Deferred Acquisition Costs and Other Actuarial Balances (Tables)

6 Months Ended

Jun. 30, 2026

Disaggregated DAC amounts and reconciliation (Table)


	* *	June 30, 2026		* *	December 31, 2025

		(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions		$	532.0		$	528.9
Individual variable annuities			406.0			385.3
Pension risk transfer			26.1			24.8
Individual fixed deferred annuities			58.8			66.9
Investment only			12.1			10.6
Total Retirement and Income Solutions			1,035.0			1,016.5
Benefits and Protection:
Specialty Benefits:
Individual disability			724.6			714.8
Life Insurance:
Universal life			1,509.0			1,514.3
Term life			726.9			723.5
Participating life			67.9			71.0
Total Benefits and Protection			3,028.4			3,023.6
Short-duration contracts			37.4			30.2
Other balances (1)			1.3			1.3
Total DAC per consolidated statements of financial position		$	4,102.1		$	4,071.6

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

Disaggregated unearned revenue liability amounts and reconciliation (Table)


		June 30, 2026			December 31, 2025

		(in millions)
Benefits and Protection - Life Insurance:
Universal life		$	544.4		$	532.9
Total unearned revenue liability		$	544.4		$	532.9

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, 2025		$	515.5		$	323.4		$	21.1		$	84.2		$	13.0
Costs deferred			50.9			96.9			5.0			—			2.6
Amortized to expense			(37.5)			(35.0)			(1.3)			(17.3)			(5.0)
Balances as of December 31, 2025			528.9			385.3			24.8			66.9			10.6
Costs deferred			22.2			40.2			2.0			—			4.0
Amortized to expense			(19.1)			(19.5)			(0.7)			(8.1)			(2.5)
Balances as of June 30, 2026		$	532.0		$	406.0		$	26.1		$	58.8		$	12.1

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, 2025		$	696.9		$	1,527.7		$	710.8		$	77.8
Costs deferred			71.9			81.2			75.6			1.2
Amortized to expense			(54.0)			(94.6)			(62.9)			(8.0)
Balances as of December 31, 2025			714.8			1,514.3			723.5			71.0
Costs deferred			37.3			41.9			35.6			0.7
Amortized to expense			(27.5)			(47.2)			(32.2)			(3.8)
Balances as of June 30, 2026		$	724.6		$	1,509.0		$	726.9		$	67.9

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)


		For the six months ended			For the year ended
		June 30, 2026			December 31, 2025

		(in millions)
Balance at beginning of period		$	532.9		$	510.1
Deferrals			28.7			56.0
Revenue recognized			(17.2)			(33.2)
Balance at end of period			544.4			532.9
Reinsurance impact			(212.6)			(215.6)
Balance at end of period after reinsurance		$	331.8		$	317.3