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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Measurements |
Fair Value (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025
​ | ​ | Assets/ | ​ | Amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (liabilities) | ​ | measured at | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | measured at | ​ | net asset | ​ | Fair value hierarchy level
​ |  | fair value |  | value (5) |  | Level 1 |  | Level 2 |  | Level 3
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government and agencies | ​ | $ | 1,583.4 | ​ | $ | — | ​ | $ | 1,190.5 | ​ | $ | 392.9 | ​ | $ | —
Non-U.S. governments | ​ | ​ | 497.8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 497.8 | ​ | ​ | —
States and political subdivisions | ​ | ​ | 6,208.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,140.8 | ​ | ​ | 67.8
Corporate | ​ | ​ | 36,565.4 | ​ | ​ | — | ​ | ​ | 27.4 | ​ | ​ | 34,094.0 | ​ | ​ | 2,444.0
Residential mortgage-backed pass-through securities | ​ | ​ | 3,705.8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,705.8 | ​ | ​ | —
Commercial mortgage-backed securities | ​ | ​ | 5,168.5 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,165.9 | ​ | ​ | 2.6
Collateralized debt obligations (1) | ​ | ​ | 6,838.8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,838.8 | ​ | ​ | —
Other debt obligations | ​ | ​ | 9,990.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,176.7 | ​ | ​ | 1,813.4
Total fixed maturities, available-for-sale | ​ | ​ | 70,558.4 | ​ | ​ | — | ​ | ​ | 1,217.9 | ​ | ​ | 65,012.7 | ​ | ​ | 4,327.8
Fixed maturities, trading | ​ | ​ | 1,235.3 | ​ | ​ | — | ​ | ​ | 0.9 | ​ | ​ | 742.5 | ​ | ​ | 491.9
Equity securities | ​ | ​ | 1,587.6 | ​ | ​ | — | ​ | ​ | 241.1 | ​ | ​ | 1,346.5 | ​ | ​ | —
Derivative assets (2) | ​ | ​ | 770.2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 764.6 | ​ | ​ | 5.6
Other investments | ​ | ​ | 1,011.5 | ​ | ​ | 108.3 | ​ | ​ | 305.3 | ​ | ​ | 478.6 | ​ | ​ | 119.3
Cash equivalents | ​ | ​ | 2,202.9 | ​ | ​ | — | ​ | ​ | 133.0 | ​ | ​ | 2,069.9 | ​ | ​ | —
Market risk benefit asset (3) | ​ | ​ | 180.2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 180.2
Sub-total excluding separate account assets | ​ | ​ | 77,546.1 | ​ | ​ | 108.3 | ​ | ​ | 1,898.2 | ​ | ​ | 70,414.8 | ​ | ​ | 5,124.8
Separate account assets | ​ | ​ | 180,728.0 | ​ | ​ | 7,428.9 | ​ | ​ | 115,694.6 | ​ | ​ | 56,863.1 | ​ | ​ | 741.4
Total assets | ​ | $ | 258,274.1 | ​ | $ | 7,537.2 | ​ | $ | 117,592.8 | ​ | $ | 127,277.9 | ​ | $ | 5,866.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment and universal life contracts (4) | ​ | $ | (863.7) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (863.7)
Market risk benefit liability (3) | ​ | ​ | (68.8) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (68.8)
Funds withheld payable embedded derivative (4) | ​ | ​ | 2,825.2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,825.2
Derivative liabilities (2) | ​ | ​ | (578.6) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (559.9) | ​ | ​ | (18.7)
Other liabilities | ​ | ​ | (3.0) | ​ | ​ | — | ​ | ​ | (3.0) | ​ | ​ | — | ​ | ​ | —
Total liabilities | ​ | $ | 1,311.1 | ​ | $ | — | ​ | $ | (3.0) | ​ | $ | (559.9) | ​ | $ | 1,874.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net assets | ​ | $ | 259,585.2 | ​ | $ | 7,537.2 | ​ | $ | 117,589.8 | ​ | $ | 126,718.0 | ​ | $ | 7,740.2
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | Assets/ | ​ | Amount | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (liabilities) | ​ | measured at | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | measured at | ​ | net asset | ​ | Fair value hierarchy level
​ |  | fair value |  | value (5) |  | Level 1 |  | Level 2 |  | Level 3
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government and agencies | ​ | $ | 1,637.9 | ​ | $ | — | ​ | $ | 1,231.9 | ​ | $ | 406.0 | ​ | $ | —
Non-U.S. governments | ​ |  | 495.7 | ​ |  | — | ​ | ​ | — | ​ | ​ | 495.7 | ​ | ​ | —
States and political subdivisions | ​ |  | 6,076.5 | ​ |  | — | ​ | ​ | — | ​ | ​ | 6,009.7 | ​ | ​ | 66.8
Corporate | ​ |  | 35,702.6 | ​ |  | — | ​ | ​ | 29.1 | ​ | ​ | 33,323.1 | ​ | ​ | 2,350.4
Residential mortgage-backed pass-through securities | ​ |  | 3,674.2 | ​ |  | — | ​ | ​ | — | ​ | ​ | 3,674.2 | ​ | ​ | —
Commercial mortgage-backed securities | ​ |  | 5,188.0 | ​ |  | — | ​ | ​ | — | ​ | ​ | 5,185.3 | ​ | ​ | 2.7
Collateralized debt obligations (1) | ​ |  | 6,560.4 | ​ |  | — | ​ | ​ | — | ​ | ​ | 6,560.4 | ​ | ​ | —
Other debt obligations | ​ |  | 8,915.7 | ​ |  | — | ​ | ​ | — | ​ | ​ | 7,437.4 | ​ | ​ | 1,478.3
Total fixed maturities, available-for-sale | ​ |  | 68,251.0 | ​ |  | — | ​ | ​ | 1,261.0 | ​ | ​ | 63,091.8 | ​ | ​ | 3,898.2
Fixed maturities, trading | ​ |  | 1,023.3 | ​ |  | — | ​ | ​ | — | ​ | ​ | 460.7 | ​ | ​ | 562.6
Equity securities | ​ |  | 2,295.0 | ​ |  | — | ​ | ​ | 990.2 | ​ | ​ | 1,304.8 | ​ | ​ | —
Mortgage loans | ​ | ​ | 140.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 140.6
Derivative assets (2) | ​ |  | 648.2 | ​ |  | — | ​ | ​ | — | ​ | ​ | 626.8 | ​ | ​ | 21.4
Other investments | ​ |  | 905.6 | ​ |  | 106.7 | ​ | ​ | 262.2 | ​ | ​ | 405.5 | ​ | ​ | 131.2
Cash equivalents | ​ |  | 2,950.5 | ​ |  | — | ​ | ​ | 271.6 | ​ | ​ | 2,678.9 | ​ | ​ | —
Market risk benefit asset (3) | ​ | ​ | 199.5 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 199.5
