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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Nature and Amount of Collateral Received From and Posted To Derivative Counterparty | The table below summarizes the nature and amount of collateral received from and posted to our derivative counterparties.
|  | June 30, 2024 |  | December 31, 2023
|  | (in millions of dollars)
Carrying Value of Collateral Received from Counterparties |  |  |  |
Cash |  | $ | 3.5 |  |  | $ | 11.1 |
Fixed Maturity Securities |  | 17.0 |  |  | 26.3 |
|  | $ | 20.5 |  |  | $ | 37.4 |
Carrying Value of Collateral Posted to Counterparties |  |  |  |
Cash |  | $ | — |  |  | $ | — |
Fixed Maturity Securities |  | 80.7 |  |  | 39.8 |
|  | $ | 80.7 |  |  | $ | 39.8 |
Fair Value Hedges Carrying Amount of Hedged Assets and Liabilities and Cumulative Basis Adjustments | The following table summarizes the carrying amount of hedged assets and the related cumulative basis adjustments related to our fair value hedges:
| Carrying Amount of Hedged Assets |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
| (in millions of dollars)
Fixed maturity securities: |  |  |  |  |  |  |
Receive fixed functional currency interest, pay fixed foreign currency interest | $ | 549.4 |  |  | $ | 529.2 |  |  | $ | (25.6) |  |  | $ | (6.1) |
Location and Fair Values of Derivative Financial Instruments | The following tables summarize the notional amounts and fair values of derivative financial instruments, as reported in our consolidated balance sheets. Derivative assets are included in other long-term investments, while derivative liabilities are included in other liabilities within our consolidated balance sheets. The notional amounts represent the basis upon which our counterparty pay and receive amounts are calculated.
| June 30, 2024
|  |  | Derivative Assets |  | Derivative Liabilities
| Notional Amount |  | Fair Value |  | Fair Value
| (in millions of dollars)
Designated as Hedging Instruments |  |  |  |  |
Cash Flow Hedges |  |  |  |  |
Forward Benchmark Interest Rate Locks | $ | 2,405.0 |  |  | $ | 21.1 |  |  | $ | 143.7 |
Foreign Currency Interest Rate Swaps | 146.0 |  |  | 16.1 |  |  | 2.3 |
Total Cash Flow Hedges | 2,551.0 |  |  | 37.2 |  |  | 146.0 |
Fair Value Hedges |  |  |  |  |
Foreign Currency Interest Rate Swaps | 694.1 |  |  | 53.4 |  |  | 11.0 |
Total Designated as Hedging Instruments | $ | 3,245.1 |  |  | $ | 90.6 |  |  | $ | 157.0 |
Not Designated as Hedging Instruments |  |  |  |  |
Foreign Currency Forwards | $ | 54.6 |  |  | $ | 3.2 |  |  | $ | — |
Foreign Currency Interest Rate Swaps | 132.0 |  |  | — |  |  | 16.6 |
Total Return Swaps | 116.1 |  |  | — |  |  | — |
Embedded Derivative in Modified Coinsurance Arrangement | — |  |  | 5.4 |  |  | — |
Total Not Designated as Hedging Instruments | $ | 302.7 |  |  | $ | 8.6 |  |  | $ | 16.6 |
Total Derivatives | $ | 3,547.8 |  |  | $ | 99.2 |  |  | $ | 173.6 |
| December 31, 2023
|  |  | Derivative Assets |  | Derivative Liabilities
| Notional Amount |  | Fair Value |  | Fair Value
| (in millions of dollars)
Designated as Hedging Instruments |  |  |  |  |
Cash Flow Hedges |  |  |  |  |
Forward Benchmark Interest Rate Locks | $ | 1,905.0 |  |  | $ | 44.5 |  |  | $ | 77.8 |
Foreign Currency Interest Rate Swaps | 149.5 |  |  | 14.2 |  |  | 4.5 |
Total Cash Flow Hedges | 2,054.5 |  |  | 58.7 |  |  | 82.3 |
Fair Value Hedges |  |  |  |  |
Foreign Currency Interest Rate Swaps | 642.5 |  |  | 38.2 |  |  | 16.7 |
Total Designated as Hedging Instruments | $ | 2,697.0 |  |  | $ | 96.9 |  |  | $ | 99.0 |
Not Designated as Hedging Instruments |  |  |  |  |
Foreign Currency Forwards | $ | 52.5 |  |  | $ | 3.0 |  |  | $ | 0.2 |
Foreign Currency Interest Rate Swaps | 132.0 |  |  | — |  |  | 17.0 |
Total Return Swaps | 102.2 |  |  | — |  |  | — |
Embedded Derivative in Modified Coinsurance Arrangement | — |  |  | — |  |  | 1.5 |
Total Not Designated as Hedging Instruments | $ | 286.7 |  |  | $ | 3.0 |  |  | $ | 18.7 |
Total Derivatives | $ | 2,983.7 |  |  | $ | 99.9 |  |  | $ | 117.7 |
Location of Gains and Losses on Derivative Instruments Designated as Cash Flow Hedging Instruments | The following tables summarize the location of gains and losses of derivative financial instruments designated as hedging instruments, as reported in our consolidated statements of income.
