Investments (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Amortized Cost and Fair Values of Securities by Security Type |
At March 31, 2025 and December 31, 2024, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | | Amortized Cost, Gross of ACL1 | | ACL1 | | Gross
Unrealized
Gain | | Gross
Unrealized
Loss | | Fair
Value | | (in millions of dollars) | | United States Government and Government Agencies and Authorities | $ | 537.4 | | | $ | — | | | $ | 16.9 | | | $ | 20.6 | | | $ | 533.7 | | | States, Municipalities, and Political Subdivisions | 3,682.7 | | | — | | | 73.8 | | | 498.7 | | | 3,257.8 | | | Foreign Governments | 960.7 | | | — | | | 13.7 | | | 164.1 | | | 810.3 | | | Public Utilities | 5,442.0 | | | — | | | 167.5 | | | 322.3 | | | 5,287.2 | | Mortgage/Asset-Backed Securities2 | 980.1 | | | — | | | 5.5 | | | 24.8 | | | 960.8 | | | All Other Corporate Bonds | 26,249.3 | | | 3.8 | | | 518.7 | | | 1,870.3 | | | 24,893.9 | | | Redeemable Preferred Stocks | 8.0 | | | — | | | — | | | 0.3 | | | 7.7 | | | Total Fixed Maturity Securities | $ | 37,860.2 | | | $ | 3.8 | | | $ | 796.1 | | | $ | 2,901.1 | | | $ | 35,751.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Amortized Cost, Gross of ACL1 | | ACL1 | | Gross
Unrealized
Gain | | Gross
Unrealized
Loss | | Fair
Value | | (in millions of dollars) | | United States Government and Government Agencies and Authorities | $ | 544.6 | | | $ | — | | | $ | 13.9 | | | $ | 28.0 | | | $ | 530.5 | | | States, Municipalities, and Political Subdivisions | 3,795.6 | | | — | | | 65.5 | | | 569.7 | | | 3,291.4 | | | Foreign Governments | 912.1 | | | — | | | 9.5 | | | 153.5 | | | 768.1 | | | Public Utilities | 5,525.0 | | | — | | | 132.3 | | | 364.4 | | | 5,292.9 | | Mortgage/Asset-Backed Securities2 | 949.4 | | | — | | | 5.0 | | | 37.2 | | | 917.2 | | | All Other Corporate Bonds | 26,535.2 | | | 2.8 | | | 450.6 | | | 2,160.8 | | | 24,822.2 | | | Redeemable Preferred Stocks | 8.0 | | | — | | | — | | | 0.4 | | | 7.6 | | | Total Fixed Maturity Securities | $ | 38,269.9 | | | $ | 2.8 | | | $ | 676.8 | | | $ | 3,314.0 | | | $ | 35,629.9 | |
1Allowance for Credit Losses 2Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types
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| Schedule of Unrealized Loss on Investments |
The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position.
| | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | | Less Than 12 Months | | 12 Months or Greater | | | Fair
Value | | Gross
Unrealized
Loss | | Fair
Value | | Gross
Unrealized
Loss | | (in millions of dollars) | | United States Government and Government Agencies and Authorities | $ | 46.0 | | | $ | 2.1 | | | $ | 203.8 | | | $ | 18.5 | | | States, Municipalities, and Political Subdivisions | 261.4 | | | 11.0 | | | 1,847.0 | | | 487.7 | | | Foreign Governments | 166.5 | | | 10.6 | | | 276.8 | | | 153.5 | | | Public Utilities | 928.1 | | | 39.4 | | | 1,492.5 | | | 282.9 | | Mortgage/Asset-Backed Securities1 | 233.3 | | | 3.0 | | | 285.8 | | | 21.8 | | | All Other Corporate Bonds | 4,207.0 | | | 144.4 | | | 11,255.3 | | | 1,725.9 | | | Redeemable Preferred Stocks | 4.0 | | | — | | | 3.8 | | | 0.3 | | | Total Fixed Maturity Securities | $ | 5,846.3 | | | $ | 210.5 | | | $ | 15,365.0 | | | $ | 2,690.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Less Than 12 Months | | 12 Months or Greater | | | Fair
Value | | Gross
Unrealized
Loss | | Fair
Value | | Gross
Unrealized
Loss | | (in millions of dollars) | | United States Government and Government Agencies and Authorities | $ | 43.7 | | | $ | 4.1 | | | $ | 201.3 | | | $ | 23.9 | | | States, Municipalities, and Political Subdivisions | 425.8 | | | 15.3 | | | 1,926.2 | | | 554.4 | | | Foreign Governments | 171.9 | | | 10.6 | | | 266.3 | | | 142.9 | | | Public Utilities | 1,281.7 | | | 48.4 | | | 1,549.5 | | | 316.0 | | Mortgage/Asset-Backed Securities1 | 199.9 | | | 8.9 | | | 285.9 | | | 28.3 | | | All Other Corporate Bonds | 4,904.4 | | | 182.5 | | | 12,209.3 | | | 1,978.3 | | | Redeemable Preferred Stocks | 3.9 | | | 0.1 | | | 3.7 | | | 0.3 | | | Total Fixed Maturity Securities | $ | 7,031.3 | | | $ | 269.9 | | | $ | 16,442.2 | | | $ | 3,044.1 | |
1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types
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| Distribution of the Maturity Dates for Fixed Maturity Securities |
The following is a distribution of the maturity dates for fixed maturity securities. The maturity dates have not been adjusted for possible calls or prepayments. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | | Amortized Cost, Net of ACL1 | | Unrealized Gain Position | | Unrealized Loss Position | | | | Gross Gain | | Fair Value | | Gross Loss | | Fair Value | | (in millions of dollars) | | 1 year or less | $ | 1,574.7 | | | $ | 5.9 | | | $ | 559.5 | | | $ | 5.6 | | | $ | 1,015.5 | | | Over 1 year through 5 years | 7,703.6 | | | 152.3 | | | 3,233.8 | | | 164.5 | | | 4,457.6 | | | Over 5 years through 10 years | 8,069.3 | | | 257.7 | | | 3,799.4 | | | 478.5 | | | 4,049.1 | | | Over 10 years | 19,528.7 | | | 374.7 | | | 6,505.7 | | | 2,227.7 | | | 11,170.0 | | | 36,876.3 | | | 790.6 | | | 14,098.4 | | | 2,876.3 | | | 20,692.2 | | Mortgage/Asset-Backed Securities2 | 980.1 | | | 5.5 | | | 441.7 | | | 24.8 | | | 519.1 | | | Total Fixed Maturity Securities | $ | 37,856.4 | | | $ | 796.1 | | | $ | 14,540.1 | | | $ | 2,901.1 | | | $ | 21,211.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Amortized Cost, Net of ACL1 | | Unrealized Gain Position | | Unrealized Loss Position | | | | Gross Gain | | Fair Value | | Gross Loss | | Fair Value | | (in millions of dollars) | | 1 year or less | $ | 1,484.1 | | | $ | 4.1 | | | $ | 432.4 | | | $ | 6.2 | | | $ | 1,049.6 | | | Over 1 year through 5 years | 7,688.2 | | | 123.5 | | | 2,840.8 | | | 196.6 | | | 4,774.3 | | | Over 5 years through 10 years | 8,404.6 | | | 236.4 | | | 3,486.1 | | | 565.5 | | | 4,589.4 | | | Over 10 years | 19,740.8 | | | 307.8 | | | 4,965.7 | | | 2,508.5 | | | 12,574.4 | | | 37,317.7 | | | 671.8 | | | 11,725.0 | | | 3,276.8 | | | 22,987.7 | | Mortgage/Asset-Backed Securities2 | 949.4 | | | 5.0 | | | 431.4 | | | 37.2 | | | 485.8 | | | Total Fixed Maturity Securities | $ | 38,267.1 | | | $ | 676.8 | | | $ | 12,156.4 | | | $ | 3,314.0 | | | $ | 23,473.5 | | | | | | | | | | | | 1Allowance for Credit Losses | | | | | | | | | | 2Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types |
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| Distribution by External Credit Rating for Fixed Maturity Securities |
The following chart depicts an analysis of our fixed maturity security portfolio between investment-grade and below-investment-grade categories as of March 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Gain | | Amount | | Percent of Total Gross Unrealized Loss | | (in millions of dollars) | | | | Investment-Grade | $ | 34,297.5 | | | $ | 781.7 | | | $ | 2,833.3 | | | 97.7 | % | | Below-Investment-Grade | 1,453.9 | | | 14.4 | | | 67.8 | | | 2.3 | | | Total Fixed Maturity Securities | $ | 35,751.4 | | | $ | 796.1 | | | $ | 2,901.1 | | | 100.0 | % |
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| Debt Securities, Available-for-sale, Allowance for Credit Loss |
The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities, which were classified as "all other corporate bonds" during the three months ended March 31, 2025 and March 31, 2024.
