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Investments (Tables)

12 Months Ended

Dec. 31, 2021



			Gross		Gross		Allowance
	Amortized		unrealized		unrealized		for credit
	cost (1)		gains		losses		loss		Fair value

	(in millions)
December 31, 2021
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,978.0	$	148.0	$	37.4	$	—	$	2,088.6
Non-U.S. governments		851.0		133.1		2.1		—		982.0
States and political subdivisions		8,290.7		1,030.3		16.6		—		9,304.4
Corporate		42,139.2		4,044.8		224.5		15.1		45,944.4
Residential mortgage-backed pass-through securities		3,122.3		59.0		28.4		—		3,152.9
Commercial mortgage-backed securities		5,436.2		157.8		31.5		0.3		5,562.2
Collateralized debt obligations (2)		3,564.7		4.5		9.6		—		3,559.6
Other debt obligations		7,487.8		131.1		58.4		0.1		7,560.4
Total fixed maturities, available-for-sale	$	72,869.9	$	5,708.6	$	408.5	$	15.5	$	78,154.5


			Gross		Gross		Allowance
	Amortized		unrealized		unrealized		for credit
	cost (1)		gains		losses		loss		Fair value

	(in millions)
December 31, 2020
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,893.1	$	228.9	$	10.5	$	—	$	2,111.5
Non-U.S. governments		881.6		192.1		—		—		1,073.7
States and political subdivisions		8,004.9		1,175.5		12.6		—		9,167.8
Corporate		41,289.9		6,160.9		95.1		0.9		47,354.8
Residential mortgage-backed pass-through securities		2,857.6		129.4		0.2		—		2,986.8
Commercial mortgage-backed securities		4,741.2		241.3		35.9		4.3		4,942.3
Collateralized debt obligations (2)		4,045.9		8.7		24.9		2.2		4,027.5
Other debt obligations		6,832.6		243.2		29.9		—		7,045.9
Total fixed maturities, available-for-sale	$	70,546.8	$	8,380.0	$	209.1	$	7.4	$	78,710.3

(1)	Amortized cost excludes accrued interest receivable of $542.6 million and $552.5 million as of December 31, 2021 and December 31, 2020, respectively.

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

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


	Amortized cost		Fair value

	(in millions)
Due in one year or less	$	1,647.3	$	1,666.8
Due after one year through five years		11,267.1		11,749.9
Due after five years through ten years		14,795.7		15,797.6
Due after ten years		25,548.8		29,105.1
Subtotal		53,258.9		58,319.4
Mortgage-backed and other asset-backed securities		19,611.0		19,835.1
Total	$	72,869.9	$	78,154.5

Net Investment Income (Table)


	For the year ended December 31,
	2021		2020		2019

	(in millions)
Fixed maturities, available-for-sale	$	2,766.3	$	2,660.5	$	2,606.0
Fixed maturities, trading		19.3		18.7		23.8
Equity securities		57.7		62.8		110.5
Mortgage loans		790.2		724.7		707.0
Real estate		194.4		180.8		191.1
Policy loans		38.8		41.6		44.0
Cash and cash equivalents		4.3		17.4		65.3
Derivatives		28.2		(1.8)		(2.0)
Other		622.0		296.5		370.8
Total		4,521.2		4,001.2		4,116.5
Investment expenses		(115.1)		(110.6)		(118.1)
Net investment income	$	4,406.1	$	3,890.6	$	3,998.4

Net Realized Capital Gains and Losses (Table)


	For the year ended December 31,
	2021		2020		2019

	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	64.4	$	134.2	$	15.5
Gross losses		(29.2)		(48.5)		(15.3)
Net credit losses (1)		(45.0)		(22.9)		(43.5)
Hedging, net		(9.5)		(9.7)		(9.3)
Fixed maturities, trading (2)		(33.3)		3.2		43.0
Equity securities (3)		100.0		70.5		84.5
Mortgage loans		6.5		(15.5)		3.0
Derivatives		(116.9)		77.3		(120.3)
Other		65.5		114.0		(10.4)
Net realized capital gains (losses)	$	2.5	$	302.6	$	(52.8)

(1)

Upon adoption of authoritative guidance effective January 1, 2020, net credit losses include adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities. Prior to 2020, net credit losses included net other-than-temporary impairment losses and recoveries on available-for-sale securities.

