Principal Life Insurance S-1/A 25 Apr 24 IPO registration (amended) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023
Document and Entity Information
Document Type	S-1/A
Entity Registrant Name	PRINCIPAL LIFE INSURANCE CO
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000009712
Amendment Flag	false

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Fixed maturities, available-for-sale	$ 62,530.2	$ 59,631.3
Fixed maturities, trading (2023 and 2022 include $45.2 million and $0.0 million related to consolidated variable interest entities)	715.3	634
Equity securities	43	53.1
Mortgage loans (2023 and 2022 include $871.9 million and $1,179.7 million related to consolidated variable interest entities)	19,221.2	19,722.4
Real estate (2023 and 2022 include $779.1 million and $649.0 million related to consolidated variable interest entities)	2,343.5	2,237.4
Policy loans	793.2	770.2
Other investments (2023 and 2022 include $182.1 million and $18.6 million related to consolidated variable interest entities and $163.2 million and $0.0 million measured at fair value under the fair value option)	4,118.8	3,261.3
Total investments	89,765.2	86,309.7
Cash and cash equivalents (2023 and 2022 include $64.9 million and $14.2 million related to consolidated variable interest entities)	3,638	3,329.3
Accrued investment income	774	728.5
Reinsurance recoverable and deposit receivable	24,424.7	21,442.3
Premiums due and other receivables	4,076.9	3,846.4
Deferred acquisition costs	3,926.5	3,939.2
Market risk benefit asset	153.4	109.2
Property and equipment	780.1	831.8
Goodwill	48.3	48.3
Other intangibles	10.6	11.6
Separate account assets	131,641.7	120,279.6
Other assets	530.7	727
Total assets	259,770.1	241,602.9
Liabilities
Contractholder funds	41,362.9	42,317.3
Future policy benefits and claims	42,488	38,279.4
Market risk benefit liability	111.9	181.4
Other policyholder funds	909.5	867
Long-term debt	3	67.8
Deferred income taxes	1,541	1,296.9
Separate account liabilities	131,641.7	120,279.6
Funds withheld payable	23,744.9	20,436.1
Other liabilities (2023 and 2022 include $83.9 million and $83.8 million related to consolidated variable interest entities)	9,843.6	10,207
Total liabilities	251,646.5	233,932.5
Stockholder's equity
Common stock, par value $1.00 per share; 5,000,000 shares authorized; 2,500,000 shares issued and outstanding (wholly owned indirectly by Principal Financial Group, Inc.)	2.5	2.5
Additional paid-in capital	6,320	6,331.1
Retained earnings	4,922	5,907.7
Accumulated other comprehensive loss	(3,128.7)	(4,574.7)
Total stockholder's equity attributable to Principal Life Insurance Company	8,115.8	7,666.6
Noncontrolling interest	7.8	3.8
Total stockholder's equity	8,123.6	7,670.4
Total liabilities and stockholder's equity	$ 259,770.1	$ 241,602.9

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fixed maturities, trading	$ 715.3	$ 634
Mortgage loans	19,221.2	19,722.4
Real estate	2,343.5	2,237.4
Other investments	4,118.8	3,261.3
Cash and cash equivalents	3,638	3,329.3
Other liabilities	$ 9,843.6	$ 10,207
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	5,000,000	5,000,000
Common stock, issued (in shares)	2,500,000	2,500,000
Common stock, outstanding (in shares)	2,500,000	2,500,000
Aggregate consolidated variable interest entities
Fixed maturities, trading	$ 45.2	$ 0
Mortgage loans	871.9	1,179.7
Real estate	779.1	649
Other investments	182.1	18.6
Other investments measured at fair value under fair value option	163.2	0
Cash and cash equivalents	64.9	14.2
Other liabilities	$ 83.9	$ 83.8

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Premiums and other considerations		$ 6,396.7	$ 5,264.3	$ 4,714
Fees and other revenues		2,204.7	2,168.1	2,708.2
Net investment income		3,285.5	2,852.4	3,633.7
Net realized capital gains (losses)	[1]	(154.7)	83.3	112.1
Net realized capital gains on funds withheld assets	[1]	161.8	749.4
Change in fair value of funds withheld embedded derivative		(1,326.7)	3,652.8	0
Total revenues		10,567.3	14,770.3	11,168
Expenses
Benefits, claims and settlement expenses		7,226.2	5,882.7	6,617.5
Liability for future policy benefits remeasurement (gain) loss		(52.5)	(259.8)	0.4
Market risk benefit remeasurement loss		33.7	131.2	114.1
Dividends to policyholders		89.2	94.8	94.8
Operating expenses		3,121.5	3,135.9	2,828.5
Total expenses		10,418.1	8,984.8	9,655.3
Income before income taxes		149.2	5,785.5	1,512.7
Income taxes (benefits)		(87.4)	1,106	196.6
Net income		236.6	4,679.5	1,316.1
Net income attributable to noncontrolling interest		19.6	62.2	24.3
Net income attributable to Principal Life Insurance Company		$ 217	$ 4,617.3	$ 1,291.8
[1] Includes realized and unrealized gains (losses). See Note 5, Investments, for further details.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Income
Net income	$ 236.6	$ 4,679.5	$ 1,316.1
Other comprehensive income (loss), net:
Net unrealized gains (losses) on available-for-sale securities	1,909.3	(9,751.4)	(1,607.2)
Net unrealized gains (losses) on derivative instruments	(41.8)	(23.1)	33.5
Liability for future policy benefits discount rate remeasurement gain (loss)	(392.2)	4,973.4	1,640.1
Market risk benefit nonperformance risk gain (loss)	(31.1)	111.5	(2.2)
Net unrecognized postretirement benefit obligation	1.8	(2)	1.5
Other comprehensive income (loss)	1,446	(4,691.6)	65.7
Comprehensive income (loss)	1,682.6	(12.1)	1,381.8
Comprehensive income attributable to noncontrolling interest	19.6	62.2	24.3
Comprehensive income (loss) attributable to Principal Life Insurance Company	$ 1,663	$ (74.3)	$ 1,357.5

Consolidated Statements of Stoc

Consolidated Statements of Stockholder's Equity - USD ($) $ in Millions	Common stock	Additional paid-in capital	Retained earnings Effects of implementation of accounting change	Retained earnings	Accumulated other comprehensive income (loss) Effects of implementation of accounting change	Accumulated other comprehensive income (loss)	Noncontrolling interest	Effects of implementation of accounting change	Total
Balances (ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts) at Dec. 31, 2020			$ (120.9)		$ (4,052.1)			$ (4,173)
Balances at Dec. 31, 2020	$ 2.5	$ 6,344.2		$ 2,799.7		$ 3,986.9	$ 15.2		$ 13,148.5
Increase (decrease) in stockholders' equity
Capital distributions to parent		(16.3)							(16.3)
Stock-based compensation		27.6		(2.4)					25.2
Dividends to parent				(1,250)					(1,250)
Distributions to noncontrolling interest							(27.4)		(27.4)
Contributions from noncontrolling interest							7.4		7.4
Purchase of subsidiary shares from noncontrolling interest		(14.9)					(1.7)		(16.6)
Net liabilities transferred to affiliate due to change in benefit plan sponsorship		0.3				2			2.3
Net income				1,291.8			24.3		1,316.1
Other comprehensive income (loss)						65.7			65.7
Balances at Dec. 31, 2021	2.5	6,340.9		2,718.2		2.5	17.8		9,081.9
Increase (decrease) in stockholders' equity
Capital distributions to parent		(30.3)							(30.3)
Stock-based compensation		24.8		(2.8)					22
Dividends to parent				(1,425)					(1,425)
Distributions to noncontrolling interest							(81.1)		(81.1)
Contributions from noncontrolling interest							7.3		7.3
Purchase of subsidiary shares from noncontrolling interest		(4.3)					(2.4)		(6.7)
Adjustment for reinsurance						114.4			114.4
Net income				4,617.3			62.2		4,679.5
Other comprehensive income (loss)						(4,691.6)			(4,691.6)
Balances at Dec. 31, 2022	2.5	6,331.1		5,907.7		(4,574.7)	3.8		7,670.4
Increase (decrease) in stockholders' equity
Capital distributions to parent		(39)							(39)
Stock-based compensation		27.9		(2.7)					25.2
Dividends to parent				(1,200)					(1,200)
Distributions to noncontrolling interest							(23.2)		(23.2)
Contributions from noncontrolling interest							7.6		7.6
Net income				217			19.6		236.6
Other comprehensive income (loss)						1,446			1,446
Balances at Dec. 31, 2023	$ 2.5	$ 6,320		$ 4,922		$ (3,128.7)	$ 7.8		$ 8,123.6

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income		$ 236.6	$ 4,679.5	$ 1,316.1
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized capital (gains) losses	[1]	154.7	(83.3)	(112.1)
Net realized capital losses on funds withheld assets	[1]	(161.8)	(749.4)
Change in fair value of funds withheld embedded derivative		1,326.7	(3,652.8)	0
Depreciation and amortization expense		151.2	175.1	149.5
Amortization of deferred acquisition costs and contract costs		396.3	393.3	379.5
Additions to deferred acquisition costs and contract costs		(384.9)	(393.2)	(471.9)
Amortization of reinsurance loss		20.4	19.3	23
Market risk benefit remeasurement loss		33.7	131.2	114.1
Stock-based compensation		25.1	22.1	25.2
Income from equity method investments, net of dividends received		(27.5)	(42.9)	(54.2)
Changes in:
Accrued investment income		(45.5)	(50.1)	9.3
Net cash flows for trading securities and equity securities with operating intent		(60)	(389)	(7.9)
Premiums due and other receivables		(205.8)	(3,259.3)	7.3
Contractholder and policyholder liabilities and dividends		3,513.3	2,071	1,798.1
Current and deferred income taxes (benefits)		(191.2)	893.6	125.1
Real estate acquired through operating activities		(130.8)	(164.4)	(73.7)
Real estate sold through operating activities		164.8		1.4
Funds withheld, net of reinsurance recoverable and deposit receivable		(338.3)	2,904.5	(130.4)
Other assets and liabilities		176.1	417.2	18.2
Other		255.9	548.4	428.2
Net adjustments		4,672.4	(1,208.7)	2,228.7
Net cash provided by operating activities		4,909	3,470.8	3,544.8
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases		(10,704.4)	(18,288.2)	(15,068.4)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales		4,871.3	12,685.1	1,701.7
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities		4,957.2	6,566.9	10,475.1
Mortgage loans acquired or originated		(1,998.7)	(3,633.2)	(5,016.8)
Mortgage loans sold or repaid		2,011.4	2,513.2	2,626.6
Real estate acquired		(187.5)	(245.2)	(281.4)
Real estate sold		130.8	373.9	133.7
Net purchases of property and equipment		(41.1)	(68.4)	(91.9)
Net change in other investments		(781.8)	(218.1)	(149.4)
Net cash used in investing activities		(1,742.8)	(314)	(5,670.8)
Financing activities
Payments for financing element derivatives		(42.1)	(50.6)	(39.9)
Purchase of subsidiary shares from noncontrolling interest			(6.7)	(16.6)
Dividends paid to parent		(1,200)	(1,425)	(1,250)
Distributions to parent		(39)	(30.3)	(16.3)
Issuance of long-term debt			15.4
Principal repayments of long-term debt		(64)	(2.1)	(1.8)
Investment contract deposits		8,152.2	6,881.3	8,868.3
Investment contract withdrawals		(9,326.3)	(7,524.6)	(8,760.5)
Net increase (decrease) in banking operation deposits		(338.6)	1,086.3	2,922.9
Other		0.3	0.2
Net cash provided by (used in) financing activities		(2,857.5)	(1,056.1)	1,706.1
Net increase (decrease) in cash and cash equivalents		308.7	2,100.7	(419.9)
Cash and cash equivalents at beginning of period		3,329.3	1,228.6	1,648.5
Cash and cash equivalents at end of period		3,638	3,329.3	1,228.6
Supplemental information:
Cash paid for interest		1.3	2.6	2.2
Cash paid for income taxes		63.4	43.5	46.3
Asset changes resulting from deconsolidation of residential whole loan securitizations:
Decrease in mortgage loans		(389.7)	(220.7)
Increase in fixed maturities, available-for-sale		286.2	167.6
Increase in fixed maturities, trading		$ 10.8
Assets transferred in kind for settlement to reinsurer			$ (428.5)
Changes from re-designation of other postretirement employee benefits ("OPEB") plan assets to cover non-retiree benefits:
Increases in equity securities re-designated from funded status of OPEB plan				548.1
Increases in other investments re-designated from funded status of OPEB plan				117.5
Decrease in tax receivable re-designated from funded status of OPEB plan				(9.1)
Decrease in accumulated other comprehensive income ("AOCI") due to reclassifying excess assets out of funded status of OPEB plan				9.1
Decrease in other assets due to reclassifying excess assets out of funded status of OPEB plan				(665.6)
Assets received in kind from pension risk transfer transactions				$ 109.5
[1] Includes realized and unrealized gains (losses). See Note 5, Investments, for further details.

