XML 122 R110.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Recurring Fair Value Measurements
$ in Millions
Mar. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
item
Unobservable inputs    
Assets measured at fair value $ 243,922.6 $ 240,637.6
Liabilities measured at fair value 1,957.5 1,823.4
Fair value hierarchy Level 3    
Unobservable inputs    
Assets measured at fair value 5,106.4 5,130.2
Liabilities measured at fair value 2,487.3 2,317.6
Fair value hierarchy Level 3 | Investment and universal life contracts    
Unobservable inputs    
Liabilities measured at fair value $ (174.7) $ (115.5)
Embedded derivative, Valuation technique Discounted cash flow Discounted cash flow
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Minimum    
Unobservable inputs    
Embedded derivative, Input 0.027 0.025
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Maximum    
Unobservable inputs    
Embedded derivative, Input 0.050 0.048
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Weighted average input    
Unobservable inputs    
Embedded derivative, Input 0.042 0.040
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Minimum    
Unobservable inputs    
Embedded derivative, Input 0.153 0.155
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Maximum    
Unobservable inputs    
Embedded derivative, Input 0.471 0.401
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Weighted average input    
Unobservable inputs    
Embedded derivative, Input 0.214 0.192
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Minimum    
Unobservable inputs    
Embedded derivative, Input 0.006 0.008
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Maximum    
Unobservable inputs    
Embedded derivative, Input 0.013 0.016
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Weighted average input    
Unobservable inputs    
Embedded derivative, Input 0.010 0.011
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Minimum    
Unobservable inputs    
Embedded derivative, Input 0.000 0.000
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Maximum    
Unobservable inputs    
Embedded derivative, Input 0.550 0.550
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Weighted average input    
Unobservable inputs    
Embedded derivative, Input 0.091 0.070
Fair value hierarchy Level 3 | Fixed maturities | Trading    
Unobservable inputs    
Assets measured at fair value $ 265.4 $ 203.9
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Discount rate | Minimum    
Unobservable inputs    
Fixed maturities, trading, Input 0.108 0.114
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Discount rate | Maximum    
Unobservable inputs    
Fixed maturities, trading, Input 0.206 0.223
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Discount rate | Weighted average input    
Unobservable inputs    
Fixed maturities, trading, Input 0.127 0.133
Fair value hierarchy Level 3 | Corporate debt securities | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input | item   3.25
Fair value hierarchy Level 3 | Corporate debt securities | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input   3.25
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale    
Unobservable inputs    
Assets measured at fair value $ 1,930.9 $ 1,997.4
Fixed maturities, available-for-sale, Valuation technique Discounted cash flow Discounted cash flow
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.052 0.049
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.206 0.242
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.110 0.120
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 3.66  
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 3.66  
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0 0.0030
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0791 0.0483
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0147 0.0121
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0 0.0067
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0188 0.0217
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0119 0.0141
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale    
Unobservable inputs    
Assets measured at fair value $ 98.6 $ 74.6
Fixed maturities, available-for-sale, Valuation technique Discounted cash flow Discounted cash flow
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.044 0.041
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.044 0.041
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0012 0.0020
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0012 0.0020
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale    
Unobservable inputs    
Assets measured at fair value $ 898.8 $ 879.5
Fixed maturities, available-for-sale, Valuation technique Discounted cash flow Discounted cash flow
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.052 0.050
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.117 0.106
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.077 0.074
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0069 0.0069
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0429 0.0650
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0330 0.0337
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Minimum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input (0.0021) (0.0020)
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Maximum    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0121 0.0213
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Weighted average input    
Unobservable inputs    
Fixed maturities, available-for-sale, Input 0.0060 0.0092
Fair value hierarchy Level 3 | Other investments    
Unobservable inputs    
Assets measured at fair value $ 163.9 $ 163.2
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Minimum    
Unobservable inputs    
Other investments, Input 0.120  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Maximum    
Unobservable inputs    
Other investments, Input 0.135  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Weighted average input    
Unobservable inputs    
Other investments, Input 0.124  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Probability of default | Minimum    
Unobservable inputs    
Other investments, Input 0.060  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Probability of default | Maximum    
Unobservable inputs    
Other investments, Input 0.100  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Probability of default | Weighted average input    
Unobservable inputs    
Other investments, Input 0.083  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Potential loss severity | Minimum    
Unobservable inputs    
Other investments, Input 0.870  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Potential loss severity | Maximum    
Unobservable inputs    
Other investments, Input 1.000  
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Potential loss severity | Weighted average input    
Unobservable inputs    
Other investments, Input 0.914  
Fair value hierarchy Level 3 | Other investments | Available-for-sale | Discounted cash flow | Discount rate | Minimum    
Unobservable inputs    
Other investments, Input   0.120
Fair value hierarchy Level 3 | Other investments | Available-for-sale | Discounted cash flow | Discount rate | Maximum    
Unobservable inputs    
Other investments, Input   0.135
Fair value hierarchy Level 3 | Other investments | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input    
Unobservable inputs    
Other investments, Input   0.126
Fair value hierarchy Level 3 | Other investments | Available-for-sale | Discounted cash flow | Probability of default | Minimum    
Unobservable inputs    
Other investments, Input   0.060
Fair value hierarchy Level 3 | Other investments | Available-for-sale | Discounted cash flow | Probability of default | Maximum    
Unobservable inputs    
Other investments, Input   0.100
Fair value hierarchy Level 3 | Other investments | Available-for-sale | Discounted cash flow | Probability of default | Weighted average input    
Unobservable inputs    
Other investments, Input   0.085
Fair value hierarchy Level 3 | Other investments | Available-for-sale | Discounted cash flow | Potential loss severity | Minimum    
Unobservable inputs    
Other investments, Input   0.870
Fair value hierarchy Level 3 | Other investments | Available-for-sale | Discounted cash flow | Potential loss severity | Maximum    
Unobservable inputs    
Other investments, Input   1.000
Fair value hierarchy Level 3 | Other investments | Available-for-sale | Discounted cash flow | Potential loss severity | Weighted average input    
Unobservable inputs    
Other investments, Input   0.907
Fair value hierarchy Level 3 | Separate account assets    
Unobservable inputs    
Assets measured at fair value $ 725.7 $ 752.8
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Minimum    
Unobservable inputs    
Separate account assets, Input 0.065 0.065
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Maximum    
Unobservable inputs    
Separate account assets, Input 0.100 0.100
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.071 0.075
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Minimum    
Unobservable inputs    
Separate account assets, Input 0.052 0.053
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Maximum    
Unobservable inputs    
Separate account assets, Input 0.095 0.095
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.058 0.061
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Minimum    
Unobservable inputs    
Separate account assets, Input 0.020 0.020
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Maximum    
Unobservable inputs    
Separate account assets, Input 0.037 0.037
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.027 0.029
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Minimum    
Unobservable inputs    
Separate account assets, Input 0.456 0.460
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Maximum    
Unobservable inputs    
Separate account assets, Input 0.720 0.720
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.589 0.553
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Minimum    
Unobservable inputs    
Separate account assets, Input 0.053 0.053
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Maximum    
Unobservable inputs    
Separate account assets, Input 0.081 0.081
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Weighted average input    
Unobservable inputs    
Separate account assets, Input 0.063 0.064