(2)	Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $(32.2) million, $5.3 million and $32.8 million for the years ended December 31, 2021, 2020 and 2019, respectively.

(3)

Unrealized gains on equity securities still held at the reporting date were $58.6 million, $64.6 million and $61.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. This excludes $28.7 million, $35.2 million and $66.9 million of unrealized gains on equity securities still held at the reporting date for the years ended December 31, 2021, 2020 and 2019, respectively, that were reported in net investment income.

Allowance for credit loss (Tables)

For the year ended December 31, 2021

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

—

0.9

—

4.3

2.2

—

7.4

Additions for credit losses not previously recorded

—

27.5

—

0.4

—

0.1

28.0

Reductions for securities sold during the period

—

(12.4)

—

(12.4)

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

—

2.4

0.4

—

2.8

Write-offs charged against allowance

—

(6.8)

(2.6)

—

(9.4)

Foreign currency translation adjustment

—

(0.9)

—

(0.9)

Ending balance

—

15.1

—

0.3

—

0.1

15.5

Accrued interest written off to net investment income

—

0.2

—

0.2


	For the year ended December 31, 2020
									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)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Additions for credit losses not previously recorded		—		—		—		13.2		—		2.9		0.1		—		16.2
Reductions for securities sold during the period		—		—		—		(7.0)		—		—		—		—		(7.0)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		—		—		—		(5.9)		—		4.0		2.1		—		0.2
Write-offs charged against allowance		—		—		—		—		—		(2.6)		—		—		(2.6)
Foreign currency translation adjustment		—		—		—		0.6		—		—		—		—		0.6
Ending balance	$	—	$	—	$	—	$	0.9	$	—	$	4.3	$	2.2	$	—	$	7.4

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

(2)	The allowance for credit loss associated with fixed maturities, available-for-sale was applied prospectively upon adoption of authoritative guidance effective January 1, 2020.

Other-Than-Temporary Impairment Losses, Net of Recoveries (Table)


	For the year ended
	December 31, 2019
	(in millions)
Net realized capital losses, excluding impairment losses on available-for-sale securities	$	(9.3)
Net other-than-temporary impairment losses on available-for-sale securities		(38.3)
Other-than-temporary impairment losses on fixed maturities, available-for-sale
reclassified from other comprehensive income (1)		(5.2)
Net impairment losses on available-for-sale securities		(43.5)
Net realized capital losses	$	(52.8)

(1)

Represents the net impact of (a) gains resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI and (b) losses resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold.

Other-Than-Temporary Impairment, Credit Losses Recognized in Earnings (Table)


	For the year ended
	December 31, 2019
	(in millions)
Beginning balance	$	(117.5)
Credit losses for which an other-than-temporary impairment was not previously recognized		(6.8)
Credit losses for which an other-than-temporary impairment was previously recognized		(11.8)
Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold		54.3
Net reduction for positive changes in cash flows expected to be collected and amortization (1)		0.8
Ending balance	$	(81.0)

(1)	Amounts are recognized in net investment income.

Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss (Table)

December 31, 2021

Less than

Greater than or

twelve months

equal to twelve months

Total

Gross

Fair

unrealized

Fair

unrealized

Fair

unrealized

value

losses

value

losses

value

losses

(in millions)

Fixed maturities, available-for-sale(1):

U.S. government and agencies

129.3

3.4

482.9

34.0

612.2

37.4

Non-U.S. governments

57.8

2.0

—

57.8

2.0

States and political subdivisions

690.2

10.5

102.3

6.1

792.5

16.6

Corporate

5,281.6

121.2

1,327.5

101.5

6,609.1

222.7

Residential mortgage-backed pass- through securities

1,562.6

22.2

194.9

6.3

1,757.5

28.5

Commercial mortgage-backed securities

1,297.4

15.6

299.6

15.7

1,597.0

31.3

Collateralized debt obligations (2)

1,592.5

2.8

424.4

6.7

2,016.9

9.5

Other debt obligations

3,949.9

49.4

211.0

9.0

4,160.9

58.4

Total fixed maturities, available-for-sale

14,561.3

227.1

3,042.6

179.3

17,603.9

406.4

(1)	Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded.

