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Deferred Acquisition Costs and Other Actuarial Balances (Tables)

12 Months Ended

Dec. 31, 2024

Disaggregated DAC amounts and reconciliation (Table)


		December 31, 2024			December 31, 2023

		(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions		$	515.5		$	506.4
Individual variable annuities			323.4			279.5
Pension risk transfer			21.1			15.4
Individual fixed deferred annuities			84.2			106.1
Investment only			13.0			11.5
Total Retirement and Income Solutions			957.2			918.9
Benefits and Protection:
Specialty Benefits:
Individual disability			696.9			667.7
Life Insurance:
Universal life			1,527.7			1,545.3
Term life			710.8			695.1
Participating life			77.8			84.7
Total Benefits and Protection			3,013.2			2,992.8
Short-duration contracts			30.6			31.1
Other balances (1)			5.9			7.7
Total DAC per consolidated statements of financial position		$	4,006.9		$	3,950.5

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

Disaggregated unearned revenue liability amounts and reconciliation (Table)


		December 31, 2024			December 31, 2023

		(in millions)
Benefits and Protection – Life Insurance:
Universal life		$	510.1		$	485.5
Other balances (1)			5.3			7.2
Total unearned revenue liability		$	515.4		$	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			47.7			72.7			6.6			—			6.5
Amortized to expense			(38.6)			(28.8)			(0.9)			(21.9)			(5.0)
Balances as of December 31, 2024		$	515.5		$	323.4		$	21.1		$	84.2		$	13.0

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			79.0			76.7			78.3			1.7
Amortized to expense			(49.8)			(94.3)			(62.6)			(8.6)
Balances as of December 31, 2024		$	696.9		$	1,527.7		$	710.8		$	77.8

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 year ended			For the year ended
		December 31, 2024			December 31, 2023

		(in millions)
Balance at beginning of period		$	485.5		$	459.0
Deferrals			56.1			56.3
Revenue recognized			(31.5)			(29.8)
Balance at end of period			510.1			485.5
Reinsurance impact			(220.8)			(225.1)
Balance at end of period after reinsurance		$	289.3		$	260.4