Investments

Fixed Maturities Available-for-Sale by Contractual Maturity (Table)


	Amortized cost (1)		Fair value

	(in millions)
Due in one year or less	$	1,573.5	$	1,577.1
Due after one year through five years		8,871.9		8,799.3
Due after five years through ten years		9,966.7		9,788.8
Due after ten years		28,640.9		24,690.0
Subtotal		49,053.0		44,855.2
Mortgage-backed and other asset-backed securities		26,562.6		25,703.2
Total	$	75,615.6	$	70,558.4

(1)Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Allowance for credit loss (Tables)

For the three months ended June 30, 2025

Residential

mortgage-

backed

Commercial

Collateralized

U.S.

States and

pass-

mortgage-

debt

Other

government

Non-U.S.

political

through

backed

obligations

debt

and agencies

governments

subdivisions

Corporate

securities

(1)

obligations

Total

(in millions)

Beginning balance

$

—

$

—

$

—

$

6.8

$

—

$

—

$

—

$

0.2

$

7.0

Additions for credit losses not previously recorded

—

0.3

0.1

—

0.4

Write-offs charged against allowance

—

(4.3)

—

(4.3)

Ending balance

$

—

$

—

$

—

$

2.5

$

—

$

0.3

$

0.1

$

0.2

$

3.1

Accrued interest written off to net investment income

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—


	For the three months ended June 30, 2024
									Residential
									mortgage-
									backed		Commercial		Collateralized
	U.S.				States and				pass-		mortgage-		debt		Other
	government		Non-U.S.		political				through		backed		obligations		debt
	and agencies		governments		subdivisions		Corporate		securities		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	2.7	$	—	$	—	$	—	$	0.1	$	2.8
Foreign currency translation adjustment		—		—		—		0.1		—		—		—		—		0.1
Ending balance	$	—	$	—	$	—	$	2.8	$	—	$	—	$	—	$	0.1	$	2.9

Accrued interest written off to net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

For the six months ended June 30, 2025

Residential

mortgage-

backed

Commercial

Collateralized

U.S.

States and

pass-

mortgage-

debt

Other

government

Non-U.S.

political

through

backed

obligations

debt

and agencies

governments

subdivisions

Corporate

securities

(1)

obligations

Total

(in millions)

Beginning balance

$

—

$

—

$

—

$

18.5

$

—

$

—

$

—

$

0.2

$

18.7

Additions for credit losses not previously recorded

—

0.3

0.1

—

0.4

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

—

0.1

—

0.1

Write-offs charged against allowance

—

(16.2)

—

(16.2)

Foreign currency translation adjustment

—

0.1

—

0.1

Ending balance

$

—

$

—

$

—

$

2.5

$

—

$

0.3

$

0.1

$

0.2

$

3.1

Accrued interest written off to net investment income

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—


	For the six months ended June 30, 2024
									Residential
									mortgage-
									backed		Commercial		Collateralized
	U.S.				States and				pass-		mortgage-		debt		Other
	government		Non-U.S.		political				through		backed		obligations		debt
	and agencies		governments		subdivisions		Corporate		securities		securities		(1)		obligations		Total

	(in millions)
Beginning balance	$	—	$	—	$	—	$	4.6	$	—	$	—	$	—	$	0.1	$	4.7
Write-offs charged against allowance		—		—		—		(1.6)		—		—		—		—		(1.6)
Foreign currency translation adjustment		—		—		—		(0.2)		—		—		—		—		(0.2)
Ending balance	$	—	$	—	$	—	$	2.8	$	—	$	—	$	—	$	0.1	$	2.9

Accrued interest written off to net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)	Primarily consists of collateralized loan obligations backed by secured corporate loans.

Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table)


	June 30, 2025		December 31, 2024

	(in millions)
Net unrealized losses on fixed maturities, available-for-sale (1)	$	(4,900.5)	$	(5,942.5)
Net unrealized gains (losses) on derivative instruments		(124.6)		66.1
Adjustments for assumed changes in amortization patterns		4.7		5.1
Adjustments for assumed changes in policyholder liabilities		27.9		12.2
Net unrealized losses on other investments and noncontrolling interest adjustments		(47.2)		(52.5)
Provision for deferred income tax benefits		1,086.3		1,270.5
Net unrealized losses on available-for-sale securities and derivative instruments	$	(3,953.4)	$	(4,641.1)

(1)	Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.