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


	December 31, 2020
	Less than				Greater than or
	twelve months				equal to twelve months				Total
			Gross				Gross				Gross
	Fair		unrealized		Fair		unrealized		Fair		unrealized
	value		losses		value		losses		value		losses

	(in millions)
Fixed maturities, available-for-sale (1):
U.S. government and agencies	$	351.1	$	10.4	$	—	$	—	$	351.1	$	10.4
States and political subdivisions		363.5		12.5		—		—		363.5		12.5
Corporate		1,578.7		54.4		267.9		40.6		1,846.6		95.0
Residential mortgage-backed pass- through securities		92.3		0.2		1.6		—		93.9		0.2
Commercial mortgage-backed securities		970.9		22.1		137.4		12.2		1,108.3		34.3
Collateralized debt obligations (2)		1,750.6		11.1		931.1		12.9		2,681.7		24.0
Other debt obligations		802.3		28.1		61.1		1.7		863.4		29.8
Total fixed maturities, available-for-sale	$	5,909.4	$	138.8	$	1,399.1	$	67.4	$	7,308.5	$	206.2

(1)	Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded.

(2)	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)


	December 31, 2021		December 31, 2020

	(in millions)
Net unrealized gains on fixed maturities, available-for-sale (1)	$	5,289.9	$	8,193.0
Net unrealized gains on derivative instruments		80.1		38.9
Adjustments for assumed changes in amortization patterns		(266.1)		(437.3)
Adjustments for assumed changes in policyholder liabilities		(689.2)		(2,603.9)
Net unrealized gains on other investments and noncontrolling interest adjustments		40.5		78.0
Provision for deferred income taxes		(936.0)		(1,112.2)
Net unrealized gains on available-for-sale securities and derivative instruments	$	3,519.2	$	4,156.5

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

Financing Receivable Credit Quality Indicators (Table)

As of December 31, 2021

2021

2020

2019

2018

2017

Prior

Total

(in millions)

Commercial mortgage loans:

A- and above

2,275.9

1,722.7

2,412.9

2,383.3

1,437.2

4,334.2

14,566.2

BBB+ thru BBB-

278.6

305.6

294.0

131.4

302.1

380.0

1,691.7

BB+ thru BB-

32.8

5.3

—

55.4

93.5

B+ and below

—

8.8

—

34.5

43.3

Total

2,587.3

2,033.6

2,706.9

2,523.5

1,739.3

4,804.1

16,394.7

Direct financing leases:

A- and above

11.7

41.8

1.4

39.4

16.6

235.6

346.5

BBB+ thru BBB-

30.2

57.9

22.0

17.9

15.5

50.2

193.7

BB+ thru BB-

50.8

13.4

1.9

—

2.1

68.2

B+ and below

1.5

—

1.5

Total

94.2

113.1

25.3

57.3

32.1

287.9

609.9

Residential mortgage loans:

Performing

2,039.1

510.1

155.6

91.2

102.4

415.6

3,314.0

Non-performing

—

1.8

0.6

—

0.8

2.7

5.9

Total

2,039.1

511.9

156.2

91.2

103.2

418.3

3,319.9

Reinsurance recoverables

1,189.3


	As of December 31, 2020
	2020		2019		2018		2017		2016		Prior		Total

		(in millions)
Commercial mortgage loans:
A- and above	$	1,807.6	$	2,486.8	$	2,464.7	$	1,780.8	$	1,417.8	$	3,697.0	$	13,654.7
BBB+ thru BBB-		149.1		194.1		352.5		262.7		75.8		499.7		1,533.9
BB+ thru BB-		23.7		69.0		—		—		9.1		43.9		145.7
B+ and below		39.4		20.0		—		5.8		6.6		35.5		107.3
Total	$	2,019.8	$	2,769.9	$	2,817.2	$	2,049.3	$	1,509.3	$	4,276.1	$	15,441.6

Direct financing leases:
A- and above	$	43.9	$	1.6	$	42.6	$	19.2	$	15.3	$	202.9	$	325.5
BBB+ thru BBB-		94.9		5.5		11.3		18.4		3.0		35.5		168.6
BB+ thru BB-		13.3		—		—		—		—		1.9		15.2
B+ and below		57.6		22.5		11.9		—		1.0		108.5		201.5
Total	$	209.7	$	29.6	$	65.8	$	37.6	$	19.3	$	348.8	$	710.8

Residential mortgage loans:
Performing	$	699.1	$	336.7	$	167.0	$	165.1	$	167.6	$	398.7	$	1,934.2
Non-performing		—		2.0		0.8		1.4		0.4		12.7		17.3
Total	$	699.1	$	338.7	$	167.8	$	166.5	$	168.0	$	411.4	$	1,951.5