| | | | | | | | | | | | | Three Months Ended March 31 | | 2025 | | 2024 | | (in millions of dollars) | | Balance, beginning of period | $ | 2.8 | | | $ | 2.2 | | | | | | | Credit losses on securities for which credit losses were not previously recorded | 0.9 | | | — | | | | | | | Change in allowance on securities with allowance recorded in previous period | 0.1 | | | — | | | | | | | | | | | | | | | Balance, end of period | $ | 3.8 | | | $ | 2.2 | |
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| Mortgage Loans by Property Type and Geographic Region |
The carrying amount of mortgage loans by property type and geographic region are presented below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | | | (in millions of dollars) | | | | | | | | | | | | | Carrying Amount | | Percent of Total | | Carrying Amount | | Percent of Total | | | | | Property Type | | | | | | | | | | | | Apartment | $ | 653.4 | | | 29.9 | % | | $ | 658.2 | | | 29.6 | % | | | | | Industrial | 670.7 | | | 30.7 | | | 690.4 | | | 31.0 | | | | | | Office | 333.3 | | | 15.2 | | | 338.4 | | | 15.2 | | | | | | Retail | 489.4 | | | 22.3 | | | 496.2 | | | 22.3 | | | | | | Other | 40.9 | | | 1.9 | | | 41.3 | | | 1.9 | | | | | | Total | $ | 2,187.7 | | | 100.0 | % | | $ | 2,224.5 | | | 100.0 | % | | | | | | | | | | | | | | | | Region | | | | | | | | | | | | New England | $ | 51.9 | | | 2.4 | % | | $ | 52.6 | | | 2.4 | % | | | | | Mid-Atlantic | 165.4 | | | 7.6 | | | 167.2 | | | 7.5 | | | | | | East North Central | 284.7 | | | 13.0 | | | 297.2 | | | 13.4 | | | | | | West North Central | 148.8 | | | 6.8 | | | 151.1 | | | 6.8 | | | | | | South Atlantic | 521.3 | | | 23.8 | | | 532.5 | | | 23.9 | | | | | | East South Central | 94.2 | | | 4.3 | | | 95.1 | | | 4.3 | | | | | | West South Central | 188.5 | | | 8.6 | | | 193.6 | | | 8.7 | | | | | | Mountain | 280.2 | | | 12.8 | | | 278.7 | | | 12.5 | | | | | | Pacific | 452.7 | | | 20.7 | | | 456.5 | | | 20.5 | | | | | | Total | $ | 2,187.7 | | | 100.0 | % | | $ | 2,224.5 | | | 100.0 | % | | | |
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| Schedule of Participating Mortgage Loans by Internal Credit Rating and Loan to Value |
The following tables present information about mortgage loans by the applicable internal quality indicators:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | | | | | | | | | | | (in millions of dollars) | | | | | | | | | | | | Carrying Amount | | Percent of Total | | Carrying Amount | | Percent of Total | | | | | | | | | | | | Internal Mortgage Rating | | | | | | | | | | | | | | | | | | | AA | $ | 93.6 | | | 4.3 | % | | $ | 117.8 | | | 5.3 | % | | | | | | | | | | | | A | 1,066.3 | | | 48.7 | | | 1,099.1 | | | 49.4 | | | | | | | | | | | | | BBB | 927.9 | | | 42.4 | | | 915.5 | | | 41.2 | | | | | | | | | | | | | BB | 84.3 | | | 3.9 | | | 85.0 | | | 3.8 | | | | | | | | | | | | | B | 15.6 | | | 0.7 | | | 7.1 | | | 0.3 | | | | | | | | | | | | | Total | $ | 2,187.7 | | | 100.0 | % | | $ | 2,224.5 | | | 100.0 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loan-to-Value