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Nature of Operations and Significant Accounting Policies
Nature of Operations and Significant Accounting Policies	1. Nature of Operations and Significant Accounting Policies Description of Business Principal Life Insurance Company (“PLIC”) along with its consolidated subsidiaries is a diversified financial services organization offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and insurance in the U.S. We are a direct wholly owned subsidiary of Principal Financial Services, Inc. (“PFS”), which in turn is a direct wholly owned subsidiary of Principal Financial Group, Inc. (“PFG”). Basis of Presentation The accompanying consolidated financial statements include the accounts of PLIC and all other entities in which we directly or indirectly have a controlling financial interest as well as those variable interest entities (“VIEs”) in which we are the primary beneficiary. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated. Uncertainties may impact our business, results of operations, financial condition and liquidity. See “Use of Estimates in the Preparation of Financial Statements” for additional details. Our estimates and assumptions could change in the future. Our results of operations and financial condition may also be impacted by other uncertainties including evolving regulatory, legislative and standard-setter accounting interpretations and guidance. On January 1, 2023, we adopted the guidance commonly referred to as long-duration targeted improvements (“LDTI”), which updates certain requirements in the accounting for long-duration insurance and annuity contracts. The guidance was applied as of the January 1, 2021, transition date. As such, results for 2022 and 2021 have been recast and are also presented under the new LDTI guidance. Certain reclassifications have been made to prior periods relating to the presentation of our loss adjustment expense (“LAE”) liability and the change in that liability to conform to the current presentation. See Note 11, Future Policy Benefits and Claims. The LAE liability was previously reported in other liabilities in the consolidated statements of financial position and the change in the liability was previously reported in operating expenses in the consolidated statements of operations. The LAE liability is now reported in future policy benefits and claims in the consolidated statements of financial position and the change in the liability is now reported in benefits, claims and settlement expenses in the consolidated statements of operations. During the fourth quarter of 2023, we closed a coinsurance with funds withheld reinsurance transaction with Principal Financial Services (Bermuda) Ltd. (“PFS Bermuda”), an affiliated Class C reinsurer that is a Bermuda exempted company limited by shares, pursuant to which we ceded certain of our term life and pension risk transfer (“PRT”) blocks of business (the “PFS Bermuda Reinsurance Transaction”). During the second quarter of 2022, we closed a coinsurance with funds withheld reinsurance transaction with Talcott Life &Annuity Re, Ltd. (“Talcott Life & Annuity Re”), a limited liability company organized under the laws of the Cayman Islands and an affiliate of Talcott Resolution Life, Inc., a subsidiary of Sixth Street, pursuant to which we ceded our in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee (“ULSG”) blocks of business (the “Talcott Reinsurance Transaction”). The economics of the Talcott Reinsurance Transaction were effective as of January 1, 2022. See Note 13, Reinsurance, for further details. Collectively, these reinsurance transactions are referred to as the “Reinsurance Transactions.” We evaluated subsequent events through March 28, 2024, which was the date our consolidated financial statements were issued. Consolidation We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a VIE or a voting interest entity (“VOE”). This assessment is performed by reviewing contractual, ownership and other rights, including involvement of related parties, and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 4, Variable Interest Entities. If an entity is not a VIE, it is considered a VOE. VOEs are generally consolidated if we own a greater than 50% voting interest. If we determine our involvement in an entity no longer meets the requirements for consolidation under either the VIE or VOE models, the entity is deconsolidated. Entities in which we have management influence over the operating and financing decisions but are not required to consolidate, other than investments accounted for at fair value under the fair value option, are reported using the equity method. Recent Accounting Pronouncements ​ ​ ​ ​ ​ ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters Standards not yet adopted: ​ ​ ​ ​ Improvements to reportable segments disclosures This authoritative guidance enhances the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. ​ January 1, 2025 ​ We are currently evaluating the impact this guidance will have on our consolidated financial statements. Improvements to income tax disclosures This authoritative guidance provides improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ​ January 1, 2025 ​ We are currently evaluating the impact this guidance will have on our consolidated financial statements. Standards adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters Targeted improvements to the accounting for long-duration insurance contracts This authoritative guidance updated certain requirements in the accounting for long-duration insurance and annuity contracts. 1. The assumptions used to calculate the liability for future policy benefits on traditional and limited-payment contracts are reviewed and updated periodically. Cash flow assumptions are reviewed at least annually and updated when necessary with the impact recognized in net income. Discount rate assumptions are prescribed as the current upper-medium grade (low credit risk) fixed income instrument yield and are updated quarterly with the impact recognized in other comprehensive income (“OCI”). 2. MRBs , which are contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to our own nonperformance risk, which is recognized in OCI. 3. Deferred acquisition costs (“DAC”) and other actuarial balances for all insurance and annuity contracts are amortized on a constant basis over the expected term of the related contracts. 4. Additional disclosures are required, including disaggregated rollforwards of significant insurance liabilities and other account balances as well as disclosures about significant inputs, judgments, assumptions and methods used in measurement. The guidance for the liability for future policy benefits for traditional and limited-payment contracts and DAC was applied on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented (January 1, 2021, also referred to as the transition date) based on their existing carrying amounts. An entity could elect to apply ​ January 1, 2023 ​ We created a governance framework and a plan to support implementation of the standard. Our implementation and evaluation process included, but was not limited to the following: ● ● ● ● ● ● ● ● ● ● This guidance changed how we account for many of our insurance and annuity products. The guidance did not have a material impact on our consolidated statements of operations. Further details about transition impacts of the guidance are included under the caption “Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance. ” The additional disclosure requirements can be found in the following notes: ● Note 8, Deferred Acquisition Costs and Other Actuarial Balances ● Note 9, Separate Account Balances ● Note 10, Contractholder Funds ● Note 11, Future Policy Benefits and Claims ◾ Note 12, Market Risk Benefits ​ ​ ​ ​ ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters the changes retrospectively. The guidance for market risk benefits was applied retrospectively. Troubled debt restructurings and vintage disclosures This authoritative guidance eliminated the accounting requirements for Troubled Debt Restructurings (“TDRs”) by creditors and enhanced the disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. The update required entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. The amendments in this update were applied prospectively, except for the transition method related to the recognition and measurement of troubled debt restructurings, for which an entity had the option to apply a modified retrospective transition method. Early adoption was permitted. ​ January 1, 2023 ​ This guidance did not have a material impact on our consolidated financial statements. Targeted improvements to accounting for hedging activities – portfolio layer method This authoritative guidance is intended to further align the economics of a company’s risk management activities in its financial statements with hedge accounting requirements. The guidance expanded the current single-layer method to allow multiple hedge layers of a single closed portfolio. Non-prepayable assets can also be included in the same portfolio. This guidance also clarified the current guidance on accounting for fair value basis adjustments applicable to both a single hedged layer and multiple hedged layers. Upon adoption, the application of these hedge strategies was applied prospectively. Early adoption was permitted. ​ January 1, 2023 ​ This guidance did not have a material impact on our consolidated financial statements. ​ ​ ​ ​ ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters Simplifying the accounting for income taxes This authoritative guidance simplifies the accounting for income taxes by removing certain exceptions, including exceptions related to the incremental approach for intraperiod tax allocation, calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. Also, the guidance clarifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill and enacted changes in tax laws or rates. It specifies that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, although an entity may elect to do so. The guidance was applied based on varying transition methods defined by amendment. Early adoption was permitted. ​ January 1, 2021 ​ This guidance did not have a material impact on our consolidated financial statements. Facilitation of the effects of reference rate reform on financial reporting This authoritative guidance provided optional expedients and exceptions for contracts and hedging relationships affected by reference rate reform. An entity could elect not to apply certain modification accounting requirements to contracts affected by reference rate reform and instead account for the modified contract as a continuation of the existing contract. Also, an entity could apply optional expedients to continue hedge accounting for hedging relationships in which the critical terms changed due to reference rate reform. This guidance eased the financial reporting impacts of reference rate reform on contracts and hedging relationships and was effective until December 31, 2022. A subsequent amendment issued in December 2022 extended the relief date from December 31, 2022, to December 31, 2024, and was effective upon issuance. ​ March 12, 2020 ​ We adopted the guidance upon issuance prospectively and elected the applicable optional expedients and exceptions for contracts and hedging relationships impacted by reference rate reform through December 31, 2024. The guidance did not have an impact on our consolidated financial statements upon adoption. ​ ​ ​ ​ ​ ​ When we adopt new accounting standards, we have a process in place to perform a thorough review of the pronouncement, identify the financial statement and system impacts and create an implementation plan among our impacted business units to ensure we are compliant with the pronouncement on the date of adoption. This includes having effective processes and controls in place to support the reported amounts. Each of the standards listed above is in varying stages in our implementation process based on its issuance and adoption dates. We are on track to implement guidance by the respective effective dates. Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance As mentioned above, we adopted LDTI on January 1, 2023. For traditional and limited-payment long-duration contracts, we review and update, if necessary, assumptions used to measure cash flows for the liability for future policy benefits during the third quarter of each year, or more frequently if evidence suggests assumptions should be revised. The change in our liability estimate as a result of updating cash flow assumptions is recognized in net income. Actual cash flows are grouped into issue-year cohorts for the liability calculation and updated quarterly. Cohorts are used as the unit of account for liability measurement. Discount rate assumptions are prescribed as the current upper-medium grade (low-credit-risk) fixed-income instrument yield. The discount rate is updated quarterly at each reporting date with the impact recognized in OCI. The provision for risk of adverse deviation is eliminated, as is premium deficiency, or loss recognition, testing. We also removed unrealized gain (loss) adjustments, previously recorded in AOCI, attributable to the impact of unrealized gains and losses on premium deficiency testing. Under LDTI, market risk benefits (“MRBs”), which are contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to our own nonperformance risk, which is recognized in OCI. Certain contract features previously accounted for as an embedded derivative or as an additional liability for annuitization benefits or death or other insurance benefits are recorded as MRBs under LDTI. LDTI simplified the amortization of DAC and other actuarial balances such as the unearned revenue liability and sales inducement asset for long-duration contracts. These balances were previously amortized in proportion to premiums, estimated gross profits, estimated gross margins or estimated gross revenues; however, these balances are now amortized on a constant level basis over the expected life of the related contracts. Impairment testing is no longer applicable for DAC. We also removed unrealized gain (loss) adjustments, previously recorded in AOCI, as the LDTI amortization is not impacted by investment gains and losses. LDTI also requires disaggregated rollforwards for the liability for future policy benefits, additional liability for certain benefit features, MRBs, DAC and other actuarial balances required to be amortized on a basis consistent with DAC. Although the accounting for the additional liability for certain benefit features, separate account liabilities and contractholder funds does not change under LDTI, the guidance requires disaggregated rollforwards for those balances. Further, for certain actuarial balances, disclosures are required for the significant inputs, judgments, assumptions and methods used in measurement, including changes in those inputs, judgments and assumptions, and the effect of those changes on measurement. The LDTI guidance is not prescriptive as to the appropriate level of aggregation for disclosures; however, amounts from different reportable segments cannot be aggregated. Factors to consider in determining the level of aggregation for disclosures include the type of coverage, geography and market or type of customer. We have identified the following levels of aggregation for LDTI disclosures. The disclosures do not include levels of aggregation for insignificant balances. ● Retirement and Income Solutions: ● Workplace savings and retirement solutions – Group annuity contracts offered to the plan sponsors of defined contribution plans or defined benefit plans ● Individual variable annuities – Variable deferred annuities and registered index-linked annuities (“RILAs”) offered to individuals for both qualified and nonqualified retirement savings ● Pension risk transfer – Single premium group annuities offered to pension plan sponsors and other institutions ● Individual fixed deferred annuities – An exited business that offered single premium deferred annuity contracts and flexible premium deferred annuities (“FPDAs”) to individuals for both qualified and nonqualified retirement savings ● Individual fixed income annuities – An exited business that offered single premium immediate annuities (“SPIAs”) and deferred income annuities (“DIAs”) to individuals for both qualified and nonqualified retirement savings; also includes supplementary contracts generated by annuitizations from other individual product lines ● Investment only – Primarily guaranteed investment contracts (“GICs”) and funding agreements offered to retirement plan sponsors and other institutions ● Benefits and Protection – Specialty Benefits: ● Individual disability – Disability insurance providing protection to individuals and/or business owners ● Benefits and Protection – Life Insurance: ● Universal life – Universal life, variable universal life and indexed universal life insurance products offered to individuals and/or business owners, which will be collectively referred to hereafter as “universal life” contracts; includes our exited ULSG business ● Term life – Term life insurance products offered to individuals and/or business owners ● Participating life – Participating life insurance contracts offered to individuals, some of which are part of a closed block of business and are only in the scope of LDTI disclosures for DAC ● Corporate: ● Long-term care insurance – A closed block of long-term care insurance that is fully reinsured, which was offered on both a group and individual basis. For the separate account liability disclosures, our Retirement and Income Solutions segment will use a Group retirement contracts level of aggregation. This consists primarily of separate account liabilities for the workplace savings and retirement solutions business as well as amounts for the investment only and pension risk transfer businesses. Impact of Adoption We adopted the guidance for the liability for future policy benefits for traditional and limited-payment contracts and DAC and other actuarial balances on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented based on their existing carrying amounts. We adopted the guidance for MRBs and cost of reinsurance retrospectively. Results for reporting periods beginning January 1, 2021, within our consolidated financial statements are presented under the new guidance. A cumulative effect adjustment of $120.9 million was recorded as a decrease to retained earnings and a cumulative effect adjustment of $4,052.1 million was recorded as a decrease to AOCI as of January 1, 2021, as shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other ​ ​ Retained earnings ​ comprehensive income ​ Pre-Tax Tax After-Tax Pre-Tax Tax After-Tax ​ ​ (in millions) DAC and other actuarial balances: ​ ​ ​ ​ ​ ​ Adjustment for reversal of unrealized loss from AOCI (1) (2) ​ $ — ​ $ — ​ $ — ​ $ 421.5 ​ $ (88.5) ​ $ 333.0 Cost of reinsurance asset (liability): ​ ​ ​ ​ ​ ​ Cumulative effect of amortization basis change ​ (9.0) ​ 1.9 ​ (7.1) ​ — ​ — ​ — Adjustment of unrealized loss in AOCI ​ — ​ — ​ — ​ 16.1 ​ (3.4) ​ 12.7 Reinsurance recoverable: ​ ​ ​ ​ ​ ​ Adjustment for reversal of unrealized gain from AOCI (2) ​ — ​ — ​ — ​ (45.5) ​ 9.5 ​ (36.0) Adjustment under the modified retrospective approach (3) ​ 31.4 ​ (6.6) ​ 24.8 ​ — ​ — ​ — Effect of remeasurement of the recoverable at the current discount rate ​ — ​ — ​ — ​ 201.8 ​ (42.4) ​ 159.4 Liability for future policy benefits: ​ ​ ​ ​ ​ ​ Adjustment for reversal of unrealized loss from AOCI (2) ​ — ​ — ​ — ​ 1,330.7 ​ (279.3) ​ 1,051.4 Adjustment under the modified retrospective approach (3) ​ (39.5) ​ 8.2 ​ (31.3) ​ — ​ — ​ — Effect of remeasurement of the liability at the current discount rate ​ — ​ — ​ — ​ (6,947.1) ​ 1,458.9 ​ (5,488.2) Market risk benefits: ​ ​ ​ ​ ​ ​ Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date ​ — ​ — ​ — ​ (4.8) ​ 1.0 ​ (3.8) Adjustments to the host contract for differences between previous carrying amount and measurement of the MRB ​ 20.9 ​ (4.4) ​ 16.5 ​ — ​ — ​ — Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes) ​ (258.8) ​ 54.4 ​ (204.4) ​ — ​ — ​ — Reclassification of nonperformance risk changes between retained earnings and AOCI (4) ​ 102.0 ​ (21.4) ​ 80.6 ​ (102.0) ​ 21.4 ​ (80.6) Total impact on opening balance as of January 1, 2021 ​ $ (153.0) ​ $ 32.1 ​ $ (120.9) ​ $ (5,129.3) ​ $ 1,077.2 ​ $ (4,052.1) (1) Includes the impact for DAC, sales inducement asset and the unearned revenue liability. We have not included the disaggregated rollforwards for the sales inducement asset within the footnote disclosures due to immateriality. (2) Prior period unrealized gain (loss) adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (3) The impact of loss cohorts, those with net premiums in excess of gross premiums, and cohorts with negative reserves, was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI. (4) The cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date for contract features previously accounted for as an embedded derivative was recorded as a reclassification from retained earnings to AOCI. The table below reflects the increase (decrease) to the impacted line items in the consolidated statements of financial position related to the cumulative effect adjustment as of January 1, 2021. ​ ​ ​ ​ ​ ​ Increase (decrease) ​ ​ (in millions) Assets ​ Reinsurance recoverable and deposit receivable ​ $ 187.7 Premiums due and other receivables (1) ​ (24.4) Deferred acquisition costs ​ 450.9 Market risk benefit asset (2) ​ 18.9 Other assets (3) ​ 19.3 Total assets ​ $ 652.4 ​ ​ ​ ​ Liabilities ​ ​ Contractholder funds (4) ​ $ (344.5) Future policy benefits and claims (5) ​ 5,620.3 Market risk benefit liability (2) ​ 610.2 Other policyholder funds (6) ​ 48.8 Deferred income taxes ​ (1,109.4) Total liabilities ​ 4,825.4 Stockholder's equity ​ ​ Retained earnings ​ (120.9) Accumulated other comprehensive income ​ (4,052.1) Total stockholder's equity ​ (4,173.0) Total liabilities and stockholder's equity ​ $ 652.4 (1) Includes the impact on the cost of reinsurance asset. (2) This is a new line item on the consolidated statements of financial position as a result of implementing LDTI. These contract features were previously recorded as embedded derivatives within contractholder funds or additional liabilities for certain benefit features within future policy benefits and claims on the consolidated statements of financial position. (3) Reflects the impact on the sales inducement asset. (4) Reflects the impact of contract features previously recorded as embedded derivatives that are recorded as MRBs under LDTI. (5) Includes the impact on the liability for future policy benefits and cost of reinsurance liability. Also includes the impact on contract features classified as additional liabilities for certain benefit features that are recorded as MRBs under LDTI. (6) Reflects the impact on the unearned revenue liability. The disaggregated rollforwards below reconcile the ending asset or liability balances as of December 31, 2020, to the opening balance as of January 1, 2021, which is the earliest period presented within the consolidated financial statements, for those balances impacted by LDTI with associated disaggregated disclosure requirements. The level of aggregation presented within the rollforwards is consistent with the disaggregated rollforwards required by the guidance. The balances as of December 31, 2020, shown in the rollforwards below, do not equal amounts reported on the consolidated statements of financial position as they do not include balances for short-duration contracts, insignificant balances not included in our levels of aggregation for disclosures and other amounts not within the scope of the disaggregated rollforwards. Deferred Acquisition Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ ​ ​ ​ ​ ​ for reversal of ​ ​ ​ ​ ​ Balance as of ​ unrealized loss ​ Balance as of ​ ​ December 31, 2020 ​ from AOCI (1) ​ January 1, 2021 (2) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ Workplace savings and retirement solutions ​ $ 424.6 ​ $ 52.6 ​ $ 477.2 Individual variable annuities ​ 281.7 ​ 0.2 ​ 281.9 Pension risk transfer (3) ​ — ​ — ​ — Individual fixed deferred annuities ​ 11.5 ​ 181.2 ​ 192.7 Investment only ​ 12.6 ​ — ​ 12.6 Total Retirement and Income Solutions ​ 730.4 ​ 234.0 ​ 964.4 Benefits and Protection: ​ ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ ​ Individual disability ​ 529.8 ​ — ​ 529.8 Life Insurance: ​ ​ ​ ​ ​ ​ Universal life ​ 1,443.0 ​ 165.3 ​ 1,608.3 Term life ​ 607.9 ​ — ​ 607.9 Participating life ​ 60.3 ​ 51.6 ​ 111.9 Total Benefits and Protection ​ 2,641.0 ​ 216.9 ​ 2,857.9 Total ​ $ 3,371.4 ​ $ 450.9 ​ $ 3,822.3 (1) Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (2) Does not include DAC for short-duration contracts. Refer to Note 8, Deferred Acquisition Costs and Other Actuarial Balances, for further information on DAC. (3) This product began recording DAC upon implementing LDTI. The balances and changes in DAC for 2021 for each level of aggregation were as follows: Retirement and Income Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Workplace ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ savings and ​ Individual ​ Pension ​ Individual ​ ​ ​ ​ ​ retirement ​ variable ​ risk ​ fixed deferred ​ Investment ​ solutions annuities transfer (1) annuities only ​ ​ (in millions) Balance at beginning of period ​ $ 477.2 ​ $ 281.9 ​ $ — ​ $ 192.7 ​ $ 12.6 Costs deferred ​ 50.1 ​ 26.4 ​ 2.7 ​ 7.6 ​ 9.1 Amortized to expense ​ (38.3) ​ (27.1) ​ — ​ (38.1) ​ (3.6) Balance at end of period ​ $ 489.0 ​ $ 281.2 ​ $ 2.7 ​ $ 162.2 ​ $ 18.1 (1) Amortization during 2021 was nominal. Benefits and Protection ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Specialty ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits ​ ​ ​ Life Insurance ​ ​ ​ ​ ​ Individual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ disability Universal life Term life Participating life ​ ​ (in millions) Balance at beginning of period ​ $ 529.8 ​ $ 1,608.3 ​ $ 607.9 ​ $ 111.9 Costs deferred ​ 89.8 ​ 84.3 ​ 126.5 ​ 1.9 Amortized to expense ​ (38.9) ​ (96.4) ​ (55.5) ​ (11.5) Balance at end of period ​ $ 580.7 ​ $ 1,596.2 ​ $ 678.9 ​ $ 102.3 ​ Unearned Revenue Liability ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ ​ ​ ​ ​ ​ for reversal of ​ ​ ​ ​ ​ Balance as of ​ unrealized gain ​ Balance as of ​ December 31, 2020 from AOCI (1) January 1, 2021 (2) ​ ​ (in millions) Benefits and Protection - Life Insurance: ​ ​ ​ Universal life ​ $ 335.6 ​ $ 48.8 ​ $ 384.4 Total ​ $ 335.6 ​ $ 48.8 ​ $ 384.4 (1) Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (2) Reported within other policyholder funds in the consolidated statements of financial position. Refer to Note 8, Deferred Acquisition Costs and Other Actuarial Balances, for further information on the unearned revenue liability. Benefits and Protection The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows: ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, 2021 ​ ​ (in millions) Balance at beginning of period ​ $ 384.4 Deferrals ​ 66.1 Revenue recognized ​ (25.2) Balance at end of period ​ $ 425.3 ​ Liability for Future Policy Benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ remeasurement ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ under the ​ of the liability ​ ​ ​ ​ ​ Balance as of ​ for reversal of ​ modified ​ at the current ​ Balance as of ​ ​ December 31, ​ unrealized loss ​ retrospective ​ discount ​ January 1, ​ 2020 from AOCI (1) approach (2) rate (3) 2021 (4) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ Pension risk transfer ​ $ 21,982.8 ​ $ (947.0) ​ $ — ​ $ 4,827.9 ​ $ 25,863.7 Individual fixed income annuities ​ 6,147.2 ​ (215.0) ​ 0.1 ​ 1,213.5 ​ 7,145.8 Total Retirement and Income Solutions ​ 28,130.0 ​ (1,162.0) ​ 0.1 ​ 6,041.4 ​ 33,009.5 Benefits and Protection: ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ Individual disability ​ 2,173.8 ​ (168.7) ​ 2.4 ​ 493.4 ​ 2,500.9 Life Insurance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term life ​ 834.5 ​ — ​ 7.0 ​ 318.8 ​ 1,160.3 Total Benefits and Protection ​ 3,008.3 ​ (168.7) ​ 9.4 ​ 812.2 ​ 3,661.2 Corporate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term care insurance ​ 134.1 ​ — ​ 30.0 ​ 93.5 ​ 257.6 Total ​ $ 31,272.4 ​ $ (1,330.7) ​ $ 39.5 ​ $ 6,947.1 ​ $ 36,928.3 (1) Prior period adjustments in AOCI related to premium deficiency testing were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (2) As a result of updating cash flow assumptions and measuring the liability for future policy benefits at the issue-year cohort level, the impact of loss cohorts, those with net premiums in excess of gross premiums, and cohorts with negative reserves, was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI. (3) The remeasurement of the liability at the current upper-medium grade fixed-income instrument yield, which was generally lower than the locked-in int

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions
Related Party Transactions	2. Related Party Transactions Expense Agreements We have entered into various related party transactions with our ultimate parent and its other affiliates. During the years ended December 31, 2023, 2022 and 2021, we received $ 524.6 million, $606.0 million and $647.2 million, respectively, of expense reimbursements from affiliated entities, which are net of amounts paid for brand licensing agreements with PFS. Cash Advance Agreement We and our direct parent, PFS, are parties to a cash advance agreement, which allows us, collectively, to pool our available cash with other affiliates in order to more efficiently and effectively invest our cash. The cash advance agreement allows (i) us to advance cash to PFS in aggregate principal amounts not to exceed $1.0 billion, with such advanced amounts earning interest at the secured overnight financing rate (“SOFR”) plus 10 basis points (the “Internal Crediting Rate”); and (ii) PFS to advance cash to us in aggregate principal amounts not to exceed $1.0 billion, with such advance amounts paying interest at the Internal Crediting Rate to reimburse PFS for the costs incurred in maintaining short-term investing and borrowing programs. Under this cash advance agreement, we had a receivable (payable) to PFS of $71.5 million and $86.0 million as of December 31, 2023 and 2022, respectively, and earned interest of $10.1 million, $4.2 million and $0.1 million during 2023, 2022 and 2021, respectively. Reinsurance We and an affiliated entity, Principal National Life Insurance Company, are parties to a reinsurance agreement to reinsure certain life insurance business. Under this agreement, we had an assumed reinsurance liability of $ 5,919.9 million and $5,158.5 million as of December 31, 2023 and 2022, respectively. In addition, we recognized premiums and other fees of $ 938.1 million, $890.2 million and $862.9 million for the years ended December 31, 2023, 2022 and 2021, respectively, associated with this agreement. Furthermore, we recognized expenses of $ 1,076.2 million, $970.9 million and $995.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, associated with this agreement. We and an affiliated entity, PFS Bermuda, are parties to a coinsurance with funds withheld agreement for PFS Bermuda to reinsure certain term life and PRT blocks of business. Under this agreement, we had a reinsurance recoverable of $3,813.1 million and $0.0 million as of December 31, 2023 and 2022, respectively. We had a $1.7 million and $0.0 million receivable from PFS Bermuda and a $26.2 million and $0.0 million payable to PFS Bermuda as of December 31, 2023 and 2022, respectively, associated with the settlement statements. In addition, we ceded premiums of $53.4 million, $0.0 million and $0.0 million and benefits of $76.4 million, $0.0 million and $0.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, associated with this agreement. We passed net investment income of $56.1 million, $0.0 million and $0.0 million and net realized capital losses of $1.1 million, $0.0 million and $0.0 million on the funds withheld assets to PFS Bermuda for the years ended December 31, 2023, 2022 and 2021, respectively. Furthermore, our operating expenses were reduced by ceding commissions and expense allowances received of $31.2 million, $0.0 million and $0.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Notes Receivable As of December 31, 2023, we had the following notes receivable from PFS related to the sale of interests in subsidiaries (1) a 10-year note with a par amount of $156.0 million, which bears interest at 2.87% with semi-annual principal and interest payments due in February and August each year and (2) a 10-year note with a par amount of $300.0 million, which bears interest at 2.885% with semi-annual principal and interest payments due in May and November each year. The carrying amount of the notes is included in premiums due and other receivables on the consolidated statements of financial position. We recorded interest income on these notes of $ 4.6 million, $5.9 million and $7.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Our ultimate parent, PFG, is a guarantor of the notes. Distribution of Affiliated Products We receive commission fees, distribution fees and service fees from Principal Securities, Inc. and Principal Global Investors, LLC (“PGI LLC”). Furthermore, we receive management and administrative fees for investments our products sold in the Principal Mutual Funds and Principal Variable Contracts. Fees and other revenues were $ 407.1 million, $412.6 million and $471.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. In addition, we pay commission expense to affiliated registered representatives within Principal Securities, Inc. to sell proprietary products. Commission expense was $ 95.9 million, $81.5 million and $95.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Benefit Plans PFG is the sponsor of the qualified defined contribution plans for both employees and individual field agents. We were allocated plan expenses from PFG of $ 44.2 million, $41.3 million and $36.5 million during 2023, 2022 and 2021, respectively. PFG is also the sponsor of the nonqualified deferred compensation plans for select employees and individual field agents. We were allocated plan expenses from PFG of $ 1.8 million, $2.3 million and $2.1 million during 2023, 2022 and 2021, respectively. PFG is the sponsor of the defined benefit pension plans for both employees and individual field agents. We were allocated $ 38.8 million, $55.4 million and $58.6 million of pension expense from PFG during 2023, 2022 and 2021, respectively. Other Agreements PGI LLC provides asset management services for us. We recognized $ 108.1 million, $109.3 million and $114.9 million of asset management fee expense for the years ended December 31, 2023, 2022 and 2021, respectively. Pursuant to certain regulatory requirements or otherwise in the ordinary course of business, we guarantee certain payments of our affiliates and have agreements with affiliates to provide and/or receive management, administrative and other services, all of which, individually and in the aggregate, are immaterial to our business, financial condition and net income. ​

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	3. Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill reported in our segments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement ​ ​ ​ ​ ​ ​ ​ and Income ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions ​ Protection ​ Corporate ​ Consolidated ​ ​ (in millions) Balance as of January 1, 2022 ​ $ 18.8 ​ $ 56.3 ​ $ — ​ $ 75.1 Impairment (1) ​ ​ — ​ ​ (26.8) ​ ​ — ​ ​ (26.8) Balance as of December 31, 2022 ​ $ 18.8 ​ $ 29.5 ​ $ — ​ $ 48.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2023 ​ $ 18.8 ​ $ 29.5 ​ $ — ​ $ 48.3 (1) Resulted from a change in the allocation of equity between our reportable operating segments following the Talcott Reinsurance Transaction . Finite Lived Intangible Assets Amortized intangible assets that continue to be subject to amortization over a weighted average remaining expected life of 11 years were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ (in millions) Gross carrying value ​ $ 34.9 ​ $ 34.9 Accumulated amortization ​ 24.3 ​ ​ 23.3 Net carrying value ​ $ 10.6 ​ $ 11.6 ​ During 2023 and 2022, we fully amortized other finite lived intangible assets of $0.0 million and $6.5 million, respectively. The amortization expense for intangible assets with finite useful lives was $1.0 million, $2.8 million and $2.8 million for 2023, 2022 and 2021, respectively. As of December 31, 2023, the estimated amortization expense for the next five years is as follows (in millions): ​ ​ ​ ​ ​ ​ Year ending December 31: ​ ​ 2024 ​ $ 1.0 ​ 2025 ​ ​ 1.0 ​ 2026 ​ ​ 1.0 ​ 2027 ​ ​ 1.0 ​ 2028 ​ ​ 1.0 ​ ​

