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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Fixed Maturity Securities At September 30, 2025 and December 31, 2024, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows:
| September 30, 2025
| Amortized Cost, Gross of ACL 1 |  | ACL 1 |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
| (in millions of dollars)
United States Government and Government Agencies and Authorities | $ | 542.7 |  |  | $ | — |  |  | $ | 18.7 |  |  | $ | 17.4 |  |  | $ | 544.0 |
States, Municipalities, and Political Subdivisions | 3,473.8 |  |  | — |  |  | 74.4 |  |  | 480.2 |  |  | 3,068.0 |
Foreign Governments | 1,044.4 |  |  | — |  |  | 14.5 |  |  | 179.4 |  |  | 879.5 |
Public Utilities | 4,990.2 |  |  | — |  |  | 180.8 |  |  | 282.2 |  |  | 4,888.8 |
Mortgage/Asset-Backed Securities 2 | 1,128.9 |  |  | — |  |  | 10.0 |  |  | 17.3 |  |  | 1,121.6 |
All Other Corporate Bonds | 23,673.7 |  |  | 15.2 |  |  | 558.6 |  |  | 1,536.6 |  |  | 22,680.5 |
Redeemable Preferred Stocks | 8.0 |  |  | — |  |  | — |  |  | 0.2 |  |  | 7.8 |
Total Fixed Maturity Securities | $ | 34,861.7 |  |  | $ | 15.2 |  |  | $ | 857.0 |  |  | $ | 2,513.3 |  |  | $ | 33,190.2 |
| December 31, 2024
| Amortized Cost, Gross of ACL 1 |  | ACL 1 |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
| (in millions of dollars)
United States Government and Government Agencies and Authorities | $ | 544.6 |  |  | $ | — |  |  | $ | 13.9 |  |  | $ | 28.0 |  |  | $ | 530.5 |
States, Municipalities, and Political Subdivisions | 3,795.6 |  |  | — |  |  | 65.5 |  |  | 569.7 |  |  | 3,291.4 |
Foreign Governments | 912.1 |  |  | — |  |  | 9.5 |  |  | 153.5 |  |  | 768.1 |
Public Utilities | 5,525.0 |  |  | — |  |  | 132.3 |  |  | 364.4 |  |  | 5,292.9 |
Mortgage/Asset-Backed Securities 2 | 949.4 |  |  | — |  |  | 5.0 |  |  | 37.2 |  |  | 917.2 |
All Other Corporate Bonds | 26,535.2 |  |  | 2.8 |  |  | 450.6 |  |  | 2,160.8 |  |  | 24,822.2 |
Redeemable Preferred Stocks | 8.0 |  |  | — |  |  | — |  |  | 0.4 |  |  | 7.6 |
Total Fixed Maturity Securities | $ | 38,269.9 |  |  | $ | 2.8 |  |  | $ | 676.8 |  |  | $ | 3,314.0 |  |  | $ | 35,629.9 |
1 Allowance for Credit Losses 2 Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position.
| September 30, 2025
| Less Than 12 Months |  | 12 Months or Greater
| Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
| (in millions of dollars)
United States Government and Government Agencies and Authorities | $ | 22.4 |  |  | $ | 0.3 |  |  | $ | 233.6 |  |  | $ | 17.1 |
States, Municipalities, and Political Subdivisions | 168.2 |  |  | 5.8 |  |  | 1,902.4 |  |  | 474.4 |
Foreign Governments | 202.5 |  |  | 7.9 |  |  | 324.1 |  |  | 171.5 |
Public Utilities | 618.8 |  |  | 20.0 |  |  | 1,540.9 |  |  | 262.2 |
Mortgage/Asset-Backed Securities 1 | 56.8 |  |  | 0.4 |  |  | 281.7 |  |  | 16.9 |
All Other Corporate Bonds | 1,776.7 |  |  | 47.9 |  |  | 11,260.3 |  |  | 1,488.7 |
Redeemable Preferred Stocks | — |  |  | — |  |  | 3.7 |  |  | 0.2 |
Total Fixed Maturity Securities | $ | 2,845.4 |  |  | $ | 82.3 |  |  | $ | 15,546.7 |  |  | $ | 2,431.0 |
| December 31, 2024
| Less Than 12 Months |  | 12 Months or Greater
| Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
| (in millions of dollars)
United States Government and Government Agencies and Authorities | $ | 43.7 |  |  | $ | 4.1 |  |  | $ | 201.3 |  |  | $ | 23.9 |
States, Municipalities, and Political Subdivisions | 425.8 |  |  | 15.3 |  |  | 1,926.2 |  |  | 554.4 |
Foreign Governments | 171.9 |  |  | 10.6 |  |  | 266.3 |  |  | 142.9 |
Public Utilities | 1,281.7 |  |  | 48.4 |  |  | 1,549.5 |  |  | 316.0 |
Mortgage/Asset-Backed Securities 1 | 199.9 |  |  | 8.9 |  |  | 285.9 |  |  | 28.3 |
All Other Corporate Bonds | 4,904.4 |  |  | 182.5 |  |  | 12,209.3 |  |  | 1,978.3 |
Redeemable Preferred Stocks | 3.9 |  |  | 0.1 |  |  | 3.7 |  |  | 0.3 |
Total Fixed Maturity Securities | $ | 7,031.3 |  |  | $ | 269.9 |  |  | $ | 16,442.2 |  |  | $ | 3,044.1 |
1 Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types The following is a distribution of the maturity dates for fixed maturity securities. The maturity dates have not been adjusted for possible calls or prepayments.
