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Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 30, 2024
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 Loss on Securities |  | Effect of Change in Discount Rate Assumptions on the LFPB 1 |  | Net Gain (Loss) on Derivatives |  | Foreign Currency Translation Adjustment |  | Unrecognized Pension and Postretirement Benefit Costs |  | Total
| (in millions of dollars)
Balance at March 31, 2024 | $ | (2,360.8) |  |  | $ | 225.3 |  |  | $ | (127.0) |  |  | $ | (332.6) |  |  | $ | (344.9) |  |  | $ | (2,940.0) |
Other Comprehensive Income (Loss) Before Reclassifications | (370.6) |  |  | 487.0 |  |  | (34.2) |  |  | 4.2 |  |  | — |  |  | 86.4 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 7.6 |  |  | — |  |  | (3.4) |  |  | — |  |  | 3.2 |  |  | 7.4 |
Net Other Comprehensive Income (Loss) | (363.0) |  |  | 487.0 |  |  | (37.6) |  |  | 4.2 |  |  | 3.2 |  |  | 93.8 |
Balance at June 30, 2024 | $ | (2,723.8) |  |  | $ | 712.3 |  |  | $ | (164.6) |  |  | $ | (328.4) |  |  | $ | (341.7) |  |  | $ | (2,846.2) |
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 December 31, 2023 | $ | (1,919.1) |  |  | $ | (648.4) |  |  | $ | (73.7) |  |  | $ | (321.1) |  |  | $ | (345.7) |  |  | $ | (3,308.0) |
Other Comprehensive Income (Loss) Before Reclassifications | (824.7) |  |  | 1,360.7 |  |  | (83.1) |  |  | (7.3) |  |  | (2.4) |  |  | 443.2 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 20.0 |  |  | — |  |  | (7.8) |  |  | — |  |  | 6.4 |  |  | 18.6 |
Net Other Comprehensive Income (Loss) | (804.7) |  |  | 1,360.7 |  |  | (90.9) |  |  | (7.3) |  |  | 4.0 |  |  | 461.8 |
Balance at June 30, 2024 | $ | (2,723.8) |  |  | $ | 712.3 |  |  | $ | (164.6) |  |  | $ | (328.4) |  |  | $ | (341.7) |  |  | $ | (2,846.2) |
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) |
1 Liability for Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |
Schedule of Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from accumulated other comprehensive loss were recognized in our consolidated statements of income as follows:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (in millions of dollars)
Net Unrealized Loss on Securities |  |  |  |  |  |  |  |
Net Investment Loss |  |  |  |  |  |  |  |
Net Loss on Sales of Securities |  | $ | (5.4) |  |  | $ | (10.3) |  |  | $ | (21.2) |  |  | $ | (10.0) |
Impairment Loss |  | (1.2) |  |  | — |  |  | (1.2) |  |  | — |
Change in Allowance for Credit Losses |  | (2.9) |  |  | — |  |  | (2.9) |  |  | — |
|  | (9.5) |  |  | (10.3) |  |  | (25.3) |  |  | (10.0) |
Income Tax Benefit |  | (1.9) |  |  | (2.2) |  |  | (5.3) |  |  | (2.1) |
Total |  | $ | (7.6) |  |  | $ | (8.1) |  |  | $ | (20.0) |  |  | $ | (7.9) |
Net Gain (Loss) on Derivatives |  |  |  |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |
Gain on Interest Rate Swaps and Forwards |  | $ | 4.6 |  |  | $ | 8.9 |  |  | $ | 10.4 |  |  | $ | 19.3 |
Loss on Foreign Currency Interest Rate Swaps |  | — |  |  | (0.1) |  |  | (0.1) |  |  | (0.1) |
Net Investment Gain |  |  |  |  |  |  |  |
Gain (Loss) on Foreign Currency Interest Rate Swaps |  | (0.4) |  |  | 0.1 |  |  | (0.5) |  |  | 0.1 |
|  | 4.2 |  |  | 8.9 |  |  | 9.8 |  |  | 19.3 |
Income Tax Expense |  | 0.8 |  |  | 1.9 |  |  | 2.0 |  |  | 4.1 |
Total |  | $ | 3.4 |  |  | $ | 7.0 |  |  | $ | 7.8 |  |  | $ | 15.2 |
Unrecognized Pension and Postretirement Benefit Costs |  |  |  |  |  |  |  |
Other Expenses |  |  |  |  |  |  |  |
Amortization of Net Actuarial Loss |  | $ | (3.9) |  |  | $ | (1.8) |  |  | $ | (8.2) |  |  | $ | (3.6) |
Amortization of Prior Service Credit |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
|  | (3.9) |  |  | (1.8) |  |  | (8.1) |  |  | (3.5) |
Income Tax Benefit |  | (0.7) |  |  | (0.3) |  |  | (1.7) |  |  | (0.7) |
Total |  | $ | (3.2) |  |  | $ | (1.5) |  |  | $ | (6.4) |  |  | $ | (2.8) |

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