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2023
Variable Interest Entities
Variable Interest Entities	4 . Variable Interest Entities We have relationships with various types of entities which may be VIEs. Certain VIEs are consolidated in our financial results. See Note 1, Nature of Operations and Significant Accounting Policies, under the caption “Consolidation” for further details of our consolidation accounting policies. We did not provide financial or other support to investees designated as VIEs for the periods ended December 31, 2023 and December 31, 2022. Consolidated Variable Interest Entities Real Estate We invest in several real estate limited partnerships and limited liability companies. The entities invest in real estate properties. Certain of these entities are VIEs based on the combination of our significant economic interest and related voting rights. We determined we are the primary beneficiary as a result of our power to control the entities through our significant ownership. Due to the nature of these real estate investments, the investment balance will fluctuate as we purchase and sell interests in the entities and as capital expenditures are made to improve the underlying real estate. Residential Mortgage Loans We invest in ABS trusts. The trusts issue various collateralized mortgage obligation certificates and purchase residential mortgage loans. The trusts are considered VIEs due to insufficient equity to sustain themselves. We concluded we are the primary beneficiary as we purchase substantially all of the certificates and have the obligation to absorb losses that could potentially be significant to the VIEs. We deconsolidated trusts in 2023 and 2022 as we no longer held substantially all of the certificates. Asset-Backed Limited Partnership We invest in an ABS limited partnership. The limited partnership issues multiple notes and purchases consumer loans, auto loans, other loans and credit facilities. The limited partnership is considered a VIE due to insufficient equity to sustain itself. We concluded we are the primary beneficiary as we have purchased all of the notes and have the obligation to absorb losses and residual returns that could potentially be significant to the VIE. Assets and Liabilities of Consolidated Variable Interest Entities The carrying amounts of our consolidated VIE assets, which can only be used to settle obligations of consolidated VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ ​ Total ​ Total ​ Total ​ Total ​ ​ assets liabilities assets liabilities ​ ​ ​ (in millions) ​ Real estate (1) ​ $ 829.1 ​ $ 63.0 ​ $ 689.6 ​ $ 42.2 ​ Residential mortgage loans (2) ​ ​ 874.7 ​ ​ 20.9 ​ ​ 1,182.6 ​ ​ 41.8 ​ Asset - backed limited partnership (3) ​ ​ 249.3 ​ ​ — ​ ​ — ​ ​ — ​ Total ​ $ 1,953.1 ​ $ 83.9 ​ $ 1,872.2 ​ $ 84.0 ​ (1) The assets of the real estate VIEs primarily include real estate, other investments and cash. Liabilities primarily include other liabilities. (2) The assets of the residential mortgage loans VIEs primarily include residential mortgage loans. The liabilities primarily include other liabilities. (3) The assets of the asset-backed limited partnership VIE primarily include consumer loans, auto loans, other loans and credit facilities. These assets are reported with cash and cash equivalents, other investments and fixed maturities, trading on the consolidated statements of financial position. As of December 31, 2023, we did not have any unfunded commitments to the VIE. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional capital when called upon to do so by the investment manager. Unconsolidated Variable Interest Entities We hold a variable interest in a number of VIEs where we are not the primary beneficiary. Our investments in these VIEs are reported in fixed maturities, available-for-sale; fixed maturities, trading and other investments in the consolidated statements of financial position and are described below. Unconsolidated VIEs include certain commercial mortgage-backed securities (“CMBS”), residential mortgage-backed pass-through securities (“RMBS”) and other ABS. All of these entities were deemed VIEs because the equity within these entities is insufficient to sustain them. We determined we are not the primary beneficiary in the entities within these categories of investments. This determination was based primarily on the fact we do not own the class of security that controls the unilateral right to replace the special servicer or equivalent function. We invest in cash collateralized debt obligations, collateralized bond obligations, collateralized loan obligations and other collateralized structures, which are VIEs due to insufficient equity to sustain the entities. We have determined we are not the primary beneficiary of these entities primarily because we do not control the economic performance of the entities and were not involved with the design of the entities or because we do not have a potentially significant variable interest in the entities for which we are the asset manager. We have invested in various VIE trusts and similar entities as a debt holder. Most of these entities are classified as VIEs due to insufficient equity to sustain them. In addition, we have an entity classified as a VIE based on the combination of our significant economic interest and lack of voting rights. We have determined we are not the primary beneficiary primarily because we do not control the economic performance of the entities and were not involved with the design of the entities. We have invested in partnerships and other funds, which are classified as VIEs. The entities are VIEs as equity holders lack the power to control the most significant activities of the entities because the equity holders do not have either the ability by a simple majority to exercise substantive kick-out rights or substantive participating rights. We have determined we are not the primary beneficiary because we do not have the power to direct the most significant activities of the entities. As previously discussed, we sponsor and invest in certain investment funds that are VIEs. We determined we are not the primary beneficiary of the VIEs for which we are the asset manager but do not have a potentially significant variable interest in the funds. The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to ​ ​ Asset carrying value loss (1) ​ ​ (in millions) ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 364.9 ​ $ 369.8 ​ Residential mortgage-backed pass-through securities ​ ​ 2,824.9 ​ ​ 2,959.8 ​ Commercial mortgage-backed securities ​ ​ 4,743.4 ​ ​ 5,391.6 ​ Collateralized debt obligations (2) ​ 5,397.8 ​ 5,459.0 ​ Other debt obligations ​ 7,879.4 ​ 8,976.2 ​ Fixed maturities, trading: ​ ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ 10.4 ​ 10.4 ​ Commercial mortgage-backed securities ​ 53.1 ​ 53.1 ​ Collateralized debt obligations (2) ​ ​ 2.0 ​ ​ 2.0 ​ Other debt obligations ​ ​ 228.4 ​ ​ 228.4 ​ Other investments: ​ ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests ​ 1,661.2 ​ 2,954.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 111.8 ​ $ 127.2 ​ Residential mortgage-backed pass-through securities ​ ​ 2,170.9 ​ ​ 2,362.1 ​ Commercial mortgage-backed securities ​ ​ 4,827.5 ​ ​ 5,529.7 ​ Collateralized debt obligations (2) ​ 4,560.2 ​ 4,813.4 ​ Other debt obligations ​ 6,483.3 ​ 7,537.2 ​ Fixed maturities, trading: ​ ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ 5.4 ​ 5.4 ​ Commercial mortgage-backed securities ​ 83.4 ​ 83.4 ​ Collateralized debt obligations (2) ​ ​ 5.7 ​ ​ 5.7 ​ Other debt obligations ​ ​ 80.0 ​ ​ 80.0 ​ Other investments: ​ ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests ​ 1,088.5 ​ 1,765.4 ​ (1) Our risk of loss is limited to our initial investment measured at amortized cost for fixed maturities, available-for-sale. Our risk of loss is limited to our investment measured at fair value for our fixed maturities, trading. Our risk of loss is limited to our carrying value plus any unfunded commitments and/or guarantees and similar provisions for our other investments. A carrying value of zero is used if distributions have been received in excess of our investment, resulting in a negative carrying value for the investment. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional equity when called upon to do so by the general partner or investment manager . (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. ​

Investments

Investments	12 Months Ended
	Dec. 31, 2023
Investments
Investments	5. Investments Our investments include assets backing reserves as part of a coinsurance with funds withheld agreement. The funds withheld invested assets are reported within their respective line items, primarily consisting of fixed maturities available-for-sale, mortgage loans and other investments. See Note 13, Reinsurance, for more information on the funds withheld invested assets. Fixed Maturities The amortized cost, gross unrealized gains and losses, allowance for credit loss and fair value of fixed maturities, available-for-sale were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ Allowance ​ ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ for credit ​ ​ ​ ​ cost (1) gains losses loss Fair value ​ ​ (in millions) ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,719.1 ​ $ 19.3 ​ $ 233.5 ​ $ — ​ $ 1,504.9 ​ Non-U.S. governments ​ 522.2 ​ 16.9 ​ 59.2 ​ — ​ 479.9 ​ States and political subdivisions ​ 7,493.9 ​ 45.4 ​ 926.0 ​ — ​ 6,613.3 ​ Corporate ​ 35,707.6 ​ 433.7 ​ 3,059.9 ​ 1.9 ​ 33,079.5 ​ Residential mortgage-backed pass-through securities ​ 2,959.8 ​ 25.7 ​ 160.6 ​ — ​ 2,824.9 ​ Commercial mortgage-backed securities ​ 5,391.6 ​ 1.6 ​ 649.8 ​ — ​ 4,743.4 ​ Collateralized debt obligations (2) ​ 5,379.6 ​ 45.0 ​ 26.8 ​ — ​ 5,397.8 ​ Other debt obligations ​ 8,447.2 ​ 42.2 ​ 602.8 ​ 0.1 ​ 7,886.5 ​ Total fixed maturities, available-for-sale ​ $ 67,621.0 ​ $ 629.8 ​ $ 5,718.6 ​ $ 2.0 ​ $ 62,530.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,964.6 ​ $ 0.1 ​ $ 248.8 ​ $ — ​ $ 1,715.9 ​ Non-U.S. governments ​ 565.3 ​ 18.9 ​ 63.8 ​ — ​ 520.4 ​ States and political subdivisions ​ 7,280.1 ​ 14.8 ​ 1,126.6 ​ — ​ 6,168.3 ​ Corporate ​ 37,495.4 ​ 219.5 ​ 4,530.1 ​ — ​ 33,184.8 ​ Residential mortgage-backed pass-through securities ​ 2,362.1 ​ 6.0 ​ 197.2 ​ — ​ 2,170.9 ​ Commercial mortgage-backed securities ​ 5,529.7 ​ 0.9 ​ 703.1 ​ — ​ 4,827.5 ​ Collateralized debt obligations (2) ​ 4,698.9 ​ 4.5 ​ 143.2 ​ — ​ 4,560.2 ​ Other debt obligations ​ 7,207.8 ​ 6.0 ​ 730.4 ​ 0.1 ​ 6,483.3 ​ Total fixed maturities, available-for-sale ​ $ 67,103.9 ​ $ 270.7 ​ $ 7,743.2 ​ $ 0.1 ​ $ 59,631.3 ​ (1) Amortized cost excludes accrued interest receivable of $616.0 million and $575.8 million as of December 31, 2023 and 2022, respectively. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. The amortized cost and fair value of fixed maturities available-for-sale as of December 31, 2023, by expected maturity, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized cost Fair value ​ ​ (in millions) ​ Due in one year or less ​ $ 1,298.4 ​ $ 1,282.2 ​ Due after one year through five years ​ ​ 8,486.2 ​ ​ 8,285.1 ​ Due after five years through ten years ​ ​ 9,209.3 ​ ​ 8,675.0 ​ Due after ten years ​ ​ 26,448.9 ​ ​ 23,435.3 ​ Subtotal ​ ​ 45,442.8 ​ ​ 41,677.6 ​ Mortgage-backed and other asset-backed securities ​ ​ 22,178.2 ​ ​ 20,852.6 ​ Total ​ $ 67,621.0 ​ $ 62,530.2 ​ ​ Actual maturities may differ because borrowers may have the right to call or prepay obligations. Our portfolio is diversified by industry, issuer and asset class. Credit concentrations are managed to established limits. Net Investment Income The major components of net investment income are shown below and are net of amounts on funds withheld invested assets that are passed directly to the reinsurers. See Note 13, Reinsurance, for further details. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Fixed maturities, available-for-sale ​ $ 2,230.0 ​ $ 1,734.4 ​ $ 2,483.8 ​ Fixed maturities, trading ​ ​ 32.4 ​ ​ 19.6 ​ 8.7 ​ Equity securities ​ ​ 3.5 ​ ​ (35.4) ​ ​ 1.7 ​ Mortgage loans ​ ​ 661.5 ​ ​ 619.9 ​ 692.4 ​ Real estate ​ ​ 177.2 ​ ​ 276.2 ​ 194.4 ​ Policy loans ​ ​ 39.1 ​ ​ 34.4 ​ 36.2 ​ Cash and cash equivalents ​ ​ 148.2 ​ ​ 37.6 ​ 1.7 ​ Derivatives ​ ​ 38.6 ​ ​ 171.3 ​ 28.2 ​ Other ​ ​ 231.6 ​ ​ 194.8 ​ 362.0 ​ Total ​ ​ 3,562.1 ​ ​ 3,052.8 ​ 3,809.1 ​ Investment expenses ​ ​ (276.6) ​ ​ (200.4) ​ (175.4) ​ Net investment income ​ $ 3,285.5 ​ $ 2,852.4 ​ $ 3,633.7 ​ ​ Net Realized Capital Gains and Losses The major components of net realized capital gains (losses) on investments are shown below and are net of amounts on funds withheld invested assets that are passed directly to the reinsurers. See Note 13, Reinsurance, for further details. The amounts below do not include net realized capital gains (losses) on funds withheld assets that are not passed to the reinsurers, which are separately reported on the consolidated statements of operations. Net realized capital gains (losses) on funds withheld assets includes gains (losses) realized upon sale of assets put into the funds withheld at the start of the Reinsurance Transactions for the unrealized gains (losses) on the date of transfer into the funds withheld, the change in the valuation allowance on funds withheld commercial mortgage loans and unrealized gains and losses related to the change in fair value of funds withheld fixed maturities, trading and equity securities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross gains ​ $ 46.8 ​ $ 38.9 ​ $ 50.4 ​ Gross losses ​ ​ (134.8) ​ ​ (120.7) ​ (26.9) ​ Net credit losses (1) ​ ​ (31.3) ​ ​ (11.5) ​ (34.5) ​ Hedging, net ​ ​ 2.2 ​ ​ (0.7) ​ (9.5) ​ Fixed maturities, trading (2) ​ ​ 0.7 ​ ​ (8.6) ​ (6.6) ​ Equity securities (3) ​ ​ 0.7 ​ ​ (7.4) ​ ​ (0.5) ​ Mortgage loans (4) ​ ​ (133.8) ​ ​ (74.1) ​ 5.3 ​ Derivatives ​ ​ (5.3) ​ ​ 154.7 ​ 126.4 ​ Other ​ ​ 100.1 ​ ​ 112.7 ​ 8.0 ​ Net realized capital gains (losses) ​ $ (154.7) ​ $ 83.3 ​ $ 112.1 ​ (1) Net credit losses include adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities. (2) Unrealized losses on fixed maturities, trading still held at the reporting date were $(0.2) million, $(7.8) million and $(6.4) million for the years ended December 31, 2023, 2022 and 2021, respectively. This excludes $(2.9) million, $16.6 million and $0.0 million in unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021, respectively, that were reported in market risk benefit remeasurement (gain) loss and $6.8 million, $(1.4) million and $0.0 million of unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021, respectively, that were reported in net realized capital gains (losses) on funds withheld assets. (3) Unrealized gains (losses) on equity securities still held at the reporting date were $0.7 million , $(7.1) million and $(0.1) million for the years ended December 31, 2023, 2022 and 2021, respectively. This excludes $ 1.7 million , $(1.7) million and $0.0 million unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021, respectively, that were reported in net realized capital gains (losses) on funds withheld assets. (4) Net realized capital gains (losses) on mortgage loans include losses related to the deconsolidation of residential mortgage loan trusts in both 2023 and 2022. Proceeds from sales of investments (excluding call and maturity proceeds) in fixed maturities, available-for-sale were $ 4,950.4 million, $12,273.0 million and $1,609.0 million in 2023, 2022 and 2021, respectively. Allowance for Credit Loss We have a process in place to identify fixed maturity securities that could potentially require an allowance for credit loss. This process involves monitoring market events that could impact issuers’ credit ratings, business climate, management changes, litigation and government actions and other similar factors. This process also involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues. Each reporting period, all securities in an unrealized loss position are reviewed to determine whether a decline in value is due to credit. Relevant facts and circumstances considered include: (1) the extent the fair value is below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for structured securities, the adequacy of the expected cash flows. To the extent we determine an unrealized loss is due to credit, an allowance for credit loss is recognized through a reduction to net income. We estimate the amount of the allowance for credit loss as the difference between amortized cost and the present value of the expected cash flows of the security. The present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security. The methodology and assumptions for establishing the best estimate cash flows vary depending on the type of security. The ABS cash flow estimates are based on security specific facts and circumstances that may include collateral characteristics, expectations of delinquency and default rates, loss severity and prepayment speeds and structural support, including subordination and guarantees. The corporate security cash flow estimates are derived from scenario-based outcomes of expected corporate restructurings or liquidations using bond specific facts and circumstances including timing, security interests and loss severity. We do not measure a credit loss allowance on accrued interest receivable because we write off the accrued interest receivable balance to net investment income in a timely manner when we have concern regarding collectability. Amounts on fixed maturities, available-for-sale deemed to be uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if we intend to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity. A rollforward of the allowance for credit loss by major security type was as follows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ Collateralized ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ debt ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ obligations ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities (1) obligations Total ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 0.1 Additions for credit losses not previously recorded ​ ​ — ​ ​ — ​ ​ — ​ ​ 5.7 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5.7 Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ (3.8) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3.8) Ending balance ​ $ — ​ $ — ​ $ — ​ $ 1.9 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 2.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued interest written off to net investment income ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ Collateralized ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ debt ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ obligations ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities (1) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ 4.5 ​ $ — ​ $ 0.3 ​ $ — ​ $ 0.1 ​ $ 4.9 Reductions for securities sold during the period ​ ​ — ​ ​ — ​ ​ — ​ ​ (8.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (8.7) Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period ​ ​ — ​ ​ — ​ ​ — ​ ​ 4.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4.2 Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ (0.3) Ending balance ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 0.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ Collateralized ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ debt ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ obligations ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities (1) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 4.3 ​ $ 2.2 ​ $ — ​ $ 6.5 Additions for credit losses not previously recorded ​ ​ — ​ ​ — ​ ​ — ​ ​ 16.9 ​ ​ — ​ ​ 0.4 ​ ​ — ​ ​ 0.1 ​ ​ 17.4 Reductions for securities sold during the period ​ ​ — ​ ​ — ​ ​ — ​ ​ (12.4) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (12.4) Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.4 ​ ​ 0.4 ​ ​ — ​ ​ 2.8 Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (6.8) ​ ​ (2.6) ​ ​ — ​ ​ (9.4) Ending balance ​ $ — ​ $ — ​ $ — ​ $ 4.5 ​ $ — ​ $ 0.3 ​ $ — ​ $ 0.1 ​ $ 4.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued interest written off to net investment income ​ $ — ​ $ — ​ $ — ​ $ 0.2 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.2 (1) Primarily consists of collateralized loan obligations backed by secured corporate loans. During 2022, we did not write off any accrued interest to net investment income. Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss For available-for-sale securities with unrealized losses for which an allowance for credit loss has not been recorded, the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Less than ​ Greater than or ​ ​ ​ ​ ​ twelve months equal to twelve months ​ Total ​ ​ ​ Gross ​ ​ Gross ​ ​ Gross ​ ​ Fair ​ unrealized ​ Fair ​ unrealized ​ Fair ​ unrealized ​ value losses value losses value losses ​ ​ (in millions) Fixed maturities, available-for-sale (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 315.3 ​ $ 3.1 ​ $ 974.2 ​ $ 230.5 ​ $ 1,289.5 ​ $ 233.6 Non-U.S. governments ​ 41.9 ​ 1.7 ​ 307.9 ​ 57.5 ​ 349.8 ​ 59.2 States and political subdivisions ​ 596.6 ​ 19.0 ​ 5,011.7 ​ 906.9 ​ 5,608.3 ​ 925.9 Corporate ​ 2,540.5 ​ 89.7 ​ 22,305.9 ​ 2,968.9 ​ 24,846.4 ​ 3,058.6 Residential mortgage-backed pass- through securities ​ 472.9 ​ 2.9 ​ 1,275.6 ​ 157.7 ​ 1,748.5 ​ 160.6 Commercial mortgage-backed securities ​ 280.3 ​ 4.1 ​ 4,160.3 ​ 645.6 ​ 4,440.6 ​ 649.7 Collateralized debt obligations (2) ​ 404.8 ​ 1.5 ​ 2,296.3 ​ 25.3 ​ 2,701.1 ​ 26.8 Other debt obligations ​ 1,183.7 ​ 18.5 ​ 4,386.0 ​ 584.2 ​ 5,569.7 ​ 602.7 Total fixed maturities, available-for-sale ​ $ 5,836.0 ​ $ 140.5 ​ $ 40,717.9 ​ $ 5,576.6 ​ $ 46,553.9 ​ $ 5,717.1 (1) Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. Of the available-for-sale fixed maturities within our consolidated portfolio in a gross unrealized loss position, 94% were investment grade (rated AAA through BBB-) with an average price of 89 (carrying value/amortized cost) as of December 31, 2023. Gross unrealized losses in our fixed maturities portfolio decreased during the year ended December 31, 2023, primarily due to a tightening of credit spreads. For those securities that had been in a continuous unrealized loss position for less than twelve months, our consolidated portfolio held 983 securities reflecting an average price of 98 as of December 31, 2023. Of this portfolio, 91% was investment grade (rated AAA through BBB-) as of December 31, 2023, with associated unrealized losses of $131.2 million. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. For those securities that had been in a continuous unrealized loss position greater than or equal to twelve months, our consolidated portfolio held 7,042 securities reflecting an average price of 88 and an average credit rating of A as of December 31, 2023. Corporate securities with unrealized losses had an average price of 88 and an average credit rating of BBB+. States and political subdivisions securities with unrealized losses had an average price of 85 and an average credit rating of AA - . Commercial mortgage - backed securities with unrealized losses had an average price of 87 and an average credit rating of AA. Collateralized mortgage obligation securities with unrealized losses had an average price of 85 and an average credit rating of AAA. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. Because we expected to recover our amortized cost, we did not record an allowance for credit loss on these securities as of December 31, 2023. Because it was not our intent to sell the fixed maturity available-for-sale securities with unrealized losses and it was not more likely than not that we would be required to sell these securities before recovery of the amortized cost, which may be at maturity, we did not write down these investments to fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Less than ​ Greater than or ​ ​ ​ ​ ​ ​ ​ ​ twelve months ​ equal to twelve months ​ Total ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ Fair ​ unrealized ​ Fair ​ unrealized ​ Fair ​ unrealized ​ ​ value losses value losses value losses ​ (in millions) Fixed maturities, available-for-sale (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,505.5 ​ $ 207.0 ​ $ 180.4 ​ $ 41.8 ​ $ 1,685.9 ​ $ 248.8 Non-U.S. governments ​ ​ 373.0 ​ ​ 56.7 ​ ​ 19.9 ​ ​ 7.1 ​ ​ 392.9 ​ ​ 63.8 States and political subdivisions ​ ​ 5,243.6 ​ ​ 999.7 ​ ​ 387.8 ​ ​ 126.9 ​ ​ 5,631.4 ​ ​ 1,126.6 Corporate ​ ​ 26,668.2 ​ ​ 3,875.1 ​ ​ 2,625.4 ​ ​ 654.9 ​ ​ 29,293.6 ​ ​ 4,530.0 Residential mortgage-backed pass-through securities ​ ​ 1,201.7 ​ ​ 97.6 ​ ​ 574.8 ​ ​ 104.7 ​ ​ 1,776.5 ​ ​ 202.3 Commercial mortgage-backed securities ​ ​ 3,622.3 ​ ​ 480.7 ​ ​ 1,113.9 ​ ​ 220.9 ​ ​ 4,736.2 ​ ​ 701.6 Collateralized debt obligations (2) ​ ​ 2,830.1 ​ ​ 88.8 ​ ​ 1,327.2 ​ ​ 54.4 ​ ​ 4,157.3 ​ ​ 143.2 Other debt obligations ​ ​ 3,412.6 ​ ​ 290.7 ​ ​ 2,266.7 ​ ​ 434.4 ​ ​ 5,679.3 ​ ​ 725.1 Total fixed maturities, available-for-sale ​ $ 44,857.0 ​ $ 6,096.3 ​ $ 8,496.1 ​ $ 1,645.1 ​ $ 53,353.1 ​ $ 7,741.4 (1) Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. Of the available-for-sale fixed maturities within our consolidated portfolio in a gross unrealized loss position, 94% were investment grade (rated AAA through BBB-) with an average price of 87 (carrying value/amortized cost) as of December 31, 2022. Gross unrealized losses in our fixed maturities portfolio increased during the year ended December 31, 2022, primarily due to an increase in interest rates and a widening of credit spreads. For those securities that had been in a continuous unrealized loss position for less than twelve months, our consolidated portfolio held 7,589 securities reflecting an average price of 88 as of December 31, 2022. Of this portfolio, 95% was investment grade (rated AAA through BBB-) as of December 31, 2022, with associated unrealized losses of $5,920.4 million. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. For those securities that had been in a continuous unrealized loss position greater than or equal to twelve months, our consolidated portfolio held 1,654 securities reflecting an average price of 84 and an average credit rating of AA- as of December 31, 2022. Corporate securities with unrealized losses had an average price of 80 and an average credit rating of BBB+. Collateralized mortgage obligation securities with unrealized losses had an average price of 81 and an average credit rating of AAA. Commercial mortgage-backed securities with unrealized losses had an average price of 83 and an average credit rating of AA+. States and political subdivisions securities with unrealized losses had an average price of 75 and an average credit rating of AA-. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. Because we expected to recover our amortized cost, we did not record an allowance for credit loss on these securities as of December 31, 2022. Because it was not our intent to sell the fixed maturity available-for-sale securities with unrealized losses and it was not more likely than not that we would be required to sell these securities before recovery of the amortized cost, which may be at maturity, we did not write down these investments to fair value. Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments The net unrealized gains and losses on investments in available-for-sale securities and the net unrealized gains and losses on derivative instruments in cash flow hedge relationships are reported as separate components of stockholder’s equity. The cumulative amount of net unrealized gains and losses on available-for-sale securities and derivative instruments in cash flow hedge relationships net of adjustments related to actuarial balances, policyholder liabilities, noncontrolling interest and applicable income taxes was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ (in millions) ​ Net unrealized losses on fixed maturities, available-for-sale (1) ​ $ (5,128.4) ​ $ (7,552.6) ​ Net unrealized gains (losses) on derivative instruments ​ ​ (1.6) ​ ​ 50.7 ​ Adjustments for assumed changes in amortization patterns ​ ​ (5.2) ​ ​ (1.8) ​ Adjustments for assumed changes in policyholder liabilities ​ ​ 1.4 ​ ​ 0.5 ​ Net unrealized gains on other investments and noncontrolling interest adjustments ​ ​ 2.9 ​ ​ 2.9 ​ Provision for deferred income tax benefits ​ ​ 1,099.6 ​ ​ 1,601.5 ​ Net unrealized losses on available-for-sale securities and derivative instruments ​ $ (4,031.3) ​ $ (5,898.8) ​ (1) Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships. Financing Receivables Mortgage Loans Mortgage loans consist of commercial and residential mortgage loans. Our commercial mortgage loan portfolio consists primarily of non-recourse, fixed rate mortgages on stabilized properties. Our residential mortgage loan portfolio is composed of first lien and home equity mortgages. Commercial and residential mortgage loans are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Amortized cost excludes accrued interest receivable. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in net investment income on the consolidated statements of operations. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Any changes in the loan valuation allowances are reported in net realized capital gains (losses) on the consolidated statements of operations. Further details relating to our valuation allowance are included under the caption “Financing Receivables Valuation Allowance.” Reinsurance Recoverable and Deposit Receivable Our reinsurance recoverables include amounts due from reinsurers for paid or unpaid claims, claims incurred but not reported or policy benefits. We cede life, disability, medical and long-term care insurance as well as fixed annuity contracts with significant life insurance risk to other insurance companies through reinsurance. Deposit receivables include amounts due from the reinsurer for fixed annuity contracts without significant life insurance risk recorded using the deposit method of accounting. Other Loans Our other loans include consumer, auto and other loans (“other loans”) of a consolidated VIE for which the fair value option was elected as well as consumer loans for which the fair value option was not elected. Other loans are generally subject to amortized cost accounting and a valuation allowance if the fair value option is not elected. Other loans are reported as a component of other investments in the consolidated statements of financial position. Credit Quality Information for Financing Receivables The amortized cost of our financing receivables by credit risk and vintage was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ 2023 2022 2021 2020 2019 Prior Total ​ ​ (in millions) Commercial mortgage ​ ​ ​ ​ ​ ​ ​ loans: ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 667.4 ​ $ 1,214.8 ​ $ 2,271.5 ​ $ 1,535.8 ​ $ 1,921.0 ​ $ 5,447.2 ​ $ 13,057.7 BBB+ thru BBB- ​ 282.6 ​ 356.8 ​ 343.0 ​ 203.3 ​ 309.9 ​ 886.9 ​ 2,382.5 BB+ thru BB- ​ 110.6 ​ 142.1 ​ — ​ — ​ 35.3 ​ 234.6 ​ 522.6 B+ and below ​ — ​ — ​ — ​ — ​ 83.5 ​ 53.9 ​ 137.4 Total ​ $ 1,060.6 ​ $ 1,713.7 ​ $ 2,614.5 ​ $ 1,739.1 ​ $ 2,349.7 ​ $ 6,622.6 ​ $ 16,100.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage ​ ​ ​ ​ ​ ​ ​ loans: ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 456.3 ​ $ 1,023.4 ​ $ 1,272.5 ​ $ 150.4 ​ $ 86.8 ​ $ 253.6 ​ $ 3,243.0 Non-performing ​ — ​ 2.1 ​ 4.0 ​ — ​ 1.8 ​ 2.3 ​ 10.2 Total ​ $ 456.3 ​ $ 1,025.5 ​ $ 1,276.5 ​ $ 150.4 ​ $ 88.6 ​ $ 255.9 ​ $ 3,253.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other loans: ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 168.5 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 168.5 Non-performing ​ — ​ — ​ — ​ — ​ — ​ 0.1 ​ 0.1 Total ​ $ 168.5 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 168.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverable and deposit receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 24,427.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ 2022 2021 2020 2019 2018 Prior Total ​ ​ ​ (in millions) Commercial mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 995.9 ​ $ 2,182.5 ​ $ 1,753.8 ​ $ 2,177.2 ​ $ 2,130.8 ​ $ 4,555.1 ​ $ 13,795.3 BBB+ thru BBB- ​ ​ 371.8 ​ ​ 412.8 ​ ​ 149.7 ​ ​ 391.6 ​ ​ 222.6 ​ ​ 676.4 ​ ​ 2,224.9 BB+ thru BB- ​ ​ 104.0 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8.9 ​ ​ 66.5 ​ ​ 179.4 B+ and below ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8.3 ​ ​ 35.5 ​ ​ 43.8 Total ​ $ 1,471.7 ​ $ 2,595.3 ​ $ 1,903.5 ​ $ 2,568.8 ​ $ 2,370.6 ​ $ 5,333.5 ​ $ 16,243.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 1,101.4 ​ $ 1,669.1 ​ $ 364.5 ​ $ 99.2 ​ $ 51.2 ​ $ 253.6 ​ $ 3,539.0 Non-performing ​ ​ 8.0 ​ ​ 4.7 ​ ​ 1.8 ​ ​ 1.0 ​ ​ 0.6 ​ ​ 4.4 ​ ​ 20.5 Total ​ $ 1,109.4 ​ $ 1,673.8 ​ $ 366.3 ​ $ 100.2 ​ $ 51.8 ​ $ 258.0 ​ $ 3,559.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverable and deposit receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 21,445.0 ​ The amortized cost of commercial mortgage loans, residential mortgage loans and other loans excluded accrued interest receivable of $57.1 million, $10.3 million and $1.6 million, respectively, as of December 31, 2023, and $55.9 million, $9.8 million and $0.0 million, respectively, as of December 31, 2022. Financing Receivables Credit Monitoring Commercial Mortgage Loan Credit Risk Profile Based on Internal Rating We actively monitor and manage our commercial mortgage loan portfolio. All commercial mortgage loans are analyzed regularly and substantially all are internally rated, based on a proprietary risk rating cash flow model, in order to monitor the financial quality of these assets. The model stresses expected cash flows at various levels and at different points in time depending on the durability of the income stream, which includes our assessment of factors such as location (macro and micro markets), tenant quality and lease expirations. Our internal rating analysis presents expected losses in terms of an S&P Global (“S&P”) bond equivalent rating for commercial mortgage loans. As the credit risk for commercial mortgage loans increases, we adjust our internal ratings downward with loans in the category “B+ and below” having the highest risk for credit loss. Internal ratings on commercial mortgage loans are updated at least annually and potentially more often for certain loans with material changes in collateral value or occupancy and for loans on an internal “watch list”. Commercial mortgage loans that require more frequent and detailed attention are identified and placed on an internal “watch list”. Among the criteria that may indicate a potential problem are significant negative changes in ratios of loan to value or contract rents to debt service, major tenant vacancies or bankruptcies, borrower sponsorship problems, late payments, delinquent taxes and loan relief/restructuring requests. Residential Mortgage Loan Credit Risk Profile Based on Performance Status Our residential mortgage loan portfolio is monitored based on performance of the loans. Monitoring on a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of potential impairment. We define non-performing residential mortgage loans as loans 90 days or greater delinquent or on non-accrual status. Other Loans Credit Risk Profile Based on Performance Status Our other loans are monitored based on performance of the loans. Monitoring on other loans increases when the loan is delinquent or earlier if there is an indication of potential impairment. Non-Accrual Financing Receivables Financing receivables are placed on non-accrual status if we have concern regarding the collectability of future payments or if a financing receivable has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow for commercial mortgage loans or number of days past due and other circumstances for residential mortgage loans. Based on an assessment as to the collectability of the principal, a determination is made to apply any payments received either against the principal, against the valuation allowance or according to the contractual terms. When a financing receivable is placed on non-accrual status, the accrued unpaid interest receivable is reversed against interest income. Accrual of interest resumes after factors resulting in doubts about collectability have improved. The amortized cost of financing receivables on non-accrual status was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ Amortized cost ​ ​ Beginning ​ Ending ​ of nonaccrual ​ ​ amortized cost ​ amortized cost ​ assets without ​ ​ on nonaccrual ​ on nonaccrual ​ a valuation ​ ​ status ​ status ​ allowance ​ (in millions) Commercial mortgage loans ​ $ 43.8 ​ $ 53.9 ​ $ — Residential mortgage loans ​ ​ 16.0 ​ ​ 8.2 ​ ​ 0.5 Total ​ $ 59.8 ​ $ 62.1 ​ $ 0.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ Amortized cost ​ ​ Beginning ​ Ending ​ of nonaccrual ​ ​ amortized cost ​ amortized cost ​ assets without ​ ​ on nonaccrual ​