| September 30, 2025
| Amortized Cost, Net of ACL 1 |  | Unrealized Gain Position |  | Unrealized Loss Position
|  | Gross Gain |  | Fair Value |  | Gross Loss |  | Fair Value
| (in millions of dollars)
1 year or less | $ | 1,432.4 |  |  | $ | 3.9 |  |  | $ | 459.6 |  |  | $ | 6.4 |  |  | $ | 970.3 |
Over 1 year through 5 years | 6,736.2 |  |  | 157.1 |  |  | 3,523.8 |  |  | 99.4 |  |  | 3,270.1 |
Over 5 years through 10 years | 7,357.1 |  |  | 257.5 |  |  | 3,651.7 |  |  | 369.7 |  |  | 3,593.2 |
Over 10 years | 18,191.9 |  |  | 428.5 |  |  | 6,379.9 |  |  | 2,020.5 |  |  | 10,220.0 |
| 33,717.6 |  |  | 847.0 |  |  | 14,015.0 |  |  | 2,496.0 |  |  | 18,053.6 |
Mortgage/Asset-Backed Securities 2 | 1,128.9 |  |  | 10.0 |  |  | 783.1 |  |  | 17.3 |  |  | 338.5 |
Total Fixed Maturity Securities | $ | 34,846.5 |  |  | $ | 857.0 |  |  | $ | 14,798.1 |  |  | $ | 2,513.3 |  |  | $ | 18,392.1 |
| December 31, 2024
| Amortized Cost, Net of ACL 1 |  | Unrealized Gain Position |  | Unrealized Loss Position
|  | Gross Gain |  | Fair Value |  | Gross Loss |  | Fair Value
| (in millions of dollars)
1 year or less | $ | 1,484.1 |  |  | $ | 4.1 |  |  | $ | 432.4 |  |  | $ | 6.2 |  |  | $ | 1,049.6 |
Over 1 year through 5 years | 7,688.2 |  |  | 123.5 |  |  | 2,840.8 |  |  | 196.6 |  |  | 4,774.3 |
Over 5 years through 10 years | 8,404.6 |  |  | 236.4 |  |  | 3,486.1 |  |  | 565.5 |  |  | 4,589.4 |
Over 10 years | 19,740.8 |  |  | 307.8 |  |  | 4,965.7 |  |  | 2,508.5 |  |  | 12,574.4 |
| 37,317.7 |  |  | 671.8 |  |  | 11,725.0 |  |  | 3,276.8 |  |  | 22,987.7 |
Mortgage/Asset-Backed Securities 2 | 949.4 |  |  | 5.0 |  |  | 431.4 |  |  | 37.2 |  |  | 485.8 |
Total Fixed Maturity Securities | $ | 38,267.1 |  |  | $ | 676.8 |  |  | $ | 12,156.4 |  |  | $ | 3,314.0 |  |  | $ | 23,473.5 |
1 Allowance for Credit Losses 2 Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types The following chart depicts an analysis of our fixed maturity security portfolio between investment-grade and below-investment-grade categories as of September 30, 2025:
|  |  |  |  | Gross Unrealized Loss
| Fair Value |  | Gross Unrealized Gain |  | Amount |  | Percent of Total Gross Unrealized Loss
| (in millions of dollars) |  |
Investment-Grade | $ | 31,942.8 |  |  | $ | 832.2 |  |  | $ | 2,463.5 |  |  | 98.0 | %
Below-Investment-Grade | 1,247.4 |  |  | 24.8 |  |  | 49.8 |  |  | 2.0 |
Total Fixed Maturity Securities | $ | 33,190.2 |  |  | $ | 857.0 |  |  | $ | 2,513.3 |  |  | 100.0 | %
The unrealized losses on investment-grade fixed maturity securities principally relate to changes in interest rates or changes in market or sector credit spreads which occurred subsequent to the acquisition of the securities. Below-investment-grade fixed maturity securities are generally more likely to develop credit concerns than investment-grade securities. At September 30, 2025, the unrealized losses in our below-investment-grade fixed maturity securities were generally due to credit spreads in certain industries or sectors and, to a lesser extent, credit concerns related to specific securities. For each specific security in an unrealized loss position, we believe that there are positive factors which mitigate credit concerns and that the securities for which we have not recorded a credit loss will recover in value. We have the ability and intent to continue to hold these securities to recovery of amortized cost less allowance for credit losses. As of September 30, 2025, we held 825 individual investment-grade fixed maturity securities and 47 individual below-investment-grade fixed maturity securities that were in an unrealized loss position, of which 765 investment-grade fixed maturity securities and 33 below-investment-grade fixed maturity securities had been in an unrealized loss position continuously for over one year. In determining when a decline in fair value below amortized cost of a fixed maturity security represents a credit loss, we evaluate the following factors: •Whether we expect to recover the entire amortized cost basis of the security •Whether we intend to sell the security or will be required to sell the security before the recovery of its amortized cost basis •Whether the security is current as to principal and interest payments •The significance of the decline in value •Current and future business prospects and trends of earnings •The valuation of the security's underlying collateral •Relevant industry conditions and trends relative to their historical cycles •Market conditions •Rating agency and governmental actions •Bid and offering prices and the level of trading activity •Adverse changes in estimated cash flows for securitized investments •Changes in fair value subsequent to the balance sheet date •Any other key measures for the related security While determining whether a credit loss exists is a judgmental area, we utilize a formal, well-defined, and disciplined process to monitor and evaluate our fixed income investment portfolio, supported by issuer specific research and documentation as of the end of each period. The process results in a thorough evaluation of investments and the recording of credit losses on a timely basis for investments determined to have a credit loss. We calculate the allowance for credit losses of fixed maturity securities based on the present value of our best estimate of cash flows expected to be collected, discounted using the effective interest rate implicit in the security at the date of acquisition. When estimating future cash flows, we analyze the strength of the issuer’s balance sheet, its debt obligations and near-term funding arrangements, cash flow and liquidity, the profitability of its core businesses, the availability of marketable assets which could be sold to increase liquidity, its industry fundamentals and regulatory environment, and its access to capital markets. The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities, which were classified as all other corporate bonds during the three and nine months ended September 30, 2025.