Sub-total excluding separate account assets | ​ |  | 76,413.7 | ​ |  | 106.7 | ​ | ​ | 2,785.0 | ​ | ​ | 68,568.5 | ​ | ​ | 4,953.5
Separate account assets | ​ |  | 173,327.1 | ​ |  | 7,573.6 | ​ | ​ | 112,920.3 | ​ | ​ | 52,106.5 | ​ | ​ | 726.7
Total assets | ​ | $ | 249,740.8 | ​ | $ | 7,680.3 | ​ | $ | 115,705.3 | ​ | $ | 120,675.0 | ​ | $ | 5,680.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment and universal life contracts (4) | ​ | $ | (578.4) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (578.4)
Market risk benefit liability (3) | ​ | ​ | (62.1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (62.1)
Funds withheld payable embedded derivative (4) | ​ | ​ | 3,014.5 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,014.5
Long-term debt | ​ | ​ | (21.8) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (21.8) | ​ | ​ | —
Derivative liabilities (2) | ​ |  | (506.2) | ​ |  | — | ​ | ​ | — | ​ | ​ | (498.3) | ​ | ​ | (7.9)
Other liabilities | ​ |  | (5.2) | ​ |  | — | ​ | ​ | (5.2) | ​ | ​ | — | ​ | ​ | —
Total liabilities | ​ | $ | 1,840.8 | ​ | $ | — | ​ | $ | (5.2) | ​ | $ | (520.1) | ​ | $ | 2,366.1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net assets | ​ | $ | 251,581.6 | ​ | $ | 7,680.3 | ​ | $ | 115,700.1 | ​ | $ | 120,154.9 | ​ | $ | 8,046.3
(1) | Primarily consists of collateralized loan obligations backed by secured corporate loans.
(2) | Within the consolidated statements of financial position, derivative assets are reported with other investments and derivative liabilities are reported with other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated statements of financial position; however, are presented net for purposes of the rollforward in the Changes in Level 3 Fair Value Measurements tables. Refer to Note 5, Derivative Financial Instruments, for further information on fair value by class of derivative instruments.
(3) | Refer to Note 10, Market Risk Benefits, for further information on the change in the Level 3 fair value measurements of MRBs.
(4) | Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported. The funds withheld payable embedded derivative could be in either an asset or (liability) position.
(5) | Certain investments are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. Other investments using the NAV practical expedient consist of certain fund interests that are restricted until maturity with unfunded commitments totaling $3.1 million and $3.1 million as of June 30, 2025 and December 31, 2024, respectively. Separate account assets using the NAV practical expedient consist of certain funds with varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these funds.
Reconciliation for All Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, 2025
​ | ​ | Beginning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Ending
​ | ​ | asset/ | ​ | Total realized/unrealized | ​ | purchases, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | asset/
​ | ​ | (liability) | ​ | gains (losses) | ​ | sales, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (liability)
​ | ​ | balance | ​ | ​ | ​ | Included in | ​ | issuances | ​ | ​ | ​ | ​ | ​ | ​ | ​ | balance
​ | ​ | as of | ​ | Included in | ​ | other | ​ | and | ​ | Transfers | ​ | Transfers | ​ | as of
​ | ​ | April 1, | ​ | net income | ​ | comprehensive | ​ | settlements | ​ | into | ​ | out of | ​ | June 30,
​ |  | 2025 |  | (2) |  | income (3) |  | (4) |  | Level 3 |  | Level 3 |  | 2025
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
States and political subdivisions | ​ | $ | 68.6 | ​ | $ | — | ​ | $ | (0.4) | ​ | $ | (0.4) | ​ | $ | — | ​ | $ | — | ​ | $ | 67.8
Corporate | ​ |  | 2,419.3 | ​ | ​ | 13.0 | ​ | ​ | (2.7) | ​ | ​ | 14.4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,444.0
Commercial mortgage-backed securities | ​ |  | 2.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2.6
Other debt obligations | ​ |  | 1,459.7 | ​ | ​ | — | ​ | ​ | 7.4 | ​ | ​ | 224.8 | ​ | ​ | 121.5 | ​ | ​ | — | ​ | ​ | 1,813.4
Total fixed maturities, available-for-sale | ​ | ​ | 3,950.2 | ​ | ​ | 13.0 | ​ | ​ | 4.3 | ​ | ​ | 238.8 | ​ | ​ | 121.5 | ​ | ​ | — | ​ | ​ | 4,327.8
Fixed maturities, trading | ​ | ​ | 571.1 | ​ | ​ | (11.2) | ​ | ​ | — | ​ | ​ | (68.0) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 491.9
Other investments | ​ |  | 118.6 | ​ | ​ | (2.9) | ​ | ​ | — | ​ | ​ | 3.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 119.3
Separate account assets (1) | ​ |  | 738.2 | ​ | ​ | 3.2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 741.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment and universal life contracts | ​ |  | (522.7) | ​ | ​ | (192.4) | ​ | ​ | — | ​ | ​ | (148.6) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (863.7)
Funds withheld payable embedded derivative | ​ | ​ | 2,804.8 | ​ | ​ | 20.4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,825.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivative assets (liabilities) | ​ |  | (1.8) | ​ | ​ | (11.1) | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | (13.1)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, 2024
​ | ​ | Beginning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Ending
​ | ​ | asset/ | ​ | Total realized/unrealized | ​ | purchases, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | asset/
