☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 98-0486152 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
1 Corporate Way, Lansing, Michigan | 48951 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||
Class A Common Stock, Par Value $0.01 Per Share | JXN | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☑ | |||||||||||||||||||
Smaller reporting company | ☐ | |||||||||||||||||||
Emerging growth company | ☐ |
Item 1. Financial Statements | ||||||||
Condensed Consolidated Balance | ||||||||
Condensed Consolidated Income Statements for the three and | ||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and | ||||||||
Condensed Consolidated Statements of Equity for the three and | ||||||||
Condensed Consolidated Statements of Cash Flows for the | ||||||||
SIGNATURES | ||||||||
September 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Assets | (Unaudited) | |||||||||||||
Investments: | ||||||||||||||
Debt Securities, available for sale, net of allowance for credit losses of $9.4 and $13.6 at September 30, 2021 and December 31, 2020, respectively (amortized cost: 2021 $49,564.9; 2020 $54,141.0) | $ | 52,123.0 | $ | 59,075.0 | ||||||||||
Debt Securities, at fair value under fair value option | 1,516.6 | 1,276.7 | ||||||||||||
Debt Securities, trading, at fair value | 117.9 | 105.7 | ||||||||||||
Equity securities, at fair value | 290.1 | 193.1 | ||||||||||||
Mortgage loans, net of allowance for credit losses of $96.4 and $179.2 at September 30, 2021 and December 31, 2020, respectively | 11,731.4 | 10,727.5 | ||||||||||||
Policy loans (including $3,487.5 and $3,454.2 at fair value under the fair value option at September 30, 2021 and December 31, 2020, respectively) | 4,511.9 | 4,523.5 | ||||||||||||
Freestanding derivative instruments | 1,141.9 | 2,219.8 | ||||||||||||
Other invested assets | 2,770.5 | 2,366.7 | ||||||||||||
Total investments | 74,203.3 | 80,488.0 | ||||||||||||
Cash and cash equivalents | 2,481.8 | 2,018.7 | ||||||||||||
Accrued investment income | 511.3 | 557.9 | ||||||||||||
Deferred acquisition costs | 14,016.8 | 13,897.0 | ||||||||||||
Reinsurance recoverable, net of allowance for credit losses of $12.3 and $12.6 at September 30, 2021 and December 31, 2020, respectively | 33,752.5 | 35,269.5 | ||||||||||||
Deferred income taxes, net | 1,004.6 | 1,057.8 | ||||||||||||
Other assets | 1,306.0 | 1,103.7 | ||||||||||||
Separate account assets | 237,096.2 | 219,062.9 | ||||||||||||
Total assets | $ | 364,372.5 | $ | 353,455.5 | ||||||||||
Liabilities and Equity | ||||||||||||||
Liabilities | ||||||||||||||
Reserves for future policy benefits and claims payable | $ | 18,399.3 | $ | 21,490.1 | ||||||||||
Other contract holder funds | 60,465.9 | 64,538.4 | ||||||||||||
Funds withheld payable under reinsurance treaties (including $3,659.9 and $3,626.5 at fair value under the fair value option at September 30, 2021 and December 31, 2020, respectively) | 29,771.4 | 31,971.5 | ||||||||||||
Short-term debt | 1,601.7 | — | ||||||||||||
Long-term debt | 1,068.5 | 322.0 | ||||||||||||
Securities lending payable | 20.7 | 13.3 | ||||||||||||
Freestanding derivative instruments | 40.4 | 56.4 | ||||||||||||
Other liabilities | 5,052.3 | 6,078.7 | ||||||||||||
Separate account liabilities | 237,096.2 | 219,062.9 | ||||||||||||
Total liabilities | 353,516.4 | 343,533.3 | ||||||||||||
Commitments, Contingencies, and Guarantees (Note 14) | 0 | 0 | ||||||||||||
Equity | ||||||||||||||
Common stock, (i) Class A common stock 900,000,000 shares authorized, $0.01 par value per share and 93,099,859 shares issued and outstanding at both September 30, 2021 and December 31, 2020, respectively and (ii) Class B common stock 100,000,000 shares authorized, $0.01 par value per share and 1,364,484 shares issued and outstanding at both September 30, 2021 and December 31, 2020, respectively (See Note 18) | 0.9 | 0.9 | ||||||||||||
Additional paid-in capital | 5,927.5 | 5,926.9 | ||||||||||||
Shares held in trust | — | (4.3) | ||||||||||||
Equity compensation reserve | 10.1 | 7.7 | ||||||||||||
Accumulated other comprehensive income, net of tax expense of $275.4 in 2021 and $765.9 in 2020 | 2,045.2 | 3,820.6 | ||||||||||||
Retained earnings | 2,274.5 | (323.2) | ||||||||||||
Total stockholders' equity | 10,258.2 | 9,428.6 | ||||||||||||
Noncontrolling interests | 597.9 | 493.6 | ||||||||||||
Total equity | 10,856.1 | 9,922.2 | ||||||||||||
Total liabilities and equity | $ | 364,372.5 | $ | 353,455.5 |
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Investments: | ||||||||
Debt Securities, available for sale, net of allowance for credit losses of $6.8 and $13.6 at June 30, 2021 and December 31, 2020, respectively (amortized cost: 2021 $49,453.2; 2020 $54,141.0) | $ | 52,472.6 | $ | 59,075.0 | ||||
Debt Securities, at fair value under fair value option | 1,433.5 | 1,276.7 | ||||||
Debt Securities, trading, at fair value | 114.7 | 105.7 | ||||||
Equity securities, at fair value | 239.3 | 193.1 | ||||||
Mortgage loans, net of allowance for credit losses of $135.3 and $179.2 at June 30, 2021 and December 31, 2020, respectively | 11,649.1 | 10,727.5 | ||||||
Policy loans (including $3,537.8 and $3,454.2 at fair value under the fair value option at June 30, 2021 and December 31, 2020, respectively) | 4,581.1 | 4,523.5 | ||||||
Freestanding derivative instruments | 1,482.9 | 2,219.8 | ||||||
Other invested assets | 2,763.1 | 2,366.7 | ||||||
Total investments | 74,736.3 | 80,488.0 | ||||||
Cash and cash equivalents | 1,534.6 | 2,018.7 | ||||||
Accrued investment income | 519.2 | 557.9 | ||||||
Deferred acquisition costs | 13,813.3 | 13,897.0 | ||||||
Reinsurance recoverable, net of allowance for credit losses of $12.5 and $12.6 at June 30, 2021 and December 31, 2020, respectively | 34,246.7 | 35,269.5 | ||||||
Deferred income taxes, net | 892.5 | 1,057.8 | ||||||
Other assets | 1,108.7 | 1,103.7 | ||||||
Separate account assets | 239,806.1 | 219,062.9 | ||||||
Total assets | $ | 366,657.4 | $ | 353,455.5 | ||||
Liabilities and Equity | ||||||||
Liabilities | ||||||||
Reserves for future policy benefits and claims payable | $ | 17,561.1 | $ | 21,490.1 | ||||
Other contract holder funds | 60,897.8 | 64,538.4 | ||||||
Funds withheld payable under reinsurance treaties (including $3,708.6 and $3,626.5 at fair value under the fair value option at June 30, 2021 and December 31, 2020, respectively) | 30,321.8 | 31,971.5 | ||||||
Debt | 317.7 | 322.0 | ||||||
Securities lending payable | 23.5 | 13.3 | ||||||
Freestanding derivative instruments | 55.2 | 56.4 | ||||||
Other liabilities | 6,684.6 | 6,078.7 | ||||||
Separate account liabilities | 239,806.1 | 219,062.9 | ||||||
Total liabilities | 355,667.8 | 343,533.3 | ||||||
Commitments, Contingencies, and Guarantees (Note 14) | ||||||||
Equity | ||||||||
Common stock, (i) Class A common stock 900,000,000 shares authorized, $0.01 par value per share and 93,099,859 shares issued and outstanding at both June 30, 2021 and December 31, 2020, respectively and (ii) Class B common stock 100,000,000 shares authorized, $0.01 par value per share and 1,364,484 shares issued and outstanding at both June 30, 2021 and December 31, 2020, respectively (See Note 18) | 0.9 | 0.9 | ||||||
Additional paid-in capital | 5,926.9 | 5,926.9 | ||||||
Shares held in trust | (4.3 | ) | (4.3 | ) | ||||
Equity compensation reserve | 8.5 | 7.7 | ||||||
Accumulated other comprehensive income, net of tax expense of $370.0 in 2021 and $765.9 in 2020 | 2,390.2 | 3,820.6 | ||||||
Retained earnings | 2,068.3 | (323.2 | ) | |||||
Total stockholders’ equity | 10,390.5 | 9,428.6 | ||||||
Noncontrolling interests | 599.1 | 493.6 | ||||||
Total equity | 10,989.6 | 9,922.2 | ||||||
Total liabilities and equity | $ | 366,657.4 | $ | 353,455.5 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Fee income | $ | 1,961.9 | $ | 1,666.5 | $ | 5,673.5 | $ | 4,847.9 | ||||||||||||||||||
Premium | 35.1 | 46.5 | 100.3 | 134.0 | ||||||||||||||||||||||
Net investment income | 852.0 | 881.4 | 2,575.6 | 2,105.6 | ||||||||||||||||||||||
Net gains (losses) on derivatives and investments | (1,379.3) | (2,504.8) | (1,194.4) | (4,517.7) | ||||||||||||||||||||||
Other income | 16.6 | 21.5 | 70.2 | 35.6 | ||||||||||||||||||||||
Total revenues | 1,486.3 | 111.1 | 7,225.2 | 2,605.4 | ||||||||||||||||||||||
Benefits and Expenses | ||||||||||||||||||||||||||
Death, other policy benefits and change in policy reserves, net of deferrals | 394.1 | 224.2 | 887.1 | 1,071.4 | ||||||||||||||||||||||
Interest credited on other contract holder funds, net of deferrals | 216.6 | 230.3 | 656.6 | 979.3 | ||||||||||||||||||||||
Interest expense | 6.3 | 7.8 | 19.0 | 81.0 | ||||||||||||||||||||||
Operating costs and other expenses, net of deferrals | 613.6 | 573.3 | 1,811.5 | 367.2 | ||||||||||||||||||||||
Cost of reinsurance | — | 6.2 | — | 2,520.1 | ||||||||||||||||||||||
Amortization of deferred acquisition and sales inducement costs | 4.0 | (398.8) | 552.3 | (85.8) | ||||||||||||||||||||||
Total benefits and expenses | 1,234.6 | 643.0 | 3,926.5 | 4,933.2 | ||||||||||||||||||||||
Pretax income (loss) before noncontrolling interests | 251.7 | (531.9) | 3,298.7 | (2,327.8) | ||||||||||||||||||||||
Income tax expense (benefit) | (16.4) | (157.0) | 514.7 | (580.8) | ||||||||||||||||||||||
Net income (loss) | 268.1 | (374.9) | 2,784.0 | (1,747.0) | ||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 61.9 | 21.7 | 186.3 | (37.8) | ||||||||||||||||||||||
Net income (loss) attributable to Jackson Financial Inc. | $ | 206.2 | $ | (396.6) | $ | 2,597.7 | $ | (1,709.2) | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||
Basic | $ | 2.18 | $ | (4.28) | $ | 27.50 | $ | (29.15) | ||||||||||||||||||
Diluted | $ | 2.18 | $ | (4.28) | $ | 27.50 | $ | (29.15) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues | ||||||||||||||||
Fee income | $ | 1,895.6 | $ | 1,563.2 | $ | 3,711.6 | $ | 3,181.4 | ||||||||
Premium | 30.7 | 20.9 | 65.2 | 87.5 | ||||||||||||
Net investment income | 795.9 | 436.4 | 1,723.6 | 1,224.2 | ||||||||||||
Net gains (losses) on derivatives and investments | (2,520.7 | ) | (4,371.3 | ) | 184.9 | (2,012.9 | ) | |||||||||
Other income | 30.4 | 17.9 | 53.6 | 14.1 | ||||||||||||
Total revenues | 231.9 | (2,332.9 | ) | 5,738.9 | 2,494.3 | |||||||||||
Benefits and Expenses | ||||||||||||||||
Death, other policy benefits and change in policy reserves, net of deferrals | 210.3 | (140.9 | ) | 493.0 | 847.2 | |||||||||||
Interest credited on other contract holder funds, net of deferrals | 217.5 | 342.9 | 440.0 | 749.0 | ||||||||||||
Interest expense | 6.6 | 31.4 | 12.7 | 73.2 | ||||||||||||
Operating costs and other expenses, net of deferrals | 599.6 | (729.2 | ) | 1,197.9 | (206.1 | ) | ||||||||||
Cost of reinsurance | — | 2,513.9 | — | 2,513.9 | ||||||||||||
Amortization of deferred acquisition and sales inducement costs | (263.7 | ) | (731.0 | ) | 548.3 | 313.0 | ||||||||||
Total benefits and expenses | 770.3 | 1,287.1 | 2,691.9 | 4,290.2 | ||||||||||||
Pretax income (loss) before noncontrolling interests | (538.4 | ) | (3,620.0 | ) | 3,047.0 | (1,795.9 | ) | |||||||||
Income tax expense (benefit) | (54.5 | ) | (457.0 | ) | 531.1 | (423.8 | ) | |||||||||
Net income (loss) | (483.9 | ) | (3,163.0 | ) | 2,515.9 | (1,372.1 | ) | |||||||||
Less: Net income (loss) attributable to noncontrolling interests | $ | 56.1 | $ | (53.7 | ) | $ | 124.4 | $ | (59.5 | ) | ||||||
Net income (loss) attributable to Jackson Financial Inc. | $ | (540.0 | ) | $ | (3,109.3 | ) | $ | 2,391.5 | $ | (1,312.6 | ) | |||||
Earnings per share | ||||||||||||||||
Basic | $ | (5.72 | ) | $ | (69.98 | ) | $ | 25.32 | $ | (31.75 | ) | |||||
Diluted | $ | (5.72 | ) | $ | (69.98 | ) | $ | 25.32 | $ | (31.75 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | 268.1 | $ | (374.9) | $ | 2,784.0 | $ | (1,747.0) | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
Change in net unrealized gains (losses) on securities not impaired (net of tax expense (benefit) of: $(86.1) and $129.9 for the three months ended September 30, 2021 and 2020, respectively, and $(429.8) and $553.3 for the nine months ended September 30, 2021 and 2020, respectively) | (313.9) | 488.6 | (1,554.7) | 2,081.4 | ||||||||||||||||||||||
Change in unrealized gains (losses) on securities for which an allowance for credit losses has been recorded (net of tax expense (benefit) of: $0.1 and $0.2 for the three months ended September 30, 2021 and 2020, respectively, and $0.7 and $1.2 for the nine months ended September 30, 2021 and 2020, respectively) | 0.3 | 0.4 | 2.5 | 4.3 | ||||||||||||||||||||||
Reclassification adjustment for gains (losses) included in net income (loss) (net of tax expense (benefit) of: $(8.6) and $(18.1) for the three months ended September 30, 2021 and 2020, respectively, and $(61.4) and $(168.0) for the nine months ended September 30, 2021 and 2020, respectively) | (31.4) | (67.8) | (223.2) | (631.8) | ||||||||||||||||||||||
Total other comprehensive income (loss) | (345.0) | 421.2 | (1,775.4) | 1,453.9 | ||||||||||||||||||||||
Comprehensive income (loss) | (76.9) | 46.3 | 1,008.6 | (293.1) | ||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 61.9 | 21.7 | 186.3 | (37.8) | ||||||||||||||||||||||
Comprehensive income (loss) attributable to Jackson Financial Inc. | $ | (138.8) | $ | 24.6 | $ | 822.3 | $ | (255.3) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income (loss) | $ | (483.9 | ) | $ | (3,163.0 | ) | $ | 2,515.9 | $ | (1,372.1 | ) | |||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Change in net unrealized gains (losses) on securities not impaired (net of tax expense (benefit) of: $292.4 and $528.3 for the three months ended June 30, 2021 and 2020, respectively, and $(343.7) and $423.4 for the six months ended June 30, 2021 and 2020, respectively | 1,062.9 | 1,987.5 | (1,240.8 | ) | 1,592.8 | |||||||||||
Change in unrealized gains (losses) on securities for which an allowance for credit losses has been recorded (net of tax expense (benefit) of: NaN and $0.2 for the three months ended June 30, 2021 and 2020, respectively, and $0.6 and $1.0 for the six months ended June 30, 2021 and 2020, respectively) | (0.1 | ) | 0.7 | 2.2 | 3.9 | |||||||||||
Reclassification adjustment for gains (losses) included in net income (loss) (net of tax expense (benefit) of: $(32.4) and $(138.7) for the three months ended June 30, 2021, respectively, and 2020, and $(52.8) and $(149.9) for the six months ended June 30, 2021 and 2020, respectively) | (115.1 | ) | (521.8 | ) | (191.8 | ) | (564.0 | ) | ||||||||
Total other comprehensive income (loss) | 947.7 | 1,466.4 | (1,430.4 | ) | 1,032.7 | |||||||||||
Comprehensive income (loss) | 463.8 | (1,696.6 | ) | 1,085.5 | (339.4 | ) | ||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 56.1 | (53.7 | ) | 124.4 | (59.5 | ) | ||||||||||
Comprehensive income (loss) attributable to Jackson Financial Inc. | $ | 407.7 | $ | (1,642.9 | ) | $ | 961.1 | $ | (279.9 | ) | ||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Shares | Equity | Other | Total | Non- | ||||||||||||||||||||||||||||||||||||||||||||||||
Common | Paid-In | Held | Compensation | Comprehensive | Retained | Stockholders' | Controlling | Total | |||||||||||||||||||||||||||||||||||||||||||||
Stock | Capital | In Trust | Reserve | Income | Earnings | Equity | Interests | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balances as of June 30, 2021 | $ | 0.9 | $ | 5,926.9 | $ | (4.3) | $ | 8.5 | $ | 2,390.2 | $ | 2,068.3 | $ | 10,390.5 | $ | 599.1 | $ | 10,989.6 | |||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | 206.2 | 206.2 | 61.9 | 268.1 | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized investment gains and losses, net of tax | — | — | — | — | (345.0) | — | (345.0) | — | (345.0) | ||||||||||||||||||||||||||||||||||||||||||||
Change in equity of noncontrolling interests | — | — | — | — | — | — | — | (63.1) | (63.1) | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold in connection with demerger | — | 0.6 | 4.3 | — | — | — | 4.9 | — | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||
Reserve for equity compensation plans | — | — | — | 1.6 | — | — | 1.6 | — | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||
Balances as of September 30, 2021 | $ | 0.9 | $ | 5,927.5 | $ | — | $ | 10.1 | $ | 2,045.2 | $ | 2,274.5 | $ | 10,258.2 | $ | 597.9 | $ | 10,856.1 | |||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Shares | Equity | Other | Total | Non- | ||||||||||||||||||||||||||||||||||||||||||||||||
Common | Paid-In | Held | Compensation | Comprehensive | Retained | Stockholder's | Controlling | Total | |||||||||||||||||||||||||||||||||||||||||||||
Stock | Capital | In Trust | Reserve | Income | Earnings | Equity | Interests | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balances as of June 30, 2020 | $ | 0.8 | $ | 5,427.0 | $ | (4.3) | $ | 0.5 | $ | 3,429.4 | $ | 5.2 | $ | 8,858.6 | $ | 438.3 | $ | 9,296.9 | |||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | (396.6) | (396.6) | 21.7 | (374.9) | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized investment gains and losses, net of tax | — | — | — | — | 421.2 | — | 421.2 | — | 421.2 | ||||||||||||||||||||||||||||||||||||||||||||
Change in equity of noncontrolling interests | — | — | — | — | — | — | — | 11.6 | 11.6 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance - debt restructure | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance - Athene | 0.1 | 499.9 | — | — | — | — | 500.0 | — | 500.0 | ||||||||||||||||||||||||||||||||||||||||||||
Change in accounting principle, net of tax | — | — | — | — | — | (7.4) | (7.4) | — | (7.4) | ||||||||||||||||||||||||||||||||||||||||||||
Balances as of September 30, 2020 | $ | 0.9 | $ | 5,926.9 | $ | (4.3) | $ | 0.5 | $ | 3,850.6 | $ | (398.8) | $ | 9,375.8 | $ | 471.6 | $ | 9,847.4 | |||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Shares | Equity | Other | Total | Non- | ||||||||||||||||||||||||||||||||||||||||||||||||
Common | Paid-In | Held | Compensation | Comprehensive | Retained | Stockholders' | Controlling | Total | |||||||||||||||||||||||||||||||||||||||||||||
Stock | Capital | In Trust | Reserve | Income | Earnings | Equity | Interests | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2020 | $ | 0.9 | $ | 5,926.9 | $ | (4.3) | $ | 7.7 | $ | 3,820.6 | $ | (323.2) | $ | 9,428.6 | $ | 493.6 | $ | 9,922.2 | |||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | 2,597.7 | 2,597.7 | 186.3 | 2,784.0 | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized investment gains and losses, net of tax | — | — | — | — | (1,775.4) | — | (1,775.4) | — | (1,775.4) | ||||||||||||||||||||||||||||||||||||||||||||
Change in equity of noncontrolling interests | — | — | — | — | — | — | — | (82.0) | (82.0) | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold in connection with demerger | — | 0.6 | 4.3 | — | — | — | 4.9 | — | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||
Reserve for equity compensation plans | — | — | — | 2.4 | — | — | 2.4 | — | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||
Balances as of September 30, 2021 | $ | 0.9 | $ | 5,927.5 | $ | — | $ | 10.1 | $ | 2,045.2 | $ | 2,274.5 | $ | 10,258.2 | $ | 597.9 | $ | 10,856.1 | |||||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Shares | Equity | Other | Total | Non- | ||||||||||||||||||||||||||||||||||||||||||||||||
Common | Paid-In | Held | Compensation | Comprehensive | Retained | Stockholder's | Controlling | Total | |||||||||||||||||||||||||||||||||||||||||||||
Stock | Capital | In Trust | Reserve | Income | Earnings | Equity | Interests | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2019 | $ | 0.4 | $ | 3,077.4 | $ | (4.3) | $ | 0.5 | $ | 2,396.7 | $ | 1,365.8 | $ | 6,836.5 | $ | 484.1 | $ | 7,320.6 | |||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | (1,709.2) | (1,709.2) | (37.8) | (1,747.0) | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized investment gains and losses, net of tax | — | — | — | — | 1,453.9 | — | 1,453.9 | — | 1,453.9 | ||||||||||||||||||||||||||||||||||||||||||||
Change in equity of noncontrolling interests | — | — | — | — | — | — | — | 25.3 | 25.3 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance - debt restructure | 0.4 | 2,349.6 | — | — | — | — | 2,350.0 | — | 2,350.0 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance - Athene | 0.1 | 499.9 | — | — | — | — | 500.0 | — | 500.0 | ||||||||||||||||||||||||||||||||||||||||||||
Change in accounting principle, net of tax | — | — | — | — | — | (55.4) | (55.4) | — | (55.4) | ||||||||||||||||||||||||||||||||||||||||||||
Balances as of September 30, 2020 | $ | 0.9 | $ | 5,926.9 | $ | (4.3) | $ | 0.5 | $ | 3,850.6 | $ | (398.8) | $ | 9,375.8 | $ | 471.6 | $ | 9,847.4 |
Common Stock | Additional Paid-In Capital | Shares Held In Trust | Equity Compensation Reserve | Accumulated Other Comprehensive Income | Retained Earnings | Total Stockholders’ Equity | Non- Controlling Interests | Total Equity | ||||||||||||||||||||||||||||
Balances as of March 31, 2021 | $ | 0.9 | $ | 5,926.9 | $ | (4.3 | ) | $ | 9.6 | $ | 1,442.5 | $ | 2,608.3 | $ | 9,983.9 | $ | 584.6 | $ | 10,568.5 | |||||||||||||||||
Net income (loss) | — | — | — | — | — | (540.0 | ) | (540.0 | ) | 56.1 | (483.9 | ) | ||||||||||||||||||||||||
Change in unrealized investment gains and losses, net of tax | — | — | — | — | 947.7 | — | 947.7 | — | 947.7 | |||||||||||||||||||||||||||
Change in equity of noncontrolling interests | — | — | — | — | — | — | — | (41.6 | ) | (41.6 | ) | |||||||||||||||||||||||||
Reserve for equity compensation plans | — | — | — | (1.1 | ) | — | — | (1.1 | ) | — | (1.1 | ) | ||||||||||||||||||||||||
Balances as of June 30, 2021 | $ | 0.9 | $ | 5,926.9 | $ | (4.3 | ) | $ | 8.5 | $ | 2,390.2 | $ | 2,068.3 | $ | 10,390.5 | $ | 599.1 | $ | 10,989.6 | |||||||||||||||||
Common Stock | Additional Paid-In Capital | Shares Held In Trust | Equity Compensation Reserve | Accumulated Other Comprehensive Income | Retained Earnings | Total Stockholder’s Equity | Non- Controlling Interests | Total Equity | ||||||||||||||||||||||||||||
Balances as of March 31, 2020 | $ | 0.4 | $ | 3,077.4 | $ | (4.3 | ) | $ | 0.5 | $ | 1,963.0 | $ | 3,117.0 | $ | 8,154.0 | $ | 492.8 | $ | 8,646.8 | |||||||||||||||||
Net income (loss) | — | — | — | — | — | (3,109.3 | ) | (3,109.3 | ) | (53.7 | ) | (3,163.0 | ) | |||||||||||||||||||||||
Change in unrealized investment gains and losses, net of tax | — | — | — | — | 1,466.4 | — | 1,466.4 | — | 1,466.4 | |||||||||||||||||||||||||||
Change in equity of noncontrolling interests | — | — | — | — | — | — | — | (0.8 | ) | (0.8 | ) | |||||||||||||||||||||||||
Common stock issuance - debt restructure | 0.4 | 2,349.6 | — | — | — | — | 2,350.0 | — | 2,350.0 | |||||||||||||||||||||||||||
Change in accounting principle, net of tax | — | — | — | — | — | (2.5 | ) | (2.5 | ) | — | (2.5 | ) | ||||||||||||||||||||||||
Balances as of June 30, 2020 | $ | 0.8 | $ | 5,427.0 | $ | (4.3 | ) | $ | 0.5 | $ | 3,429.4 | $ | 5.2 | $ | 8,858.6 | $ | 438.3 | $ | 9,296.9 | |||||||||||||||||
Common Stock | Additional Paid-In Capital | Shares Held In Trust | Equity Compensation Reserve | Accumulated Other Comprehensive Income | Retained Earnings | Total Stockholders’ Equity | Non- Controlling Interests | Total Equity | ||||||||||||||||||||||||||||
Balances as of December 31, 2020 | $ | 0.9 | $ | 5,926.9 | $ | (4.3 | ) | $ | 7.7 | $ | 3,820.6 | $ | (323.2 | ) | $ | 9,428.6 | $ | 493.6 | $ | 9,922.2 | ||||||||||||||||
Net income (loss) | — | — | — | — | — | 2,391.5 | 2,391.5 | 124.4 | 2,515.9 | |||||||||||||||||||||||||||
Change in unrealized investment gains and losses, net of tax | — | — | — | — | (1,430.4 | ) | — | (1,430.4 | ) | — | (1,430.4 | ) | ||||||||||||||||||||||||
Change in equity of noncontrolling interests | — | — | — | — | — | — | — | (18.9 | ) | (18.9 | ) | |||||||||||||||||||||||||
Reserve for equity compensation plans | — | — | — | 0.8 | — | — | 0.8 | — | 0.8 | |||||||||||||||||||||||||||
Balances as of June 30, 2021 | $ | 0.9 | $ | 5,926.9 | $ | (4.3 | ) | $ | 8.5 | $ | 2,390.2 | $ | 2,068.3 | $ | 10,390.5 | $ | 599.1 | $ | 10,989.6 | |||||||||||||||||
Common Stock | Additional Paid-In Capital | Shares Held In Trust | Equity Compensation Reserve | Accumulated Other Comprehensive Income | Retained Earnings | Total Stockholder’s Equity | Non- Controlling Interests | Total Equity | ||||||||||||||||||||||||||||
Balances as of December 31, 2019 | $ | 0.4 | $ | 3,077.4 | $ | (4.3 | ) | $ | 0.5 | $ | 2,396.7 | $ | 1,365.8 | $ | 6,836.5 | $ | 484.1 | $ | 7,320.6 | |||||||||||||||||
Net income (loss) | — | — | — | — | 0 | (1,312.6 | ) | (1,312.6 | ) | (59.5 | ) | (1,372.1 | ) | |||||||||||||||||||||||
Change in unrealized investment gains and losses, net of tax | — | — | — | — | 1,032.7 | — | 1,032.7 | — | 1,032.7 | |||||||||||||||||||||||||||
Change in equity of noncontrolling interests | — | — | — | — | — | — | — | 13.7 | 13.7 | |||||||||||||||||||||||||||
Common stock issuance - debt restructure | 0.4 | 2,349.6 | 0 | — | — | — | 2,350.0 | — | 2,350.0 | |||||||||||||||||||||||||||
Change in accounting principle, net of tax | — | — | — | — | — | (48.0 | ) | (48.0 | ) | — | (48.0 | ) | ||||||||||||||||||||||||
Balances as of June 30, 2020 | $ | 0.8 | $ | 5,427.0 | $ | (4.3 | ) | $ | 0.5 | $ | 3,429.4 | $ | 5.2 | $ | 8,858.6 | $ | 438.3 | $ | 9,296.9 | |||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ | 2,784.0 | $ | (1,747.0) | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Net realized losses (gains) on investments | (203.9) | (184.2) | ||||||||||||
