Deferred Acquisition Costs and Other Actuarial Balances (Tables)

9 Months Ended

Sep. 30, 2023

Disaggregated DAC amounts and reconciliation (Table)

	September 30, 2023		December 31, 2022
	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	504.1	$	498.0
Individual variable annuities		277.7		278.0
Pension risk transfer		13.8		8.1
Individual fixed deferred annuities		112.2		131.0
Investment only		12.7		14.9
Total Retirement and Income Solutions		920.5		930.0
Benefits and Protection:
Specialty Benefits:
Individual disability		658.0		626.1
Life Insurance:
Universal life		1,549.3		1,569.7
Term life		692.1		685.7
Participating life		86.6		93.0
Total Benefits and Protection		2,986.0		2,974.5
Short-duration contracts		34.2		34.7
Other balances (1)		7.7		8.8
Total DAC per consolidated statements of financial position	$	3,948.4	$	3,948.0

(1) Includes insignificant balances for long-duration contracts.

Disaggregated unearned revenue liability amounts and reconciliation (Table)

	September 30, 2023		December 31, 2022
	(in millions)
Benefits and Protection - Life Insurance:
Universal life	$	479.7	$	459.0
Other balances (1)		7.2		8.4
Total unearned revenue liability	$	486.9	$	467.4

(1) Includes insignificant balances for long-duration contracts.

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)

Benefits and Protection

The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows:

	For the year ended
	December 31, 2021
	(in millions)
Balance at beginning of period	$	384.4
Deferrals		66.1
Revenue recognized		(25.2)
Balance at end of period	$	425.3

Retirement and Income Solutions

Disaggregated DAC amounts and reconciliation (Table)

Retirement and Income Solutions

The balances and changes in DAC were as follows:

	Workplace						Individual
	savings and		Individual		Pension		fixed
	retirement		variable		risk		deferred		Investment
	solutions		annuities		transfer		annuities		only
	(in millions)
Balances as of January 1, 2022	$	489.0	$	281.2	$	2.7	$	162.2	$	18.1
Costs deferred		48.3		22.5		5.6		—		1.4
Amortized to expense		(39.3)		(25.7)		(0.2)		(31.2)		(4.6)
Balances as of December 31, 2022		498.0		278.0		8.1		131.0		14.9
Costs deferred		35.7		19.1		6.1		—		1.4
Amortized to expense		(29.6)		(19.4)		(0.4)		(18.8)		(3.6)
Balances as of September 30, 2023	$	504.1	$	277.7	$	13.8	$	112.2	$	12.7

Benefits and Protection

Disaggregated DAC amounts and reconciliation (Table)

Benefits and Protection

The balances and changes in DAC were as follows:

	Specialty Benefits		Life Insurance
	Individual
	disability		Universal life		Term life		Participating life
	(in millions)
Balances as of January 1, 2022	$	580.7	$	1,596.2	$	678.9	$	102.3
Costs deferred		87.6		70.6		66.7		1.4
Amortized to expense		(42.2)		(97.1)		(59.9)		(10.7)
Balances as of December 31, 2022		626.1		1,569.7		685.7		93.0
Costs deferred		65.4		51.4		52.5		1.0
Amortized to expense		(33.5)		(71.8)		(46.1)		(7.4)
Balances as of September 30, 2023	$	658.0	$	1,549.3	$	692.1	$	86.6

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)

Benefits and Protection

The balances and changes in the unearned revenue liability for Life Insurance – Universal life contracts were as follows:

	For the nine months ended		For the year ended
	September 30, 2023		December 31, 2022
	(in millions)
Balance at beginning of period	$	459.0	$	425.3
Deferrals		42.9		61.8
Revenue recognized		(22.2)		(28.1)
Balance at end of period		479.7		459.0
Reinsurance impact		(226.0)		(227.9)
Balance at end of period after reinsurance	$	253.7	$	231.1