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Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Investments |
Available-for-Sale Securities (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Allowance | ​ | ​ | ​
​ | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | for credit | ​ | ​ | ​
​ |  | cost (1) |  | gains |  | losses |  | loss |  | Fair value
​ | ​ | (in millions)
March 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government and agencies | ​ | $ | 1,895.1 | ​ | $ | 10.2 | ​ | $ | 246.7 | ​ | $ | — | ​ | $ | 1,658.6
Non-U.S. governments | ​ | ​ | 556.0 | ​ | ​ | 16.0 | ​ | ​ | 78.0 | ​ | ​ | — | ​ | ​ | 494.0
States and political subdivisions | ​ | ​ | 7,241.4 | ​ | ​ | 14.6 | ​ | ​ | 1,063.1 | ​ | ​ | — | ​ | ​ | 6,192.9
Corporate | ​ | ​ | 39,581.0 | ​ | ​ | 566.4 | ​ | ​ | 3,469.1 | ​ | ​ | 6.8 | ​ | ​ | 36,671.5
Residential mortgage-backed pass-through securities | ​ | ​ | 3,907.2 | ​ | ​ | 21.9 | ​ | ​ | 165.4 | ​ | ​ | — | ​ | ​ | 3,763.7
Commercial mortgage-backed securities | ​ | ​ | 5,600.3 | ​ | ​ | 8.2 | ​ | ​ | 392.8 | ​ | ​ | — | ​ | ​ | 5,215.7
Collateralized debt obligations (2) | ​ | ​ | 6,613.2 | ​ | ​ | 29.2 | ​ | ​ | 8.2 | ​ | ​ | — | ​ | ​ | 6,634.2
Other debt obligations | ​ | ​ | 9,514.9 | ​ | ​ | 65.6 | ​ | ​ | 484.2 | ​ | ​ | 0.2 | ​ | ​ | 9,096.1
Total excluding portfolio layer method basis adjustment | ​ | ​ | 74,909.1 | ​ | ​ | 732.1 | ​ | ​ | 5,907.5 | ​ | ​ | 7.0 | ​ | ​ | 69,726.7
Unallocated portfolio layer method basis adjustment (3) | ​ | ​ | (37.5) | ​ | ​ | 37.5 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total fixed maturities, available-for-sale | ​ | $ | 74,871.6 | ​ | $ | 769.6 | ​ | $ | 5,907.5 | ​ | $ | 7.0 | ​ | $ | 69,726.7
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Allowance | ​ | ​
​ | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | for credit | ​ | ​
​ |  | cost (1) |  | gains |  | losses |  | loss |  | Fair value
​ | ​ | (in millions)
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government and agencies | ​ | $ | 1,937.4 | ​ | $ | 0.2 | ​ | $ | 299.7 | ​ | $ | — | ​ | $ | 1,637.9
Non-U.S. governments | ​ | ​ | 567.3 | ​ | ​ | 12.9 | ​ | ​ | 84.5 | ​ | ​ | — | ​ | ​ | 495.7
States and political subdivisions | ​ | ​ | 7,207.8 | ​ | ​ | 10.4 | ​ | ​ | 1,141.7 | ​ | ​ | — | ​ | ​ | 6,076.5
Corporate | ​ | ​ | 38,911.1 | ​ | ​ | 509.9 | ​ | ​ | 3,699.9 | ​ | ​ | 18.5 | ​ | ​ | 35,702.6
Residential mortgage-backed pass-through securities | ​ | ​ | 3,881.3 | ​ | ​ | 8.7 | ​ | ​ | 215.8 | ​ | ​ | — | ​ | ​ | 3,674.2
Commercial mortgage-backed securities | ​ | ​ | 5,634.3 | ​ | ​ | 4.6 | ​ | ​ | 450.9 | ​ | ​ | — | ​ | ​ | 5,188.0
Collateralized debt obligations (2) | ​ | ​ | 6,518.7 | ​ | ​ | 48.0 | ​ | ​ | 6.3 | ​ | ​ | — | ​ | ​ | 6,560.4
Other debt obligations | ​ | ​ | 9,446.2 | ​ | ​ | 49.9 | ​ | ​ | 580.2 | ​ | ​ | 0.2 | ​ | ​ | 8,915.7
Total excluding portfolio layer method basis adjustment | ​ | ​ | 74,104.1 | ​ | ​ | 644.6 | ​ | ​ | 6,479.0 | ​ | ​ | 18.7 | ​ | ​ | 68,251.0
Unallocated portfolio layer method basis adjustment (3) | ​ | ​ | (55.7) | ​ | ​ | 55.7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total fixed maturities, available-for-sale | ​ | $ | 74,048.4 | ​ | $ | 700.3 | ​ | $ | 6,479.0 | ​ | $ | 18.7 | ​ | $ | 68,251.0
(1) | Amortized cost excludes accrued interest receivable of $475.6 million and $647.3 million as of March 31, 2025 and December 31, 2024, respectively.
