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Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Investments |
Available-for-Sale Securities (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Allowance | ​ | ​ | ​
​ | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | for credit | ​ | ​ | ​
​ |  | cost (1) |  | gains |  | losses |  | loss |  | Fair value
​ | ​ | (in millions)
March 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government and agencies | ​ | $ | 1,933.7 | ​ | $ | 12.8 | ​ | $ | 76.7 | ​ | $ | — | ​ | $ | 1,869.8
Non-U.S. governments | ​ | ​ | 836.4 | ​ | ​ | 79.1 | ​ | ​ | 13.8 | ​ | ​ | — | ​ | ​ | 901.7
States and political subdivisions | ​ | ​ | 8,191.6 | ​ | ​ | 309.0 | ​ | ​ | 266.5 | ​ | ​ | — | ​ | ​ | 8,234.1
Corporate | ​ | ​ | 42,197.1 | ​ | ​ | 1,511.5 | ​ | ​ | 1,276.8 | ​ | ​ | 20.0 | ​ | ​ | 42,411.8
Residential mortgage-backed pass-through securities | ​ | ​ | 1,978.3 | ​ | ​ | 10.0 | ​ | ​ | 82.9 | ​ | ​ | — | ​ | ​ | 1,905.4
Commercial mortgage-backed securities | ​ | ​ | 5,625.1 | ​ | ​ | 15.0 | ​ | ​ | 216.6 | ​ | ​ | 0.3 | ​ | ​ | 5,423.2
Collateralized debt obligations (2) | ​ | ​ | 3,919.3 | ​ | ​ | 2.9 | ​ | ​ | 33.6 | ​ | ​ | — | ​ | ​ | 3,888.6
Other debt obligations | ​ | ​ | 7,033.1 | ​ | ​ | 30.5 | ​ | ​ | 284.5 | ​ | ​ | 0.1 | ​ | ​ | 6,779.0
Total fixed maturities, available-for-sale | ​ | $ | 71,714.6 | ​ | $ | 1,970.8 | ​ | $ | 2,251.4 | ​ | $ | 20.4 | ​ | $ | 71,413.6
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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
(1) | Amortized cost excludes accrued interest receivable of $573.5 million and $542.6 million as of March 31, 2022 and December 31, 2021, 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 | ​ | $ | 2,038.9 | ​ | $ | 2,044.2
Due after one year through five years | ​ |  | 10,029.8 | ​ |  | 10,028.3
Due after five years through ten years | ​ |  | 14,248.3 | ​ |  | 14,240.9
Due after ten years | ​ |  | 26,841.8 | ​ |  | 27,104.0
Subtotal | ​ |  | 53,158.8 | ​ |  | 53,417.4
Mortgage-backed and other asset-backed securities | ​ |  | 18,555.8 | ​ |  | 17,996.2
Total | ​ | $ | 71,714.6 | ​ | $ | 71,413.6
​
Net Realized Capital Gains and Losses (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2022 |  | 2021
​ | ​ | (in millions)
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​
Gross gains | ​ | $ | 165.8 | ​ | $ | 37.0
Gross losses | ​ |  | (120.7) | ​ |  | (5.1)
Net credit losses | ​ |  | (6.1) | ​ |  | (4.4)
Hedging, net (1) | ​ |  | (0.7) | ​ |  | —
Fixed maturities, trading (2) | ​ |  | (14.2) | ​ |  | (14.1)
Equity securities (3) | ​ |  | (105.2) | ​ |  | 16.2
Mortgage loans | ​ |  | (19.6) | ​ |  | 4.7
Derivatives (1) | ​ |  | 42.4 | ​ |  | 113.6
Other | ​ |  | (52.2) | ​ |  | 3.5
Net realized capital gains (losses) | ​ | $ | (110.5) | ​ | $ | 151.4
(1) | The change in fair value of fixed maturities, available-for-sale and the change in fair value of derivative hedging instruments in fair value hedging relationships are reported in net investment income with the earnings effect of fixed maturities, available-for-sale. Gains (losses) for fixed maturities, available-for-sale related to terminated cash flow hedges continue to be reflected in net realized capital gains (losses).