​ | ​ | (liability) | ​ | gains (losses) | ​ | sales, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (liability)
​ | ​ | balance | ​ | ​ | ​ | Included in | ​ | issuances | ​ | ​ | ​ | ​ | ​ | ​ | ​ | balance
​ | ​ | as of | ​ | Included in | ​ | other | ​ | and | ​ | Transfers | ​ | Transfers | ​ | as of
​ | ​ | April 1, | ​ | net income | ​ | comprehensive | ​ | settlements | ​ | into | ​ | out of | ​ | June 30,
​ |  | 2024 |  | (2) |  | income (3) |  | (4) |  | Level 3 |  | Level 3 |  | 2024
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
States and political subdivisions | ​ | $ | 68.2 | ​ | $ | — | ​ | $ | (0.7) | ​ | $ | 2.0 | ​ | $ | 15.5 | ​ | $ | — | ​ | $ | 85.0
Corporate | ​ | ​ | 2,202.6 | ​ | ​ | (1.6) | ​ | ​ | (17.7) | ​ | ​ | 25.9 | ​ | ​ | 19.4 | ​ | ​ | — | ​ | ​ | 2,228.6
Commercial mortgage-backed securities | ​ |  | 2.9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2.8
Collateralized debt obligations | ​ |  | 99.4 | ​ | ​ | — | ​ | ​ | (1.1) | ​ | ​ | 6.4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 104.7
Other debt obligations | ​ |  | 1,166.4 | ​ | ​ | — | ​ | ​ | (4.7) | ​ | ​ | 132.6 | ​ | ​ | 55.6 | ​ | ​ | — | ​ | ​ | 1,349.9
Total fixed maturities, available-for-sale | ​ |  | 3,539.5 | ​ | ​ | (1.6) | ​ | ​ | (24.2) | ​ | ​ | 166.8 | ​ | ​ | 90.5 | ​ | ​ | — | ​ | ​ | 3,771.0
Fixed maturities, trading | ​ |  | 470.2 | ​ | ​ | 1.8 | ​ | ​ | — | ​ | ​ | (26.8) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 445.2
Other investments | ​ |  | 165.8 | ​ | ​ | (6.1) | ​ | ​ | — | ​ | ​ | 13.8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 173.5
Separate account assets (1) | ​ |  | 725.6 | ​ | ​ | (6.3) | ​ | ​ | — | ​ | ​ | (0.9) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 718.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment and universal life contracts | ​ |  | (174.7) | ​ | ​ | (17.2) | ​ | ​ | — | ​ | ​ | (38.1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (230.0)
Funds withheld payable embedded derivative | ​ | ​ | 2,764.1 | ​ | ​ | 232.9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,997.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivative assets (liabilities) | ​ |  | 0.9 | ​ | ​ | 0.3 | ​ | ​ | — | ​ | ​ | 0.8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2.0
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2025
​ | ​ | Beginning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Ending
​ | ​ | asset/ | ​ | Total realized/unrealized | ​ | purchases, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | asset/
​ | ​ | (liability) | ​ | gains (losses) | ​ | sales, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (liability)
​ | ​ | balance | ​ | Included | ​ | Included in | ​ | issuances | ​ | ​ | ​ | ​ | ​ | ​ | ​ | balance
​ | ​ | as of | ​ | in net | ​ | other | ​ | and | ​ | Transfers | ​ | Transfers | ​ | as of
​ | ​ | January 1, | ​ | income | ​ | comprehensive | ​ | settlements | ​ | into | ​ | out of | ​ | June 30,
​ |  | 2025 |  | (2) |  | income (3) |  | (4) |  | Level 3 |  | Level 3 |  | 2025
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
States and political subdivisions | ​ | $ | 66.8 | ​ | $ | — | ​ | $ | 1.9 | ​ | $ | (0.9) | ​ | $ | — | ​ | $ | — | ​ | $ | 67.8
Corporate | ​ | ​ | 2,350.4 | ​ | ​ | 15.9 | ​ | ​ | (7.9) | ​ | ​ | 85.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,444.0
Commercial mortgage-backed securities | ​ |  | 2.7 | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | (0.2) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2.6
Other debt obligations | ​ |  | 1,478.3 | ​ | ​ | 0.1 | ​ | ​ | 10.3 | ​ | ​ | 228.0 | ​ | ​ | 121.5 | ​ | ​ | (24.8) | ​ | ​ | 1,813.4
Total fixed maturities, available-for-sale | ​ |  | 3,898.2 | ​ | ​ | 16.0 | ​ | ​ | 4.4 | ​ | ​ | 312.5 | ​ | ​ | 121.5 | ​ | ​ | (24.8) | ​ | ​ | 4,327.8
Fixed maturities, trading | ​ |  | 562.6 | ​ | ​ | (11.9) | ​ | ​ | — | ​ | ​ | (54.0) | ​ | ​ | — | ​ | ​ | (4.8) | ​ | ​ | 491.9
Mortgage loans | ​ | ​ | 140.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (140.6) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Other investments | ​ |  | 131.2 | ​ | ​ | (0.2) | ​ | ​ | — | ​ | ​ | (11.7) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 119.3
Separate account assets (1) | ​ |  | 726.7 | ​ | ​ | 14.7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 741.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment and universal life contracts | ​ |  | (578.4) | ​ | ​ | 1.0 | ​ | ​ | — | ​ | ​ | (286.3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (863.7)
Funds withheld payable embedded derivative | ​ | ​ | 3,014.5 | ​ | ​ | (189.3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,825.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivative assets (liabilities) | ​ |  | 13.5 | ​ | ​ | (27.8) | ​ | ​ | — | ​ | ​ | 1.2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (13.1)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2024
​ | ​ | Beginning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Ending
​ | ​ | asset/ | ​ | Total realized/unrealized | ​ | purchases, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | asset/
​ | ​ | (liability) | ​ | gains (losses) | ​ | sales, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (liability)
​ | ​ | balance | ​ | Included | ​ | Included in | ​ | issuances | ​ | ​ | ​ | ​ | ​ | ​ | ​ | balance