(2) | Primarily consists of collateralized loan obligations backed by secured corporate loans.
(3) | Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.
Fixed Maturities Available-for-Sale by Contractual Maturity (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized cost (1) |  | Fair value
​ | ​ | (in millions)
Due in one year or less | ​ | $ | 1,623.6 | ​ | $ | 1,629.8
Due after one year through five years | ​ | ​ | 8,966.3 | ​ | ​ | 8,841.9
Due after five years through ten years | ​ | ​ | 10,131.2 | ​ | ​ | 9,861.3
Due after ten years | ​ | ​ | 28,552.4 | ​ | ​ | 24,684.0
Subtotal | ​ | ​ | 49,273.5 | ​ | ​ | 45,017.0
Mortgage-backed and other asset-backed securities | ​ | ​ | 25,635.6 | ​ | ​ | 24,709.7
Total | ​ | $ | 74,909.1 | ​ | $ | 69,726.7
(1)Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.
Net Realized Capital Gains and Losses (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ |  | 2025 |  | 2024
​ | ​ | (in millions)
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​
Gross gains | ​ | $ | 0.8 | ​ | $ | 2.1
Gross losses | ​ |  | (30.3) | ​ |  | (12.1)
Net credit losses (1) | ​ |  | (5.0) | ​ |  | (3.3)
Hedging, net (2) | ​ |  | 7.8 | ​ |  | (4.1)
Fixed maturities, trading (3) | ​ |  | (1.8) | ​ |  | 1.6
Equity securities (4) | ​ |  | (37.0) | ​ |  | 63.2
Mortgage loans | ​ |  | (0.5) | ​ |  | (16.3)
Derivatives (2) | ​ |  | 15.2 | ​ |  | (34.9)
Other (5) | ​ |  | (66.3) | ​ |  | 2.9
Net realized capital losses | ​ | $ | (117.1) | ​ | $ | (0.9)
(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 $(0.1) million and $1.7 million for the three months ended March 31, 2025 and 2024, respectively. This excludes $2.8 million and $0.6 million for the three months ended March 31, 2025 and 2024, respectively, that were reported in market risk benefit remeasurement (gain) loss and $(0.2) million and $(3.0) million for the three months ended March 31, 2025 and 2024, 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 $(36.4) million and $58.9 million for the three months ended March 31, 2025 and 2024, respectively. This excludes $9.2 million and $18.7 million for the three months ended March 31, 2025 and 2024, respectively, that were reported in net investment income and $0.0 million and $0.0 million for the three months ended March 31, 2025 and 2024, respectively, that were reported in net realized capital gains (losses) on funds withheld assets.
(5) | Includes a held-for-sale write-down of an intangible asset in 2025. See Note 2, Other Intangible Assets, for further details.