(2) | Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $(13.1) million and $(14.0) million for the three months ended March 31, 2022 and 2021, respectively.
(3) | Unrealized gains (losses) on equity securities still held at the reporting date were $(105.5) million and $7.4 million for the three months ended March 31, 2022 and 2021, respectively. This excludes $(19.3) million and $5.2 million of unrealized gains (losses) on equity securities still held at the reporting date for the three months ended March 31, 2022 and 2021, respectively, that were reported in net investment income.
Allowance for credit loss (Tables) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 15.1 | ​ | $ | — | ​ | $ | 0.3 | ​ | $ | — | ​ | $ | 0.1 | ​ | $ | 15.5
Additions for credit losses not previously recorded |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 1.0 | ​ | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 1.0
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3.0 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3.0
Foreign currency translation adjustment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.9
Ending balance |  | $ | — |  | $ | — |  | $ | — |  | $ | 20.0 | ​ | $ | — |  | $ | 0.3 |  | $ | — |  | $ | 0.1 |  | $ | 20.4
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 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 |  | securities |  | (1) |  | obligations |  | Total
​ | ​ | (in millions)
Beginning balance |  | $ | — |  | $ | — |  | $ | — |  | $ | 0.9 | ​ | $ | — |  | $ | 4.3 |  | $ | 2.2 |  | $ | — |  | $ | 7.4
Additions for credit losses not previously recorded |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — | ​ | ​ | — |  | ​ | 0.3 |  | ​ | — |  | ​ | — |  | ​ | 0.3
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — | ​ | ​ | — |  | ​ | 2.4 | ​ | ​ | 0.4 | ​ | ​ | — | ​ | ​ | 2.8
Ending balance |  | $ | — |  | $ | — |  | $ | — |  | $ | 0.9 | ​ | $ | — |  | $ | 7.0 |  | $ | 2.6 |  | $ | — |  | $ | 10.5
(1) | Primarily consists of collateralized loan obligations backed by secured corporate loans.
Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022
​ | ​ | 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 | ​ | $ | 1,235.6 | ​ | $ | 20.1 | ​ | $ | 254.3 | ​ | $ | 56.6 | ​ | $ | 1,489.9 | ​ | $ | 76.7
Non-U.S. governments | ​ | ​ | 232.9 | ​ | ​ | 12.9 | ​ | ​ | 5.6 | ​ | ​ | 1.0 | ​ | ​ | 238.5 | ​ | ​ | 13.9
States and political subdivisions | ​ | ​ | 3,091.5 | ​ | ​ | 245.7 | ​ | ​ | 154.1 | ​ | ​ | 23.7 | ​ | ​ | 3,245.6 | ​ | ​ | 269.4
Corporate | ​ | ​ | 18,061.6 | ​ | ​ | 1,024.1 | ​ | ​ | 1,504.8 | ​ | ​ | 252.9 | ​ | ​ | 19,566.4 | ​ | ​ | 1,277.0
Residential mortgage-backed pass-through securities | ​ | ​ | 1,455.1 | ​ | ​ | 76.5 | ​ | ​ | 104.4 | ​ | ​ | 9.3 | ​ | ​ | 1,559.5 | ​ | ​ | 85.8
Commercial mortgage-backed securities | ​ | ​ | 4,337.2 | ​ | ​ | 186.3 | ​ | ​ | 331.7 | ​ | ​ | 30.0 | ​ | ​ | 4,668.9 | ​ | ​ | 216.3
Collateralized debt obligations (2) | ​ | ​ | 2,786.5 | ​ | ​ | 23.7 | ​ | ​ | 592.1 | ​ | ​ | 10.0 | ​ | ​ | 3,378.6 | ​ | ​ | 33.7
Other debt obligations | ​ | ​ | 4,885.6 | ​ | ​ | 238.5 | ​ | ​ | 446.8 | ​ | ​ | 46.3 | ​ | ​ | 5,332.4 | ​ | ​ | 284.8
Total fixed maturities, available-for-sale | ​ | $ | 36,086.0 | ​ | $ | 1,827.8 | ​ | $ | 3,393.8 | ​ | $ | 429.8 | ​ | $ | 39,479.8 | ​ | $ | 2,257.6
(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, 2021
​ | ​ | 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 | ​ | $ | 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.
Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2022 |  | December 31, 2021
​ | ​ | (in millions)
Net unrealized gains (losses) on fixed maturities, available-for-sale (1) | ​ | $ | (307.8) | ​ | $ | 5,289.9
Net unrealized gains on derivative instruments | ​ |  | 52.3 | ​ |  | 80.1
Adjustments for assumed changes in amortization patterns | ​ |  | 81.1 | ​ |  | (266.1)
Adjustments for assumed changes in policyholder liabilities | ​ |  | (108.6) | ​ |  | (689.2)
Net unrealized gains on other investments and noncontrolling interest adjustments | ​ |  | 54.7 | ​ |  | 40.5
Provision for deferred income tax benefits (taxes) | ​ |  | 57.3 | ​ |  | (936.0)
Net unrealized gains (losses) on available-for-sale securities and derivative instruments | ​ | $ | (171.0) | ​ | $ | 3,519.2
(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 March 31, 2022
​ |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
​ | ​ | ​ | (in millions)
Commercial mortgage loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
A- and above |  | $ | 491.7 |  | $ | 2,282.4 |  | $ | 1,800.0 |  | $ | 2,410.7 |  | $ | 2,418.7 |  | $ | 5,577.2 |  | $ | 14,980.7
BBB+ thru BBB- |  | ​ | 11.5 |  | ​ | 324.2 |  | ​ | 311.6 |  | ​ | 295.8 |  | ​ | 99.7 |  | ​ | 700.5 |  | ​ | 1,743.3
BB+ thru BB- |  | ​ | — |  | ​ | 40.6 |  | ​ | 5.9 |  | ​ | — |  | ​ | — |  | ​ | 46.0 |  | ​ | 92.5
B+ and below |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 8.8 |  | ​ | 34.9 |  | ​ | 43.7
Total |  | $ | 503.2 |  | $ | 2,647.2 |  | $ | 2,117.5 |  | $ | 2,706.5 |  | $ | 2,527.2 |  | $ | 6,358.6 |  | $ | 16,860.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct financing leases: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
A- and above |  | $ | 75.2 |  | $ | 13.0 |  | $ | 45.9 |  | $ | 1.5 |  | $ | 43.3 |  | $ | 207.0 |  | $ | 385.9
BBB+ thru BBB- |  | ​ | 13.9 |  | ​ | 22.5 |  | ​ | 63.7 |  | ​ | 24.1 |  | ​ | 11.6 |  | ​ | 72.0 |  | ​ | 207.8
BB+ thru BB- |  | ​ | — |  | ​ | 56.4 |  | ​ | 14.8 |  | ​ | 2.0 |  | ​ | — |  | ​ | 2.2 |  | ​ | 75.4
B+ and below |  | ​ | — |  | ​ | 1.6 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 1.6
Total |  | $ | 89.1 |  | $ | 93.5 |  | $ | 124.4 |  | $ | 27.6 |  | $ | 54.9 |  | $ | 281.2 |  | $ | 670.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage loans: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Performing |  | $ | 443.3 |  | $ | 2,077.4 |  | $ | 494.1 |  | $ | 149.7 |  | $ | 83.2 |  | $ | 491.4 |  | $ | 3,739.1
Non-performing |  | ​ | — |  | ​ | 0.6 |  | ​ | 3.1 |  | ​ | 2.1 |  | ​ | 0.8 |  | ​ | 4.7 |  | ​ | 11.3
Total |  | $ | 443.3 |  | $ | 2,078.0 |  | $ | 497.2 |  | $ | 151.8 |  | $ | 84.0 |  | $ | 496.1 |  | $ | 3,750.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reinsurance recoverables |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | $ | 1,115.3
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
​
Non-Accrual Financing Receivables (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | March 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | 13.2 | ​ | $ | 46.5 | ​ | $ | —