​ | ​ | as of | ​ | in net | ​ | other | ​ | and | ​ | Transfers | ​ | Transfers | ​ | as of
​ | ​ | January 1, | ​ | income | ​ | comprehensive | ​ | settlements | ​ | into | ​ | out of | ​ | June 30,
​ |  | 2024 |  | (2) |  | income (3) |  | (4) |  | Level 3 |  | Level 3 |  | 2024
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
States and political subdivisions | ​ | $ | 69.9 | ​ | $ | — | ​ | $ | (2.0) | ​ | $ | 1.6 | ​ | $ | 15.5 | ​ | $ | — | ​ | $ | 85.0
Corporate | ​ | ​ | 2,305.9 | ​ | ​ | (6.8) | ​ | ​ | (28.9) | ​ | ​ | (100.5) | ​ | ​ | 58.9 | ​ | ​ | — | ​ | ​ | 2,228.6
Commercial mortgage-backed securities | ​ |  | 3.0 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.2) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2.8
Collateralized debt obligations | ​ |  | 75.4 | ​ | ​ | — | ​ | ​ | (2.8) | ​ | ​ | 32.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 104.7
Other debt obligations | ​ |  | 1,182.6 | ​ | ​ | — | ​ | ​ | (12.0) | ​ | ​ | 155.3 | ​ | ​ | 135.6 | ​ | ​ | (111.6) | ​ | ​ | 1,349.9
Total fixed maturities, available-for-sale | ​ |  | 3,636.8 | ​ | ​ | (6.8) | ​ | ​ | (45.7) | ​ | ​ | 88.3 | ​ | ​ | 210.0 | ​ | ​ | (111.6) | ​ | ​ | 3,771.0
Fixed maturities, trading | ​ | ​ | 415.8 | ​ | ​ | (1.7) | ​ | ​ | — | ​ | ​ | 31.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 445.2
Other investments | ​ |  | 165.1 | ​ | ​ | (11.4) | ​ | ​ | — | ​ | ​ | 19.8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 173.5
Separate account assets (1) | ​ |  | 752.8 | ​ | ​ | (32.6) | ​ | ​ | — | ​ | ​ | (1.8) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 718.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment and universal life contracts | ​ |  | (115.5) | ​ | ​ | (60.6) | ​ | ​ | — | ​ | ​ | (53.9) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (230.0)
Funds withheld payable embedded derivative | ​ | ​ | 2,567.1 | ​ | ​ | 429.9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,997.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivative assets (liabilities) | ​ |  | 5.5 | ​ | ​ | (4.7) | ​ | ​ | — | ​ | ​ | 1.2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2.0
(1) | Gains and losses for separate account assets do not impact net income as the change in value of separate account assets is offset by a change in value of separate account liabilities. Foreign currency translation adjustments related to the Principal Asset Management separate account assets are recorded in AOCI and are offset by foreign currency translation adjustments of the corresponding separate account liabilities.
​
(2) | Both realized gains (losses) and mark-to-market unrealized gains (losses) are generally reported in net realized capital gains (losses), net realized capital gains (losses) on funds withheld assets or change in fair value of funds withheld embedded derivative within the consolidated statements of operations. Realized and unrealized gains (losses) on certain securities with an investment objective to realize economic value through mark-to-market changes are reported in net investment income within the consolidated statements of operations. Changes in unrealized gains (losses) included in net income relating to positions still held were:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |  |  | ​ |
Corporate | ​ | $ | 13.0 | ​ | $ | (1.6) | ​ | $ | 27.4 | ​ | $ | (6.6)
Total fixed maturities, available-for-sale | ​ | ​ | 13.0 | ​ | ​ | (1.6) | ​ | ​ | 27.4 | ​ | ​ | (6.6)
Fixed maturities, trading | ​ | ​ | (11.0) | ​ | ​ | 2.2 | ​ | ​ | (11.2) | ​ | ​ | 2.1
Other investments | ​ | ​ | 4.2 | ​ | ​ | (3.2) | ​ | ​ | 4.2 | ​ | ​ | (6.6)
Separate account assets | ​ | ​ | (1.2) | ​ | ​ | (31.5) | ​ | ​ | (7.8) | ​ | ​ | (19.1)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Investment and universal life contracts | ​ | ​ | (7.8) | ​ | ​ | (49.5) | ​ | ​ | 0.3 | ​ | ​ | (59.5)
Funds withheld payable embedded derivative | ​ | ​ | 20.4 | ​ | ​ | 232.9 | ​ | ​ | (189.4) | ​ | ​ | 429.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivative assets (liabilities) | ​ | ​ | (12.6) | ​ | ​ | 0.9 | ​ | ​ | (30.6) | ​ | ​ | (3.6)
​
(3) | Changes in unrealized gains (losses) included in OCI, including foreign currency translation adjustments related to Principal Asset Management, relating to positions still held were:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |  | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
States and political subdivisions | ​ | $ | (0.4) | ​ | $ | (0.7) | ​ | $ | 1.9 | ​ | $ | (2.0)
Corporate | ​ | ​ | (2.4) | ​ | ​ | (17.5) | ​ | ​ | (8.7) | ​ | ​ | (30.3)
Commercial mortgage-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | —
Collateralized debt obligations | ​ | ​ | — | ​ | ​ | (0.3) | ​ | ​ | — | ​ | ​ | (3.7)
Other debt obligations | ​ | ​ | 7.4 | ​ | ​ | (4.7) | ​ | ​ | 10.6 | ​ | ​ | (12.7)
Total fixed maturities, available-for-sale | ​ | ​ | 4.6 | ​ | ​ | (23.2) | ​ | ​ | 3.9 | ​ | ​ | (48.7)
​ ​ (4)Gross purchases, sales, issuances and settlements were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net purchases,
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | sales, issuances
​ |  | Purchases |  | Sales |  | Issuances | ​ | Settlements |  | and settlements
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
States and political subdivisions | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (0.4) | ​ | $ | (0.4)