Allowance for credit loss (Tables) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | mortgage- | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | backed | ​ | Commercial | ​ | Collateralized | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | ​ | ​ | ​ | States and | ​ | ​ | ​ | ​ | pass- | ​ | mortgage- | ​ | debt | ​ | Other | ​ | ​ | ​
​ | ​ | government | ​ | Non-U.S. | ​ | political | ​ | ​ | ​ | ​ | through | ​ | backed | ​ | obligations | ​ | debt | ​ | ​ | ​
​ |  | and agencies |  | governments |  | subdivisions |  | Corporate |  | securities |  | securities |  | (1) |  | obligations |  | Total
​ | ​ | (in millions)
Beginning balance | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 18.5 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 0.2 | ​ | $ | 18.7
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.1
Write-offs charged against allowance | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (11.9) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (11.9)
Foreign currency translation adjustment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.1
Ending balance | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 6.8 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 0.2 | ​ | $ | 7.0
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | mortgage- | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | backed | ​ | Commercial | ​ | Collateralized | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | ​ | ​ | ​ | States and | ​ | ​ | ​ | ​ | pass- | ​ | mortgage- | ​ | debt | ​ | Other | ​ | ​ | ​
​ | ​ | government | ​ | Non-U.S. | ​ | political | ​ | ​ | ​ | ​ | through | ​ | backed | ​ | obligations | ​ | debt | ​ | ​ | ​
​ |  | and agencies |  | governments |  | subdivisions |  | Corporate |  | securities |  | securities |  | (1) |  | obligations |  | Total
​ | ​ | (in millions)
Beginning balance |  | $ | — |  | $ | — |  | $ | — |  | $ | 4.6 | ​ | $ | — |  | $ | — |  | $ | — |  | $ | 0.1 |  | $ | 4.7
Write-offs charged against allowance | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1.6) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1.6)
Foreign currency translation adjustment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.3)
Ending balance |  | $ | — |  | $ | — |  | $ | — |  | $ | 2.7 | ​ | $ | — |  | $ | — |  | $ | — |  | $ | 0.1 |  | $ | 2.8
(1) | Primarily consists of collateralized loan obligations backed by secured corporate loans.
​
Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025
​ | ​ | 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 | ​ | $ | 168.7 | ​ | $ | 2.4 | ​ | $ | 688.0 | ​ | $ | 244.3 | ​ | $ | 856.7 | ​ | $ | 246.7
Non-U.S. governments | ​ | ​ | 32.1 | ​ | ​ | 0.8 | ​ | ​ | 305.0 | ​ | ​ | 77.2 | ​ | ​ | 337.1 | ​ | ​ | 78.0
States and political subdivisions | ​ | ​ | 781.0 | ​ | ​ | 20.0 | ​ | ​ | 4,806.3 | ​ | ​ | 1,043.1 | ​ | ​ | 5,587.3 | ​ | ​ | 1,063.1
Corporate | ​ | ​ | 4,605.7 | ​ | ​ | 167.2 | ​ | ​ | 19,885.0 | ​ | ​ | 3,298.3 | ​ | ​ | 24,490.7 | ​ | ​ | 3,465.5
Residential mortgage-backed pass-through securities | ​ | ​ | 971.4 | ​ | ​ | 9.2 | ​ | ​ | 1,214.4 | ​ | ​ | 156.2 | ​ | ​ | 2,185.8 | ​ | ​ | 165.4
Commercial mortgage-backed securities | ​ | ​ | 516.8 | ​ | ​ | 4.6 | ​ | ​ | 3,804.2 | ​ | ​ | 388.2 | ​ | ​ | 4,321.0 | ​ | ​ | 392.8
Collateralized debt obligations (2) | ​ | ​ | 1,325.6 | ​ | ​ | 4.2 | ​ | ​ | 12.6 | ​ | ​ | 4.0 | ​ | ​ | 1,338.2 | ​ | ​ | 8.2
Other debt obligations | ​ | ​ | 1,110.4 | ​ | ​ | 8.9 | ​ | ​ | 3,650.8 | ​ | ​ | 474.9 | ​ | ​ | 4,761.2 | ​ | ​ | 483.8
Total fixed maturities, available-for-sale | ​ | $ | 9,511.7 | ​ | $ | 217.3 | ​ | $ | 34,366.3 | ​ | $ | 5,686.2 | ​ | $ | 43,878.0 | ​ | $ | 5,903.5
(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, 2024
​ | ​ | 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 | ​ | $ | 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.
Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2025 |  | December 31, 2024
​ | ​ | (in millions)
Net unrealized losses on fixed maturities, available-for-sale (1) | ​ | $ | (5,210.8) | ​ | $ | (5,942.5)
Net unrealized gains on derivative instruments | ​ |  | 84.0 | ​ |  | 66.1
Adjustments for assumed changes in amortization patterns | ​ |  | 4.7 | ​ |  | 5.1
Adjustments for assumed changes in policyholder liabilities | ​ |  | 30.5 | ​ |  | 12.2
Net unrealized losses on other investments and noncontrolling interest adjustments | ​ |  | (54.9) | ​ |  | (52.5)
Provision for deferred income tax benefits | ​ |  | 1,108.9 | ​ |  | 1,270.5
Net unrealized losses on available-for-sale securities and derivative instruments | ​ | $ | (4,037.6) | ​ | $ | (4,641.1)
(1) | Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.
Financing Receivable Credit Quality Indicators (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025
​ |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
​ | ​ | (in millions)
Commercial mortgage loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
A- and above |  | $ | 82.0 | ​ | $ | 1,188.9 | ​ | $ | 795.0 | ​ | $ | 1,100.7 | ​ | $ | 2,077.4 | ​ | $ | 7,779.5 | ​ | $ | 13,023.5
BBB+ thru BBB- |  | ​ | 13.0 | ​ | ​ | 211.5 | ​ | ​ | 450.8 | ​ | ​ | 249.7 | ​ | ​ | 270.9 | ​ | ​ | 1,393.4 | ​ | ​ | 2,589.3
BB+ thru BB- |  | ​ | 39.8 | ​ | ​ | 88.3 | ​ | ​ | 146.4 | ​ | ​ | 156.7 | ​ | ​ | 48.4 | ​ | ​ | 237.6 | ​ | ​ | 717.2
B+ and below |  | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 329.4 | ​ | ​ | 329.4
Total |  | $ | 134.8 | ​ | $ | 1,488.7 | ​ | $ | 1,392.2 | ​ | $ | 1,507.1 | ​ | $ | 2,396.7 | ​ | $ | 9,739.9 | ​ | $ | 16,659.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct financing leases: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
A- and above |  | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 42.3 | ​ | $ | 11.1 | ​ | $ | 232.5 | ​ | $ | 285.9
BBB+ thru BBB- |  | ​ | — | ​ | ​ | 9.9 | ​ | ​ | — | ​ | ​ | 89.8 | ​ | ​ | 20.5 | ​ | ​ | 93.7 | ​ | ​ | 213.9
BB+ thru BB- |  | ​ | 40.5 | ​ | ​ | — | ​ | ​ | 2.0 | ​ | ​ | 0.6 | ​ | ​ | 7.0 | ​ | ​ | 30.7 | ​ | ​ | 80.8
B+ and below |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 7.3 |  | ​ | — |  | ​ | 7.3
Total |  | $ | 40.5 | ​ | $ | 9.9 | ​ | $ | 2.0 | ​ | $ | 132.7 | ​ | $ | 45.9 | ​ | $ | 356.9 | ​ | $ | 587.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage loans: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Performing |  | $ | 90.5 | ​ | $ | 477.1 | ​ | $ | 432.2 | ​ | $ | 954.8 | ​ | $ | 1,209.8 | ​ | $ | 615.0 | ​ | $ | 3,779.4
Non-performing |  | ​ | — | ​ | ​ | — | ​ | ​ | 3.8 | ​ | ​ | 6.5 | ​ | ​ | 5.4 | ​ | ​ | 4.5 | ​ | ​ | 20.2
Total excluding portfolio layer method basis adjustments |  | $ | 90.5 | ​ | $ | 477.1 | ​ | $ | 436.0 | ​ | $ | 961.3 | ​ | $ | 1,215.2 | ​ | $ | 619.5 | ​ | ​ | 3,799.6
Unallocated portfolio layer method basis adjustment (1) |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3.1)
Total |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,796.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other loans: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Performing | ​ | $ | 14.4 | ​ | $ | 63.9 | ​ | $ | 52.3 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 130.6
Non-performing | ​ | ​ | 0.5 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | 0.6
Total | ​ | $ | 14.9 | ​ | $ | 63.9 | ​ | $ | 52.3 | ​ | $ | — | ​ | $ | — | ​ | $ | 0.1 | ​ | $ | 131.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reinsurance recoverable and deposit receivable |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | $ | 19,395.8
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
(1) | Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.
