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v3.24.2

Deferred Acquisition Costs and Other Actuarial Balances (Tables) | 6 Months Ended
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Jun. 30, 2024
Disaggregated DAC amounts and reconciliation (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024 |  | December 31, 2023
​ | ​ | (in millions)
Retirement and Income Solutions: |  | ​ |  |  | ​ |
Workplace savings and retirement solutions | ​ | $ | 509.7 | ​ | $ | 506.4
Individual variable annuities | ​ |  | 289.9 | ​ |  | 279.5
Pension risk transfer | ​ |  | 17.7 | ​ |  | 15.4
Individual fixed deferred annuities | ​ |  | 95.5 | ​ |  | 106.1
Investment only | ​ |  | 12.3 | ​ |  | 11.5
Total Retirement and Income Solutions | ​ |  | 925.1 | ​ |  | 918.9
Benefits and Protection: | ​ |  | ​ | ​ |  | ​
Specialty Benefits: | ​ |  | ​ | ​ |  | ​
Individual disability | ​ |  | 683.6 | ​ |  | 667.7
Life Insurance: | ​ |  | ​ | ​ |  | ​
Universal life | ​ |  | 1,537.9 | ​ |  | 1,545.3
Term life | ​ |  | 701.2 | ​ |  | 695.1
Participating life | ​ |  | 81.3 | ​ |  | 84.7
Total Benefits and Protection | ​ |  | 3,004.0 | ​ |  | 2,992.8
Short-duration contracts | ​ |  | 37.1 | ​ |  | 31.1
Other balances (1) | ​ |  | 6.7 | ​ |  | 7.7
Total DAC per consolidated statements of financial position | ​ | $ | 3,972.9 | ​ | $ | 3,950.5
(1) | Includes insignificant balances for long-duration contracts.
Disaggregated unearned revenue liability amounts and reconciliation (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024 |  | December 31, 2023
​ | ​ | (in millions)
Benefits and Protection - Life Insurance: |  | ​ |  |  | ​ |
Universal life | ​ | $ | 498.7 | ​ | $ | 485.5
Other balances (1) | ​ |  | 6.1 | ​ |  | 7.2
Total unearned revenue liability | ​ | $ | 504.8 | ​ | $ | 492.7
(1) | Includes insignificant balances for long-duration contracts.
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, 2023 | ​ | $ | 498.0 | ​ | $ | 278.0 | ​ | $ | 8.1 | ​ | $ | 131.0 | ​ | $ | 14.9
Costs deferred | ​ |  | 48.1 | ​ | ​ | 27.4 | ​ | ​ | 7.9 | ​ | ​ | — | ​ | ​ | 1.3
Amortized to expense | ​ |  | (39.7) | ​ | ​ | (25.9) | ​ | ​ | (0.6) | ​ | ​ | (24.9) | ​ | ​ | (4.7)
Balances as of December 31, 2023 | ​ | ​ | 506.4 | ​ | ​ | 279.5 | ​ | ​ | 15.4 | ​ | ​ | 106.1 | ​ | ​ | 11.5
Costs deferred | ​ | ​ | 23.4 | ​ | ​ | 23.9 | ​ | ​ | 2.7 | ​ | ​ | — | ​ | ​ | 3.3
Amortized to expense | ​ | ​ | (20.1) | ​ | ​ | (13.5) | ​ | ​ | (0.4) | ​ | ​ | (10.6) | ​ | ​ | (2.5)
Balances as of June 30, 2024 | ​ | $ | 509.7 | ​ | $ | 289.9 | ​ | $ | 17.7 | ​ | $ | 95.5 | ​ | $ | 12.3
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, 2023 | ​ | $ | 626.1 | ​ | $ | 1,569.7 | ​ | $ | 685.7 | ​ | $ | 93.0
Costs deferred | ​ |  | 86.7 | ​ | ​ | 70.7 | ​ | ​ | 71.3 | ​ | ​ | 1.4
Amortized to expense | ​ |  | (45.1) | ​ | ​ | (95.1) | ​ | ​ | (61.9) | ​ | ​ | (9.7)
Balances as of December 31, 2023 | ​ | ​ | 667.7 | ​ | ​ | 1,545.3 | ​ | ​ | 695.1 | ​ | ​ | 84.7
Costs deferred | ​ | ​ | 39.4 | ​ | ​ | 39.5 | ​ | ​ | 37.9 | ​ | ​ | 1.0
Amortized to expense | ​ | ​ | (23.5) | ​ | ​ | (46.9) | ​ | ​ | (31.8) | ​ | ​ | (4.4)
Balances as of June 30, 2024 | ​ | $ | 683.6 | ​ | $ | 1,537.9 | ​ | $ | 701.2 | ​ | $ | 81.3
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, 2024 | ​ | December 31, 2023
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 485.5 | ​ | $ | 459.0
Deferrals | ​ |  | 28.6 | ​ |  | 56.3
Revenue recognized | ​ |  | (15.4) | ​ |  | (29.8)
Balance at end of period | ​ |  | 498.7 | ​ |  | 485.5
Reinsurance impact | ​ |  | (223.2) | ​ |  | (225.1)
Balance at end of period after reinsurance | ​ | $ | 275.5 | ​ | $ | 260.4
​

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