Investments

Fixed Maturities Available-for-Sale by Contractual Maturity (Table)


	Amortized cost (1)		Fair value

	(in millions)
Due in one year or less	$	1,383.9	$	1,386.9
Due after one year through five years		8,931.7		8,760.2
Due after five years through ten years		10,158.1		9,748.2
Due after ten years		28,149.9		24,017.4
Subtotal		48,623.6		43,912.7
Mortgage-backed and other asset-backed securities		25,480.5		24,338.3
Total	$	74,104.1	$	68,251.0

(1)	Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Net Realized Capital Gains and Losses (Table)


	For the year ended December 31,
	2024		2023		2022

	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	13.1	$	51.4	$	41.5
Gross losses		(61.0)		(141.7)		(191.5)
Net credit losses (1)		(21.7)		(26.2)		(8.9)
Hedging, net (2)		(11.5)		2.2		(0.7)
Fixed maturities, trading (3)		1.6		(8.6)		(13.4)
Equity securities (4)		128.4		64.0		(171.9)
Mortgage loans (5)		(101.3)		(134.5)		(74.6)
Derivatives (2)		14.9		(34.1)		237.0
Other		10.2		155.3		0.4
Net realized capital losses	$	(27.3)	$	(72.2)	$	(182.1)

(1)	Includes credit sales, adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities.

(2)

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).

(3)

Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $0.7 million, $(9.6) million and $(3.2) million for the years ended December 31, 2024, 2023 and 2022, respectively. This excludes $1.7 million, $2.9 million and $(16.6) million in unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in market risk benefit remeasurement (gain) loss and $2.0 million, $6.8 million and $(1.4) million of unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in net realized capital gains (losses) on funds withheld assets.

(4)

Unrealized gains (losses) on equity securities still held at the reporting date were $106.9 million, $73.4 million and $(117.1) million for the years ended December 31, 2024, 2023 and 2022, respectively. This excludes $37.9 million, $34.7 million and $(0.7) million of unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in net investment income and $0.0 million, $1.7 million and $(1.7) million of unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in net realized capital gains (losses) on funds withheld assets.

(5)	Net realized capital gains (losses) on mortgage loans include losses related to the deconsolidation of residential mortgage loan trusts in 2023 and 2022.

Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss (Table)

December 31, 2024

Less than

Greater than or

twelve months

equal to twelve months

Total

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

$

909.1

$

17.4

$

810.6

$

283.1

$

1,719.7

$

300.5

Non-U.S. governments

32.9

1.3

308.8

83.2

341.7

84.5

States and political subdivisions

743.2

26.0

4,745.7

1,115.8

5,488.9

1,141.8

Corporate

4,970.7

164.2

20,099.1

3,532.3

25,069.8

3,696.5

Residential mortgage-backed pass- through securities

1,938.4

33.2

1,214.0

182.6

3,152.4

215.8

Commercial mortgage-backed securities

691.7

8.2

3,860.1

442.6

4,551.8

450.8

Collateralized debt obligations (2)

582.2

1.3

29.8

5.0

612.0

6.3

Other debt obligations

1,732.5

21.8

3,698.5

557.2

5,431.0

579.0

Total fixed maturities, available-for-sale

$

11,600.7

$

273.4

$

34,766.6

$

6,201.8

$

46,367.3

$

6,475.2

(1)	Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. Gross unrealized losses exclude unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

(2)	Primarily consists of collateralized loan obligations backed by secured corporate loans.


	December 31, 2023
	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	$	316.4	$	3.1	$	997.1	$	232.6	$	1,313.5	$	235.7
Non-U.S. governments		41.9		1.7		331.3		57.9		373.2		59.6
States and political subdivisions		596.6		19.0		5,075.1		914.8		5,671.7		933.8
Corporate		3,210.1		126.9		22,929.1		3,064.4		26,139.2		3,191.3
Residential mortgage-backed pass-through securities		633.0		4.9		1,275.6		159.7		1,908.6		164.6
Commercial mortgage-backed securities		280.3		4.1		4,192.4		650.1		4,472.7		654.2
Collateralized debt obligations (2)		405.6		1.8		2,301.6		25.4		2,707.2		27.2
Other debt obligations		1,183.7		18.5		4,408.8		588.0		5,592.5		606.5
Total fixed maturities, available-for-sale	$	6,667.6	$	180.0	$	41,511.0	$	5,692.9	$	48,178.6	$	5,872.9

(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.