Non-Accrual Financing Receivables (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | Amortized cost
​ | ​ | Beginning | ​ | Ending | ​ | of nonaccrual
​ | ​ | amortized cost | ​ | amortized cost | ​ | assets without
​ | ​ | on nonaccrual | ​ | on nonaccrual | ​ | a valuation
​ |  | status |  | status |  | allowance
​ | ​ | (in millions)
Commercial mortgage loans | ​ | $ | 70.5 | ​ | $ | 60.7 | ​ | $ | —
Residential mortgage loans | ​ | ​ | 15.6 | ​ | ​ | 16.6 | ​ | ​ | 8.1
Other loans | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | 0.1
Total | ​ | $ | 86.1 | ​ | $ | 77.4 | ​ | $ | 8.2
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | Amortized cost
​ | ​ | Beginning | ​ | Ending | ​ | of nonaccrual
​ | ​ | amortized cost | ​ | amortized cost | ​ | assets without
​ | ​ | on nonaccrual | ​ | on nonaccrual | ​ | a valuation
​ |  | status |  | status |  | allowance
​ | ​ | (in millions)
Commercial mortgage loans | ​ | $ | 58.4 | ​ | $ | 70.5 | ​ | $ | —
Residential mortgage loans |  | ​ | 10.2 |  | ​ | 15.6 |  | ​ | —
Total |  | $ | 68.6 |  | $ | 86.1 |  | $ | —
Schedule of Interest Income Recognized on Non-accrual Financing Receivables (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ |  | 2025 |  | 2024
​ | ​ | (in millions)
Commercial mortgage loans | ​ | $ | — | ​ | $ | (0.2)
Residential mortgage loans | ​ | ​ | 0.1 | ​ | ​ | —
Total | ​ | $ | 0.1 | ​ | $ | (0.2)
Financing Receivables Aging (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Amortized
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | cost
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 90 days or | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 90 days or
​ | ​ | 30-59 days | ​ | 60-89 days | ​ | more past | ​ | Total past | ​ | ​ | ​ | ​ | ​ | ​ | ​ | more and
​ | ​ | past due | ​ | past due | ​ | due | ​ | due | ​ | Current | ​ | Total (1) | ​ | accruing
​ | ​ | (in millions)
Commercial mortgage loans | ​ | $ | 6.5 | ​ | $ | 9.1 | ​ | $ | 26.6 | ​ | $ | 42.2 | ​ | $ | 16,617.2 | ​ | $ | 16,659.4 | ​ | $ | —
Direct financing leases | ​ | ​ | 3.5 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3.5 | ​ | ​ | 584.4 | ​ | ​ | 587.9 | ​ | ​ | —
Residential mortgage loans (2) | ​ | ​ | 61.8 | ​ | ​ | 19.2 | ​ | ​ | 22.5 | ​ | ​ | 103.5 | ​ | ​ | 3,696.1 | ​ | ​ | 3,799.6 | ​ | ​ | 10.0
Other loans | ​ | ​ | 1.7 | ​ | ​ | 1.6 | ​ | ​ | 1.6 | ​ | ​ | 4.9 | ​ | ​ | 126.3 | ​ | ​ | 131.2 | ​ | ​ | 1.0
Total | ​ | $ | 73.5 | ​ | $ | 29.9 | ​ | $ | 50.7 | ​ | $ | 154.1 | ​ | $ | 21,024.0 | ​ | $ | 21,178.1 | ​ | $ | 11.0
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Amortized
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | cost
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 90 days or | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 90 days or
​ | ​ | 30-59 days | ​ | 60-89 days | ​ | more past | ​ | Total past | ​ | ​ | ​ | ​ | ​ | ​ | ​ | more and
​ | ​ | past due | ​ | past due | ​ | due | ​ | due | ​ | Current | ​ | Total (1) | ​ | accruing
​ | ​ | (in millions)
Commercial mortgage loans | ​ | $ | 70.3 | ​ | $ | 2.2 | ​ | $ | 26.3 | ​ | $ | 98.8 | ​ | $ | 16,973.9 | ​ | $ | 17,072.7 | ​ | $ | —
Direct financing leases | ​ |  | 3.6 | ​ |  | — | ​ |  | — | ​ |  | 3.6 | ​ |  | 559.4 | ​ |  | 563.0 | ​ |  | —
Residential mortgage loans (2) | ​ |  | 54.4 | ​ |  | 14.9 | ​ |  | 23.5 | ​ |  | 92.8 | ​ |  | 3,523.0 | ​ |  | 3,615.8 | ​ |  | 9.5
Other loans | ​ | ​ | 2.1 | ​ | ​ | 1.8 | ​ | ​ | 1.6 | ​ | ​ | 5.5 | ​ | ​ | 140.8 | ​ | ​ | 146.3 | ​ | ​ | 1.4
Total | ​ | $ | 130.4 | ​ | $ | 18.9 | ​ | $ | 51.4 | ​ | $ | 200.7 | ​ | $ | 21,197.1 | ​ | $ | 21,397.8 | ​ | $ | 10.9
(1) | As of both March 31, 2025 and December 31, 2024, no reinsurance recoverables or deposit receivables were considered past due.