Net losses (gains) on derivatives | 1,413.4 | 5,492.2 | ||||||||||||
Net losses (gains) on funds withheld reinsurance | (15.1) | (790.3) | ||||||||||||
Interest credited on other contract holder funds, gross | 656.9 | 982.3 | ||||||||||||
Mortality, expense and surrender charges | (417.9) | (451.5) | ||||||||||||
Amortization of discount and premium on investments | 39.9 | 34.1 | ||||||||||||
Deferred income tax expense (benefit) | 543.7 | (454.5) | ||||||||||||
Cash received (paid to) from reinsurance transaction | — | (31.7) | ||||||||||||
Change in: | ||||||||||||||
Accrued investment income | 46.6 | (3.2) | ||||||||||||
Deferred acquisition costs and sales inducements | (41.6) | (853.8) | ||||||||||||
Other assets and liabilities, net | (1,229.4) | 455.0 | ||||||||||||
Net cash provided by (used in) operating activities | 3,576.6 | 2,447.4 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Sales, maturities and repayments of: | ||||||||||||||
Debt securities | 12,994.4 | 20,751.5 | ||||||||||||
Equity securities | 35.5 | 24.3 | ||||||||||||
Mortgage loans | 1,242.7 | 1,020.3 | ||||||||||||
Purchases of: | ||||||||||||||
Debt securities | (8,289.8) | (23,543.1) | ||||||||||||
Equity securities | (108.0) | (37.3) | ||||||||||||
Mortgage loans | (2,175.8) | (1,096.1) | ||||||||||||
Settlements related to derivatives and collateral on investments | (3,222.6) | (1,350.5) | ||||||||||||
Other investing activities | 147.7 | 528.1 | ||||||||||||
Net cash provided by (used in) investing activities | 624.1 | (3,702.8) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Policyholders' account balances: | ||||||||||||||
Deposits | 14,664.3 | 14,618.9 | ||||||||||||
Withdrawals | (21,646.8) | (16,230.7) | ||||||||||||
Net transfers to separate accounts | 2,068.3 | 2,245.2 | ||||||||||||
Proceeds from (payments on) repurchase agreements | (794.0) | — | ||||||||||||
Net proceeds from (payments on) Federal Home Loan Bank notes | (380.0) | (300.1) | ||||||||||||
Net proceeds from (payments on) long-term and short-term debt | 2,345.7 | (64.5) | ||||||||||||
Disposition of shares held in trust at cost, net | 4.9 | — | ||||||||||||
Common stock issuance - Athene | — | 500.0 | ||||||||||||
Net cash provided by (used in) financing activities | (3,737.6) | 768.8 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 463.1 | (486.6) | ||||||||||||
Cash and cash equivalents, beginning of period | 2,018.7 | 1,934.5 | ||||||||||||
Total cash and cash equivalents, end of period | $ | 2,481.8 | $ | 1,447.9 | ||||||||||
Supplemental cash flow information | ||||||||||||||
Income taxes paid (received) | $ | 36.1 | $ | (1.3) | ||||||||||
Interest paid | $ | 15.3 | $ | 75.7 | ||||||||||
Non-cash investing activities | ||||||||||||||
Debt securities acquired from exchanges, payments-in-kind, and similar transactions | $ | 302.6 | $ | 382.0 | ||||||||||
Other invested assets acquired from stock splits and stock distributions | $ | 98.9 | $ | 4.1 | ||||||||||
Non-cash financing activities | ||||||||||||||
Non-cash debt restructuring transactions (1) | $ | — | $ | (2,350.0) | ||||||||||
Shares issued in settlement of the debt restructuring (1) | $ | — | $ | 2,350.0 |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 2,515.9 | $ | (1,372.1 | ) | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Net realized losses (gains) on investments | (167.5 | ) | (161.2 | ) | ||||
Net losses (gains) on derivatives | 112.9 | 3,342.8 | ||||||
Net losses (gains) on funds withheld reinsurance | (130.3 | ) | (1,168.7 | ) | ||||
Interest credited on other contract holder funds, gross | 440.0 | 751.6 | ||||||
Mortality, expense and surrender charges | (280.0 | ) | (308.7 | ) | ||||
Amortization of discount and premium on investments | 27.1 | 16.8 | ||||||
Deferred income tax expense (benefit) | 562.5 | (448.6 | ) | |||||
Share-based compensation | 0— | 0— | ||||||
Cash received (paid to) from reinsurance transaction | — | (31.7 | ) | |||||
Change in: | ||||||||
Accrued investment income | 38.8 | 17.8 | ||||||
Deferred acquisition costs and sales inducements | 148.4 | (269.4 | ) | |||||
Other assets and liabilities, net | (1,120.4 | ) | 1,033.0 | |||||
Net cash provided by (used in) operating activities | 2,147.4 | 1,401.6 | ||||||
Cash flows from investing activities: | ||||||||
Sales, maturities and repayments of: | ||||||||
Debt securities | 10,325.4 | 17,412.7 | ||||||
Equity securities | 24.5 | 24.8 | ||||||
Mortgage loans | 681.7 | 792.5 | ||||||
Purchases of: | ||||||||
Debt securities | (5,501.6 | ) | (17,020.0 | ) | ||||
Equity securities | (51.4 | ) | (16.1 | ) | ||||
Mortgage loans | (1,556.5 | ) | (689.8 | ) | ||||
Settlements related to derivatives and collateral on investments | (2,947.7 | ) | 2,302.2 | |||||
Other investing activities | (394.4 | ) | 2,430.3 | |||||
Net cash provided by (used in) investing activities | 580.0 | 5,236.6 | ||||||
Cash flows from financing activities: | ||||||||
Policyholders’ account balances: | ||||||||
Deposits | 9,758.5 | 10,008.8 | ||||||
Withdrawals | (15,184.1 | ) | (11,224.4 | ) | ||||
Net transfers to separate accounts | 1,191.3 | 1,790.5 | ||||||
Net proceeds from (payments on) borrowings | 1,157.1 | — | ||||||
Net proceeds from (payments on) Federal Home Loan Bank notes | (130.0 | ) | (300.1 | ) | ||||
Net proceeds from (payments on) borrowings | (4.3 | ) | (36.5 | ) | ||||
Net cash provided by (used in) financing activities | (3,211.5 | ) | 238.3 | |||||
Net increase (decrease) in cash and cash equivalents | $ | (484.1 | ) | $ | 6,876.5 | |||
Cash and cash equivalents, beginning of period | 2,018.7 | 1,934.5 | ||||||
Total cash and cash equivalents, end of period | $ | 1,534.6 | $ | 8,811.0 | ||||
Supplemental cash flow information | ||||||||
Income taxes paid | $ | 34.1 | $ | 38.9 | ||||
Interest paid | $ | 10.0 | $ | 47.7 | ||||
Non-cash investing activities | ||||||||
Debt securities acquired from exchanges, payments-in-kind, and similar transactions | $ | 116.6 | $ | 193.5 | ||||
Other invested assets acquired from stock splits and stock distributions | $ | 98.8 | $ | 4.1 |
Percent of Total Debt Securities Carrying Value June 30, 2021 | ||||||||
AA | 9.2% | |||||||
BBB | 39.1% | |||||||
BB | 3.4% | |||||||
B and below | ||||||||
Below investment grade | ||||||||
Total debt securities | ||||||||
100.0% |
Allowance | Gross | Gross | |||||||||||||||||||||||||||||||||
Amortized | for | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||||||
September 30, 2021 | Cost (1) | Credit Loss | Gains | Losses | Value | ||||||||||||||||||||||||||||||
U.S. government securities | $ | 4,792.9 | $ | — | $ | 83.0 | $ | 412.9 | $ | 4,463.0 | |||||||||||||||||||||||||
Other government securities | 1,440.6 | — | 142.3 | 20.9 | 1,562.0 | ||||||||||||||||||||||||||||||
Public utilities | 5,830.7 | — | 711.4 | 20.8 | 6,521.3 | ||||||||||||||||||||||||||||||
Corporate securities | 29,964.7 | — | 2,043.9 | 239.0 | 31,769.6 | ||||||||||||||||||||||||||||||
Residential mortgage-backed | 753.2 | 2.0 | 59.6 | 1.9 | 808.9 | ||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,686.1 | — | 152.4 | 3.6 | 2,834.9 | ||||||||||||||||||||||||||||||
Other asset-backed securities | 5,731.2 | 7.4 | 92.6 | 18.6 | 5,797.8 | ||||||||||||||||||||||||||||||
Total debt securities | $ | 51,199.4 | $ | 9.4 | $ | 3,285.2 | $ | 717.7 | $ | 53,757.5 | |||||||||||||||||||||||||
Allowance | Gross | Gross | |||||||||||||||||||||||||||||||||
Amortized | for | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||||||
December 31, 2020 | Cost (1) | Credit Loss | Gains | Losses | Value | ||||||||||||||||||||||||||||||
U.S. government securities | $ | 5,078.9 | $ | — | $ | 162.0 | $ | 114.9 | $ | 5,126.0 | |||||||||||||||||||||||||
Other government securities | 1,497.1 | — | 200.6 | 0.8 | 1,696.9 | ||||||||||||||||||||||||||||||
Public utilities | 6,270.4 | — | 1,029.2 | 1.9 | 7,297.7 | ||||||||||||||||||||||||||||||
Corporate securities | 33,180.3 | — | 3,301.6 | 41.9 | 36,440.0 | ||||||||||||||||||||||||||||||
Residential mortgage-backed | 911.7 | — | 74.4 | 1.2 | 984.9 | ||||||||||||||||||||||||||||||
Commercial mortgage-backed | 3,077.6 | — | 248.5 | 3.5 | 3,322.6 | ||||||||||||||||||||||||||||||
Other asset-backed securities | 5,507.4 | 13.6 | 100.2 | 4.7 | 5,589.3 | ||||||||||||||||||||||||||||||
Total debt securities | $ | 55,523.4 | $ | 13.6 | $ | 5,116.5 | $ | 168.9 | $ | 60,457.4 | |||||||||||||||||||||||||
(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities. |
June 30, 2021 | Amortized Cost (1) | Allowance for Credit Loss | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||
U.S. government securities | $ | 4,783.9 | $ | — | $ | 88.0 | $ | 403.4 | $ | 4,468.5 | ||||||||||
Other government securities | 1,510.5 | — | 152.3 | 13.8 | 1,649.0 | |||||||||||||||
Public utilities | 5,892.8 | — | 770.0 | 16.3 | 6,646.5 | |||||||||||||||
Corporate securities | 29,717.1 | — | 2,307.3 | 179.9 | 31,844.5 | |||||||||||||||
Residential mortgage-backed | 770.5 | 0.8 | 66.6 | 1.7 | 834.6 | |||||||||||||||
Commercial mortgage-backed | 2,702.2 | — | 171.0 | 2.2 | 2,871.0 | |||||||||||||||
Other asset-backed securities | 5,624.4 | 6.0 | 106.4 | 18.1 | 5,706.7 | |||||||||||||||
Total debt securities | $ | 51,001.4 | $ | 6.8 | $ | 3,661.6 | $ | 635.4 | $ | 54,020.8 | ||||||||||
December 31, 2020 | Amortized Cost (1) | Allowance for Credit Loss | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||
U.S. government securities | $ | 5,078.9 | $ | — | $ | 162.0 | $ | 114.9 | $ | 5,126.0 | ||||||||||
Other government securities | 1,497.1 | — | 200.6 | 0.8 | 1,696.9 | |||||||||||||||
Public utilities | 6,270.4 | — | 1,029.2 | 1.9 | 7,297.7 | |||||||||||||||
Corporate securities | 33,180.3 | — | 3,301.6 | 41.9 | 36,440.0 | |||||||||||||||
Residential mortgage-backed | 911.7 | — | 74.4 | 1.2 | 984.9 | |||||||||||||||
Commercial mortgage-backed | 3,077.6 | — | 248.5 | 3.5 | 3,322.6 | |||||||||||||||
Other asset-backed securities | 5,507.4 | 13.6 | 100.2 | 4.7 | 5,589.3 | |||||||||||||||
Total debt securities | $ | 55,523.4 | $ | 13.6 | $ | 5,116.5 | $ | 168.9 | $ | 60,457.4 | ||||||||||
Allowance | Gross | Gross | |||||||||||||||||||||||||||||||||||||||||||||||
Amortized (1) | for | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Amortized (1) Cost | Allowance for Credit Loss | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Credit Loss | Gains | Losses | |||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | $ | 1,032.4 | $ | — | $ | 19.1 | $ | — | $ | 1,051.5 | Due in 1 year or less | $ | 1,069.8 | $ | — | $ | 18.7 | $ | — | $ | 1,088.5 | ||||||||||||||||||||||||||||
Due after 1 year through 5 years | 8,414.3 | — | 542.2 | 18.4 | 8,938.1 | Due after 1 year through 5 years | 8,537.8 | — | 506.7 | 17.2 | 9,027.3 | ||||||||||||||||||||||||||||||||||||||
Due after 5 years through 10 years | 16,976.7 | — | 1,111.9 | 68.9 | 18,019.7 | Due after 5 years through 10 years | 14,322.0 | — | 962.0 | 85.9 | 15,198.1 | ||||||||||||||||||||||||||||||||||||||
Due after 10 years through 20 years | 5,810.1 | — | 946.3 | 169.9 | 6,586.5 | Due after 10 years through 20 years | 8,536.1 | — | 878.8 | 184.4 | 9,230.5 | ||||||||||||||||||||||||||||||||||||||
Due after 20 years | 9,670.8 | — | 698.1 | 356.2 | 10,012.7 | Due after 20 years | 9,563.2 | — | 614.4 | 406.1 | 9,771.5 | ||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 770.5 | 0.8 | 66.6 | 1.7 | 834.6 | Residential mortgage-backed | 753.2 | 2.0 | 59.6 | 1.9 | 808.9 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2,702.2 | — | 171.0 | 2.2 | 2,871.0 | Commercial mortgage-backed | 2,686.1 | — | 152.4 | 3.6 | 2,834.9 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 5,624.4 | 6.0 | 106.4 | 18.1 | 5,706.7 | Other asset-backed securities | 5,731.2 | 7.4 | 92.6 | 18.6 | 5,797.8 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 51,001.4 | $ | 6.8 | $ | 3,661.6 | $ | 635.4 | $ | 54,020.8 | Total | $ | 51,199.4 | $ | 9.4 | $ | 3,285.2 | $ | 717.7 | $ | 53,757.5 | ||||||||||||||||||||||||||||
June 30, 2021 | Amortized Cost (1) | Allowance for Credit Loss | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||
Prime | $ | 248.2 | $ | 0.7 | $ | 14.0 | $ | 1.0 | $ | 260.5 | ||||||||||
Alt-A | 108.2 | 0.1 | 25.7 | 0.2 | 133.6 | |||||||||||||||
Subprime | 49.4 | — | 14.9 | — | 64.3 | |||||||||||||||
Total non-agency RMBS | $ | 405.8 | $ | 0.8 | $ | 54.6 | $ | 1.2 | $ | 458.4 | ||||||||||
December 31, 2020 | Amortized Cost (1) | Allowance for Credit Loss | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||
Prime | $ | 287.4 | $ | — | $ | 17.1 | $ | 0.7 | $ | 303.8 | ||||||||||
Alt-A | 122.9 | — | 25.6 | 0.3 | 148.2 | |||||||||||||||
Subprime | 61.0 | — | 13.9 | 0.2 | 74.7 | |||||||||||||||
Total non-agency RMBS | $ | 471.3 | $ | — | $ | 56.6 | $ | 1.2 | $ | 526.7 | ||||||||||
Allowance | Gross | Gross | ||||||||||||||||||||||||||||||
Amortized | for | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||
September 30, 2021 | Cost (1) | Credit Loss | Gains | Losses | Value | |||||||||||||||||||||||||||
Prime | $ | 255.6 | $ | 1.6 | $ | 12.5 | $ | 1.0 | $ | 265.5 | ||||||||||||||||||||||
Alt-A | 101.4 | 0.4 | 22.8 | 0.2 | 123.6 | |||||||||||||||||||||||||||
Subprime | 43.2 | — | 13.4 | — | 56.6 | |||||||||||||||||||||||||||
Total non-agency RMBS | $ | 400.2 | $ | 2.0 | $ | 48.7 | $ | 1.2 | $ | 445.7 | ||||||||||||||||||||||
Allowance | Gross | Gross | ||||||||||||||||||||||||||||||
Amortized | for | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||
December 31, 2020 | Cost (1) | Credit Loss | Gains | Losses | Value | |||||||||||||||||||||||||||
Prime | $ | 287.4 | $ | — | $ | 17.1 | $ | 0.7 | $ | 303.8 | ||||||||||||||||||||||
Alt-A | 122.9 | — | 25.6 | 0.3 | 148.2 | |||||||||||||||||||||||||||
Subprime | 61.0 | — | 13.9 | 0.2 | 74.7 | |||||||||||||||||||||||||||
Total non-agency RMBS | $ | 471.3 | $ | — | $ | 56.6 | $ | 1.2 | $ | 526.7 | ||||||||||||||||||||||
(1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option and trading securities. |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Less than 12 months | Less than 12 months | |||||||||||||||||||||||||||||||||||||
Gross | Fair Value | Gross | Fair Value | |||||||||||||||||||||||||||||||||||
Unrealized | # of | Unrealized | # of | |||||||||||||||||||||||||||||||||||
Losses | securities | Losses | securities | |||||||||||||||||||||||||||||||||||
U.S. government securities | $ | 1.3 | $ | 134.5 | 20 | $ | 114.9 | $ | 3,944.7 | 7 | ||||||||||||||||||||||||||||
Other government securities | 12.9 | 272.8 | 31 | 0.8 | 89.4 | 7 | ||||||||||||||||||||||||||||||||
Public utilities | 15.2 | 535.2 | 70 | 1.8 | 146.5 | 8 | ||||||||||||||||||||||||||||||||
Corporate securities | 183.0 | 5,526.3 | 626 | 41.5 | 1,391.1 | 161 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1.8 | 186.8 | 96 | 1.2 | 35.4 | 28 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 2.8 | 167.8 | 22 | 3.2 | 151.9 | 13 | ||||||||||||||||||||||||||||||||
Other asset-backed securities | 18.5 | 1,880.3 | 260 | 1.4 | 796.4 | 91 | ||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 235.5 | $ | 8,703.7 | 1,125 | $ | 164.8 | $ | 6,555.4 | 315 | ||||||||||||||||||||||||||||
12 months or longer | 12 months or longer | |||||||||||||||||||||||||||||||||||||
Gross | Fair Value | Gross | Fair Value | |||||||||||||||||||||||||||||||||||
Unrealized | # of | Unrealized | # of | |||||||||||||||||||||||||||||||||||
Losses | securities | Losses | securities | |||||||||||||||||||||||||||||||||||
U.S. government securities | $ | 411.5 | $ | 3,335.3 | 6 | $ | — | $ | — | — | ||||||||||||||||||||||||||||
Other government securities | 8.0 | 52.4 | 6 | — | — | — | ||||||||||||||||||||||||||||||||
Public utilities | 5.7 | 62.2 | 5 | — | — | — | ||||||||||||||||||||||||||||||||
Corporate securities | 56.0 | 604.7 | 64 | 0.5 | 2.9 | 3 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed | 0.1 | 3.3 | 12 | — | 1.8 | 4 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 0.8 | 40.2 | 4 | 0.3 | 9.7 | 1 | ||||||||||||||||||||||||||||||||
Other asset-backed securities | 0.1 | 13.0 | 3 | 3.3 | 29.8 | 4 | ||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 482.2 | $ | 4,111.1 | 100 | $ | 4.1 | $ | 44.2 | 12 | ||||||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||||||||
Gross | Fair Value | Gross | Fair Value | |||||||||||||||||||||||||||||||||||
Unrealized | # of | Unrealized | # of | |||||||||||||||||||||||||||||||||||
Losses | securities | Losses | securities | |||||||||||||||||||||||||||||||||||
U.S. government securities | $ | 412.8 | $ | 3,469.8 | 26 | $ | 114.9 | $ | 3,944.7 | 7 | ||||||||||||||||||||||||||||
Other government securities | 20.9 | 325.2 | 37 | 0.8 | 89.4 | 7 | ||||||||||||||||||||||||||||||||
Public utilities | 20.9 | 597.4 | 75 | 1.8 | 146.5 | 8 | ||||||||||||||||||||||||||||||||
Corporate securities (1) | 239.0 | 6,131.0 | 690 | 42.0 | 1,394.0 | 164 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1.9 | 190.1 | 108 | 1.2 | 37.2 | 32 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 3.6 | 208.0 | 26 | 3.5 | 161.6 | 14 | ||||||||||||||||||||||||||||||||
Other asset-backed securities | 18.6 | 1,893.3 | 263 | 4.7 | 826.2 | 95 | ||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 717.7 | $ | 12,814.8 | 1,225 | $ | 168.9 | $ | 6,599.6 | 327 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||
Less than 12 months | Less than 12 months | |||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | # of securities | Gross Unrealized Losses | Fair Value | # of securities | |||||||||||||||||||
U.S. government securities | $ | 403.4 | $ | 3,407.2 | 20 | $ | 114.9 | $ | 3,944.7 | 7 | ||||||||||||||
Other government securities | 13.8 | 231.0 | 25 | 0.8 | 89.4 | 7 | ||||||||||||||||||
Public utilities | 16.3 | 436.8 | 56 | 1.8 | 146.5 | 8 | ||||||||||||||||||
Corporate securities | 173.7 | 4,499.6 | 438 | 41.5 | 1,391.1 | 161 | ||||||||||||||||||
Residential mortgage-backed | 1.6 | 137.0 | 78 | 1.2 | 35.4 | 28 | ||||||||||||||||||
Commercial mortgage-backed | 2.2 | 162.5 | 15 | 3.2 | 151.9 | 13 | ||||||||||||||||||
Other asset-backed securities | 10.4 | 1,150.2 | 157 | 1.4 | 796.4 | 91 | ||||||||||||||||||
Total temporarily impaired securities | $ | 621.4 | $ | 10,024.3 | 789 | $ | 164.8 | $ | 6,555.4 | 315 | ||||||||||||||
12 months or longer | 12 months or longer | |||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | # of securities | Gross Unrealized Losses | Fair Value | # of securities | |||||||||||||||||||
U.S. government securities | $ | — | $ | — | — | $ | — | $ | — | — | ||||||||||||||
Other government securities | — | — | — | — | — | — | ||||||||||||||||||
Public utilities | — | 0.5 | 2 | — | — | — | ||||||||||||||||||
Corporate securities | 6.2 | 164.9 | 23 | 0.5 | 2.9 | 3 | ||||||||||||||||||
Residential mortgage-backed | 0.1 | 3.0 | 11 | — | 1.8 | 4 | ||||||||||||||||||
Commercial mortgage-backed | — | 19.9 | 2 | 0.3 | 9.7 | 1 | ||||||||||||||||||
Other asset-backed securities | 7.7 | 19.3 | 4 | 3.3 | 29.8 | 4 | ||||||||||||||||||
Total temporarily impaired securities | $ | 14.0 | $ | 207.6 | 42 | $ | 4.1 | $ | 44.2 | 12 | ||||||||||||||
Total | Total | |||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | # of securities | Gross Unrealized Losses | Fair Value | # of securities | |||||||||||||||||||
U.S. government securities | $ | 403.4 | $ | 3,407.2 | 20 | $ | 114.9 | $ | 3,944.7 | 7 | ||||||||||||||
Other government securities | 13.8 | 231.0 | 25 | 0.8 | 89.4 | 7 | ||||||||||||||||||
Public utilities | 16.3 | 437.3 | 58 | 1.8 | 146.5 | 8 | ||||||||||||||||||
Corporate securities (1) | 179.9 | 4,664.5 | 453 | 42.0 | 1,394.0 | 164 | ||||||||||||||||||
Residential mortgage-backed | 1.7 | 140.0 | 89 | 1.2 | 37.2 | 32 | ||||||||||||||||||
Commercial mortgage-backed | 2.2 | 182.4 | 16 | 3.5 | 161.6 | 14 | ||||||||||||||||||
Other asset-backed securities | 18.1 | 1,169.5 | 161 | 4.7 | 826.2 | 95 | ||||||||||||||||||
Total temporarily impaired securities | $ | 635.4 | $ | 10,231.9 | 822 | $ | 168.9 | $ | 6,599.6 | 327 | ||||||||||||||
Three Months Ended June 30, 2021 | US government securities | Other government securities | Public utilities | Corporate securities | Residential mortgage- backed | Commercial mortgage- backed | Other asset- backed securities | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2021 | $ | — | $ | — | $ | — | $ | — | $ | 0.7 | $ | — | $ | 4.2 | $ | 4.9 | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2021 | US government securities | Other government securities | Public utilities | Corporate securities | Residential mortgage-backed | Commercial mortgage-backed | Other asset-backed securities | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2021 | Balance at July 1, 2021 | $ | — | $ | — | $ | — | $ | — | $ | 0.8 | $ | — | $ | 6.0 | $ | 6.8 | |||||||||||||||||||||||||||||||||||||||||
Additions for which credit loss was not previously recorded | — | — | — | — | 0.5 | — | — | 0.5 | Additions for which credit loss was not previously recorded | — | 0.7 | — | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||
Changes for securities with previously recorded credit loss | — | — | — | — | (0.4 | ) | — | 1.8 | 1.4 | Changes for securities with previously recorded credit loss | — | 0.6 | — | 17.1 | 17.7 | |||||||||||||||||||||||||||||||||||||||||||
Additions for purchases of PCD debt securities (1) | — | — | — | — | — | — | — | — | Additions for purchases of PCD debt securities (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reductions from charge-offs | — | — | — | — | — | — | — | — | Reductions from charge-offs | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reductions for securities disposed | — | — | — | — | — | — | — | — | Reductions for securities disposed | — | (0.1) | — | (15.7) | (15.8) | ||||||||||||||||||||||||||||||||||||||||||||
Securities intended/required to be sold before recovery of amortized cost basis | — | — | — | — | — | — | — | — | Securities intended/required to be sold before recovery of amortized cost basis | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 (2) | $ | — | $ | — | $ | — | $ | — | $ | 0.8 | $ | — | $ | 6.0 | $ | 6.8 | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 (2) | Balance at September 30, 2021 (2) | $ | — | $ | — | $ | — | $ | — | $ | 2.0 | $ | — | $ | 7.4 | $ | 9.4 |
Three Months Ended June 30, 2020 | US government securities | Other government securities | Public utilities | Corporate securities | Residential mortgage- backed | Commercial mortgage- backed | Other asset- backed securities | Total | ||||||||||||||||||||||||
Balance at April 1, 2020 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Additions for which credit loss was not previously recorded | — | — | — | — | 0.3 | — | 17.2 | 17.5 | ||||||||||||||||||||||||
Changes for securities with previously recorded credit loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Additions for purchases of PCD debt securities (1) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reductions from charge-offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reductions for securities disposed | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Securities intended/required to be sold before recovery of amortized cost basis | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Balance at June 30, 2020 (2) | $ | — | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | 17.2 | $ | 17.5 | ||||||||||||||||
Three Months Ended September 30, 2020 | US government securities | Other government securities | Public utilities | Corporate securities | Residential mortgage-backed | Commercial mortgage-backed | Other asset-backed securities | Total | ||||||||||||||||||
Balance at July 1, 2020 | $ | — | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | 17.2 | $ | 17.5 | ||||||||||
Additions for which credit loss was not previously recorded | — | — | — | — | — | — | — | — | ||||||||||||||||||
Changes for securities with previously recorded credit loss | — | — | — | — | (0.3) | — | 0.2 | (0.1) | ||||||||||||||||||
Additions for purchases of PCD debt securities (1) | — | — | — | — | — | — | — | — | ||||||||||||||||||
Reductions from charge-offs | — | — | — | — | — | — | — | — | ||||||||||||||||||
Reductions for securities disposed | — | — | — | — | — | — | — | — | ||||||||||||||||||
Securities intended/required to be sold before recovery of amortized cost basis | — | — | — | — | — | — | — | — | ||||||||||||||||||
Balance at September 30, 2020 (2) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17.4 | $ | 17.4 |
Nine Months Ended September 30, 2021 | US government securities | Other government securities | Public utilities | Corporate securities | Residential mortgage-backed | Commercial mortgage-backed | Other asset-backed securities | Total | ||||||||||||||||||
Balance at January 1, 2021 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13.6 | $ | 13.6 | ||||||||||
Additions for which credit loss was not previously recorded | — | — | — | — | 1.9 | — | — | 1.9 | ||||||||||||||||||
Changes for securities with previously recorded credit loss | — | — | — | — | 0.2 | — | 9.5 | 9.7 | ||||||||||||||||||
Additions for purchases of PCD debt securities (1) | — | — | — | — | — | — | — | — | ||||||||||||||||||
Reductions from charge-offs | — | — | — | — | — | — | — | — | ||||||||||||||||||
