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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Financial Instruments

Derivative Financial Instruments, Exposure (Table)

​

​	​	​	​	​	​	​
​		September 30, 2025			December 31, 2024
​	​	(in millions)
Notional amounts of derivative instruments	​	​	​	​	​	​
Interest rate contracts:	​	​	​	​	​	​
Interest rate swaps	​	$	59,376.4	​	$	60,776.6
Interest rate options	​	​	3,775.0	​	​	4,735.0
Interest rate futures	​		1,876.9	​		845.0
Interest rate forwards	​		1,732.0	​		2,125.6
Foreign exchange contracts:	​	​	​	​	​	​
Currency swaps	​	​	3,254.2	​	​	2,883.8
Currency forwards	​	​	995.7	​	​	981.2
Equity contracts:	​	​	​	​	​	​
Equity options	​		6,640.5	​		4,380.1
Equity futures	​		1,488.0	​		852.5
Total return swaps	​	​	—	​	​	775.3
Credit contracts:	​	​	​	​	​	​
Credit default swaps	​		500.5	​		375.0
Total return swaps	​	​	500.0	​	​	250.0
Other contracts:	​	​	​	​	​	​
Embedded derivatives	​		24,239.5	​		22,592.0
Total notional amounts at end of period	​	$	104,378.7	​	$	101,572.1
​	​	​	​	​	​	​
Credit exposure of derivative instruments	​	​	​	​	​	​
Interest rate contracts:	​	​	​	​	​	​
Interest rate swaps	​	$	17.0	​	$	10.0
Interest rate options	​		7.4	​		28.1
Interest rate forwards	​	​	2.7	​	​	—
Foreign exchange contracts:	​	​	​	​	​	​
Currency swaps	​		155.2	​		191.4
Currency forwards	​		7.8	​		7.6
Equity contracts:	​	​	​	​	​	​
Equity options	​		845.8	​		388.1
Total return swaps	​	​	—	​	​	20.8
Credit contracts:	​	​	​	​	​	​
Credit default swaps	​		3.8	​		4.0
Total return swaps	​	​	7.4	​	​	14.3
Total gross credit exposure	​		1,047.1	​		664.3
Less: collateral received	​		749.6	​		450.3
Net credit exposure	​	$	297.5	​	$	214.0

​

Derivative Financial Instruments, Fair Value Disclosures (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative assets (1)

​

Derivative liabilities (2)

​

September 30, 2025

December 31, 2024

September 30, 2025

December 31, 2024

​

​

(in millions)

Derivatives designated as hedging instruments

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

​

$

—

​

$

—

​

$

66.3

​

$

83.0

Foreign exchange contracts

​

131.0

​

170.4

​

130.3

​

20.7

Total derivatives designated as hedging instruments

​

$

131.0

​

$

170.4

​

$

196.6

​

$

103.7

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives not designated as hedging instruments

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts

​

$

22.8

​

$

35.4

​

$

136.2

​

$

246.9

Foreign exchange contracts

​

28.2

​

20.0

​

21.1

​

34.8

Equity contracts

​

845.8

​

405.0

​

160.2

​

119.8

Credit contracts

​

10.1

​

17.4

​

9.1

​

1.0

Other contracts

​

—

​

—

​

(1,330.4)

​

(2,436.1)

Total derivatives not designated as hedging instruments

​

906.9

​

477.8

​

(1,003.8)

​

(2,033.6)

​

​

​

​

​

​

​

​

​

​

​

​

​

Total derivative instruments

​

$

1,037.9

​

$

648.2

​

$

(807.2)

​

$

(1,929.9)

(1) The fair value of derivative assets is reported with other investments on the consolidated statements of financial position.

(2) The fair value of derivative liabilities is reported with other liabilities on the consolidated statements of financial position, with the exception of certain embedded derivative liabilities. Embedded derivatives with a net liability fair value of $1,228.8 million and $578.4 million as of September 30, 2025 and December 31, 2024, respectively, are reported with contractholder funds on the consolidated statements of financial position. Embedded derivatives with a net (asset) liability fair value of $(2,559.2) million and $(3,014.5) million as of September 30, 2025 and December 31, 2024, respectively, are reported with funds withheld payable on the consolidated statements of financial position.

