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Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Schedule of Accumulated Other Comprehensive Income (Loss) | Components of our accumulated other comprehensive loss, after tax, and related changes are as follows:
| Net Unrealized Gain (Loss) on Securities |  | Effect of Change in Discount Rate Assumptions on the LFPB 1 |  | Net Gain (Loss) on Hedges |  | Foreign Currency Translation Adjustment |  | Unrecognized Pension and Postretirement Benefit Costs |  | Total
| (in millions of dollars)
Balance at March 31, 2023 | $ | (2,205.2) |  |  | $ | (260.0) |  |  | $ | 7.8 |  |  | $ | (365.4) |  |  | $ | (339.5) |  |  | $ | (3,162.3) |
Other Comprehensive Income (Loss) Before Reclassifications | (565.5) |  |  | 260.1 |  |  | (34.1) |  |  | 38.3 |  |  | 3.3 |  |  | (297.9) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 8.1 |  |  | — |  |  | (7.0) |  |  | — |  |  | 1.5 |  |  | 2.6 |
Net Other Comprehensive Income (Loss) | (557.4) |  |  | 260.1 |  |  | (41.1) |  |  | 38.3 |  |  | 4.8 |  |  | (295.3) |
Balance at June 30, 2023 | $ | (2,762.6) |  |  | $ | 0.1 |  |  | $ | (33.3) |  |  | $ | (327.1) |  |  | $ | (334.7) |  |  | $ | (3,457.6) |
Balance at March 31, 2022 | $ | 1,120.6 |  |  | $ | (4,912.6) |  |  | $ | 51.4 |  |  | $ | (306.1) |  |  | $ | (391.8) |  |  | $ | (4,438.5) |
Other Comprehensive Income (Loss) Before Reclassifications | (2,683.8) |  |  | 3,371.4 |  |  | 5.5 |  |  | (61.4) |  |  | 2.0 |  |  | 633.7 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 2.8 |  |  | — |  |  | (10.5) |  |  | — |  |  | 3.0 |  |  | (4.7) |
Net Other Comprehensive Income (Loss) | (2,681.0) |  |  | 3,371.4 |  |  | (5.0) |  |  | (61.4) |  |  | 5.0 |  |  | 629.0 |
Balance at June 30, 2022 | $ | (1,560.4) |  |  | $ | (1,541.2) |  |  | $ | 46.4 |  |  | $ | (367.5) |  |  | $ | (386.8) |  |  | $ | (3,809.5) |
Balance at December 31, 2022 | $ | (3,028.4) |  |  | $ | 313.9 |  |  | $ | (9.6) |  |  | $ | (390.1) |  |  | $ | (334.1) |  |  | $ | (3,448.3) |
Other Comprehensive Income (Loss) Before Reclassifications | 257.9 |  |  | (313.8) |  |  | (8.5) |  |  | 63.0 |  |  | (3.4) |  |  | (4.8) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 7.9 |  |  | — |  |  | (15.2) |  |  | — |  |  | 2.8 |  |  | (4.5) |
Net Other Comprehensive Income (Loss) | 265.8 |  |  | (313.8) |  |  | (23.7) |  |  | 63.0 |  |  | (0.6) |  |  | (9.3) |
Balance at June 30, 2023 | $ | (2,762.6) |  |  | $ | 0.1 |  |  | $ | (33.3) |  |  | $ | (327.1) |  |  | $ | (334.7) |  |  | $ | (3,457.6) |
Balance at December 31, 2021 | $ | 4,014.4 |  |  | $ | (8,570.7) |  |  | $ | 61.8 |  |  | $ | (274.1) |  |  | $ | (396.0) |  |  | $ | (5,164.6) |
Other Comprehensive Income (Loss) Before Reclassifications | (5,587.6) |  |  | 7,029.5 |  |  | 5.9 |  |  | (93.4) |  |  | 3.1 |  |  | 1,357.5 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 12.8 |  |  | — |  |  | (21.3) |  |  | — |  |  | 6.1 |  |  | (2.4) |
Net Other Comprehensive Income (Loss) | (5,574.8) |  |  | 7,029.5 |  |  | (15.4) |  |  | (93.4) |  |  | 9.2 |  |  | 1,355.1 |
Balance at June 30, 2022 | $ | (1,560.4) |  |  | $ | (1,541.2) |  |  | $ | 46.4 |  |  | $ | (367.5) |  |  | $ | (386.8) |  |  | $ | (3,809.5) |
1 Liability for Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |
Effect of Change in Discount Rate Assumptions on the Liability for Future Policy Benefits | The effect of change in discount rate assumptions on the liability for future policy benefits consists of the following components:
|  |  |  |  |  |  |  | Change at June 30, 2023
|  | June 30 |  | March 31 |  | December 31 |  | Three Months |  | Six Months
|  | 2023 |  | 2023 |  | 2022 |  | Ended |  | Ended
|  | (in millions of dollars)
Future Policy Benefits |  | $ | (27.1) |  |  | $ | (437.9) |  |  | $ | 445.0 |  |  | $ | 410.8 |  |  | $ | (472.1) |
Reinsurance Recoverable |  | (666.9) |  |  | (592.3) |  |  | (748.4) |  |  | (74.6) |  |  | 81.5 |
Income Tax |  | 694.1 |  |  | 770.2 |  |  | 617.3 |  |  | (76.1) |  |  | 76.8 |
Total |  | $ | 0.1 |  |  | $ | (260.0) |  |  | $ | 313.9 |  |  | $ | 260.1 |  |  | $ | (313.8) |
|  |  |  |  |  |  |  | Change at June 30, 2022
|  | June 30 |  | March 31 |  | December 31 |  | Three Months |  | Six Months
|  | 2022 |  | 2022 |  | 2021 |  | Ended |  | Ended
|  | (in millions of dollars)
Future Policy Benefits |  | $ | (2,277.5) |  |  | $ | (7,168.8) |  |  | $ | (12,565.6) |  |  | $ | 4,891.3 |  |  | $ | 10,288.1 |
Reinsurance Recoverable |  | (379.8) |  |  | 236.6 |  |  | 992.5 |  |  | (616.4) |  |  | (1,372.3) |
Income Tax |  | 1,116.1 |  |  | 2,019.6 |  |  | 3,002.4 |  |  | (903.5) |  |  | (1,886.3) |
Total |  | $ | (1,541.2) |  |  | $ | (4,912.6) |  |  | $ | (8,570.7) |  |  | $ | 3,371.4 |  |  | $ | 7,029.5 |
Schedule of Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from accumulated other comprehensive income (loss) were recognized in our consolidated statements of income as follows:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (in millions of dollars)
Net Unrealized Loss on Securities |  |  |  |  |  |  |  |
Net Investment Loss |  |  |  |  |  |  |  |
Net Loss on Sales of Fixed Maturity Securities |  | $ | (10.3) |  |  | $ | (3.7) |  |  | $ | (10.0) |  |  | $ | (12.2) |
Credit Losses on Fixed Maturity Securities |  | — |  |  | — |  |  | — |  |  | (4.1) |
|  | (10.3) |  |  | (3.7) |  |  | (10.0) |  |  | (16.3) |
Income Tax Benefit |  | (2.2) |  |  | (0.9) |  |  | (2.1) |  |  | (3.5) |
Total |  | $ | (8.1) |  |  | $ | (2.8) |  |  | $ | (7.9) |  |  | $ | (12.8) |
Net Gain (Loss) on Hedges |  |  |  |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |
Gain on Interest Rate Swaps |  | $ | 8.9 |  |  | $ | 13.0 |  |  | $ | 19.3 |  |  | $ | 26.4 |
Gain (Loss) on Foreign Exchange Contracts |  | (0.1) |  |  | 0.2 |  |  | (0.1) |  |  | 0.5 |
Net Investment Gain |  |  |  |  |  |  |  |
Gain on Foreign Exchange Contracts |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |
|  | 8.9 |  |  | 13.2 |  |  | 19.3 |  |  | 26.9 |
Income Tax Expense |  | 1.9 |  |  | 2.7 |  |  | 4.1 |  |  | 5.6 |
Total |  | $ | 7.0 |  |  | $ | 10.5 |  |  | $ | 15.2 |  |  | $ | 21.3 |
Unrecognized Pension and Postretirement Benefit Costs |  |  |  |  |  |  |  |
Other Expenses |  |  |  |  |  |  |  |
Amortization of Net Actuarial Loss |  | $ | (1.8) |  |  | $ | (3.8) |  |  | $ | (3.6) |  |  | $ | (7.8) |
Amortization of Prior Service Credit |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
|  | (1.8) |  |  | (3.8) |  |  | (3.5) |  |  | (7.7) |
Income Tax Benefit |  | (0.3) |  |  | (0.8) |  |  | (0.7) |  |  | (1.6) |
Total |  | $ | (1.5) |  |  | $ | (3.0) |  |  | $ | (2.8) |  |  | $ | (6.1) |

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