Reductions for securities disposed | — | — | — | — | (0.1) | — | (15.7) | (15.8) | ||||||||||||||||||
Securities intended/required to be sold before recovery of amortized cost basis | — | — | — | — | — | — | — | — | ||||||||||||||||||
Balance at September 30, 2021 (2) | $ | — | $ | — | $ | — | $ | — | $ | 2.0 | $ | — | $ | 7.4 | $ | 9.4 | ||||||||||
Nine Months Ended September 30, 2020 | US government securities | Other government securities | Public utilities | Corporate securities | Residential mortgage-backed | Commercial mortgage-backed | Other asset-backed securities | Total | ||||||||||||||||||
Balance at January 1, 2020 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Additions for which credit loss was not previously recorded | — | — | — | — | 0.3 | — | 17.2 | 17.5 | ||||||||||||||||||
Changes for securities with previously recorded credit loss | — | — | — | — | (0.3) | — | 0.2 | (0.1) | ||||||||||||||||||
Additions for purchases of PCD debt securities (1) | — | — | — | — | — | — | — | — | ||||||||||||||||||
Reductions from charge-offs | — | — | — | — | — | — | — | — | ||||||||||||||||||
Reductions for securities disposed | — | — | — | — | — | — | — | — | ||||||||||||||||||
Securities intended/required to be sold before recovery of amortized cost basis | — | — | — | — | — | — | — | — | ||||||||||||||||||
Balance at September 30, 2020 (2) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 17.4 | $ | 17.4 | ||||||||||
Six Months Ended June 30, 2021 | US government securities | Other government securities | Public utilities | Corporate securities | Residential mortgage- backed | Commercial mortgage- backed | Other asset- backed securities | Total | ||||||||||||||||||||||||
Balance at January 1, 2021 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13.6 | $ | 13.6 | ||||||||||||||||
Additions for which credit loss was not previously recorded | — | — | — | — | 1.2 | — | — | 1.2 | ||||||||||||||||||||||||
Changes for securities with previously recorded credit loss | — | — | — | — | (0.4 | ) | — | (7.6 | ) | (8.0 | ) | |||||||||||||||||||||
Additions for purchases of PCD debt securities (1) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reductions from charge-offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reductions for securities disposed | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Securities intended/required to be sold before recovery of amortized cost basis | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Balance at June 30, 2021 (2) | $ | — | $ | — | $ | — | $ | — | $ | 0.8 | $ | — | $ | 6.0 | $ | 6.8 | ||||||||||||||||
Six Months Ended June 30, 2020 | US government securities | Other government securities | Public utilities | Corporate securities | Residential mortgage- backed | Commercial mortgage- backed | Other asset- backed securities | Total | ||||||||||||||||||||||||
Balance at January 1, 2020 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Additions for which credit loss was not previously recorded | — | — | — | — | 0.3 | — | 17.2 | 17.5 | ||||||||||||||||||||||||
Changes for securities with previously recorded credit loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Additions for purchases of PCD debt securities (1) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reductions from charge-offs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reductions for securities disposed | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Securities intended/required to be sold before recovery of amortized cost basis | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Balance at June 30, 2020 (2) | $ | — | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | 17.2 | $ | 17.5 | ||||||||||||||||
(2) | Accrued interest receivable on debt securities totaled |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Debt securities | $ | 277.2 | $ | 404.6 | $ | 600.5 | $ | 921.9 | Debt securities | $ | 271.7 | $ | 416.8 | $ | 872.2 | $ | 1,338.7 | ||||||||||||||||||||||
Equity securities | 7.0 | 1.7 | 6.6 | (13.7 | ) | Equity securities | (0.2) | 0.4 | 6.4 | (13.3) | |||||||||||||||||||||||||||||
Mortgage loans | 80.3 | 91.1 | 162.1 | 201.7 | Mortgage loans | 79.4 | 83.6 | 241.5 | 285.3 | ||||||||||||||||||||||||||||||
Policy loans | 17.0 | 17.1 | 35.7 | 37.9 | Policy loans | 19.8 | 21.8 | 55.5 | 59.7 | ||||||||||||||||||||||||||||||
Limited partnerships | 150.0 | (168.8 | ) | 392.9 | (139.3 | ) | Limited partnerships | 192.7 | 113.3 | 585.6 | (26.0) | ||||||||||||||||||||||||||||
Other investment income | 4.6 | 6.6 | 8.1 | 17.7 | Other investment income | 1.8 | 3.9 | 9.9 | 21.6 | ||||||||||||||||||||||||||||||
Total investment income excluding funds withheld assets | 536.1 | 352.3 | 1,205.9 | 1,026.2 | Total investment income excluding funds withheld assets | 565.2 | 639.8 | 1,771.1 | 1,666.0 | ||||||||||||||||||||||||||||||
Net investment income on funds withheld assets (see Note 7) | 293.8 | 144.2 | 584.9 | 228.9 | Net investment income on funds withheld assets (see Note 7) | 299.6 | 277.1 | 884.5 | 506.0 | ||||||||||||||||||||||||||||||
Investment expenses: | Investment expenses: | ||||||||||||||||||||||||||||||||||||||
Derivative trading commission | (0.5 | ) | (1.5 | ) | (1.3 | ) | (3.1 | ) | Derivative trading commission | (0.9) | (1.1) | (2.2) | (4.2) | ||||||||||||||||||||||||||
Depreciation on real estate | (2.0 | ) | (2.8 | ) | (4.8 | ) | (5.5 | ) | Depreciation on real estate | (3.6) | (2.7) | (8.4) | (8.2) | ||||||||||||||||||||||||||
Expenses related to consolidated entities (1) | (9.0 | ) | (11.1 | ) | (16.6 | ) | (20.3 | ) | Expenses related to consolidated entities (1) | (7.5) | (9.1) | (24.1) | (29.4) | ||||||||||||||||||||||||||
Other investment expenses (2) | (22.5 | ) | (44.7 | ) | (44.5 | ) | (2.0 | ) | Other investment expenses (2) | (0.8) | (22.6) | (45.3) | (24.6) | ||||||||||||||||||||||||||
Total investment expenses | $ | (34.0 | ) | $ | (60.1 | ) | (67.2 | ) | (30.9 | ) | Total investment expenses | (12.8) | (35.5) | (80.0) | (66.4) | ||||||||||||||||||||||||
Net investment income | $ | 795.9 | $ | 436.4 | $ | 1,723.6 | $ | 1,224.2 | Net investment income | $ | 852.0 | $ | 881.4 | $ | 2,575.6 | $ | 2,105.6 | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||
Realized gains on sale | $ | 28.3 | $ | 99.2 | $ | 149.1 | $ | 519.2 | ||||||||||||||||||
Realized losses on sale | (1.3) | (2.7) | (59.0) | (186.4) | ||||||||||||||||||||||
Credit loss income (expense) | (17.4) | (0.3) | (10.2) | (17.4) | ||||||||||||||||||||||
Gross impairments | (0.1) | (0.2) | (0.1) | (26.6) | ||||||||||||||||||||||
Credit loss income (expense) on mortgage loans | 13.5 | (31.9) | 61.9 | (65.8) | ||||||||||||||||||||||
Other (1) | 13.4 | (41.1) | 62.2 | (38.8) | ||||||||||||||||||||||
Net gains (losses) excluding derivatives and funds withheld assets | 36.4 | 23.0 | 203.9 | 184.2 | ||||||||||||||||||||||
Net gains (losses) on derivative instruments (see Note 4) | (1,300.5) | (2,149.4) | (1,413.4) | (5,492.2) | ||||||||||||||||||||||
Net gains (losses) on funds withheld reinsurance treaties (see Note 7) | (115.2) | (378.4) | 15.1 | 790.3 | ||||||||||||||||||||||
Total net gains (losses) on derivatives and investments | $ | (1,379.3) | $ | (2,504.8) | $ | (1,194.4) | $ | (4,517.7) | ||||||||||||||||||
(1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Available-for-sale | ||||||||||||||||
Realized gains on sale | $ | 95.7 | $ | 358.3 | $ | 120.8 | $ | 420.0 | ||||||||
Realized losses on sale | (51.7 | ) | (57.7 | ) | (57.7 | ) | (183.7 | ) | ||||||||
Credit loss income (expense) | (1.4 | ) | 0.4 | 7.2 | (17.1 | ) | ||||||||||
Gross impairments | — | (1.0 | ) | — | (26.4 | ) | ||||||||||
Credit loss income (expense) on mortgage loans | (10.1 | ) | 14.6 | 48.4 | (33.9 | ) | ||||||||||
Other (1) | (17.5 | ) | (48.8 | ) | 48.8 | 2.3 | ||||||||||
Net gains (losses) excluding derivatives and funds withheld assets | 15.0 | 265.8 | 167.5 | 161.2 | ||||||||||||
Net gains (losses) on derivative instruments (see Note 4) | (1,768.3 | ) | (5,890.5 | ) | (112.9 | ) | (3,342.8 | ) | ||||||||
Net gains (losses) on funds withheld reinsurance treaties (see Note 7) | (767.4 | ) | 1,253.4 | 130.3 | 1,168.7 | |||||||||||
Total net gains (losses) on derivatives and investments | $ | (2,520.7 | ) | $ | (4,371.3 | ) | $ | 184.9 | $ | (2,012.9 | ) | |||||
September 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Debt securities, available for sale | $ | 1,350.7 | $ | 1,108.9 | |||||||
Debt securities, trading | 117.9 | 105.7 | |||||||||
Equity securities | 128.9 | 125.8 | |||||||||
Limited partnerships | 1,118.2 | 958.7 | |||||||||
Cash | 46.3 | 57.1 | |||||||||
Other assets | 23.8 | 10.2 | |||||||||
Total assets | $ | 2,785.8 | $ | 2,366.4 | |||||||
Liabilities | |||||||||||
Debt owed to non-controlling interests | $ | 1,006.4 | $ | 943.7 | |||||||
Other liabilities | 355.2 | 200.5 | |||||||||
Total other liabilities | 1,361.6 | 1,144.2 | |||||||||
Securities lending payable | 3.3 | 1.0 | |||||||||
Total liabilities | $ | 1,364.9 | $ | 1,145.2 | |||||||
Equity | |||||||||||
Noncontrolling equity | $ | 597.9 | $ | 493.6 |
June 30, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Debt securities, available for sale | $ | 1,267.6 | $ | 1,108.9 | ||||
Debt securities, trading | 114.7 | 105.7 | ||||||
Equity securities | 121.9 | 125.8 | ||||||
Limited partnerships | 1,126.2 | 958.7 | ||||||
Cash | 57.5 | 57.1 | ||||||
Other assets | 14.8 | 10.2 | ||||||
Total assets | $ | 2,702.7 | $ | 2,366.4 | ||||
Liabilities | ||||||||
Debt owed to non-controlling interests | $ | 1,013.6 | $ | 943.7 | ||||
Other liabilities | 276.0 | 200.5 | ||||||
Total other liabilities | 1,289.6 | 1,144.2 | ||||||
Securities lending payable | — | 1.0 | ||||||
Total liabilities | $ | 1,289.6 | $ | 1,145.2 | ||||
Equity | ||||||||
Noncontrolling equity | $ | 599.1 | $ | 493.6 | ||||
Three Months Ended September 30, 2021 | Apartment | Hotel | Office | Retail | Warehouse | Residential Mortgage (2) | Total | ||||||||||||||||
Balance at July 1, 2021 | $ | 26.7 | $ | 33.0 | $ | 19.7 | $ | 22.7 | $ | 11.8 | $ | 21.4 | $ | 135.3 | |||||||||
Charge offs, net of recoveries | — | — | — | — | — | — | — | ||||||||||||||||
Additions from purchase of PCD | |||||||||||||||||||||||
mortgage loans | — | — | — | — | — | — | — | ||||||||||||||||
Provision | (5.4) | (17.5) | 3.0 | (6.8) | (1.2) | (11.0) | (38.9) | ||||||||||||||||
Balance at September 30, 2021 (1) | $ | 21.3 | $ | 15.5 | $ | 22.7 | $ | 15.9 | $ | 10.6 | $ | 10.4 | $ | 96.4 |
Three Months Ended June 30, 2021 | Apartment | Hotel | Office | Retail | Warehouse | Residential Mortgage (2) | Total | |||||||||||||||||||||
Balance at April 1, 2021 | $ | 26.7 | $ | 22.1 | $ | 16.3 | $ | 15.0 | $ | 13.3 | $ | 20.3 | $ | 113.7 | ||||||||||||||
Charge offs, net of recoveries | — | — | — | — | — | — | — | |||||||||||||||||||||
Additions from purchase of PCD | — | |||||||||||||||||||||||||||
mortgage loans | — | — | — | — | — | — | — | |||||||||||||||||||||
Provision | — | 10.9 | 3.4 | 7.7 | (1.5 | ) | 1.1 | 21.6 | ||||||||||||||||||||
Balance at June 30, 2021 (1) | $ | 26.7 | $ | 33.0 | $ | 19.7 | $ | 22.7 | $ | 11.8 | $ | 21.4 | $ | 135.3 | ||||||||||||||
Three Months Ended June 30, 2020 | Apartment | Hotel | Office | Retail | Warehouse | Total | ||||||||||||||||||
Balance at April 1, 2020 | $ | 51.2 | $ | 8.0 | $ | 14.7 | $ | 21.9 | $ | 23.6 | $ | 119.4 | ||||||||||||
Cumulative effect of change in accounting principle | — | |||||||||||||||||||||||
Charge offs, net of recoveries | — | — | — | — | — | — | ||||||||||||||||||
Additions from purchase of PCD | ||||||||||||||||||||||||
mortgage loans | — | — | — | — | — | — | ||||||||||||||||||
Provision | (17.1 | ) | 3.4 | 7.3 | (3.9 | ) | (4.3 | ) | (14.6 | ) | ||||||||||||||
Balance at June 30, 2020 (1) | $ | 34.1 | $ | 11.4 | $ | 22.0 | $ | 18.0 | $ | 19.3 | $ | 104.8 | ||||||||||||
Six Months Ended June 30, 2021 | Apartment | Hotel | Office | Retail | Warehouse | Residential Mortgage (2) | Total | |||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 57.9 | $ | 33.9 | $ | 24.9 | $ | 24.2 | $ | 23.8 | $ | 14.5 | $ | 179.2 | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2020 | Apartment | Hotel | Office | Retail | Warehouse | Total | |||||||||||||||||||||||||||||||||||||||||
Balance at July 1, 2020 | Balance at July 1, 2020 | $ | 34.1 | $ | 11.4 | $ | 22.0 | $ | 18.0 | $ | 19.3 | $ | 104.8 | |||||||||||||||||||||||||||||||||||
Cumulative effect of change in | Cumulative effect of change in | |||||||||||||||||||||||||||||||||||||||||||||||
accounting principle | accounting principle | 0 | — | |||||||||||||||||||||||||||||||||||||||||||||
Charge offs, net of recoveries | — | — | — | — | — | — | — | Charge offs, net of recoveries | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Additions from purchase of PCD | — | Additions from purchase of PCD | ||||||||||||||||||||||||||||||||||||||||||||||
mortgage loans | — | — | — | — | — | — | — | mortgage loans | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Provision | (31.2 | ) | (0.9 | ) | (5.2 | ) | (1.5 | ) | (12.0 | ) | 6.9 | (43.9 | ) | Provision | 20.0 | 19.8 | 0.2 | 6.1 | 8.1 | 54.2 | ||||||||||||||||||||||||||||
Balance at June 30, 2021 (1) | $ | 26.7 | $ | 33.0 | $ | 19.7 | $ | 22.7 | $ | 11.8 | $ | 21.4 | $ | 135.3 | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 (1) | Balance at September 30, 2020 (1) | $ | 54.1 | $ | 31.2 | $ | 22.2 | $ | 24.1 | $ | 27.4 | $ | 159.0 |
Six Months Ended June 30, 2020 | Apartment | Hotel | Office | Retail | Warehouse | Total | ||||||||||||||||||
Balance at January 1, 2020 | $ | 3.7 | $ | 0.8 | $ | 1.1 | $ | 2.0 | $ | 1.3 | $ | 8.9 | ||||||||||||
Cumulative effect of change in accounting principle | 23.6 | 5.0 | 7.8 | 10.3 | 15.3 | 62.0 | ||||||||||||||||||
Charge offs, net of recoveries | — | — | — | — | — | — | ||||||||||||||||||
Additions from purchase of PCD | ||||||||||||||||||||||||
mortgage loans | — | — | — | — | — | — | ||||||||||||||||||
Provision | 6.8 | 5.6 | 13.1 | 5.7 | 2.7 | 33.9 | ||||||||||||||||||
Balance at June 30, 2020 (1) | $ | 34.1 | $ | 11.4 | $ | 22.0 | $ | 18.0 | $ | 19.3 | $ | 104.8 | ||||||||||||
Nine Months Ended September 30, 2021 | Apartment | Hotel | Office | Retail | Warehouse | Residential Mortgage (2) | Total | ||||||||||||||||
Balance at January 1, 2021 | $ | 57.9 | $ | 33.9 | $ | 24.9 | $ | 24.2 | $ | 23.8 | $ | 14.5 | $ | 179.2 | |||||||||
Charge offs, net of recoveries | — | — | — | — | — | — | — | ||||||||||||||||
Additions from purchase of PCD | |||||||||||||||||||||||
mortgage loans | — | — | — | — | — | — | — | ||||||||||||||||
Provision | (36.6) | (18.4) | (2.2) | (8.3) | (13.2) | (4.1) | (82.8) | ||||||||||||||||
Balance at September 30, 2021 (1) | $ | 21.3 | $ | 15.5 | $ | 22.7 | $ | 15.9 | $ | 10.6 | $ | 10.4 | $ | 96.4 |
Nine Months Ended September 30, 2020 | Apartment | Hotel | Office | Retail | Warehouse | Total | ||||||||||||||
Balance at January 1, 2020 | $ | 3.7 | $ | 0.8 | $ | 1.1 | $ | 2.0 | $ | 1.3 | $ | 8.9 | ||||||||
Cumulative effect of change in | ||||||||||||||||||||
accounting principle | 23.6 | 5.0 | 7.8 | 10.3 | 15.3 | 62.0 | ||||||||||||||
Charge offs, net of recoveries | — | — | — | — | — | — | ||||||||||||||
Additions from purchase of PCD | ||||||||||||||||||||
mortgage loans | — | — | — | — | — | — | ||||||||||||||
Provision | 26.8 | 25.4 | 13.3 | 11.8 | 10.8 | 88.1 | ||||||||||||||
Balance at September 30, 2020 (1) | $ | 54.1 | $ | 31.2 | $ | 22.2 | $ | 24.1 | $ | 27.4 | $ | 159.0 |
(1) Accrued interest receivable totaled |
(2) | During the three and 90 days delinquent or in the process of foreclosure. |
June 30, 2021 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Total | % of Total | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Total | % of Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Loan to value ratios: | Loan to value ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 70% | $ | 1,148.2 | $ | 1,451.3 | $ | 1,441.0 | $ | 1,585.7 | $ | 1,505.2 | $ | 2,872.6 | $ | 4.1 | $ | 10,008.1 | 90 | % | Less than 70% | $ | 1,167.0 | $ | 1,324.8 | $ | 1,347.2 | $ | 1,635.7 | $ | 1,412.7 | $ | 2,764.1 | $ | 4.1 | $ | 9,655.6 | 89 | % | ||||||||||||||||||||||||||||
70% - 80% | 85.0 | 133.1 | 236.7 | 127.0 | 100.2 | 160.9 | — | 842.9 | 8 | % | 70% - 80% | 319.6 | 53.7 | 312.5 | 119.6 | 49.0 | 179.9 | — | 1,034.3 | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||
80% - 100% | — | — | 63.2 | 4.8 | 47.5 | 26.4 | — | 141.9 | 1 | % | 80% - 100% | — | — | 42.9 | 4.8 | 27.4 | 9.6 | — | 84.7 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Greater than 100% | 69.4 | — | 15.0 | — | — | — | — | 84.4 | 1 | % | Greater than 100% | — | — | 14.7 | — | — | — | — | 14.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,302.6 | $ | 1,584.4 | $ | 1,755.9 | $ | 1,717.5 | $ | 1,652.9 | $ | 3,059.9 | $ | 4.1 | $ | 11,077.3 | 100 | % | Total | $ | 1,486.6 | $ | 1,378.5 | $ | 1,717.3 | $ | 1,760.1 | $ | 1,489.1 | $ | 2,953.6 | $ | 4.1 | $ | 10,789.3 | 100 | % | ||||||||||||||||||||||||||||
Debt service coverage ratios: | Debt service coverage ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 1.20x | $ | 796.6 | $ | 1,095.5 | $ | 1,569.5 | $ | 1,400.4 | $ | 1,537.5 | $ | 2,763.3 | $ | 4.1 | $ | 9,166.9 | 83 | % | Greater than 1.20x | $ | 932.5 | $ | 903.0 | $ | 1,601.9 | $ | 1,395.9 | $ | 1,355.4 | $ | 2,689.6 | $ | 4.1 | $ | 8,882.4 | 82 | % | ||||||||||||||||||||||||||||
1.00x - 1.20x | 506.0 | 361.1 | 56.0 | 95.1 | 11.1 | 96.3 | — | 1,125.6 | 10 | % | 1.00x - 1.20x | 554.1 | 346.7 | 96.9 | 90.9 | 11.0 | 69.1 | — | 1,168.7 | 11 | % | ||||||||||||||||||||||||||||||||||||||||||||
Less than 1.00x | — | 127.8 | 130.4 | 222.0 | 104.3 | 200.3 | — | 784.8 | 7 | % | Less than 1.00x | — | 128.8 | 18.5 | 273.3 | 122.7 | 194.9 | — | 738.2 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,302.6 | $ | 1,584.4 | $ | 1,755.9 | $ | 1,717.5 | $ | 1,652.9 | $ | 3,059.9 | $ | 4.1 | $ | 11,077.3 | 100 | % | Total | $ | 1,486.6 | $ | 1,378.5 | $ | 1,717.3 | $ | 1,760.1 | $ | 1,489.1 | $ | 2,953.6 | $ | 4.1 | $ | 10,789.3 | 100 | % | ||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Total | % of Total | |||||||||||||||||||||
Loan to value ratios: | |||||||||||||||||||||||||||||
Less than 70% | $ | 1,346.5 | $ | 1,315.0 | $ | 1,752.8 | $ | 1,678.7 | $ | 1,320.5 | $ | 1,846.3 | $ | 4.0 | $ | 9,263.8 | 90 | % | |||||||||||
70% - 80% | 66.2 | 348.1 | 127.9 | 80.0 | 94.3 | 128.5 | — | 845.0 | 8 | % | |||||||||||||||||||
80% - 100% | — | 91.7 | 4.9 | 46.8 | — | 26.7 | — | 170.1 | 2 | % | |||||||||||||||||||
Greater than 100% | — | — | — | — | — | — | — | — | — | % | |||||||||||||||||||
Total | $ | 1,412.7 | $ | 1,754.8 | $ | 1,885.6 | $ | 1,805.5 | $ | 1,414.8 | $ | 2,001.5 | $ | 4.0 | $ | 10,278.9 | 100 | % | |||||||||||
Debt service coverage ratios: | |||||||||||||||||||||||||||||
Greater than 1.20x | $ | 1,078.4 | $ | 1,601.7 | $ | 1,738.0 | $ | 1,794.4 | $ | 1,408.8 | $ | 1,880.6 | $ | 4.0 | $ | 9,505.9 | 93 | % | |||||||||||
1.00x - 1.20x | 334.3 | 137.9 | 89.7 | 11.1 | — | 88.8 | — | 661.8 | 6 | % | |||||||||||||||||||
Less than 1.00x | — | 15.2 | 57.9 | — | 6.0 | 32.1 | — | 111.2 | 1 | % | |||||||||||||||||||
Total | $ | 1,412.7 | $ | 1,754.8 | $ | 1,885.6 | $ | 1,805.5 | $ | 1,414.8 | $ | 2,001.5 | $ | 4.0 | $ | 10,278.9 | 100 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Total | % of Total | ||||||||||||||||||||||||||||
Loan to value ratios: | ||||||||||||||||||||||||||||||||||||
Less than 70% | $ | 1,346.5 | $ | 1,315.0 | $ | 1,752.8 | $ | 1,678.7 | $ | 1,320.5 | $ | 1,846.3 | $ | 4.0 | $ | 9,263.8 | 90 | % | ||||||||||||||||||
70% - 80% | 66.2 | 348.1 | 127.9 | 80.0 | 94.3 | 128.5 | — | 845.0 | 8 | % | ||||||||||||||||||||||||||
80% - 100% | — | 91.7 | 4.9 | 46.8 | — | 26.7 | — | 170.1 | 2 | % | ||||||||||||||||||||||||||
Greater than 100% | — | — | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||
Total | 1,412.7 | 1,754.8 | 1,885.6 | 1,805.5 | 1,414.8 | 2,001.5 | 4 | 10,278.9 | 1.00 | |||||||||||||||||||||||||||
Debt service coverage ratios: | ||||||||||||||||||||||||||||||||||||
Greater than 1.20x | $ | 1,078.4 | $ | 1,601.7 | $ | 1,738.0 | $ | 1,794.4 | $ | 1,408.8 | $ | 1,880.6 | $ | 4.0 | $ | 9,505.9 | 93 | % | ||||||||||||||||||
1.00x - 1.20x | 334.3 | 137.9 | 89.7 | 11.1 | — | 88.8 | — | 661.8 | 6 | % | ||||||||||||||||||||||||||
Less than 1.00x | — | 15.2 | 57.9 | — | 6.0 | 32.1 | — | 111.2 | 1 | % | ||||||||||||||||||||||||||
Total | $ | 1,412.7 | $ | 1,754.8 | $ | 1,885.6 | $ | 1,805.5 | $ | 1,414.8 | $ | 2,001.5 | $ | 4.0 | $ | 10,278.9 | 100 | % | ||||||||||||||||||
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
In Good Standing (1) | Restructured | Greater than 90 Days Delinquent | In the Process of Foreclosure | Total Carrying Value | In Good Standing (1) | Restructured | Greater than 90 Days Delinquent | In the Process of Foreclosure | Total Carrying Value | |||||||||||||||||||||||||||||||||||||||||||
Apartment | $ | 4,217.3 | $ | — | $ | — | $ | — | $ | 4,217.3 | Apartment | $ | 3,807.8 | $ | — | $ | — | $ | — | $ | 3,807.8 | |||||||||||||||||||||||||||||||
Hotel | 1,043.7 | — | — | — | 1,043.7 | Hotel | 1,052.3 | — | — | — | 1,052.3 | |||||||||||||||||||||||||||||||||||||||||
Office | 1,966.3 | — | — | — | 1,966.3 | Office | 1,942.4 | — | — | — | 1,942.4 | |||||||||||||||||||||||||||||||||||||||||
Retail | 2,132.8 | — | — | — | 2,132.8 | Retail | 2,130.8 | — | — | — | 2,130.8 | |||||||||||||||||||||||||||||||||||||||||
Warehouse | 1,717.2 | — | — | — | 1,717.2 | Warehouse | 1,856.0 | — | — | — | 1,856.0 | |||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 11,077.3 | $ | — | $ | — | $ | — | $ | 11,077.3 | Total commercial | 10,789.3 | — | — | — | 10,789.3 | ||||||||||||||||||||||||||||||||||||
Residential (2) | 495.7 | — | 75.1 | (2) | 1.0 | 571.8 | Residential (2) | 648.2 | — | 291.2 | 2.7 | 942.1 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 11,573.0 | $ | — | $ | 75.1 | $ | 1.0 | $ | 11,649.1 | Total | $ | 11,437.5 | $ | — | $ | 291.2 | $ | 2.7 | $ | 11,731.4 | |||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||
In Good Standing (1) | Restructured | Greater than 90 Days Delinquent | In the Process of Foreclosure | Total Carrying Value | ||||||||||||||||
Apartment | $ | 3,905.3 | $ | — | $ | — | $ | — | $ | 3,905.3 | ||||||||||
Hotel | 882.7 | — | — | — | 882.7 | |||||||||||||||
Office | 1,569.7 | — | — | — | 1,569.7 | |||||||||||||||
Retail | 1,942.4 | — | — | — | 1,942.4 | |||||||||||||||
Warehouse | 1,978.8 | — | — | — | 1,978.8 | |||||||||||||||
Total commercial | $ | 10,278.9 | $ | — | $ | — | $ | — | $ | 10,278.9 | ||||||||||
Residential (2) | 448.6 | — | — | — | 448.6 | |||||||||||||||
Total | $ | 10,727.5 | $ | — | $ | — | $ | — | $ | 10,727.5 | ||||||||||
(1) At September 30, 2021 and December 31, 2020, includes mezzanine loans of $206.1 million and $44.6 million in the Apartment category, $67.7 million and $33.4 million in the Hotel category, $249.3 million and $116.8 million in the Office category, $26.7 million and nil in the Retail category, and $32.2 million and $48.1 million in the Warehouse category, respectively. (2) Includes $286.3 million of loans purchased when the loans were greater than 90 days delinquent and are supported with insurance or other guarantees provided by various governmental programs, and $0.7 million of loans in process of foreclosure. |
4. Derivative Instruments |
September 30, 2021 | |||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||
Contractual/ | Contractual/ | Net | |||||||||||||||||||||
Notional | Fair | Notional | Fair | Fair | |||||||||||||||||||
Amount (1) | Value | Amount (1) | Value | Value | |||||||||||||||||||
Freestanding derivatives | |||||||||||||||||||||||
Cross-currency swaps | $ | 758.8 | $ | 37.4 | $ | 1,008.6 | $ | 34.6 | $ | 2.8 | |||||||||||||
Equity index call options | 20,000.0 | 135.8 | — | — | 135.8 | ||||||||||||||||||
Equity index futures (2) | — | — | 17,329.8 | — | — | ||||||||||||||||||
Equity index put options | 25,000.0 | 339.0 | — | — | 339.0 | ||||||||||||||||||
Interest rate swaps | 7,728.1 | 485.5 | — | — | 485.5 | ||||||||||||||||||
Interest rate swaps - cleared (2) | 1,500.0 | — | — | — | — | ||||||||||||||||||
Put-swaptions | 15,500.0 | 104.8 | 2,500.0 | 4.9 | 99.9 | ||||||||||||||||||
Treasury futures (2) | 3,986.6 | — | 13.9 | — | — | ||||||||||||||||||
Total freestanding derivatives | 74,473.5 | 1,102.5 | 20,852.3 | 39.5 | 1,063.0 | ||||||||||||||||||
Embedded derivatives | |||||||||||||||||||||||
VA embedded derivatives (3) | N/A | — | N/A | 3,091.6 | (3,091.6) | ||||||||||||||||||
FIA embedded derivatives (4) | N/A | — | N/A | 1,439.7 | (1,439.7) | ||||||||||||||||||
Total embedded derivatives | N/A | — | N/A | 4,531.3 | (4,531.3) | ||||||||||||||||||
Derivatives related to funds withheld under reinsurance treaties | |||||||||||||||||||||||
Cross-currency swaps | 94.4 | 6.2 | 63.4 | 0.8 | 5.4 | ||||||||||||||||||
Cross-currency forwards | 915.0 | 33.2 | 5.5 | 0.1 | 33.1 | ||||||||||||||||||
Funds withheld embedded derivative (5) | N/A | — | N/A | 271.7 | (271.7) | ||||||||||||||||||
Total derivatives related to funds withheld under reinsurance treaties | 1,009.4 | 39.4 | 68.9 | 272.6 | (233.2) | ||||||||||||||||||
Total | $ | 75,482.9 | $ | 1,141.9 | $ | 20,921.2 | $ | 4,843.4 | $ | (3,701.5) |
June 30, 2021 | ||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