Credit Derivatives Sold (Table)

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	September 30, 2025
​	​	​	​	​	​	​	​	​	​	​	Weighted
​	​	​	​	​	​	​	​	Maximum		​	average
​	​	Notional		​	Fair		​	future		​	expected life
​		amount			value			payments			(in years)
​	​	(in millions)								​	​
Single name credit default swaps	​	​	​	​	​	​	​	​	​	​	​
Corporate debt	​	​	​	​	​	​	​	​	​	​	​
AA	​	$	96.7	​	$	1.0	​	$	96.7	​	6.6
A	​	​	168.8	​	​	(2.3)	​	​	168.8	​	7.3
BBB	​	​	130.0	​	​	2.7	​	​	130.0	​	1.7
Total single name credit default swaps	​	​	395.5	​	​	1.4	​	​	395.5	​	5.3
​	​	​	​	​	​	​	​	​	​	​	​
Single name total return swaps	​	​	​	​	​	​	​	​	​	​	​
Government/municipalities	​	​	​	​	​	​	​	​	​	​	​
AAA	​	​	40.0	​	​	(0.1)	​	​	40.0	​	29.8
AA	​	​	195.0	​	​	(1.0)	​	​	195.0	​	20.7
A	​	​	210.0	​	​	2.5	​	​	210.0	​	21.9
BBB	​	​	55.0	​	​	0.2	​	​	55.0	​	15.5
Total single name total return swaps	​	​	500.0	​	​	1.6	​	​	500.0	​	21.4
​	​	​	​	​	​	​	​	​	​	​	​
Total credit derivatives sold	​	$	895.5	​	$	3.0	​	$	895.5	​	14.3

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2024
​	​	​	​	​	​	​	​	​	​	​	Weighted
​	​	​	​	​	​	​	​	Maximum		​	average
​	​	Notional		​	Fair		​	future		​	expected life
​		amount			value			payments			(in years)
​	​	(in millions)								​	​
Single name credit default swaps	​	​	​	​	​	​	​	​	​	​	​
Corporate debt	​	​	​	​	​	​	​	​	​	​	​
A	​	$	40.0	​	$	0.2	​	$	40.0		0.5
BBB	​		160.0	​	​	3.6	​	​	160.0		2.1
Sovereign	​	​	​	​	​	​	​	​	​	​	​
A	​	​	20.0	​	​	0.1	​	​	20.0	​	0.5
Total single name credit default swaps	​	​	220.0	​	​	3.9	​	​	220.0	​	1.7
​	​	​	​	​	​	​	​	​	​	​	​
Single name total return swaps	​	​	​	​	​	​	​	​	​	​	​
Government/municipalities	​	​	​	​	​	​	​	​	​	​	​
AAA	​	​	40.0	​	​	2.3	​	​	40.0	​	30.6
AA	​	​	130.0	​	​	6.4	​	​	130.0	​	26.5
A	​	​	80.0	​	​	4.8	​	​	80.0	​	30.7
Total single name total return swaps	​	​	250.0	​	​	13.5	​	​	250.0	​	28.5
​	​	​	​	​	​	​	​	​	​	​	​
Total credit derivatives sold	​	$	470.0	​	$	17.4	​	$	470.0		15.9

Fair Value Hedges (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cumulative amount of fair

​

​

​

​

value hedging basis adjustment

Line item in the consolidated statements

​

​

​

increase/(decrease) included in the

of financial position in which the

​

Carrying amount of hedged item

​

carrying amount of the hedged item

hedged item is included

September 30, 2025

December 31, 2024

September 30, 2025

December 31, 2024

​

​

(in millions)

Fixed maturities, available-for-sale (1):

​

​

​

​

​

​

​

​

​

​

​

​

Active hedging relationships

​

$

2,898.7

​

$

3,208.4

​

$

(18.5)

​

$

(33.1)

Discontinued hedging relationships

​

​

693.1

​

​

528.6

​

​

(7.5)

​

​

(7.0)

Total fixed maturities, available-for-sale in active or discontinued hedging relationships

​

$

3,591.8

​

$

3,737.0

​

$

(26.0)

​

$

(40.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage loans (2):

​

​

​

​

​

​

​

​

​

​

​

​

Active hedging relationships

​

$

1,530.7

​

$

1,707.1

​

$

(0.9)

​

$

(8.4)

Total mortgage loans in active or discontinued hedging relationships

​

$

1,530.7

​

$

1,707.1

​

$

(0.9)

​

$

(8.4)

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment contracts:

​

​

​

​

​

​

​

​

​

​

​

​

Active hedging relationships

​

$

3,720.5

​

$

2,769.6

​

$

36.3

​

$

(22.0)

Total investment contracts in active or discontinued hedging relationships

​

$

3,720.5

​

$

2,769.6

​

$

36.3

​

$

(22.0)

(1) These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of September 30, 2025 and December 31, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $2,461.3 million and $2,849.3 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(18.9) million and $(55.7) million, respectively, and the amount of the designated hedged items were $1,030.0 million and $1,160.0 million, respectively.