(2) | Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.
Financing Receivables Valuation Allowance (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2025
​ | ​ | Commercial | ​ | Direct | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | mortgage | ​ | financing | ​ | mortgage | ​ | Reinsurance | ​ | ​ | ​
​ |  | loans |  | leases |  | loans |  | recoverables |  | Total
​ | ​ | (in millions)
Beginning balance | ​ | $ | 188.6 | ​ | $ | 3.0 | ​ | $ | 7.3 | ​ | $ | 3.3 | ​ | $ | 202.2
Provision |  | ​ | (2.3) |  | ​ | — |  | ​ | (0.9) |  | ​ | (0.1) |  | ​ | (3.3)
Charge-offs |  | ​ | (1.3) |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | (1.3)
Recoveries |  | ​ | — |  | ​ | — |  | ​ | 3.8 |  | ​ | — |  | ​ | 3.8
Foreign currency translation adjustment | ​ | ​ | 0.1 | ​ | ​ | 0.2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.3
Ending balance |  | $ | 185.1 |  | $ | 3.2 |  | $ | 10.2 |  | $ | 3.2 |  | $ | 201.7
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31, 2024
​ | ​ | Commercial | ​ | Direct | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​
​ |  | mortgage | ​ | financing | ​ | mortgage | ​ | Reinsurance | ​ | ​ | ​
​ | ​ | loans |  | leases |  | loans |  | recoverables |  | Total
​ |  | (in millions)
Beginning balance | ​ | $ | 128.8 | ​ | $ | 0.9 | ​ | $ | 6.7 | ​ | $ | 3.2 | ​ | $ | 139.6
Provision |  | ​ | 16.0 | ​ | ​ | (0.1) | ​ | ​ | 1.9 | ​ | ​ | — |  | ​ | 17.8
Recoveries |  | ​ | — | ​ | ​ | — | ​ | ​ | 0.3 | ​ | ​ | — |  | ​ | 0.3
Foreign currency translation adjustment | ​ | ​ | (0.3) | ​ | ​ | (0.1) | ​ | ​ | (0.1) | ​ | ​ | — | ​ | ​ | (0.5)
Ending balance |  | $ | 144.5 | ​ | $ | 0.7 | ​ | $ | 8.8 | ​ | $ | 3.2 |  | $ | 157.2
​
Mortgage Loans Purchased and Sold (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ |  | 2025 |  | 2024
​ | ​ | (in millions)
Commercial mortgage loans: |  | ​ |  |  | ​ |
Purchased | ​ | $ | 39.9 | ​ | $ | 57.0
Sold | ​ | ​ | 68.9 | ​ | ​ | 0.8
Residential mortgage loans: | ​ |  | ​ | ​ |  | ​
Purchased | ​ |  | 265.0 | ​ |  | 38.4
Sold | ​ |  | 3.9 | ​ |  | 4.9
​
Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025 | ​ | December 31, 2024 |
​ |  | Amortized |  | Percent |  | Amortized |  | Percent |
​ | ​ | cost | ​ | of total | ​ | cost | ​ | of total |
​ | ​ | ($ in millions) |
Geographic distribution | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
New England | ​ | $ | 342.9 | ​ | 2.1 | % | $ | 347.2 | ​ | 2.0 | %
Middle Atlantic | ​ |  | 4,567.9 | ​ | 27.5 | ​ |  | 4,714.9 | ​ | 27.7 | ​
East North Central | ​ |  | 457.3 | ​ | 2.7 | ​ |  | 591.0 | ​ | 3.5 | ​
West North Central | ​ |  | 358.1 | ​ | 2.1 | ​ | ​ | 394.0 | ​ | 2.3 | ​
South Atlantic | ​ |  | 2,978.0 | ​ | 17.9 | ​ |  | 2,987.7 | ​ | 17.5 | ​
East South Central | ​ |  | 415.7 | ​ | 2.5 | ​ |  | 417.7 | ​ | 2.4 | ​
West South Central | ​ |  | 1,306.9 | ​ | 7.8 | ​ |  | 1,310.5 | ​ | 7.7 | ​
Mountain | ​ |  | 972.9 | ​ | 5.8 | ​ |  | 979.5 | ​ | 5.7 | ​
Pacific | ​ |  | 4,756.4 | ​ | 28.6 | ​ |  | 4,851.9 | ​ | 28.4 | ​
International | ​ |  | 503.3 | ​ | 3.0 | ​ |  | 478.3 | ​ | 2.8 | ​
