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v3.25.3

Deferred Acquisition Costs and Other Actuarial Balances (Tables) | 9 Months Ended
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Sep. 30, 2025
Disaggregated DAC amounts and reconciliation (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2025 |  | December 31, 2024
​ | ​ | (in millions)
Retirement and Income Solutions: |  | ​ |  |  | ​ |
Workplace savings and retirement solutions | ​ | $ | 525.0 | ​ | $ | 515.5
Individual variable annuities | ​ |  | 368.6 | ​ |  | 323.4
Pension risk transfer | ​ |  | 23.8 | ​ |  | 21.1
Individual fixed deferred annuities | ​ |  | 71.1 | ​ |  | 84.2
Investment only | ​ |  | 11.9 | ​ |  | 13.0
Total Retirement and Income Solutions | ​ |  | 1,000.4 | ​ |  | 957.2
Benefits and Protection: | ​ |  | ​ | ​ |  | ​
Specialty Benefits: | ​ |  | ​ | ​ |  | ​
Individual disability | ​ |  | 710.6 | ​ |  | 696.9
Life Insurance: | ​ |  | ​ | ​ |  | ​
Universal life | ​ |  | 1,517.8 | ​ |  | 1,527.7
Term life | ​ |  | 720.0 | ​ |  | 710.8
Participating life | ​ |  | 72.8 | ​ |  | 77.8
Total Benefits and Protection | ​ |  | 3,021.2 | ​ |  | 3,013.2
Short-duration contracts | ​ |  | 34.5 | ​ |  | 30.6
Other balances (1) | ​ |  | 1.2 | ​ |  | 5.9
Total DAC per consolidated statements of financial position | ​ | $ | 4,057.3 | ​ | $ | 4,006.9
(1) | Includes insignificant balances for long-duration contracts.
Disaggregated unearned revenue liability amounts and reconciliation (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2025 |  | December 31, 2024
​ | ​ | (in millions)
Benefits and Protection - Life Insurance: |  | ​ |  |  | ​ |
Universal life | ​ | $ | 527.5 | ​ | $ | 510.1
Other balances (1) | ​ |  | — | ​ |  | 5.3
Total unearned revenue liability | ​ | $ | 527.5 | ​ | $ | 515.4
(1) | Includes insignificant balances for long-duration contracts.
Retirement and Income Solutions |
Disaggregated DAC amounts and reconciliation (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | ​ | 37.6 | ​ | ​ | 70.9 | ​ | ​ | 3.6 | ​ | ​ | — | ​ | ​ | 2.6
Amortized to expense | ​ | ​ | (28.1) | ​ | ​ | (25.7) | ​ | ​ | (0.9) | ​ | ​ | (13.1) | ​ | ​ | (3.7)
Balances as of September 30, 2025 | ​ | $ | 525.0 | ​ | $ | 368.6 | ​ | $ | 23.8 | ​ | $ | 71.1 | ​ | $ | 11.9
Benefits and Protection |
Disaggregated DAC amounts and reconciliation (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | ​ | 54.0 | ​ | ​ | 61.2 | ​ | ​ | 56.3 | ​ | ​ | 1.0
Amortized to expense | ​ | ​ | (40.3) | ​ | ​ | (71.1) | ​ | ​ | (47.1) | ​ | ​ | (6.0)
Balances as of September 30, 2025 | ​ | $ | 710.6 | ​ | $ | 1,517.8 | ​ | $ | 720.0 | ​ | $ | 72.8
Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the nine months ended |  | For the year ended
​ | ​ | September 30, 2025 | ​ | December 31, 2024
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 510.1 | ​ | $ | 485.5
Deferrals | ​ |  | 42.3 | ​ |  | 56.1
Revenue recognized | ​ |  | (24.9) | ​ |  | (31.5)
Balance at end of period | ​ |  | 527.5 | ​ |  | 510.1
Reinsurance impact | ​ |  | (216.9) | ​ |  | (220.8)
Balance at end of period after reinsurance | ​ | $ | 310.6 | ​ | $ | 289.3
​

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