| Three Months Ended September 30
| 2025 |  | 2024
| (in millions of dollars)
Balance, beginning of period | $ | 14.4 |  |  | $ | 5.1 |
Change in allowance on securities with allowance recorded in previous period | 1.6 |  |  | 0.2 |
Change in allowance on securities sold or otherwise disposed during the period | (0.8) |  |  | (2.4) |
Balance, end of period | $ | 15.2 |  |  | $ | 2.9 |
| Nine Months Ended September 30
| 2025 |  | 2024
| (in millions of dollars)
Balance, beginning of period | $ | 2.8 |  |  | $ | 2.2 |
Credit losses on securities for which credit losses were not previously recorded | 10.5 |  |  | 2.9 |
Change in allowance on securities with allowance recorded in previous period | 2.7 |  |  | 0.2 |
Change in allowance on securities sold or otherwise disposed during the period | (0.8) |  |  | (2.4) |
Balance, end of period | $ | 15.2 |  |  | $ | 2.9 |
At September 30, 2025, we had commitments of $61.4 million to fund private placement fixed maturity securities, the amount of which may or may not be funded. Variable Interest Entities We invest in variable interests issued by variable interest entities. These investments, which are passive in nature, include minority ownership interests in private equity partnerships, tax credit partnerships, and special purpose entities. Our maximum exposure to loss is limited to the carrying value of these investments in private equity partnerships, tax credit partnerships, and special purpose entities. For those variable interests that are not consolidated in our financial statements, we are not the primary beneficiary because we have neither the power to direct the activities that are most significant to economic performance nor the responsibility to absorb a majority of the expected losses. The determination of whether we are the primary beneficiary is performed at the time of our initial investment and at the date of each subsequent reporting period. As of September 30, 2025, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $1,456.5 million, comprised of $0.2 million of tax credit partnerships and $1,456.3 million of private equity partnerships. At December 31, 2024, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $1,450.8 million, comprised of $0.2 million of tax credit partnerships and $1,450.6 million of private equity partnerships. These variable interest entity investments are reported as other long-term investments in our consolidated balance sheets. Mortgage Loans Our mortgage loan portfolio is well diversified by both geographic region and property type to reduce risk of concentration. All of our mortgage loans are collateralized by commercial real estate. When issuing a new loan, our general policy is not to exceed a loan-to-value ratio, or the ratio of the loan balance to the estimated fair value of the underlying collateral, of 75 percent. We update the loan-to-value ratios based on internal valuation of the collateral at least every three years for each loan, and properties undergo a general inspection at least every two years. Our general policy for newly issued loans is to have a debt service coverage ratio greater than 1.25 times on a normalized 25 year amortization period. We update our debt service coverage ratios annually. We carry our mortgage loans at amortized cost less an allowance for expected credit losses. The amortized cost of our mortgage loans was $2,145.4 million and $2,240.6 million at September 30, 2025 and December 31, 2024, respectively. The allowance for expected credit losses was $15.6 million and $16.1 million at September 30, 2025 and December 31, 2024, respectively. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. We report accrued interest income for our mortgage loans as accrued investment income on our consolidated balance sheets, and the amount of the accrued income was $6.8 million and $7.0 million at September 30, 2025 and December 31, 2024, respectively. The carrying amount of mortgage loans by property type and geographic region are presented below.
| September 30, 2025 |  | December 31, 2024 |  |  |
| (in millions of dollars)
| Carrying Amount |  | Percent of Total |  | Carrying Amount |  | Percent of Total |  |  |  |  |
Property Type |  |  |  |  |  |  |  |  |  |  |  |
Apartment | $ | 657.1 |  |  | 30.9 | % |  | $ | 658.2 |  |  | 29.6 | % |  |  |  |  |
Industrial | 662.0 |  |  | 31.1 |  |  | 690.4 |  |  | 31.0 |  |  |  |  |  |
Office | 319.9 |  |  | 15.0 |  |  | 338.4 |  |  | 15.2 |  |  |  |  |  |
Retail | 462.9 |  |  | 21.7 |  |  | 496.2 |  |  | 22.3 |  |  |  |  |  |
Other | 27.9 |  |  | 1.3 |  |  | 41.3 |  |  | 1.9 |  |  |  |  |  |
Total | $ | 2,129.8 |  |  | 100.0 | % |  | $ | 2,224.5 |  |  | 100.0 | % |  |  |  |  |
Region |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 50.6 |  |  | 2.4 | % |  | $ | 52.6 |  |  | 2.4 | % |  |  |  |  |
Mid-Atlantic | 161.7 |  |  | 7.6 |  |  | 167.2 |  |  | 7.5 |  |  |  |  |  |
East North Central | 275.7 |  |  | 12.9 |  |  | 297.2 |  |  | 13.4 |  |  |  |  |  |
West North Central | 145.6 |  |  | 6.8 |  |  | 151.1 |  |  | 6.8 |  |  |  |  |  |
South Atlantic | 508.1 |  |  | 23.9 |  |  | 532.5 |  |  | 23.9 |  |  |  |  |  |
East South Central | 86.5 |  |  | 4.1 |  |  | 95.1 |  |  | 4.3 |  |  |  |  |  |
West South Central | 184.8 |  |  | 8.7 |  |  | 193.6 |  |  | 8.7 |  |  |  |  |  |
Mountain | 271.5 |  |  | 12.7 |  |  | 278.7 |  |  | 12.5 |  |  |  |  |  |
Pacific | 445.3 |  |  | 20.9 |  |  | 456.5 |  |  | 20.5 |  |  |  |  |  |
Total | $ | 2,129.8 |  |  | 100.0 | % |  | $ | 2,224.5 |  |  | 100.0 | % |  |  |  |  |
