Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)


	For the year ended December 31,
	2024		2023		2022

	(in millions)
Balance at beginning of period	$	1,405.9	$	1,395.0	$	1,370.9
Less: reinsurance recoverable		67.8		68.6		68.7
Net balance at beginning of period		1,338.1		1,326.4		1,302.2
Incurred:
Current year		1,749.4		1,650.4		1,581.8
Prior years		(111.2)		(95.4)		(44.4)
Total incurred		1,638.2		1,555.0		1,537.4
Payments:
Current year		1,288.0		1,189.2		1,138.0
Prior years		369.6		354.1		375.2
Total payments		1,657.6		1,543.3		1,513.2
Net balance at end of period		1,318.7		1,338.1		1,326.4
Plus: reinsurance recoverable		61.2		67.8		68.6
Balance at end of period	$	1,379.9	$	1,405.9	$	1,395.0


	December 31, 2024 (1)
			Dental, Vision, STD,
			Critical Illness,
	LTD and Group Life		Accident, Hospital
Year	Waiver		Indemnity and PFML		Group Life
1	8.4	%	92.2	%	78.4	%
2	24.9		7.6		19.5
3	15.5
4	8.0
5	5.8
6	5.2
7	4.4
8	3.6
9	2.9
10	2.9

(1)	Unaudited.

Summary of gross premiums or assessments and interest accretion recognized by segment (Table)


	Gross premiums or assessments (1)						Interest accretion (2)
	For the year ended						For the year ended
	December 31,						December 31,
	2024		2023		2022		2024		2023		2022

	(in millions)
Retirement and Income Solutions:
Pension risk transfer	$	3,103.1	$	2,905.9	$	1,941.0	$	1,135.1	$	1,008.6	$	935.7
Individual fixed income annuities		46.6		42.5		30.1		208.4		219.1		229.7
Total Retirement and Income Solutions		3,149.7		2,948.4		1,971.1		1,343.5		1,227.7		1,165.4
Principal Asset Management – International Pension:
Latin America:
Individual fixed income annuities (3)		29.0		29.7		78.8		330.2		385.8		662.0
Benefits and Protection:
Specialty Benefits:
Individual disability		640.0		624.6		601.0		99.8		94.5		90.2
Life Insurance:
Universal life		715.3		681.8		577.7		253.3		209.2		171.2
Term life		673.3		649.1		630.5		57.0		48.2		43.9
Total Benefits and Protection		2,028.6		1,955.5		1,809.2		410.1		351.9		305.3
Corporate:
Long-term care insurance		4.9		5.1		5.2		9.3		9.6		9.8
Total per consolidated statements of operations	$	5,212.2	$	4,938.7	$	3,864.3	$	2,093.1	$	1,975.0	$	2,142.5

(1)

Gross premiums are included within premiums and other considerations on the consolidated statements of operations. Assessments, which are only applicable to the Life Insurance – Universal life level of aggregation, are included within fees and other revenues on the consolidated statements of operations.

(2)	Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations.

(3)	Includes inflation adjustments included within the liability for future policy benefits rollforward for interest accretion.

Summary of weighted-average rates of interest accretion and current discount (Table)


	Interest accretion rate				Current discount rate
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Retirement and Income Solutions:
Pension risk transfer	4.61	%	4.52	%	5.55	%	4.99	%
Individual fixed income annuities	4.22	%	4.22	%	5.50	%	4.97	%
Principal Asset Management - International
Pension (1):
Latin America:
Individual fixed income annuities	4.21	%	4.22	%	3.04	%	3.23	%
Benefits and Protection:
Specialty Benefits:
Individual disability	3.89	%	3.96	%	5.64	%	5.05	%
Life Insurance:
Universal life	4.75	%	4.75	%	See note (2)		See note (2)
Term life	4.82	%	4.83	%	5.35	%	4.90	%
Corporate:
Long-term care insurance	6.16	%	6.16	%	5.58	%	5.01	%

(1)	The interest accretion rate and current discount rate are Chilean real rates, excluding inflation, in the local currency.

(2)	The additional liability for certain benefit features for Life Insurance – Universal life is measured using the discount rate at contract inception. Therefore, the current discount rate is not applicable for this product.

