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Closed Block (Tables)

12 Months Ended

Dec. 31, 2021

Closed Block

Closed Block Liabilities and Assets Designated to the Closed Block (Table)

​

​	​	​	​	​	​	​	​
​		December 31, 2021			December 31, 2020
​	​	(in millions)
Closed Block liabilities	​	​	​	​	​	​	​
Future policy benefits and claims	​	$	3,286.0	​	$	3,423.2	​
Other policyholder funds	​	​	5.3	​		6.0	​
Policyholder dividends payable	​	​	176.6	​		189.0	​
Policyholder dividends obligation	​	​	210.7	​		298.2	​
Other liabilities	​	​	8.8	​		8.7	​
Total Closed Block liabilities	​	​	3,687.4	​		3,925.1	​
​	​	​	​	​	​	​	​
Assets designated to the Closed Block	​	​	​	​	​	​	​
Fixed maturities, available-for-sale	​	​	2,191.6	​		2,353.3	​
Fixed maturities, trading	​	​	2.4	​		2.6	​
Equity securities	​	​	1.0	​		1.1	​
Mortgage loans	​	​	554.9	​		565.9	​
Policy loans	​	​	425.2	​		456.8	​
Other investments	​	​	48.4	​		61.7	​
Total investments	​	​	3,223.5	​		3,441.4	​
Cash and cash equivalents	​	​	19.7	​		23.2	​
Accrued investment income	​	​	32.6	​		35.4	​
Premiums due and other receivables	​	​	8.4	​		8.3	​
Deferred tax asset	​	​	24.6	​		24.2	​
Total assets designated to the Closed Block	​	​	3,308.8	​		3,532.5	​
Excess of Closed Block liabilities over assets designated to the Closed Block	​	​	378.6	​		392.6	​
Amounts included in accumulated other comprehensive income	​	​	0.6	​		0.9	​
Maximum future earnings to be recognized from Closed Block assets and liabilities	​	$	379.2	​	$	393.5	​

​

Closed Block Revenues and Expenses (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,								​
​		2021			2020			2019
​	​	(in millions)								​
Revenues	​	​	​	​	​	​	​	​	​	​
Premiums and other considerations	​	$	196.1	​	$	217.6	​	$	227.6	​
Net investment income	​	​	137.6	​		143.6	​		154.4	​
Net realized capital gains (losses)	​	​	(4.6)	​		16.0	​		7.4	​
Total revenues	​	​	329.1	​		377.2	​		389.4	​
Expenses	​	​	​	​	​	​	​	​	​	​
Benefits, claims and settlement expenses	​	​	212.0	​		212.8	​		204.4	​
Dividends to policyholders	​	​	92.6	​		117.8	​		116.3	​
Operating expenses	​	​	2.3	​		2.7	​		2.9	​
Total expenses	​	​	306.9	​		333.3	​		323.6	​
Closed Block revenues, net of Closed Block expenses, before income taxes	​	​	22.2	​		43.9	​		65.8	​
Income taxes	​	​	3.9	​		8.4	​		12.9	​
Closed Block revenues, net of Closed Block expenses and income taxes	​	​	18.3	​		35.5	​		52.9	​
Funding adjustments	​	​	(4.0)	​		(2.2)	​		(3.0)	​
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments	​	$	14.3	​	$	33.3	​	$	49.9	​

​

Change in Maximum Future Earnings of the Closed Block (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,								​
​		2021			2020			2019
​	​	(in millions)								​
Beginning of year	​	$	393.5	​	$	426.9	​	$	476.8	​
Effects of implementation of accounting changes (1)	​	​	—	​	​	0.1	​	​	—	​
End of year	​	​	379.2	​		393.5	​		426.9	​
Change in maximum future earnings	​	$	(14.3)	​	$	(33.3)	​	$	(49.9)	​

(1) Includes the effects of implementation of accounting changes related to credit losses in 2020.

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Tabular disclosure of the closed block operations.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 805
-Section 50
-Paragraph 3
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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 805
-Section 50
-Paragraph 3
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