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2023
Derivative Financial Instruments
Derivative Financial Instruments	6 . Derivative Financial Instruments Derivatives are generally used to hedge or reduce exposure to market risks associated with assets held or expected to be purchased or sold and liabilities incurred or expected to be incurred. Derivatives are used to change the characteristics of our asset/liability mix consistent with our risk management activities. Derivatives are also used in asset replication strategies. Types of Derivative Instruments Interest Rate Contracts Interest rate risk is the risk we will incur economic losses due to adverse changes in interest rates. Sources of interest rate risk include the difference between the maturity and interest rate changes of assets with the liabilities they support, timing differences between the pricing of liabilities and the purchase or procurement of assets and changing cash flow profiles from original projections due to prepayment options embedded within asset and liability contracts. We use various derivatives to manage our exposure to fluctuations in interest rates. Interest rate swaps are contracts in which we agree with other parties to exchange, at specified intervals, the difference between fixed rate and/or floating rate interest amounts based upon designated market rates or rate indices and an agreed upon notional principal amount. Generally, no cash is exchanged at the outset of the contract and no principal payments are made by any party. Cash is paid or received based on the terms of the swap. We use interest rate swaps primarily to more closely match the interest rate characteristics of assets and liabilities and to mitigate the risks arising from timing mismatches between assets and liabilities (including duration mismatches). We also use interest rate swaps to hedge against changes in the value of assets we anticipate acquiring and other anticipated transactions and commitments. Interest rate swaps are used to hedge against changes in the value of the guaranteed minimum withdrawal benefit (“GMWB”) MRB. The GMWB rider on our variable annuity products provides for guaranteed minimum withdrawal benefits regardless of the actual performance of various equity and/or fixed income funds available with the product. Additionally, we utilize interest rate swaps to replicate the returns of floating rate assets. Interest rate options, including interest rate caps and interest rate floors, which can be combined to form interest rate collars, are contracts that entitle the purchaser to pay or receive the amounts, if any, by which a specified market rate exceeds a cap strike interest rate, or falls below a floor strike interest rate, respectively, at specified dates. We use interest rate options to manage prepayment risks in our assets and minimum guaranteed interest rates and lapse risks in our liabilities. A swaption is an option to enter into an interest rate swap at a future date. We have purchased swaptions to hedge interest rate exposure for certain assets and liabilities. Swaptions not only hedge against the downside risk, but also allow us to take advantage of any upside benefits. In exchange-traded futures transactions, we agree to purchase or sell a specified number of contracts, the values of which are determined by the values of designated classes of securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. We enter into exchange-traded futures with regulated futures commissions merchants who are members of a trading exchange. We use exchange-traded interest rate futures to hedge against changes in value of the GMWB MRB. Interest rate forwards, including to be announced (“TBA”) forwards, bond forwards and treasury forwards are contracts to take delivery of a fixed income security at a specified price at a future date. TBA forwards deliver government guaranteed mortgage-backed securities. Bond forwards and treasury forwards deliver corporate or municipal and U.S. Treasury bonds, respectively. At inception of the TBA and treasury forward contracts, we do not intend to take physical delivery. We intend to take delivery of the bond forwards referencing corporate or municipal bonds. We have used TBA forwards to gain exposure to the investment risk and return of agency mortgage-backed security pools in order to reduce asset and liability duration mismatch. Treasury forwards are used to hedge against changes in the value of the GMWB MRB. Bond forwards are used to gain leverage through synthetic exposure during the forward period and fix the purchase price of a bond at a specified date in future. Foreign Exchange Contracts Foreign currency risk is the risk we will incur economic losses due to adverse fluctuations in foreign currency exchange rates. This risk arises from foreign currency-denominated funding agreements issued to nonqualified institutional investors in the international market and foreign currency-denominated fixed maturity securities we invest in. We use various derivatives to manage our exposure to fluctuations in foreign currency exchange rates. Currency swaps are contracts in which we agree with other parties to exchange, at specified intervals, a series of principal and interest payments in one currency for that of another currency. Generally, the principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party. The interest payments are primarily fixed-to-fixed rate; however, they may also be fixed-to-floating rate or floating-to-fixed rate. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by one counterparty for payments made in the same currency at each due date. We use currency swaps to reduce market risks from changes in currency exchange rates with respect to investments or liabilities denominated in foreign currencies that we either hold or intend to acquire or sell. Currency forwards are contracts in which we agree with other parties to deliver or receive a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. We use currency forwards to hedge certain foreign-denominated real estate funds. Equity Contracts Equity risk is the risk that we will incur economic losses due to adverse fluctuations in common stock prices. We use various derivatives to manage our exposure to equity risk, which arises from products in which the return or interest we credit is tied to an external equity index as well as products subject to minimum contractual guarantees. We purchase equity call spreads (“option collars”) to hedge the equity participation rates promised to contractholders in conjunction with our fixed deferred annuity and universal life products that credit interest based on changes in an external equity index. We use equity put options to hedge against changes in the value of the GMWB MRB related to the GMWB rider on our variable annuity product. We also use equity options to hedge returns credited to policyholder accounts related to our RILA product. The premium associated with certain options is paid quarterly over the life of the option contract. We use exchange-traded equity futures to hedge against changes in the value of the GMWB MRB, returns credited to policyholder accounts related to our RILA product and the economic exposure to certain fund closures in process. Credit Contracts Credit risk relates to the uncertainty associated with the continued ability of a given obligor to make timely payments of principal and interest. We use credit default swaps to enhance the return on our investment portfolio by providing comparable exposure to fixed income securities that might not be available in the primary market. They are also used to hedge credit exposures in our investment portfolio. Credit derivatives are used to sell or buy credit protection on an identified name or names on an unfunded or synthetic basis in return for receiving or paying a quarterly premium. The premium generally corresponds to a referenced name’s credit spread at the time the agreement is executed. In cases where we sell protection, we also buy a quality cash bond to match against the credit default swap, thereby entering into a synthetic transaction replicating a cash security. When selling protection, if there is an event of default by the referenced name, as defined by the agreement, we are obligated to pay the counterparty the referenced amount of the contract and receive in return the referenced security in a principal amount equal to the notional value of the credit default swap. Other Contracts Embedded Derivatives. We purchase or issue certain financial instruments or products that contain a derivative instrument that is embedded in the financial instrument or product. When it is determined that the embedded derivative possesses economic characteristics that are not clearly or closely related to the economic characteristics of the host contract and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host instrument for measurement purposes. The embedded derivative, which is reported with the host instrument in the consolidated statements of financial position, is carried at fair value. We offer group annuity contracts that have guaranteed separate accounts as an investment option. We have fixed deferred annuities, RILAs and universal life products that credit interest based on changes in an external equity index. We have a funds withheld payable associated with our coinsurance with funds withheld agreements. The funds withheld payable has an embedded total return swap as the total return of the funds withheld assets are transferred to the reinsurers, which is not based on our own creditworthiness. Exposure Our risk of loss is typically limited to the fair value of our derivative instruments and not to the notional or contractual amounts of these derivatives. We are also exposed to credit losses in the event of nonperformance of the counterparties. Our current credit exposure is limited to the value of derivatives that have become favorable to us. This credit risk is minimized by purchasing such agreements from financial institutions with high credit ratings and by establishing and monitoring exposure limits. We also utilize various credit enhancements, including collateral and credit triggers to reduce the credit exposure to our derivative instruments. Derivatives may be exchange-traded or they may be privately negotiated contracts, which are usually referred to as over-the-counter (“OTC”) derivatives. Certain of our OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”), while others are bilateral contracts between two counterparties (“bilateral OTC”). Our derivative transactions are generally documented under International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements. Management believes that such agreements provide for legally enforceable set-off and close-out netting of exposures to specific counterparties. Under such agreements, in connection with an early termination of a transaction, we are permitted to set off our receivable from a counterparty against our payables to the same counterparty arising out of all included transactions. For reporting purposes, we do not offset fair value amounts of bilateral OTC derivatives for the right to reclaim cash collateral or the obligation to return cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparties under master netting agreements. OTC cleared derivatives have variation margin that is legally characterized as settlement of the derivative exposure, which reduces their fair value in the consolidated statements of financial position. We posted $536.9 million and $730.6 million in cash and securities under collateral arrangements as of December 31, 2023 and December 31, 2022, respectively, to satisfy collateral and initial margin requirements associated with our derivative credit support agreements and FCM agreements. Certain of our derivative instruments contain provisions that require us to maintain an investment grade rating from each of the major credit rating agencies on our debt. If the ratings on our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value, inclusive of accrued interest, of all derivative instruments with credit-risk-related contingent features that were in a liability position without regard to netting under derivative credit support annex agreements as of December 31, 2023 and December 31, 2022, was $474.2 million and $613.0 million, respectively. Cleared derivatives have contingent features that require us to post excess margin as required by the FCM. The terms surrounding excess margin vary by FCM agreement. With respect to derivatives containing collateral provisions, we posted collateral and initial margin of $536.9 million and $730.6 million as of December 31, 2023 and December 31, 2022, respectively, in the normal course of business, which reflects netting under derivative agreements. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2023, we would be required to post up to an additional $93.0 million of collateral to our counterparties. As of December 31, 2023 and December 31, 2022, we had received $97.0 million and $142.6 million, respectively, of cash collateral associated with our derivative credit support annex agreements and FCM agreements, for which we recorded a corresponding liability reflecting our obligation to return the collateral. Notional amounts are used to express the extent of our involvement in derivative transactions and represent a standard measurement of the volume of our derivative activity. Notional amounts represent those amounts used to calculate contractual flows to be exchanged and are not paid or received, except for contracts such as currency swaps. Credit exposure represents the gross amount owed to us under derivative contracts as of the valuation date. The notional amounts and credit exposure of our derivative financial instruments by type were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ ​ (in millions) ​ Notional amounts of derivative instruments ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 57,766.6 ​ $ 52,249.9 ​ Interest rate options ​ ​ 4,498.4 ​ ​ 4,418.9 ​ Interest rate forwards ​ ​ 1,990.8 ​ ​ 2,527.5 ​ Interest rate futures ​ ​ 1,174.5 ​ ​ 877.5 ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ Currency swaps ​ ​ 1,888.5 ​ ​ 1,389.8 ​ Currency forwards ​ ​ 54.2 ​ ​ 32.0 ​ Equity contracts: ​ ​ ​ ​ ​ ​ ​ Equity options ​ ​ 2,331.3 ​ ​ 2,049.3 ​ Equity futures ​ ​ 559.6 ​ ​ 574.1 ​ Credit contracts: ​ ​ ​ ​ ​ ​ ​ Credit default swaps ​ ​ 305.0 ​ ​ 400.0 ​ Other contracts: ​ ​ ​ ​ ​ ​ ​ Embedded derivatives ​ ​ 26,454.2 ​ ​ 23,209.3 ​ Total notional amounts at end of period ​ $ 97,023.1 ​ $ 87,728.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit exposure of derivative instruments ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 42.9 ​ $ 64.2 ​ Interest rate options ​ ​ 37.0 ​ ​ 41.7 ​ Interest rate forwards ​ ​ 4.2 ​ ​ 0.1 ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ Currency swaps ​ ​ 89.8 ​ ​ 139.2 ​ Currency forwards ​ ​ 0.7 ​ ​ 0.9 ​ Equity contracts: ​ ​ ​ ​ ​ ​ ​ Equity options ​ ​ 83.8 ​ ​ 16.5 ​ Credit contracts: ​ ​ ​ ​ ​ ​ ​ Credit default swaps ​ ​ 4.7 ​ ​ 3.6 ​ Total gross credit exposure ​ ​ 263.1 ​ ​ 266.2 ​ Less: collateral received ​ ​ 107.1 ​ ​ 158.8 ​ Net credit exposure ​ $ 156.0 ​ $ 107.4 ​ ​ The fair value of our derivative instruments classified as assets and liabilities was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets (1) ​ Derivative liabilities (2) ​ ​ December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 ​ ​ (in millions) ​ Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ 9.0 ​ $ 20.0 ​ $ 72.6 ​ $ 105.1 ​ Foreign exchange contracts ​ ​ 84.6 ​ 134.6 ​ ​ 38.9 ​ 19.3 ​ Total derivatives designated as hedging instruments ​ $ 93.6 ​ $ 154.6 ​ $ 111.5 ​ $ 124.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ 70.3 ​ $ 81.1 ​ $ 284.3 ​ $ 439.9 ​ Foreign exchange contracts ​ ​ 0.7 ​ 0.9 ​ ​ 2.3 ​ 0.3 ​ Equity contracts ​ ​ 83.8 ​ 16.5 ​ ​ 74.2 ​ 45.6 ​ Credit contracts ​ ​ 4.6 ​ 3.5 ​ ​ 1.1 ​ 2.0 ​ Other contracts ​ ​ — ​ — ​ ​ (2,210.6) ​ (3,606.5) ​ Total derivatives not designated as hedging instruments ​ ​ 159.4 ​ 102.0 ​ ​ (1,848.7) ​ (3,118.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivative instruments ​ $ 253.0 ​ $ 256.6 ​ $ (1,737.2) ​ $ (2,994.3) ​ (1) The fair value of derivative assets is reported with other investments on the consolidated statements of financial position. (2) The fair value of derivative liabilities is reported with other liabilities on the consolidated statements of financial position, with the exception of certain embedded derivative liabilities. Embedded derivatives with a net liability fair value of $115.5 million and $46.3 million as of December 31, 2023 and 2022, respectively, are reported with contractholder funds on the consolidated statements of financial position. Embedded derivatives with a net (asset) liability fair value of $ (2,326.1) million and $(3,652.8) million as of December 31, 2023 and 2022, respectively, are reported with funds withheld payable on the consolidated statements of financial position. Credit Derivatives Sold When we sell credit protection, we are exposed to the underlying credit risk similar to purchasing a fixed maturity security instrument. Our credit derivative contracts sold reference a single name or reference security (referred to as “single name credit default swaps”). These instruments are either referenced in an OTC credit derivative transaction or embedded within an investment structure that has been fully consolidated into our financial statements. These credit derivative transactions are subject to events of default defined within the terms of the contract, which normally consist of bankruptcy, failure to pay, or modified restructuring of the reference entity and/or issue. If a default event occurs for a reference name or security, we are obligated to pay the counterparty an amount equal to the notional amount of the credit derivative transaction. As a result, our maximum future payment is equal to the notional amount of the credit derivative. In certain cases, we also may have purchased credit protection with identical underlyings to certain of our sold protection transactions. As of December 31, 2023 and 2022, we did not purchase credit protection relating to our sold protection transactions. In certain circumstances, our potential loss could also be reduced by any amount recovered in the default proceedings of the underlying credit name. The following tables show our credit default swap protection sold by types of contract, types of referenced/underlying asset class and external agency rating for the underlying reference security. The maximum future payments are undiscounted and have not been reduced by the effect of any offsetting transactions, collateral or recourse features described above. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ ​ Notional ​ Fair ​ future ​ expected life ​ ​ amount value payments (in years) ​ ​ ​ (in millions) ​ ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 40.0 ​ $ 0.3 ​ $ 40.0 1.5 ​ BBB ​ 140.0 ​ 3.8 ​ 140.0 3.0 ​ BB ​ 20.0 ​ 0.2 ​ 20.0 3.5 ​ Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ ​ 20.0 ​ ​ 0.2 ​ ​ 20.0 ​ 1.5 ​ Total credit default swap protection sold ​ $ 220.0 ​ $ 4.5 ​ $ 220.0 2.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ ​ Notional ​ Fair ​ future ​ expected life ​ ​ amount value payments (in years) ​ ​ ​ (in millions) ​ ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 40.0 ​ $ 0.4 ​ $ 40.0 2.5 ​ BBB ​ 190.0 ​ 2.2 ​ 190.0 3.1 ​ BB ​ 20.0 ​ (0.2) ​ 20.0 4.5 ​ Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ ​ 20.0 ​ ​ 0.2 ​ ​ 20.0 ​ 2.5 ​ Total credit default swap protection sold ​ $ 270.0 ​ $ 2.6 ​ $ 270.0 3.1 ​ ​ Fair Value and Cash Flow Hedges Fair Value Hedges We use fixed-to-floating rate interest rate swaps to more closely align the interest rate characteristics of certain assets and also use them to align the interest rate characteristics of certain liabilities. In general, these swaps are used in asset and liability management to modify duration, which is a measure of sensitivity to interest rate changes. We enter into currency exchange swap agreements to convert certain foreign denominated assets into U.S. dollar denominated instruments to hedge the exposure to future currency volatility on those items. The net interest effect of interest rate swap and currency swap transactions for derivatives in fair value hedges is recorded as an adjustment to income or expense of the underlying hedged item in our consolidated statements of operations. The currency related impacts of currency swap transactions for derivatives in fair value hedges is recorded as an adjustment to net realized capital gains or losses of the underlying hedged item in our consolidated statements of operations. ​ The following amounts were recorded on the consolidated statements of financial position related to cumulative basis adjustments for fair value hedges. The amortized cost includes the amortized cost basis and the fair value hedging basis adjustment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative amount of fair ​ ​ ​ ​ ​ ​ ​ ​ ​ value hedging basis adjustment ​ Line item in the consolidated statements ​ ​ ​ ​ ​ ​ ​ increase/(decrease) included in the ​ of financial position in which the ​ Carrying amount of hedged item ​ carrying amount of the hedged item ​ hedged item is included December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 ​ ​ (in millions) ​ Fixed maturities, available-for-sale (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 3,510.1 ​ $ 3,498.6 ​ $ (87.0) ​ $ (153.4) ​ Discontinued hedging relationships ​ ​ 304.7 ​ ​ 48.8 ​ ​ (5.2) ​ ​ 1.3 ​ Total fixed maturities, available-for-sale in active or discontinued hedging relationships ​ $ 3,814.8 ​ $ 3,547.4 ​ $ (92.2) ​ $ (152.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 300.5 ​ $ — ​ $ 0.4 ​ $ — ​ Total investment contracts in active or discontinued hedging relationships ​ $ 300.5 ​ $ — ​ $ 0.4 ​ $ — ​ (1) These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of December 31, 2023 and December 31, 2022, the amortized cost basis of the closed portfolios used in these hedging relationships was $3,178.5 million and $3,256.9 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $ (62.2) million and $ (102.4) million, respectively, and the amount of the designated hedged items were $1,395.0 million and $1,110.0 million, respectively. For the years ended December 31, 2023, 2022 and 2021, $ (1.8) million, $0.0 million and $0.0 million, respectively, of the derivative instruments’ gain (loss) was excluded from the assessment of hedge effectiveness. Cash Flow Hedges We utilize floating-to-fixed rate interest rate swaps to eliminate the variability in cash flows of recognized financial assets and liabilities. We enter into currency exchange swap agreements to convert both principal and interest payments of certain foreign denominated assets and liabilities into U.S. dollar denominated fixed-rate instruments to eliminate the exposure to future currency volatility on those items. We use bond forwards and have used floating-to-fixed rate interest rate swaps to hedge forecasted transactions. The net interest effect of interest rate swap and currency swap transactions for derivatives in cash flow hedges is recorded as an adjustment to income or expense of the underlying hedged item in our consolidated statements of operations. The maximum length of time we are hedging our exposure to the variability in future cash flows for forecasted transactions, excluding those related to the payments of variable interest on existing financial assets and liabilities, is 6.4 years. As of December 31, 2023, we had $30.4 million of net gains reported in AOCI on the consolidated statements of financial position related to active hedges of forecasted transactions. If a hedged forecasted transaction is no longer probable of occurring, cash flow hedge accounting is discontinued. If it is probable that the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from AOCI into net income. The following table shows the effect of derivatives in cash flow hedging relationships on the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in AOCI on derivatives ​ Derivatives in cash flow ​ ​ ​ for the year ended December 31, ​ hedging relationships Related hedged item 2023 2022 2021 ​ ​ ​ ​ (in millions) ​ Interest rate contracts ​ Fixed maturities, available-for-sale ​ $ 30.4 ​ $ (102.1) ​ $ — ​ Interest rate contracts ​ Investment contracts ​ ​ (11.0) ​ 15.9 ​ 4.1 ​ Foreign exchange contracts ​ Fixed maturities, available-for-sale ​ ​ (64.0) ​ 84.2 ​ 53.4 ​ Total ​ ​ ​ $ (44.6) ​ $ (2.0) ​ $ 57.5 ​ ​ We expect to reclassify net gains of $24.5 million from AOCI into net income in the next twelve months, which includes both net deferred gains on discontinued hedges and net gains on periodic settlements of active hedges. Actual amounts may vary from this amount as a result of market conditions. Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations The following tables show the effect of derivatives in fair value and cash flow hedging relationships and the related hedged items on the consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ Net investment ​ Net realized ​ claims and ​ ​ income related ​ capital gains ​ settlement ​ ​ to hedges ​ (losses) related to ​ expenses ​ ​ of fixed ​ hedges of fixed ​ related to ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available- ​ available- ​ investment ​ for-sale for-sale contracts ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 3,285.5 ​ $ (154.7) ​ $ 7,226.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ $ 45.3 ​ $ — ​ $ 0.4 ​ Loss recognized on derivatives ​ ​ (43.9) ​ ​ — ​ ​ (2.1) ​ Amortization of hedged item basis adjustments ​ (0.2) ​ — ​ — ​ Amounts related to periodic settlements on derivatives ​ 60.5 ​ — ​ (2.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ ​ — ​ ​ 3.7 ​ ​ — ​ Loss recognized on derivatives ​ ​ — ​ ​ (3.7) ​ ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ 0.6 ​ ​ — ​ ​ — ​ Total gain (loss) recognized for fair value hedging relationships ​ $ 62.3 ​ $ — ​ $ (4.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 4.1 ​ $ — ​ $ (0.1) ​ Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ 1.9 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ — ​ ​ — ​ ​ 14.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ — ​ 1.5 ​ — ​ Amounts related to periodic settlements on derivatives ​ 21.4 ​ — ​ — ​ Total gain recognized for cash flow hedging relationships ​ $ 25.5 ​ $ 3.4 ​ $ 14.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ Net investment ​ Net realized ​ claims and ​ ​ income related ​ capital gains ​ settlement ​ ​ to hedges ​ related to ​ expenses ​ ​ of fixed ​ hedges of fixed ​ related to ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available- ​ available- ​ investment ​ for-sale for-sale contracts ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 2,852.4 ​ $ 83.3 ​ $ 5,882.7 ​ ​ ​ ​ ​ ​ ​ ​ Gains on fair value hedging relationships: ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Loss recognized on hedged item ​ $ (154.4) ​ $ — ​ $ — ​ Gain recognized on derivatives ​ 151.6 ​ — ​ — ​ Amortization of hedged item basis adjustments ​ (1.3) ​ — ​ — ​ Amounts related to periodic settlements on derivatives ​ 5.2 ​ — ​ — ​ Total gain recognized for fair value hedging relationships ​ $ 1.1 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 9.0 ​ $ — ​ $ (0.1) ​ Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ 18.5 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ — ​ ​ — ​ ​ 3.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ — ​ 0.6 ​ — ​ Amounts related to periodic settlements on derivatives ​ 14.5 ​ — ​ — ​ Total gain recognized for cash flow hedging relationships ​ $ 23.5 ​ $ 19.1 ​ $ 3.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ ​ ​ ​ ​ Benefits, ​ ​ Net investment ​ Net realized ​ claims and ​ ​ income related ​ capital gains ​ settlement ​ ​ to hedges ​ related to ​ expenses ​ ​ of fixed ​ hedges of fixed ​ related to ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available- ​ available- ​ investment ​ for-sale for-sale contracts ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 3,633.7 ​ $ 112.1 ​ $ 6,617.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses on fair value hedging relationships: ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ Loss recognized on hedged item ​ $ (28.7) ​ $ — ​ $ — ​ Gain recognized on derivatives ​ 28.6 ​ — ​ — ​ Amortization of hedged item basis adjustments ​ (1.8) ​ — ​ — ​ Amounts related to periodic settlements on derivatives ​ (10.0) ​ — ​ — ​ Total loss recognized for fair value hedging relationships ​ $ (11.9) ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on cash flow hedging relationships: ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 15.4 ​ $ — ​ $ (0.1) ​ Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ 1.0 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ — ​ ​ — ​ ​ (0.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ — ​ 9.2 ​ — ​ Amounts related to periodic settlements on derivatives ​ 9.6 ​ — ​ — ​ Total gain (loss) recognized for cash flow hedging relationships ​ $ 25.0 ​ $ 10.2 ​ $ (0.5) ​ ​ ​ Derivatives Not Designated as Hedging Instruments Our use of futures, certain swaptions and swaps, option collars, options and forwards are effective from an economic standpoint, but they have not been designated as hedges for financial reporting purposes. As such, periodic changes in the market value of these instruments, which includes mark-to-market gains and losses as well as periodic and final settlements, primarily flow directly into net realized capital gains (losses) on the consolidated statements of operations. However