Financing Receivable Credit Quality Indicators (Table)

December 31, 2024

2024

2023

2022

2021

2020

Prior

Total

(in millions)

Commercial mortgage loans:

A- and above

$

1,182.1

$

793.1

$

1,234.3

$

2,101.3

$

1,463.4

$

6,594.0

$

13,368.2

BBB+ thru BBB-

210.0

393.6

231.6

269.1

180.6

1,217.5

2,502.4

BB+ thru BB-

215.7

143.4

154.3

47.9

40.1

271.7

873.1

B+ and below

—

2.5

326.5

329.0

Total

$

1,607.8

$

1,330.1

$

1,620.2

$

2,418.3

$

1,686.6

$

8,409.7

$

17,072.7

Direct financing leases:

A- and above

$

1.0

$

—

$

38.5

$

11.0

$

33.8

$

177.4

$

261.7

BBB+ thru BBB-

4.9

1.8

87.3

19.0

52.8

67.0

232.8

BB+ thru BB-

38.8

—

0.5

6.8

3.4

8.5

58.0

B+ and below

3.6

—

6.9

—

10.5

Total

$

48.3

$

1.8

$

126.3

$

43.7

$

90.0

$

252.9

$

563.0

Residential mortgage loans:

Performing

$

350.4

$

411.5

$

970.3

$

1,234.9

$

196.0

$

427.6

$

3,590.7

Non-performing

0.5

5.5

6.1

4.8

2.5

5.7

25.1

Total excluding portfolio layer method basis adjustments

$

350.9

$

417.0

$

976.4

$

1,239.7

$

198.5

$

433.3

3,615.8

Unallocated portfolio layer method basis adjustment (1)

(8.4)

Total

$

3,607.4

Other loans:

Performing

$

84.2

$

61.9

$

—

$

—

$

—

$

—

$

146.1

Non-performing

0.1

—

0.1

0.2

Total

$

84.3

$

61.9

$

—

$

—

$

—

$

0.1

$

146.3

Reinsurance recoverable and deposit receivable

$

19,493.4


	December 31, 2023
	2023		2022		2021		2020		2019		Prior		Total

		(in millions)
Commercial mortgage loans:
A- and above	$	664.8	$	1,277.1	$	2,364.0	$	1,587.3	$	1,954.4	$	5,576.6	$	13,424.2
BBB+ thru BBB-		282.4		356.0		374.8		212.0		337.3		911.7		2,474.2
BB+ thru BB-		110.5		142.2		16.7		2.7		35.2		234.2		541.5
B+ and below		—		—		—		—		83.4		58.5		141.9
Total	$	1,057.7	$	1,775.3	$	2,755.5	$	1,802.0	$	2,410.3	$	6,781.0	$	16,581.8

Direct financing leases:
A- and above	$	1.1	$	122.0	$	12.4	$	56.7	$	1.3	$	207.3	$	400.8
BBB+ thru BBB-		2.8		23.5		20.8		46.9		11.6		76.3		181.9
BB+ thru BB-		42.2		—		15.6		8.0		—		1.6		67.4
Total	$	46.1	$	145.5	$	48.8	$	111.6	$	12.9	$	285.2	$	650.1

Residential mortgage loans:
Performing	$	502.3	$	1,064.3	$	1,341.8	$	228.4	$	120.8	$	421.0	$	3,678.6
Non-performing		1.1		4.0		4.9		1.3		2.0		4.6		17.9
Total	$	503.4	$	1,068.3	$	1,346.7	$	229.7	$	122.8	$	425.6	$	3,696.5

Other loans:
Performing	$	168.5	$	—	$	—	$	—	$	—	$	—	$	168.5
Non-performing		—		—		—		—		—		0.1		0.1
Total	$	168.5	$	—	$	—	$	—	$	—	$	0.1	$	168.6

Reinsurance recoverable and deposit receivable													$	20,614.9

(1)	Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.

