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Reinsurance (Tables)

12 Months Ended

Dec. 31, 2024

Reinsurance

Schedule of information pertaining to effects of reinsurance on premiums and other considerations and policy and contract benefits (Table)

​

​	​	​	​	​	​	​	​	​	​
​		For the year ended December 31,
​	​	2024			2023			2022
​		(in millions)
Premiums and other considerations:		​			​		​
Direct	​	$	7,381.8	​	$	6,962.2	​	$	5,796.1
Ceded	​		(531.6)	​		(491.3)	​		(456.4)
Net premiums and other considerations	​	$	6,850.2	​	$	6,470.9	​	$	5,339.7
Benefits, claims and settlement expenses:	​		​	​		​	​
Direct	​	$	10,131.5	​	$	9,365.4	​	$	8,103.6
Ceded (1)	​		(2,058.9)	​		(1,577.2)	​		(1,472.3)
Net benefits, claims and settlement expenses	​	$	8,072.6	​	$	7,788.2	​	$	6,631.3
Liability for future policy benefits remeasurement (gain) loss:	​	​	​	​	​	​	​	​	​
Direct	​	$	252.7	​	$	737.4	​	$	(179.5)
Ceded (1)	​		418.7	​		(789.0)	​		(85.0)
Net liability for future policy benefits remeasurement (gain) loss	​	$	671.4	​	$	(51.6)	​	$	(264.5)

(1) Includes the one-time impact of YRT reinsurance transactions in 2024.

Schedule of information pertaining to cost of reinsurance asset and liability included on the consolidated statements of financial position (Table)

​

​	​	​	​	​	​	​
​		December 31, 2024			December 31, 2023
​		(in millions)
Cost of reinsurance asset		$	3,187.6		$	3,275.5
​	​	​	​	​	​	​
Cost of reinsurance liability	​	$	958.1	​	$	424.6

Schedule of assets held in support of reserves associated with coinsurance with funds withheld agreement (Table)

​

​	​	​	​	​	​	​
​		December 31, 2024		​	December 31, 2023
​	​	(in millions)
Fixed maturities, available-for-sale	​	$	13,519.6	​	$	15,587.5
Fixed maturities, trading	​	​	299.4	​	​	316.8
Equity securities	​	​	0.3	​	​	0.3
Mortgage loans	​	​	2,212.4	​	​	2,385.9
Other investments	​	​	1,142.8	​	​	621.4
Cash and cash equivalents	​	​	1,080.1	​	​	818.4
Accrued interest income	​	​	166.2	​	​	187.0
Net other liabilities	​	​	(99.4)	​	​	(77.8)
Net assets	​	$	18,321.4	​	$	19,839.5

Schedule of components of net investment income on the funds withheld assets that were passed to coinsurer (Table)

​

​	​	​	​	​	​	​	​	​	​
​		For the year ended December 31,
​	​	2024			2023			2022
​	​	(in millions)
Fixed maturities, available-for-sale	​	$	825.9	​	$	856.9	​	$	745.9
Fixed maturities, trading	​	​	21.5	​		11.9	​		2.0
Equity securities	​	​	—	​		0.2	​		0.6
Mortgage loans	​	​	114.7	​		119.0	​		98.4
Cash and cash equivalents	​	​	52.8	​		57.9	​		18.2
Other	​	​	88.2	​		64.0	​		4.8
Total	​	​	1,103.1	​		1,109.9	​		869.9
Investment expenses	​	​	(35.8)	​		(23.7)	​		(20.5)
Net investment income	​	$	1,067.3	​	$	1,086.2	​	$	849.4

Schedule of components of net realized gains (losses) on the funds withheld assets that were passed to coinsurer (Table)

​

​	​	​	​	​	​	​	​	​	​
​		For the year ended December 31,
​	​	2024			2023			2022
​	​	(in millions)
Fixed maturities, available-for-sale	​	$	(60.5)	​	$	(229.7)	​	$	(235.5)
Fixed maturities, trading	​		—	​		(0.1)	​		(6.4)
Equity securities	​		—	​		(1.2)	​		(2.4)
Mortgage loans	​		(1.8)	​		(34.1)	​		(24.8)
Derivatives	​		0.2	​		7.2	​		2.7
Other	​		—	​		—	​		3.3
Net realized capital losses	​	$	(62.1)	​	$	(257.9)	​	$	(263.1)

​

X

- Definition

Tabular disclosure of information pertaining to assets that were held in support of company's reserves associated with company's coinsurance with funds withheld agreement.

+ References

No definition available.

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- Definition

Tabular disclosure of components of net investment income on the funds withheld assets that were passed to coinsurer.

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- Definition

Tabular disclosure of components of net realized gains (losses) on the funds withheld assets that were passed to coinsurer.

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- Definition

Tabular disclosure of information pertaining to cost of reinsurance asset and liability included on the consolidated statements of financial position.

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- Definition

Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 605
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479032/944-605-50-1

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