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Closed Block (Tables) | 12 Months Ended
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Dec. 31, 2023
Closed Block |
Closed Block Liabilities and Assets Designated to the Closed Block (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | December 31, 2022 |
​ | ​ | (in millions) |
Closed Block liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​
Future policy benefits and claims | ​ | $ | 2,982.9 | ​ | $ | 3,128.1 | ​
Other policyholder funds | ​ | ​ | 5.1 | ​ | ​ | 5.1 | ​
Policyholder dividends payable | ​ | ​ | 157.2 | ​ | ​ | 168.2 | ​
Income taxes currently payable | ​ | ​ | 4.0 | ​ | ​ | — | ​
Other liabilities | ​ | ​ | 23.2 | ​ | ​ | 24.9 | ​
Total Closed Block liabilities | ​ | ​ | 3,172.4 | ​ | ​ | 3,326.3 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets designated to the Closed Block | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale | ​ | ​ | 1,766.7 | ​ | ​ | 1,690.2 | ​
Fixed maturities, trading | ​ | ​ | 2.0 | ​ | ​ | 2.0 | ​
Equity securities | ​ | ​ | 0.9 | ​ | ​ | 0.8 | ​
Mortgage loans | ​ | ​ | 469.5 | ​ | ​ | 544.9 | ​
Policy loans | ​ | ​ | 379.9 | ​ | ​ | 407.4 | ​
Other investments | ​ | ​ | 61.2 | ​ | ​ | 62.2 | ​
Total investments | ​ | ​ | 2,680.2 | ​ | ​ | 2,707.5 | ​
Cash and cash equivalents | ​ | ​ | 6.1 | ​ | ​ | 62.0 | ​
Accrued investment income | ​ | ​ | 32.6 | ​ | ​ | 30.3 | ​
Reinsurance recoverable and deposit receivable | ​ | ​ | 3.5 | ​ | ​ | 3.9 | ​
Premiums due and other receivables | ​ | ​ | 3.4 | ​ | ​ | 4.1 | ​
Deferred tax asset | ​ | ​ | 52.1 | ​ | ​ | 62.0 | ​
Other assets | ​ | ​ | 5.3 | ​ | ​ | 0.1 | ​
Total assets designated to the Closed Block | ​ | ​ | 2,783.2 | ​ | ​ | 2,869.9 | ​
Excess of Closed Block liabilities over assets designated to the Closed Block | ​ | ​ | 389.2 | ​ | ​ | 456.4 | ​
Amounts included in accumulated other comprehensive income | ​ | ​ | (69.6) | ​ | ​ | (111.9) | ​
Maximum future earnings to be recognized from Closed Block assets and liabilities | ​ | $ | 319.6 | ​ | $ | 344.5 | ​
​
Closed Block Revenues and Expenses (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) | ​
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Premiums and other considerations | ​ | $ | 166.1 | ​ | $ | 178.0 | ​ | $ | 196.1 | ​
Net investment income | ​ | ​ | 127.3 | ​ | ​ | 129.1 | ​ |  | 137.6 | ​
Net realized capital losses | ​ | ​ | (10.0) | ​ | ​ | (21.2) | ​ |  | (4.6) | ​
Total revenues | ​ | ​ | 283.4 | ​ | ​ | 285.9 | ​ |  | 329.1 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Benefits, claims and settlement expenses | ​ | ​ | 161.6 | ​ | ​ | 184.3 | ​ |  | 212.0 | ​
Dividends to policyholders | ​ | ​ | 86.8 | ​ | ​ | 92.5 | ​ |  | 92.6 | ​
Operating expenses | ​ | ​ | 2.6 | ​ | ​ | 2.2 | ​ |  | 2.3 | ​
Total expenses | ​ | ​ | 251.0 | ​ | ​ | 279.0 | ​ |  | 306.9 | ​
Closed Block revenues, net of Closed Block expenses, before income taxes | ​ | ​ | 32.4 | ​ | ​ | 6.9 | ​ |  | 22.2 | ​
Income taxes | ​ | ​ | 6.1 | ​ | ​ | 0.7 | ​ |  | 3.9 | ​
Closed Block revenues, net of Closed Block expenses and income taxes | ​ | ​ | 26.3 | ​ | ​ | 6.2 | ​ |  | 18.3 | ​
Funding adjustments and other transfers | ​ | ​ | (1.4) | ​ | ​ | 28.5 | ​ |  | (4.0) | ​
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments | ​ | $ | 24.9 | ​ | $ | 34.7 | ​ | $ | 14.3 | ​
​
Change in Maximum Future Earnings of the Closed Block (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) | ​
Beginning of year | ​ | $ | 344.5 | ​ | $ | 379.2 | ​ | $ | 393.5 | ​
End of year | ​ | ​ | 319.6 | ​ | ​ | 344.5 | ​ |  | 379.2 | ​
Change in maximum future earnings | ​ | $ | (24.9) | ​ | $ | (34.7) | ​ | $ | (14.3) | ​
​

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