The risk in our mortgage loan portfolio is primarily related to vacancy rates. Events or developments, such as economic conditions that impact the ability of the borrowers to ensure occupancy of the property, may have a negative effect on our mortgage loan portfolio, particularly to the extent that our portfolio is concentrated in an affected region or property type. An increase in vacancies increases the probability of default, which would negatively affect our expected losses in our mortgage loan portfolio. We evaluate each of our mortgage loans individually for impairment and assign an internal quality rating based on a comprehensive rating system used to evaluate the risk of the loan. The factors we use to derive our internal quality ratings may include the following: •Loan-to-value ratio based on internal valuation of the property •Debt service coverage ratio based on current operating income •Property location, including regional economics, trends, and demographics •Age, condition, and construction quality of property •Current and historical occupancy of property •Lease terms relative to market •Tenant size and financial strength •Borrower's financial strength •Borrower's equity in transaction •Additional collateral, if any Although all available and applicable factors are considered in our analysis, loan-to-value and debt service coverage ratios are the most critical factors in determining whether we will initially issue the loan and also in assigning values and determining impairment. We assign an overall rating to each loan using an internal rating scale of AA (highest quality) to B (lowest quality). We review and adjust, as needed, our internal quality ratings on an annual basis. This review process is performed more frequently for mortgage loans deemed to have a higher risk of delinquency. We estimate an allowance for credit losses that we expect to incur over the life of our mortgage loans using a probability of default method. For each loan, we estimate the probability that the loan will default before its maturity (probability of default) and the amount of the loss if the loan defaults (loss given default). These two factors result in an expected loss percentage that is applied to the amortized cost of each loan to determine the expected credit loss. As we are the original underwriter of the mortgage loans, the amortized cost generally equals the principal amount of the loan. We measure losses on defaults of our mortgage loans as the excess amortized cost of the mortgage loan over the fair value of the underlying collateral in the event that we foreclose on the loan or over the expected future cash flows of the loan if we retain the mortgage loan until payoff. We do not purchase mortgage loans with existing credit impairments. In estimating the probability of default, we consider historical experience, current market conditions, and reasonable and supportable forecasts about the future market conditions. We utilize our historical loan experience in combination with a large third-party industry database for a period of time that aligns with the average life of our loans based on the maturity dates of the loans and prepayment experience. Our model utilizes an industry database of the historical loss experience based on our actual portfolio characteristics such as loan-to-value, debt service coverage, collateral type, geography, and late payment history. In addition, because we actively manage our portfolio, we may extend the term of a loan in certain situations and will accordingly extend the maturity date in the estimate of probability of default. In estimating the loss given default, we primarily consider the type and value of collateral and secondarily the expected liquidation costs and time to recovery. The primary market factors that we consider in our forecast of future market conditions are gross domestic product, unemployment rates, interest rates, inflation, commercial real estate values, household formation, and retail sales. We also forecast certain loan specific factors such as growth in the fair value and net operating income of collateral by property type. We include our estimate of these factors over a two-year period and for the remainder of the loans’ estimated lives, adjusted for estimated prepayments. Past the two-year forecast period, we revert to the historical assumptions ratably by the end of the fifth year of the loan after which we utilize only historical assumptions. We utilize various scenarios to estimate our allowance for expected losses ranging from a base case scenario that reflects normal market conditions to a severe case scenario that reflects adverse market conditions. We will adjust our allowance each period to utilize the scenario or weighting of the scenarios that best reflects our view of current market conditions. The following tables present information about mortgage loans by the applicable internal quality indicators:
| September 30, 2025 |  | December 31, 2024
| (in millions of dollars)
| Carrying Amount |  | Percent of Total |  | Carrying Amount |  | Percent of Total
Internal Mortgage Rating |  |  |  |  |  |  |
AA | $ | 105.0 |  |  | 4.9 | % |  | $ | 117.8 |  |  | 5.3 | %
A | 1,058.7 |  |  | 49.7 |  |  | 1,099.1 |  |  | 49.4 |
BBB | 840.6 |  |  | 39.5 |  |  | 915.5 |  |  | 41.2 |
BB | 110.5 |  |  | 5.2 |  |  | 85.0 |  |  | 3.8 |
B | 15.0 |  |  | 0.7 |  |  | 7.1 |  |  | 0.3 |
Total | $ | 2,129.8 |  |  | 100.0 | % |  | $ | 2,224.5 |  |  | 100.0 | %
Loan-to-Value Ratio 1 |  |  |  |  |  |  |
<= 65% | $ | 1,648.1 |  |  | 77.4 | % |  | $ | 1,639.6 |  |  | 73.8 | %
> 65% <= 75% | 252.7 |  |  | 11.9 |  |  | 367.6 |  |  | 16.5 |
> 75% <= 85% | 132.6 |  |  | 6.2 |  |  | 152.3 |  |  | 6.8 |