Corporate | ​ | ​ | 89.0 | ​ | ​ | (25.6) | ​ | ​ | — | ​ | ​ | (49.0) | ​ | ​ | 14.4
Other debt obligations | ​ | ​ | 288.9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (64.1) | ​ | ​ | 224.8
Total fixed maturities, available-for-sale | ​ | ​ | 377.9 | ​ | ​ | (25.6) | ​ | ​ | — | ​ | ​ | (113.5) | ​ | ​ | 238.8
Fixed maturities, trading | ​ | ​ | 98.3 | ​ | ​ | (76.8) | ​ | ​ | — | ​ | ​ | (89.5) | ​ | ​ | (68.0)
Other investments | ​ | ​ | 39.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (36.0) | ​ | ​ | 3.6
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment and universal life contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (160.1) | ​ | ​ | 11.5 | ​ | ​ | (148.6)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivative assets (liabilities) | ​ | ​ | 0.2 | ​ | ​ | (0.3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.1)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net purchases,
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | sales, issuances
​ |  | Purchases |  | Sales |  | Issuances |  | Settlements |  | and settlements
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
States and political subdivisions | ​ | $ | 2.5 | ​ | $ | — | ​ | $ | — | ​ | $ | (0.5) | ​ | $ | 2.0
Corporate | ​ | ​ | 141.9 | ​ | ​ | (18.3) | ​ | ​ | — | ​ | ​ | (97.7) | ​ | ​ | 25.9
Commercial mortgage-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | (0.1)
Collateralized debt obligations | ​ | ​ | 6.4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6.4
Other debt obligations | ​ | ​ | 154.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (21.5) | ​ | ​ | 132.6
Total fixed maturities, available-for-sale | ​ | ​ | 304.9 | ​ | ​ | (18.3) | ​ | ​ | — | ​ | ​ | (119.8) | ​ | ​ | 166.8
Fixed maturities, trading | ​ | ​ | 33.8 | ​ | ​ | (23.5) | ​ | ​ | — | ​ | ​ | (37.1) | ​ | ​ | (26.8)
Other investments | ​ | ​ | 66.8 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (53.0) | ​ | ​ | 13.8
Separate account assets (5) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.9) | ​ | ​ | — | ​ | ​ | (0.9)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment and universal life contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (56.3) | ​ | ​ | 18.2 | ​ | ​ | (38.1)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivative assets (liabilities) | ​ | ​ | 0.1 | ​ | ​ | 0.7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.8
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net purchases,
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | sales, issuances
​ |  | Purchases |  | Sales |  | Issuances | ​ | Settlements |  | and settlements
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
States and political subdivisions | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (0.9) | ​ | $ | (0.9)
Corporate | ​ | ​ | 324.2 | ​ | ​ | (155.6) | ​ | ​ | — | ​ | ​ | (83.0) | ​ | ​ | 85.6
Commercial mortgage-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.2) | ​ | ​ | (0.2)
Other debt obligations | ​ | ​ | 513.6 | ​ | ​ | (177.7) | ​ | ​ | — | ​ | ​ | (107.9) | ​ | ​ | 228.0
Total fixed maturities, available-for-sale | ​ | ​ | 837.8 | ​ | ​ | (333.3) | ​ | ​ | — | ​ | ​ | (192.0) | ​ | ​ | 312.5
Fixed maturities, trading | ​ | ​ | 162.6 | ​ | ​ | (121.6) | ​ | ​ | — | ​ | ​ | (95.0) | ​ | ​ | (54.0)
Mortgage loans | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (140.6) | ​ | ​ | (140.6)
Other investments | ​ | ​ | 60.9 | ​ | ​ | (1.5) | ​ | ​ | — | ​ | ​ | (71.1) | ​ | ​ | (11.7)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment and universal life contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (314.0) | ​ | ​ | 27.7 | ​ | ​ | (286.3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivative assets (liabilities) | ​ | ​ | 0.9 | ​ | ​ | 0.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1.2
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Net purchases,
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | sales, issuances
​ |  | Purchases |  | Sales |  | Issuances |  | Settlements |  | and settlements
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
States and political subdivisions | ​ | $ | 2.5 | ​ | $ | — | ​ | $ | — | ​ | $ | (0.9) | ​ | $ | 1.6
Corporate | ​ | ​ | 277.4 | ​ | ​ | (239.4) | ​ | ​ | — | ​ | ​ | (138.5) | ​ | ​ | (100.5)
Commercial mortgage-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (0.2) | ​ | ​ | (0.2)
Collateralized debt obligations | ​ | ​ | 32.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 32.1
Other debt obligations | ​ | ​ | 259.4 | ​ | ​ | (59.1) | ​ | ​ | — | ​ | ​ | (45.0) | ​ | ​ | 155.3
Total fixed maturities, available-for-sale | ​ | ​ | 571.4 | ​ | ​ | (298.5) | ​ | ​ | — | ​ | ​ | (184.6) | ​ | ​ | 88.3
Fixed maturities, trading | ​ | ​ | 221.1 | ​ | ​ | (120.5) | ​ | ​ | — | ​ | ​ | (69.5) | ​ | ​ | 31.1
Other investments | ​ | ​ | 118.7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (98.9) | ​ | ​ | 19.8
Separate account assets (5) | ​ | ​ | — | ​ | ​ | (30.3) | ​ | ​ | (10.5) | ​ | ​ | 39.0 | ​ | ​ | (1.8)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment and universal life contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (90.1) | ​ | ​ | 36.2 | ​ | ​ | (53.9)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivative assets (liabilities) | ​ | ​ | 0.3 | ​ | ​ | 0.9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1.2
(5)Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.