Total | ​ | $ | 16,659.4 | ​ | 100.0 | % | $ | 17,072.7 | ​ | 100.0 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property type distribution | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Office | ​ | $ | 3,060.1 | ​ | 18.4 | % | $ | 3,182.9 | ​ | 18.5 | %
Retail | ​ |  | 1,445.5 | ​ | 8.7 | ​ |  | 1,476.9 | ​ | 8.7 | ​
Industrial | ​ |  | 4,130.7 | ​ | 24.8 | ​ |  | 4,364.5 | ​ | 25.6 | ​
Apartments | ​ |  | 7,171.8 | ​ | 43.0 | ​ |  | 7,220.4 | ​ | 42.3 | ​
Hotel | ​ |  | 64.1 | ​ | 0.4 | ​ |  | 65.0 | ​ | 0.4 | ​
Mixed use/other | ​ |  | 787.2 | ​ | 4.7 | ​ |  | 763.0 | ​ | 4.5 | ​
Total | ​ | $ | 16,659.4 | ​ | 100.0 | % | $ | 17,072.7 | ​ | 100.0 | %
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)
March 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative assets | ​ | $ | 610.8 | ​ | $ | (239.5) | ​ | $ | (361.2) | ​ | $ | 10.1
Reverse repurchase agreements | ​ | ​ | 114.5 | ​ | ​ | — | ​ | ​ | (114.5) | ​ | ​ | —
Total | ​ | $ | 725.3 | ​ | $ | (239.5) | ​ | $ | (475.7) | ​ | $ | 10.1
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
(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.
Financial Liabilities Subject to Netting Agreements (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross amounts not offset in the | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | consolidated statements | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | of financial position | ​ | ​ | ​
​ | ​ | Gross amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | of recognized | ​ | Financial | ​ | Collateral | ​ | ​ | ​
​ |  | liabilities (1) |  | instruments (2) |  | pledged |  | Net amount
​ | ​ | (in millions)
March 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative liabilities | ​ | $ | 437.3 | ​ | $ | (239.5) | ​ | $ | (195.8) | ​ | $ | 2.0
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative liabilities | ​ | $ | 506.0 | ​ | $ | (254.8) | ​ | $ | (239.4) | ​ | $ | 11.8
(1) | The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes derivative liabilities, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amounts of derivative liabilities are not netted against offsetting assets for presentation on the consolidated statements of financial position.
(2) | Represents amount of offsetting derivative assets that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative liabilities for presentation on the consolidated statements of financial position.

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3 + Details
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- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3 + Details
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- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-7 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-14 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 80 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479294/326-20-55-80 + Details
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- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
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- Definition Tabular disclosure of financing receivable on nonaccrual status. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-16 + Details
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