Contractual/ Notional Amount (1) | Fair Value | Contractual/ Notional Amount (1) | Fair Value | Net Fair Value | ||||||||||||||||
Freestanding derivatives | ||||||||||||||||||||
Cross-currency swaps | $ | 1,113.3 | $ | 45.7 | $ | 654.1 | $ | 34.3 | $ | 11.4 | ||||||||||
Equity index call options | 19,000.0 | 597.6 | — | — | 597.6 | |||||||||||||||
Equity index futures (2) | — | — | 15,900.0 | — | — | |||||||||||||||
Equity index put options | 35,000.0 | 127.2 | — | — | 127.2 | |||||||||||||||
Interest rate swaps | 7,978.1 | 516.5 | — | — | 516.5 | |||||||||||||||
Interest rate swaps - cleared (2) | 1,500.0 | 0 | — | — | 0 | |||||||||||||||
Put-swaptions | 16,000.0 | 179.1 | 2,000.0 | 17.5 | 161.6 | |||||||||||||||
Treasury futures (2) | 1,611.7 | — | 10.6 | — | — | |||||||||||||||
Total freestanding derivatives | 82,203.1 | 1,466.1 | 18,564.7 | 51.8 | 1,414.3 | |||||||||||||||
Embedded derivatives-product liabilities | ||||||||||||||||||||
VA embedded derivatives (3) | N/A | — | N/A | 2,235.7 | (2,235.7 | ) | ||||||||||||||
FIA embedded derivatives (4) | N/A | — | N/A | 1,489.9 | (1,489.9 | ) | ||||||||||||||
Total embedded derivatives | N/A | — | N/A | 3,725.6 | (3,725.6 | ) | ||||||||||||||
Derivatives related to funds withheld under reinsurance treaties | ||||||||||||||||||||
Cross-currency swaps | 73.0 | 3.4 | 84.9 | 3.3 | 0.1 | |||||||||||||||
Cross-currency forwards | 1,039.3 | 13.4 | 76.1 | 0.1 | 13.3 | |||||||||||||||
Funds withheld embedded derivative (5) | N/A | — | N/A | 372.9 | (372.9 | ) | ||||||||||||||
Total derivatives related to funds withheld under reinsurance treaties | 1,112.3 | 16.8 | 161.0 | 376.3 | (359.5 | ) | ||||||||||||||
Total | $ | 83,315.4 | $ | 1,482.9 | $ | 18,725.7 | $ | 4,153.7 | $ | (2,670.8 | ) | |||||||||
(1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. |
(2) | Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. |
(3) | Included within reserves for future policy benefits and claims payable on the condensed consolidated balance sheets. The nonperformance risk adjustment is included in the balance above. |
(4) | Included within other contract holder funds on the condensed consolidated balance sheets. The nonperformance risk adjustment is included in the balance above. |
(5) | Included within funds withheld payable under reinsurance treaties on the condensed consolidated balance sheets. |
December 31, 2020 | |||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||
Contractual/ | Contractual/ | Net | |||||||||||||||||||||
Notional | Fair | Notional | Fair | Fair | |||||||||||||||||||
Amount (1) | Value | Amount (1) | Value | Value | |||||||||||||||||||
Freestanding derivatives | |||||||||||||||||||||||
Cross-currency swaps | $ | 1,228.1 | $ | 93.0 | $ | 516.0 | $ | 34.0 | $ | 59.0 | |||||||||||||
Equity index call options | 26,300.0 | 1,127.3 | — | — | 1,127.3 | ||||||||||||||||||
Equity index futures (2) | — | — | 27,651.0 | — | — | ||||||||||||||||||
Equity index put options | 27,000.0 | 178.0 | — | — | 178.0 | ||||||||||||||||||
Interest rate swaps | 4,250.0 | 721.8 | 500.0 | 0.9 | 720.9 | ||||||||||||||||||
Interest rate swaps - cleared (2) | — | — | 1,500.0 | 8.2 | (8.2) | ||||||||||||||||||
Put-swaptions | 1,000.0 | 99.5 | — | — | 99.5 | ||||||||||||||||||
Treasury futures (2) | 8,520.5 | — | 3.8 | — | — | ||||||||||||||||||
Credit default swaps | 0.5 | — | — | — | — | ||||||||||||||||||
Total freestanding derivatives | 68,299.1 | 2,219.6 | 30,170.8 | 43.1 | 2,176.5 | ||||||||||||||||||
Embedded derivatives | |||||||||||||||||||||||
VA embedded derivatives (3) | N/A | — | N/A | 5,592.1 | (5,592.1) | ||||||||||||||||||
FIA embedded derivatives (4) | N/A | — | N/A | 1,483.9 | (1,483.9) | ||||||||||||||||||
Total embedded derivatives | N/A | — | N/A | 7,076.0 | (7,076.0) | ||||||||||||||||||
Derivatives related to funds withheld under reinsurance treaties | |||||||||||||||||||||||
Cross-currency swaps | 7.4 | — | 100.7 | 5.2 | (5.2) | ||||||||||||||||||
Cross-currency forwards | 75.3 | 0.2 | 668.3 | 8.1 | (7.9) | ||||||||||||||||||
Funds withheld embedded derivative (5) | N/A | — | N/A | 826.6 | (826.6) | ||||||||||||||||||
Total derivatives related to funds withheld under reinsurance treaties | 82.7 | 0.2 | 769.0 | 839.9 | (839.7) | ||||||||||||||||||
Total | $ | 68,381.8 | $ | 2,219.8 | $ | 30,939.8 | $ | 7,959.0 | $ | (5,739.2) |
December 31, 2020 | ||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
Contractual/ Notional Amount (1) | Fair Value | Contractual/ Notional Amount (1) | Fair Value | Net Fair Value | ||||||||||||||||
Freestanding derivatives | ||||||||||||||||||||
Cross-currency swaps | $ | 1,228.1 | $ | 93.0 | $ | 516.0 | $ | 34.0 | $ | 59.0 | ||||||||||
Equity index call options | 26,300.0 | 1,127.3 | — | — | 1,127.3 | |||||||||||||||
Equity index futures (2) | — | — | 27,651.0 | — | — | |||||||||||||||
Equity index put options | 27,000.0 | 178.0 | — | — | 178.0 | |||||||||||||||
Interest rate swaps | 4,250.0 | 721.8 | 500.0 | 0.9 | 720.9 | |||||||||||||||
Interest rate swaps - cleared (2) | — | — | 1,500.0 | 8.2 | (8.2 | ) | ||||||||||||||
Put-swaptions | 1,000.0 | 99.5 | — | — | 99.5 | |||||||||||||||
Treasury futures (2) | 8,520.5 | — | 3.8 | — | — | |||||||||||||||
Credit default swaps | 0.5 | — | — | — | — | |||||||||||||||
Total freestanding derivatives | 68,299.1 | 2,219.6 | 30,170.8 | 43.1 | 2,176.5 | |||||||||||||||
Embedded derivatives | ||||||||||||||||||||
VA embedded derivatives (3) | N/A | — | N/A | 5,592.1 | (5,592.1 | ) | ||||||||||||||
FIA embedded derivatives (4) | N/A | — | N/A | 1,483.9 | (1,483.9 | ) | ||||||||||||||
Total embedded derivatives | N/A | — | N/A | 7,076.0 | (7,076.0 | ) | ||||||||||||||
Derivatives related to funds withheld under reinsurance treaties | ||||||||||||||||||||
Cross-currency swaps | 7.4 | — | 100.7 | 5.2 | (5.2 | ) | ||||||||||||||
Cross-currency forwards | 75.3 | 0.2 | 668.3 | 8.1 | (7.9 | ) | ||||||||||||||
Funds withheld embedded derivative (5) | N/A | — | N/A | $ | 826.6 | $ | (826.6 | ) | ||||||||||||
Total derivatives related to funds withheld under reinsurance treaties | 82.7 | 0.2 | 769.0 | 839.9 | (839.7 | ) | ||||||||||||||
Total | $ | 68,381.8 | $ | 2,219.8 | $ | 30,939.8 | $ | 7,959.0 | $ | (5,739.2 | ) | |||||||||
(1) | The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. |
(2) | Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. |
(3) | Included within reserves for future policy benefits and claims payable on the condensed consolidated balance sheets. The nonperformance risk adjustment is included in the balance above. |
(4) | Included within other contract holder funds on the condensed consolidated balance sheets. The nonperformance risk adjustment is included in the balance above. |
(5) | Included within funds withheld payable under reinsurance treaties on the condensed consolidated balance sheets. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Derivatives excluding funds withheld under reinsurance treaties | ||||||||||||||||||||||||||
Cross-currency swaps | $ | (8.9) | $ | 18.1 | $ | (53.2) | $ | 46.5 | ||||||||||||||||||
Equity index call options | 15.4 | 421.4 | 814.0 | 543.6 | ||||||||||||||||||||||
Equity index futures | (196.3) | (3,324.2) | (2,866.0) | (4,391.7) | ||||||||||||||||||||||
Equity index put options | (71.0) | (516.1) | (681.8) | 236.1 | ||||||||||||||||||||||
Interest rate swaps | — | (29.2) | (148.2) | 661.6 | ||||||||||||||||||||||
Interest rate swaps - cleared | (9.6) | — | (59.9) | — | ||||||||||||||||||||||
Put-swaptions | (61.6) | (18.4) | 41.6 | 246.7 | ||||||||||||||||||||||
Treasury futures | (123.1) | (43.8) | (895.8) | 1,935.0 | ||||||||||||||||||||||
Fixed index annuity embedded derivatives | (0.7) | (0.4) | (2.8) | 31.5 | ||||||||||||||||||||||
Variable annuity embedded derivatives | (844.7) | 1,343.2 | 2,438.7 | (4,801.5) | ||||||||||||||||||||||
Total net gains (losses) on derivative instruments excluding derivative instruments related to funds withheld under reinsurance treaties | (1,300.5) | (2,149.4) | (1,413.4) | (5,492.2) | ||||||||||||||||||||||
Derivatives related to funds withheld under reinsurance treaties | ||||||||||||||||||||||||||
Cross-currency swaps | 5.7 | — | 11.6 | — | ||||||||||||||||||||||
Cross-currency forwards | 28.3 | — | 41.7 | — | ||||||||||||||||||||||
Treasury futures | — | — | — | (204.2) | ||||||||||||||||||||||
Funds withheld embedded derivative | 101.2 | (189.6) | 554.9 | (468.6) | ||||||||||||||||||||||
Total net gains (losses) on derivative instruments related to funds withheld under reinsurance treaties | 135.2 | (189.6) | 608.2 | (672.8) | ||||||||||||||||||||||
Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties | $ | (1,165.3) | $ | (2,339.0) | $ | (805.2) | $ | (6,165.0) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Derivatives excluding funds withheld under reinsurance treaties | ||||||||||||||||
Cross-currency swaps | $ | 21.1 | $ | 42.5 | $ | (44.3 | ) | $ | 28.4 | |||||||
Equity index call options | 666.6 | 347.8 | 798.6 | 122.2 | ||||||||||||
Equity index futures | (1,376.9 | ) | (6,699.1 | ) | (2,669.7 | ) | (1,067.5 | ) | ||||||||
Equity index put options | (259.6 | ) | (3,038.5 | ) | (610.8 | ) | 752.2 | |||||||||
Interest rate swaps | 116.7 | 45.6 | (148.2 | ) | 690.8 | |||||||||||
Interest rate swaps - cleared | 35.4 | — | (50.3 | ) | — | |||||||||||
Put-swaptions | 394.9 | 12.0 | 103.2 | 265.1 | ||||||||||||
Treasury futures | (0.1 | ) | 90.6 | (772.7 | ) | 1,978.8 | ||||||||||
Fixed index annuity embedded derivatives | (1.7 | ) | (202.3 | ) | (2.1 | ) | 31.9 | |||||||||
Variable annuity embedded derivatives | (1,364.7 | ) | 3,510.9 | 3,283.4 | (6,144.7 | ) | ||||||||||
Total net gains (losses) on derivative instruments excluding derivative instruments related to funds withheld under reinsurance treaties | (1,768.3 | ) | (5,890.5 | ) | (112.9 | ) | (3,342.8 | ) | ||||||||
Derivatives related to funds withheld under reinsurance treaties | ||||||||||||||||
Cross-currency swaps | 7.7 | — | 5.9 | — | ||||||||||||
Cross-currency forwards | (5.4 | ) | — | 13.4 | — | |||||||||||
Treasury futures | — | (204.2 | ) | — | (204.2 | ) | ||||||||||
Funds withheld embedded derivative | (544.3 | ) | (279.0 | ) | 453.7 | (279.0 | ) | |||||||||
Total net gains (losses) on derivative instruments related to funds withheld under reinsurance treaties | (542.0 | ) | (483.2 | ) | 473.0 | (483.2 | ) | |||||||||
Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties | $ | (2,310.3 | ) | $ | (6,373.7 | ) | $ | 360.1 | $ | (3,826.0 | ) | |||||
September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts Presented in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts Presented in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | Financial Instruments (1) | Cash Collateral | Securities Collateral (2) | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral (2) | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | Financial Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Freestanding derivative assets | $ | 1,482.9 | $ | — | $ | 1,482.9 | $ | 55.2 | $ | 752.3 | $ | 641.1 | $ | 34.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Freestanding derivative | Freestanding derivative | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
assets | assets | $ | 1,141.9 | $ | — | $ | 1,141.9 | $ | 40.4 | $ | 583.0 | $ | 470.5 | $ | 48.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Freestanding derivative liabilities | $ | 55.2 | $ | — | $ | 55.2 | $ | 55.2 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Freestanding derivative | Freestanding derivative | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
liabilities | liabilities | $ | 40.4 | $ | — | $ | 40.4 | $ | 40.4 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities loaned | 23.5 | — | 23.5 | — | 23.5 | — | — | Securities loaned | 20.7 | — | 20.7 | — | 20.7 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | 2,257.1 | — | 2,257.1 | — | — | 2,257.1 | — | Repurchase agreements | 306.0 | — | 306.0 | — | — | 306.0 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | 2,335.8 | $ | — | $ | 2,335.8 | $ | 55.2 | $ | 23.5 | $ | 2,257.1 | $ | — | Total financial liabilities | $ | 367.1 | $ | — | $ | 367.1 | $ | 40.4 | $ | 20.7 | $ | 306.0 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the condensed consolidated balance |
(2) | Excludes initial margin amounts for exchange-traded derivatives. |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts Presented in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral (2) | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Freestanding derivative | ||||||||||||||||||||||||||||||||||||||||||||||||||
assets | $ | 2,219.8 | $ | — | $ | 2,219.8 | $ | 35.1 | $ | 1,097.9 | $ | 890.0 | $ | 196.8 | ||||||||||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Freestanding derivative | ||||||||||||||||||||||||||||||||||||||||||||||||||
liabilities | $ | 56.4 | $ | — | $ | 56.4 | $ | 35.1 | $ | 13.1 | $ | — | $ | 8.2 | ||||||||||||||||||||||||||||||||||||
Securities loaned | 13.3 | — | 13.3 | — | 13.3 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | 1,100.0 | — | 1,100.0 | — | — | 1,100.0 | — | |||||||||||||||||||||||||||||||||||||||||||
Total financial liabilities | $ | 1,169.7 | $ | — | $ | 1,169.7 | $ | 35.1 | $ | 26.4 | $ | 1,100.0 | $ | 8.2 |
December 31, 2020 | ||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts Presented in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||
Financial Instruments (1) | Cash Collateral | Securities Collateral (2) | Net Amount | |||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||
Freestanding derivative assets | $ | 2,219.8 | $ | — | $ | 2,219.8 | $ | 35.1 | $ | 1,097.9 | $ | 890.0 | $ | 196.8 | ||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||
Freestanding derivative liabilities | $ | 56.4 | $ | — | $ | 56.4 | $ | 35.1 | $ | 13.1 | $ | — | $ | 8.2 | ||||||||||||||
Securities loaned | 13.3 | — | 13.3 | — | 13.3 | — | — | |||||||||||||||||||||
Repurchase agreements | 1,100.0 | — | 1,100.0 | — | — | 1,100.0 | — | |||||||||||||||||||||
Total financial liabilities | $ | 1,169.7 | $ | — | $ | 1,169.7 | $ | 35.1 | $ | 26.4 | $ | 1,100.0 | $ | 8.2 | ||||||||||||||
(2) | Excludes initial margin amounts for exchange-traded derivatives. |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||
Assets | ||||||||||||||||||||
Debt securities (1) | $ | 53,757.5 | $ | 53,757.5 | $ | 60,457.4 | $ | 60,457.4 | ||||||||||||
Equity securities | 290.1 | 290.1 | 193.1 | 193.1 | ||||||||||||||||
Mortgage loans | 11,731.4 | 12,211.7 | 10,727.5 | 11,348.9 | ||||||||||||||||
Limited partnerships | 2,400.7 | 2,400.7 | 1,991.3 | 1,991.3 | ||||||||||||||||
Policy loans (1) | 4,511.9 | 4,511.9 | 4,523.5 | 4,523.5 | ||||||||||||||||
Freestanding derivative instruments | 1,141.9 | 1,141.9 | 2,219.8 | 2,219.8 | ||||||||||||||||
Federal Home Loan Bank of Indianapolis ("FHLBI") capital stock | 125.4 | 125.4 | 125.4 | 125.4 | ||||||||||||||||
Cash and cash equivalents | 2,481.8 | 2,481.8 | 2,018.7 | 2,018.7 | ||||||||||||||||
GMIB reinsurance recoverable | 278.6 | 278.6 | 340.4 | 340.4 | ||||||||||||||||
Separate account assets | 237,096.2 | 237,096.2 | 219,062.9 | 219,062.9 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Annuity reserves (2) | 41,543.6 | 49,092.1 | 45,638.8 | 54,005.7 | ||||||||||||||||
Reserves for guaranteed investment contracts (3) | 994.4 | 1,032.8 | 1,275.5 | 1,332.1 | ||||||||||||||||
Trust instruments supported by funding agreements (3) | 6,322.3 | 6,564.2 | 8,383.9 | 8,701.8 | ||||||||||||||||
FHLB funding agreements (3) | 1,521.8 | 1,550.9 | 1,478.4 | 1,421.3 | ||||||||||||||||
Funds withheld payable under reinsurance treaties (1) | 29,771.4 | 29,771.4 | 31,971.5 | 31,971.5 | ||||||||||||||||
Debt | 2,670.2 | 2,746.9 | 322.0 | 412.3 | ||||||||||||||||
Securities lending payable | 20.7 | 20.7 | 13.3 | 13.3 | ||||||||||||||||
Freestanding derivative instruments | 40.4 | 40.4 | 56.4 | 56.4 | ||||||||||||||||
Repurchase agreements | 306.0 | 306.0 | 1,100.0 | 1,100.0 | ||||||||||||||||
FHLB advances | — | — | 380.0 | 380.0 | ||||||||||||||||
Separate account liabilities | 237,096.2 | 237,096.2 | 219,062.9 | 219,062.9 | ||||||||||||||||
(1) Includes items carried at fair value under the fair value option and trading securities. (2) Annuity reserves represent only the components of other contract holder funds and reserves for future policy benefits and claims payable that are considered to be financial instruments. (3) Included as a component of other contract holder funds on the condensed consolidated balance sheets. |
June 30, 2021 | December 31, 2020 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Assets | ||||||||||||||||
Debt securities (1) | $ | 54,020.8 | $ | 54,020.8 | $ | 60,457.4 | $ | 60,457.4 | ||||||||
Equity securities | 239.3 | 239.3 | 193.1 | 193.1 | ||||||||||||
Mortgage loans | 11,649.1 | 12,151.4 | 10,727.5 | 11,348.9 | ||||||||||||
Limited partnerships | 2,391.6 | 2,391.6 | 1,991.3 | 1,991.3 | ||||||||||||
Policy loans (1) | 4,581.1 | 4,581.1 | 4,523.5 | 4,523.5 | ||||||||||||
Freestanding derivative instruments | 1,482.9 | 1,482.9 | 2,219.8 | 2,219.8 | ||||||||||||
Federal Home Loan Bank of Indianapolis (“FHLBI”) capital stock | 125.4 | 125.4 | 125.4 | 125.4 | ||||||||||||
Cash and cash equivalents | 1,534.6 | 1,534.6 | 2,018.7 | 2,018.7 | ||||||||||||
GMIB reinsurance recoverable | 267.2 | 267.2 | 340.4 | 340.4 | ||||||||||||
Separate account assets | 239,806.1 | 239,806.1 | 219,062.9 | 219,062.9 | ||||||||||||
Liabilities | ||||||||||||||||
Annuity reserves (2) | $ | 40,989.1 | $ | 49,051.4 | $ | 45,638.8 | $ | 54,005.7 | ||||||||
Reserves for guaranteed investment contracts (3) | 1,099.8 | 1,143.3 | 1,275.5 | 1,332.1 | ||||||||||||
Trust instruments supported by funding agreements (3) | 6,331.7 | 6,587.9 | 8,383.9 | 8,701.8 | ||||||||||||
Federal Home Loan Bank funding agreements (3) | 1,478.4 | 1,468.3 | 1,478.4 | 1,421.3 | ||||||||||||
Funds withheld payable under reinsurance treaties (1) | 30,321.8 | 30,321.8 | 31,971.5 | 31,971.5 | ||||||||||||
Debt | 317.7 | 397.7 | 322.0 | 412.3 | ||||||||||||
Securities lending payable | 23.5 | 23.5 | 13.3 | 13.3 | ||||||||||||
Freestanding derivative instruments | 55.2 | 55.2 | 56.4 | 56.4 | ||||||||||||
Repurchase agreements | 2,257.1 | 2,257.1 | 1,100.0 | 1,100.0 | ||||||||||||
Federal Home Loan Bank advances | 250.0 | 250.0 | 380.0 | 380.0 | ||||||||||||
Separate account liabilities | 239,806.1 | 239,806.1 | 219,062.9 | 219,062.9 |
June 30, 2021 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | ||||||||||||||||
Debt securities | ||||||||||||||||
U.S. government securities | $ | 4,468.5 | $ | 4,468.5 | $ | — | $ | — | ||||||||
Other government securities | 1,649.0 | — | 1,649.0 | — | ||||||||||||
Public utilities | 6,646.5 | — | 6,646.5 | — | ||||||||||||
Corporate securities | 31,844.5 | — | 31,813.3 | 31.2 | ||||||||||||
Residential mortgage-backed | 834.6 | — | 834.6 | — | ||||||||||||
Commercial mortgage-backed | 2,871.0 | — | 2,871.0 | — | ||||||||||||
Other asset-backed securities | 5,706.7 | — | 5,706.6 | 0.1 | ||||||||||||
Equity securities | 239.3 | 92.3 | 43.8 | 103.2 | ||||||||||||
Limited partnerships | 185.3 | — | 184.6 | 0.7 | ||||||||||||
Policy loans | 3,537.8 | — | — | 3,537.8 | ||||||||||||
Freestanding derivative instruments | 1,482.9 | — | 1,482.9 | — | ||||||||||||
Cash and cash equivalents | 1,534.6 | 1,534.6 | — | — | ||||||||||||
GMIB reinsurance recoverable | 267.2 | — | — | 267.2 | ||||||||||||
Separate account assets | 239,806.1 | — | 239,806.1 | — | ||||||||||||
Total | $ | 301,074.0 | $ | 6,095.4 | $ | 291,038.4 | $ | 3,940.2 | ||||||||
Liabilities | ||||||||||||||||
Embedded derivative liabilities (1) | $ | 3,725.6 | $ | — | $ | 1,489.9 | $ | 2,235.7 | ||||||||
Funds withheld payable under reinsurance treaties (2) | 4,081.5 | — | — | 4,081.5 | ||||||||||||
Freestanding derivative instruments | 55.2 | — | 55.2 | — | ||||||||||||
Total | $ | 7,862.3 | $ | — | $ | 1,545.1 | $ | 6,317.2 | ||||||||
September 30, 2021 | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | ||||||||||||||||||||
Debt securities | ||||||||||||||||||||
U.S. government securities | $ | 4,463.0 | $ | 4,463.0 | $ | — | $ | — | ||||||||||||
Other government securities | 1,562.0 | — | 1,562.0 | — | ||||||||||||||||
Public utilities | 6,521.3 | — | 6,521.3 | — | ||||||||||||||||
Corporate securities | 31,769.6 | — | 31,762.1 | 7.5 | ||||||||||||||||
Residential mortgage-backed | 808.9 | — | 808.9 | — | ||||||||||||||||
Commercial mortgage-backed | 2,834.9 | — | 2,834.9 | — | ||||||||||||||||
Other asset-backed securities | 5,797.8 | — | 5,797.7 | 0.1 | ||||||||||||||||
Equity securities | 290.1 | 136.3 | 44.0 | 109.8 | ||||||||||||||||
Limited partnerships | 11.3 | 0 | 10.6 | 0.7 | ||||||||||||||||
Policy loans | 3,487.5 | — | — | 3,487.5 | ||||||||||||||||
Freestanding derivative instruments | 1,141.9 | — | 1,141.9 | — | ||||||||||||||||
Cash and cash equivalents | 2,481.8 | 2,481.8 | 0 | — | ||||||||||||||||
GMIB reinsurance recoverable | 278.6 | — | — | 278.6 | ||||||||||||||||
Separate account assets | 237,096.2 | — | 237,096.2 | — | ||||||||||||||||
Total | $ | 298,544.9 | $ | 7,081.1 | $ | 287,579.6 | $ | 3,884.2 | ||||||||||||
Liabilities | ||||||||||||||||||||
Embedded derivative liabilities (1) | $ | 4,531.3 | $ | — | $ | 1,439.7 | $ | 3,091.6 | ||||||||||||
Funds withheld payable under reinsurance treaties (2) | 3,931.6 | — | — | 3,931.6 | ||||||||||||||||
Freestanding derivative instruments | 40.4 | — | 40.4 | — | ||||||||||||||||
Total | $ | 8,503.3 | $ | — | $ | 1,480.1 | $ | 7,023.2 | ||||||||||||
(1) Includes the embedded derivative liabilities of $3,091.6 million related to GMWB reserves included in reserves for future policy benefits and claims payable and $1,439.7 million of fixed index annuities included in other contract holder funds on the condensed consolidated balance sheets. | ||||||||||||||||||||
(2) Includes the Athene embedded derivative liability of $271.7 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. |
December 31, 2020 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | ||||||||||||||||
Debt securities | ||||||||||||||||
U.S. government securities | $ | 5,126.0 | $ | 5,126.0 | $ | — | $ | — | ||||||||
Other government securities | 1,696.9 | — | 1,696.9 | — | ||||||||||||
Public utilities | 7,297.7 | — | 7,297.7 | — | ||||||||||||
Corporate securities | 36,440.0 | — | 36,411.3 | 28.7 | ||||||||||||
Residential mortgage-backed | 984.9 | — | 984.9 | — | ||||||||||||
Commercial mortgage-backed | 3,322.6 | — | 3,322.6 | — | ||||||||||||
Other asset-backed securities | 5,589.3 | — | 5,589.2 | 0.1 | ||||||||||||
Equity securities | 193.1 | 65.4 | 24.1 | 103.6 | ||||||||||||
Limited partnerships | 0.8 | — | — | 0.8 | ||||||||||||
Policy loans | 3,454.2 | — | — | 3,454.2 | ||||||||||||
Freestanding derivative instruments | 2,219.8 | — | 2,219.8 | — | ||||||||||||
Cash and cash equivalents | 2,018.7 | 2,018.7 | — | — | ||||||||||||
GMIB reinsurance recoverable | 340.4 | — | — | 340.4 | ||||||||||||
Separate account assets | 219,062.9 | — | 219,062.9 | — | ||||||||||||
Total | $ | 287,747.3 | $ | 7,210.1 | $ | 276,609.4 | $ | 3,927.8 | ||||||||
Liabilities | ||||||||||||||||
Embedded derivative liabilities (1) | $ | 7,076.0 | $ | — | $ | 1,483.9 | $ | 5,592.1 | ||||||||
Funds withheld payable under reinsurance treaties (2) | 4,453.1 | — | — | 4,453.1 | ||||||||||||
Freestanding derivative instruments | 56.4 | — | 56.4 | — | ||||||||||||
Total | $ | 11,585.5 | $ | — | $ | 1,540.3 | $ | 10,045.2 | ||||||||
December 31, 2020 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Debt securities | |||||||||||||||||
U.S. government securities | $ | 5,126.0 | $ | 5,126.0 | $ | — | $ | — | |||||||||
Other government securities | 1,696.9 | — | 1,696.9 | — | |||||||||||||
Public utilities | 7,297.7 | — | 7,297.7 | — | |||||||||||||
Corporate securities | 36,440.0 | — | 36,411.3 | 28.7 | |||||||||||||
Residential mortgage-backed | 984.9 | — | 984.9 | — | |||||||||||||
Commercial mortgage-backed | 3,322.6 | — | 3,322.6 | — | |||||||||||||
Other asset-backed securities | 5,589.3 | — | 5,589.2 | 0.1 | |||||||||||||
Equity securities | 193.1 | 65.4 | 24.1 | 103.6 | |||||||||||||
Limited partnerships | 0.8 | — | — | 0.8 | |||||||||||||
Policy loans | 3,454.2 | — | — | 3,454.2 | |||||||||||||
Freestanding derivative instruments | 2,219.8 | — | 2,219.8 | — | |||||||||||||
Cash and cash equivalents | 2,018.7 | 2,018.7 | — | — | |||||||||||||
GMIB reinsurance recoverable | 340.4 | — | — | 340.4 | |||||||||||||
Separate account assets | 219,062.9 | — | 219,062.9 | — | |||||||||||||
Total | $ | 287,747.3 | $ | 7,210.1 | $ | 276,609.4 | $ | 3,927.8 | |||||||||
Liabilities | |||||||||||||||||
Embedded derivative liabilities (1) | $ | 7,076.0 | $ | — | $ | 1,483.9 | $ | 5,592.1 | |||||||||
Funds withheld payable under reinsurance treaties (2) | 4,453.1 | — | — | 4,453.1 | |||||||||||||
Freestanding derivative instruments | 56.4 | — | 56.4 | — | |||||||||||||
Total | $ | 11,585.5 | $ | — | $ | 1,540.3 | $ | 10,045.2 | |||||||||
(1) Includes the embedded derivative liabilities of $5,592.1 million related to GMWB reserves included in reserves for future policy benefits and claims payable and $1,483.9 million of fixed index annuities included in other contract holder funds on the condensed consolidated balance sheets. | |||||||||||||||||