Non-Accrual Financing Receivables (Table)


	June 30, 2025
					Amortized cost
	Beginning		Ending		of nonaccrual
	amortized cost		amortized cost		assets without
	on nonaccrual		on nonaccrual		a valuation
	status		status		allowance

	(in millions)
Commercial mortgage loans	$	70.5	$	163.8	$	40.0
Residential mortgage loans		15.6		19.0		8.0
Other loans		—		3.0		3.0
Total	$	86.1	$	185.8	$	51.0


	December 31, 2024
					Amortized cost
	Beginning		Ending		of nonaccrual
	amortized cost		amortized cost		assets without
	on nonaccrual		on nonaccrual		a valuation
	status		status		allowance

	(in millions)
Commercial mortgage loans	$	58.4	$	70.5	$	—
Residential mortgage loans		10.2		15.6		—
Total	$	68.6	$	86.1	$	—

Financing Receivables Aging (Table)

June 30, 2025

Amortized

cost

90 days or

30-59 days

60-89 days

more past

Total past

more and

past due

due

Current

Total (1)

accruing

(in millions)

Commercial mortgage loans

$

48.2

$

36.9

$

76.4

$

161.5

$

16,667.8

$

16,829.3

$

—

Direct financing leases

—

565.4

—

Residential mortgage loans (2)

56.4

19.3

24.9

100.6

3,945.8

4,046.4

9.8

Other loans

1.9

1.6

4.4

7.9

127.5

135.4

1.4

Total

$

106.5

$

57.8

$

105.7

$

270.0

$

21,306.5

$

21,576.5

$

11.2


	December 31, 2024
													Amortized
													cost
					90 days or								90 days or
	30-59 days		60-89 days		more past		Total past						more and
	past due		past due		due		due		Current		Total (1)		accruing

	(in millions)
Commercial mortgage loans	$	70.3	$	2.2	$	26.3	$	98.8	$	16,973.9	$	17,072.7	$	—
Direct financing leases		3.6		—		—		3.6		559.4		563.0		—
Residential mortgage loans (2)		54.4		14.9		23.5		92.8		3,523.0		3,615.8		9.5
Other loans		2.1		1.8		1.6		5.5		140.8		146.3		1.4
Total	$	130.4	$	18.9	$	51.4	$	200.7	$	21,197.1	$	21,397.8	$	10.9

(1)	As of both June 30, 2025 and December 31, 2024, no reinsurance recoverables or deposit receivables were considered past due.

(2)	Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Mortgage Loans Purchased and Sold (Table)

For the three months ended

For the six months ended

June 30,

2025

2024

2025

2024

(in millions)

Commercial mortgage loans:

Purchased

$

30.4

$

—

$

70.3

$

57.0

Sold

40.3

—

109.2

0.8

Residential mortgage loans:

Purchased

385.9

49.1

650.9

87.5

Sold

5.9

7.9

9.8

12.8

Financial Assets Subject to Netting Agreements (Table)


			Gross amounts not offset in the
			consolidated statements
			of financial position
	Gross amount
	of recognized		Financial		Collateral
	assets (1)		instruments (2)		received		Net amount

	(in millions)
June 30, 2025
Derivative assets	$	770.0	$	(261.8)	$	(496.7)	$	11.5
Reverse repurchase agreements		100.7		—		(100.7)		—
Total	$	870.7	$	(261.8)	$	(597.4)	$	11.5
December 31, 2024
Derivative assets	$	648.2	$	(254.8)	$	(392.1)	$	1.3
Reverse repurchase agreements		120.4		—		(120.4)		—
Total	$	768.6	$	(254.8)	$	(512.5)	$	1.3

(1)

The gross amount of recognized derivative and reverse repurchase agreement assets are reported with other investments and cash and cash equivalents, respectively, on the consolidated statements of financial position. The gross amounts of derivative and reverse repurchase agreement assets are not netted against offsetting liabilities for presentation on the consolidated statements of financial position.

(2)	Represents amount of offsetting derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets for presentation on the consolidated statements of financial position.