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Deferred Acquisition Costs and Other Actuarial Balances (Tables)

6 Months Ended

Jun. 30, 2023

Disaggregated DAC amounts and reconciliation (Table)

​

​	​	​	​	​	​	​
​		June 30, 2023			December 31, 2022
​	​	(in millions)
Retirement and Income Solutions:		​			​
Workplace savings and retirement solutions	​	$	501.0	​	$	498.0
Individual variable annuities	​		276.8	​		278.0
Pension risk transfer	​		12.7	​		8.1
Individual fixed deferred annuities	​		118.7	​		131.0
Investment only	​		13.5	​		14.9
Total Retirement and Income Solutions	​		922.7	​		930.0
Benefits and Protection:	​		​	​
Specialty Benefits:	​		​	​
Individual disability	​		646.2	​		626.1
Life Insurance:	​		​	​
Universal life	​		1,557.0	​		1,569.7
Term life	​		689.5	​		685.7
Participating life	​		88.8	​		93.0
Total Benefits and Protection	​		2,981.5	​		2,974.5
Short-duration contracts	​		36.8	​		34.7
Other balances (1)	​		8.9	​		8.8
Total DAC per consolidated statements of financial position	​	$	3,949.9	​	$	3,948.0

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

Disaggregated unearned revenue liability amounts and reconciliation (Table)

​

​	​	​	​	​	​	​
​		June 30, 2023			December 31, 2022
​	​	(in millions)
Benefits and Protection - Life Insurance:		​			​
Universal life	​	$	473.6	​	$	459.0
Other balances (1)	​		8.4	​		8.4
Total unearned revenue liability	​	$	482.0	​	$	467.4

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

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)

Benefits and Protection

The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows:

​	​	​	​
​		For the year ended
​	​	December 31, 2021
​	​	(in millions)
Balance at beginning of period	​	$	384.4
Deferrals	​		66.1
Revenue recognized	​		(25.2)
Balance at end of period	​	$	425.3

Retirement and Income Solutions

Disaggregated DAC amounts and reconciliation (Table)

Retirement and Income Solutions

​

The balances and changes in DAC were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Workplace

​

​

​

​

​

​

​

Individual

​

​

​

​

​

savings and

​

Individual

​

Pension

​

fixed

​

​

​

​

​

retirement

​

variable

​

risk

​

deferred

​

Investment

​

solutions

annuities

transfer

annuities

only

​

​

(in millions)

Balances as of January 1, 2022

​

$

489.0

​

$

281.2

​

$

2.7

​

$

162.2

​

$

18.1

Costs deferred

​

48.3

​

22.5

​

5.6

​

—

​

1.4

Amortized to expense

​

(39.3)

​

(25.7)

​

(0.2)

​

(31.2)

​

(4.6)

Balances as of December 31, 2022

​

​

498.0

​

​

278.0

​

​

8.1

​

​

131.0

​

​

14.9

Costs deferred

​

​

22.7

​

​

11.7

​

​

4.8

​

​

—

​

​

0.9

Amortized to expense

​

​

(19.7)

​

​

(12.9)

​

​

(0.2)

​

​

(12.3)

​

​

(2.3)

Balances as of June 30, 2023

​

$

501.0

​

$

276.8

​

$

12.7

​

$

118.7

​

$

13.5

Benefits and Protection

Disaggregated DAC amounts and reconciliation (Table)

Benefits and Protection

​

The balances and changes in DAC were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Specialty Benefits

​

Life Insurance

​

​

Individual

​

​

​

​

​

​

​

​

​

​

disability

Universal life

Term life

Participating life

​

​

(in millions)

Balances as of January 1, 2022

​

$

580.7

​

$

1,596.2

​

$

678.9

​

$

102.3

Costs deferred

​

87.6

​

70.6

​

66.7

​

1.4

Amortized to expense

​

(42.2)

​

(97.1)

​

(59.9)

​

(10.7)

Balances as of December 31, 2022

​

​

626.1

​

​

1,569.7

​

​

685.7

​

​

93.0

Costs deferred

​

​

42.3

​

​

35.7

​

​

34.4

​

​

0.7

Amortized to expense

​

​

(22.2)

​

​

(48.4)

​

​

(30.6)

​

​

(4.9)

Balances as of June 30, 2023

​

$

646.2

​

$

1,557.0

​

$

689.5

​

$

88.8

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)

Benefits and Protection

​

The balances and changes in the unearned revenue liability for Life Insurance – Universal life contracts were as follows:

​

​	​	​	​	​	​	​
​		For the six months ended			For the year ended
​	​	June 30, 2023		​	December 31, 2022
​	​	(in millions)
Balance at beginning of period	​	$	459.0	​	$	425.3
Deferrals	​		29.4	​		61.8
Revenue recognized	​		(14.8)	​		(28.1)
Balance at end of period	​		473.6	​		459.0
Reinsurance impact	​		(226.7)	​		(227.9)
Balance at end of period after reinsurance	​	$	246.9	​	$	231.1

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- Definition

Tabular disclosure of disaggregated unearned revenue liability amounts and reconciles the totals to those reported in the consolidated statements of financial position.

+ References

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- Definition

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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479432/944-30-50-2B

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479432/944-30-50-2B

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479401/944-30-55-2

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