Closed Block

Closed Block	12 Months Ended
	Dec. 31, 2023
Closed Block
Closed Block	7. Closed Block In connection with the 1998 MIHC formation, we formed a Closed Block to provide reasonable assurance to policyholders included therein that, after the formation of the MIHC, assets would be available to maintain dividends in aggregate in accordance with the 1997 policy dividend scales, if the experience underlying such scales continued. Our assets were allocated to the Closed Block in an amount that produces cash flows which, together with anticipated revenue from policies and contracts included in the Closed Block, were expected to be sufficient to support the Closed Block policies. This includes, but is not limited to, provisions for payment of claims, certain expenses, charges and taxes, and to provide for continuation of policy and contract dividends in aggregate in accordance with the 1997 dividend scales, if the experience underlying such scales continues, and to allow for appropriate adjustments in such scales, if such experience changes. Due to adjustable life policies being included in the Closed Block, the Closed Block is charged with amounts necessary to properly fund for certain adjustments, such as face amount and premium increases, that are made to these policies after the Closed Block inception date. These amounts are referred to as Funding Adjustment Charges. Assets allocated to the Closed Block inure solely to the benefit of the holders of policies included in the Closed Block. Closed Block assets and liabilities are carried on the same basis as other similar assets and liabilities. We will continue to pay guaranteed benefits under all policies, including the policies within the Closed Block, in accordance with their terms. If the assets allocated to the Closed Block, the investment cash flows from those assets and the revenues from the policies included in the Closed Block, including investment income thereon, prove to be insufficient to pay the benefits guaranteed under the policies included in the Closed Block, we will be required to make such payments from our general funds. No additional policies were added to the Closed Block, nor was the Closed Block affected in any other way, as a result of the demutualization. A policyholder dividend obligation (“PDO”) is required to be established for higher than expected earnings in the Closed Block that will need to be paid as dividends unless future performance of the Closed Block is less favorable than originally expected. A model of the Closed Block was established to produce the pattern of expected earnings, assets and liabilities in the Closed Block. These projections are utilized to determine ratios that will allow us to compare actual cumulative earnings to expected cumulative earnings and determine the amount of the PDO. As of both December 31, 2023 and 2022, the PDO was $ 0.0 million. Closed Block liabilities and assets designated to the Closed Block were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ (in millions) Closed Block liabilities ​ ​ ​ ​ ​ ​ ​ Future policy benefits and claims ​ $ 2,982.9 ​ $ 3,128.1 ​ Other policyholder funds ​ ​ 5.1 ​ ​ 5.1 ​ Policyholder dividends payable ​ ​ 157.2 ​ ​ 168.2 ​ Income taxes currently payable ​ ​ 4.0 ​ ​ — ​ Other liabilities ​ ​ 23.2 ​ ​ 24.9 ​ Total Closed Block liabilities ​ ​ 3,172.4 ​ ​ 3,326.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets designated to the Closed Block ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ ​ 1,766.7 ​ ​ 1,690.2 ​ Fixed maturities, trading ​ ​ 2.0 ​ ​ 2.0 ​ Equity securities ​ ​ 0.9 ​ ​ 0.8 ​ Mortgage loans ​ ​ 469.5 ​ ​ 544.9 ​ Policy loans ​ ​ 379.9 ​ ​ 407.4 ​ Other investments ​ ​ 61.2 ​ ​ 62.2 ​ Total investments ​ ​ 2,680.2 ​ ​ 2,707.5 ​ Cash and cash equivalents ​ ​ 6.1 ​ ​ 62.0 ​ Accrued investment income ​ ​ 32.6 ​ ​ 30.3 ​ Reinsurance recoverable and deposit receivable ​ ​ 3.5 ​ ​ 3.9 ​ Premiums due and other receivables ​ ​ 3.4 ​ ​ 4.1 ​ Deferred tax asset ​ ​ 52.1 ​ ​ 62.0 ​ Other assets ​ ​ 5.3 ​ ​ 0.1 ​ Total assets designated to the Closed Block ​ ​ 2,783.2 ​ ​ 2,869.9 ​ Excess of Closed Block liabilities over assets designated to the Closed Block ​ ​ 389.2 ​ ​ 456.4 ​ Amounts included in accumulated other comprehensive income ​ ​ (69.6) ​ ​ (111.9) ​ Maximum future earnings to be recognized from Closed Block assets and liabilities ​ $ 319.6 ​ $ 344.5 ​ ​ Closed Block revenues and expenses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ 166.1 ​ $ 178.0 ​ $ 196.1 ​ Net investment income ​ ​ 127.3 ​ ​ 129.1 ​ 137.6 ​ Net realized capital losses ​ ​ (10.0) ​ ​ (21.2) ​ (4.6) ​ Total revenues ​ ​ 283.4 ​ ​ 285.9 ​ 329.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ ​ 161.6 ​ ​ 184.3 ​ 212.0 ​ Dividends to policyholders ​ ​ 86.8 ​ ​ 92.5 ​ 92.6 ​ Operating expenses ​ ​ 2.6 ​ ​ 2.2 ​ 2.3 ​ Total expenses ​ ​ 251.0 ​ ​ 279.0 ​ 306.9 ​ Closed Block revenues, net of Closed Block expenses, before income taxes ​ ​ 32.4 ​ ​ 6.9 ​ 22.2 ​ Income taxes ​ ​ 6.1 ​ ​ 0.7 ​ 3.9 ​ Closed Block revenues, net of Closed Block expenses and income taxes ​ ​ 26.3 ​ ​ 6.2 ​ 18.3 ​ Funding adjustments and other transfers ​ ​ (1.4) ​ ​ 28.5 ​ (4.0) ​ Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments ​ $ 24.9 ​ $ 34.7 ​ $ 14.3 ​ ​ The change in maximum future earnings of the Closed Block was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Beginning of year ​ $ 344.5 ​ $ 379.2 ​ $ 393.5 ​ End of year ​ ​ 319.6 ​ ​ 344.5 ​ 379.2 ​ Change in maximum future earnings ​ $ (24.9) ​ $ (34.7) ​ $ (14.3) ​ ​ We charge the Closed Block with U.S. federal income taxes, payroll taxes, state and local premium taxes and other state or local taxes, licenses and fees as provided in the plan of reorganization. ​

Deferred Acquisition Costs and

Deferred Acquisition Costs and Other Actuarial Balances	12 Months Ended
	Dec. 31, 2023
Deferred Acquisition Costs and Other Actuarial Balances
Deferred Acquisition Costs and Other Actuarial Balances	8. Deferred Acquisition Costs and Other Actuarial Balances Deferred Acquisition Costs Incremental direct costs of contract acquisition as well as certain costs directly related to acquisition activities (underwriting, policy issuance and processing, medical and inspection and sales force contract selling) for the successful acquisition of new and renewal insurance policies and investment contracts are capitalized in the period they are incurred. Maintenance costs and acquisition costs that are not deferrable are charged to operating expenses as incurred. For our long-duration insurance products and certain investment contracts, DAC is amortized on a constant level basis over the expected life of the contracts using groupings and assumptions consistent with those used in computing policyholder liabilities. For each of our long-duration insurance products, we select an inforce measure as a basis for amortization that will result in a constant level amortization pattern for the expected life of the contract. If our actual contract terminations differ from our expectation, the amortization pattern is adjusted on a prospective basis. Some of our life and disability products within the Benefits and Protection segment have renewal commissions resulting in new DAC capitalizations in the years following the initial capitalization. We also have life products that allow for underwritten death benefit increases and cost of living adjustments, resulting in an immaterial amount of new DAC capitalizations each year. The new capitalizations are added to the existing DAC balance when incurred and amortized over the remaining life of the business. DAC on short-duration group benefits contracts is amortized over the estimated life of the underlying contracts. We review and update actuarial experience assumptions (such as mortality, surrenders, lapse, and premium persistency) serving as inputs to the models that establish the expected life for DAC and other actuarial balances during the third quarter of each year, or more frequently if evidence suggests assumptions should be revised. We make model refinements as necessary, and any changes resulting from these assumption updates are applied prospectively. DAC amortization expense of $388.7 million, $385.7 million and $372.2 million related to our long-duration and short-duration contracts was recorded in operating expenses on the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021, respectively. The following tables summarize disaggregated DAC amounts and reconcile the totals to those reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ Workplace savings and retirement solutions $ 506.4 ​ $ 498.0 Individual variable annuities ​ ​ 279.5 ​ 278.0 Pension risk transfer ​ ​ 15.4 ​ 8.1 Individual fixed deferred annuities ​ ​ 106.1 ​ 131.0 Investment only ​ ​ 11.5 ​ 14.9 Total Retirement and Income Solutions ​ ​ 918.9 ​ 930.0 Benefits and Protection: ​ ​ ​ Specialty Benefits: ​ ​ ​ Individual disability ​ ​ 667.7 ​ 626.1 Life Insurance: ​ ​ ​ Universal life ​ ​ 1,545.3 ​ 1,569.7 Term life ​ ​ 678.8 ​ 685.7 Participating life ​ ​ 84.7 ​ 93.0 Total Benefits and Protection ​ ​ 2,976.5 ​ 2,974.5 Short-duration contracts ​ ​ 31.1 ​ 34.7 Total DAC per consolidated statements of financial position $ 3,926.5 ​ $ 3,939.2 ​ Retirement and Income Solutions The balances and changes in DAC were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Workplace ​ ​ ​ ​ Individual ​ ​ ​ savings and ​ Individual ​ Pension ​ fixed ​ ​ ​ ​ ​ retirement ​ variable ​ risk ​ deferred ​ Investment ​ ​ solutions ​ annuities ​ transfer ​ annuities ​ only ​ ​ (in millions) Balances as of January 1, 2022 ​ $ 489.0 ​ $ 281.2 ​ $ 2.7 ​ $ 162.2 ​ $ 18.1 Costs deferred ​ 48.3 ​ 22.5 ​ 5.6 ​ — ​ 1.4 Amortized to expense ​ (39.3) ​ (25.7) ​ (0.2) ​ (31.2) ​ (4.6) Balances as of December 31, 2022 ​ ​ 498.0 ​ ​ 278.0 ​ ​ 8.1 ​ ​ 131.0 ​ ​ 14.9 Costs deferred ​ ​ 48.1 ​ ​ 27.4 ​ ​ 7.9 ​ ​ — ​ ​ 1.3 Amortized to expense ​ ​ (39.7) ​ ​ (25.9) ​ ​ (0.6) ​ ​ (24.9) ​ ​ (4.7) Balances as of December 31, 2023 ​ $ 506.4 ​ $ 279.5 ​ $ 15.4 ​ $ 106.1 ​ $ 11.5 ​ Benefits and Protection The balances and changes in DAC were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits Life Insurance ​ ​ Individual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ disability ​ Universal life ​ Term life ​ Participating life ​ ​ (in millions) Balances as of January 1, 2022 ​ $ 580.7 ​ $ 1,596.2 ​ $ 678.9 ​ $ 102.3 Costs deferred ​ 87.6 ​ 70.6 ​ 66.7 ​ 1.4 Amortized to expense ​ (42.2) ​ (97.1) ​ (59.9) ​ (10.7) Balances as of December 31, 2022 ​ ​ 626.1 ​ ​ 1,569.7 ​ ​ 685.7 ​ ​ 93.0 Costs deferred ​ ​ 86.7 ​ ​ 70.7 ​ ​ 55.0 ​ ​ 1.4 Amortized to expense ​ ​ (45.1) ​ ​ (95.1) ​ ​ (61.9) ​ ​ (9.7) Balances as of December 31, 2023 ​ $ 667.7 ​ $ 1,545.3 ​ $ 678.8 ​ $ 84.7 ​ Unearned Revenue Liability An unearned revenue liability is established when we collect fees or other policyholder assessments, inclusive of cost of insurance charges, administrative charges and other similar fees, for services to be provided in future periods. These unearned front-end fees are deferred and the amortization is recorded using an approach consistent with DAC. The unearned revenue liability is included within other policyholder funds in the consolidated statements of financial position. The following table summarizes disaggregated unearned revenue liability amounts and reconciles the totals to those reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Benefits and Protection – Life Insurance: ​ ​ Universal life $ 485.5 ​ $ 459.0 Total unearned revenue liability $ 485.5 ​ $ 459.0 ​ Benefits and Protection The balances and changes in the unearned revenue liability for Life Insurance – Universal life contracts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Balance at beginning of period ​ $ 459.0 ​ $ 425.3 Deferrals ​ ​ 56.3 ​ 61.8 Revenue recognized ​ ​ (29.8) ​ (28.1) Balance at end of period ​ ​ 485.5 ​ 459.0 Reinsurance impact ​ ​ (225.1) ​ (227.9) Balance at end of period after reinsurance ​ $ 260.4 ​ $ 231.1 ​