(2) These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of September 30, 2025 and December 31, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $1,530.7 million and $1,707.1 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(0.9) million and $(8.4) million, respectively, and the amount of the designated hedged items were $220.0 million and $220.0 million, respectively.

Cash Flow Hedges (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain (loss) recognized in AOCI on derivatives

​

​

​

​

For the three months ended

​

For the nine months ended

Derivatives in cash

​

​

​

September 30,

​

September 30,

flow hedging relationships

Related hedged item

2025

2024

2025

2024

​

​

​

​

(in millions)

Interest rate contracts

Fixed maturities, available-for-sale

​

$

10.5

​

$

18.0

​

$

21.0

​

$

7.9

Interest rate contracts

Investment contracts

​

—

​

​

(2.3)

​

—

​

(9.0)

Foreign exchange contracts

Fixed maturities, available-for-sale

​

74.8

​

​

(64.2)

​

​

(123.8)

​

​

6.4

Total

​

​

​

$

85.3

​

$

(48.5)

​

$

(102.8)

​

$

5.3

Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations (Table)

​

​	​	​	​	​	​	​	​	​	​
​	​	For the three months ended September 30, 2025
​	​	​	​	​	Net realized		​	​	​
​	​	Net investment		​	capital gains		​	Benefits, claims
​	​	income related		​	(losses) related to		​	and settlement
​	​	to hedges of		​	hedges of fixed		​	expenses related
​	​	fixed maturities,		​	maturities,		​	to hedges of
​	​	available-for-sale		​	available-		​	investment
​		and mortgage loans			for-sale			contracts
​	​	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	​	$	1,200.5	​	$	85.7	​	$	1,964.1
​	​	​	​	​	​	​	​	​	​
Gains (losses) on fair value hedging relationships:	​	​	​	​	​	​	​	​	​
Interest rate contracts:	​	​	​	​	​	​	​	​	​
Gain recognized on hedged item	​	$	7.0	​	$	—	​	$	6.6
Loss recognized on derivatives	​	​	(7.2)	​	​	—	​	​	(3.1)
Amortization of hedged item basis adjustments	​	​	0.9	​	​	—	​	​	—
Amounts related to periodic settlements on derivatives	​	​	9.0	​	​	—	​	​	(5.6)
​	​	​	​	​	​	​	​	​	​
Foreign exchange contracts:	​	​	​	​	​	​	​	​	​
Gain recognized on hedged item	​	​	—	​	​	0.2	​	​	—
Loss recognized on derivatives	​	​	—	​	​	(0.2)	​	​	—
Amounts related to periodic settlements on derivatives	​	​	0.8	​	​	—	​	​	—
Total gain (loss) recognized for fair value hedging relationships	​	$	10.5	​	$	—	​	$	(2.1)
​	​	​	​	​	​	​	​	​	​
Gains (losses) on cash flow hedging relationships:	​	​	​	​	​	​	​	​	​
Interest rate contracts:	​	​	​	​	​	​	​	​	​
Gain (loss) reclassified from AOCI on derivatives	​	$	0.6	​	$	—	​	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring	​	​	—	​	​	0.1	​	​	—
Amounts related to periodic settlements on derivatives	​	​	(0.1)	​	​	—	​	​	—
​	​	​	​	​	​	​	​	​	​
Foreign exchange contracts:	​	​	​	​	​	​	​	​	​
Loss reclassified from AOCI on derivatives	​	​	—	​	​	(0.2)	​	​	—
Amounts related to periodic settlements on derivatives	​	​	8.2	​	​	—	​	​	—
Total gain (loss) recognized for cash flow hedging relationships	​	$	8.7	​	$	(0.1)	​	$	(0.1)

