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Variable Interest Entities (Tables) | 9 Months Ended
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Sep. 30, 2025
Variable Interest Entities |
Carrying Amounts of Assets and Liabilities of Consolidated Variable Interest Entities (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025 | ​ | December 31, 2024
​ | ​ | Total | ​ | Total | ​ | Total | ​ | Total
​ |  | assets |  | liabilities |  | assets |  | liabilities
​ | ​ | (in millions)
Mandatory retirement savings funds (1) | ​ | $ | 38,683.4 | ​ | $ | 38,300.6 | ​ | $ | 33,130.4 | ​ | $ | 32,802.2
Real estate (2) | ​ |  | 865.6 | ​ |  | 36.4 | ​ |  | 814.3 | ​ |  | 69.4
Sponsored investment funds (3) | ​ |  | 809.7 | ​ |  | 22.2 | ​ |  | 833.7 | ​ |  | 160.3
Residential mortgage loans (4) | ​ |  | 748.5 | ​ |  | 18.9 | ​ |  | 806.5 | ​ |  | 19.9
Asset-backed limited partnership (5) | ​ | ​ | 254.4 | ​ | ​ | — | ​ | ​ | 250.0 | ​ | ​ | —
Total | ​ | $ | 41,361.6 | ​ | $ | 38,378.1 | ​ | $ | 35,834.9 | ​ | $ | 33,051.8
(1) | The assets of the mandatory retirement savings funds primarily include separate account assets and equity securities. The liabilities primarily include separate account liabilities.
(2) | The assets of the real estate VIEs primarily include real estate, other investments and cash. Liabilities primarily include other liabilities.
(3) | The assets of sponsored investment funds are primarily fixed maturities and equity securities, certain of which are reported with other investments, and cash. The liabilities primarily include other liabilities. The consolidated statements of financial position included a $381.3 million and $309.9 million redeemable noncontrolling interest for sponsored investment funds as of September 30, 2025 and December 31, 2024, respectively. For certain sponsored investment funds, we have unfunded commitments to the VIE. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional capital when called upon to do so by the investment manager.
(4) | The assets of the residential mortgage loans VIEs primarily include residential mortgage loans. The liabilities primarily include other liabilities.
(5) | The assets of the asset-backed limited partnership VIE primarily include consumer loans, auto loans, other loans and credit facilities. These assets are reported with cash and cash equivalents, other investments and fixed maturities, trading on the consolidated statements of financial position.
Asset Carrying Value and Maximum Loss Exposure of Unconsolidated Variable Interest Entities (Table) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Maximum exposure to
​ |  | Asset carrying value |  | loss (1)
​ | ​ | (in millions)
September 30, 2025 | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​
Corporate | ​ | $ | 302.7 | ​ | $ | 360.5
Residential mortgage-backed pass-through securities | ​ | ​ | 3,716.6 | ​ | ​ | 3,806.8
Commercial mortgage-backed securities | ​ | ​ | 5,122.2 | ​ | ​ | 5,434.0
Collateralized debt obligations (2) | ​ | ​ | 6,524.3 | ​ | ​ | 6,512.1
Other debt obligations | ​ | ​ | 9,944.6 | ​ | ​ | 11,369.7
Fixed maturities, trading: | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage-backed pass-through securities | ​ | ​ | 8.5 | ​ | ​ | 8.5
Commercial mortgage-backed securities | ​ | ​ | 74.2 | ​ | ​ | 74.2
Collateralized debt obligations (2) | ​ | ​ | 213.0 | ​ | ​ | 213.0
Other debt obligations | ​ | ​ | 345.1 | ​ | ​ | 345.1
Equity securities | ​ | ​ | 105.1 | ​ | ​ | 105.1
Other investments: | ​ | ​ | ​ | ​ | ​ | ​
Other limited partnership and fund interests (3) | ​ | ​ | 3,383.9 | ​ | ​ | 5,322.9
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​
Fixed maturities, available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​
Corporate | ​ | $ | 308.2 | ​ | $ | 359.7
Residential mortgage-backed pass-through securities | ​ | ​ | 3,674.2 | ​ | ​ | 3,881.3
Commercial mortgage-backed securities | ​ | ​ | 5,188.0 | ​ | ​ | 5,634.3
Collateralized debt obligations (2) | ​ | ​ | 6,560.4 | ​ | ​ | 6,518.7
Other debt obligations | ​ | ​ | 8,904.0 | ​ | ​ | 10,580.8
Fixed maturities, trading: | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage-backed pass-through securities | ​ | ​ | 9.0 | ​ | ​ | 9.0
Commercial mortgage-backed securities | ​ | ​ | 44.2 | ​ | ​ | 44.2
Collateralized debt obligations (2) | ​ | ​ | 135.3 | ​ | ​ | 135.3
Other debt obligations | ​ | ​ | 210.0 | ​ | ​ | 210.0
Equity securities | ​ | ​ | 85.1 | ​ |  | 85.1
Other investments: | ​ | ​ | ​ | ​ | ​ | ​
Other limited partnership and fund interests (3) | ​ | ​ | 2,766.4 | ​ | ​ | 4,804.6
(1) | Our risk of loss is limited to our initial investment measured at amortized cost excluding portfolio layer method basis adjustments for fixed maturities, available-for-sale, plus any unfunded commitments and/or guarantees and similar provisions for collateralized debt obligations and other debt obligations. Our risk of loss is limited to our investment measured at fair value for our fixed maturities, trading and equity securities. Our risk of loss is limited to our carrying value plus any unfunded commitments and/or guarantees and similar provisions for our other investments. A carrying value of zero is used if distributions have been received in excess of our investment, resulting in a negative carrying value for the investment. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional equity when called upon to do so by the general partner or investment manager.
(2) | Primarily consists of collateralized loan obligations backed by secured corporate loans.
(3) | As of September 30, 2025 and December 31, 2024, the maximum exposure to loss for other limited partnership and fund interests includes $259.7 million and $236.1 million, respectively, of debt within certain of our managed international real estate funds that is fully secured by assets whose value exceeds the amount of the debt, but also includes recourse to the investment manager.

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