> 85% | 96.4 |  |  | 4.5 |  |  | 65.0 |  |  | 2.9 |
Total | $ | 2,129.8 |  |  | 100.0 | % |  | $ | 2,224.5 |  |  | 100.0 | %
1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property The following tables present the amortized cost of our mortgage loans by year of origination and internal quality indicators at September 30, 2025 and December 31, 2024, respectively:
| September 30, 2025
| Prior to 2021 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Total
| (in millions of dollars)
Internal Mortgage Rating |  |  |  |  |  |  |  |  |  |  |  |  |
AA | $ | 98.9 |  |  | $ | 6.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 105.0 |
A | 806.5 |  |  | 165.6 |  |  | 23.8 |  |  | 9.5 |  |  | 6.4 |  |  | 49.0 |  |  | 1,060.8 |
BBB | 520.2 |  |  | 142.8 |  |  | 62.2 |  |  | 56.8 |  |  | 39.5 |  |  | 23.3 |  |  | 844.8 |
BB | 82.5 |  |  | 9.3 |  |  | — |  |  | — |  |  | — |  |  | 20.4 |  |  | 112.2 |
B | 22.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22.6 |
Total Amortized Cost | 1,530.7 |  |  | 323.8 |  |  | 86.0 |  |  | 66.3 |  |  | 45.9 |  |  | 92.7 |  |  | 2,145.4 |
Allowance for credit losses | (13.4) |  |  | (0.9) |  |  | (0.3) |  |  | (0.4) |  |  | (0.2) |  |  | (0.4) |  |  | (15.6) |
Carrying Amount | $ | 1,517.3 |  |  | $ | 322.9 |  |  | $ | 85.7 |  |  | $ | 65.9 |  |  | $ | 45.7 |  |  | $ | 92.3 |  |  | $ | 2,129.8 |
Loan-to-Value Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |
<=65% | $ | 1,267.1 |  |  | $ | 240.6 |  |  | $ | 39.7 |  |  | $ | 38.5 |  |  | $ | 11.6 |  |  | $ | 54.7 |  |  | $ | 1,652.2 |
>65<=75% | 117.0 |  |  | 10.8 |  |  | 46.3 |  |  | 27.8 |  |  | 34.3 |  |  | 17.6 |  |  | 253.8 |
>75%<=85% | 98.7 |  |  | 35.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 133.8 |
>85% | 47.9 |  |  | 37.3 |  |  | — |  |  | — |  |  | — |  |  | 20.4 |  |  | 105.6 |
Total Amortized Cost | 1,530.7 |  |  | 323.8 |  |  | 86.0 |  |  | 66.3 |  |  | 45.9 |  |  | 92.7 |  |  | 2,145.4 |
Allowance for credit losses | (13.4) |  |  | (0.9) |  |  | (0.3) |  |  | (0.4) |  |  | (0.2) |  |  | (0.4) |  |  | (15.6) |
Carrying Amount | $ | 1,517.3 |  |  | $ | 322.9 |  |  | $ | 85.7 |  |  | $ | 65.9 |  |  | $ | 45.7 |  |  | $ | 92.3 |  |  | $ | 2,129.8 |
1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property
| December 31, 2024
| Prior to 2020 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Total
| (in millions of dollars)
Internal Mortgage Rating |  |  |  |  |  |  |  |  |  |  |  |  |
AA | $ | 111.5 |  |  | $ | — |  |  | $ | 6.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 117.9 |
A | 780.5 |  |  | 99.6 |  |  | 169.1 |  |  | 24.6 |  |  | 9.5 |  |  | 18.0 |  |  | 1,101.3 |
BBB | 561.7 |  |  | 55.1 |  |  | 155.1 |  |  | 63.0 |  |  | 57.3 |  |  | 28.2 |  |  | 920.4 |
BB | 86.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 86.8 |
B | 14.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14.2 |
Total Amortized Cost | 1,554.7 |  |  | 154.7 |  |  | 330.6 |  |  | 87.6 |  |  | 66.8 |  |  | 46.2 |  |  | 2,240.6 |
Allowance for credit losses | (13.7) |  |  | (0.5) |  |  | (1.0) |  |  | (0.3) |  |  | (0.4) |  |  | (0.2) |  |  | (16.1) |
Carrying Amount | $ | 1,541.0 |  |  | $ | 154.2 |  |  | $ | 329.6 |  |  | $ | 87.3 |  |  | $ | 66.4 |  |  | $ | 46.0 |  |  | $ | 2,224.5 |
Loan-to-Value Ratio 1 |  |  |  |  |  |  |  |  |  |  |  |  |
<=65% | $ | 1,229.6 |  |  | $ | 112.9 |  |  | $ | 210.0 |  |  | $ | 40.8 |  |  | $ | 38.7 |  |  | $ | 11.7 |  |  | $ | 1,643.7 |
>65<=75% | 154.1 |  |  | 33.7 |  |  | 72.1 |  |  | 46.8 |  |  | 28.1 |  |  | 34.5 |  |  | 369.3 |
>75%<=85% | 126.4 |  |  | 8.1 |  |  | 20.1 |  |  | — |  |  | — |  |  | — |  |  | 154.6 |
>85% | 44.6 |  |  | — |  |  | 28.4 |  |  | — |  |  | — |  |  | — |  |  | 73.0 |
Total Amortized Cost | 1,554.7 |  |  | 154.7 |  |  | 330.6 |  |  | 87.6 |  |  | 66.8 |  |  | 46.2 |  |  | 2,240.6 |
Allowance for credit losses | (13.7) |  |  | (0.5) |  |  | (1.0) |  |  | (0.3) |  |  | (0.4) |  |  | (0.2) |  |  | (16.1) |
Carrying Amount | $ | 1,541.0 |  |  | $ | 154.2 |  |  | $ | 329.6 |  |  | $ | 87.3 |  |  | $ | 66.4 |  |  | $ | 46.0 |  |  | $ | 2,224.5 |
1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property The following tables present a roll-forward of the allowance for expected credit losses by loan-to-value ratio for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, 2025
| Beginning of Period |  | Current Period Provisions |  | Write-Offs |  | Recoveries |  | End of Period
| (in millions of dollars)
Loan-to-Value Ratio 1 |  |  |  |  |  |  |  |  |
<=65% | $ | 3.8 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.1 |
>65<=75% | 1.5 |  |  | (0.4) |  |  | — |  |  | — |  |  | 1.1 |
>75%<=85% | 1.1 |  |  | 0.9 |  |  | (0.8) |  |  | — |  |  | 1.2 |
>85% | 9.2 |  |  | — |  |  | — |  |  | — |  |  | 9.2 |
Total | $ | 15.6 |  |  | $ | 0.8 |  |  | $ | (0.8) |  |  | $ | — |  |  | $ | 15.6 |
| Three Months Ended September 30, 2024
| Beginning of Period |  | Current Period Provisions |  | Write-Offs |  | Recoveries |  | End of Period
| (in millions of dollars)
Loan-to-Value Ratio 1 |  |  |  |  |  |  |  |  |
<=65% | $ | 3.7 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.0 |
>65<=75% | 3.3 |  |  | (1.1) |  |  | — |  |  | — |  |  | 2.2 |
>75%<=85% | 1.7 |  |  | 0.8 |  |  | — |  |  | — |  |  | 2.5 |
>85% | 3.4 |  |  | 4.4 |  |  | — |  |  | — |  |  | 7.8 |
Total | $ | 12.1 |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 16.5 |
| Nine Months Ended September 30, 2025
| Beginning of Year |  | Current Period Provisions |  | Write-Offs |  | Recoveries |  | End of Period
| (in millions of dollars)
Loan-to-Value Ratio 1 |  |  |  |  |  |  |  |  |