(2) Includes the Athene embedded derivative liability of $826.6 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. |
September 30, 2021 | ||||||||||||||
Assets | Total | Internal | External | |||||||||||
Debt securities: | ||||||||||||||
Corporate | $ | 7.5 | $ | — | $ | 7.5 | ||||||||
Other asset-backed securities | 0.1 | 0.1 | — | |||||||||||
Equity securities | 109.8 | 1.2 | 108.6 | |||||||||||
Limited partnerships | 0.7 | 0.7 | — | |||||||||||
Policy loans | 3,487.5 | 3,487.5 | — | |||||||||||
GMIB reinsurance recoverable | 278.6 | 278.6 | — | |||||||||||
Total | $ | 3,884.2 | $ | 3,768.1 | $ | 116.1 | ||||||||
Liabilities | ||||||||||||||
Embedded derivative liabilities (1) | $ | 3,091.6 | $ | 3,091.6 | $ | — | ||||||||
Funds withheld payable under reinsurance treaties (2) | 3,931.6 | 3,931.6 | — | |||||||||||
Total | $ | 7,023.2 | $ | 7,023.2 | $ | — | ||||||||
(1) Includes the embedded derivative related to GMWB reserves. | ||||||||||||||
(2) Includes the Athene embedded derivative liability. | ||||||||||||||
December 31, 2020 | ||||||||||||||
Assets | Total | Internal | External | |||||||||||
Debt securities: | ||||||||||||||
Corporate | $ | 28.7 | $ | — | $ | 28.7 | ||||||||
Other asset-backed securities | 0.1 | — | 0.1 | |||||||||||
Equity securities | 103.6 | 1.2 | 102.4 | |||||||||||
Limited partnerships | 0.8 | 0.8 | — | |||||||||||
Policy loans | 3,454.2 | 3,454.2 | — | |||||||||||
GMIB reinsurance recoverable | 340.4 | 340.4 | — | |||||||||||
Total | $ | 3,927.8 | $ | 3,796.6 | $ | 131.2 | ||||||||
Liabilities | ||||||||||||||
Embedded derivative liabilities (1) | $ | 5,592.1 | $ | 5,592.1 | $ | — | ||||||||
Funds withheld payable under reinsurance treaties (2) | 4,453.1 | 4,453.1 | — | |||||||||||
Total | $ | 10,045.2 | $ | 10,045.2 | $ | — | ||||||||
(1) Includes the embedded derivative related to GMWB reserves. | ||||||||||||||
(2) Includes the Athene embedded derivative liability. |
June 30, 2021 | ||||||||||||
Total | Internal | External | ||||||||||
Asset s | ||||||||||||
Debt securities: | ||||||||||||
Corporate | $ | 31.2 | $ | — | $ | 31.2 | ||||||
Other asset-backed securities | 0.1 | 0.1 | — | |||||||||
Equity securities | 103.2 | 1.2 | 102.0 | |||||||||
Limited partnerships | 0.7 | 0.7 | — | |||||||||
Policy loans | 3,537.8 | 3,537.8 | — | |||||||||
GMIB reinsurance recoverable | 267.2 | 267.2 | — | |||||||||
Total | $ | 3,940.2 | $ | 3,807.0 | $ | 133.2 | ||||||
Liabilities | ||||||||||||
Embedded derivative liabilities (1) | $ | 2,235.7 | $ | 2,235.7 | $ | — | ||||||
Funds withheld payable under reinsurance treaties | 4,081.5 | 4,081.5 | — | |||||||||
Total | $ | 6,317.2 | $ | 6,317.2 | $ | — | ||||||
December 31, 2020 | ||||||||||||
Total | Internal | External | ||||||||||
Asset s | ||||||||||||
Debt securities: | ||||||||||||
Corporate | $ | 28.7 | $ | — | $ | 28.7 | ||||||
Other asset-backed securities | 0.1 | — | 0.1 | |||||||||
Equity securities | 103.6 | 1.2 | 102.4 | |||||||||
Limited partnerships | 0.8 | 0.8 | — | |||||||||
Policy loans | 3,454.2 | 3,454.2 | — | |||||||||
GMIB reinsurance recoverable | 340.4 | 340.4 | — | |||||||||
Total | $ | 3,927.8 | $ | 3,796.6 | $ | 131.2 | ||||||
Liabilities | ||||||||||||
Embedded derivative liabilities (1) | $ | 5,592.1 | $ | 5,592.1 | $ | — | ||||||
Funds withheld payable under reinsurance treaties | 4,453.1 | 4,453.1 | — | |||||||||
Total | $ | 10,045.2 | $ | 10,045.2 | $ | — | ||||||
As of June 30, 2021 | ||||||||||||||||||
Fair Value | Valuation Technique(s) | Significant Unobservable Input(s) | Assumption or Input Range | Impact of Increase in Input on Fair Value | ||||||||||||||
Assets | ||||||||||||||||||
GMIB reinsurance recoverable | $ | 267.2 | Discounted cash flow | Mortality (1) | 0.01% - 23.52% | Decrease | ||||||||||||
Lapse (2) | 3.33% - 9.23% | Decrease | ||||||||||||||||
Utilization (3) | 0.00% - 20.00% | Increase | ||||||||||||||||
Withdrawal (4) | 3.75% - 4.50% | Increase | ||||||||||||||||
Nonperformance risk (5) | 0.09% - 1.41% | Decrease | ||||||||||||||||
Long-term Equity Volatility (6) | 18.50% - | Increase | ||||||||||||||||
Liabilities | ||||||||||||||||||
Embedded derivative liabilities | $ | 2,235.7 | Discounted cash flow | Mortality (1) | 0.04% - 21.53% | Decrease | ||||||||||||
Lapse (2) | 0.16% - 30.26% | Decrease | ||||||||||||||||
Utilization (3) | 5.00% - 100.00% | Increase | ||||||||||||||||
Withdrawal (4) | 56.00% - 94.75% | Increase | ||||||||||||||||
Nonperformance risk (5) | 0.09% - 1.41% | Decrease | ||||||||||||||||
Long-term Equity Volatility (6) | 18.50% - 22.04% | Increase |
As of September 30, 2021 | |||||||||||||||||
Fair Value | Valuation Technique(s) | Significant Unobservable Input(s) | Assumption or Input Range | Impact of Increase in Input on Fair Value | |||||||||||||
Assets | |||||||||||||||||
GMIB reinsurance recoverable | $ | 278.6 | Discounted cash flow | Mortality(1) | 0.01% - 23.52% | Decrease | |||||||||||
Lapse(2) | 3.33% - 9.23% | Decrease | |||||||||||||||
Utilization(3) | 0.00% - 20.00% | Increase | |||||||||||||||
Withdrawal(4) | 3.75% - 4.50% | Increase | |||||||||||||||
Nonperformance risk(5) | 0.00% - 1.38% | Decrease | |||||||||||||||
Long-term Equity Volatility(6) | 18.50% - 22.86% | Increase | |||||||||||||||
Liabilities | |||||||||||||||||
Embedded derivative liabilities | $ | 3,091.6 | Discounted cash flow | Mortality | 0.04% - 21.53% | Decrease | |||||||||||
Lapse(2) | 0.16% - 30.26% | Decrease | |||||||||||||||
Utilization(3) | 5.00%% - 100.00% | Increase | |||||||||||||||
Withdrawal(4) | 56.00% - 94.75% | Increase | |||||||||||||||
Nonperformance risk(5) | 0.00% - 1.38% | Decrease | |||||||||||||||
Long-term Equity Volatility(6) | 18.50% - 22.86% | Increase |
As of December 31, 2020 | ||||||||||||||||||
Fair Value | Valuation Technique(s) | Significant Unobservable Input(s) | Assumption or Input Range | Impact of Increase in Input on Fair Value | ||||||||||||||
Assets | ||||||||||||||||||
GMIB reinsurance recoverable | $ | 340.4 | Discounted cash flow | Mortality (1) | 0.01% - 23.52% | Decrease | ||||||||||||
Lapse (2) | 3.30% - 9.20% | Decrease | ||||||||||||||||
Utilization (3) | 0.00% - 20.00% | Increase | ||||||||||||||||
Withdrawal (4) | 3.75% - 4.50% | Increase | ||||||||||||||||
Nonperformance risk (5) | 0.33% - 1.57% | Decrease | ||||||||||||||||
Long-term Equity Volatility (6) | 18.50% - 22.47% | Increase | ||||||||||||||||
Liabilities | ||||||||||||||||||
Embedded derivative liabilities | $ | 5,592.1 | Discounted cash flow | Mortality (1) | 0.04% - 21.53% | Decrease | ||||||||||||
Lapse (2) | 0.20% - 30.30% | Decrease | ||||||||||||||||
Utilization (3) | 5.00% - 100.00% | Increase | ||||||||||||||||
Withdrawal (4) | 56.00% - 95.00% | Increase | ||||||||||||||||
Nonperformance risk (5) | 0.33% - 1.57% | Decrease | ||||||||||||||||
Long-term Equity Volatility(6) | 18.50% - 22.47% | Increase |
As of December 31, 2020 | |||||||||||||||||
Fair Value | Valuation Technique(s) | Significant Unobservable Input(s) | Assumption or Input Range | Impact of Increase in Input on Fair Value | |||||||||||||
Assets | |||||||||||||||||
GMIB reinsurance recoverable | $ | 340.4 | Discounted cash flow | Mortality(1) | 0.01% - 23.52% | Decrease | |||||||||||
Lapse(2) | 3.30% - 9.20% | Decrease | |||||||||||||||
Utilization(3) | 0.00% - 20.00% | Increase | |||||||||||||||
Withdrawal(4) | 3.75% - 4.50% | Increase | |||||||||||||||
Nonperformance risk(5) | 0.33% - 1.57% | Decrease | |||||||||||||||
Long-term Equity Volatility(6) | 18.50% - 22.47% | Increase | |||||||||||||||
Liabilities | |||||||||||||||||
Embedded derivative liabilities | $ | 5,592.1 | Discounted cash flow | Mortality(1) | 0.04% - 21.53% | Decrease | |||||||||||
Lapse(2) | 0.20% - 30.30% | Decrease | |||||||||||||||
Utilization(3) | 5.00% - 100.00% | Increase | |||||||||||||||
Withdrawal(4) | 56.00% - 95.00% | Increase | |||||||||||||||
Nonperformance risk(5) | 0.33% - 1.57% | Decrease | |||||||||||||||
Long-term Equity Volatility(6) | 18.50% - 22.47% | Increase |
Total Realized/Unrealized Gains (Losses) Included in | ||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Fair of April 1, 2021 | Net Income | Other Comprehensive Income | Purchases, Sales, Issuances and Settlements | Transfers in and/or (out of) Level 3 | Fair Value as of June 30, 2021 | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||
Corporate securities | $ | 17.7 | $ | 1.2 | $ | — | $ | 4.9 | $ | 7.4 | $ | 31.2 | ||||||||||||
Other asset-backed securities | 0.1 | — | — | — | — | 0.1 | ||||||||||||||||||
Equity securities | 101.5 | 8.9 | — | (7.5 | ) | 0.3 | 103.2 | |||||||||||||||||
Limited partnerships | 0.8 | — | — | (0.1 | ) | — | 0.7 | |||||||||||||||||
GMIB reinsurance recoverable | 266.0 | 1.2 | — | — | — | 267.2 | ||||||||||||||||||
Policy Loans | 3,486.1 | 69.9 | — | (18.2 | ) | — | 3,537.8 | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Embedded derivative liabilities | $ | (869.6 | ) | $ | (1,366.1 | ) | $ | — | $ | — | $ | — | $ | (2,235.7 | ) | |||||||||
Funds withheld payable under reinsurance treaties | (3,485.9 | ) | (584.6 | ) | 0.2 | (11.2 | ) | — | (4,081.5 | ) |
Total Realized/Unrealized Gains (Losses) Included in | ||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Fair Value as of July 1, 2021 | Net Income | Other Comprehensive Income | Purchases, Sales, Issuances and Settlements | Transfers in and/or (out of) Level 3 | Fair Value as of September 30, 2021 | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||
Corporate securities | $ | 31.2 | $ | — | $ | — | $ | 2.7 | $ | (26.4) | $ | 7.5 | ||||||||||||||
Other asset-backed securities | 0.1 | — | — | — | — | 0.1 | ||||||||||||||||||||
Equity securities | 103.2 | 6.0 | — | 0.6 | — | 109.8 | ||||||||||||||||||||
Limited partnerships | 0.7 | — | — | — | — | 0.7 | ||||||||||||||||||||
GMIB reinsurance recoverable | 267.2 | 11.4 | — | — | — | 278.6 | ||||||||||||||||||||
Policy Loans | 3,537.8 | (135.9) | — | 85.6 | — | 3,487.5 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Embedded derivative liabilities | $ | (2,235.7) | $ | (855.9) | $ | — | $ | — | $ | — | $ | (3,091.6) | ||||||||||||||
Funds withheld payable under reinsurance treaties | (4,081.5) | 235.6 | 0.5 | (86.2) | — | (3,931.6) | ||||||||||||||||||||
Total Realized/Unrealized Gains (Losses) Included in | ||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Fair Value as of July 1, 2020 | Net Income | Other Comprehensive Income | Purchases, Sales, Issuances and Settlements | Transfers in and/or (out of) Level 3 | Fair Value as of September 30, 2020 | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||
Corporate securities | $ | 50.9 | $ | 5.0 | $ | — | $ | 13.4 | $ | (28.4) | $ | 40.9 | ||||||||||||||
Equity securities | 118.8 | 1.0 | — | (0.3) | — | 119.5 | ||||||||||||||||||||
Limited partnerships | 0.9 | — | — | (0.1) | — | 0.8 | ||||||||||||||||||||
GMIB reinsurance recoverable | 435.5 | (27.6) | — | — | — | 407.9 | ||||||||||||||||||||
Policy loans | 3,605.0 | (140.2) | — | (17.1) | — | 3,447.7 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Embedded derivative liabilities | $ | (9,067.8) | $ | 1,370.8 | $ | — | $ | — | $ | — | $ | (7,697.0) | ||||||||||||||
Funds withheld payable under reinsurance treaties | (4,055.3) | 885.6 | 1.3 | 16.4 | — | (3,152.0) |
Total Realized/Unrealized Gains (Losses) Included in | ||||||||||||||||||||||||
Three Months Ended June 30, 2020 | Fair Value as of April 1, 2020 | Net Income | Other Comprehensive Income | Purchases, Sales, Issuances and Settlements | Transfers in and/or (out of) Level 3 | Fair Value as of June 30, 2020 | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||
Corporate securities | $ | 45.8 | $ | (6.2 | ) | $ | — | $ | 38.9 | $ | (27.6 | ) | $ | 50.9 | ||||||||||
Equity securities | 154.7 | (12.6 | ) | — | (23.2 | ) | (0.1 | ) | 118.8 | |||||||||||||||
Limited partnerships | 1.1 | (0.2 | ) | — | — | — | 0.9 | |||||||||||||||||
GMIB reinsurance recoverable | 502.1 | (66.6 | ) | — | — | — | 435.5 | |||||||||||||||||
Policy loans | 3,602.2 | 66.1 | — | (63.3 | ) | — | 3,605.0 | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Embedded derivative liabilities | $ | (12,645.4 | ) | $ | 3,577.6 | $ | — | $ | — | $ | — | $ | (9,067.8 | ) | ||||||||||
Funds withheld payable under reinsurance | (3,773.0 | ) | (346.4 | ) | 1.2 | 62.9 | — | (4,055.3 | ) |
Total Realized/Unrealized Gains (Losses) Included in | ||||||||||||||||||||||||
Six Months Ended June 30, 2021 | Fair Value as of January 1, 2021 | Net Income | Other Comprehensive Income | Purchases, Sales, Issuances and Settlements | Transfers in and/or (out of) Level 3 | Fair Value as of June 30, 2021 | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||
Corporate securities | $ | 28.7 | $ | 1.8 | $ | — | $ | 5.7 | $ | (5.0 | ) | $ | 31.2 | |||||||||||
Other asset-backed securities | 0.1 | — | — | — | — | 0.1 | ||||||||||||||||||
Equity securities | 103.6 | 6.8 | — | (7.5 | ) | 0.3 | 103.2 | |||||||||||||||||
Limited partnerships | 0.8 | — | — | (0.1 | ) | — | 0.7 | |||||||||||||||||
GMIB reinsurance recoverable | 340.4 | (73.2 | ) | — | — | — | 267.2 | |||||||||||||||||
Policy loans | 3,454.2 | 125.1 | — | (41.5 | ) | — | 3,537.8 | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Embedded derivative liabilities | $ | (5,592.1 | ) | $ | 3,356.4 | $ | — | $ | — | $ | — | $ | (2,235.7 | ) | ||||||||||
Funds withheld payable under reinsurance treaties | (4,453.1 | ) | 329.7 | 1.8 | 40.1 | — | (4,081.5 | ) |
Total Realized/Unrealized Gains (Losses) Included in | ||||||||||||||||||||||||
Six Months Ended June 30, 2020 | Fair Value as of January 1, 2020 | Net Income | Other Comprehensive Income | Purchases, Sales, Issuances and Settlements | Transfers in and/or (out of) Level 3 | Fair Value as of June 30, 2020 | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||
Corporate securities | $ | — | $ | (5.3 | ) | $ | — | $ | 17.3 | $ | 38.9 | $ | 50.9 | |||||||||||
Equity securities | 182.9 | (33.1 | ) | — | (30.9 | ) | (0.1 | ) | 118.8 | |||||||||||||||
Limited partnerships | 1.1 | (0.2 | ) | — | — | — | 0.9 | |||||||||||||||||
GMIB reinsurance recoverable | 302.8 | 132.7 | — | — | — | 435.5 | ||||||||||||||||||
Policy loans | 3,585.8 | 120.9 | — | (101.7 | ) | — | 3,605.0 | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Embedded derivative liabilities | $ | (2,790.4 | ) | $ | (6,277.4 | ) | $ | — | $ | — | $ | — | $ | (9,067.8 | ) | |||||||||
Funds withheld payable under reinsurance treaties | (3,760.3 | ) | (402.2 | ) | (1.4 | ) | 108.6 | — | (4,055.3 | ) |
Total Realized/Unrealized Gains (Losses) Included in | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Fair Value as of January 1, 2021 | Net Income | Other Comprehensive Income | Purchases, Sales, Issuances and Settlements | Transfers in and/or (out of) Level 3 | Fair Value as of September 30, 2021 | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||
Corporate securities | $ | 28.7 | $ | 1.8 | $ | — | $ | 8.4 | $ | (31.4) | $ | 7.5 | ||||||||||||||
Other asset-backed securities | 0.1 | — | — | — | — | 0.1 | ||||||||||||||||||||
Equity securities | 103.6 | 12.8 | — | (6.9) | 0.3 | 109.8 | ||||||||||||||||||||
Limited partnerships | 0.8 | — | — | (0.1) | — | 0.7 | ||||||||||||||||||||
GMIB reinsurance recoverable | 340.4 | (61.8) | — | — | — | 278.6 | ||||||||||||||||||||
Policy loans | 3,454.2 | (10.8) | — | 44.1 | — | 3,487.5 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Embedded derivative liabilities | $ | (5,592.1) | $ | 2,500.5 | $ | — | $ | — | $ | — | $ | (3,091.6) | ||||||||||||||
Funds withheld payable under reinsurance treaties | (4,453.1) | 565.3 | 2.3 | (46.1) | — | (3,931.6) | ||||||||||||||||||||
Total Realized/Unrealized Gains (Losses) Included in | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Fair Value as of January 1, 2020 | Net Income | Other Comprehensive Income | Purchases, Sales, Issuances and Settlements | Transfers in and/or (out of) Level 3 | Fair Value as of September 30, 2020 | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||
Corporate securities | $ | — | $ | (0.3) | $ | — | $ | 30.7 | $ | 10.5 | $ | 40.9 | ||||||||||||||
Equity securities | 182.9 | (32.1) | — | (31.2) | (0.1) | 119.5 | ||||||||||||||||||||
Limited partnerships | 1.1 | (0.2) | — | (0.1) | — | 0.8 | ||||||||||||||||||||
GMIB reinsurance recoverable | 302.8 | 105.1 | — | — | — | 407.9 | ||||||||||||||||||||
Policy loans | 3,585.8 | (19.3) | — | (118.8) | — | 3,447.7 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Embedded derivative liabilities | $ | (2,790.4) | $ | (4,906.6) | $ | — | $ | — | $ | — | $ | (7,697.0) | ||||||||||||||
Funds withheld payable under reinsurance treaties | (3,760.3) | 483.4 | (0.1) | 125.0 | — | (3,152.0) | ||||||||||||||||||||
Three Months Ended June 30, 2021 | Purchases | Sales | Issuances | Settlements | Total | |||||||||||||||
Assets | ||||||||||||||||||||
Debt securities | ||||||||||||||||||||
Corporate securities | $ | 5.2 | $ | (0.3 | ) | $ | — | $ | — | $ | 4.9 | |||||||||
Equity securities | — | (7.5 | ) | — | — | (7.5 | ) | |||||||||||||
Limited partnerships | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||||||
Policy loans | — | — | 8.1 | (26.3 | ) | (18.2 | ) | |||||||||||||
Total | $ | 5.2 | $ | (7.9 | ) | $ | 8.1 | $ | (26.3 | ) | $ | (20.9 | ) | |||||||
Liabilities | ||||||||||||||||||||
Funds withheld payable under reinsurance treaties | $ | — | $ | — | $ | (128.7 | ) | $ | 117.5 | $ | (11.2 | ) |
Three Months Ended September 30, 2021 | Purchases | Sales | Issuances | Settlements | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||
Corporate securities | $ | 2.7 | $ | — | $ | — | $ | — | $ | 2.7 | |||||||||||||
Equity securities | 0.8 | (0.2) | — | — | 0.6 | ||||||||||||||||||
Limited partnerships | — | — | — | — | — | ||||||||||||||||||
Policy loans | — | — | 155.4 | (69.8) | 85.6 | ||||||||||||||||||
Total | $ | 3.5 | $ | (0.2) | $ | 155.4 | $ | (69.8) | $ | 88.9 | |||||||||||||
Liabilities | |||||||||||||||||||||||
Funds withheld payable under reinsurance treaties | $ | — | $ | — | $ | (187.0) | $ | 100.8 | $ | (86.2) | |||||||||||||
Three Months Ended September 30, 2020 | Purchases | Sales | Issuances | Settlements | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||
Corporate securities | $ | 30.3 | $ | (16.9) | $ | — | $ | — | $ | 13.4 | |||||||||||||
Equity securities | — | (0.3) | — | — | (0.3) | ||||||||||||||||||
Limited partnerships | — | (0.1) | — | — | (0.1) | ||||||||||||||||||
Policy loans | — | — | 153.6 | (170.7) | (17.1) | ||||||||||||||||||
Total | $ | 30.3 | $ | (17.3) | $ | 153.6 | $ | (170.7) | $ | (4.1) | |||||||||||||
Liabilities | |||||||||||||||||||||||
Funds withheld payable under reinsurance treaties | $ | — | $ | — | $ | (158.4) | $ | 174.8 | $ | 16.4 |
Three Months Ended June 30, 2020 | Purchases | Sales | Issuances | Settlements | Total | |||||||||||||||
Assets | ||||||||||||||||||||
Debt securities | ||||||||||||||||||||
Corporate securities | $ | 39.0 | $ | (0.1 | ) | $ | — | $ | — | $ | 38.9 | |||||||||
Equity securities | 1.6 | (24.8 | ) | — | — | (23.2 | ) | |||||||||||||
Policy loans | — | — | 9.6 | (72.9 | ) | (63.3 | ) | |||||||||||||
Total | $ | 40.6 | $ | (24.9 | ) | $ | 9.6 | $ | (72.9 | ) | $ | (47.6 | ) | |||||||
Liabilities | ||||||||||||||||||||
Funds withheld payable under reinsurance treaties | $ | — | $ | — | $ | (10.0 | ) | $ | 72.9 | $ | 62.9 |
Six Months Ended June 30, 2021 | Purchases | Sales | Issuances | Settlements | Total | |||||||||||||||
Assets | ||||||||||||||||||||
Debt securities | ||||||||||||||||||||
Corporate securities | $ | 6.1 | $ | (0.4 | ) | $ | — | $ | — | $ | 5.7 | |||||||||
Equity securities | — | (7.5 | ) | — | — | (7.5 | ) | |||||||||||||
Limited partnerships | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||||||
Policy loans | — | — | 36.2 | (77.7 | ) | (41.5 | ) | |||||||||||||
Total | $ | 6.1 | $ | (8.0 | ) | $ | 36.2 | $ | (77.7 | ) | $ | (43.4 | ) | |||||||
Liabilities | ||||||||||||||||||||
Funds withheld payable under reinsurance treaties | $ | — | $ | — | $ | (211.2 | ) | $ | 251.3 | $ | 40.1 |
Nine Months Ended September 30, 2021 | Purchases | Sales | Issuances | Settlements | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||
Corporate securities | $ | 8.8 | $ | (0.4) | $ | — | $ | — | $ | 8.4 | |||||||||||||
Equity securities | 0.8 | (7.7) | — | — | (6.9) | ||||||||||||||||||
Limited partnerships | — | (0.1) | — | — | (0.1) | ||||||||||||||||||
Policy loans | — | — | 191.6 | (147.5) | 44.1 | ||||||||||||||||||
Total | $ | 9.6 | $ | (8.2) | $ | 191.6 | $ | (147.5) | $ | 45.5 | |||||||||||||
Liabilities | |||||||||||||||||||||||
Funds withheld payable under reinsurance treaties | $ | — | $ | — | $ | (398.2) | $ | 352.1 | $ | (46.1) | |||||||||||||
Nine Months Ended September 30, 2020 | Purchases | Sales | Issuances | Settlements | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Debt securities | |||||||||||||||||||||||
Corporate securities | $ | 49.9 | $ | (19.2) | $ | — | $ | — | $ | 30.7 | |||||||||||||
Equity securities | 1.6 | (32.8) | — | — | (31.2) | ||||||||||||||||||
Limited partnerships | — | (0.1) | — | — | (0.1) | ||||||||||||||||||
Policy loans | — | — | 205.3 | (324.1) | (118.8) | ||||||||||||||||||
Total | $ | 51.5 | $ | (52.1) | $ | 205.3 | $ | (324.1) | $ | (119.4) | |||||||||||||
Liabilities | |||||||||||||||||||||||
Funds withheld payable under reinsurance treaties | $ | — | $ | — | $ | (211.2) | $ | 336.2 | $ | 125.0 |
Six Months Ended June 30, 2020 | Purchases | Sales | Issuances | Settlements | Total | |||||||||||||||
Assets | ||||||||||||||||||||
Debt securities | ||||||||||||||||||||
Corporate securities | $ | 19.6 | $ | (2.3 | ) | $ | — | $ | — | $ | 17.3 | |||||||||
Equity securities | 1.6 | (32.5 | ) | — | — | (30.9 | ) | |||||||||||||
Policy loans | — | — | 51.7 | (153.4 | ) | (101.7 | ) | |||||||||||||
Total | $ | 21.2 | $ | (34.8 | ) | $ | 51.7 | $ | (153.4 | ) | $ | (115.3 | ) | |||||||
Liabilities | ||||||||||||||||||||
Funds withheld payable under reinsurance treaties | $ | — | $ | — | $ | (52.8 | ) | $ | 161.4 | $ | 108.6 |
Three Months Ended June 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Included in Net Income | Included in OCI | Included in Net Income | Included in OCI | |||||||||||||
Assets | ||||||||||||||||
Debt securities | ||||||||||||||||
Corporate securities | $ | 1.1 | $ | — | $ | (5.9 | ) | $ | — | |||||||
Other asset-backed securities | — | — | — | — | ||||||||||||
Equity securities | 8.9 | — | (12.7 | ) | — | |||||||||||
Limited partnerships | — | — | (0.2 | ) | — | |||||||||||
GMIB reinsurance recoverable | 1.2 | — | (66.6 | ) | — | |||||||||||
Funds withheld reinsurance assets | 69.9 | — | 66.1 | — | ||||||||||||
Liabilities | ||||||||||||||||
Embedded derivative liabilities | $ | (1,366.1 | ) | $ | — | $ | 3,577.6 | $ | — | |||||||
Funds withheld payable under reinsurance treaties | (542.5 | ) | — | (277.9 | ) | — |
Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Included in Net Income | Included in OCI | Included in Net Income | Included in OCI | |||||||||||||
Assets | ||||||||||||||||
Debt securities | ||||||||||||||||
Corporate securities | $ | 1.7 | $ | — | $ | (5.3 | ) | $ | — | |||||||
Other asset-backed securities | — | — | — | — | ||||||||||||
Equity securities | 6.8 | — | (33.0 | ) | — | |||||||||||
Limited partnerships | — | — | (0.2 | ) | — | |||||||||||
GMIB reinsurance recoverable | (73.2 | ) | — | 132.7 | — | |||||||||||
Funds withheld reinsurance assets | 125.1 | — | 120.9 | — | ||||||||||||
Liabilities | ||||||||||||||||
Embedded derivative liabilities | $ | 3,356.4 | $ | — | $ | (6,277.4 | ) | $ | — | |||||||
Funds withheld payable under reinsurance treaties | 455.5 | — | (280.5 | ) | — |
Three Months Ended September 30, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Included in Net Income | Included in OCI | Included in Net Income | Included in OCI | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||
Corporate securities | $ | 0.1 | $ | — | $ | 4.8 | $ | — | ||||||||||||||||||
Equity securities | 6.0 | — | 1.0 | — | ||||||||||||||||||||||
Limited partnerships | — | — | — | — | ||||||||||||||||||||||
GMIB reinsurance recoverable | 11.4 | — | (27.6) | — | ||||||||||||||||||||||
Funds withheld reinsurance assets | (135.9) | — | (140.2) | — | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Embedded derivative liabilities | $ | (855.9) | $ | — | $ | 1,370.8 | $ | — | ||||||||||||||||||
Funds withheld payable under reinsurance treaties | 109.8 | — | 763.9 | — | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Included in Net Income | Included in OCI | Included in Net Income | Included in OCI | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||
Corporate securities | $ | 1.8 | $ | — | $ | (0.5) | $ | — | ||||||||||||||||||
Equity securities | 12.8 | — | (32.1) | — | ||||||||||||||||||||||
Limited partnerships | — | — | (0.2) | — | ||||||||||||||||||||||
GMIB reinsurance recoverable | (61.8) | — | 105.1 | — | ||||||||||||||||||||||
Funds withheld reinsurance assets | (10.8) | — | (19.3) | — | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Embedded derivative liabilities | $ | 2,500.5 | $ | — | $ | (4,906.6) | $ | — | ||||||||||||||||||
Funds withheld payable under reinsurance treaties | 565.3 | — | 483.4 | — |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Fair Value Hierarchy Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||
Assets | ||||||||||||||||||||