Ratio1 | | | | | | | | | | | | | | | | | | | <= 65% | $ | 1,585.8 | | | 72.4 | % | | $ | 1,639.6 | | | 73.8 | % | | | | | | | | | | | | > 65% <= 75% | 362.2 | | | 16.6 | | | 367.6 | | | 16.5 | | | | | | | | | | | | | > 75% <= 85% | 192.6 | | | 8.8 | | | 152.3 | | | 6.8 | | | | | | | | | | | | | > 85% | 47.1 | | | 2.2 | | | 65.0 | | | 2.9 | | | | | | | | | | | | | Total | $ | 2,187.7 | | | 100.0 | % | | $ | 2,224.5 | | | 100.0 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1Loan-to-Value Ratio utilizes the most recent internal valuation of the property | | | | | | | | | | |
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| Mortgage Loans by Credit Quality Indicators |
The following tables present the amortized cost of our mortgage loans by year of origination and internal quality indicators at March 31, 2025 and December 31, 2024, respectively.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | Prior to 2021 | | 2021 | | 2022 | | 2023 | | 2024 | | 2025 | | Total | | (in millions of dollars) | | Internal Mortgage Rating | | | | | | | | | | | | | | | AA | $ | 87.4 | | | $ | 6.3 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 93.7 | | | A | 835.2 | | | 167.9 | | | 24.4 | | | 9.5 | | | 6.5 | | | 25.0 | | | 1,068.5 | | | BBB | 601.2 | | | 154.1 | | | 62.8 | | | 57.1 | | | 39.6 | | | 17.8 | | | 932.6 | | | BB | 86.1 | | | — | | | — | | | — | | | — | | | — | | | 86.1 | | | B | 23.4 | | | — | | | — | | | — | | | — | | | — | | | 23.4 | | | Total Amortized Cost | 1,633.3 | | | 328.3 | | | 87.2 | | | 66.6 | | | 46.1 | | | 42.8 | | | 2,204.3 | | | Allowance for credit losses | (14.6) | | | (1.0) | | | (0.3) | | | (0.4) | | | (0.2) | | | (0.1) | | | (16.6) | | | Carrying Amount | $ | 1,618.7 | | | $ | 327.3 | | | $ | 86.9 | | | $ | 66.2 | | | $ | 45.9 | | | $ | 42.7 | | | $ | 2,187.7 | | | | | | | | | | | | | | | | Loan-to-Value Ratio1 | | | | | | | | | | | | | | | <=65% | $ | 1,281.7 | | | $ | 192.1 | | | $ | 40.5 | | | $ | 38.6 | | | $ | 11.7 | | | $ | 25.0 | | | $ | 1,589.6 | | | >65<=75% | 173.9 | | | 63.1 | | | 46.7 | | | 28.0 | | | 34.4 | | | 17.8 | | | 363.9 | | | >75%<=85% | 133.4 | | | 62.3 | | | — | | | — | | | — | | | — | | | 195.7 | | | >85% | 44.3 | | | 10.8 | | | — | | | — | | | — | | | — | | | 55.1 | | | Total Amortized Cost | 1,633.3 | | | 328.3 | | | 87.2 | | | 66.6 | | | 46.1 | | | 42.8 | | | 2,204.3 | | | Allowance for credit losses | (14.6) | | | (1.0) | | | (0.3) | | | (0.4) | | | (0.2) | | | (0.1) | | | (16.6) | | | Carrying Amount | $ | 1,618.7 | | | $ | 327.3 | | | $ | 86.9 | | | $ | 66.2 | | | $ | 45.9 | | | $ | 42.7 | | | $ | 2,187.7 | | | | | | | | | | | | | | | | 1Loan-to-Value Ratio utilizes the most recent internal valuation of the property |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Prior to 2020 | | 2020 | | 2021 | | 2022 | | 2023 | | 2024 | | Total | | (in millions of dollars) | | Internal Mortgage Rating | | | | | | | | | | | | | | | AA | $ | 111.5 | | | $ | — | | | $ | 6.4 | | | $ | — | | | $ | — | | | $ | — | | | $ | 117.9 | | | A | 780.5 | | | 