<=65% | $ | 4.2 |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | — |  |  | $ | 4.1 |
>65<=75% | 1.7 |  |  | (0.6) |  |  | — |  |  | — |  |  | 1.1 |
>75%<=85% | 2.2 |  |  | (0.2) |  |  | (0.8) |  |  | — |  |  | 1.2 |
>85% | 8.0 |  |  | 1.2 |  |  | — |  |  | — |  |  | 9.2 |
Total | $ | 16.1 |  |  | $ | 0.3 |  |  | $ | (0.8) |  |  | $ | — |  |  | $ | 15.6 |
| Nine Months Ended September 30, 2024
| Beginning of Year |  | Current Period Provisions |  | Write-Offs |  | Recoveries |  | End of Period
| (in millions of dollars)
Loan-to-Value Ratio 1 |  |  |  |  |  |  |  |  |
<=65% | $ | 3.8 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.0 |
>65<=75% | 3.8 |  |  | (1.6) |  |  | — |  |  | — |  |  | 2.2 |
>75%<=85% | 1.2 |  |  | 1.3 |  |  | — |  |  | — |  |  | 2.5 |
>85% | 1.4 |  |  | 6.4 |  |  | — |  |  | — |  |  | 7.8 |
Total | $ | 10.2 |  |  | $ | 6.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 16.5 |
1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property During the three months ended September 30, 2025, no commercial mortgage loans had been modified for borrowers experiencing financial difficulties. During the nine months ended September 30, 2025, we granted an other-than-insignificant payment delay for a commercial mortgage loan with an amortized cost of $14.2 million, which deferred the principal payment for 24 months. This modification represents less than one percent of the commercial mortgage loan portfolio balance. During the three and nine months ended September 30, 2025, all commercial loans which were previously modified for borrowers experiencing financial difficulties were current. During the three and nine months ended September 30, 2024, no commercial mortgage loans had been modified for borrowers experiencing financial difficulties and all commercial mortgage loans which were previously modified for borrowers experiencing financial difficulties were current. As of September 30, 2025 and December 31, 2024, we held one specifically identified impaired mortgage loan with a carrying value of $8.4 million and $9.2 million, respectively, that was past due regarding principal and/or interest payments. During the three months ended September 30, 2025, it was determined that this loan required further impairment, resulting in a $0.8 million write-off. No interest income was recognized on this loan following impairment. As of September 30, 2025 and December 31, 2024, we had no commercial mortgage loan foreclosures. At September 30, 2025, we had $9.1 million of commitments to fund commercial mortgage loans. Consistent with how we determine the estimate of current expected credit losses for our funded mortgage loans each period, we estimate expected credit losses for loans that have not been funded but we are committed to fund at the end of each period. At September 30, 2025, we had a nominal amount of expected credit losses related to unfunded commitments on our consolidated balance sheets. At December 31, 2024, we had $0.1 million expected credit losses related to unfunded commitments on our consolidated balance sheets. Investment Real Estate Our real estate held for the production of income balance was $42.8 million and $59.5 million at September 30, 2025 and December 31, 2024, respectively, and the associated accumulated depreciation was $129.0 million and $129.7 million at September 30, 2025 and December 31, 2024, respectively. We monitor and assess our real estate investments for impairment when facts and circumstances indicate that the real estate may be impaired. Our held for sale real estate balance was $51.4 million and $41.9 million at September 30, 2025 and December 31, 2024 and the associated accumulated depreciation was $61.6 million and $57.5 million at September 30, 2025 and December 31, 2024, respectively. During the second quarter of 2025, we classified a property previously held for the production of income to held for sale. As of September 30, 2025, the property had a cost of $13.6 million and $4.1 million of accumulated depreciation. The estimated fair values less costs to sell are above the carrying values of the properties and we expect to close the sales of the properties within the next twelve months. Transfers of Financial Assets To manage our cash position more efficiently, we may enter into repurchase agreements with unaffiliated financial institutions. We generally use repurchase agreements as a means to finance the purchase of invested assets or for short-term general business purposes until projected cash flows become available from our operations or existing investments. Our repurchase agreements are typically outstanding for less than 30 days. We post collateral through our repurchase agreement transactions whereby the counterparty commits to purchase securities with the agreement to resell them to us at a later, specified date. The fair value of collateral posted is generally 102 percent of the cash received. Our investment policy also permits us to lend fixed maturity securities to unaffiliated financial institutions in short-term securities lending agreements. These agreements increase our investment income with minimal risk. Our securities lending policy requires that a minimum of 102 percent of the fair value of the securities loaned be maintained as collateral. We may receive cash and/or securities as collateral under these agreements. Cash received as collateral is typically reinvested in short-term investments. If securities are received as collateral, we are not permitted to sell or re-post them. As of September 30, 2025, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $129.8 million, for which we received collateral in the form of cash and securities of $109.0 million and $26.0 million, respectively. As of December 31, 2024, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $94.0 million, for which we received collateral in the form of cash and securities of $62.7 million and $34.8 million, respectively. We had no outstanding repurchase agreements at September 30, 2025 or December 31, 2024. The remaining contractual maturities of our securities lending agreements disaggregated by class of collateral pledged are as follows:
| September 30, 2025 |  | December 31, 2024
| Overnight and Continuous
| (in millions of dollars)
Borrowings |  |  |
Public Utilities | $ | 3.9 |  |  | $ | 5.2 |
Short Term Investments | — |  |  | 1.0
All Other Corporate Bonds | 105.1 |  |  | 56.5 |
Total Borrowings | 109.0 |  |  | 62.7 |
Gross Amount of Recognized Liability for Securities Lending Transactions | 109.0 |  |  | 62.7 |
Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein | $ | — |  |  | $ | — |
Certain of our U.S. insurance subsidiaries are members of regional FHLBs. As members of the FHLBs, our insurance subsidiaries have the ability to borrow on a collateralized basis from the FHLBs. Each member is required to hold a certain minimum amount of FHLB common stock as a condition of membership and additional amounts based on the amount of the borrowings. Advances received from the FHLB are primarily used for the purchase of short-term investments, matched fixed maturity securities, or matched commercial mortgage loans. The carrying value of common stock owned, collateral posted, and advances received are as follows:
|  | September 30, 2025 |  | December 31, 2024
|  | (in millions of dollars)
Carrying Value of FHLB Common Stock |  | $ | 38.0 |  |  | $ | 26.7 |
Advances from FHLB |  | 585.4 |  |  | 324.2 |
Carrying Value of Collateral Posted to FHLB |  |  |  |
Fixed Maturity Securities |  | $ | 754.9 |  |  | $ | 553.6 |
Commercial Mortgage Loans |  | 1,124.7 |  |  | 908.2 |
Total Carrying Value of Collateral Posted to FHLB |  | $ | 1,879.6 |  |  | $ | 1,461.8 |
Offsetting of Financial Instruments We enter into master netting agreements with each of our derivative's counterparties. These agreements provide for conditional rights of set-off upon the occurrence of an early termination event. An early termination event is considered a default, and it allows the non-defaulting party to offset its contracts in a loss position against any gain positions or payments due to the defaulting party. Under our agreements, default type events are defined as failure to pay or deliver as contractually agreed, misrepresentation, bankruptcy, or merger without assumption. See Note 5 for further discussion of collateral related to our derivative contracts. We have securities lending agreements with unaffiliated financial institutions that post collateral to us in return for the use of our fixed maturity securities. A right of set-off exists that allows us to keep and apply collateral received in the event of default by the counterparty. Default within a securities lending agreement would typically occur if the counterparty failed to return the securities borrowed from us as contractually agreed. In addition, if we default by not returning collateral received, the counterparty has a right of set-off against our securities or any other amounts due to us. Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties.
|  | September 30, 2025
|  | Gross Amount |  |  |  |  |  | Gross Amount Not |  |
|  | of Recognized |  | Gross Amount |  | Net Amount |  | Offset in Balance Sheet |  |
|  | Financial |  | Offset in |  | Presented in |  | Financial |  | Cash |  | Net
|  | Instruments |  | Balance Sheet |  | Balance Sheet |  | Instruments |  | Collateral |  | Amount
|  | (in millions of dollars)
Financial Assets: |  |
Derivatives |  | $ | 56.6 |  |  | $ | — |  |  | $ | 56.6 |  |  | $ | (56.6) |  |  | $ | — |  |  | $ | — |
Securities Lending |  | 129.8 |  |  | — |  |  | 129.8 |  |  | (20.8) |  |  | (109.0) |  |  | — |
Total |  | $ | 186.4 |  |  | $ | — |  |  | $ | 186.4 |  |  | $ | (77.4) |  |  | $ | (109.0) |  |  | $ | — |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 259.6 |  |  | $ | — |  |  | $ | 259.6 |  |  | $ | (258.5) |  |  | $ | — |  |  | $ | 1.1 |
Securities Lending |  | 109.0 |  |  | — |  |  | 109.0 |  |  | (109.0) |  |  | — |  |  | — |
Total |  | $ | 368.6 |  |  | $ | — |  |  | $ | 368.6 |  |  | $ | (367.5) |  |  | $ | — |  |  | $ | 1.1 |
|  | December 31, 2024
|  | Gross Amount |  |  |  |  |  | Gross Amount Not |  |
|  | of Recognized |  | Gross Amount |  | Net Amount |  | Offset in Balance Sheet |  |
|  | Financial |  | Offset in |  | Presented in |  | Financial |  | Cash |  | Net
|  | Instruments |  | Balance Sheet |  | Balance Sheet |  | Instruments |  | Collateral |  | Amount
|  | (in millions of dollars)
Financial Assets: |  |
Derivatives |  | $ | 79.4 |  |  | $ | — |  |  | $ | 79.4 |  |  | $ | (75.7) |  |  | $ | (3.2) |  |  | $ | 0.5 |
Securities Lending |  | 94.0 |  |  | — |  |  | 94.0 |  |  | (31.3) |  |  | (62.7) |  |  | — |
Total |  | $ | 173.4 |  |  | $ | — |  |  | $ | 173.4 |  |  | $ | (107.0) |  |  | $ | (65.9) |  |  | $ | 0.5 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 255.7 |  |  | $ | — |  |  | $ | 255.7 |  |  | $ | (254.3) |  |  | $ | — |  |  | $ | 1.4 |
Securities Lending |  | 62.7 |  |  | — |  |  | 62.7 |  |  | (62.7) |  |  | — |  |  | — |
Total |  | $ | 318.4 |  |  | $ | — |  |  | $ | 318.4 |  |  | $ | (317.0) |  |  | $ | — |  |  | $ | 1.4 |
Net Investment Income Net investment income reported in our consolidated statements of income is presented below.