Schedule of Interest Income Recognized on Non-accrual Financing Receivables (Table)


	For the year ended December 31,
	2024		2023		2022

	(in millions)
Commercial mortgage loans	$	0.8	$	1.2	$	0.9
Residential mortgage loans		0.1		—		—
Total	$	0.9	$	1.2	$	0.9

Financing Receivables Valuation Allowance (Table)

For the year ended December 31, 2024

Direct

Commercial

financing

Residential

Reinsurance

mortgage loans

leases

mortgage loans

recoverables

Total

(in millions)

Beginning balance

$

128.8

$

0.9

$

6.7

$

3.2

$

139.6

Provision

111.5

2.4

—

0.1

114.0

Charge-offs

(51.4)

—

(0.2)

—

(51.6)

Recoveries

—

0.9

—

0.9

Foreign currency translation adjustment

(0.3)

(0.1)

—

(0.7)

Ending balance

$

188.6

$

3.0

$

7.3

$

3.3

$

202.2


	For the year ended December 31, 2023
			Direct
	Commercial		financing		Residential		Reinsurance
	mortgage loans		leases		mortgage loans		recoverables		Total

		(in millions)
Beginning balance	$	77.9	$	0.6	$	5.6	$	2.7	$	86.8
Provision		51.0		0.3		0.1		0.5		51.9
Charge-offs		—		—		(0.4)		—		(0.4)
Recoveries		—		—		1.4		—		1.4
Foreign currency translation adjustment		(0.1)		—		—		—		(0.1)
Ending balance	$	128.8	$	0.9	$	6.7	$	3.2	$	139.6


	For the year ended December 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		34.0		0.2		1.5		—		35.7
Charge-offs		—		—		(0.2)		—		(0.2)
Recoveries		—		—		2.3		—		2.3
Ending balance	$	77.9	$	0.6	$	5.6	$	2.7	$	86.8

Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)


	December 31, 2024				December 31, 2023
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total

	($ in millions)
Geographic distribution
New England	$	347.2	2.0	%	$	366.5	2.2	%
Middle Atlantic		4,714.9	27.7			4,512.6	27.1
East North Central		591.0	3.5			583.3	3.5
West North Central		394.0	2.3			336.0	2.0
South Atlantic		2,987.7	17.5			2,761.9	16.7
East South Central		417.7	2.4			429.4	2.6
West South Central		1,310.5	7.7			1,268.6	7.7
Mountain		979.5	5.7			824.2	5.0
Pacific		4,851.9	28.4			4,974.4	30.0
International		478.3	2.8			524.9	3.2
Total	$	17,072.7	100.0	%	$	16,581.8	100.0	%

Property type distribution
Office	$	3,182.9	18.5	%	$	3,643.0	21.9	%
Retail		1,476.9	8.7			1,454.7	8.8
Industrial		4,364.5	25.6			3,515.7	21.2
Apartments		7,220.4	42.3			7,128.2	43.0
Hotel		65.0	0.4			68.6	0.4
Mixed use/other		763.0	4.5			771.6	4.7
Total	$	17,072.7	100.0	%	$	16,581.8	100.0	%

Minority Interests in Unconsolidated Entities-Balance Sheet (Table)


	December 31,
	2024		2023

	(in millions)
Total assets	$	222,907.6	$	215,978.7
Total liabilities		87,104.7		100,865.3
Total equity	$	135,802.9	$	115,113.4
Net investment in unconsolidated entities (1)	$	3,965.7	$	3,488.7

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)
December 31, 2024
Derivative assets	$	648.2	$	(254.8)	$	(392.1)	$	1.3
Reverse repurchase agreements		120.4		—		(120.4)		—
Total	$	768.6	$	(254.8)	$	(512.5)	$	1.3
December 31, 2023
Derivative assets	$	304.0	$	(178.5)	$	(116.7)	$	8.8
Reverse repurchase agreements		145.1		—		(145.1)		—
Total	$	449.1	$	(178.5)	$	(261.8)	$	8.8

(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.