Reinsurance recoverables													$	1,098.0

Non-Accrual Financing Receivables (Table)


	December 31, 2021
					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	$	10.7	$	13.2	$	—
Residential mortgage loans		10.8		4.0		0.7
Total	$	21.5	$	17.2	$	0.7


	December 31, 2020
					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	$	5.0	$	10.7	$	—
Residential mortgage loans		6.8		10.8		0.7
Total	$	11.8	$	21.5	$	0.7

Financing Receivables Aging (Table)

December 31, 2021

Amortized

cost

90 days or

30-59 days

60-89 days

more past

Total

more and

past due

due

past due

Current

Total (1)

accruing

(in millions)

Commercial mortgage loans

0.7

—

7.1

7.8

16,386.9

16,394.7

2.7

Direct financing leases

—

1.9

0.7

2.6

607.3

609.9

0.7

Residential mortgage loans

59.2

9.6

5.2

74.0

3,245.9

3,319.9

1.9

Total

59.9

11.5

13.0

84.4

20,240.1

20,324.5

5.3


	December 31, 2020
													Amortized
													cost
					90 days or								90 days or
	30-59 days		60-89 days		more past		Total						more and
	past due		past due		due		past due		Current		Total (1)		accruing

	(in millions)
Commercial mortgage loans	$	42.1	$	9.2	$	12.0	$	63.3	$	15,378.3	$	15,441.6	$	1.3
Direct financing leases		—		3.2		—		3.2		707.6		710.8		—
Residential mortgage loans		66.6		8.8		10.9		86.3		1,865.2		1,951.5		6.5
Total	$	108.7	$	21.2	$	22.9	$	152.8	$	17,951.1	$	18,103.9	$	7.8

(1) As of both December 31, 2021 and December 31, 2020, no reinsurance recoverables were considered past due.

Financing Receivables Valuation Allowance (Table)

For the year ended December 31, 2021

Direct

Commercial

financing

Residential

Reinsurance

mortgage loans

leases

mortgage loans

recoverables

Total

(in millions)

Beginning balance

43.2

0.1

6.9

2.7

52.9

Provision (1)

1.0

0.4

(8.0)

—

(6.6)

Charge-offs

—

(0.5)

—

(0.5)

Recoveries

—

3.6

—

3.6

Foreign currency translation adjustment

(0.3)

(0.1)

—

(0.4)

Ending balance

43.9

0.4

2.0

2.7

49.0


	For the year ended December 31, 2020
			Direct
	Commercial		financing		Residential		Reinsurance
	mortgage loans		leases		mortgage loans		recoverables		Total

		(in millions)
Beginning balance (3)	$	27.3	$	—	$	3.3	$	2.5	$	33.1
Provision (2)		15.5		0.1		1.5		0.2		17.3
Charge-offs		—		—		(0.9)		—		(0.9)
Recoveries		—		—		2.8		—		2.8
Foreign currency translation adjustment		0.4		—		0.2		—		0.6
Ending balance	$	43.2	$	0.1	$	6.9	$	2.7	$	52.9


	Commercial		Residential		Total

	(in millions)
For the year ended December 31, 2019 (4)
Beginning balance	$	24.3	$	3.1	$	27.4
Provision		0.2		(3.2)		(3.0)
Charge-offs		—		(0.6)		(0.6)
Recoveries		—		3.2		3.2
Ending balance	$	24.5	$	2.5	$	27.0
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	1.4	$	1.4
Collectively evaluated for impairment		24.5		1.1		25.6
Allowance ending balance	$	24.5	$	2.5	$	27.0
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	11.4	$	11.4
Collectively evaluated for impairment		15,017.2		1,485.3		16,502.5
Loan ending balance	$	15,017.2	$	1,496.7	$	16,513.9

(1)

During the year ended December 31, 2021, certain valuation allowances for residential mortgage loans were released. This release was a result of further adjustments to our current and forecasted environmental factors management believed to be relevant as global economic activity improved from previously adverse impacts due to COVID-19.

(2)

During the year ended December 31, 2020, COVID-19 adversely impacted global economic activity and contributed to significant volatility in financial markets. As a result, certain current and forecasted environmental factors management believed to be relevant were adjusted, resulting in an increase in the valuation allowance for commercial and residential mortgage loans and direct financing leases.