| Three Months Ended June 30
| 2024 |  | 2023
| Net Investment Income |  | Net Investment Gain (Loss) |  | Interest and Debt Expense |  | Net Investment Income |  | Net Investment Gain (Loss) |  | Interest and Debt Expense
| (in millions of dollars)
Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded | $ | 545.1 |  |  | $ | (10.4) |  |  | $ | 49.9 |  |  | $ | 531.1 |  |  | $ | 0.9 |  |  | $ | 48.9 |
Gain (Loss) on Cash Flow Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps: |  |  |  |  |  |  |  |  |  |  |
Hedged items | 22.6 |  |  | — |  |  | 0.8 |  |  | 49.0 |  |  | 0.8 |  |  | 0.8 |
Derivatives Designated as Hedging Instruments | 4.8 |  |  | — |  |  | — |  |  | 9.0 |  |  | — |  |  | — |
Foreign Exchange Contracts: |  |  |  |  |  |  |  |  |  |  |
Hedged items | 2.0 |  |  | 0.3 |  |  | — |  |  | 2.5 |  |  | — |  |  | — |
Derivatives Designated as Hedging Instruments | 0.1 |  |  | (0.2) |  |  | — |  |  | (0.1) |  |  | 0.1 |  |  | — |
Forward Benchmark Interest Rate Locks: |  |  |  |  |  |  |  |  |  |  |
Hedged items | 9.9 |  |  | — |  |  | — |  |  | 3.1 |  |  | — |  |  | — |
Derivatives Designated as Hedging Instruments | (0.2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Gain (Loss) on Fair Value Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts: |  |  |  |  |  |  |  |  |  |  |
Hedged items | 4.3 |  |  | (2.0) |  |  | — |  |  | 3.2 |  |  | 3.3 |  |  | — |
Derivatives Designated as Hedging Instruments | 4.2 |  |  | 2.0 |  |  | — |  |  | 2.3 |  |  | (3.3) |  |  | — |
| Six Months Ended June 30
| 2024 |  | 2023
| Net Investment Income |  | Net Investment Gain (Loss) |  | Interest and Debt Expense |  | Net Investment Income |  | Net Investment Gain (Loss) |  | Interest and Debt Expense
| (in millions of dollars)
Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded | $ | 1,058.6 |  |  | $ | (11.6) |  |  | $ | 99.4 |  |  | $ | 1,039.9 |  |  | $ | 1.0 |  |  | $ | 97.0 |
Gain (Loss) on Cash Flow Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps: |  |  |  |  |  |  |  |  |  |  |
Hedged items | 70.2 |  |  | — |  |  | 1.5 |  |  | 98.5 |  |  | 0.8 |  |  | 1.5 |
Derivatives Designated as Hedging Instruments | 10.8 |  |  | — |  |  | — |  |  | 19.4 |  |  | — |  |  | — |
Foreign Exchange Contracts: |  |  |  |  |  |  |  |  |  |  |
Hedged items | 4.2 |  |  | 0.3 |  |  | — |  |  | 5.0 |  |  | — |  |  | — |
Derivatives Designated as Hedging Instruments | (0.4) |  |  | (0.2) |  |  | — |  |  | 0.2 |  |  | 0.1 |  |  | — |
Forward Benchmark Interest Rate Locks: |  |  |  |  |  |  |  |  |  |  |
Hedged items | 18.9 |  |  | — |  |  | — |  |  | 3.8 |  |  | — |  |  | — |
Derivatives Designated as Hedging Instruments | (0.4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Gain (Loss) on Fair Value Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts: |  |  |  |  |  |  |  |  |  |  |
Hedged items | 8.5 |  |  | (19.6) |  |  | — |  |  | 6.4 |  |  | 6.5 |  |  | — |
Derivatives Designated as Hedging Instruments | 7.3 |  |  | 19.6 |  |  | — |  |  | 3.6 |  |  | (6.5) |  |  | — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the location of gains and losses of derivative financial instruments designated as cash flow hedging instruments, as reported in our consolidated statements of comprehensive income (loss).
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions of dollars)
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives |  |  |  |  |  |  |
Forwards | $ | (50.5) |  |  | $ | (30.7) |  |  | $ | (105.6) |  |  | $ | (0.8) |
Foreign Exchange Contracts | 0.6 |  |  | (2.5) |  |  | 3.8 |  |  | (2.7) |
Total | $ | (49.9) |  |  | $ | (33.2) |  |  | $ | (101.8) |  |  | $ | (3.5) |
Gains and Losses on Derivatives Not Designated as Hedging Instruments | The following table summarizes the location of gains and losses on our derivatives not designated as hedging instruments, as reported in our consolidated statements of income.
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions of dollars)
Net Investment Gain (Loss) |  |  |  |  |  |  |
Foreign Exchange Contracts | $ | 0.4 |  |  | $ | 0.6 |  |  | $ | 2.0 |  |  | $ | — |
Embedded Derivative in Modified Coinsurance Arrangement | 0.8 |  |  | 5.2 |  |  | 6.9 |  |  | 5.5 |
Total | $ | 1.2 |  |  | $ | 5.8 |  |  | $ | 8.9 |  |  | $ | 5.5 |
Other Expenses |  |  |  |  |  |  |
(Gain) Loss on Total Return Swaps | $ | (0.8) |  |  | $ | (4.2) |  |  | $ | (8.7) |  |  | $ | (8.8) |

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