v3.25.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Nature and Amount of Collateral Received From and Posted To Derivative Counterparty The table below summarizes the nature and amount of collateral received from and posted to our derivative counterparties.
March 31, 2025December 31, 2024
(in millions of dollars)
Carrying Value of Collateral Received from Counterparties
Cash$1.4 $3.6 
Fixed Maturity Securities13.2 8.4 
$14.6 $12.0 
Carrying Value of Collateral Posted to Counterparties
Cash$6.8 $4.0 
Fixed Maturity Securities169.2 196.7 
$176.0 $200.7 
Fair Value Hedges Carrying Amount of Hedged Assets and Liabilities and Cumulative Basis Adjustments
The following tables summarize the amortized cost, carrying amount of hedged assets and the related cumulative basis adjustments related to our fair value hedges:

March 31, 2025
(in millions of dollars)
Amortized Cost of Hedged Assets
Carrying Amount of Hedged Assets
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Fixed maturity securities:
Receive fixed foreign currency interest, pay fixed foreign currency interest$722.0 610.9 (24.8)
December 31, 2024
(in millions of dollars)
Amortized Cost of Hedged Assets
Carrying Amount of Hedged Assets
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Fixed maturity securities:
Receive fixed foreign currency interest, pay fixed foreign currency interest$648.4 551.0 (46.3)
Location and Fair Values of Derivative Financial Instruments
The following tables summarize the notional amounts and fair values of derivative financial instruments, as reported in our consolidated balance sheets. Derivative assets are included in other long-term investments, while derivative liabilities are included in other liabilities within our consolidated balance sheets. The notional amounts represent the basis upon which our counterparty pay and receive amounts are calculated.

 March 31, 2025
 Derivative AssetsDerivative Liabilities
 Notional
Amount		Fair
Value		Fair
Value
(in millions of dollars)
Designated as Hedging Instruments
Cash Flow Hedges
Forward Benchmark Interest Rate Locks$2,589.0 $12.9 $186.5 
Foreign Currency Interest Rate Swaps139.1 18.5 1.0 
Total Cash Flow Hedges2,728.1 31.4 187.5 
Fair Value Hedges
Foreign Currency Interest Rate Swaps746.8 57.8 12.4 
Total Designated as Hedging Instruments$3,474.9 $89.2 $199.9 
Not Designated as Hedging Instruments
Foreign Currency Forwards$47.3 $0.3 $0.4 
Foreign Currency Interest Rate Swaps125.9 0.6 16.6 
Total Return Swaps826.2 0.3 3.5 
Embedded Derivative in Modified Coinsurance Arrangement— 9.6 — 
Total Not Designated as Hedging Instruments$999.4 $10.8 $20.5 
Total Derivatives$4,474.3 $100.0 $220.4 
 December 31, 2024
 Derivative AssetsDerivative Liabilities
 Notional
Amount		Fair
Value		Fair
Value
(in millions of dollars)
Designated as Hedging Instruments
Cash Flow Hedges
Forward Benchmark Interest Rate Locks$2,570.0 $3.4 $223.2 
Foreign Currency Interest Rate Swaps139.1 17.6 1.1 
Total Cash Flow Hedges2,709.1 21.0 224.3 
Fair Value Hedges
Foreign Currency Interest Rate Swaps736.4 54.7 15.0 
Total Designated as Hedging Instruments$3,445.5 $75.7 $239.3 
Not Designated as Hedging Instruments
Foreign Currency Forwards$51.1 $3.1 $— 
Foreign Currency Interest Rate Swaps125.9 0.6 16.4 
Total Return Swaps128.9 — — 
Embedded Derivative in Modified Coinsurance Arrangement— 11.5 — 
Total Not Designated as Hedging Instruments$305.9 $15.2 $16.4 
Total Derivatives$3,751.4 $90.9 $255.7 
Location of Gains and Losses on Derivative Instruments Designated as Cash Flow Hedging Instruments
The following tables summarize the location of gains and losses of derivative financial instruments designated as hedging instruments, as reported in our consolidated statements of income.

 Three Months Ended March 31
20252024
Net Investment IncomeNet Investment Gain (Loss)Interest and Debt ExpenseNet Investment IncomeNet Investment Gain (Loss)Interest and Debt Expense
 (in millions of dollars)
Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded$513.2 $(206.8)$52.0 $513.5 $(1.2)$49.5 
Gain (Loss) on Cash Flow Hedging Relationships
Interest Rate Swaps:
Hedged items17.4 (0.4)— 47.6 — 0.7 
Derivatives Designated as Hedging Instruments2.6 0.4 — 6.0 — — 
Foreign Exchange Contracts:
Hedged items2.3 — — 2.2 — — 
Derivatives Designated as Hedging Instruments(0.7)— — (0.5)— — 
Forward Benchmark Interest Rate Locks:
Hedged items12.3 — — 9.0 — — 
Derivatives Designated as Hedging Instruments(0.4)— — (0.2)— — 
Gain (Loss) on Fair Value Hedging Relationships
Foreign Exchange Contracts
Hedged items4.4 21.5 — 4.2 (17.6)— 
Derivatives Designated as Hedging Instruments(5.2)(21.5)— 3.1 17.6 — 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the location of gains and losses of derivative financial instruments designated as cash flow hedging instruments, as reported in our consolidated statements of comprehensive income (loss).

Three Months Ended March 31
 20252024
 (in millions of dollars)
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives
Forwards$31.5 $(55.1)
Foreign Exchange Contracts1.0 3.2 
Total$32.5 $(51.9)
Gains and Losses on Derivatives Not Designated as Hedging Instruments
The following table summarizes the location of gains and losses on our derivatives not designated as hedging instruments, as reported in our consolidated statements of income.

 Three Months Ended March 31
 20252024
 (in millions of dollars)
Net Investment Gain (Loss)
Foreign Exchange Contracts$(2.0)$1.6 
Embedded Derivative in Modified Coinsurance Arrangement(1.9)6.1 
Total Return Swaps
(3.2)$— 
Total$(7.1)$7.7 
Net Investment Income
Total Return Swaps
$0.1 $— 
Other Expenses
(Gain) Loss on Total Return Swaps
$4.3 $(7.9)