99.6 | | | 169.1 | | | 24.6 | | | 9.5 | | | 18.0 | | | 1,101.3 | | | BBB | 561.7 | | | 55.1 | | | 155.1 | | | 63.0 | | | 57.3 | | | 28.2 | | | 920.4 | | | BB | 86.8 | | | — | | | — | | | — | | | — | | | — | | | 86.8 | | | B | 14.2 | | | — | | | — | | | — | | | — | | | — | | | 14.2 | | | Total Amortized Cost | 1,554.7 | | | 154.7 | | | 330.6 | | | 87.6 | | | 66.8 | | | 46.2 | | | 2,240.6 | | | Allowance for credit losses | (13.7) | | | (0.5) | | | (1.0) | | | (0.3) | | | (0.4) | | | (0.2) | | | (16.1) | | | Carrying Amount | $ | 1,541.0 | | | $ | 154.2 | | | $ | 329.6 | | | $ | 87.3 | | | $ | 66.4 | | | $ | 46.0 | | | $ | 2,224.5 | | | | | | | | | | | | | | | | Loan-to-Value Ratio1 | | | | | | | | | | | | | | | <=65% | $ | 1,229.6 | | | $ | 112.9 | | | $ | 210.0 | | | $ | 40.8 | | | $ | 38.7 | | | $ | 11.7 | | | $ | 1,643.7 | | | >65<=75% | 154.1 | | | 33.7 | | | 72.1 | | | 46.8 | | | 28.1 | | | 34.5 | | | 369.3 | | | >75%<=85% | 126.4 | | | 8.1 | | | 20.1 | | | — | | | — | | | — | | | 154.6 | | | >85% | 44.6 | | | — | | | 28.4 | | | — | | | — | | | — | | | 73.0 | | | Total Amortized Cost | 1,554.7 | | | 154.7 | | | 330.6 | | | 87.6 | | | 66.8 | | | 46.2 | | | 2,240.6 | | | Allowance for credit losses | (13.7) | | | (0.5) | | | (1.0) | | | (0.3) | | | (0.4) | | | (0.2) | | | (16.1) | | | Carrying Amount | $ | 1,541.0 | | | $ | 154.2 | | | $ | 329.6 | | | $ | 87.3 | | | $ | 66.4 | | | $ | 46.0 | | | $ | 2,224.5 | | | | | | | | | | | | | | | | 1Loan-to-Value Ratio utilizes the most recent internal valuation of the property |
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| Financing Receivable, Allowance for Credit Loss |
The following tables present a roll-forward of allowance for expected credit losses by loan-to-value ratio for the three months ended March 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | Beginning of Year | | Current Period Provisions | | Write-Offs | | Recoveries | | End of Period | | (in millions of dollars) | Loan-to-Value Ratio1 | | | | | | | | | | | <=65% | $ | 4.2 | | | $ | (0.4) | | | $ | — | | | $ | — | | | $ | 3.8 | | | >65<=75% | 1.7 | | | — | | | — | | | — | | | 1.7 | | | >75%<=85% | 2.2 | | | 0.9 | | | — | | | — | | | 3.1 | | | >85% | 8.0 | | | — | | | — | | | — | | | 8.0 | | | Total | $ | 16.1 | | | $ | 0.5 | | | $ | — | | | $ | — | | | $ | 16.6 | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | Beginning of Year | | Current Period Provisions | | Write-Offs | | Recoveries | | End of Period | | (in millions of dollars) | Loan-to-Value Ratio1 | | | | | | | | | | | <=65% | $ | 3.8 | | | $ | (0.2) | | | $ | — | | | $ | — | | | $ | 3.6 | | | >65<=75% | 3.8 | | | (0.4) | | | — | | | — | | | 3.4 | | | >75%<=85% | 1.2 | | | — | | | — | | | — | | | 1.2 | | | >85% | 1.4 | | | 1.1 | | | — | | | — | | | 2.5 | | | Total | $ | 10.2 | | | $ | 0.5 | | | $ | — | | | $ | — | | | $ | 10.7 | | | | | | | | | | | | 1Loan-to-Value Ratio utilizes the most recent internal valuation of the property |
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| Remaining Contractual Maturity of Securities Lending Agreements |