Transfers (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, 2025
​ |  | Transfers out |  | Transfers out |  | Transfers out |  | Transfers out
​ | ​ | of Level 1 into | ​ | of Level 2 into | ​ | of Level 3 into | ​ | of Level 3 into
​ | ​ | Level 3 | ​ | Level 3 | ​ | Level 1 | ​ | Level 2
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other debt obligations | ​ | $ | — | ​ | $ | 121.5 | ​ | $ | — | ​ | $ | —
Total fixed maturities, available-for-sale | ​ | ​ | — | ​ | ​ | 121.5 | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net derivative assets (liabilities) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.1
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, 2024
​ |  | Transfers out |  | Transfers out |  | Transfers out |  | Transfers out
​ | ​ | of Level 1 into | ​ | of Level 2 into | ​ | of Level 3 into | ​ | of Level 3 into
​ | ​ | Level 3 | ​ | Level 3 | ​ | Level 1 | ​ | Level 2
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
States and political subdivisions | ​ | $ | — | ​ | $ | 15.5 | ​ | $ | — | ​ | $ | —
Corporate | ​ | ​ | — | ​ | ​ | 19.4 | ​ | ​ | — | ​ | ​ | —
Other debt obligations | ​ | ​ | — | ​ | ​ | 55.6 | ​ | ​ | — | ​ | ​ | —
Total fixed maturities, available-for-sale | ​ | ​ | — | ​ | ​ | 90.5 | ​ | ​ | — | ​ | ​ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2025
​ |  | Transfers out |  | Transfers out |  | Transfers out |  | Transfers out
​ | ​ | of Level 1 into | ​ | of Level 2 into | ​ | of Level 3 into | ​ | of Level 3 into
​ | ​ | Level 3 | ​ | Level 3 | ​ | Level 1 | ​ | Level 2
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other debt obligations | ​ | $ | — | ​ | $ | 121.5 | ​ | $ | — | ​ | $ | 24.8
Total fixed maturities, available-for-sale | ​ | ​ | — | ​ | ​ | 121.5 | ​ | ​ | — | ​ | ​ | 24.8
Fixed maturities, trading | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4.8
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2024
​ |  | Transfers out |  | Transfers out |  | Transfers out |  | Transfers out
​ | ​ | of Level 1 into | ​ | of Level 2 into | ​ | of Level 3 into | ​ | of Level 3 into
​ | ​ | Level 3 | ​ | Level 3 | ​ | Level 1 | ​ | Level 2
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
States and political subdivisions | ​ | $ | — | ​ | $ | 15.5 | ​ | $ | — | ​ | $ | —
Corporate | ​ | ​ | — | ​ | ​ | 58.9 | ​ | ​ | — | ​ | ​ | —
Other debt obligations | ​ | ​ | — | ​ | ​ | 135.6 | ​ | ​ | — | ​ | ​ | 111.6
Total fixed maturities, available-for-sale | ​ | ​ | — | ​ | ​ | 210.0 | ​ | ​ | — | ​ | ​ | 111.6
​
Quantitative Information about Level 3 Fair Value Measurements (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025
​ |  | Assets / |  | ​ |  | ​ |  | ​ |  | ​ |  |  | ​ | ​
​ | ​ | (liabilities) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | measured at | ​ | Valuation | ​ | Unobservable | ​ | Input/range of | ​ | Weighted
​ | ​ | fair value | ​ | technique(s) | ​ | input description | ​ | inputs | ​ | average
​ | ​ | (in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale:
Corporate | ​ | $ | 2,055.5 |  | Discounted cash flow |  | Discount rate (1) | ​ | 2.9 | % - | 12.4 | % | ​ | 8.0 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Earnings before interest, taxes, depreciation and amortization multiple | ​ | ​ | ​ | 1.1 | x | ​ | 1.1 | x
​ | ​ | ​ | ​ | ​ | ​ | ​ | Illiquidity premium | ​ | 30 | basis points (“bps”) - | 771 | bps | ​ | 146 | bps
​ | ​ | ​ | ​ | ​ | ​ | ​ | Comparability adjustment | ​ | (50) | bps - | 1,984 | bps | ​ | 111 | bps
Other debt obligations | ​ | ​ | 1,723.9 |  | Discounted cash flow |  | Discount rate (1) |  | 3.4 | % - | 8.0 | % | ​ | 4.4 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Illiquidity premium |  | (83) | bps - | 415 | bps | ​ | 173 | bps
​ | ​ | ​ | ​ | ​ | ​ | ​ | Comparability adjustment | ​ | (18) | bps - | 319 | bps | ​ | 72 | bps
Fixed maturities, trading | ​ | ​ | 300.8 | ​ | Discounted cash flow | ​ | Discount rate (1) | ​ | 9.4 | % - | 13.0 | % | ​ | 9.7 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Earnings before interest, taxes, depreciation and amortization multiple |  | ​ | ​ | 1.1 | x | ​ | 1.1 | x
​ | ​ | ​ | ​ | ​ | ​ | ​ | Comparability adjustment | ​ | (41) | bps - | 697 | bps | ​ | 101 | bps
Other investments | ​ | ​ | 114.1 | ​ | Discounted cash flow |  | Discount rate (1) |  | 11.5 | % - | 13.5 | % | ​ | 12.2 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | Probability of default | ​ | 6.0 | % - | 10.0 | % | ​ | 7.7 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Potential loss severity |  | 88.0 | % - | 100.0 | % | ​ | 93.6 | %
Separate account assets | ​ | ​ | 741.4 |  | Discounted cash flow - real estate |  | Discount rate (1) |  | 7.0 | % - | 10.5 | % | ​ | 7.2 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Terminal capitalization rate |  | 5.5 | % - | 9.5 | % | ​ | 6.0 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Average market rent growth rate |  | 1.8 | % - | 5.9 | % | ​ | 2.8 | %
​ | ​ | ​ | ​ |  | Discounted cash flow - real estate debt |  | Loan to value |  | 46.4 | % - | 69.5 | % | ​ | 57.5 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Market interest rate |  | 5.1 | % - | 6.8 | % | ​ | 5.7 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities |  | ​ |  | ​ |  | ​ |  | ​ |  |  | ​ | ​
