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Market Risk Benefits (Tables)

9 Months Ended

Sep. 30, 2025

Market Risk Benefits

Summary of disaggregated MRB amounts in an asset and liability position (Table)

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September 30, 2025

December 31, 2024

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Net asset

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Net asset

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Asset

Liability

(liability)

Asset

Liability

(liability)

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(in millions)

Retirement and Income Solutions:

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Individual variable annuities

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$

187.5

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$

69.1

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$

118.4

$

199.5

$

62.1

$

137.4

Total MRB per consolidated statements of financial position

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$

187.5

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$

69.1

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$

118.4

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$

199.5

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$

62.1

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$

137.4

Summary of quantitative information about the significant unobservable inputs used for fair value measurements of MRBs (Table)

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​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		September 30, 2025					​	December 31, 2024
​	​	​	​	​	​	Weighted-	​	​	​	​	​	Weighted-
​	​	Range of inputs				Average		Range of inputs				Average
Retirement and Income Solutions:													​
Individual variable annuities													​
Long-term interest rate (1)		4.71	-	4.73	%	4.72	%	4.78	-	4.85	%	4.81	%
Long-term equity market volatility		17.80	-	38.41	%	22.00	%	18.10	-	35.53	%	21.76	%
Nonperformance risk		0.43	-	1.03	%	0.87	%	0.40	-	1.10	%	0.89	%
Lapse rate		0.90	-	55.00	%	6.26	%	0.90	-	55.00	%	5.79	%

(1) Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates.

Retirement and Income Solutions

Market Risk Benefits

Summary of significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement (Table)

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​	​	For the nine months ended			​	For the year ended
​	​	September 30, 2025			​	December 31, 2024
​		​		Change in net		​		Change in net
​	​	Change in input	​	MRB asset (liability)	​	Change in input	​	MRB asset (liability)
Long-term interest rate	​	Decreased	​	Unfavorable	​	Increased	​	Favorable
Equity markets	​	Increased	​	Favorable	​	Increased	​	Favorable
Equity market volatilities	​	Increased	​	Unfavorable	​	Decreased	​	Favorable
Own nonperformance risk	​	Decreased	​	Unfavorable	​	Decreased	​	Unfavorable

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Retirement and Income Solutions | Individual variable annuities

Market Risk Benefits

Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table)

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​	​	​	​	​	​	​
​		For the nine months ended			For the year ended
​	​	September 30, 2025		​	December 31, 2024
​		($ in millions)
Balance at beginning of period	​	$	137.4	​	$	41.5
Effect of changes in nonperformance risk at beginning of period	​		19.0	​		7.7
Adjusted balance at beginning of period	​		156.4	​		49.2
Effect of:	​		​	​
Interest accrual and expected policyholder behavior	​		(43.8)	​		(66.8)
Benefit payments	​		(0.1)	​		0.6
Changes in interest rates	​		(1.9)	​		100.4
Changes in equity markets	​		43.3	​		92.4
Changes in equity index volatility	​		(7.9)	​		12.0
Actual policyholder behavior different from expected behavior	​		(4.6)	​		(12.7)
Changes in future expected policyholder behavior	​		—	​		(20.2)
Changes in other future expected assumptions	​		(0.3)	​		1.5
Adjusted balance at end of period	​		141.1	​		156.4
Effect of changes in nonperformance risk at end of period	​		(22.7)	​		(19.0)
Balance at end of period	​	$	118.4	​	$	137.4
​	​	​	​	​	​	​
Weighted-average attained age of policyholders (years) (1)	​		67.1	​		67.4
Net amount at risk (2)	​	$	28.2	​	$	46.8

(1) The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders.

(2) The net amount at risk for our GMDB riders is defined as the current GMDB amount in excess of the current account balance. The net amount at risk for our GMWB riders is defined as the greater of the present value of the GMWB payments less the current account balance or zero. For contracts with both GMDB and GMWB riders, the net amount at risk is the greater of the GMDB or GMWB net amount at risk. We had a decrease in the net amount at risk in 2025 primarily as a result of increases in the equity markets.

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The tabular disclosure of disaggregated MRB amounts in an asset and liability position and reconcile the totals.

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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- Definition

Tabular disclosure of beginning balance to ending balance for contract or contract feature in long-duration contract issued by insurance entity that both protects contract holder from other-than-nominal capital market risk and exposes insurance entity to other-than-nominal capital market risk.

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