Mortgage loans | Level 3 | $ | 11,731.4 | $ | 12,211.7 | $ | 10,727.5 | $ | 11,348.9 | |||||||||||
Policy loans | Level 3 | 1,024.4 | 1,024.4 | 1,069.3 | 1,069.3 | |||||||||||||||
FHLBI capital stock | Level 1 | 125.4 | 125.4 | 125.4 | 125.4 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Annuity reserves (1) | Level 3 | $ | 37,012.3 | $ | 44,560.8 | $ | 38,562.8 | $ | 46,929.7 | |||||||||||
Reserves for guaranteed investment contracts (2) | Level 3 | 994.4 | 1,032.8 | 1,275.5 | 1,332.1 | |||||||||||||||
Trust instruments supported by funding agreements (2) | Level 3 | 6,322.3 | 6,564.2 | 8,383.9 | 8,701.8 | |||||||||||||||
FHLB funding agreements (2) | Level 3 | 1,521.8 | 1,550.9 | 1,478.4 | 1,421.3 | |||||||||||||||
Funds held under reinsurance treaties | Level 2 | 25,839.7 | 25,839.7 | 27,518.4 | 27,518.4 | |||||||||||||||
Debt | Level 2 | 2,670.2 | 2,746.9 | 322.0 | 412.3 | |||||||||||||||
Securities lending payable | Level 2 | 20.7 | 20.7 | 13.3 | 13.3 | |||||||||||||||
FHLB advances | Level 2 | — | — | 380.0 | 380.0 | |||||||||||||||
Repurchase agreements | Level 2 | 306.0 | 306.0 | 1,100.0 | 1,100.0 | |||||||||||||||
Separate Account Liabilities (3) | Level 2 | 237,096.2 | 237,096.2 | 219,062.9 | 219,062.9 | |||||||||||||||
(1) Annuity reserves represent only the components of other contract holder funds that are considered to be financial instruments. | ||||||||||||||||||||
(2) Included as a component of other contract holder funds on the condensed consolidated balance sheets. | ||||||||||||||||||||
(3) The values of separate account liabilities are set equal to the values of separate account assets. | ||||||||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||
Fair Value Hierarchy Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||
Assets | ||||||||||||||||||||
Mortgage loans | Level 3 | $ | 11,649.1 | $ | 12,151.4 | $ | 10,727.5 | $ | 11,348.9 | |||||||||||
Policy loans | Level 3 | 1,043.3 | 1,043.3 | 1,069.3 | 1,069.3 | |||||||||||||||
FHLB capital stock | Level 1 | 125.4 | 125.4 | 125.4 | 125.4 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Annuity reserves (1) | Level 3 | $ | 37,263.5 | $ | 45,325.8 | $ | 38,562.8 | $ | 46,929.7 | |||||||||||
Reserves for guaranteed investment contracts (2) | Level 3 | 1,099.8 | 1,143.3 | 1,275.5 | 1,332.1 | |||||||||||||||
Trust instruments supported by funding agreements (2) | Level 3 | 6,331.7 | 6,587.9 | 8,383.9 | 8,701.8 | |||||||||||||||
Federal Home Loan Bank funding agreements (2) | Level 3 | 1,478.4 | 1,468.3 | 1,478.4 | 1,421.3 | |||||||||||||||
Funds withheld payable under reinsurance treaties | Level 2 | 26,240.3 | 26,240.3 | 27,518.4 | 27,518.4 | |||||||||||||||
Debt- all other | Level 2 | 317.7 | 397.7 | 322.0 | 412.3 | |||||||||||||||
Securities lending payable | Level 2 | 23.5 | 23.5 | 13.3 | 13.3 | |||||||||||||||
Federal Home Loan Bank advances | Level 2 | 250.0 | 250.0 | 380.0 | 380.0 | |||||||||||||||
Repurchase agreements | Level 2 | 2,257.1 | 2,257.1 | 1,100.0 | 1,100.0 | |||||||||||||||
Separate account liabilities (3) | Level 2 | 239,806.1 | 239,806.1 | 219,062.9 | 219,062.9 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Balance, beginning of period | $ | 13,897.0 | $ | 12,336.8 | |||||||
Deferrals of acquisition costs | 592.1 | 537.7 | |||||||||
Amortization | (551.1) | 854.4 | |||||||||
Write-off of amortization related to Athene transaction | — | (625.8) | |||||||||
Unrealized investment (gains) losses | 78.8 | 271.2 | |||||||||
Balance, end of period | $ | 14,016.8 | $ | 13,374.3 |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Balance, beginning of period | $ | 13,897.0 | $ | 12,336.8 | ||||
Deferrals of acquisition costs | 400.3 | 351.5 | ||||||
Amortization related to: | ||||||||
Operating amortization | (94.4 | ) | (175.1 | ) | ||||
Non-operating amortization | (453.1 | ) | 631.1 | |||||
Write-off related to Athene transaction | — | (625.8 | ) | |||||
Total amortization (expense) benefit | (547.5 | ) | (169.8 | ) | ||||
Unrealized investment (gains) losses | 63.5 | 90.8 | ||||||
Balance, end of period | $ | 13,813.3 | $ | 12,609.3 | ||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||||||
Assets | Assets | ||||||||||||||||||
Debt securities | $ | 21,170.3 | $ | 24,642.4 | Debt securities | $ | 20,617.7 | $ | 24,642.4 | ||||||||||
Equity securities | 84.5 | 42.2 | Equity securities | 128.5 | 42.2 | ||||||||||||||
Mortgage loans | 4,389.6 | 2,985.5 | Mortgage loans | 4,713.1 | 2,985.5 | ||||||||||||||
Policy loans | 3,553.8 | 3,470.8 | Policy loans | 3,503.9 | 3,470.8 | ||||||||||||||
Derivative instruments, net | 13.4 | (13.1 | ) | Derivative instruments, net | 38.4 | (13.1) | |||||||||||||
Limited partnerships | 423.5 | 124.9 | Limited partnerships | 537.8 | 124.9 | ||||||||||||||
Cash and cash equivalents | 345.6 | 394.1 | Cash and cash equivalents | 383.5 | 394.1 | ||||||||||||||
Accrued investment income | 175.6 | 190.3 | Accrued investment income | 171.4 | 190.3 | ||||||||||||||
Other assets and liabilities, net | 38.4 | 22.8 | Other assets and liabilities, net | (455.6) | 22.8 | ||||||||||||||
Total assets (2) | $ | 30,194.7 | $ | 31,859.9 | Total assets (2) | $ | 29,638.7 | $ | 31,859.9 | ||||||||||
Liabilities | Liabilities | ||||||||||||||||||
Funds held under reinsurance treaties (1) | 30,321.8 | 31,971.5 | Funds held under reinsurance treaties (1) | $ | 29,771.4 | $ | 31,971.5 | ||||||||||||
Total liabilities | $ | 30,321.8 | $ | 31,971.5 | Total liabilities | $ | 29,771.4 | $ | 31,971.5 | ||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Debt securities | $ | 194.4 | $ | 67.7 | $ | 397.5 | $ | 71.9 | Debt securities | $ | 183.5 | $ | 210.2 | $ | 581.0 | $ | 282.1 | ||||||||||||||||||||||
Equity securities | 3.5 | — | 2.4 | — | Equity securities | 1.0 | 0.7 | 3.4 | 0.7 | ||||||||||||||||||||||||||||||
Mortgage loans | 43.4 | 10.5 | 78.0 | 10.5 | Mortgage loans | 49.3 | 14.1 | 127.3 | 24.6 | ||||||||||||||||||||||||||||||
Policy loans | 80.6 | 74.0 | 161.7 | 154.5 | Policy loans | 76.0 | 79.3 | 237.7 | 233.8 | ||||||||||||||||||||||||||||||
Limited partnerships | (2.1 | ) | — | 0.6 | — | Limited partnerships | 16.1 | — | 16.7 | — | |||||||||||||||||||||||||||||
Other investment income | — | 0.1 | 0.2 | 0.1 | Other investment income | — | 1.4 | 0.2 | 1.5 | ||||||||||||||||||||||||||||||
Total investment income on funds withheld assets | 319.8 | 152.3 | 640.4 | 237.0 | Total investment income on funds withheld assets | 325.9 | 305.7 | 966.3 | 542.7 | ||||||||||||||||||||||||||||||
Other investment expenses on funds withheld assets (1) | (26.0 | ) | (8.1 | ) | (55.5 | ) | (8.1 | ) | Other investment expenses on funds withheld assets (1) | (26.3) | (28.6) | (81.8) | (36.7) | ||||||||||||||||||||||||||
Total net investment income on funds withheld reinsurance treaties | $ | 293.8 | $ | 144.2 | $ | 584.9 | $ | 228.9 | Total net investment income on funds withheld reinsurance treaties | $ | 299.6 | $ | 277.1 | $ | 884.5 | $ | 506.0 | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
Realized gains on sale | $ | 80.7 | $ | 52.6 | $ | 339.0 | $ | 1,650.7 | |||||||||||||||
Realized losses on sale | (1.4) | (3.6) | (14.2) | (5.8) | |||||||||||||||||||
Credit loss expense | (1.0) | — | (1.5) | — | |||||||||||||||||||
Gross impairments | — | — | — | (1.6) | |||||||||||||||||||
Credit loss expense on mortgage loans | 25.5 | (4.7) | 20.9 | (22.4) | |||||||||||||||||||
Other | (19.8) | — | (31.9) | — | |||||||||||||||||||
Net gains (losses) on non-derivative investments | 84.0 | 44.3 | 312.3 | 1,620.9 | |||||||||||||||||||
Net gains (losses) on derivative instruments | 34.0 | — | 53.3 | (204.2) | |||||||||||||||||||
Net gains (losses) on funds withheld payable under reinsurance treaties (1) | (233.2) | (422.7) | (350.5) | (626.4) | |||||||||||||||||||
Total net gains (losses) on derivatives and investments | $ | (115.2) | $ | (378.4) | $ | 15.1 | $ | 790.3 | |||||||||||||||
(1) Includes the Athene embedded derivative gain (loss) of $101.2 million and $554.9 million for the three and nine months ended September 30, 2021, respectively, and $(189.6) million and $(468.6) million for the three and nine months ended September 30, 2020, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Available-for-sale | ||||||||||||||||
Realized gains on sale | $ | 85.0 | $ | 1,598.1 | $ | 258.3 | $ | 1,598.1 | ||||||||
Realized losses on sale | (10.9 | ) | (2.2 | ) | (12.8 | ) | (2.2 | ) | ||||||||
Credit loss expense | (0.5 | ) | — | (0.5 | ) | — | ||||||||||
Gross impairments | — | (1.6 | ) | — | (1.6 | ) | ||||||||||
Credit loss expense on mortgage loans | (11.6 | ) | (17.7 | ) | (4.6 | ) | (17.7 | ) | ||||||||
Other | (3.1 | ) | — | (12.1 | ) | — | ||||||||||
Net gains (losses) on non-derivative investments | 58.9 | 1,576.6 | 228.3 | 1,576.6 | ||||||||||||
Net gains (losses) on derivative instruments | 2.3 | (204.2 | ) | 19.3 | (204.2 | ) | ||||||||||
Net gains (losses) on funds withheld payable under reinsurance treaties (1) | (828.6 | ) | (119.0 | ) | (117.3 | ) | (203.7 | ) | ||||||||
Total net gains (losses) on derivatives and investments | $ | (767.4 | ) | $ | 1,253.4 | $ | 130.3 | $ | 1,168.7 | |||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Reserves: | |||||||||||
Life | $ | 5,878.4 | $ | 5,963.9 | |||||||
Accident and health | 554.0 | 568.7 | |||||||||
Guaranteed minimum income benefits | 278.6 | 340.3 | |||||||||
Other annuity benefits (1) | 26,176.9 | 27,535.8 | |||||||||
Claims liability and other | 864.6 | 860.8 | |||||||||
Total | $ | 33,752.5 | $ | 35,269.5 |
June 30, 2021 | December 31, 2020 | |||||||
Reserves: | ||||||||
Life | $ | 5,920.9 | $ | 5,963.9 | ||||
Accident and health | 557.8 | 568.7 | ||||||
Guaranteed minimum income benefits | 267.2 | 340.3 | ||||||
Other annuity benefits (1) | 26,687.8 | 27,535.8 | ||||||
Claims liability and other | 813.0 | 860.8 | ||||||
Total | $ | 34,246.7 | $ | 35,269.5 | ||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Traditional life | $ | 4,276.0 | $ | 4,535.3 | |||||||
Guaranteed benefits (1) | 6,039.0 | 8,508.5 | |||||||||
Claims payable | 1,042.0 | 1,109.5 | |||||||||
Accident and health | 1,242.2 | 1,257.2 | |||||||||
Group payout annuities | 4,971.4 | 5,220.3 | |||||||||
Other | 828.7 | 859.3 | |||||||||
Total | $ | 18,399.3 | $ | 21,490.1 |
June 30, 2021 | December 31, 2020 | |||||||
Traditional life | $ | 4,358.8 | $ | 4,535.3 | ||||
Guaranteed benefits (1) | 5,046.1 | 8,508.5 | ||||||
Claims payable | 1,029.8 | 1,109.5 | ||||||
Accident and health | 1,225.8 | 1,257.2 | ||||||
Group payout annuities | 5,077.2 | 5,220.3 | ||||||
Other | 823.4 | 859.3 | ||||||
Total | $ | 17,561.1 | $ | 21,490.1 | ||||
September 30, | December 31, | ||||||||||||||||||
June 30, 2021 | December 2020 | 2021 | 2020 | ||||||||||||||||
Interest-sensitive life | $ | 11,725.4 | $ | 11,835.5 | Interest-sensitive life | $ | 11,651.8 | $ | 11,835.5 | ||||||||||
Variable annuity fixed option | 10,168.2 | 10,609.6 | Variable annuity fixed option | 10,340.4 | 10,609.6 | ||||||||||||||
Fixed annuity | 16,284.6 | 16,746.3 | Fixed annuity | 16,087.8 | 16,746.3 | ||||||||||||||
Fixed index annuity (1) | 13,809.6 | 14,209.2 | Fixed index annuity (1) | 13,547.4 | 14,209.2 | ||||||||||||||
GICs, funding agreements and FHLB advances | 8,910.0 | 11,137.8 | GICs, funding agreements and FHLB advances | 8,838.5 | 11,137.8 | ||||||||||||||
Total | $ | 60,897.8 | $ | 64,538.4 | Total | $ | 60,465.9 | $ | 64,538.4 | ||||||||||
June 30, 2021 Account Value | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Minimum Guaranteed Interest Rate | Minimum Guaranteed Interest Rate | Account Value | ||||||||||||||||||||||||||||||||||||||||
Fixed | Fixed Index | Variable | Total | Fixed | Fixed Index | Variable | Total | |||||||||||||||||||||||||||||||||||
1.0% | $ | 124.5 | $ | 232.7 | $ | 6,097.2 | $ | 6,454.4 | 1.0% | $ | 140.0 | $ | 253.9 | $ | 6,241.7 | $ | 6,635.6 | |||||||||||||||||||||||||
>1.0% - 2.0% | 59.6 | 1.5 | 226.5 | 287.6 | >1.0% - 2.0% | 58.1 | 1.4 | 224.2 | 283.7 | |||||||||||||||||||||||||||||||||
>2.0% - 3.0% | 1,130.6 | 185.4 | 3,291.3 | 4,607.3 | >2.0% - 3.0% | 1,131.3 | 183.0 | 3,310.4 | 4,624.7 | |||||||||||||||||||||||||||||||||
>3.0% - 4.0% | 607.6 | — | — | 607.6 | >3.0% - 4.0% | 602.5 | — | — | 602.5 | |||||||||||||||||||||||||||||||||
>4.0% - 5.0% | 278.0 | — | — | 278.0 | >4.0% - 5.0% | 277.7 | — | — | 277.7 | |||||||||||||||||||||||||||||||||
>5.0% - 5.5% | 72.2 | — | — | 72.2 | >5.0% - 5.5% | 72.0 | — | — | 72.0 | |||||||||||||||||||||||||||||||||
Subtotal | 2,272.5 | 419.6 | 9,615.0 | 12,307.1 | Subtotal | 2,281.6 | 438.3 | 9,776.3 | 12,496.2 | |||||||||||||||||||||||||||||||||
Ceded reinsurance | 12,529.5 | 13,390.0 | — | 25,919.5 | Ceded reinsurance | 12,330.0 | 13,109.3 | — | 25,439.3 | |||||||||||||||||||||||||||||||||
Total | $ | 14,802.0 | $ | 13,809.6 | $ | 9,615.0 | $ | 38,226.6 | Total | $ | 14,611.6 | $ | 13,547.6 | $ | 9,776.3 | $ | 37,935.5 | |||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||
Minimum Guaranteed Interest Rate | Minimum Guaranteed Interest Rate | Account Value | ||||||||||||||||||||||||||||||||||||||||
Fixed | Fixed Index | Variable | Total | |||||||||||||||||||||||||||||||||||||||
1.0% | 1.0% | $ | 92.1 | $ | 164.5 | $ | 6,501.6 | $ | 6,758.2 | |||||||||||||||||||||||||||||||||
>1.0% - 2.0% | >1.0% - 2.0% | 63.3 | 2.7 | 235.7 | 301.7 | |||||||||||||||||||||||||||||||||||||
>2.0% - 3.0% | >2.0% - 3.0% | 1,162.1 | 189.9 | 3,356.6 | 4,708.6 | |||||||||||||||||||||||||||||||||||||
>3.0% - 4.0% | >3.0% - 4.0% | 622.5 | — | — | 622.5 | |||||||||||||||||||||||||||||||||||||
>4.0% - 5.0% | >4.0% - 5.0% | 280.3 | — | — | 280.3 | |||||||||||||||||||||||||||||||||||||
>5.0% - 5.5% | >5.0% - 5.5% | 73.2 | — | — | 73.2 | |||||||||||||||||||||||||||||||||||||
Subtotal | Subtotal | 2,293.5 | 357.1 | 10,093.9 | 12,744.5 | |||||||||||||||||||||||||||||||||||||
Ceded reinsurance | Ceded reinsurance | 12,923.7 | 13,852.1 | — | 26,775.8 | |||||||||||||||||||||||||||||||||||||
Total | Total | $ | 15,217.2 | $ | 14,209.2 | $ | 10,093.9 | $ | 39,520.3 |
December 31, 2020 Account Value | ||||||||||||||||
Minimum Guaranteed Interest Rate | Fixed | Fixed Index | Variable | Total | ||||||||||||
1.0% | $ | 92.1 | $ | 164.5 | $ | 6,501.6 | $ | 6,758.2 | ||||||||
>1.0% - 2.0% | 63.3 | 2.7 | 235.7 | 301.7 | ||||||||||||
>2.0% - 3.0% | 1,162.1 | 189.9 | 3,356.6 | 4,708.6 | ||||||||||||
>3.0% - 4.0% | 622.5 | — | — | 622.5 | ||||||||||||
>4.0% - 5.0% | 280.3 | — | — | 280.3 | ||||||||||||
>5.0% - 5.5% | 73.2 | — | — | 73.2 | ||||||||||||
Subtotal | 2,293.5 | 357.1 | 10,093.9 | 12,744.5 | ||||||||||||
Ceded reinsurance | 12,923.7 | 13,852.1 | — | 26,775.8 | ||||||||||||
Total | $ | 15,217.2 | $ | 14,209.2 | $ | 10,093.9 | $ | 39,520.3 | ||||||||
June 30, 2021 | December 31, 2020 | |||||||
Minimum Guaranteed Interest Rate | Account Value - Interest Sensitive Life | |||||||
>2.0% - 3.0% | $ | 258.0 | $ | 269.6 | ||||
>3.0% - 4.0% | 2,775.4 | 2,819.5 | ||||||
>4.0% - 5.0% | 2,439.9 | 2,488.2 | ||||||
>5.0% - 6.0% | 2,001.3 | 2,044.6 | ||||||
Subtotal | 7,474.6 | 7,621.9 | ||||||
Retro treaties | 4,250.8 | 4,213.6 | ||||||
Total | $ | 11,725.4 | $ | 11,835.5 | ||||
Minimum Guaranteed Interest Rate | September 30, 2021 | December 31, 2020 | ||||||||||||
Account Value - Interest Sensitive Life | ||||||||||||||
>2.0% - 3.0% | $ | 254.8 | $ | 269.6 | ||||||||||
>3.0% - 4.0% | 2,753.8 | 2,819.5 | ||||||||||||
>4.0% - 5.0% | 2,412.1 | 2,488.2 | ||||||||||||
>5.0% - 6.0% | 1,984.9 | 2,044.6 | ||||||||||||
Subtotal | 7,405.6 | 7,621.9 | ||||||||||||
Retro treaties | 4,246.2 | 4,213.6 | ||||||||||||
Total | $ | 11,651.8 | $ | 11,835.5 |
Minimum Return | Account Value | Net Amount at Risk | Weighted Average Attained Age | Average Period until Expected Annuitization | ||||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||||||||
Return of net deposits plus a minimum return | ||||||||||||||||||||||||||||||||
GMDB | 0-6% | $ | 184,766.9 | $ | 2,286.5 | 68.6 years | ||||||||||||||||||||||||||
GMWB - Premium only | 0% | 2,883.1 | 9.9 | |||||||||||||||||||||||||||||
GMWB | 0-5%* | 239.2 | 8.9 | |||||||||||||||||||||||||||||
GMAB - Premium only | 0% | — | — | |||||||||||||||||||||||||||||
Highest specified anniversary account value minus withdrawals post-anniversary | ||||||||||||||||||||||||||||||||
GMDB | 14,223.6 | 301.1 | 69.7 years | |||||||||||||||||||||||||||||
GMWB - Highest anniversary only | 3,728.2 | 69.8 | ||||||||||||||||||||||||||||||
GMWB | 633.5 | 47.8 | ||||||||||||||||||||||||||||||
Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary | ||||||||||||||||||||||||||||||||
GMDB | 0-6% | 9,475.4 | 695.6 | 71.8 years | ||||||||||||||||||||||||||||
GMIB | 0-6% | 1,638.3 | 496.6 | 0.5 years | ||||||||||||||||||||||||||||
GMWB | 0-8%* | 172,918.5 | 5,775.1 | |||||||||||||||||||||||||||||
Weighted Average Attained Age | Average Period until Expected Annuitization | |||||||||||||||||||||||||||||||
Minimum Return | Account Value | Net Amount at Risk | ||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Return of net deposits plus a minimum return | ||||||||||||||||||||||||||||||||
GMDB | 0-6% | $ | 170,510.2 | $ | 2,339.5 | 67.3 years | ||||||||||||||||||||||||||
GMWB - Premium only | 0% | 2,858.1 | 11.7 | |||||||||||||||||||||||||||||
GMWB | 0-5%* | 247.5 | 10.8 | |||||||||||||||||||||||||||||
GMAB - Premium only | 0% | 39.4 | — | |||||||||||||||||||||||||||||
Highest specified anniversary account value minus withdrawals post-anniversary | ||||||||||||||||||||||||||||||||
GMDB | 13,511.9 | 86.1 | 68.3 years | |||||||||||||||||||||||||||||
GMWB - Highest anniversary only | 3,459.2 | 41.1 | ||||||||||||||||||||||||||||||
GMWB | 646.0 | 55.4 | ||||||||||||||||||||||||||||||
Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary | ||||||||||||||||||||||||||||||||
GMDB | 0-6% | 8,890.8 | 614.8 | 70.5 years | ||||||||||||||||||||||||||||
GMIB | 0-6% | 1,675.3 | 555.5 | 0.5 years | ||||||||||||||||||||||||||||
GMWB | 0-8%* | 159,856.9 | 5,655.7 |
June 30, 2021 | Minimum Return | Account Value | Net Amount at Risk | Weighted Average Attained Age | Average Period until Expected Annuitization | |||||||||||||||
Return of net deposits plus a minimum return | ||||||||||||||||||||
GMDB | 0-6 | % | $ | 186,886.5 | $ | 2,078.7 | 68.5 years | |||||||||||||
GMWB - Premium only | 0 | % | 2,993.0 | 8.4 | ||||||||||||||||
GMWB | 0-5 | %* | 249.9 | 8.5 | ||||||||||||||||
GMAB - Premium only | 0 | % | — | — | ||||||||||||||||
Highest specified anniversary account value minus withdrawals post-anniversary | ||||||||||||||||||||
GMDB | 14,555.7 | 65.0 | 69.6 years | |||||||||||||||||
GMWB - Highest anniversary only | 3,783.6 | 31.6 | ||||||||||||||||||
GMWB | 663.5 | 47.7 | ||||||||||||||||||
Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary | ||||||||||||||||||||
GMDB | 0-6 | % | 9,628.8 | 498.9 | 71.7 years | |||||||||||||||
GMIB | 0-6 | % | 1,718.0 | 466.2 | 0.6 years | |||||||||||||||
GMWB | 0-8 | %* | 175,081.0 | 4,174.3 |
December 31, 2020 | Minimum Return | Account Value | Net Amount at Risk | Weighted Average Attained Age | Average Period until Expected Annuitization | |||||||||||||||
Return of net deposits plus a minimum return | ||||||||||||||||||||
GMDB | 0-6 | % | $ | 170,510.2 | $ | 2,339.5 | 67.3 years | |||||||||||||
GMWB - Premium only | 0 | % | 2,858.1 | 11.7 | ||||||||||||||||
GMWB | 0-5 | %* | 247.5 | 10.8 | ||||||||||||||||
GMAB - Premium only | 0 | % | 39.4 | — | ||||||||||||||||
Highest specified anniversary account value minus withdrawals post-anniversary | ||||||||||||||||||||
GMDB | 13,511.9 | 86.1 | 68.3 years | |||||||||||||||||
GMWB - Highest anniversary only | 3,459.2 | 41.1 | ||||||||||||||||||
GMWB | 646.0 | 55.4 | ||||||||||||||||||
Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary | ||||||||||||||||||||
GMDB | 0-6 | % | 8,890.8 | 614.8 | 70.5 years | |||||||||||||||
GMIB | 0-6 | % | 1,675.3 | 555.5 | 0.5 years | |||||||||||||||
GMWB | 0-8 | %* | 159,856.9 | 5,655.7 |
September 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Fund type: | ||||||||||||||
Equity | $ | 145,386.1 | $ | 132,213.0 | ||||||||||
Bond | 20,211.3 | 20,202.9 | ||||||||||||
Balanced | 41,708.4 | 39,626.1 | ||||||||||||
Money market | 1,830.0 | 1,861.6 | ||||||||||||
Total | $ | 209,135.8 | $ | 193,903.6 |
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Fund type: | ||||||||
Equity | $ | 147,776.6 | $ | 132,213.0 | ||||
Bond | 20,288.8 | 20,202.9 | ||||||
Balanced | 42,117.4 | 39,626.1 | ||||||
Money market | 1,745.0 | 1,861.6 | ||||||
Total | $ | 211,927.8 | $ | 193,903.6 | ||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Balance as of beginning of period | $ | 1,418.3 | $ | 1,282.9 | |||||||
Incurred guaranteed benefits | 173.4 | 315.0 | |||||||||
Paid guaranteed benefits | (78.3) | (110.0) | |||||||||
Balance as of end of period | $ | 1,513.4 | $ | 1,487.9 |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Balance as of beginning of period | $ | 1,418.2 | $ | 1,282.9 | ||||
Incurred guaranteed benefits | 47.0 | 340.9 | ||||||
Paid guaranteed benefits | (56.7 | ) | (81.4 | ) | ||||
Balance as of end of period | $ | 1,408.5 | $ | 1,542.4 | ||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||
Benefit Type | Liability (in millions) | Net Amount at Risk (in millions) | Weighted Average Attained Age | Liability (in millions) | Net Amount at Risk (in millions) | Weighted Average Attained Age | ||||||||||||||||||
Insurance benefits * | $ | 935.0 | $ | 19,032.3 | 63.9 years | $ | 939.6 | $ | 19,483.0 | 63.5 years | ||||||||||||||
Account balance adjustments | 136.7 | N/A | N/A | 133.6 | N/A | N/A |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Benefit Type | Liability (in millions) | Net Amount at Risk (in millions) | Weighted Average Attained Age | Liability (in millions) | Net Amount at Risk (in millions) | Weighted Average Attained Age | ||||||||||||||||||||||||||||||||
Insurance benefits * | $ | 939.6 | $ | 18,641.4 | 63.9 years | $ | 939.6 | $ | 19,483.0 | 63.5 years | ||||||||||||||||||||||||||||
Account balance adjustments | 138.7 | N/A | N/A | 133.6 | N/A | N/A |
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Surplus note s | $ | 249.7 | $ | 249.7 | ||||
FHLBI bank loans | 68.0 | 72.3 | ||||||
Total | $ | 317.7 | $ | 322.0 | ||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Short-Term Debt | |||||||||||
Term loan due 2022 | 1,601.7 | — | |||||||||
Long-Term Debt | |||||||||||
Term loan due 2023 | $ | 750.8 | $ | — | |||||||
Surplus notes | 249.7 | 249.7 | |||||||||
FHLBI bank loans | 68.0 | 72.3 | |||||||||
Total long-term debt | $ | 1,068.5 | $ | 322.0 | |||||||
Scheduled Maturities of Debt | |||||||||||
Due in less than 1 year | $ | 1,601.7 | |||||||||
Due in more than 1 to 5 years | 750.8 | ||||||||||
Due after 5 years | 317.7 | ||||||||||
Total | $ | 2,670.2 |
Three Months Ended September 30, 2021 | Retail Annuities | Closed Life and Annuity Blocks | Institutional Products | Corporate and Other | Intersegment Eliminations | Total Consolidated | ||||||||||||||
Operating Revenues | ||||||||||||||||||||
Fee income | $ | 1,089.9 | $ | 122.5 | $ | — | $ | 32.4 | $ | (14.1) | $ | 1,230.7 | ||||||||
Premium | — | 38.2 | — | — | — | 38.2 | ||||||||||||||
Net investment income | 180.7 | 244.4 | 68.7 | (55.2) | 48.8 | 487.4 | ||||||||||||||
Income on operating derivatives | 13.3 | 18.4 | (1.1) | 7.9 | — | 38.5 | ||||||||||||||
Other income | 11.8 | 7.6 | — | (2.8) | — | 16.6 | ||||||||||||||
Total Operating Revenues | 1,295.7 | 431.1 | 67.6 | (17.7) | 34.7 | 1,811.4 | ||||||||||||||
Operating Benefits and Expenses | ||||||||||||||||||||
Death, other policy benefits and change in policy reserves, net of deferrals | 24.6 | 218.2 | — | — | — | 242.8 | ||||||||||||||
Interest credited on other contract holder funds, net of deferrals (1) | 66.3 | 103.0 | 47.3 | — | — | 216.6 | ||||||||||||||
Interest expense (1) | 5.7 | — | (1.9) | 2.5 | — | 6.3 | ||||||||||||||
Operating costs and other expenses, net of deferrals | 512.5 | 37.6 | 1.1 | 49.9 | — | 601.1 | ||||||||||||||
Deferred acquisition and sales inducements amortization | 159.4 | 4.0 | — | — | 10.0 | 173.4 | ||||||||||||||
Total Operating Benefits and Expenses | 768.5 | 362.8 | 46.5 | 52.4 | 10.0 | 1,240.2 | ||||||||||||||
Pretax Adjusted Operating Earnings | $ | 527.2 | $ | 68.3 | $ | 21.1 | $ | (70.1) | $ | 24.7 | $ | 571.2 |
Three Months Ended June 30, 2021 | Retail Annuities | Closed Life and Annuity Blocks | Institutional Products | Corporate and Other | Intersegment Eliminations | Total Consolidated | ||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||
Fee income | $ | 1,050.0 | $ | 122.8 | $ | — | $ | 33.3 | $ | (14.5 | ) | $ | 1,191.6 | |||||||||||
Premium | — | 33.8 | — | — | — | 33.8 | ||||||||||||||||||
Net investment income | 143.6 | 204.9 | 56.7 | (8.5 | ) | 48.4 | 445.1 | |||||||||||||||||
Income on operating derivatives | 14.6 | 17.5 | — | 8.1 | — | 40.2 | ||||||||||||||||||
Other income | 12.0 | 12.0 | — | 6.4 | — | 30.4 | ||||||||||||||||||
Total Operating Revenues | 1,220.2 | 391.0 | 56.7 | 39.3 | 33.9 | 1,741.1 | ||||||||||||||||||
Operating Benefits and Expenses | ||||||||||||||||||||||||
Death, other policy benefits and change in policy reserves, net of deferrals | 11.5 | 191.5 | — | — | — | 203.0 | ||||||||||||||||||
Interest credited on other contract holder funds, net of deferrals | 66.3 | 103.0 | 48.2 | — | — | 217.5 | ||||||||||||||||||