​

​

​

​	​	​	​	​	​	​	​	​	​
​	​	For the three months ended September 30, 2024
​	​	​	​	​	Net realized		​	​	​
​	​	Net investment		​	capital gains		​	Benefits, claims
​	​	income related		​	(losses) related to		​	and settlement
​	​	to hedges of		​	hedges of fixed		​	expenses related
​	​	fixed maturities,		​	maturities,		​	to hedges of
​	​	available-for-sale		​	available-		​	investment
​		and mortgage loans			for-sale			contracts
​	​	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	​	$	1,167.6	​	$	77.4	​	$	1,778.1
​	​	​	​	​	​	​	​	​	​
Gains (losses) on fair value hedging relationships:	​	​	​	​	​	​	​	​	​
Interest rate contracts:	​	​	​	​	​	​	​	​	​
Gain recognized on hedged item	​	$	49.2	​	$	—	​	$	47.4
Loss recognized on derivatives	​	​	(45.6)	​	​	—	​	​	(44.9)
Amortization of hedged item basis adjustments	​	​	0.7	​	​	—	​	​	—
Amounts related to periodic settlements on derivatives	​	​	14.9	​	​	—	​	​	(6.8)
​	​	​	​	​	​	​	​	​	​
Foreign exchange contracts:	​	​	​	​	​	​	​	​	​
Gain recognized on hedged item	​	​	—	​	​	8.0	​	​	—
Loss recognized on derivatives	​	​	—	​	​	(7.7)	​	​	—
Amounts related to periodic settlements on derivatives	​	​	0.8	​	​	—	​	​	—
Total gain (loss) recognized for fair value hedging relationships	​	$	20.0	​	$	0.3	​	$	(4.3)
​	​	​	​	​	​	​	​	​	​
Gains on cash flow hedging relationships:	​	​	​	​	​	​	​	​	​
Interest rate contracts:	​	​	​	​	​	​	​	​	​
Gain reclassified from AOCI on derivatives	​	$	0.8	​	$	—	​	$	—
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring	​	​	—	​	​	0.3	​	​	—
Amounts related to periodic settlements on derivatives	​	​	—	​	​	—	​	​	2.2
​	​	​	​	​	​	​	​	​	​
Foreign exchange contracts:	​	​	​	​	​	​	​	​	​
Loss reclassified from AOCI on derivatives	​	​	—	​	​	(0.2)	​	​	—
Amounts related to periodic settlements on derivatives	​	​	6.9	​	​	—	​	​	—
Total gain recognized for cash flow hedging relationships	​	$	7.7	​	$	0.1	​	$	2.2

​

​

​	​	​	​	​	​	​	​	​	​
​	​	For the nine months ended September 30, 2025
​	​	​		​	Net realized		​	​
​	​	Net investment		​	capital gains		​	Benefits, claims
​	​	income related		​	(losses) related to		​	and settlement
​	​	to hedges of		​	hedges of fixed		​	expenses related
​	​	fixed maturities,		​	maturities,		​	to hedges of
​	​	available-for-sale		​	available-		​	investment
​		and mortgage loans			for-sale			contracts
​	​	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	​	$	3,529.0	​	$	(26.0)	​	$	6,024.0
​	​	​	​	​	​	​	​	​	​
Gains (losses) on fair value hedging relationships:	​		​	​	​	​	​	​	​
Interest rate contracts:	​		​	​	​	​	​	​	​
Gain recognized on hedged item	​	$	49.4	​	$	—	​	$	58.3
Loss recognized on derivatives	​	​	(49.7)	​	​	—	​	​	(59.7)
Amortization of hedged item basis adjustments	​		2.8	​	​	—	​	​	—
Amounts related to periodic settlements on derivatives	​		29.1	​	​	—	​	​	(15.4)
​	​	​	​	​	​	​	​	​	​
Foreign exchange contracts:	​	​	​	​	​	​	​	​	​
Gain recognized on hedged item	​	​	—	​	​	25.2	​	​	—
Loss recognized on derivatives	​	​	—	​	​	(25.2)	​	​	—
Amounts related to periodic settlements on derivatives	​	​	2.3	​	​	—	​	​	—
Total gain (loss) recognized for fair value hedging relationships	​	$	33.9	​	$	—	​	$	(16.8)
​	​	​	​	​	​	​	​	​	​
Gains (losses) on cash flow hedging relationships:	​		​	​	​	​	​	​	​
Interest rate contracts:	​		​	​	​	​	​	​	​
Gain (loss) reclassified from AOCI on derivatives	​	$	1.9	​	$	—	​	$	(0.2)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring	​		—	​	​	0.1	​	​	—
Amounts related to periodic settlements on derivatives	​	​	(0.4)	​	​	—	​	​	—
​	​	​	​	​	​	​	​	​	​
Foreign exchange contracts:	​		​	​	​	​	​	​	​
Gain reclassified from AOCI on derivatives	​		—	​	​	2.5	​	​	—
Amounts related to periodic settlements on derivatives	​		25.8	​	​	—	​	​	—
Total gain (loss) recognized for cash flow hedging relationships	​	$	27.3	​	$	2.6	​	$	(0.2)