Residential mortgage loans | ​ | ​ | 4.0 | ​ | ​ | 6.1 | ​ | ​ | 0.7
Total | ​ | $ | 17.2 | ​ | $ | 52.6 | ​ | $ | 0.7
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Schedule of Interest Income Recognized on Non-accrual Financing Receivables (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ | ​ | 2022 | ​ | 2021
​ | ​ | (in millions)
Commercial mortgage loans |  | $ | 0.3 |  | $ | —
Total | ​ | $ | 0.3 | ​ | $ | —
Financing Receivables Aging (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 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 | ​ | $ | 7.4 | ​ | $ | 0.8 | ​ | $ | 16.5 | ​ | $ | 24.7 | ​ | $ | 16,835.5 | ​ | $ | 16,860.2 | ​ | $ | —
Direct financing leases | ​ | ​ | — | ​ | ​ | 2.1 | ​ | ​ | — | ​ | ​ | 2.1 | ​ | ​ | 668.6 | ​ | ​ | 670.7 | ​ | ​ | —
Residential mortgage loans | ​ | ​ | 98.9 | ​ | ​ | 10.4 | ​ | ​ | 10.5 | ​ | ​ | 119.8 | ​ | ​ | 3,630.6 | ​ | ​ | 3,750.4 | ​ | ​ | 5.2
Total | ​ | $ | 106.3 | ​ | $ | 13.3 | ​ | $ | 27.0 | ​ | $ | 146.6 | ​ | $ | 21,134.7 | ​ | $ | 21,281.3 | ​ | $ | 5.2
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 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 | ​ | $ | 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
(1) | As of both March 31, 2022 and December 31, 2021, no reinsurance recoverables were considered past due.
Financing Receivables Valuation Allowance (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2022
​ | ​ | ​ | ​ | ​ | Direct | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial | ​ | financing | ​ | Residential | ​ | Reinsurance | ​ | ​ | ​
​ |  | mortgage loans |  | leases |  | mortgage loans |  | recoverables |  | Total
​ | ​ | ​ | (in millions)
Beginning balance | ​ | $ | 43.9 | ​ | $ | 0.4 | ​ | $ | 2.0 | ​ | $ | 2.7 | ​ | $ | 49.0
Provision |  | ​ | 22.1 |  | ​ | — |  | ​ | (0.5) |  | ​ | — |  | ​ | 21.6
Charge-offs |  | ​ | — |  | ​ | — |  | ​ | (0.1) |  | ​ | — |  | ​ | (0.1)
Recoveries |  | ​ | — |  | ​ | — |  | ​ | 0.4 |  | ​ | — |  | ​ | 0.4
Foreign currency translation adjustment | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.1
Ending balance |  | $ | 66.1 |  | $ | 0.4 |  | $ | 1.8 |  | $ | 2.7 |  | $ | 71.0
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 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 |  | ​ | (0.1) |  | ​ | — |  | ​ | (3.9) |  | ​ | — |  | ​ | (4.0)
Charge-offs |  | ​ | — |  | ​ | — |  | ​ | (0.1) |  | ​ | — |  | ​ | (0.1)
Recoveries |  | ​ | — |  | ​ | — |  | ​ | 1.0 |  | ​ | — |  | ​ | 1.0
Ending balance |  | $ | 43.1 |  | $ | 0.1 |  | $ | 3.9 |  | $ | 2.7 |  | $ | 49.8
​
Mortgage Loans Purchased and Sold (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | March 31,
​ |  | 2022 |  | 2021
​ | ​ | (in millions)
Commercial mortgage loans: |  | ​ |  |  | ​ |
Purchased | ​ | $ | 32.7 | ​ | $ | 89.2
Sold | ​ | ​ | — | ​ | ​ | 66.3
Residential mortgage loans: | ​ |  | ​ | ​ |  | ​
Purchased (1) | ​ |  | 534.3 | ​ |  | 651.0
Sold | ​ |  | 7.1 | ​ |  | 37.0
(1) | Includes mortgage loans purchased by residential mortgage loan VIEs.
Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022 | ​ | December 31, 2021 |
​ |  | Amortized |  | Percent |  | Amortized |  | Percent |
​ | ​ | cost | ​ | of total | ​ | cost | ​ | of total |
​ | ​ | ($ in millions) |
Geographic distribution | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
New England | ​ | $ | 582.8 | ​ | 3.5 | % | $ | 585.6 | ​ | 3.6 | %
Middle Atlantic | ​ |  | 4,622.1 | ​ | 27.5 | ​ |  | 4,536.5 | ​ | 27.7 | ​
East North Central | ​ |  | 645.4 | ​ | 3.8 | ​ |  | 623.9 | ​ | 3.8 | ​
West North Central | ​ |  | 355.8 | ​ | 2.1 | ​ | ​ | 338.6 | ​ | 2.1 | ​
South Atlantic | ​ |  | 2,483.6 | ​ | 14.7 | ​ |  | 2,464.9 | ​ | 15.0 | ​
East South Central | ​ |  | 344.5 | ​ | 2.0 | ​ |  | 378.9 | ​ | 2.3 | ​
West South Central | ​ |  | 1,239.7 | ​ | 7.4 | ​ |  | 1,243.7 | ​ | 7.6 | ​
Mountain | ​ |  | 951.8 | ​ | 5.6 | ​ |  | 925.6 | ​ | 5.6 | ​
Pacific | ​ |  | 5,123.7 | ​ | 30.4 | ​ |  | 4,864.4 | ​ | 29.7 | ​
International | ​ |  | 510.8 | ​ | 3.0 | ​ |  | 432.6 | ​ | 2.6 | ​
Total | ​ | $ | 16,860.2 | ​ | 100.0 | % | $ | 16,394.7 | ​ | 100.0 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property type distribution | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Office | ​ | $ | 4,740.2 | ​ | 28.2 | % | $ | 4,789.8 | ​ | 29.3 | %
Retail | ​ |  | 1,597.8 | ​ | 9.5 | ​ |  | 1,622.1 | ​ | 9.9 | ​
Industrial | ​ |  | 3,143.6 | ​ | 18.6 | ​ |  | 2,966.4 | ​ | 18.1 | ​
Apartments | ​ |  | 6,528.6 | ​ | 38.7 | ​ |  | 6,234.3 | ​ | 38.0 | ​
Hotel | ​ |  | 75.6 | ​ | 0.4 | ​ |  | 85.7 | ​ | 0.5 | ​
Mixed use/other | ​ |  | 774.4 | ​ | 4.6 | ​ |  | 696.4 | ​ | 4.2 | ​
Total | ​ | $ | 16,860.2 | ​ | 100.0 | % | $ | 16,394.7 | ​ | 100.0 | %
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)
March 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative assets | ​ | $ | 271.0 | ​ | $ | (127.6) | ​ | $ | (123.4) | ​ | $ | 20.0
Reverse repurchase agreements | ​ | ​ | 8.4 | ​ | ​ | — | ​ | ​ | (8.4) | ​ | ​ | —
Total | ​ | $ | 279.4 | ​ | $ | (127.6) | ​ | $ | (131.8) | ​ | $ | 20.0
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
(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)
March 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative liabilities | ​ | $ | 329.1 | ​ | $ | (127.6) | ​ | $ | (197.1) | ​ | $ | 4.4
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative liabilities | ​ | $ | 225.3 | ​ | $ | (100.1) | ​ | $ | (115.2) | ​ | $ | 10.0
(1) | The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes $155.1 million and $357.0 million of derivative liabilities as of March 31, 2022 and December 31, 2021, 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.

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