Interest expense | 5.6 | — | 1.0 | — | — | 6.6 | ||||||||||||||||||
Operating costs and other expenses, net of deferrals | 484.6 | 37.9 | 1.2 | 50.5 | — | 574.2 | ||||||||||||||||||
Deferred acquisition and sales inducements amortization | (31.0 | ) | 2.2 | — | — | 7.8 | (21.0 | ) | ||||||||||||||||
Total Operating Benefits and Expenses | 537.0 | 334.6 | 50.4 | 50.5 | 7.8 | 980.3 | ||||||||||||||||||
Pretax Adjusted Operating Earnings | $ | 683.2 | $ | 56.4 | $ | 6.3 | $ | (11.2 | ) | $ | 26.1 | $ | 760.8 | |||||||||||
Three Months Ended June 30, 2020 | Retail Annuities | Closed Life and Annuity Blocks | Institutional Products | Corporate and Other | Intersegment Eliminations | Total Consolidated | ||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||
Fee income | $ | 792.2 | $ | 128.5 | $ | — | $ | 43.0 | $ | (21.5 | ) | $ | 942.2 | |||||||||||
Premium | — | 24.0 | — | — | — | 24.0 | ||||||||||||||||||
Net investment income | 230.1 | 105.8 | 84.5 | (61.0 | ) | 42.8 | 402.2 | |||||||||||||||||
Income on operating derivatives | 14.7 | 10.5 | — | 5.3 | — | 30.5 | ||||||||||||||||||
Other income | 4.4 | 12.3 | — | 1.2 | — | 17.9 | ||||||||||||||||||
Total Operating Revenues | 1,041.4 | 281.1 | 84.5 | (11.5 | ) | 21.3 | 1,416.8 | |||||||||||||||||
Operating Benefits and Expenses | ||||||||||||||||||||||||
Death, other policy benefits and change in policy reserves, net of deferrals | 9.5 | 256.8 | — | — | — | 266.3 | ||||||||||||||||||
Interest credited on other contract holder funds, net of deferrals | 173.8 | 106.3 | 62.8 | — | — | 342.9 | ||||||||||||||||||
Interest expense | 7.0 | — | 4.2 | 20.2 | — | 31.4 | ||||||||||||||||||
Operating costs and other expenses, net of deferrals | 406.2 | 36.6 | 1.3 | 54.1 | — | 498.2 | ||||||||||||||||||
Deferred acquisition and sales inducements amortization | (241.3 | ) | 4.0 | — | — | 5.9 | (231.4 | ) | ||||||||||||||||
Total Operating Benefits and Expenses | 355.2 | 403.7 | 68.3 | 74.3 | 5.9 | 907.4 | ||||||||||||||||||
Pretax Adjusted Operating Earnings | $ | 686.2 | $ | (122.6 | ) | $ | 16.2 | $ | (85.8 | ) | $ | 15.4 | $ | 509.4 | ||||||||||
Three Months Ended September 30, 2020 | Retail Annuities | Closed Life and Annuity Blocks | Institutional Products | Corporate and Other | Intersegment Eliminations | Total Consolidated | ||||||||||||||
Operating Revenues | ||||||||||||||||||||
Fee income | $ | 881.0 | $ | 127.3 | $ | — | $ | 39.2 | $ | (17.8) | $ | 1,029.7 | ||||||||
Premium | — | 49.7 | — | — | — | 49.7 | ||||||||||||||
Net investment income | 135.3 | 245.6 | 87.6 | (26.4) | 49.8 | 491.9 | ||||||||||||||
Income on operating derivatives | 10.2 | 21.4 | — | 6.6 | — | 38.2 | ||||||||||||||
Other income | 12.9 | 7.6 | — | 1.0 | — | 21.5 | ||||||||||||||
Total Operating Revenues | 1,039.4 | 451.6 | 87.6 | 20.4 | 32.0 | 1,631.0 | ||||||||||||||
Operating Benefits and Expenses | ||||||||||||||||||||
Death, other policy benefits and change in policy reserves, net of deferrals | 22.4 | 237.0 | — | — | — | 259.4 | ||||||||||||||
Interest credited on other contract holder funds, net of deferrals | 65.1 | 107.2 | 58.0 | — | — | 230.3 | ||||||||||||||
Interest expense | 5.8 | — | 2.0 | — | — | 7.8 | ||||||||||||||
Operating costs and other expenses, net of deferrals | 464.2 | 39.3 | 1.3 | 32.7 | — | 537.5 | ||||||||||||||
Deferred acquisition and sales inducements amortization | (61.0) | 3.2 | — | — | 8.1 | (49.7) | ||||||||||||||
Total Operating Benefits and Expenses | 496.5 | 386.7 | 61.3 | 32.7 | 8.1 | 985.3 | ||||||||||||||
Pretax Adjusted Operating Earnings | $ | 542.9 | $ | 64.9 | $ | 26.3 | $ | (12.3) | $ | 23.9 | $ | 645.7 |
Nine Months Ended September 30, 2021 | Retail Annuities | Closed Life and Annuity Blocks | Institutional Products | Corporate and Other | Intersegment Eliminations | Total Consolidated | ||||||||||||||
Operating Revenues | ||||||||||||||||||||
Fee income | $ | 3,135.6 | $ | 370.5 | $ | — | $ | 101.3 | $ | (43.8) | $ | 3,563.6 | ||||||||
Premium | — | 109.5 | — | — | — | 109.5 | ||||||||||||||
Net investment income | 529.4 | 705.8 | 189.1 | (99.8) | 145.9 | 1,470.4 | ||||||||||||||
Income on operating derivatives | 41.9 | 56.1 | (1.1) | 20.3 | — | 117.2 | ||||||||||||||
Other income | 35.4 | 29.3 | — | 5.5 | — | 70.2 | ||||||||||||||
Total Operating Revenues | 3,742.3 | 1,271.2 | 188.0 | 27.3 | 102.1 | 5,330.9 | ||||||||||||||
Operating Benefits and Expenses | ||||||||||||||||||||
Death, other policy benefits and change in policy reserves, net of deferrals | 42.1 | 630.9 | — | — | — | 673.0 | ||||||||||||||
Interest credited on other contract holder funds, net of deferrals (1) | 199.9 | 309.6 | 147.1 | — | — | 656.6 | ||||||||||||||
Interest expense (1) | 16.5 | — | — | 2.5 | — | 19.0 | ||||||||||||||
Operating costs and other expenses, net of deferrals | 1,472.5 | 116.1 | 3.6 | 156.3 | — | 1,748.5 | ||||||||||||||
Deferred acquisition and sales inducements amortization | 232.6 | 11.0 | — | — | 24.9 | 268.5 | ||||||||||||||
Total Operating Benefits and Expenses | 1,963.6 | 1,067.6 | 150.7 | 158.8 | 24.9 | 3,365.6 | ||||||||||||||
Pretax Adjusted Operating Earnings | $ | 1,778.7 | $ | 203.6 | $ | 37.3 | $ | (131.5) | $ | 77.2 | $ | 1,965.3 |
Nine Months Ended September 30, 2020 | Retail Annuities | Closed Life and Annuity Blocks | Institutional Products | Corporate and Other | Intersegment Eliminations | Total Consolidated | ||||||||||||||
Operating Revenues | ||||||||||||||||||||
Fee income | $ | 2,530.7 | $ | 385.8 | $ | — | $ | 126.3 | $ | (62.8) | $ | 2,980.0 | ||||||||
Premium | — | 143.6 | — | — | — | 143.6 | ||||||||||||||
Net investment income | 762.1 | 543.9 | 284.4 | (103.8) | 127.0 | 1,613.6 | ||||||||||||||
Income on operating derivatives | 35.9 | 39.2 | — | 15.1 | — | 90.2 | ||||||||||||||
Other income | 17.3 | 13.4 | 1.6 | 3.3 | — | 35.6 | ||||||||||||||
Total Operating Revenues | 3,346.0 | 1,125.9 | 286.0 | 40.9 | 64.2 | 4,863.0 | ||||||||||||||
Operating Benefits and Expenses | ||||||||||||||||||||
Death, other policy benefits and change in policy reserves, net of deferrals | 40.2 | 642.5 | — | — | — | 682.7 | ||||||||||||||
Interest credited on other contract holder funds, net of deferrals | 463.1 | 321.8 | 194.4 | — | — | 979.3 | ||||||||||||||
Interest expense | 21.5 | — | 14.9 | 44.6 | — | 81.0 | ||||||||||||||
Operating costs and other expenses, net of deferrals | 1,313.5 | 115.7 | 3.9 | 125.5 | — | 1,558.6 | ||||||||||||||
Deferred acquisition and sales inducements amortization | 102.8 | 10.9 | — | — | 17.2 | 130.9 | ||||||||||||||
Total Operating Benefits and Expenses | 1,941.1 | 1,090.9 | 213.2 | 170.1 | 17.2 | 3,432.5 | ||||||||||||||
Pretax Adjusted Operating Earnings | $ | 1,404.9 | $ | 35.0 | $ | 72.8 | $ | (129.2) | $ | 47.0 | $ | 1,430.5 |
Six Months Ended June 30, 2021 | Retail Annuities | Closed Life and Annuity Blocks | Institutional Products | Corporate and Other | Intersegment Eliminations | Total Consolidated | ||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||
Fee income | $ | 2,045.7 | $ | 248.0 | $ | — | $ | 68.9 | $ | (29.7 | ) | $ | 2,332.9 | |||||||||||
Premium | — | 71.3 | — | — | — | 71.3 | ||||||||||||||||||
Net investment income | 348.7 | 461.4 | 120.4 | (44.6 | ) | 97.1 | 983.0 | |||||||||||||||||
Income on operating derivatives | 28.6 | 37.7 | — | 12.4 | — | 78.7 | ||||||||||||||||||
Other income | 23.6 | 21.7 | — | 8.3 | — | 53.6 | ||||||||||||||||||
Total Operating Revenues | 2,446.6 | 840.1 | 120.4 | 45.0 | 67.4 | 3,519.5 | ||||||||||||||||||
Operating Benefits and Expenses | ||||||||||||||||||||||||
Death, other policy benefits and change in policy reserves, net of deferrals | 17.5 | 412.7 | — | — | — | 430.2 | ||||||||||||||||||
Interest credited on other contract holder funds, net of deferrals | 133.6 | 206.6 | 99.8 | — | — | 440.0 | ||||||||||||||||||
Interest expense | 10.8 | — | 1.9 | — | — | 12.7 | ||||||||||||||||||
Operating costs and other expenses, net of deferrals | 960.0 | 78.6 | 2.5 | 106.4 | — | 1,147.5 | ||||||||||||||||||
Deferred acquisition and sales inducements amortization | 73.2 | 7.0 | — | — | 14.9 | 95.1 | ||||||||||||||||||
Total Operating Benefits and Expenses | 1,195.1 | 704.9 | 104.2 | 106.4 | 14.9 | 2,125.5 | ||||||||||||||||||
Pretax Adjusted Operating Earnings | $ | 1,251.5 | $ | 135.2 | $ | 16.2 | $ | (61.4 | ) | $ | 52.5 | $ | 1,394.0 | |||||||||||
Six Months Ended June 30, 2020 | Retail Annuities | Closed Life and Annuity Blocks | Institutional Products | Corporate and Other | Intersegment Eliminations | Total Consolidated | ||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||
Fee income | $ | 1,649.7 | $ | 258.5 | $ | — | $ | 87.1 | $ | (45.0 | ) | $ | 1,950.3 | |||||||||||
Premium | — | 93.9 | — | — | — | 93.9 | ||||||||||||||||||
Net investment income | 626.8 | 298.3 | 196.8 | (77.4 | ) | 77.2 | 1,121.7 | |||||||||||||||||
Income on operating derivatives | 25.7 | 17.8 | — | 8.5 | — | 52.0 | ||||||||||||||||||
Other income | 4.5 | 5.7 | 1.6 | 2.3 | — | 14.1 | ||||||||||||||||||
Total Operating Revenues | 2,306.7 | 674.2 | 198.4 | 20.5 | 32.2 | 3,232.0 | ||||||||||||||||||
Operating Benefits and Expenses | ||||||||||||||||||||||||
Death, other policy benefits and change in policy reserves, net of deferrals | 17.8 | 405.5 | — | — | — | 423.3 | ||||||||||||||||||
Interest credited on other contract holder funds, net of deferrals | 398.0 | 214.6 | 136.4 | — | — | 749.0 | ||||||||||||||||||
Interest expense | 15.8 | — | 12.8 | 44.6 | — | 73.2 | ||||||||||||||||||
Operating costs and other expenses, net of deferrals | 849.3 | 76.3 | 2.6 | 92.8 | — | 1,021.0 | ||||||||||||||||||
Deferred acquisition and sales inducements amortization | 163.8 | 7.8 | — | — | 9.1 | 180.7 | ||||||||||||||||||
Total Operating Benefits and Expenses | 1,444.7 | 704.2 | 151.8 | 137.4 | 9.1 | 2,447.2 | ||||||||||||||||||
Pretax Adjusted Operating Earnings | $ | 862.0 | $ | (30.0 | ) | $ | 46.6 | $ | (116.9 | ) | $ | 23.1 | $ | 784.8 | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total operating revenues | $ | 1,811.4 | $ | 1,631.0 | $ | 5,330.9 | $ | 4,863.0 | |||||||||||||||
Fees attributed to variable annuity benefit reserves | 728.1 | 633.7 | 2,100.7 | 1,858.3 | |||||||||||||||||||
Net gains (losses) on derivatives and investments | (1,417.9) | (2,542.9) | (1,311.7) | (4,608.0) | |||||||||||||||||||
Net investment income related to noncontrolling interests | 61.9 | 21.7 | 186.3 | (37.8) | |||||||||||||||||||
Consolidated investments | 3.2 | 90.5 | 34.5 | 23.9 | |||||||||||||||||||
Net investment income on funds withheld assets | 299.6 | 277.1 | 884.5 | 506.0 | |||||||||||||||||||
Total revenues | $ | 1,486.3 | $ | 111.1 | $ | 7,225.2 | $ | 2,605.4 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Total operating revenues | $ | 1,741.1 | $ | 1,416.8 | $ | 3,519.5 | $ | 3,232.0 | ||||||||
Fees attributed to variable annuity benefit reserves | 701.0 | 617.7 | 1,372.6 | 1,224.6 | ||||||||||||
Net gains (losses) on derivatives and investments | (2,560.9 | ) | (4,401.9 | ) | 106.2 | (2,065.1 | ) | |||||||||
Net investment income related to noncontrolling interests | 56.1 | (53.7 | ) | 124.4 | (59.5 | ) | ||||||||||
Consolidated investments | 0.8 | (56.0 | ) | 31.3 | (66.6 | ) | ||||||||||
Net investment income on funds withheld assets | 293.8 | 144.2 | 584.9 | 228.9 | ||||||||||||
Total revenues | $ | 231.9 | $ | (2,332.9 | ) | $ | 5,738.9 | $ | 2,494.3 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total operating benefits and expenses | $ | 1,240.2 | $ | 985.3 | $ | 3,365.6 | $ | 3,432.5 | |||||||||||||||
Benefits attributed to variable annuity benefit reserves | 25.0 | 32.0 | 91.4 | 121.9 | |||||||||||||||||||
Amortization of DAC and DSI related to non-operating revenues and expenses | (169.4) | (349.0) | 283.7 | (980.7) | |||||||||||||||||||
SOP 03-1 reserve movements | 126.4 | (67.4) | 122.8 | 266.7 | |||||||||||||||||||
Athene reinsurance transaction | — | 34.9 | — | 2,081.6 | |||||||||||||||||||
Other items | 12.4 | 7.2 | 63.0 | 11.2 | |||||||||||||||||||
Total benefits and expenses | $ | 1,234.6 | $ | 643.0 | $ | 3,926.5 | $ | 4,933.2 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Total operating benefits and expenses | $ | 980.3 | $ | 907.4 | $ | 2,125.5 | $ | 2,447.2 | ||||||||
Benefits attributed to variable annuity benefit reserves | 28.5 | 50.3 | 66.4 | 89.9 | ||||||||||||
Amortization of DAC and DSI related to non-operating revenues and expenses | (242.7 | ) | (1,263.5 | ) | 453.1 | (631.7 | ) | |||||||||
SOP 03-1 reserve movements | (21.2 | ) | (457.5 | ) | (3.6 | ) | 334.1 | |||||||||
Athene reinsurance transaction | — | 2,046.7 | — | 2,046.7 | ||||||||||||
Other items | 25.4 | 3.7 | 50.5 | 4.0 | ||||||||||||
Total benefits and expenses | $ | 770.3 | $ | 1,287.1 | $ | 2,691.9 | $ | 4,290.2 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Pretax adjusted operating earnings | $ | 571.2 | $ | 645.7 | $ | 1,965.3 | $ | 1,430.5 | |||||||||||||||
Non-operating adjustments (income) loss: | |||||||||||||||||||||||
Fees attributable to guarantee benefit reserves | 728.1 | 633.7 | 2,100.7 | 1,858.3 | |||||||||||||||||||
Net movement in freestanding derivatives | (493.3) | (3,530.3) | (3,966.3) | (812.4) | |||||||||||||||||||
Net reserve and embedded derivative movements | (996.7) | 1,378.1 | 2,221.8 | (5,158.6) | |||||||||||||||||||
DAC and DSI impact | 169.3 | 349.1 | (283.8) | 980.9 | |||||||||||||||||||
Net realized investment gains (losses) including change in fair value of funds withheld embedded derivative | (79.1) | (355.4) | 218.7 | 974.5 | |||||||||||||||||||
Loss on funds withheld reinsurance transaction | — | (34.9) | — | (2,081.6) | |||||||||||||||||||
Net investment income on funds withheld assets | 299.6 | 277.1 | 884.5 | 506.0 | |||||||||||||||||||
Other items | (9.3) | 83.3 | (28.5) | 12.4 | |||||||||||||||||||
Pretax income (loss) attributable to Jackson Financial Inc. | 189.8 | (553.6) | 3,112.4 | (2,290.0) | |||||||||||||||||||
Income tax expense (benefit) | (16.4) | (157.0) | 514.7 | (580.8) | |||||||||||||||||||
Net income (loss) attributable to Jackson Financial, Inc. | $ | 206.2 | $ | (396.6) | $ | 2,597.7 | $ | (1,709.2) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Pretax adjusted operating earnings | $ | 760.8 | $ | 509.4 | $ | 1,394.0 | $ | 784.8 | ||||||||
Non-operating adjustments (income) loss: | ||||||||||||||||
Fees attributable to guarantee benefit reserves | 701.0 | 617.7 | 1,372.6 | 1,224.6 | ||||||||||||
Net movement in freestanding derivatives | (442.2 | ) | (9,340.3 | ) | (3,472.9 | ) | 2,717.9 | |||||||||
Net reserve and embedded derivative movements | (1,373.7 | ) | 3,715.9 | 3,218.5 | (6,536.7 | ) | ||||||||||
DAC and DSI impact | 242.8 | 1,264.6 | (453.1 | ) | 631.8 | |||||||||||
Net realized investment gains (losses) including change in fair value of funds withheld embedded derivative | (752.4 | ) | 1,629.8 | 297.8 | 1,329.9 | |||||||||||
Loss on funds withheld reinsurance transaction | — | (2,046.7 | ) | — | (2,046.7 | ) | ||||||||||
Net investment income on funds withheld assets | 293.8 | 144.2 | 584.9 | 228.9 | ||||||||||||
Other items | (24.6 | ) | (60.9 | ) | (19.2 | ) | (70.9 | ) | ||||||||
Pretax income (loss) attributable to Jackson Financial Inc. | (594.5 | ) | (3,566.3 | ) | 2,922.6 | (1,736.4 | ) | |||||||||
Income tax expense (benefit) | (54.5 | ) | (457.0 | ) | 531.1 | (423.8 | ) | |||||||||
Net income (loss) attributable to Jackson Financial, Inc. | $ | (540.0 | ) | $ | (3,109.3 | ) | $ | 2,391.5 | $ | (1,312.6 | ) | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Asset-based commission expenses | $ | 285.9 | $ | 233.2 | $ | 834.1 | $ | 658.7 | |||||||||||||||
Other commission expenses | 262.9 | 261.4 | 792.4 | 744.8 | |||||||||||||||||||
Athene ceding commission (1) | — | 28.5 | — | (1,202.6) | |||||||||||||||||||
General and administrative expenses | 256.5 | 235.7 | 777.1 | 702.1 | |||||||||||||||||||
Deferral of acquisition costs | (191.7) | (185.5) | (592.1) | (535.8) | |||||||||||||||||||
Total operating costs and other expenses | $ | 613.6 | $ | 573.3 | $ | 1,811.5 | $ | 367.2 | |||||||||||||||
(1) See Note 7 for further information | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Asset-based commission expenses | $ | 281.1 | $ | 213.5 | $ | 548.2 | $ | 425.5 | ||||||||
Other commission expenses | 263.0 | 206.0 | 529.5 | 483.4 | ||||||||||||
Athene ceding commission (1) | — | (1,231.1 | ) | — | (1,231.1 | ) | ||||||||||
General and administrative expenses | 256.5 | 227.6 | 520.6 | 466.4 | ||||||||||||
Deferral of acquisition costs | (201.0 | ) | (145.2 | ) | (400.4 | ) | (350.3 | ) | ||||||||
Total operating costs and other expenses | $ | 599.6 | $ | (729.2 | ) | $ | 1,197.9 | $ | (206.1 | ) | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Balance, beginning of period (1) | $ | 2,390.2 | $ | 3,429.4 | $ | 3,820.6 | $ | 2,396.7 | ||||||||||||||||||
OCI before reclassifications | (313.6) | 489.0 | (1,552.2) | 2,085.7 | ||||||||||||||||||||||
Amounts reclassified from AOCI | (31.4) | (67.8) | (223.2) | (631.8) | ||||||||||||||||||||||
Balance, end of period (1) | $ | 2,045.2 | $ | 3,850.6 | $ | 2,045.2 | $ | 3,850.6 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Balance, beginning of period (1) | $ | 1,442.5 | $ | 1,963.0 | $ | 3,820.6 | $ | 2,396.7 | ||||||||
OCI before reclassifications | 1,062.8 | 1,988.2 | (1,238.6 | ) | 1,596.7 | |||||||||||
Amounts reclassified from AOCI | (115.1 | ) | (521.8 | ) | (191.8 | ) | (564.0 | ) | ||||||||
Balance, end of period (1) | $ | 2,390.2 | $ | 3,429.4 | $ | 2,390.2 | $ | 3,429.4 | ||||||||
AOCI Components | Amounts Reclassified from AOCI | Affected Line Item in the Consolidated Income Statement | ||||||||
Three Months Ended June 30, | ||||||||||
2021 | 2020 | |||||||||
Net unrealized investment gain (loss): | ||||||||||
Net realized gain (loss) on investments | $ | (147.5 | ) | $ | (663.5 | ) | Net gains (losses) on derivatives and investments | |||
Other impaired securities | — | 3.0 | Net gains (losses) on derivatives and investments | |||||||
Net unrealized gain (loss), before income taxes | (147.5 | ) | (660.5 | ) | ||||||
Income tax expense (benefit) | (32.4 | ) | (138.7 | ) | ||||||
Reclassifications, net of income taxes | $ | (115.1 | ) | $ | (521.8 | ) | ||||
AOCI Components | Amounts Reclassified from AOCI | Affected Line Item in the Consolidated Income Statement | ||||||||
Six Months Ended June 30, | ||||||||||
2021 | 2020 | |||||||||
Net unrealized investment gain (loss): | ||||||||||
Net realized gain (loss) on investments | $ | (244.6 | ) | $ | (721.4 | ) | Net gains (losses) on derivatives and investments | |||
Other impaired securities | — | 7.5 | Net gains (losses) on derivatives and investments | |||||||
Net unrealized gain (loss), before income taxes | (244.6 | ) | (713.9 | ) | ||||||
Income tax expense (benefit) | (52.8 | ) | (149.9 | ) | ||||||
Reclassifications, net of income taxes | $ | (191.8 | ) | $ | (564.0 | ) | ||||
AOCI Components | Amounts Reclassified from AOCI | Affected Line Item in the Consolidated Income Statement | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Net unrealized investment gain (loss): | ||||||||||||||||||||
Net realized gain (loss) on investments | $ | (40.0) | $ | (87.2) | Net gains (losses) on derivatives and investments | |||||||||||||||
Other impaired securities | — | 1.3 | Net gains (losses) on derivatives and investments | |||||||||||||||||
Net unrealized gain (loss), before income taxes | (40.0) | (85.9) | ||||||||||||||||||
Income tax expense (benefit) | (8.6) | (18.1) | ||||||||||||||||||
Reclassifications, net of income taxes | $ | (31.4) | $ | (67.8) |
AOCI Components | Amounts Reclassified from AOCI | Affected Line Item in the Consolidated Income Statement | ||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Net unrealized investment gain (loss): | ||||||||||||||||||||
Net realized gain (loss) on investments | $ | (284.6) | $ | (808.6) | Net gains (losses) on derivatives and investments | |||||||||||||||
Other impaired securities | — | 8.8 | Net gains (losses) on derivatives and investments | |||||||||||||||||
Net unrealized gain (loss), before income taxes | (284.6) | (799.8) | ||||||||||||||||||
Income tax expense (benefit) | (61.4) | (168.0) | ||||||||||||||||||
Reclassifications, net of income taxes | $ | (223.2) | $ | (631.8) |
19. Earnings Per Share |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in millions, except share and per share data) | ||||||||||||||||
Net income (loss) attributable to Jackson Financial Inc. | $ | (540.0 | ) | $ | (3,109.3 | ) | $ | 2,391.5 | $ | (1,312.6 | ) | |||||
Weighted average shares of common stock outstanding - basic | 94,464,343 | 44,433,998 | 94,464,343 | 41,336,994 | ||||||||||||
Weighted average shares of common stock outstanding - diluted | 94,464,343 | 44,433,998 | 94,464,343 | 41,336,994 | ||||||||||||
Earnings per share—common stock | ||||||||||||||||
Basic | $ | (5.72 | ) | $ | (69.98 | ) | $ | 25.32 | $ | (31.75 | ) | |||||
Diluted | $ | (5.72 | ) | $ | (69.98 | ) | $ | 25.32 | $ | (31.75 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions, except share and per share data) | |||||||||||||||||||||||
Net income (loss) attributable to Jackson Financial Inc. | $ | 206.2 | $ | (396.6) | $ | 2,597.7 | $ | (1,709.2) | |||||||||||||||
Weighted average shares of common stock outstanding - basic | 94,464,343 | 92,638,945 | 94,464,343 | 58,625,564 | |||||||||||||||||||
Weighted average shares of common stock outstanding - diluted | 94,464,343 | 92,638,945 | 94,464,343 | 58,625,564 | |||||||||||||||||||
Earnings per share—common stock | |||||||||||||||||||||||
Basic | $ | 2.18 | $ | (4.28) | $ | 27.50 | $ | (29.15) | |||||||||||||||
Diluted | $ | 2.18 | $ | (4.28) | $ | 27.50 | $ | (29.15) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) attributable to Jackson Financial, Inc. | $ | 206.2 | $ | (396.6) | $ | 2,597.7 | $ | (1,709.2) | |||||||||||||||
Income tax expense (benefit) | (16.4) | (157.0) | 514.7 | (580.8) | |||||||||||||||||||
Pretax income (loss) attributable to Jackson Financial Inc | 189.8 | (553.6) | 3,112.4 | (2,290.0) | |||||||||||||||||||
Non-operating adjustments (income) loss: | |||||||||||||||||||||||
Fees attributable to guarantee benefit reserves | (728.1) | (633.7) | (2,100.7) | (1,858.3) | |||||||||||||||||||
Net movement in freestanding derivatives | 493.3 | 3,530.3 | 3,966.3 | 812.4 | |||||||||||||||||||
Net reserve and embedded derivative movements | 996.7 | (1,378.1) | (2,221.8) | 5,158.6 | |||||||||||||||||||
DAC and DSI impact | (169.3) | (349.1) | 283.8 | (980.9) | |||||||||||||||||||
Net realized investment gains (losses) including change in fair value of funds withheld embedded derivative | 79.1 | 355.4 | (218.7) | (974.5) | |||||||||||||||||||
Loss on Athene Reinsurance Transaction | — | 34.9 | — | 2,081.6 | |||||||||||||||||||
Net investment income on funds withheld assets | (299.6) | (277.1) | (884.5) | (506.0) | |||||||||||||||||||
Other items | 9.3 | (83.3) | 28.5 | (12.4) | |||||||||||||||||||
Total non-operating adjustments | 381.4 | 1,199.3 | (1,147.1) | 3,720.5 | |||||||||||||||||||
Pretax Adjusted Operating Earnings | 571.2 | 645.7 | 1,965.3 | 1,430.5 | |||||||||||||||||||
Operating income taxes | 83.8 | 98.9 | 273.3 | 195.8 | |||||||||||||||||||
Adjusted Operating Earnings | $ | 487.4 | $ | 546.8 | $ | 1,692.0 | $ | 1,234.7 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in millions) | ||||||||||||||||
Net income (loss) attributable to Jackson Financial, Inc. | $ | (540.0 | ) | $ | (3,109.3 | ) | $ | 2,391.5 | $ | (1,312.6 | ) | |||||
Income tax expense (benefit) | (54.5 | ) | (457.0 | ) | 531.1 | (423.8 | ) | |||||||||
Pretax income (loss) attributable to Jackson Financial Inc | (594.5 | ) | (3,566.3 | ) | 2,922.6 | (1,736.4 | ) | |||||||||
Non-operating adjustments (income) loss: | ||||||||||||||||
Fees attributable to guarantee benefit reserves | (701.0 | ) | (617.7 | ) | (1,372.6 | ) | (1,224.6 | ) | ||||||||
Net movement in freestanding derivatives | 442.2 | 9,340.3 | 3,472.9 | (2,717.9 | ) | |||||||||||
Net reserve and embedded derivative movements | 1,373.7 | (3,715.9 | ) | (3,218.5 | ) | 6,536.7 | ||||||||||
DAC and DSI impact | (242.8 | ) | (1,264.6 | ) | 453.1 | (631.8 | ) | |||||||||
Net realized investment gains (losses) including change in fair value of funds withheld embedded derivative | 752.4 | (1,629.8 | ) | (297.8 | ) | (1,329.9 | ) | |||||||||
Loss on Athene Reinsurance Transaction | — | 2,046.7 | — | 2,046.7 | ||||||||||||
Net investment income on funds withheld assets | (293.8 | ) | (144.2 | ) | (584.9 | ) | (228.9 | ) | ||||||||
Other items | 24.6 | 60.9 | 19.2 | 70.9 | ||||||||||||
Total non-operating adjustments | 1,355.3 | 4,075.7 | (1,528.6 | ) | 2,521.2 | |||||||||||
Pretax Adjusted Operating Earnings | 760.8 | 509.4 | 1,394.0 | 784.8 | ||||||||||||
Operating income taxes | 124.4 | 134.5 | 189.5 | 96.9 | ||||||||||||
Adjusted Operating Earnings | $ | 636.4 | $ | 374.9 | $ | 1,204.5 | $ | 687.9 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||
Total stockholder’s equity | $ | 10,390.5 | $ | 8,858.6 | $ | 10,390.5 | $ | 8,858.6 | |||||||||||||||||||||||||||||||
Total stockholders' equity | Total stockholders' equity | $ | 10,258.2 | $ | 9,375.8 | $ | 10,258.2 | $ | 9,375.8 | ||||||||||||||||||||||||||||||
Adjustments to total stockholders’ equity: | |||||||||||||||||||||||||||||||||||||||