​

​	​	​	​	​	​	​	​	​	​
​	​	For the nine months ended September 30, 2024
​	​	​	​	​	Net realized		​	​	​
​	​	Net investment		​	capital gains		​	Benefits, claims
​	​	income related		​	(losses) related to		​	and settlement
​	​	to hedges of		​	hedges of fixed		​	expenses related
​	​	fixed maturities,		​	maturities,		​	to hedges of
​	​	available-for-sale		​	available-		​	investment
​		and mortgage loans			for-sale			contracts
​	​	(in millions)
Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported	​	$	3,325.9	​	$	61.3	​	$	5,925.7
​	​	​	​	​	​	​	​	​	​
Gains (losses) on fair value hedging relationships:	​	​	​	​	​	​	​	​	​
Interest rate contracts:	​	​	​	​	​	​	​	​	​
Gain recognized on hedged item	​	$	33.0	​	$	—	​	$	29.1
Loss recognized on derivatives	​	​	(30.5)	​	​	—	​	​	(26.3)
Amortization of hedged item basis adjustments	​	​	1.7	​	​	—	​	​	—
Amounts related to periodic settlements on derivatives	​	​	47.1	​	​	—	​	​	(16.9)
​	​	​	​	​	​	​	​	​	​
Foreign exchange contracts:	​	​	​	​	​	​	​	​	​
Gain recognized on hedged item	​	​	—	​	​	2.3	​	​	—
Loss recognized on derivatives	​	​	—	​	​	(2.3)	​	​	—
Amounts related to periodic settlements on derivatives	​	​	2.3	​	​	—	​	​	—
Total gain (loss) recognized for fair value hedging relationships	​	$	53.6	​	$	—	​	$	(14.1)
​	​	​	​	​	​	​	​	​	​
Gains on cash flow hedging relationships:	​	​	​	​	​	​	​	​	​
Interest rate contracts:	​	​	​	​	​	​	​	​	​
Gain (loss) reclassified from AOCI on derivatives	​	$	2.6	​	$	—	​	$	(0.1)
Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring	​	​	—	​	​	0.4	​	​	—
Amounts related to periodic settlements on derivatives	​	​	—	​	​	—	​	​	9.8
​	​	​	​	​	​	​	​	​	​
Foreign exchange contracts:	​	​	​	​	​	​	​	​	​
Loss reclassified from AOCI on derivatives	​	​	—	​	​	(0.2)	​	​	—
Amounts related to periodic settlements on derivatives	​	​	19.2	​	​	—	​	​	—
Total gain recognized for cash flow hedging relationships	​	$	21.8	​	$	0.2	​	$	9.7

​

Net Investment Hedges (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of loss

​

​

Amount of loss recognized

​

reclassified from AOCI into

​

​

in AOCI on derivatives

​

net realized capital gains (losses)

​

​

for the three months ended

​

for the three months ended

​

​

September 30,

​

September 30,

Derivatives in net investment hedging relationships

2025

2024

2025

2024

​

(in millions)

Foreign exchange contracts

​

$

—

​

$

(1.3)

​

$

—

​

$

—

Total

​

$

—

​

$

(1.3)

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of loss

​

​

Amount of gain (loss) recognized

​

reclassified from AOCI into

​

​

in AOCI on derivatives

​

net realized capital gains (losses)

​

​

for the nine months ended

​

for the nine months ended

​

​

September 30,

​

September 30,

Derivatives in net investment hedging relationships

​

2025

​

2024

​

2025

2024

​

​

(in millions)

Foreign exchange contracts

​

$

(3.6)

​

$

0.2

​

$

—

​

$

—

Total

​

$

(3.6)

​

$

0.2

​

$

—

​

$

—

​

Derivatives Not Designated as Hedging Instruments (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain (loss) recognized in

​

Amount of gain (loss) recognized in

​

​

net income on derivatives for the

​

net income on derivatives for the

​

​

three months ended September 30,

​

nine months ended September 30,

Derivatives not designated as hedging instruments

2025

2024

2025

2024

​

​

(in millions)

Interest rate contracts

​

$

(13.6)

​

$

(20.0)

​

$

(200.2)

​

$

(151.8)

Foreign exchange contracts

​

​

(24.7)

​

​

28.0

​

(8.7)

​

11.8

Equity contracts

​

​

217.5

​

​

26.6

​

239.8

​

18.1

Credit contracts

​

​

19.1

​

​

4.3

​

(9.0)

​

5.7

Other contracts (1)

​

​

(631.1)

​

​

(914.8)

​

(1,105.7)

​

(599.4)

Total

​

$

(432.8)

​

$

(875.9)

​

$

(1,083.8)

​

$

(715.6)

(1) Includes the change in fair value of the funds withheld embedded derivative.

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