Investment and universal life contracts (4) | ​ | ​ | (863.7) |  | Discounted cash flow |  | Long duration interest rate | ​ | 3.4 | % - | 4.8 | % | (2) | 4.7 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Long-term equity market volatility |  | 16.4 | % - | 25.7 | % | ​ | 19.9 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Nonperformance risk |  | 0.5 | % - | 1.2 | % | ​ | 1.0 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Lapse rate |  | 0.0 | % - | 55.0 | % | ​ | 8.0 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Mortality rate |  | See note (3) | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​
​ |  | Assets / |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
​ | ​ | (liabilities) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | measured at | ​ | Valuation | ​ | Unobservable | ​ | Input/range of | ​ | Weighted
​ | ​ | fair value | ​ | technique(s) | ​ | input description | ​ | inputs | ​ | average
​ | ​ | (in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale:
Corporate | ​ | $ | 1,817.8 |  | Discounted cash flow |  | Discount rate (1) |  | ​ | 2.1 | % - | 12.7 | % | ​ | 8.0 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | Earnings before interest, taxes, depreciation and amortization multiple | ​ | ​ | 1.1 | x - | 1.7 | x | ​ | 1.3 | x
​ | ​ | ​ | ​ | ​ | ​ | ​ | Illiquidity premium | ​ | ​ | 30 | bps - | 791 | bps | ​ | 142 | bps
​ | ​ | ​ | ​ | ​ | ​ | ​ | Comparability adjustment | ​ | ​ | (42) | bps - | 2,947 | bps | ​ | 149 | bps
Other debt obligations | ​ |  | 1,343.1 |  | Discounted cash flow |  | Discount rate (1) |  | ​ | 4.9 | % - | 7.7 | % | ​ | 5.4 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Illiquidity premium |  | ​ | (83) | bps - | 260 | bps | ​ | 120 | bps
​ | ​ | ​ | ​ | ​ | ​ | ​ | Comparability adjustment | ​ | ​ | (19) | bps - | 415 | bps | ​ | 128 | bps
Fixed maturities, trading | ​ | ​ | 289.6 | ​ | Discounted cash flow | ​ | Discount rate (1) | ​ | ​ | 9.5 | % - | 13.0 | % | ​ | 9.9 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | Earnings before interest, taxes, depreciation and amortization multiple | ​ | ​ | ​ | ​ | 1.1 | x | ​ | 1.1 | x
​ | ​ | ​ | ​ | ​ | ​ | ​ | Comparability adjustment | ​ | ​ | (32) | bps - | 2,947 | bps | ​ | 152 | bps
Other investments | ​ | ​ | 129.0 | ​ | Discounted cash flow | ​ | Discount rate (1) | ​ | ​ | 11.5 | % - | 13.5 | % | ​ | 12.4 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | Probability of default | ​ | ​ | 6.0 | % - | 10.0 | % | ​ | 8.1 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | Potential loss severity | ​ | ​ | 87.0 | % - | 100.0 | % | ​ | 92.0 | %
Separate account assets | ​ |  | 726.7 |  | Discounted cash flow - real estate |  | Discount rate (1) |  | ​ | 7.0 | % - | 11.0 | % | ​ | 7.2 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Terminal capitalization rate |  | ​ | 5.5 | % - | 9.5 | % | ​ | 6.0 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Average market rent growth rate |  | ​ | 2.0 | % - | 4.5 | % | ​ | 2.7 | %
​ | ​ | ​ | ​ |  | Discounted cash flow - real estate debt |  | Loan to value |  | ​ | 46.4 | % - | 69.5 | % | ​ | 59.2 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Market interest rate |  | ​ | 4.9 | % - | 7.2 | % | ​ | 6.1 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities |  | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ |  |  | ​
Investment and universal life contracts (4) | ​ |  | (578.4) |  | Discounted cash flow |  | Long duration interest rate |  | ​ | 3.0 | % - | 4.9 | % | (2) | 4.8 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Long-term equity market volatility |  | ​ | 14.5 | % - | 49.3 | % | ​ | 21.4 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Nonperformance risk |  | ​ | 0.4 | % - | 1.1 | % | ​ | 0.8 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Lapse rate |  | ​ | 0.0 | % - | 55.0 | % | ​ | 8.5 | %
​ | ​ | ​ | ​ | ​ | ​ |  | Mortality rate |  | ​ | See note (3) | ​ | ​
(1) | Represents market comparable interest rate or an index adjusted rate used as the base rate in the discounted cash flow analysis prior to any illiquidity or other adjustments, where applicable.
(2) | Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. Derived from interpolation between various observable swap rates.
(3) | This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation.
(4) | Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported.
Fair Value Option (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2025 |  | December 31, 2024
​ | ​ | (in millions)
Mortgage loans of consolidated VIE (1) | ​ | ​ | ​ | ​ | ​ | ​
Fair value (1) | ​ | $ | — | ​ | $ | 140.6
Aggregate contractual principal | ​ | ​ | — | ​ | ​ | 140.6
​ | ​ | ​ | ​ | ​ | ​ | ​
Other loans of consolidated VIE (2) | ​ | ​ |  | ​ | ​ |
Fair value (2) | ​ | $ | 119.0 | ​ | $ | 129.0
Aggregate contractual principal | ​ |  | 125.4 | ​ |  | 139.9
​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt of consolidated VIE (1) | ​ | ​ | ​ | ​ | ​ | ​
Fair value (1) | ​ | $ | — | ​ | $ | 21.8
Aggregate contractual principal | ​ | ​ | — | ​ | ​ | 21.8
(1) | Assets and liabilities from consolidated VIE, which are reported as mortgage loans and long-term debt on the consolidated statements of financial position, originated in December 2024 with no change in fair value recognized due to timing of origination. The consolidated VIE was deconsolidated during first quarter 2025 with no change in fair value recognized due to timing of the deconsolidation and an immaterial amount of interest expense recognized on the long-term debt.
