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Deferred Acquisition Costs and Other Actuarial Balances (Tables)

3 Months Ended

Mar. 31, 2025

Disaggregated DAC amounts and reconciliation (Table)


		March 31, 2025			December 31, 2024

		(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions		$	519.4		$	515.5
Individual variable annuities			337.2			323.4
Pension risk transfer			22.3			21.1
Individual fixed deferred annuities			79.8			84.2
Investment only			12.8			13.0
Total Retirement and Income Solutions			971.5			957.2
Benefits and Protection:
Specialty Benefits:
Individual disability			701.9			696.9
Life Insurance:
Universal life			1,525.9			1,527.7
Term life			713.1			710.8
Participating life			76.0			77.8
Total Benefits and Protection			3,016.9			3,013.2
Short-duration contracts			39.7			30.6
Other balances (1)			6.0			5.9
Total DAC per consolidated statements of financial position		$	4,034.1		$	4,006.9

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

Disaggregated unearned revenue liability amounts and reconciliation (Table)


		March 31, 2025			December 31, 2024

		(in millions)
Benefits and Protection - Life Insurance:
Universal life		$	516.6		$	510.1
Other balances (1)			5.2			5.3
Total unearned revenue liability		$	521.8		$	515.4

(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, 2024		$	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
Costs deferred			13.3			22.0			1.5			—			1.1
Amortized to expense			(9.4)			(8.2)			(0.3)			(4.4)			(1.3)
Balances as of March 31, 2025		$	519.4		$	337.2		$	22.3		$	79.8		$	12.8

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, 2024		$	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
Costs deferred			18.3			22.0			17.9			0.3
Amortized to expense			(13.3)			(23.8)			(15.6)			(2.1)
Balances as of March 31, 2025		$	701.9		$	1,525.9		$	713.1		$	76.0

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 three months ended			For the year ended
		March 31, 2025			December 31, 2024

		(in millions)
Balance at beginning of period		$	510.1		$	485.5
Deferrals			14.7			56.1
Revenue recognized			(8.2)			(31.5)
Balance at end of period			516.6			510.1
Reinsurance impact			(219.6)			(220.8)
Balance at end of period after reinsurance		$	297.0		$	289.3