Investments

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


	Amortized cost (1)		Fair value

	(in millions)
Due in one year or less	$	1,578.7	$	1,556.4
Due after one year through five years		10,609.9		10,486.2
Due after five years through ten years		9,857.6		9,811.5
Due after ten years		29,515.9		25,853.0
Subtotal		51,562.1		47,707.1
Mortgage-backed and other asset-backed securities		27,073.6		26,279.2
Total	$	78,635.7	$	73,986.3

(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, 2026

Residential

mortgage-

Commercial

Collateralized

U.S.

States and

backed 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

$

0.1

$

—

$

—

$

50.1

$

—

$

1.6

$

—

$

0.4

$

52.2

Additions for credit losses not previously recorded

—

2.9

—

0.3

—

3.2

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

(0.1)

—

5.0

—

0.2

—

(0.1)

5.0

Write-offs charged against allowance

—

(14.5)

—

(0.4)

—

(14.9)

Foreign currency translation adjustment

—

0.1

—

0.1

Ending balance

$

—

$

—

$

—

$

43.6

$

—

$

1.7

$

—

$

0.3

$

45.6

Accrued interest written off to net investment income

$

—

$

—

$

—

$

0.6

$

—

$

—

$

—

$

—

$

0.6


	For the three months ended June 30, 2025
									Residential
									mortgage-		Commercial		Collateralized
	U.S.				States and				backed 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	$	—	$	—	$	—	$	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 six months ended June 30, 2026

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

$

0.1

$

—

$

—

$

25.0

$

—

$

1.4

$

—

$

0.4

$

26.9

Additions for credit losses not previously recorded

—

32.6

—

0.3

—

32.9

Reductions for securities sold during the period

—

(0.9)

—

(0.9)

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

(0.1)

—

5.6

—

0.4

—

(0.1)

5.8

Write-offs charged against allowance

—

(18.7)

—

(0.4)

—

(19.1)

Ending balance

$

—

$

—

$

—

$

43.6

$

—

$

1.7

$

—

$

0.3

$

45.6

Accrued interest written off to net investment income

$

—

$

—

$

—

$

1.6

$

—

$

—

$

—

$

—

$

1.6


	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		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	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(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, 2026			December 31, 2025

		(in millions)
Net unrealized losses on fixed maturities, available-for-sale (1)		$	(4,564.3)		$	(4,081.8)
Net unrealized gains (losses) on derivative instruments			1.4			(40.0)
Adjustments for assumed changes in amortization patterns			4.7			4.2
Adjustments for assumed changes in policyholder liabilities			31.1			21.2
Net unrealized losses on other investments and noncontrolling interest adjustments			(80.1)			(58.3)
Provision for deferred income tax benefits			996.4			893.7
Net unrealized losses on available-for-sale securities and derivative instruments		$	(3,610.8)		$	(3,261.0)

(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, 2026
								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		$	195.6		$	42.0
Residential mortgage loans			19.9			20.6			9.7
Other loans			6.4			11.9			11.9
Total		$	84.7		$	228.1		$	63.6


		December 31, 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		$	58.4		$	—
Residential mortgage loans			15.6			19.9			7.0
Other loans			—			6.4			6.4
Total		$	86.1		$	84.7		$	13.4

Financing Receivables Aging (Table)

June 30, 2026

 

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

$

11.6

$

5.9

$

51.7

$

69.2

$

16,031.0

$

16,100.2

$

0.1

Direct financing leases

—

0.9

—

0.9

554.1

555.0

—

Residential mortgage loans (2)

71.6

18.2

32.3

122.1

5,061.4

5,183.5

16.5

Other loans

1.8

2.0

14.3

18.1

91.5

109.6

2.4

Total

$

85.0

$

27.0

$

98.3

$

210.3

$

21,738.0

$

21,948.3

$

19.0


		December 31, 2025
																				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		$	5.9		$	1.4		$	101.0		$	108.3		$	16,409.8		$	16,518.1		$	42.6
Direct financing leases			3.9			0.9			—			4.8			571.7			576.5			—
Residential mortgage loans (2)			64.8			20.3			26.3			111.4			4,586.5			4,697.9			12.1
Other loans			2.3			1.5			8.4			12.2			173.7			185.9			2.0
Total		$	76.9		$	24.1		$	135.7		$	236.7		$	21,741.7		$	21,978.4		$	56.7

(1)	As of both June 30, 2026 and December 31, 2025, 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,

 

2026

 

2025

 

2026

 

2025

(in millions)

Commercial mortgage loans:

Purchased (1)

$

124.6

$

30.4

$

124.6

$

70.3

Sold (2)

308.5

40.3

356.6

109.2

Residential mortgage loans:

Purchased

568.6

385.9

884.8

650.9

Sold

4.8

5.9

10.5

9.8

(1)	2026 primarily includes loans purchased within the general account to align with diversification, risk - return and long - term asset - liability management objectives.

(2)	2026 includes $300.7 million of mortgage loans that were previously held for sale within the funds withheld assets.

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, 2026
Derivative assets		$	1,751.3		$	(369.8)		$	(1,360.0)		$	21.5
Reverse repurchase agreements			63.5			—			(63.5)			—
Total		$	1,814.8		$	(369.8)		$	(1,423.5)		$	21.5

December 31, 2025
Derivative assets		$	1,224.5		$	(331.7)		$	(881.6)		$	11.2
Reverse repurchase agreements			57.5			—			(57.5)			—
Total		$	1,282.0		$	(331.7)		$	(939.1)		$	11.2

(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.