Separate Account Balances

Separate Account Balances	12 Months Ended
	Dec. 31, 2023
Separate Account Balances
Separate Account Balances	9. Separate Account Balances The separate accounts are legally segregated and are not subject to claims that arise out of any of our other business. The client, rather than us, directs the investments and bears the investment risk of these funds. The separate account assets represent the fair value of funds that are separately administered by us for contracts with equity, real estate and fixed income investments and are presented as a summary total within the consolidated statements of financial position. An equivalent amount is reported as separate account liabilities, which represent the obligation to return the monies to the client. Refer to Note 19, Fair Value Measurements, for further information on the valuation methodologies. We receive fees for mortality, withdrawal and expense risks, as well as administrative, maintenance and investment advisory services that are included in the consolidated statements of operations. Net deposits, net investment income and realized and unrealized capital gains and losses of the separate accounts are not reflected in the consolidated statements of operations. The Retirement and Income Solutions segment offers variable annuity contracts that allow the policyholder to allocate deposits into various investment options in a separate account. The variable annuity contracts can also include GMWB riders and guaranteed minimum death benefit (“GMDB”) riders that are accounted for as MRBs. Retirement and Income Solutions also offers certain group annuity contracts that have separate accounts as an investment option. The Benefits and Protection segment offers variable universal life products with separate account investment options. Refer to Note 12, Market Risk Benefits, for further information on the MRBs associated with the contracts mentioned above. As of December 31, 2023 and December 31, 2022, the separate accounts included a separate account valued at $88.2 million and $101.4 million, respectively, which primarily included shares of our stock that were allocated and issued to eligible participants of qualified employee benefit plans administered by us as part of the policy credits issued under our 2001 demutualization. These shares are included in both basic and diluted earnings per share calculations. In the consolidated statements of financial position, the separate account shares are recorded at fair value and are reported as separate account assets with a corresponding separate account liability. Changes in fair value of the separate account shares are reflected in both the separate account assets and separate account liabilities and do not impact our results of operations. Separate Account Assets The aggregate fair value of assets, by major investment category, supporting separate accounts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Fixed maturities: ​ ​ U.S. government and agencies $ 6,948.6 ​ $ 7,065.0 Non-U.S. governments ​ ​ 1,258.6 ​ 1,338.4 States and political subdivisions ​ ​ 205.1 ​ 211.7 Corporate ​ ​ 6,102.9 ​ 5,689.8 Residential mortgage-backed pass-through securities ​ ​ 4,096.2 ​ 3,853.2 Commercial mortgage-backed securities ​ ​ 221.1 ​ 206.2 Other debt obligations ​ ​ 505.8 ​ 218.0 Total fixed maturities ​ ​ 19,338.3 ​ 18,582.3 Equity securities ​ ​ 98,884.9 ​ 87,052.5 Real estate ​ ​ 494.6 ​ 610.6 Other investments ​ ​ 8,997.9 ​ 9,761.9 Cash and cash equivalents ​ ​ 3,162.3 ​ 3,233.1 Other assets ​ ​ 763.7 ​ 1,039.2 Total separate account assets per consolidated statements of financial position $ 131,641.7 ​ $ 120,279.6 ​ Separate Account Liabilities The following tables summarize disaggregated separate account liability amounts and reconcile the totals to separate account liabilities reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ Group retirement contracts $ 117,518.5 ​ $ 107,240.1 Individual variable annuities ​ ​ 9,131.9 ​ 8,659.0 Total Retirement and Income Solutions ​ ​ 126,650.4 ​ 115,899.1 Benefits and Protection - Life Insurance: ​ ​ ​ Universal life ​ ​ 4,991.3 ​ 4,380.5 Total separate account liabilities per consolidated statements of financial position $ 131,641.7 ​ $ 120,279.6 ​ Retirement and Income Solutions The balances and the changes in separate account liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Group ​ Individual ​ Group ​ Individual ​ ​ retirement ​ variable ​ retirement ​ variable ​ ​ contracts ​ annuities ​ contracts ​ annuities ​ ​ (in millions) Balance at beginning of period ​ $ 107,240.1 ​ $ 8,659.0 ​ $ 131,188.6 ​ $ 11,000.0 Premiums and deposits (1) ​ ​ 11,379.0 ​ ​ 328.5 ​ 14,859.3 ​ 354.1 Policy charges ​ ​ (366.0) ​ ​ (204.5) ​ (383.7) ​ (211.1) Surrenders, withdrawals and benefit payments (1) ​ ​ (13,916.8) ​ ​ (1,018.2) ​ (14,479.4) ​ (790.1) Investment performance ​ ​ 15,820.7 ​ ​ 1,315.1 ​ (20,641.3) ​ (1,723.3) Net transfers (to) from general account (1) ​ ​ (2,461.1) ​ ​ 30.4 ​ (2,571.7) ​ 29.4 Other (2) ​ ​ (177.4) ​ ​ 21.6 ​ (731.7) ​ — Balance at end of period ​ $ 117,518.5 $ 9,131.9 ​ $ 107,240.1 ​ $ 8,659.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value (3) ​ $ 116,522.1 $ 9,011.5 ​ $ 106,125.7 ​ $ 8,538.7 (1) Within the policyholder account balances rollforwards in Note 10, Contractholder Funds, amounts in these lines for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in net transfers from (to) separate account. (2) Includes amounts to be settled between the separate account and general account due to the timing of trade settlements as of the reporting date. (3) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. ​ Benefits and Protection The balances and the changes in separate account liabilities for Life Insurance – Universal life were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Balance at beginning of period $ 4,380.5 $ 5,340.4 Premiums and deposits ​ 232.8 ​ 276.3 Policy charges ​ (100.0) ​ (97.5) Surrenders, withdrawals and benefit payments ​ (302.4) ​ (181.6) Investment performance ​ 773.6 ​ (952.1) Net transfers (to) from general account ​ 6.8 ​ (5.0) Balance at end of period ​ $ 4,991.3 ​ $ 4,380.5 ​ ​ ​ ​ ​ ​ ​ Cash surrender value (1) ​ $ 5,062.4 ​ $ 4,452.9 (1) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. Certain products include surrender value enhancement riders that result in cash surrender values greater than account balances. ​

Contractholder Funds

Contractholder Funds	12 Months Ended
	Dec. 31, 2023
Contractholder Funds
Contractholder Funds	10. Contractholder Funds Contractholder funds include policyholder account balances related to contracts with significant insurance risk and investment contracts. The following tables summarize disaggregated policyholder account balance amounts and reconcile the totals to contractholder funds reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ $ 12,721.5 ​ $ 12,154.7 ​ Individual variable annuities ​ ​ 514.2 ​ ​ 381.4 ​ Individual fixed deferred annuities ​ ​ 5,538.3 ​ ​ 7,228.3 ​ Total Retirement and Income Solutions ​ ​ 18,774.0 ​ ​ 19,764.4 ​ Benefits and Protection – Life Insurance: ​ ​ ​ ​ ​ ​ ​ Universal life ​ ​ 6,910.4 ​ ​ 6,947.9 ​ Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue ​ ​ 25,684.4 ​ ​ 26,712.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ ​ ​ ​ ​ ​ Investment contracts without significant fee revenue (1) ​ ​ 15,624.3 ​ ​ 15,585.2 ​ Embedded derivatives (2) ​ ​ 115.5 ​ ​ 46.4 ​ Other balances (3) ​ ​ (61.3) ​ ​ (26.6) ​ Total contractholder funds per consolidated statements of financial position ​ $ 41,362.9 ​ $ 42,317.3 ​ (1) Includes GICs, funding agreements and individual fixed income annuities. These contracts are not included within the disaggregated rollforward or guaranteed minimum interest rate (“GMIR”) disclosures below. (2) Refer to Note 19, Fair Value Measurements, for details on the changes in Level 3 fair value measurements of embedded derivatives. (3) Includes amounts that are not accrued to the benefit of the contractholder and, therefore, are not included within the disaggregated rollforward or GMIR disclosures below. GICs and Funding Agreements Our GICs and funding agreements contain provisions limiting or prohibiting early surrenders, which typically include penalties for early surrenders, minimum notice requirements or, in the case of funding agreements with survivor options, minimum pre-death holding periods and specific maximum amounts. Funding agreements include those issued directly to nonqualified institutional investors and those issued to the FHLB Des Moines under their membership funding programs. As of December 31, 2023 and 2022, $3,981.8 million and $4,275.5 million, respectively, of liabilities were outstanding with respect to issuances under the program with FHLB Des Moines. In addition, we have five separate programs where the funding agreements have been issued directly or indirectly to unconsolidated special purpose entities. Claims for principal and interest under funding agreements are afforded equal priority to claims of life insurance and annuity policyholders under insolvency provisions of Iowa Insurance Laws. We were authorized to issue up to $4.0 billion of funding agreements under a program established in 1998 to support the prospective issuance of medium term notes by an unaffiliated entity in non-U.S. markets. As of December 31, 2023 and 2022, $75.9 million and $75.6 million, respectively, of liabilities were outstanding with respect to the issuance outstanding under this program. In addition, we were authorized to issue up to $7.0 billion of funding agreements under a program established in 2001 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. As of both December 31, 2023 and 2022, $201.9 million of liabilities were being held with respect to issuances outstanding under this program. We do not anticipate any new issuance activity under this program, given our December 2005 termination of the dealership agreement for this program and the availability of the program established in 2011 described below. Additionally, we were authorized to issue up to $5.0 billion of funding agreements under a program that was originally established in 2011 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. In June 2015, this program was amended to authorize issuance of up to an additional $4.0 billion. In November 2017, this program was amended to authorize issuance of up to an additional $4.0 billion. In February 2021, this program was amended to authorize issuance of up to an additional $4.0 billion. In November 2023, this program was amended to authorize issuance of up to an additional $4.0 billion. As of December 31, 2023 and 2022, $8,072.6 million and $7,765.7 million, respectively, of liabilities were being held with respect to issuances outstanding under this program. Our payment obligations on each funding agreement issued under this program are guaranteed by PFG. The program established in 2011 is not registered with the United States Securities and Exchange Commission (“SEC”). Policyholder Account Balances Retirement and Income Solutions The changes in policyholder account balances were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ For the year ended December 31, 2022 ​ ​ Workplace ​ ​ ​ ​ ​ ​ ​ Workplace ​ ​ ​ ​ ​ ​ ​ savings and ​ Individual ​ Individual ​ savings and ​ Individual ​ Individual ​ ​ retirement ​ variable ​ fixed deferred ​ retirement ​ variable ​ fixed deferred ​ ​ solutions ​ annuities ​ annuities (1) ​ solutions ​ annuities ​ annuities (1) ​ ​ ($in millions) ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 12,154.7 ​ $ 381.4 ​ $ 7,228.3 ​ $ 10,996.2 ​ $ 380.9 ​ $ 9,646.3 ​ Premiums and deposits ​ 4,441.7 ​ 586.7 ​ 36.8 ​ 3,719.5 ​ 426.5 ​ 35.9 ​ Policy charges ​ (31.6) ​ — ​ — ​ (28.5) ​ — ​ — ​ Surrenders, withdrawals and benefit payments ​ (4,356.6) ​ (1,123.0) ​ (1,888.4) ​ (2,866.7) ​ (843.2) ​ (2,655.6) ​ Net transfers from (to) separate account (2) ​ 264.8 ​ 659.3 ​ — ​ 164.6 ​ 406.6 ​ — ​ Interest credited ​ 280.2 ​ 9.8 ​ 161.6 ​ 194.3 ​ 10.6 ​ 201.7 ​ Other ​ (31.7) ​ — ​ — ​ (24.7) ​ — ​ — ​ Balance at end of period ​ $ 12,721.5 ​ $ 514.2 ​ $ 5,538.3 ​ $ 12,154.7 ​ $ 381.4 ​ $ 7,228.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average crediting rate (3) ​ 2.54 % 3.22 % 2.84 % 1.94 % 2.79 % 2.63 % Cash surrender value (4) ​ $ 11,211.9 ​ $ 512.6 ​ $ 5,434.4 ​ $ 10,341.7 ​ $ 378.6 ​ $ 7,081.4 ​ (1) We use the deposit method of accounting for the reinsurance of this exited business. (2) Within the separate account liabilities rollforwards in Note 9, Separate Account Balances, these transfers for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account. (3) The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value. (4) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. The net amount at risk for policyholder account balances for Individual variable annuities is equal to the MRB net amount at risk, as reported in Note 12, Market Risk Benefits. Workplace savings and retirement solutions and Individual fixed deferred annuities do not have guarantees that provide for benefits in excess of the current policyholder account balances. Benefits and Protection The changes in policyholder account balances for Life Insurance – Universal life were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ($in millions) Balance at beginning of period $ 6,947.9 $ 6,962.5 ​ Premiums and deposits ​ 1,260.5 ​ 1,267.2 ​ Policy charges ​ (858.1) ​ (837.8) ​ Surrenders, withdrawals and benefit payments ​ (483.6) ​ (390.0) ​ Net transfers from (to) separate account ​ (197.7) ​ (301.5) ​ Interest credited ​ 242.1 ​ 247.5 ​ Other ​ ​ (0.7) ​ ​ — ​ Balance at end of period ​ 6,910.4 ​ 6,947.9 ​ Reinsurance impact ​ (3,396.8) ​ (3,528.9) ​ Balance at end of period after reinsurance ​ $ 3,513.6 ​ $ 3,419.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average crediting rate (1) ​ 4.01 % 3.35 % Net amount at risk (2) ​ $ 86,671.0 ​ $ 86,547.9 ​ Cash surrender value (3) ​ $ 5,953.0 ​ $ 5,911.5 ​ (1) The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value, including indexed credits. (2) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the death benefit in excess of the current account balance or the fixed death benefit at the consolidated statement of financial position date. (3) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. ​ Guaranteed Minimum Interest Rate The account values, for contracts with significant insurance risk and investment contracts with significant fee revenue by range of GMIR and the related range of difference, in basis points, between rates credited to policyholders and the respective GMIR were as follows. The amounts are before reinsurance impacts of our exited U.S. retail fixed annuity and ULSG businesses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Excess of crediting rates over GMIR ​ ​ ​ ​ ​ Up to 0.50% ​ 0.51% to 1.00% ​ 1.01% to 2.00% ​ 2.01% or more ​ ​ ​ ​ ​ ​ ​ ​ above ​ above ​ above ​ above ​ ​ ​ ​ ​ At GMIR ​ GMIR ​ GMIR ​ GMIR ​ GMIR ​ Total ​ ​ (in millions) Retirement and Income Solutions ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ ​ ​ ​ ​ ​ Up to 1.00% $ — $ 3.3 $ 101.8 $ 1,006.0 $ 312.8 $ 1,423.9 1.01% - 2.00% ​ 5,135.0 ​ 3.8 ​ 1,153.1 ​ — ​ 874.6 ​ 7,166.5 2.01% - 3.00% ​ 357.1 ​ 0.1 ​ 0.8 ​ 59.1 ​ 1,701.2 ​ 2,118.3 3.01% - 4.00% ​ 7.4 ​ — ​ — ​ — ​ — ​ 7.4 4.01% and above ​ 16.9 ​ — ​ — ​ — ​ — ​ 16.9 Subtotal ​ 5,516.4 ​ 7.2 ​ 1,255.7 ​ 1,065.1 ​ 2,888.6 ​ 10,733.0 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,988.5 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,721.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ ​ ​ ​ ​ ​ Up to 1.00% $ 22.6 $ — $ — $ — $ — $ 22.6 1.01% - 2.00% ​ 4.6 ​ — ​ — ​ — ​ — ​ 4.6 2.01% - 3.00% ​ 273.5 ​ — ​ — ​ — ​ — ​ 273.5 3.01% - 4.00% ​ — ​ — ​ — ​ — ​ — ​ — 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 300.7 ​ — ​ — ​ — ​ — ​ 300.7 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 213.5 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 514.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual fixed deferred annuities ​ ​ ​ ​ ​ ​ Up to 1.00% $ 305.5 $ 115.4 $ 121.8 $ 449.4 $ 999.5 $ 1,991.6 1.01% - 2.00% ​ 100.8 ​ 0.9 ​ 26.3 ​ 123.5 ​ 2.4 ​ 253.9 2.01% - 3.00% ​ 2,897.7 ​ — ​ — ​ — ​ — ​ 2,897.7 3.01% - 4.00% ​ 156.9 ​ — ​ — ​ — ​ — ​ 156.9 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 3,460.9 ​ 116.3 ​ 148.1 ​ 572.9 ​ 1,001.9 ​ 5,300.1 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 238.2 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,538.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Life Insurance ​ ​ ​ ​ ​ ​ Universal life ​ ​ ​ ​ ​ ​ Up to 1.00% $ — $ — $ 16.1 $ 1.0 $ 2.4 $ 19.5 1.01% - 2.00% ​ 294.1 ​ — ​ 418.1 ​ 485.6 ​ 415.4 ​ 1,613.2 2.01% - 3.00% ​ 729.7 ​ 677.2 ​ 836.3 ​ 350.6 ​ 3.0 ​ 2,596.8 3.01% - 4.00% ​ 1,657.0 ​ 49.8 ​ 37.6 ​ 36.4 ​ 3.2 ​ 1,784.0 4.01% and above ​ 40.5 ​ 3.9 ​ 8.3 ​ 1.5 ​ — ​ 54.2 Subtotal ​ 2,721.3 ​ 730.9 ​ 1,316.4 ​ 875.1 ​ 424.0 ​ 6,067.7 No GMIR ​ ​ ​ ​ ​ ​ 842.7 Total ​ ​ ​ ​ ​ $ 6,910.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Excess of crediting rates over GMIR ​ ​ ​ ​ ​ Up to 0.50% ​ 0.51% to 1.00% ​ 1.01% to 2.00% ​ 2.01% or more ​ ​ ​ ​ ​ ​ ​ ​ above ​ above ​ above ​ above ​ ​ ​ ​ ​ At GMIR ​ GMIR ​ GMIR ​ GMIR ​ GMIR ​ Total ​ (in millions) Retirement and Income Solutions ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ 3.9 ​ $ 24.8 ​ $ 1,188.9 ​ $ 307.8 ​ $ 364.9 ​ $ 1,890.3 1.01% - 2.00% ​ — ​ 549.9 ​ 6,090.2 ​ 1,477.0 ​ 9.4 ​ 8,126.5 2.01% - 3.00% ​ 15.1 ​ 0.1 ​ — ​ 0.1 ​ — ​ 15.3 3.01% - 4.00% ​ 7.8 ​ — ​ — ​ — ​ — ​ 7.8 4.01% and above ​ 18.8 ​ — ​ — ​ — ​ — ​ 18.8 Subtotal ​ 45.6 ​ 574.8 ​ 7,279.1 ​ 1,784.9 ​ 374.3 ​ 10,058.7 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ 2,096.0 Total ​ ​ ​ ​ ​ ​ ​ ​ $ 12,154.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ 33.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 33.0 1.01% - 2.00% ​ 3.6 ​ — ​ — ​ — ​ — ​ 3.6 2.01% - 3.00% ​ 331.8 ​ — ​ — ​ — ​ — ​ 331.8 3.01% - 4.00% ​ — ​ — ​ — ​ — ​ — ​ — 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 368.4 ​ — ​ — ​ — ​ — ​ 368.4 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ 13.0 Total ​ ​ ​ ​ ​ ​ ​ ​ $ 381.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual fixed deferred annuities ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ 426.4 ​ $ 161.7 ​ $ 236.2 ​ $ 879.2 ​ $ 993.0 ​ $ 2,696.5 1.01% - 2.00% ​ 139.8 ​ 1.4 ​ 39.9 ​ 250.5 ​ 0.6 ​ 432.2 2.01% - 3.00% ​ 3,617.1 ​ — ​ — ​ — ​ — ​ 3,617.1 3.01% - 4.00% ​ 169.7 ​ — ​ — ​ — ​ — ​ 169.7 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 4,353.0 ​ 163.1 ​ 276.1 ​ 1,129.7 ​ 993.6 ​ 6,915.5 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ 312.8 Total ​ ​ ​ ​ ​ ​ ​ ​ $ 7,228.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Life Insurance ​ ​ ​ ​ ​ ​ Universal life ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ — ​ $ 8.4 ​ $ 10.1 ​ $ — ​ $ 0.7 ​ $ 19.2 1.01% - 2.00% ​ 315.7 ​ — ​ 407.0 ​ 695.5 ​ 155.0 ​ 1,573.2 2.01% - 3.00% ​ 865.9 ​ 951.2 ​ 903.5 ​ 59.9 ​ 0.4 ​ 2,780.9 3.01% - 4.00% ​ 1,698.9 ​ 35.8 ​ 21.9 ​ 25.3 ​ 3.2 ​ 1,785.1 4.01% and above ​ 40.6 ​ 10.1 ​ 3.4 ​ 1.6 ​ — ​ 55.7 Subtotal ​ 2,921.1 ​ 1,005.5 ​ 1,345.9 ​ 782.3 ​ 159.3 ​ 6,214.1 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ 733.8 Total ​ ​ ​ ​ ​ ​ ​ ​ $ 6,947.9 ​