The remaining contractual maturities of our securities lending agreements disaggregated by class of collateral pledged are as follows:
| | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | Overnight and Continuous | | (in millions of dollars) | | Borrowings | | | | | | | | | | | | | | | | | Public Utilities | $ | 0.6 | | | $ | 5.2 | | Short-Term Investments | — | | | 1.0 | | All Other Corporate Bonds | 44.6 | | | 56.5 | | | Total Borrowings | 45.2 | | | 62.7 | | | Gross Amount of Recognized Liability for Securities Lending Transactions | 45.2 | | | 62.7 | | | Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein | $ | — | | | $ | — | |
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| Federal Home Loan Bank Common Stock Carrying Amounts, Amounts Posted, and Advances Received |
The carrying value of common stock owned, collateral posted, and advances received are as follows: | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | | (in millions of dollars) | | Carrying Value of FHLB Common Stock | | $ | 30.9 | | | $ | 26.7 | | | Advances from FHLB | | 420.4 | | | 324.2 | | | | | | | | Carrying Value of Collateral Posted to FHLB | | | | | | Fixed Maturity Securities | | $ | 736.6 | | | $ | 553.6 | | | Commercial Mortgage Loans | | 882.3 | | | 908.2 | | | Total Carrying Value of Collateral Posted to FHLB | | $ | 1,618.9 | | | $ | 1,461.8 | |
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| Schedule of Financial Instrument and Derivative Offsetting |
Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | | Gross Amount | | | | | | Gross Amount Not | | | | | of Recognized | | Gross Amount | | Net Amount | | Offset in Balance Sheet | | | | | Financial | | Offset in | | Presented in | | Financial | | Cash | | Net | | | Instruments | | Balance Sheet | | Balance Sheet | | Instruments | | Collateral | | Amount | | | (in millions of dollars) | | Financial Assets: | | | | Derivatives | | $ | 90.4 | | | $ | — | | | $ | 90.4 | | | $ | (87.7) | | | $ | (1.4) | | | $ | 1.3 | | | Securities Lending | | 61.8 | | | — | | | 61.8 | | | (16.6) | | | (45.2) | | | — | | | Total | | $ | 152.2 | | | $ | — | | | $ | 152.2 | | | $ | (104.3) | | | $ | (46.6) | | | $ | 1.3 | | | | | | Financial Liabilities: | | | | | | | | | | | | | | Derivatives | | $ | 220.4 | | | $ | — | | | $ | 220.4 | | | $ | (220.2) | | | $ | — | | | $ | 0.2 | | | Securities Lending | | 45.2 | | | — | | | 45.2 | | | (45.2) | | | — | | | — | | | Total | | $ | 265.6 | | | $ | — | | | $ | 265.6 | | | $ | (265.4) | | | $ | — | | | $ | 0.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Gross Amount | | | | | | Gross Amount Not | | | | | of Recognized | | Gross Amount | | Net Amount | | Offset in Balance Sheet | | | | | Financial | | Offset in | | Presented in | | Financial | | Cash | | Net | | | Instruments | | Balance Sheet | | Balance Sheet | | Instruments | | Collateral | | Amount | | | (in millions of dollars) | | Financial Assets: | | | | Derivatives | | $ | 79.4 | | | $ | — | | | $ | 79.4 | | | $ | (75.7) | | | $ | (3.2) | | | $ | 0.5 | | | Securities Lending | | 94.0 | | | — | | | 94.0 | | | (31.3) | | | (62.7) | | | — | | | Total | | $ | 173.4 | | | $ | — | | | $ | 173.4 | | | $ | (107.0) | | | $ | (65.9) | | | $ | 0.5 | | | | | | | | | | | | | | | | Financial Liabilities: | | | | | | | | | | | | | | Derivatives | | $ | 255.7 | | | $ | — | | | $ | 255.7 | | | $ | (254.3) | | | $ | — | | | $ | 1.4 | | | Securities Lending | | 62.7 | | | — | | | 62.7 | | | (62.7) | | | — | | | — | | | Total | | $ | 318.4 | | | $ | — | | | $ | 318.4 | | | $ | (317.0) | | | $ | — | | | $ | 1.4 | |
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| Net Investment Income |
Net investment income reported in our consolidated statements of income is presented below.
| | | | | | | | | | | | | | Three Months Ended March 31 | | | 2025 | | 2024 | | | (in millions of dollars) | | Fixed Maturity Securities | $ | 463.3 | | | $ | 453.9 | | | Derivatives | (4.2) | | | 8.2 | | | Mortgage Loans | 21.8 | | | 22.5 | | | Policy Loans | 5.2 | | | 5.4 | | | Other Long-term Investments | | | | Perpetual Preferred Securities | 0.8 | | | 0.2 | | Private Equity Partnerships1 | 18.3 | | | 20.3 | | | Other | 4.3 | | | 2.7 | | | Short-term Investments | 28.0 | | | 19.9 | | | Gross Investment Income | 537.5 | | | 533.1 | | | Less Investment Expenses | 21.4 | | | 16.6 | | | Less Investment Income on Participation Fund Account Assets | 2.9 | | | 3.0 | | | | | | | Net Investment Income | $ | 513.2 | | | $ | 513.5 | |
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| Investment Gains and Losses Reported in Consolidated Statements of Income |
Investment gains and losses are as follows:
| | | | | | | | | | | | | | Three Months Ended March 31 | | | 2025 | | 2024 | | | (in millions of dollars) | | Fixed Maturity Securities | | | | | Gross Gains on Sales | $ | 0.6 | | | $ | — | | Gross Losses on Sales1 | (45.3) | | | (15.8) | | Impairment Loss2 | (152.4) | | | — | | | Credit Losses | (1.0) | | | — | | | Mortgage Loans and Other Invested Assets | | | | | | | | | | | | Impairment Loss | (3.8) | | | — | | | Change in Allowance for Credit Losses | (0.4) | | | (0.5) | | | Embedded Derivative in Modified Coinsurance Arrangement | (1.9) | | | 6.1 | | | All Other Derivatives | (5.3) | | | 1.6 | | | Foreign Currency Transactions | 2.7 | | | (1.9) | | Other | — | | | 9.3 | | Net Investment Loss | $ | (206.8) | | | $ | (1.2) | |
1During the three months ended March 31, 2025, we recognized a $23.5 million net loss on sales of fixed maturity securities related to an anticipated reinsurance transaction and a $19.1 million loss on sales of fixed maturity securities related to the funding of an extraordinary dividend from a wholly owned insurance subsidiary to Unum Group. 2During the three months ended March 31, 2025, we recognized a $152.4 million impairment loss based on the intent to dispose of fixed maturity securities with a fair value of $1,250.9 million related to an anticipated reinsurance transaction.
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