XML 119 R107.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale [1] $ 65,691.3 $ 65,673.1
Fixed maturities, trading 877.7 836.2
Equity securities 1,488.9 1,478.1
Derivative instruments, assets 318.9 304.2
Separate account assets 171,788.2 167,605.6
Investment and universal life contracts $ (174.7) (115.5)
Fixed maturities valued using internal pricing models    
Fixed maturities classified as Level 3 assets, percent valued using internal pricing models (as a percent) 3.00%  
Amount measured at net asset value    
Assets (liabilities) measured at fair value on a recurring basis    
Unfunded commitments of investments measured using NAV $ 7.1 7.1
U.S. government and agencies    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 1,450.0 1,528.8
Non-U.S. governments    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 508.0 507.9
States and political subdivisions    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 6,492.6 6,676.8
Corporate debt securities    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 35,164.3 35,810.0
Residential mortgage-backed pass-through securities    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 3,416.9 3,061.1
Commercial mortgage-backed securities    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 4,830.1 4,775.5
Collateralized debt obligations    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 5,725.9 5,403.7
Other debt obligations    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 8,103.5 7,909.3
Recurring Fair Value Measurements    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 65,691.3 65,673.1
Fixed maturities, trading 877.7 836.2
Equity securities 1,488.9 1,478.1
Derivative instruments, assets 318.9 304.2
Other investments 961.2 815.6
Cash equivalents 2,594.5 3,771.4
Market risk benefit asset 201.9 153.4
Sub-total excluding separate account assets 72,134.4 73,032.0
Separate account assets 171,788.2 167,605.6
Total assets 243,922.6 240,637.6
Investment and universal life contracts (174.7) (115.5)
Market risk benefit liability (99.6) (133.2)
Funds withheld payable embedded derivative 2,764.1 2,567.1
Derivative liabilities (530.8) (494.0)
Other liabilities (1.5) (1.0)
Total liabilities 1,957.5 1,823.4
Net assets 245,880.1 242,461.0
Recurring Fair Value Measurements | Amount measured at net asset value    
Assets (liabilities) measured at fair value on a recurring basis    
Other investments 73.2 73.7
Sub-total excluding separate account assets 73.2 73.7
Separate account assets 8,282.6 8,692.0
Total assets 8,355.8 8,765.7
Net assets 8,355.8 8,765.7
Recurring Fair Value Measurements | Fair value hierarchy Level 1    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 1,186.7 1,247.1
Fixed maturities, trading 27.7 27.7
Equity securities 255.5 245.4
Other investments 233.4 220.1
Cash equivalents 272.0 511.6
Sub-total excluding separate account assets 1,975.3 2,251.9
Separate account assets 111,131.5 104,505.0
Total assets 113,106.8 106,756.9
Net assets 113,106.8 106,756.9
Recurring Fair Value Measurements | Fair value hierarchy Level 2    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 60,965.1 60,789.2
Fixed maturities, trading 379.8 392.7
Equity securities 1,233.4 1,232.7
Derivative instruments, assets 315.5 297.9
Other investments 488.8 356.7
Cash equivalents 2,322.5 3,259.8
Sub-total excluding separate account assets 65,705.1 66,329.0
Separate account assets 51,648.5 53,655.8
Total assets 117,353.6 119,984.8
Derivative liabilities (528.3) (493.2)
Other liabilities (1.5) (1.0)
Total liabilities (529.8) (494.2)
Net assets 116,823.8 119,490.6
Recurring Fair Value Measurements | Fair value hierarchy Level 3    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 3,539.5 3,636.8
Fixed maturities, trading 470.2 415.8
Derivative instruments, assets 3.4 6.3
Other investments 165.8 165.1
Market risk benefit asset 201.9 153.4
Sub-total excluding separate account assets 4,380.8 4,377.4
Separate account assets 725.6 752.8
Total assets 5,106.4 5,130.2
Investment and universal life contracts (174.7) (115.5)
Market risk benefit liability (99.6) (133.2)
Funds withheld payable embedded derivative 2,764.1 2,567.1
Derivative liabilities (2.5) (0.8)
Total liabilities 2,487.3 2,317.6
Net assets 7,593.7 7,447.8
Recurring Fair Value Measurements | U.S. government and agencies    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 1,450.0 1,528.8
Recurring Fair Value Measurements | U.S. government and agencies | Fair value hierarchy Level 1    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 1,155.0 1,216.0
Recurring Fair Value Measurements | U.S. government and agencies | Fair value hierarchy Level 2    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 295.0 312.8
Recurring Fair Value Measurements | Non-U.S. governments    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 508.0 507.9
Recurring Fair Value Measurements | Non-U.S. governments | Fair value hierarchy Level 1    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale   0.2
Recurring Fair Value Measurements | Non-U.S. governments | Fair value hierarchy Level 2    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 508.0 507.7
Recurring Fair Value Measurements | States and political subdivisions    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 6,492.6 6,676.8
Recurring Fair Value Measurements | States and political subdivisions | Fair value hierarchy Level 2    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 6,424.4 6,606.9
Recurring Fair Value Measurements | States and political subdivisions | Fair value hierarchy Level 3    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 68.2 69.9
Recurring Fair Value Measurements | Corporate debt securities    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 35,164.3 35,810.0
Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 1    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 31.7 30.9
Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 2    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 32,930.0 33,473.2
Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 3    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 2,202.6 2,305.9
Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 3,416.9 3,061.1
Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities | Fair value hierarchy Level 2    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 3,416.9 3,061.1
Recurring Fair Value Measurements | Commercial mortgage-backed securities    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 4,830.1 4,775.5
Recurring Fair Value Measurements | Commercial mortgage-backed securities | Fair value hierarchy Level 2    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 4,827.2 4,772.5
Recurring Fair Value Measurements | Commercial mortgage-backed securities | Fair value hierarchy Level 3    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 2.9 3.0
Recurring Fair Value Measurements | Collateralized debt obligations    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 5,725.9 5,403.7
Recurring Fair Value Measurements | Collateralized debt obligations | Fair value hierarchy Level 2    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 5,626.5 5,328.3
Recurring Fair Value Measurements | Collateralized debt obligations | Fair value hierarchy Level 3    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 99.4 75.4
Recurring Fair Value Measurements | Other debt obligations    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 8,103.5 7,909.3
Recurring Fair Value Measurements | Other debt obligations | Fair value hierarchy Level 2    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale 6,937.1 6,726.7
Recurring Fair Value Measurements | Other debt obligations | Fair value hierarchy Level 3    
Assets (liabilities) measured at fair value on a recurring basis    
Fixed maturities, available-for-sale $ 1,166.4 $ 1,182.6
[1] See Note 3, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.