Future Policy Benefits and Clai

Future Policy Benefits and Claims	12 Months Ended
	Dec. 31, 2023
Future Policy Benefits and Claims
Future Policy Benefits and Claims	11. Future Policy Benefits and Claims Future policy benefits and claims include reserves for short-duration contracts and long-duration contracts as well as certain reinsurance balances, when in a liability position. The following tables summarize disaggregated amounts included in future policy benefit and claims and reconcile the totals to those reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Liability for future policy benefits by segment (1): ​ ​ Retirement and Income Solutions: ​ ​ Pension risk transfer ​ $ 23,855.8 ​ $ 21,211.4 Individual fixed income annuities ​ 4,914.1 ​ 5,019.4 Total Retirement and Income Solutions ​ 28,769.9 ​ 26,230.8 Benefits and Protection: ​ ​ Specialty Benefits: ​ ​ Individual disability ​ 1,898.4 ​ 1,698.8 Life Insurance: ​ ​ Term life ​ 1,085.9 ​ 909.0 Total Benefits and Protection ​ 2,984.3 ​ 2,607.8 Corporate: ​ ​ Long-term care insurance ​ 166.7 ​ 183.5 Total liability for future policy benefits ​ 31,920.9 ​ 29,022.1 ​ ​ ​ ​ ​ ​ ​ Additional liability for certain benefit features by segment (2): ​ ​ Benefits and Protection – Life Insurance: ​ ​ Universal life ​ 5,326.5 ​ 4,095.2 Total additional liability for certain benefit features ​ 5,326.5 ​ 4,095.2 ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ Participating contracts ​ 3,060.5 ​ 3,207.2 Short-duration contracts ​ 1,283.4 ​ 1,295.6 Cost of reinsurance liability ​ 673.3 ​ 479.8 Reinsurance recoverable liability ​ 45.2 ​ 39.4 Other (3) ​ 178.2 ​ 140.1 Future policy benefits and claims per consolidated statements of financial position ​ $ 42,488.0 ​ $ 38,279.4 (1) Amounts include the deferred profit liability. (2) Includes reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years. (3) Includes other miscellaneous reserves and the impact of unrealized gains (losses) on the additional liability for certain benefit features. Liability for Unpaid Claims The liability for unpaid claims is reported in future policy benefits and claims within our consolidated statements of financial position. Activity associated with unpaid claims was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Balance at beginning of year ​ $ 1,395.0 ​ $ 1,370.9 ​ $ 1,686.0 ​ Less: reinsurance recoverable ​ ​ 68.6 ​ ​ 68.7 ​ ​ 436.9 ​ Net balance at beginning of year ​ ​ 1,326.4 ​ ​ 1,302.2 ​ ​ 1,249.1 ​ Incurred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year ​ ​ 1,650.4 ​ ​ 1,581.8 ​ 1,505.1 ​ Prior years ​ ​ (95.4) ​ ​ (44.4) ​ (35.4) ​ Total incurred ​ ​ 1,555.0 ​ ​ 1,537.4 ​ 1,469.7 ​ Payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year ​ ​ 1,189.2 ​ ​ 1,138.0 ​ 1,067.8 ​ Prior years ​ ​ 354.1 ​ ​ 375.2 ​ 348.8 ​ Total payments ​ ​ 1,543.3 ​ ​ 1,513.2 ​ 1,416.6 ​ Net balance at end of year ​ ​ 1,338.1 ​ ​ 1,326.4 ​ ​ 1,302.2 ​ Plus: reinsurance recoverable ​ ​ 67.8 ​ ​ 68.6 ​ ​ 68.7 ​ Balance at end of year ​ $ 1,405.9 ​ $ 1,395.0 ​ $ 1,370.9 ​ ​ Incurred liability adjustments relating to prior years, which affected current operations during 2023, 2022 and 2021, resulted in part from developed claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims. Short-Duration Contracts Future policy benefits and claims include reserves for group life and disability insurance that provide periodic income payments. These reserves are computed using assumptions of mortality, morbidity and investment performance. These assumptions are based on our experience, industry results, emerging trends and future expectations. Future policy benefits and claims also include reserves for incurred but unreported group disability, dental, vision, critical illness, accident, PFML, hospital indemnity and life insurance claims. We recognize claims costs in the period the service was provided to our policyholders. However, claims costs incurred in a particular period are not known with certainty until after we receive, process and pay the claims. We determine the amount of this liability using actuarial methods based on historical claim payment patterns as well as emerging cost trends, where applicable, to determine our estimate of claim liabilities. Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses. The premium deficiency reserve calculation considers, among other factors, anticipated investment income. We have defined claim frequency as follows for each short-duration product: ● LTD: Claim frequency is based on submitted reserve claim counts. ● Group Life Waiver: Claim frequency is based on submitted reserve claim counts, consistent with LTD. ● Dental and Vision: Claim frequency is based on the claim form, which may include one or more procedures. ● STD, Critical Illness, Accident, Hospital Indemnity and PFML: Claim frequency is based on submitted claims. ● Group Life: Claim frequency is based on submitted life claims (lives, not coverages). We did not make any significant changes to our methodologies or assumptions used to calculate the liability for unpaid claims for short-duration contracts during 2023. Claims Development The following tables present undiscounted information about claims development by incurral year, including separate information about incurred claims and paid claims net of reinsurance for the periods indicated. The tables also include information on incurred but not reported claims and the cumulative number of reported claims. The tables present information for the number of years for which claims incurred typically remain outstanding, but do not exceed ten years. The data is disaggregated into groupings of claims with similar characteristics, such as duration of the claim payment period and average claim amount, and with consideration to the overall size of the groupings. Outstanding liabilities equal total net incurred claims less total net paid claims plus outstanding liabilities for net unpaid claims of prior years. LTD and Group Life Waiver Claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ ​ number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ reported ​ ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ ​ claims ​ ​ ​ December 31, ​ ​ 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 2023 ​ ​ ​ ($ in millions) ​ Incurral ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2014 ​ $ 242.2 ​ $ 231.4 ​ $ 214.4 ​ $ 218.1 ​ $ 206.2 ​ $ 201.9 ​ $ 202.0 ​ $ 199.3 ​ $ 199.8 ​ $ 200.7 ​ $ 0.1 ​ ​ 7,610 ​ 2015 ​ ​ ​ ​ ​ 231.0 ​ ​ 227.2 ​ ​ 217.2 ​ ​ 215.3 ​ ​ 208.2 ​ ​ 210.0 ​ ​ 211.8 ​ ​ 210.5 ​ ​ 208.3 ​ ​ 0.1 ​ ​ 7,184 ​ 2016 ​ ​ ​ ​ ​ ​ ​ ​ 229.8 ​ ​ 228.4 ​ ​ 219.4 ​ ​ 219.5 ​ ​ 214.4 ​ ​ 218.7 ​ ​ 221.9 ​ ​ 219.0 ​ ​ 0.1 ​ ​ 6,171 ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 238.4 ​ ​ 239.7 ​ ​ 243.1 ​ ​ 245.8 ​ ​ 245.2 ​ ​ 246.5 ​ ​ 248.9 ​ ​ 0.1 ​ ​ 6,091 ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 239.4 ​ ​ 245.1 ​ ​ 239.2 ​ ​ 239.8 ​ ​ 235.3 ​ ​ 238.0 ​ ​ 0.1 ​ ​ 5,782 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 255.2 ​ ​ 248.4 ​ ​ 240.4 ​ ​ 240.2 ​ ​ 238.6 ​ ​ 0.1 ​ ​ 5,961 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 252.1 ​ ​ 231.0 ​ ​ 221.1 ​ ​ 217.7 ​ ​ 5.8 ​ ​ 5,939 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 259.7 ​ ​ 244.5 ​ ​ 221.6 ​ ​ 8.5 ​ ​ 5,571 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 274.3 ​ ​ 240.5 ​ ​ 4.1 ​ ​ 5,572 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 267.4 ​ ​ 111.8 ​ ​ 3,353 ​ Total net incurred claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,300.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative paid claims (1) ​ ​ December 31, ​ 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 ​ ​ (in millions) Incurral ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2014 ​ $ 16.1 ​ $ 66.0 ​ $ 96.3 ​ $ 111.8 ​ $ 122.3 ​ $ 132.4 ​ $ 140.8 ​ $ 147.2 ​ $ 153.3 ​ $ 158.5 2015 ​ ​ ​ ​ ​ 16.9 ​ ​ 67.0 ​ ​ 98.0 ​ ​ 114.6 ​ ​ 126.8 ​ ​ 137.1 ​ ​ 146.5 ​ ​ 154.0 ​ ​ 160.3 2016 ​ ​ ​ ​ ​ ​ ​ ​ 16.2 ​ ​ 70.6 ​ ​ 105.6 ​ ​ 124.9 ​ ​ 136.8 ​ ​ 147.2 ​ ​ 157.1 ​ ​ 165.3 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17.8 ​ ​ 76.5 ​ ​ 115.0 ​ ​ 135.9 ​ ​ 151.7 ​ ​ 165.4 ​ ​ 176.8 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.1 ​ ​ 79.9 ​ ​ 115.7 ​ ​ 135.7 ​ ​ 150.3 ​ ​ 163.3 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.2 ​ ​ 79.7 ​ ​ 117.5 ​ ​ 136.4 ​ ​ 150.6 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.6 ​ ​ 78.8 ​ ​ 113.1 ​ ​ 130.0 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.8 ​ ​ 79.0 ​ ​ 113.2 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.6 ​ ​ 76.6 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.0 Total net paid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,314.6 All outstanding liabilities for unpaid claims prior to 2014 net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 251.8 Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,237.9 (1) 2014-2022 unaudited. ​ Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML Claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ number of ​ ​ ​ ​ ​ reported ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ claims ​ ​ ​ December 31, ​ ​ 2022 2023 2023 2023 ​ ​ ($ in millions) ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 924.4 ​ $ 910.6 ​ $ — ​ ​ 4,317,802 ​ 2023 ​ ​ — ​ ​ 1,032.3 ​ ​ 57.1 ​ ​ 4,566,920 ​ Total net incurred claims ​ ​ — ​ $ 1,942.9 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ paid claims (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 ​ ​ ​ ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 845.5 ​ $ 909.8 ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ — ​ ​ 954.0 ​ ​ ​ ​ ​ ​ ​ Total net paid claims ​ ​ — ​ ​ 1,863.8 ​ ​ ​ ​ ​ ​ ​ All outstanding liabilities for unpaid claims prior to 2022 net of reinsurance ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ — ​ $ 79.1 ​ ​ ​ ​ ​ ​ ​ (1) 2022 unaudited. ​ Group Life Claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ number of ​ ​ ​ ​ ​ reported ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ claims ​ ​ ​ December 31, ​ ​ 2022 2023 2023 2023 ​ ​ ($ in millions) ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 279.3 ​ $ 284.2 $ ​ 1.1 ​ ​ 6,168 ​ 2023 ​ ​ — ​ ​ 284.8 ​ ​ 33.3 ​ ​ 5,064 ​ Total net incurred claims ​ ​ — ​ $ 569.0 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ paid claims (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 ​ ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 218.3 ​ $ 277.5 ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ — ​ ​ 215.1 ​ ​ ​ ​ ​ ​ ​ Total net paid claims ​ ​ — ​ ​ 492.6 ​ ​ ​ ​ ​ ​ ​ All outstanding liabilities for unpaid claims prior to 2022 net of reinsurance ​ ​ — ​ ​ 8.1 ​ ​ ​ ​ ​ ​ ​ Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ — ​ $ 84.5 ​ ​ ​ ​ ​ ​ ​ (1) 2022 unaudited. Reconciliation of Unpaid Claims to Liability for Unpaid Claims Our reconciliation of net outstanding liabilities for unpaid claims of short-duration contracts to the liability for unpaid claims follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ ​ ​ ​ ​ ​ Waiver Indemnity and PFML Group Life Consolidated ​ ​ (in millions) ​ Net outstanding liabilities for unpaid claims ​ $ 1,237.9 ​ $ 79.1 ​ $ 84.5 ​ $ 1,401.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverable on unpaid claims ​ ​ 39.2 ​ ​ — ​ ​ 0.1 ​ ​ 39.3 ​ Impact of discounting ​ ​ (215.0) ​ ​ — ​ ​ — ​ ​ (215.0) ​ Loss adjustment expense liability ​ ​ 20.5 ​ ​ 4.6 ​ ​ 12.5 ​ ​ 37.6 ​ Liability for unpaid claims - short-duration contracts ​ $ 1,082.6 ​ $ 83.7 ​ $ 97.1 ​ ​ 1,263.4 ​ Insurance contracts other than short-duration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 142.5 ​ Liability for unpaid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,405.9 ​ ​ Claim Duration and Payout Our historical average percentage of claims paid in each year from incurral was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 (1) ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ Year Waiver Indemnity and PFML Group Life ​ 1 ​ 8.1 % 92.1 % 78.9 % 2 ​ 25.0 ​ 7.9 ​ 18.8 ​ 3 ​ 15.4 ​ — ​ — ​ 4 ​ 8.2 ​ — ​ — ​ 5 ​ 5.8 ​ — ​ — ​ 6 ​ 5.2 ​ — ​ — ​ 7 ​ 4.5 ​ — ​ — ​ 8 ​ 3.5 ​ — ​ — ​ 9 ​ 3.0 ​ — ​ — ​ 10 ​ 2.6 ​ — ​ — ​ (1) Unaudited. Discounting The following table provides the carrying amount of liabilities reported at present value for short-duration contract unpaid claims. We use a range of discount rates to derive the present value of the unpaid claims. The ranges of discount rates as well as the aggregate amount of discount deducted to derive the liabilities for unpaid claims and interest accretion recognized are also disclosed. Interest accretion is included in benefits, claims and settlement expenses within our consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ ​ ​ ​ ​ Waiver Indemnity and PFML Group Life ​ ​ ​ ($ in millions) ​ Carrying amount of liabilities for unpaid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ $ — ​ 1,082.6 ​ $ — ​ 83.7 ​ $ — ​ 97.1 ​ December 31, 2022 ​ ​ — ​ 1,076.2 ​ ​ — ​ 79.7 ​ ​ — ​ 73.6 ​ Range of discount rates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ 2.8 - 7.0 % ​ — - — % ​ — - — % December 31, 2022 ​ ​ 2.8 - 7.0 ​ ​ — - — ​ ​ — - — ​ Aggregate amount of discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ $ — ​ 215.0 ​ $ — ​ — ​ $ — ​ — ​ December 31, 2022 ​ ​ — ​ 209.4 ​ ​ — ​ — ​ ​ — ​ — ​ Interest accretion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ $ — ​ 34.7 ​ $ — ​ — ​ $ — ​ — ​ December 31, 2022 ​ ​ — ​ 33.0 ​ ​ — ​ — ​ ​ — ​ — ​ December 31, 2021 ​ ​ — ​ 33.8 ​ ​ — ​ — ​ ​ — ​ — ​ ​ Long-Duration Contracts Gross Premiums or Assessments and Interest Accretion The amount of gross premiums or assessments and interest accretion recognized by segment in the consolidated statements of operations was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross premiums or assessments (1) ​ Interest accretion (2) ​ ​ For the year ended ​ For the year ended ​ ​ December 31, ​ December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ 2021 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ ​ Pension risk transfer ​ $ 2,905.9 ​ $ 1,941.0 ​ $ 1,800.1 ​ $ 1,008.6 ​ $ 935.7 ​ $ 916.7 Individual fixed income annuities ​ 42.5 ​ 30.1 ​ 83.5 ​ 219.1 ​ 229.7 ​ 240.5 Total Retirement and Income Solutions ​ 2,948.4 ​ 1,971.1 ​ 1,883.6 ​ 1,227.7 ​ 1,165.4 ​ 1,157.2 Benefits and Protection: ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ ​ Individual disability ​ 624.6 ​ 601.0 ​ 574.1 ​ 94.5 ​ 90.2 ​ 85.6 Life Insurance: ​ ​ ​ ​ ​ ​ Universal life ​ 681.8 ​ 577.7 ​ 621.0 ​ 209.2 ​ 171.2 ​ 158.3 Term life ​ 649.1 ​ 630.5 ​ 619.4 ​ 48.2 ​ 43.9 ​ 43.2 Total Benefits and Protection ​ 1,955.5 ​ 1,809.2 ​ 1,814.5 ​ 351.9 ​ 305.3 ​ 287.1 Corporate: ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term care insurance ​ 5.1 ​ 5.2 ​ 5.2 ​ 9.6 ​ 9.8 ​ 9.5 Total per consolidated statements of operations ​ $ 4,909.0 ​ $ 3,785.5 ​ $ 3,703.3 ​ $ 1,589.2 ​ $ 1,480.5 ​ $ 1,453.8 (1) Gross premiums are included within premiums and other considerations on the consolidated statements of operations. Assessments, which are only applicable to the Life Insurance – Universal life level of aggregation, are included within fees and other revenues on the consolidated statements of operations. (2) Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations. Liability for Future Policy Benefits The liability for future policy benefits (“LFPB”) for individual and group annuities is generally equal to the present value of expected future policy benefit payments. The reserves are computed using assumptions for mortality and interest. Mortality rate assumptions are based on our experience and are periodically reviewed against both industry standards and experience. The LFPB for non-participating term life insurance, individual disability income contracts and individual and group long-term care contracts is generally equal to the present value of expected future policy benefit payments less the present value of expected net premiums. The reserves are computed using assumptions for mortality, interest, morbidity and lapse. An interest accretion rate is determined for an identified cohort and remains unchanged after the issue year. For policies issued on or prior to December 31, 2020, the interest accretion rate is based on the assumed investment yield when the business was issued. For policies issued after December 31, 2020, the interest accretion rate is based on the upper-medium grade fixed-income instrument yields, which is generally equivalent to a single-A rated bond yield matched to the duration of our insurance liabilities, when the business was issued. The LFPB is remeasured to reflect current upper-medium grade fixed-income instrument yields as of each reporting date. The liability is calculated by discounting cash flows using rate curves reflecting the currency and duration of the insurance liabilities. For discount rate tenors, or points on the curves, where the upper-medium grade fixed-income instrument yields are not liquid or limited observable market data is available, we use various estimation techniques consistent with fair value measurement guidance. Further details regarding reference rates used are included under “Interest Accretion and Current Discount Rates.” Retirement and Income Solutions ​ The balances and the changes in the present value for expected future policy benefits were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Pension ​ Individual ​ Pension ​ Individual ​ ​ risk ​ fixed income ​ risk ​ fixed income ​ ​ transfer ​ annuities ​ transfer ​ annuities ​ ($ in millions) Present value of expected future policy benefit payments ​ ​ ​ ​ Balance at beginning of period ​ $ 21,211.4 ​ $ 5,019.4 ​ $ 25,365.8 ​ $ 6,535.0 Effect of changes in discount rate assumptions at beginning of period ​ 1,799.6 ​ 439.0 ​ (3,386.5) ​ (812.6) Balance at beginning of period at original discount rate ​ 23,011.0 ​ 5,458.4 ​ 21,979.3 ​ 5,722.4 Effect of changes in cash flow assumptions ​ (53.4) ​ (1.3) ​ (7.9) ​ (3.0) Effect of actual variances from expected experience ​ (14.6) ​ (0.1) ​ (3.2) ​ — Adjusted beginning of period balance at original discount rate ​ 22,943.0 ​ 5,457.0 ​ 21,968.2 ​ 5,719.4 Interest accrual ​ 1,008.6 ​ 219.1 ​ 935.7 ​ 229.7 Benefit payments ​ (1,981.4) ​ (507.3) ​ (1,841.7) ​ (520.4) Issuances ​ 2,921.7 ​ 42.0 ​ 1,948.8 ​ 29.7 Balance at end of period at original discount rate ​ 24,891.9 ​ 5,210.8 ​ 23,011.0 ​ 5,458.4 Effect of changes in discount rate assumptions at end of period ​ (1,036.1) ​ (296.7) ​ (1,799.6) ​ (439.0) Future policy benefits ​ 23,855.8 ​ 4,914.1 ​ 21,211.4 ​ 5,019.4 Reinsurance impact ​ (3,540.8) ​ (4,869.1) ​ — ​ (5,002.7) Future policy benefits after reinsurance ​ $ 20,315.0 ​ $ 45.0 ​ $ 21,211.4 ​ $ 16.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (1) ​ 8.5 ​ 7.9 ​ 8.5 ​ 7.9 (1) Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort. ​ Upper-medium grade fixed-income instrument yields decreased during the year ended December 31, 2023, resulting in an increase to the LFPB of $ 763.5 million for Pension risk transfer and $ 142.3 million for Individual fixed income annuities. Upper-medium grade fixed-income instrument yields increased during the year ended December 31, 2022, resulting in a decrease to the LFPB of $5,186.1 million for Pension risk transfer and $1,251.6 million for Individual fixed income annuities. See “Interest Accretion and Current Discount Rates” for further details. Benefits and Protection The balances and the changes in the present value for expected net premiums and expected future policy benefits were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Specialty ​ Life ​ Specialty ​ Life ​ ​ Benefits ​ Insurance ​ ​ Benefits ​ Insurance ​ ​ Individual ​ ​ ​ ​ Individual ​ ​ ​ ​ disability Term life disability Term life ​ ​ ($ in millions) Present value of expected net premiums ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 2,341.8 ​ $ 3,423.2 ​ $ 3,149.9 ​ $ 4,193.7 Effect of changes in discount rate assumptions at beginning of period ​ 395.2 ​ 196.0 ​ (198.9) ​ (690.1) Balance at beginning of period at original discount rate ​ 2,737.0 ​ 3,619.2 ​ 2,951.0 ​ 3,503.6 Effect of changes in cash flow assumptions ​ ​ (37.6) ​ ​ 143.5 ​ (413.1) ​ — Effect of actual variances from expected experience ​ ​ 244.3 ​ ​ 103.3 ​ 235.9 ​ 128.6 Adjusted beginning of period balance at original discount rate ​ ​ 2,943.7 ​ ​ 3,866.0 ​ 2,773.8 ​ 3,632.2 Interest accrual ​ ​ 95.6 ​ ​ 171.9 ​ 95.2 ​ 162.9 Net premiums collected ​ ​ (273.4) ​ ​ (359.8) ​ (276.5) ​ (346.6) Issuances ​ ​ 100.1 ​ ​ 215.7 ​ 144.5 ​ 170.7 Balance at end of period at original discount rate ​ ​ 2,866.0 ​ ​ 3,893.8 ​ 2,737.0 ​ 3,619.2 Effect of changes in discount rate assumptions at end of period ​ ​ (313.7) ​ ​ (100.1) ​ (395.2) ​ (196.0) Balance at end of period ​ $ 2,552.3 ​ $ 3,793.7 ​ $ 2,341.8 ​ $ 3,423.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of expected future policy benefit payments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 4,040.6 ​ $ 4,332.2 ​ $ 5,648.3 ​ $ 5,311.3 Effect of changes in discount rate assumptions at beginning of period ​ 1,021.4 ​ 251.6 ​ (501.0) ​ (913.9) Balance at beginning of period at original discount rate ​ 5,062.0 ​ 4,583.8 ​ 5,147.3 ​ 4,397.4 Effect of changes in cash flow assumptions ​ (51.5) ​ 181.8 ​ (476.3) ​ — Effect of actual variances from expected experience ​ 260.8 ​ 116.8 ​ 240.0 ​ 139.0 Adjusted beginning of period balance at original discount rate ​ 5,271.3 ​ 4,882.4 ​ 4,911.0 ​ 4,536.4 Interest accrual ​ 190.1 ​ 220.1 ​ 185.4 ​ 206.8 Benefit payments ​ (210.0) ​ (330.4) ​ (183.7) ​ (340.6) Issuances ​ 102.8 ​ 232.0 ​ 149.3 ​ 181.2 Balance at end of period at original discount rate ​ 5,354.2 ​ 5,004.1 ​ 5,062.0 ​ 4,583.8 Effect of changes in discount rate assumptions at end of period ​ (903.5) ​ ​ (124.5) ​ (1,021.4) ​ (251.6) Balance at end of period ​ $ 4,450.7 ​ $ 4,879.6 ​ $ 4,040.6 ​ $ 4,332.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future policy benefits (1) ​ $ 1,898.4 ​ $ 1,085.9 ​ $ 1,698.8 ​ $ 909.0 Reinsurance impact ​ (421.6) ​ (214.3) ​ (386.8) ​ 25.6 Future policy benefits after reinsurance ​ $ 1,476.8 ​ $ 871.6 ​ $ 1,312.0 ​ $ 934.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (2) ​ ​ 18.4 ​ 9.4 ​ ​ 18.5 ​ ​ 9.6 (1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums. (2) Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort. ​ Upper-medium grade fixed-income instrument yields decreased during the year ended December 31, 2023, resulting in an increase to the LFPB of $ 36.4 million for Individual disability and $ 31.2 million for Term life. Upper-medium grade fixed-income instrument yields increased during the year ended December 31, 2022, resulting in a decrease to the LFPB of $928.3 million for Individual disability and $279.4 million for Term life. See “Interest Accretion and Current Discount Rates” for further details. We updated our actuarial assumptions during the third quarter of 2023, resulting in a $13.9 million decrease in the LFPB and a $10.2 million increase to income before taxes, net of reinsurance, for Individual disability. This was primarily due to favorable updates to claim incidence rates. The updates also resulted in a $38.3 million increase in the LFPB and a $25.4 million decrease to income before taxes, net of reinsurance, for Term life. This was primarily due to unfavorable updates to mortality assumptions. We updated our actuarial assumptions during the third quarter of 2022, resulting in a $63.2 million decrease in the LFPB and a $52.4 million increase to income before taxes, net of reinsurance, for Individual disability. This was primarily due to favorable updates to claim experience assumptions. Additional Liability for Certain Benefit Features The LFPB also includes an additional reserve on certain universal life contracts where benefit features result in gains in early years followed by losses in later years. The liability for these future losses is accrued in relation to estimated contract assessments. A premium deficiency exists if the net liabilities together with future premiums are determined to be insufficient to provide for expected future policy benefits. Premium deficiency testing considers, among other factors, anticipated investment income and does not include a provision for adverse deviation. We did not have a premium deficiency reserve as of December 31, 2023 or December 31, 2022. The balances and the changes in the additional liability for certain benefits features for Life Insurance – Universal life contracts, excluding the impact of unrealized gains (losses), were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ December 31, 2023 December 31, 2022 ​ ($ in millions) Balance at beginning of period ​ $ 4,095.2 ​ $ 3,814.2 Effect of changes in cash flow assumptions ​ 725.4 ​ (6.0) Effect of actual variances from expected experience ​ 45.2 ​ 54.9 Interest accrual ​ 209.2 ​ 171.2 Net assessments collected ​ 378.1 ​ 320.3 Benefit payments ​ (126.6) ​ (91.9) Other (1) ​ — ​ (167.5) Balance at end of period ​ 5,326.5 ​ 4,095.2 Reinsurance impact ​ (5,306.2) ​ (4,091.4) Balance at end of period after reinsurance ​ $ 20.3 ​ $ 3.8 ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for additional liability (years) (2) ​ 26.2 ​ 27.6 (1) Reflects the impact of re-cohorting in 2022 as a result of our decision to manage the ULSG business separately from our other UL business following the Strategic Review. (2) Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort. We updated our actuarial assumptions during the third quarter of 2023, resulting in a $725.4 million increase in the additional liability for certain benefit features primarily due to policyholder lapse behavior assumptions related to ULSG products, resulting in a $13.1 million decrease to income before taxes, net of reinsurance. Corporate ​ The balances and the changes in the present value for expected net premiums and expected future policy benefits for long-term care insurance were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ December 31, 2023 December 31, 2022 ​ ($ in millions) Present value of expected net premiums ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 64.6 ​ $ 62.8 Effect of changes in discount rate assumptions at beginning of period ​ (3.6) ​ (14.0) Balance at beginning of period at original discount rate ​ 61.0 ​ 48.8 Effect of changes in cash flow assumptions ​ (13.3) ​ ​ 10.0 Effect of actual variances from expected experience ​ (5.7) ​ ​ 4.1 Adjusted beginning of period balance at original discount rate ​ 42.0 ​ ​ 62.9 Interest accrual ​ 2.9 ​ ​ 3.3 Net premiums collected ​ (5.1) ​ ​ (5.2) Balance at end of period at original discount rate ​ 39.8 ​ ​ 61.0 Effect of changes in discount rate assumptions at end of period ​ 3.0 ​ ​ 3.6 Balance at end of period ​ $ 42.8 ​ $ 64.6 ​ ​ ​ ​ ​ ​ ​ Present value of expected future policy benefit payments ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 248.1 ​ $ 297.5 Effect of changes in discount rate assumptions at beginning of period ​ (18.9) ​ (89.5) Balance at beginning of period at original discount rate ​ 229.2 ​ 208.0 Effect of changes in cash flow assumptions ​ (40.5) ​ 17.2 Effect of actual variances from expected experience ​ 2.5 ​ 3.7 Adjusted beginning of period balance at original discount rate ​ 191.2 ​ 228.9 Interest accrual ​ 12.5 ​ 13.1 Benefit payments ​ (14.2) ​ (12.8) Balance at end of period at original discount rate ​ 189.5 ​ 229.2 Effect of changes in discount rate assumptions at end of period ​ 20.0 ​ 18.9 Balance at end of period ​ $ 209.5 ​ $ 248.1 ​ ​ ​ ​ ​ ​ ​ Future policy benefits (1) ​ $ 166.7 ​ $ 183.5 Reinsurance impact ​ (166.7) ​ (183.5) Future policy benefits after reinsurance ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (2) ​ 10.4 ​ 11.8 (1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums. (2) Represents the average of cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort . ​ Upper-medium grade fixed-income instrument yields decreased during the year ended December 31, 2023, resulting in an increase to the LFPB of $ 1.7 million. Upper-medium grade fixed-income instrument yields increased during the year ended December 31, 2022, resulting in a decrease to the LFPB of $60.2 million. See “Interest Accretion and Current Discount Rates” for further details. Expected Future Gross Premiums and Benefit Payments ​ The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, utilizing the current upper-medium fixed-income instrument yield, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ Pension risk transfer ​ ​ ​ ​ ​ ​ Expected undiscounted future benefit payments ​ $ 36,325.5 ​ $ 33,691.4 ​ ​ ​ ​ ​ ​ ​ Individual fixed income annuities ​ ​ ​ ​ ​ ​ Expected undiscounted future benefit payments ​ $ 7,292.0 ​ $ 7,716.6 ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Specialty Benefits: ​ ​ ​ Individual disability ​ ​ ​ Expected discounted future gross premiums ​ $ 5,456.4 ​ $ 5,140.9 Expected undiscounted future gross premiums ​ $ 8,264.8 ​ $ 7,978.7 Expected undiscounted future benefit payments ​ $ 8,981.2 ​ $ 8,473.9 ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Life Insurance: ​ ​ ​ Term life ​ ​ ​ Expected discounted future gross premiums ​ $ 6,385.1 ​ $ 6,104.6 Expected undiscounted future gross premiums ​ $ 10,287.2 ​ $ 10,146.3 Expected undiscounted future benefit payments ​ $ 7,832.3 ​ $ 7,202.5 ​ ​ ​ ​ ​ ​ ​ Corporate: ​ ​ ​ Long-term care insurance ​ ​ ​ Expected discounted future gross premiums ​ $ 42.8 ​ $ 64.6 Expected undiscounted future gross premiums ​ $ 60.3 ​ $ 96.5 Expected undiscounted future benefit payments ​ $ 371.0 ​ $ 483.4 ​ ​ Interest Accretion and Current Discount Rates The interest accretion rate shown for each level of aggregation is an average of the cohort-level accretion rates weighted by the reserve balance for each cohort within that level of aggregation. The current discount rate is calculated at a cohort-level based on current upper-medium fixed-income instrument yields and weighted by the reserve balance for each cohort within each level of aggregation. The weighted-average rates were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest accretion rate Current discount rate ​ December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension risk transfer

