	—	$	—	$	—	$	0.1	$	6.9

(1)	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)


	September 30, 2023		December 31, 2022

	(in millions)
Net unrealized losses on fixed maturities, available-for-sale (1)	$	(9,086.6)	$	(7,445.7)
Net unrealized gains on derivative instruments		25.2		50.7
Adjustments for assumed changes in amortization patterns		(5.1)		(1.7)
Adjustments for assumed changes in policyholder liabilities		1.4		0.5
Net unrealized gains on other investments and noncontrolling interest adjustments		22.4		7.9
Provision for deferred income tax benefits		1,930.1		1,570.1
Net unrealized losses on available-for-sale securities and derivative instruments	$	(7,112.6)	$	(5,818.2)

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

Non-Accrual Financing Receivables (Table)


		September 30, 2023
					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	$	50.0	$	63.7	$	—
Residential mortgage loans		17.8		11.7		0.5
Total	$	67.8	$	75.4	$	0.5


	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

Financing Receivables Aging (Table)

September 30, 2023

Amortized

cost

90 days or

30-59 days

60-89 days

more past

Total past

more and

past due

due

Current

Total (1)

accruing

(in millions)

Commercial mortgage loans

$

37.7

$

1.7

$

21.0

$

60.4

$

16,387.3

$

16,447.7

$

6.9

Direct financing leases

3.7

—

3.7

630.2

633.9

—

Residential mortgage loans

39.4

13.7

16.5

69.6

3,827.1

3,896.7

7.8

Other loans

—

103.4

—

Total

$

80.8

$

15.4

$

37.5

$

133.7

$

20,948.0

$

21,081.7

$

14.7


	December 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	$	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

(1)	As of both September 30, 2023 and December 31, 2022, no reinsurance recoverables or deposit receivables were considered past due.

Mortgage Loans Purchased and Sold (Table)


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2023		2022		2023		2022

	(in millions)
Commercial mortgage loans:
Purchased	$	0.5	$	98.2	$	108.4	$	144.4
Sold		—		0.1		—		0.1
Residential mortgage loans:
Purchased (1)		74.6		476.1		497.0		1,657.5
Sold		4.1		4.8		25.4		490.8

(1)	Includes mortgage loans purchased by residential mortgage loan VIEs in 2022.

Mortgage Loans Modified as a Troubled Debt Restructuring (Table)


	For the nine months ended
	September 30, 2022
	Number of	Recorded
	contracts	investment
		(in millions)
Commercial mortgage loans	1	$	34.9
Total	1	$	34.9

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)

September 30, 2023

Derivative liabilities

$

674.6

$

(150.0)

$

(520.7)

$

3.9

December 31, 2022

Derivative liabilities

$

634.2

$

(135.7)

$

(485.1)

$

13.4

(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.