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Deferred Acquisition Costs and Other Actuarial Balances (Tables)

6 Months Ended

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