(3)

Upon adoption of authoritative guidance effective January 1, 2020, we updated accounting policies and methodology, adjusted the commercial and residential mortgage loan valuation allowance and established a valuation allowance for reinsurance recoverables. See Note 1, Nature of Operations and Significant Accounting Policies under the caption, “Recent Accounting Pronouncements” for further details.

(4)	Prior to the implementation of authoritative guidance in 2020, only commercial and residential mortgage loans were included in the allowance rollforward and the allowance was based on either individual or collective evaluation.

Mortgage Loans Purchased and Sold (Table)


	For the year ended December 31,
	2021		2020		2019

	(in millions)
Commercial mortgage loans:
Purchased	$	118.2	$	166.8	$	200.5
Sold		73.8		7.6		1.6
Residential mortgage loans:
Purchased (1)		2,370.9		1,151.1		489.2
Sold		88.9		117.4		70.7

(1)	Includes mortgage loans purchased by residential mortgage loan VIEs established in 2021 and 2020.

Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)


	December 31, 2021				December 31, 2020
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total

	($ in millions)
Geographic distribution
New England	$	585.6	3.6	%	$	593.9	3.8	%
Middle Atlantic		4,536.5	27.7			4,438.2	28.8
East North Central		623.9	3.8			572.6	3.7
West North Central		338.6	2.1			267.5	1.7
South Atlantic		2,464.9	15.0			2,368.9	15.3
East South Central		378.9	2.3			316.6	2.1
West South Central		1,243.7	7.6			1,315.9	8.5
Mountain		925.6	5.6			936.2	6.1
Pacific		4,864.4	29.7			4,183.0	27.1
International		432.6	2.6			448.8	2.9
Total	$	16,394.7	100.0	%	$	15,441.6	100.0	%

Property type distribution
Office	$	4,789.8	29.3	%	$	4,491.7	29.0	%
Retail		1,622.1	9.9			1,815.3	11.8
Industrial		2,966.4	18.1			2,488.7	16.1
Apartments		6,234.3	38.0			5,958.0	38.6
Hotel		85.7	0.5			89.4	0.6
Mixed use/other		696.4	4.2			598.5	3.9
Total	$	16,394.7	100.0	%	$	15,441.6	100.0	%

Minority Interests in Unconsolidated Entities-Balance Sheet (Table)


	December 31,
	2021		2020

	(in millions)
Total assets	$	177,429.0	$	155,724.1
Total liabilities		72,001.3		73,438.2
Total equity	$	105,427.7	$	82,285.9
Net investment in unconsolidated entities (1)	$	2,162.5	$	1,912.9

Minority Interests in Unconsolidated Entities-Income Statement (Table)


	For the year ended
	December 31,
	2021		2020		2019

	(in millions)
Total revenues	$	21,769.6	$	14,989.0	$	17,802.2
Net income		15,638.5		7,757.0		7,938.3
Our share of net income of unconsolidated entities (1)		383.0		143.9		222.5

(1)	Our most significant equity investee is Brasilprev Seguros e Previdencia, a co-managed joint venture in Brazil.

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)
December 31, 2021
Derivative assets	$	337.1	$	(100.1)	$	(229.7)	$	7.3
Reverse repurchase agreements		16.4		—		(16.4)		—
Total	$	353.5	$	(100.1)	$	(246.1)	$	7.3
December 31, 2020
Derivative assets	$	463.5	$	(132.5)	$	(293.5)	$	37.5
Reverse repurchase agreements		63.7		—		(63.7)		—
Total	$	527.2	$	(132.5)	$	(357.2)	$	37.5

(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.

Financial Liabilities Subject to Netting Agreements (Table)

Gross amounts not offset in the

consolidated statements

of financial position

Gross amount

of recognized

Financial

Collateral

liabilities (1)

instruments (2)

pledged

Net amount

(in millions)

December 31, 2021

Derivative liabilities

225.3

(100.1)

(115.2)

10.0

December 31, 2020

Derivative liabilities

186.2

(132.5)

(45.7)

8.0

(1)

The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes $357.0 million and $467.8 million of derivative liabilities as of December 31, 2021 and December 31, 2020, respectively, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amounts of derivative liabilities are not netted against offsetting assets for presentation on the consolidated statements of financial position.

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