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions of dollars)
Fixed Maturity Securities | $ | 419.1 |  |  | $ | 465.4 |  |  | $ | 1,360.2 |  |  | $ | 1,388.5 |
Derivatives | 3.7 |  |  | 8.1 |  |  | 5.6 |  |  | 25.0 |
Mortgage Loans | 22.0 |  |  | 22.0 |  |  | 65.7 |  |  | 66.6 |
Policy Loans | 5.3 |  |  | 5.7 |  |  | 16.2 |  |  | 16.3 |
Other Long-term Investments |  |  |  |  |  |  |
Perpetual Preferred Securities | (0.1) |  |  | — |  |  | 0.7 |  |  | 0.3 |
Private Equity Partnerships 1 | 21.7 |  |  | 19.6 |  |  | 65.3 |  |  | 72.6 |
Other | 4.2 |  |  | 3.4 |  |  | 23.4 |  |  | 8.5 |
Short-term Investments | 25.5 |  |  | 24.0 |  |  | 86.6 |  |  | 65.7 |
Gross Investment Income | 501.4 |  |  | 548.2 |  |  | 1,623.7 |  |  | 1,643.5 |
Less Investment Expenses | 21.8 |  |  | 17.5 |  |  | 64.5 |  |  | 48.3 |
Less Investment Income on Participation Fund Account Assets | 2.8 |  |  | 2.9 |  |  | 8.5 |  |  | 8.8 |
Net Investment Income | $ | 476.8 |  |  | $ | 527.8 |  |  | $ | 1,550.7 |  |  | $ | 1,586.4 |
1 The net unrealized gain recognized in net investment income for the three and nine months ended September 30, 2025 related to private equity partnerships still held at September 30, 2025 was $28.8 million and $86.4 million, respectively, reduced by net management fees and partnership expenses of $(7.1) million and $(21.1) million, respectively. The net unrealized gain recognized in net investment income for the three and nine months ended September 30, 2024 related to private equity partnerships still held at September 30, 2024 was $25.3 million and $87.6 million, respectively, reduced by net management fees and partnership expenses of $(5.7) million and $(15.0) million, respectively. See Note 3 for further discussion of private equity partnerships. Investment Gain and Loss Investment gains and losses are as follows:
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions of dollars)
Fixed Maturity Securities |  |  |  |  |  |  |
Gross Gains on Sales 1 | $ | 139.2 |  |  | $ | 1.1 |  |  | $ | 141.0 |  |  | $ | 1.1 |
Gross Losses on Sales 1 | (11.5) |  |  | (8.5) |  |  | (71.5) |  |  | (29.7) |
Impairment Loss 1 | — |  |  | (1.3) |  |  | (160.9) |  |  | (2.5) |
Change in Allowance for Credit Losses | (0.8) |  |  | (0.2) |  |  | (12.4) |  |  | (3.1) |
Mortgage Loans and Other Invested Assets |  |  |  |  |  |  |
Gross Gains on Sales | 0.2 |  |  | 0.4 |  |  | 7.6 |  |  | 0.4 |
Gross Losses on Sales | — |  |  | — |  |  | (0.4) |  |  | — |
Impairment Loss | (1.6) |  |  | — |  |  | (5.4) |  |  | — |
Change in Allowance for Credit Losses | — |  |  | (4.5) |  |  | 0.5 |  |  | (6.4) |
Embedded Derivative in Modified Coinsurance Arrangement | 3.3 |  |  | (0.8) |  |  | 2.4 |  |  | 6.1 |
All Other Derivatives | 0.1 |  |  | (2.2) |  |  | (3.1) |  |  | (0.2) |
Foreign Currency Transactions | (0.9) |  |  | 3.1 |  |  | 5.7 |  |  | 0.5 |
Other | — |  |  | — |  |  | — |  |  | 9.3 |
Net Investment Gains (Losses) | $ | 128.0 |  |  | $ | (12.9) |  |  | $ | (96.5) |  |  | $ | (24.5) |
1 Our investment gains and losses on fixed maturity securities for the third quarter and first nine months of 2025 were driven primarily by the Closed Block long-term care and Unum US individual disability reinsurance transaction (Fortitude Re reinsurance transaction) which resulted in a net gain of $137.6 million in the third quarter of 2025 and a net loss of $46.8 million in the first nine months of 2025. In addition, we realized a $19.1 million loss on sales of fixed maturity securities relating to funding of a dividend from one of our subsidiaries in the first nine months of 2025.

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