(2) | Reported with other investments on the consolidated statements of financial position. See Note 4, Investments, for additional information relating to other loans more than 90 days past due or in non-accrual status.
​ The following table presents information regarding the consolidated statements of operations impact of assets for which the fair value option was elected. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
​ | ​ | (in millions)
Other loans of consolidated VIE |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Change in fair value pre-tax loss - instrument specific credit risk | ​ | $ | (2.9) | ​ | $ | (6.1) | ​ | $ | (1.3) | ​ | $ | (11.4)
Change in fair value pre-tax loss (1) | ​ | ​ | (2.9) | ​ | ​ | (6.1) | ​ | ​ | (1.3) | ​ | ​ | (11.4)
Interest income (2) | ​ |  | 2.9 | ​ |  | 11.2 | ​ |  | 7.1 | ​ |  | 18.4
(1) | Reported in net realized capital gains (losses) on the consolidated statements of operations.
(2) | Reported in net investment income on the consolidated statements of operations and recorded based on the effective interest rate of the loans.
Financial Instruments Not Reported at Fair Value (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair value hierarchy level
​ |  | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
​ | ​ | (in millions)
Assets (liabilities) | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Mortgage loans | ​ | $ | 20,663.6 | ​ | $ | 19,159.5 | ​ | $ | — | ​ | $ | — | ​ | $ | 19,159.5
Policy loans | ​ |  | 873.7 | ​ | ​ | 913.2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 913.2
Other investments | ​ |  | 307.8 | ​ | ​ | 300.3 | ​ | ​ | — | ​ | ​ | 127.0 | ​ | ​ | 173.3
Cash and cash equivalents | ​ |  | 1,456.1 | ​ | ​ | 1,456.1 | ​ | ​ | 1,445.3 | ​ | ​ | 10.8 | ​ | ​ | —
Reinsurance deposit receivable | ​ | ​ | 4,480.5 | ​ | ​ | 4,110.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,110.6
Cash collateral receivable | ​ | ​ | 8.6 | ​ | ​ | 8.6 | ​ | ​ | 8.6 | ​ | ​ | — | ​ | ​ | —
Investment contracts | ​ |  | (33,463.2) | ​ | ​ | (32,695.7) | ​ | ​ | — | ​ | ​ | (7,872.9) | ​ | ​ | (24,822.8)
Short-term debt | ​ |  | (24.1) | ​ | ​ | (24.1) | ​ | ​ | — | ​ | ​ | (24.1) | ​ | ​ | —
Long-term debt | ​ |  | (3,923.0) | ​ | ​ | (3,775.1) | ​ | ​ | — | ​ | ​ | (3,772.6) | ​ | ​ | (2.5)
Separate account liabilities | ​ |  | (165,416.7) | ​ | ​ | (164,470.4) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (164,470.4)
Bank deposits (1) | ​ |  | (438.1) | ​ | ​ | (438.9) | ​ | ​ | — | ​ | ​ | (438.9) | ​ | ​ | —
Cash collateral payable | ​ |  | (504.4) | ​ | ​ | (504.4) | ​ | ​ | (504.4) | ​ | ​ | — | ​ | ​ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair value hierarchy level
​ |  | Carrying amount |  | Fair value |  | Level 1 |  | Level 2 |  | Level 3
​ | ​ | (in millions)
Assets (liabilities) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage loans | ​ | $ | 20,343.6 | ​ | $ | 18,466.5 | ​ | $ | — | ​ | $ | — | ​ | $ | 18,466.5
Policy loans | ​ |  | 867.5 | ​ |  | 879.3 | ​ |  | — | ​ |  | — | ​ |  | 879.3
Other investments | ​ |  | 294.9 | ​ |  | 292.4 | ​ |  | — | ​ |  | 127.5 | ​ |  | 164.9
Cash and cash equivalents | ​ |  | 1,261.4 | ​ |  | 1,261.4 | ​ |  | 1,238.5 | ​ |  | 22.9 | ​ |  | —
Reinsurance deposit receivable | ​ | ​ | 4,897.5 | ​ | ​ | 4,401.9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,401.9
Cash collateral receivable | ​ | ​ | 3.0 | ​ | ​ | 3.0 | ​ | ​ | 3.0 | ​ | ​ | — | ​ | ​ | —
Investment contracts | ​ |  | (34,140.3) | ​ | ​ | (32,922.2) | ​ | ​ | — | ​ | ​ | (8,306.5) | ​ | ​ | (24,615.7)
Short-term debt | ​ |  | (152.7) | ​ | ​ | (152.7) | ​ | ​ | — | ​ | ​ | (152.7) | ​ | ​ | —
Long-term debt | ​ |  | (3,933.5) | ​ | ​ | (3,715.7) | ​ | ​ | — | ​ | ​ | (3,713.2) | ​ | ​ | (2.5)
Separate account liabilities | ​ |  | (157,939.3) | ​ | ​ | (157,010.7) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (157,010.7)
Bank deposits (1) | ​ |  | (440.4) | ​ | ​ | (442.1) | ​ | ​ | — | ​ | ​ | (442.1) | ​ | ​ | —
Cash collateral payable | ​ |  | (428.9) | ​ | ​ | (428.9) | ​ | ​ | (428.9) | ​ | ​ | — | ​ | ​ | —
(1) | Excludes deposit liabilities without defined or contractual maturities.

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