Deferred Acquisition Costs and Other Actuarial Balances (Tables)

6 Months Ended

Jun. 30, 2025

Disaggregated DAC amounts and reconciliation (Table)


		June 30, 2025			December 31, 2024

		(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions		$	522.2		$	515.5
Individual variable annuities			353.5			323.4
Pension risk transfer			23.2			21.1
Individual fixed deferred annuities			75.7			84.2
Investment only			11.6			13.0
Total Retirement and Income Solutions			986.2			957.2
Benefits and Protection:
Specialty Benefits:
Individual disability			705.2			696.9
Life Insurance:
Universal life			1,523.6			1,527.7
Term life			716.1			710.8
Participating life			74.4			77.8
Total Benefits and Protection			3,019.3			3,013.2
Short-duration contracts			36.6			30.6
Other balances (1)			5.9			5.9
Total DAC per consolidated statements of financial position		$	4,048.0		$	4,006.9

(1)	Includes insignificant balances for long-duration contracts.

Disaggregated unearned revenue liability amounts and reconciliation (Table)


		June 30, 2025			December 31, 2024

		(in millions)
Benefits and Protection - Life Insurance:
Universal life		$	522.4		$	510.1
Other balances (1)			5.1			5.3
Total unearned revenue liability		$	527.5		$	515.4

(1)	Includes insignificant balances for long-duration contracts.

Retirement and Income Solutions

Disaggregated DAC amounts and reconciliation (Table)


		Workplace									Individual
		savings and			Individual			Pension			fixed
		retirement			variable			risk			deferred			Investment
		solutions			annuities			transfer			annuities			only

		(in millions)
Balances as of January 1, 2024		$	506.4		$	279.5		$	15.4		$	106.1		$	11.5
Costs deferred			47.7			72.7			6.6			—			6.5
Amortized to expense			(38.6)			(28.8)			(0.9)			(21.9)			(5.0)
Balances as of December 31, 2024			515.5			323.4			21.1			84.2			13.0
Costs deferred			25.4			46.9			2.7			—			1.1
Amortized to expense			(18.7)			(16.8)			(0.6)			(8.5)			(2.5)
Balances as of June 30, 2025		$	522.2		$	353.5		$	23.2		$	75.7		$	11.6

Benefits and Protection

Disaggregated DAC amounts and reconciliation (Table)


		Specialty Benefits			Life Insurance
		Individual
		disability			Universal life			Term life			Participating life

		(in millions)
Balances as of January 1, 2024		$	667.7		$	1,545.3		$	695.1		$	84.7
Costs deferred			79.0			76.7			78.3			1.7
Amortized to expense			(49.8)			(94.3)			(62.6)			(8.6)
Balances as of December 31, 2024			696.9			1,527.7			710.8			77.8
Costs deferred			35.1			43.4			36.7			0.7
Amortized to expense			(26.8)			(47.5)			(31.4)			(4.1)
Balances as of June 30, 2025		$	705.2		$	1,523.6		$	716.1		$	74.4

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)


		For the six months ended			For the year ended
		June 30, 2025			December 31, 2024

		(in millions)
Balance at beginning of period		$	510.1		$	485.5
Deferrals			28.9			56.1
Revenue recognized			(16.6)			(31.5)
Balance at end of period			522.4			510.1
Reinsurance impact			(218.3)			(220.8)
Balance at end of period after reinsurance		$	304.1		$	289.3