Exclude accumulated other comprehensive income attributable to Jackson Financial Inc. (1) | (1,758.1 | ) | (2,321.5 | ) | $ | (1,758.1 | ) | $ | (2,321.5 | ) | Exclude accumulated other comprehensive income attributable to Jackson Financial Inc. (1) | (1,563.9) | (2,636.7) | (1,563.9) | (2,636.7) | ||||||||||||||||||||||||
Adjusted Book Value | $ | 8,632.4 | $ | 6,537.1 | $ | 8,632.4 | $ | 6,537.1 | % | Adjusted Book Value | $ | 8,694.3 | $ | 6,739.1 | $ | 8,694.3 | $ | 6,739.1 | |||||||||||||||||||||
ROE | (21.2 | )% | (146.2 | )% | 48.3 | % | (33.5 | ) % | ROE | 8.0 | % | (17.4) | % | 34.6 | % | (28.1) | % | ||||||||||||||||||||||
Adjusted Operating ROE on average equity | 29.2 | % | 23.6 | % | 31.2 | % | 20.6 | % | Adjusted Operating ROE on average equity | 22.5 | % | 33.0 | % | 27.4 | % | 24.3 | % | ||||||||||||||||||||||
(1) Excludes $481.3 million and $1,213.9 million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of September 30, 2021 and September 30, 2020, respectively. | (1) Excludes $481.3 million and $1,213.9 million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of September 30, 2021 and September 30, 2020, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in millions) | ||||||||||||||||
Sales | ||||||||||||||||
Variable annuities | $ | 4,820.7 | $ | 3,297.7 | $ | 9,495.0 | $ | 7,299.1 | ||||||||
Fixed Index Annuities | 32.5 | 139.8 | 72.3 | 891.8 | ||||||||||||
Fixed Annuities | 5.9 | 30.3 | 16.1 | 303.0 | ||||||||||||
Total Retail Annuity Sales | 4,859.1 | 3,467.8 | 9,583.4 | 8,493.9 | ||||||||||||
Total Institutional Product Sales | — | — | — | 1,284.2 | ||||||||||||
Total Sales | $ | 4,859.1 | $ | 3,467.8 | $ | 9,583.4 | $ | 9,778.1 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Sales | |||||||||||||||||||||||
Variable annuities | $ | 4,737.7 | $ | 4,457.9 | $ | 14,232.7 | $ | 11,757.0 | |||||||||||||||
Fixed Index Annuities | 23.3 | 61.4 | 92.3 | 949.8 | |||||||||||||||||||
Fixed Annuities | 7.7 | 8.9 | 27.0 | 315.3 | |||||||||||||||||||
Total Retail Annuity Sales | 4,768.7 | 4,528.2 | 14,352.0 | 13,022.1 | |||||||||||||||||||
Total Institutional Product Sales | 43.4 | — | 43.4 | 1,284.2 | |||||||||||||||||||
Total Sales | $ | 4,812.1 | $ | 4,528.2 | $ | 14,395.4 | $ | 14,306.3 |
As of June 30, | ||||||||
2021 | 2020 | |||||||
(in millions) | ||||||||
Account Value | ||||||||
GMWB For Life | $ | 181,968.8 | $ | 139,444.1 | ||||
GMWB | 7,249.6 | 5,944.2 | ||||||
Other Guarantees - Living Benefits | 1,864.5 | 1,685.1 | ||||||
No Living Benefits | 57,858.4 | 45,649.3 | ||||||
Total Variable Annuity Account Value | 248,941.3 | 192,722.7 | ||||||
Fixed Index Annuity (1) | 243.2 | 61.7 | ||||||
Fixed Annuity (1) | 1,080.9 | 1,043.6 | ||||||
Total Fixed & Fixed Index Annuity Account Value | 1,324.1 | 1,105.3 | ||||||
Total Retail Annuities Account Value | $ | 250,265.4 | $ | 193,828.0 | ||||
Total Institutional Products Account Value | $ | 8,910.0 | $ | 12,325.0 | ||||
Total Closed Life and Annuity Blocks Account Value (2) | $ | 8,929.7 | $ | 9,259.9 |
As of September 30, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Account Value | |||||||||||
GMWB For Life | $ | 179,806.7 | $ | 148,657.6 | |||||||
GMWB | 7,078.9 | 6,196.2 | |||||||||
Other Guarantees - Living Benefits | 1,788.9 | 1,730.8 | |||||||||
No Living Benefits | 57,731.8 | 47,948.9 | |||||||||
Total Variable Annuity Account Value | 246,406.3 | 204,533.5 | |||||||||
Fixed Index Annuity (1) | 265.4 | 125.5 | |||||||||
Fixed Annuity (1) | 1,098.6 | 1,066.6 | |||||||||
Total Fixed & Fixed Index Annuity Account Value | 1,364.0 | 1,192.1 | |||||||||
Total Retail Annuities Account Value | $ | 247,770.3 | $ | 205,725.6 | |||||||
Total Institutional Products Account Value | $ | 8,838.5 | $ | 12,310.8 | |||||||
Total Closed Life and Annuity Blocks Account Value (2) | $ | 8,847.2 | $ | 9,183.3 | |||||||
(1) Net of reinsurance to Athene, where substantially all of our in-force fixed and fixed index annuity product liabilities were reinsured, effective June 1, 2020. | |||||||||||
(2) Excludes payout annuities and traditional life insurance without account value. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net Flows: | |||||||||||||||||||||||
Variable Annuity | $ | (129.4) | $ | 885.3 | $ | (694.8) | $ | 1,190.0 | |||||||||||||||
Fixed Index Annuity (1) | (347.1) | (235.5) | (998.2) | 12.1 | |||||||||||||||||||
Fixed Annuity (1) | (249.8) | (257.0) | (786.0) | (637.2) | |||||||||||||||||||
Total Retail Annuities Net Flows | $ | (726.3) | $ | 392.8 | $ | (2,479.0) | $ | 564.9 | |||||||||||||||
Total Institutional Products Net Flows | $ | (103.7) | $ | (115.0) | $ | (2,384.3) | $ | (223.4) | |||||||||||||||
Total Closed Life and Annuity Blocks Net Flows (2) | $ | (65.4) | $ | (62.3) | $ | (209.9) | $ | (218.8) | |||||||||||||||
(1) Gross of reinsurance to Athene. | |||||||||||||||||||||||
(2) Excludes payout annuities and traditional life insurance without account value. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in millions) | ||||||||||||||||
Net Flows: | ||||||||||||||||
Variable Annuity | $ | (324.8 | ) | $ | 463.0 | $ | (565.4 | ) | $ | 304.7 | ||||||
Fixed Index Annuity (1) | (325.0 | ) | (141.8 | ) | (651.1 | ) | 247.6 | |||||||||
Fixed Annuity (1) | (234.2 | ) | (243.5 | ) | (536.1 | ) | (380.2 | ) | ||||||||
Total Retail Annuities Net Flows | $ | (884.0 | ) | $ | 77.7 | $ | (1,752.6 | ) | $ | 172.1 | ||||||
Total Institutional Products Net Flows | $ | (1,735.2 | ) | $ | (742.6 | ) | $ | (2,280.6 | ) | $ | (108.4 | ) | ||||
Total Closed Life and Annuity Blocks Net Flows (2) | $ | (61.2 | ) | $ | (71.6 | ) | $ | (144.5 | ) | $ | (156.5 | ) |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Account Value | Benefit Base | Account Value | Benefit Base | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Account Value | Benefit Base | Account Value | Benefit Base | |||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||
No Living Benefits | $ | 57,858.4 | N/A | $ | 53,021.6 | N/A | No Living Benefits | $ | 57,731.8 | N/A | $ | 53,021.6 | N/A | |||||||||||||||||||||||||||||
By Guaranteed Living Benefits: | By Guaranteed Living Benefits: | |||||||||||||||||||||||||||||||||||||||||
GMWB for Life | 181,968.8 | $ | 171,681.3 | 167,007.2 | $ | 160,225.7 | GMWB for Life | 179,806.7 | 178,354.8 | 167,007.2 | 160,225.7 | |||||||||||||||||||||||||||||||
GMWB | 7,249.6 | 5,764.4 | 6,807.4 | 5,557.7 | GMWB | 7,078.9 | 5,834.6 | 6,807.4 | 5,557.7 | |||||||||||||||||||||||||||||||||
GMIB (1) | 1,864.5 | 2,130.8 | 1,826.5 | 2,216.3 | GMIB (1) | 1,788.9 | 2,096.8 | 1,826.5 | 2,216.3 | |||||||||||||||||||||||||||||||||
GMAB | — | — | 49.2 | 7.2 | GMAB | — | — | 49.2 | 7.2 | |||||||||||||||||||||||||||||||||
Total | $ | 248,941.3 | $ | 179,576.5 | $ | 228,711.9 | $ | 168,006.9 | Total | $ | 246,406.3 | $ | 186,286.2 | $ | 228,711.9 | $ | 168,006.9 | |||||||||||||||||||||||||
By Guaranteed Death Benefit: | By Guaranteed Death Benefit: | |||||||||||||||||||||||||||||||||||||||||
Return of AV (No GMDB) | $ | 28,842.3 | N/A | $ | 26,368.6 | N/A | Return of AV (No GMDB) | $ | 28,821.6 | N/A | $ | 26,368.6 | N/A | |||||||||||||||||||||||||||||
Return of Premium | 190,529.9 | 131,863.0 | 174,678.2 | 128,481.5 | Return of Premium | 188,608.5 | 133,447.5 | 174,678.2 | 128,481.5 | |||||||||||||||||||||||||||||||||
Highest Anniversary Value | 15,333.7 | 14,270.8 | 14,322.9 | 13,175.2 | Highest Anniversary Value | 15,015.1 | 14,606.2 | 14,322.9 | 13,175.2 | |||||||||||||||||||||||||||||||||
Rollup | 4,235.0 | 4,945.0 | 4,061.8 | 5,005.5 | Rollup | 4,119.1 | 4,906.3 | 4,061.8 | 5,005.5 | |||||||||||||||||||||||||||||||||
Combination HAV/Rollup | 10,000.4 | 10,095.1 | 9,280.4 | 9,447.0 | Combination HAV/Rollup | 9,842.0 | 10,294.0 | 9,280.4 | 9,447.0 | |||||||||||||||||||||||||||||||||
Total | $ | 248,941.3 | $ | 161,173.9 | $ | 228,711.9 | $ | 156,109.2 | Total | $ | 246,406.3 | $ | 163,254.0 | $ | 228,711.9 | $ | 156,109.2 | |||||||||||||||||||||||||
(1) Substantially all of our GMIB benefits are reinsured. | (1) Substantially all of our GMIB benefits are reinsured. |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Jackson Invested Assets | $ | 47,400.6 | $ | 49,832.2 | |||||||
Former Asia Affiliates Invested Assets | 26,721.4 | 31,009.4 | |||||||||
Former United Kingdom Affiliates Invested Assets | 2,071.6 | 22,882.1 | |||||||||
Other Third Party Invested Assets | 2,922.0 | 2,253.9 | |||||||||
Total PPM AUM | 79,115.6 | 105,977.6 | |||||||||
Total JNAM AUM | 268,452.0 | 255,668.7 | |||||||||
Total AUM | $ | 347,567.6 | $ | 361,646.3 |
June 30, 2021 | December 31, 2020 | |||||||
(in millions) | ||||||||
Jackson Invested Assets | $ | 44,330.1 | $ | 49,832.2 | ||||
Prudential Affiliates Invested Assets | 26,468.1 | 31,009.4 | ||||||
Former Prudential Affiliates Invested Assets | 3,545.3 | 22,882.1 | ||||||
Other Third Party Invested Assets | 2,656.2 | 2,253.9 | ||||||
Total PPM AUM | 76,999.7 | 105,977.6 | ||||||
Total JNAM AUM | 271,914.0 | 255,668.7 | ||||||
Total AUM | $ | 348,913.7 | $ | 361,646.3 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||
Fee income | $ | 1,895.6 | $ | 1,563.2 | $ | 3,711.6 | $ | 3,181.4 | Fee income | $ | 1,961.9 | $ | 1,666.5 | $ | 5,673.5 | $ | 4,847.9 | ||||||||||||||||||||||
Premium | 30.7 | 20.9 | 65.2 | 87.5 | Premium | 35.1 | 46.5 | 100.3 | 134.0 | ||||||||||||||||||||||||||||||
Net investment income | 795.9 | 436.4 | 1,723.6 | 1,224.2 | Net investment income | 852.0 | 881.4 | 2,575.6 | 2,105.6 | ||||||||||||||||||||||||||||||
Net gains (losses) on derivatives and investments | (2,520.7 | ) | (4,371.3 | ) | 184.9 | (2,012.9 | ) | Net gains (losses) on derivatives and investments | (1,379.3) | (2,504.8) | (1,194.4) | (4,517.7) | |||||||||||||||||||||||||||
Other income | 30.4 | 17.9 | 53.6 | 14.1 | Other income | 16.6 | 21.5 | 70.2 | 35.6 | ||||||||||||||||||||||||||||||
Total revenues | 231.9 | $ | (2,332.9 | ) | 5,738.9 | 2,494.3 | Total revenues | 1,486.3 | 111.1 | 7,225.2 | 2,605.4 | ||||||||||||||||||||||||||||
Benefits and Expenses | Benefits and Expenses | ||||||||||||||||||||||||||||||||||||||
Death, other policy benefits and change in policy reserves, net of deferrals | 210.3 | (140.9 | ) | 493.0 | 847.2 | Death, other policy benefits and change in policy reserves, net of deferrals | 394.1 | 224.2 | 887.1 | 1,071.4 | |||||||||||||||||||||||||||||
Interest credited on other contract holder funds, net of deferrals | 217.5 | 342.9 | 440.0 | 749.0 | Interest credited on other contract holder funds, net of deferrals | 216.6 | 230.3 | 656.6 | 979.3 | ||||||||||||||||||||||||||||||
Interest expense | 6.6 | 31.4 | 12.7 | 73.2 | Interest expense | 6.3 | 7.8 | 19.0 | 81.0 | ||||||||||||||||||||||||||||||
Operating costs and other expenses, net of deferrals | 599.6 | (729.2 | ) | 1,197.9 | (206.1 | ) | Operating costs and other expenses, net of deferrals | 613.6 | 573.3 | 1,811.5 | 367.2 | ||||||||||||||||||||||||||||
Cost of reinsurance | — | 2,513.9 | — | 2,513.9 | Cost of reinsurance | — | 6.2 | — | 2,520.1 | ||||||||||||||||||||||||||||||
Amortization of deferred acquisition and sales inducement costs | (263.7 | ) | (731.0 | ) | 548.3 | 313.0 | Amortization of deferred acquisition and sales inducement costs | 4.0 | (398.8) | 552.3 | (85.8) | ||||||||||||||||||||||||||||
Total benefits and expenses | 770.3 | 1,287.1 | 2,691.9 | 4,290.2 | Total benefits and expenses | 1,234.6 | 643.0 | 3,926.5 | 4,933.2 | ||||||||||||||||||||||||||||||
Pretax income (loss) before noncontrolling interests | (538.4 | ) | (3,620.0 | ) | 3,047.0 | (1,795.9 | ) | Pretax income (loss) before noncontrolling interests | 251.7 | (531.9) | 3,298.7 | (2,327.8) | |||||||||||||||||||||||||||
Income tax expense (benefit) | (54.5 | ) | (457.0 | ) | 531.1 | (423.8 | ) | Income tax expense (benefit) | (16.4) | (157.0) | 514.7 | (580.8) | |||||||||||||||||||||||||||
Net income (loss) | (483.9 | ) | (3,163.0 | ) | 2,515.9 | (1,372.1 | ) | Net income (loss) | 268.1 | (374.9) | 2,784.0 | (1,747.0) | |||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 56.1 | (53.7 | ) | 124.4 | (59.5 | ) | Less: Net income (loss) attributable to noncontrolling interests | 61.9 | 21.7 | 186.3 | (37.8) | ||||||||||||||||||||||||||||
Net income (loss) attributable to Jackson Financial Inc. | $ | (540.0 | ) | $ | (3,109.3 | ) | $ | 2,391.5 | $ | (1,312.6 | ) | Net income (loss) attributable to Jackson Financial Inc. | $ | 206.2 | $ | (396.6) | $ | 2,597.7 | $ | (1,709.2) | |||||||||||||||||||
Adjusted Operating Earnings | Adjusted Operating Earnings | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Jackson Financial, Inc. | $ | (540.0 | ) | $ | (3,109.3 | ) | $ | 2,391.5 | $ | (1,312.6 | ) | Net income (loss) attributable to Jackson Financial, Inc. | $ | 206.2 | $ | (396.6) | $ | 2,597.7 | $ | (1,709.2) | |||||||||||||||||||
Income tax expense (benefit) | (54.5 | ) | (457.0 | ) | 531.1 | (423.8 | ) | Income tax expense (benefit) | (16.4) | (157.0) | 514.7 | (580.8) | |||||||||||||||||||||||||||
Pretax income (loss) attributable to Jackson Financial Inc | (594.5 | ) | (3,566.3 | ) | 2,922.6 | (1,736.4 | ) | Pretax income (loss) attributable to Jackson Financial Inc | 189.8 | (553.6) | 3,112.4 | (2,290.0) | |||||||||||||||||||||||||||
Non-operating adjustments (income) loss: | Non-operating adjustments (income) loss: | ||||||||||||||||||||||||||||||||||||||
Fees attributable to guarantee benefit reserves | (701.0 | ) | (617.7 | ) | (1,372.6 | ) | (1,224.6 | ) | Fees attributable to guarantee benefit reserves | (728.1) | (633.7) | (2,100.7) | (1,858.3) | ||||||||||||||||||||||||||
Net movement in freestanding derivatives | 442.2 | 9,340.3 | 3,472.9 | (2,717.9 | ) | Net movement in freestanding derivatives | 493.3 | 3,530.3 | 3,966.3 | 812.4 | |||||||||||||||||||||||||||||
Net reserve and embedded derivative movements | 1,373.7 | (3,715.9 | ) | (3,218.5 | ) | 6,536.7 | Net reserve and embedded derivative movements | 996.7 | (1,378.1) | (2,221.8) | 5,158.6 | ||||||||||||||||||||||||||||
DAC and DSI impact | (242.8 | ) | (1,264.6 | ) | 453.1 | (631.8 | ) | DAC and DSI impact | (169.3) | (349.1) | 283.8 | (980.9) | |||||||||||||||||||||||||||
Net realized investment gains (losses) including change in fair value of funds withheld embedded derivative | 752.4 | (1,629.8 | ) | (297.8 | ) | (1,329.9 | ) | Net realized investment gains (losses) including change in fair value of funds withheld embedded derivative | 79.1 | 355.4 | (218.7) | (974.5) | |||||||||||||||||||||||||||
Loss on Athene Reinsurance Transaction | — | 2,046.7 | — | 2,046.7 | Loss on Athene Reinsurance Transaction | — | 34.9 | — | 2,081.6 | ||||||||||||||||||||||||||||||
Net investment income on funds withheld assets | (293.8 | ) | (144.2 | ) | (584.9 | ) | (228.9 | ) | Net investment income on funds withheld assets | (299.6) | (277.1) | (884.5) | (506.0) | ||||||||||||||||||||||||||
Other items | 24.6 | 60.9 | 19.2 | 70.9 | Other items | 9.3 | (83.3) | 28.5 | (12.4) | ||||||||||||||||||||||||||||||
Total non-operating adjustments | 1,355.3 | 4,075.7 | (1,528.6 | ) | 2,521.2 | Total non-operating adjustments | 381.4 | 1,199.3 | (1,147.1) | 3,720.5 | |||||||||||||||||||||||||||||
Pretax Adjusted Operating Earnings | 760.8 | 509.4 | 1,394.0 | 784.8 | Pretax Adjusted Operating Earnings | 571.2 | 645.7 | 1,965.3 | 1,430.5 | ||||||||||||||||||||||||||||||
Operating income taxes | 124.4 | 134.5 | 189.5 | 96.9 | Operating income taxes | 83.8 | 98.9 | 273.3 | 195.8 | ||||||||||||||||||||||||||||||
Adjusted Operating Earnings | $ | 636.4 | $ | 374.9 | $ | 1,204.5 | $ | 687.9 | Adjusted Operating Earnings | $ | 487.4 | $ | 546.8 | $ | 1,692.0 | $ | 1,234.7 | ||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Net gains (losses) excluding derivatives and funds withheld assets | $ | 36.4 | $ | 23.0 | |||||||
Net gains (losses) on freestanding derivatives | (455.1) | (3,492.2) | |||||||||
Net gains (losses) on embedded derivatives (excluding funds withheld reinsurance) | (845.4) | 1,342.8 | |||||||||
Net gains (losses) on derivative instruments | (1,300.5) | (2,149.4) | |||||||||
Net gains (losses) on funds withheld reinsurance | (115.2) | (378.4) | |||||||||
Total net gains (losses) on derivatives and investments | $ | (1,379.3) | $ | (2,504.8) |
Three Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
(in millions, except percentages) | ||||||||
Net gains (losses) excluding derivatives and funds withheld assets | $ | 15.0 | $ | 376.4 | ||||
Net gains (losses) on freestanding derivatives | (401.9 | ) | (9,309.7 | ) | ||||
Net gains (losses) on embedded derivatives (excluding funds withheld reinsurance) | (1,366.4 | ) | 3,308.6 | |||||
Net gains (losses) on derivative instruments | (1,768.3 | ) | (6,001.1 | ) | ||||
Net gains (losses) on funds withheld reinsurance | (767.4 | ) | 1,253.4 | |||||
Total net gains (losses) on derivatives and investments | $ | (2,520.7 | ) | $ | (4,371.3 | ) | ||
Nine Months Ended September 30, | |||||||||||||||||||
Six Months Ended June 30, | 2021 | 2020 | |||||||||||||||||
2021 | 2020 | (in millions) | |||||||||||||||||
Net gains (losses) excluding derivatives and funds withheld assets | $ | 167.5 | $ | 161.2 | Net gains (losses) excluding derivatives and funds withheld assets | $ | 203.9 | $ | 184.2 | ||||||||||
Net gains (losses) on freestanding derivatives | (3,394.2 | ) | 2,770.0 | Net gains (losses) on freestanding derivatives | (3,849.3) | (722.2) | |||||||||||||
Net gains (losses) on embedded derivatives (excluding funds withheld reinsurance) | 3,281.3 | (6,112.8 | ) | Net gains (losses) on embedded derivatives (excluding funds withheld reinsurance) | 2,435.9 | (4,770.0) | |||||||||||||
Net gains (losses) on derivative instruments | (112.9 | ) | $ | (3,342.8 | ) | Net gains (losses) on derivative instruments | (1,413.4) | (5,492.2) | |||||||||||
Net gains (losses) on funds withheld reinsurance | 130.3 | $ | 1,168.7 | Net gains (losses) on funds withheld reinsurance | 15.1 | 790.3 | |||||||||||||
Total net gains (losses) on derivatives and investments | $ | 184.9 | $ | (2,012.9 | ) | Total net gains (losses) on derivatives and investments | $ | (1,194.4) | $ | (4,517.7) | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Retail Annuities: | Retail Annuities: | ||||||||||||||||||||||||||||||||||||||
Operating Revenues | Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Fee income | $ | 1,050.0 | $ | 792.2 | $ | 2,045.7 | $ | 1,649.7 | Fee income | $ | 1,089.9 | $ | 881.0 | $ | 3,135.6 | $ | 2,530.7 | ||||||||||||||||||||||
Net investment income | 143.6 | 230.1 | 348.7 | 626.8 | Net investment income | 180.7 | 135.3 | 529.4 | 762.1 | ||||||||||||||||||||||||||||||
Income on operating derivatives | 14.6 | 14.7 | 28.6 | 25.7 | Income on operating derivatives | 13.3 | 10.2 | 41.9 | 35.9 | ||||||||||||||||||||||||||||||
Other income | 12.0 | 4.4 | 23.6 | 4.5 | Other income | 11.8 | 12.9 | 35.4 | 17.3 | ||||||||||||||||||||||||||||||
Total Operating Revenues | 1,220.2 | 1,041.4 | 2,446.6 | 2,306.7 | Total Operating Revenues | 1,295.7 | 1,039.4 | 3,742.3 | 3,346.0 | ||||||||||||||||||||||||||||||
Operating Benefits and Expenses | Operating Benefits and Expenses | ||||||||||||||||||||||||||||||||||||||
Death, other policy benefits and change in policy reserves | 11.5 | 9.5 | 17.5 | 17.8 | Death, other policy benefits and change in policy reserves | 24.6 | 22.4 | 42.1 | 40.2 | ||||||||||||||||||||||||||||||
Interest credited on other contract holder funds | 66.3 | 173.8 | 133.6 | 398.0 | Interest credited on other contract holder funds | 66.3 | 65.1 | 199.9 | 463.1 | ||||||||||||||||||||||||||||||
Interest expense | 5.6 | 7.0 | 10.8 | 15.8 | Interest expense | 5.7 | 5.8 | 16.5 | 21.5 | ||||||||||||||||||||||||||||||
Operating costs and other expenses, net of deferrals | 484.6 | 406.2 | 960.0 | 849.3 | Operating costs and other expenses, net of deferrals | 512.5 | 464.2 | 1,472.5 | 1,313.5 | ||||||||||||||||||||||||||||||
Amortization of deferred acquisition costs and deferred sales inducement costs | (31.0 | ) | (241.3 | ) | 73.2 | 163.8 | Amortization of deferred acquisition costs and deferred sales inducement costs | 159.4 | (61.0) | 232.6 | 102.8 | ||||||||||||||||||||||||||||
Total Operating Benefits and Expenses | 537.0 | 355.2 | 1,195.1 | 1,444.7 | Total Operating Benefits and Expenses | 768.5 | 496.5 | 1,963.6 | 1,941.1 | ||||||||||||||||||||||||||||||
Pretax Adjusted Operating Earnings | $ | 683.2 | $ | 686.2 | $ | 1,251.5 | $ | 862.0 | Pretax Adjusted Operating Earnings | $ | 527.2 | $ | 542.9 | $ | 1,778.7 | $ | 1,404.9 | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Retail Annuities: | Retail Annuities: | ||||||||||||||||||||||||||||||||||||||
Balance as of beginning of period | $ | 264,110.9 | $ | 194,404.4 | $ | 256,740.4 | $ | 230,931.8 | Balance as of beginning of period | $ | 276,185.0 | $ | 221,333.7 | $ | 256,740.4 | $ | 230,931.8 | ||||||||||||||||||||||
Premiums and deposits | 4,902.6 | 3,500.8 | 9,674.5 | 8,547.6 | Premiums and deposits | 4,818.3 | 4,956.9 | 14,492.7 | 13,504.5 | ||||||||||||||||||||||||||||||
Surrenders, withdrawals, and benefits | (5,786.6 | ) | (3,423.1 | ) | (11,427.1 | ) | (8,375.5 | ) | Surrenders, withdrawals, and benefits | (5,544.6) | (4,564.1) | (16,971.7) | (12,939.6) | ||||||||||||||||||||||||||
Net flows | (884.0 | ) | 77.7 | (1,752.6 | ) | 172.1 | Net flows | (726.3) | 392.8 | (2,479.0) | 564.9 | ||||||||||||||||||||||||||||
Credited Interest/Investment performance | 13,631.7 | 27,454.1 | 22,511.3 | (8,581.6 | ) | Credited Interest/Investment performance | (1,559.2) | 11,879.6 | 20,952.1 | 3,298.0 | |||||||||||||||||||||||||||||
Policy Charges and other | (673.6 | ) | (602.5 | ) | (1,314.1 | ) | (1,188.6 | ) | Policy Charges and other | (689.9) | (715.4) | (2,003.9) | (1,904.0) | ||||||||||||||||||||||||||
Balance as of end of period | 276,185.0 | 221,333.7 | 276,185.0 | 221,333.7 | Balance as of end of period | 273,209.6 | 232,890.7 | 273,209.6 | 232,890.7 | ||||||||||||||||||||||||||||||
Ceded reinsurance | (25,919.6 | ) | (27,505.7 | ) | (25,919.6 | ) | (27,505.7 | ) | Ceded reinsurance | (25,439.3) | (27,165.1) | (25,439.3) | (27,165.1) | ||||||||||||||||||||||||||
Balance as of end of period, net of ceded reinsurance | $ | 250,265.4 | $ | 193,828.0 | $ | 250,265.4 | $ | 193,828.0 | Balance as of end of period, net of ceded reinsurance | $ | 247,770.3 | $ | 205,725.6 | $ | 247,770.3 | $ | 205,725.6 | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Institutional Products: | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Net investment income | $ | 68.7 | $ | 87.6 | $ | 189.1 | $ | 284.4 | |||||||||||||||
Income on operating derivatives | (1.1) | — | (1.1) | — | |||||||||||||||||||
Other income | — | — | — | 1.6 | |||||||||||||||||||
Total Operating Revenues | 67.6 | 87.6 | 188.0 | 286.0 | |||||||||||||||||||
Operating Benefits and Expenses | |||||||||||||||||||||||
Interest credited on other contract holder funds (1) | 47.3 | 58.0 | 147.1 | 194.4 | |||||||||||||||||||
Interest expense (1) | (1.9) | 2.0 | — | 14.9 | |||||||||||||||||||
Operating costs and other expenses, net of deferrals | 1.1 | 1.3 | 3.6 | 3.9 | |||||||||||||||||||
Total Operating Benefits and Expenses | 46.5 | 61.3 | 150.7 | 213.2 | |||||||||||||||||||
Pretax Adjusted Operating Earnings | $ | 21.1 | $ | 26.3 | $ | 37.3 | $ | 72.8 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in millions) | ||||||||||||||||
Institutional Products: | ||||||||||||||||
Operating Revenues | ||||||||||||||||
Net investment income | $ | 56.7 | $ | 84.5 | $ | 120.4 | $ | 196.8 | ||||||||
Other income | — | — | — | 1.6 | ||||||||||||
Total Operating Revenues | 56.7 | 84.5 | 120.4 | 198.4 | ||||||||||||
Operating Benefits and Expenses | ||||||||||||||||
Interest credited on other contract holder funds | 48.2 | 62.8 | 99.8 | 136.4 | ||||||||||||
Interest expense | 1.0 | 4.2 | 1.9 | 12.8 | ||||||||||||
Operating costs and other expenses, net of deferrals | 1.2 | 1.3 | 2.5 | 2.6 | ||||||||||||
Total Operating Benefits and Expenses | 50.4 | 68.3 | 104.2 | 151.8 | ||||||||||||
Pretax Adjusted Operating Earnings | $ | 6.3 | $ | 16.2 | $ | 16.2 | $ | 46.6 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Institutional Products: | |||||||||||||||||||||||
Balance as of beginning of period | $ | 8,909.9 | $ | 12,325.0 | $ | 11,137.8 | $ | 12,287.1 | |||||||||||||||
Premiums and deposits | 43.4 | — | 43.4 | 1,284.2 | |||||||||||||||||||
Surrenders, withdrawals, and benefits | (147.1) | (115.0) | (2,427.7) | (1,507.6) | |||||||||||||||||||
Net flows | (103.7) | (115.0) | (2,384.3) | (223.4) | |||||||||||||||||||
Credited Interest | 45.4 | 60.0 | 147.1 | 209.3 | |||||||||||||||||||
Policy Charges and other | (13.1) | 40.8 | (62.1) | 37.8 | |||||||||||||||||||
Balance as of end of period | $ | 8,838.5 | $ | 12,310.8 | $ | 8,838.5 | $ | 12,310.8 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in millions) | ||||||||||||||||
Institutional Products: | ||||||||||||||||
Balance as of beginning of period | $ | 10,578.6 | $ | 12,948.3 | $ | 11,137.8 | $ | 12,287.1 | ||||||||
Premiums and deposits | — | — | — | 1,284.2 | ||||||||||||
Surrenders, withdrawals, and benefits | (1,735.2 | ) | (742.6 | ) | (2,280.6 | ) | (1,392.6 | ) | ||||||||
Net flows | (1,735.2 | ) | (742.6 | ) | (2,280.6 | ) | (108.4 | ) | ||||||||
Credited Interest | 49.2 | 67.1 | 101.7 | 149.3 | ||||||||||||
Policy Charges and other | 17.3 | 52.2 | (49.0 | ) | (3.0 | ) | ||||||||||
Balance as of end of period | $ | 8,909.9 | $ | 12,325.0 | $ | 8,909.9 | $ | 12,325.0 | ||||||||