Future Policy Benefits and Claims

Claims Development (Table)

Incurred

Cumulative

but not

number of

reported

Net incurred claims (1)

claims

December 31,

2023

2024

($ in millions)

Incurral year

2023

$

1,032.3

$

1,022.1

$

—

4,774,225

2024

1,129.3

66.9

4,787,967

Total net incurred claims

$

2,151.4

Net cumulative

paid claims (1)

December 31,

2023

2024

(in millions)

Incurral year

2023

$

954.0

$

1,021.3

2024

1,039.9

Total net paid claims

2,061.2

All outstanding liabilities for unpaid claims prior to 2023 net of reinsurance

—

Total outstanding liabilities for unpaid claims net of reinsurance

$

90.2

(1)	2023 unaudited.

Future Policy Benefits and Claims

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)

For the year ended

December 31, 2024

December 31, 2023

Pension

Individual

Pension

Individual

risk

fixed income

risk

fixed income

transfer

annuities

transfer

annuities

($ in millions)

Present value of expected future policy benefit payments

Balance at beginning of period

$

23,855.8

$

4,914.1

$

21,211.4

$

5,019.4

Effect of changes in discount rate assumptions at beginning of period

1,036.1

296.7

1,799.6

439.0

Balance at beginning of period at original discount rate

24,891.9

5,210.8

23,011.0

5,458.4

Effect of changes in cash flow assumptions

(3.4)

(38.4)

(53.4)

(1.3)

Effect of actual variances from expected experience

(1.5)

(1.7)

(14.6)

(0.1)

Adjusted beginning of period balance at original discount rate

24,887.0

5,170.7

22,943.0

5,457.0

Interest accrual

1,135.1

208.4

1,008.6

219.1

Benefit payments

(2,238.1)

(500.2)

(1,981.4)

(507.3)

Issuances

3,112.9

46.1

2,921.7

42.0

Balance at end of period at original discount rate

26,896.9

4,925.0

24,891.9

5,210.8

Effect of changes in discount rate assumptions at end of period

(1,938.8)

(420.4)

(1,036.1)

(296.7)

Future policy benefits

24,958.1

4,504.6

23,855.8

4,914.1

Reinsurance impact

—

(4,469.4)

—

(4,869.1)

Future policy benefits after reinsurance

$

24,958.1

$

35.2

$

23,855.8

$

45.0

Weighted-average duration for future policy benefits (years) (1)

8.0

7.2

8.5

7.9

(1)	Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.

Future Policy Benefits and Claims

Summary of balances and the changes in the additional liability for certain benefits features (Table)


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

	($ in millions)
Balance at beginning of period	$	5,326.5	$	4,095.2
Effect of changes in cash flow assumptions		151.9		725.4
Effect of actual variances from expected experience		28.0		45.2
Interest accrual		253.3		209.2
Net assessments collected		425.2		378.1
Benefit payments		(147.7)		(126.6)
Balance at end of period		6,037.2		5,326.5
Reinsurance impact		(6,011.3)		(5,306.2)
Balance at end of period after reinsurance	$	25.9	$	20.3

Weighted-average duration for additional liability (years) (1)		23.3		26.2

(1)	Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort.

Future Policy Benefits and Claims

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)


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

	($ in millions)
Present value of expected net premiums
Balance at beginning of period	$	42.8	$	64.6
Effect of changes in discount rate assumptions at beginning of period		(3.0)		(3.6)
Balance at beginning of period at original discount rate		39.8		61.0
Effect of changes in cash flow assumptions		(5.3)		(13.3)
Effect of actual variances from expected experience		(2.2)		(5.7)
Adjusted beginning of period balance at original discount rate		32.3		42.0
Interest accrual		1.9		2.9
Net premiums collected		(4.7)		(5.1)
Balance at end of period at original discount rate		29.5		39.8
Effect of changes in discount rate assumptions at end of period		1.3		3.0
Balance at end of period	$	30.8	$	42.8

Present value of expected future policy benefit payments
Balance at beginning of period	$	209.5	$	248.1
Effect of changes in discount rate assumptions at beginning of period		(20.0)		(18.9)
Balance at beginning of period at original discount rate		189.5		229.2
Effect of changes in cash flow assumptions		(1.2)		(40.5)
Effect of actual variances from expected experience		2.5		2.5
Adjusted beginning of period balance at original discount rate		190.8		191.2
Interest accrual		11.2		12.5
Benefit payments		(15.2)		(14.2)
Balance at end of period at original discount rate		186.8		189.5
Effect of changes in discount rate assumptions at end of period		8.8		20.0
Balance at end of period	$	195.6	$	209.5

Future policy benefits (1)	$	164.8	$	166.7
Reinsurance impact		(164.8)		(166.7)
Future policy benefits after reinsurance	$	—	$	—

Weighted-average duration for future policy benefits (years) (2)		9.3		10.4

(1)	Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2)	Represents the average of cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.