Market Risk Benefits

Market Risk Benefits	12 Months Ended
	Dec. 31, 2023
Market Risk Benefits
Market Risk Benefits	12. Market Risk Benefits Contracts or contract features that provide protection to the policyholder from capital market risk, including equity, interest rate or foreign exchange risk, and expose us to other-than-nominal capital market risk are classified as MRBs. We issue certain annuity contracts and other investment contracts that include MRBs that have been bifurcated from the host contract. The Retirement and Income Solutions segment offers variable annuity products with GMWB riders and GMDB riders, including the GMDB for its RILA products that offer return of premium death benefits. MRBs are measured at fair value at the contract level and can be in either an asset or liability position, depending on certain inputs at the reporting date. MRB assets and liabilities are presented separately within the consolidated statements of financial position. Increases to an asset or decreases to a liability are described as favorable changes to fair value. Changes in fair value are reported in MRB remeasurement (gain) loss on the consolidated statements of operations. However, the change in fair value related to our own nonperformance risk is reported in OCI. For contracts that contain multiple MRB features, the MRBs are valued on a combined basis using an integrated model. MRBs are classified as Level 3 fair value measurements as the fair value is based on unobservable inputs. The key assumptions for calculating the fair value of the MRBs are market assumptions such as equity market returns, interest rate levels, market volatility and correlations and policyholder behavior assumptions such as lapse, mortality, utilization and withdrawal patterns. Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The MRBs are valued using stochastic models that incorporate a spread reflecting our own nonperformance risk. The assumption for our own nonperformance risk for MRBs is based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Increases (decreases) in our own nonperformance risk, which impacts the rates used to discount future cash flows, could lead to favorable (unfavorable) changes in the fair value of the MRBs. Long-term interest rates are used as the mean return when projecting the growth in the value of the associated account value and impact the discount rate used in the discounted future cash flows valuation. The amount of claims will increase if account value is not sufficient to cover guaranteed withdrawals. An increase (decrease) in risk-free rates could cause a favorable (unfavorable) change in the fair value of the MRBs. A decrease (increase) in market volatilities could cause a favorable (unfavorable) change in the fair value of the MRBs. An increase (decrease) in mortality rates or the overall lapse rate assumptions could cause a favorable (unfavorable) change in the fair value of the MRBs. The lapse rate assumption may vary dynamically based on the relationship between the guarantee and associated account value. A weaker (stronger) dynamic lapse rate assumption could lead to favorable (unfavorable) changes in the fair value of the MRBs. The utilization rate assumption includes how many contractholders will take withdrawals, when they will take them and how much of their benefit they will take. A decrease (increase) in the number of contractholders taking withdrawals, contractholders taking withdrawals earlier versus later, or contractholders taking more versus less of their benefit could lead to favorable (unfavorable) changes in the fair value of the MRBs. The following tables summarize disaggregated MRB amounts in an asset and liability position reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Net asset ​ ​ ​ ​ ​ ​ ​ Net asset ​ Asset Liability ​ (liability) Asset Liability (liability) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ $ 153.4 ​ $ 111.9 ​ $ 41.5 ​ $ 109.2 ​ $ 181.4 ​ $ (72.2) Total MRB per consolidated statements of financial position ​ $ 153.4 ​ $ 111.9 ​ $ 41.5 ​ $ 109.2 ​ $ 181.4 ​ $ (72.2) ​ Retirement and Income Solutions The net asset (liability) balances and the changes in the valuation of the MRBs for Individual variable annuities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ($in millions) Balance at beginning of period ​ $ (72.2) ​ $ (494.7) Effect of changes in nonperformance risk at beginning of period ​ (31.7) ​ 109.5 Adjusted balance at beginning of period ​ (103.9) ​ (385.2) Effect of: ​ ​ ​ Interest accrual and expected policyholder behavior ​ (80.9) ​ (90.1) Benefit payments ​ 0.4 ​ 1.3 Changes in interest rates ​ 39.9 ​ 539.1 Changes in equity markets ​ 155.1 ​ (112.4) Changes in equity index volatility ​ 47.9 ​ (50.2) Actual policyholder behavior different from expected behavior ​ (4.0) ​ 1.5 Changes in future expected policyholder behavior ​ — ​ (6.1) Changes in other future expected assumptions ​ (5.3) ​ (1.8) Adjusted balance at end of period ​ 49.2 ​ (103.9) Effect of changes in nonperformance risk at end of period ​ (7.7) ​ 31.7 Balance at end of period ​ $ 41.5 ​ $ (72.2) ​ ​ ​ ​ ​ ​ ​ Weighted-average attained age of policyholders (years) (1) ​ 67.7 ​ 67.4 Net amount at risk (2) ​ $ 111.2 ​ $ 415.5 (1) The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders. (2) The net amount at risk for our GMDB riders is defined as the current GMDB amount in excess of the current account balance. The net amount at risk for our GMWB riders is defined as the greater of the present value of the GMWB payments less the current account balance or zero. For contracts with both GMDB and GMWB riders, the net amount at risk is the greater of the GMDB or GMWB net amount at risk. A decrease in the net amount at risk in 2023 as a result of increases in the equity markets was partially offset by an increase in the net amount at risk as a result of increases in interest rates. Decreases in the equity markets and increases in interest rates resulted in an increase in the net amount at risk in 2022. Significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement shown above were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ Change in net ​ ​ ​ Change in net ​ ​ Change in input MRB asset (liability) Change in input MRB asset (liability) ​ Long-term interest rate ​ Increased ​ Favorable ​ Increased ​ Favorable Equity markets ​ Increased ​ Favorable ​ Decreased ​ Unfavorable ​ Equity market volatilities ​ Decreased ​ Favorable ​ Increased ​ Unfavorable ​ Own nonperformance risk ​ Decreased ​ Unfavorable ​ Increased ​ Favorable ​ ​ See “Unobservable Inputs for Fair Value Measurement” for additional details on the inputs. ​ Unobservable Inputs for Fair Value Measurement The following table provides quantitative information about the significant unobservable inputs used for fair value measurements of MRBs. The utilization rate and mortality rate inputs are omitted from the table as a range does not provide meaningful presentation. The utilization rate represents the number of contractholders taking withdrawals in addition to the amount and timing of the withdrawals. The mortality rate is an input based on an appropriate industry mortality table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ December 31, 2022 ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Weighted- ​ Range of inputs Average ​ Range of inputs Average Retirement and Income Solutions: ​ Individual variable annuities ​ ​ Long-term interest rate (1) ​ 4.00 - 4.20 % 4.10 % 3.97 - 4.12 % 4.04 % Long-term equity market volatility ​ 18.00 - 33.00 % 22.00 % 18.10 - 34.15 % 22.07 % Nonperformance risk ​ 0.80 - 1.60 % 1.30 % 0.90 - 1.96 % 1.65 % Lapse rate ​ 1.10 - 55.00 % 5.90 % 1.25 - 24.75 % 5.76 % (1) Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates. ​

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2023
Reinsurance
Reinsurance	13. Reinsurance We reinsure a portion of the insurance risks associated with our individual disability, traditional life, universal life, medical and long-term care insurance as well as pension risk transfer and retail fixed annuity contracts with significant life insurance risk through reinsurance agreements with affiliated and unaffiliated reinsurance companies, primarily on a quota share, excess loss, yearly renewable term or coinsurance basis. During the fourth quarter of 2023, we closed a coinsurance with funds withheld reinsurance transaction with PFS Bermuda in which we ceded certain of our term life and PRT blocks of business. We use the reinsurance method of accounting for this transaction. During the second quarter of 2022, we closed a coinsurance with funds withheld reinsurance transaction with Talcott Life & Annuity Re in which we ceded our in-force U.S. retail fixed annuity and ULSG blocks of business. The economics of the transaction were effective as of January 1, 2022. We use both the reinsurance and deposit methods of accounting for this transaction. For further information about this transaction, refer to Note 1, Nature of Operations and Significant Accounting Policies. We are contingently liable with respect to reinsurance ceded to other companies in the event the reinsurer is unable to meet the obligations it has assumed. As of December 31, 2023 and 2022, we had $18,346.0 million and $ 13,541.3 million of reinsurance recoverable assets, respectively, included in reinsurance recoverable and deposit receivable on the consolidated statements of financial position, which does not reflect potentially offsetting impacts of collateral. As of December 31, 2023 and 2022, we had $45.2 million and $39.4 million of reinsurance recoverable liabilities, respectively, included in future policy benefits and claims on the consolidated statements of financial condition. As of December 31, 2023 and 2022, $18,093.5 million, or 99% , and $12,953.1 million, or 98% , were with our five largest ceded reinsurers, respectively. The effects of reinsurance on premiums and other considerations and policy and contract benefits were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ (in millions) Premiums and other considerations: ​ ​ ​ Direct ​ $ 6,423.8 ​ $ 5,216.5 ​ $ 4,869.7 Assumed ​ ​ 517.0 ​ ​ 503.5 ​ ​ 494.3 Ceded ​ (544.1) ​ (455.7) ​ (650.0) Net premiums and other considerations ​ $ 6,396.7 ​ $ 5,264.3 ​ $ 4,714.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses: ​ ​ ​ ​ Direct ​ $ 8,022.0 ​ $ 6,579.3 ​ $ 6,460.7 Assumed ​ 853.7 ​ 772.1 ​ 727.8 Ceded ​ ​ (1,649.5) ​ ​ (1,468.7) ​ ​ (571.0) Net benefits, claims and settlement expenses ​ $ 7,226.2 ​ $ 5,882.7 ​ $ 6,617.5 Liability for future policy benefits remeasurement (gain) loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct ​ $ 466.9 ​ $ (166.5) ​ $ (12.4) Assumed ​ ​ 269.6 ​ ​ (8.3) ​ ​ 10.9 Ceded ​ (789.0) ​ (85.0) ​ 1.9 Net liability for future policy benefits remeasurement (gain) loss ​ $ (52.5) ​ $ (259.8) ​ $ 0.4 ​ As of December 31, 2023 and 2022, we had a $6,078.7 million and $7,901.0 million reinsurance deposit receivable, respectively. Refer to Note 5, Investments, for information on our financing receivables valuation allowance related to the reinsurance recoverable and deposit receivable. Cost of Reinsurance A reinsurance asset or liability is established to spread the expected net reinsurance costs or profits over the expected term of the contracts. The cost of reinsurance asset and liability are reported in premiums due and other receivables and liability for future policy benefits and claims, respectively, on the consolidated statements of financial position. The cost of reinsurance asset and liability included on the consolidated statements of financial position were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ (in millions) Cost of reinsurance asset $ 3,529.7 $ 3,339.1 ​ ​ ​ ​ ​ ​ ​ Cost of reinsurance liability ​ $ 673.3 ​ $ 479.8 ​ Cost of reinsurance amortization, including the impact of remeasurement, of $20.4 million, $19.3 million and $23.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, was reported in benefits, claims and settlement expenses and liability for future policy benefits remeasurement (gain) loss on the consolidated statements of operations. Funds Withheld The following assets were held in support of our reserves associated with our coinsurance with funds withheld agreement and are reported in the line items shown on the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ 19,220.7 ​ $ 15,693.5 Fixed maturities, trading ​ ​ 316.8 ​ ​ 100.8 Equity securities ​ ​ 0.3 ​ ​ 11.0 Mortgage loans ​ ​ 2,826.0 ​ ​ 2,810.8 Other investments ​ ​ 621.4 ​ ​ 179.8 Cash and cash equivalents ​ ​ 942.0 ​ ​ 1,762.9 Accrued interest income ​ ​ 231.7 ​ ​ 178.7 Net other liabilities ​ ​ (201.9) ​ ​ (33.6) Net assets ​ $ 23,957.0 ​ $ 20,703.9 ​ Certain assets are reported at amortized cost while the fair value of those assets is reflected in the funds withheld payable. As of December 31, 2023 and 2022, we had a $23,744.9 million and $20,436.1 million funds withheld payable, which was net of a $2,326.1 million and $3,652.8 million embedded derivative asset, respectively. The change in fair value of the embedded derivative was a gain (loss) of $ (1,326.7) million, $3,652.8 million and $0.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. While the economic benefits of the funds withheld assets flow to the reinsurers, we retain legal ownership of the assets within the funds withheld account. Guidelines are in place to ensure the investment risk is appropriately managed. Net investment income and net realized capital gains (losses) related to the assets on the consolidated statements of operations is reported net of the amounts that flow to the reinsurers. The realized gains and losses that do not flow to the reinsurers are reported in net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations. Following are the components of net investment income on the funds withheld assets that were passed to the reinsurers. ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2022 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ 906.9 ​ $ 745.9 Fixed maturities, trading ​ ​ 11.9 ​ 2.0 Equity securities ​ ​ 0.2 ​ 0.6 Mortgage loans ​ ​ 125.2 ​ 98.4 Cash and cash equivalents ​ ​ 58.9 ​ 18.2 Other ​ ​ 64.0 ​ 4.8 Total ​ ​ 1,167.0 ​ 869.9 Investment expenses ​ ​ 24.7 ​ 20.5 Net investment income ​ $ 1,142.3 ​ $ 849.4 ​ Following are the components of net realized capital gains (losses) on the funds withheld assets that were passed to the reinsurers. ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2022 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ (230.9) ​ $ (235.5) Fixed maturities, trading ​ (0.1) ​ (6.4) Equity securities ​ (1.2) ​ (2.4) Mortgage loans ​ (34.1) ​ (24.8) Derivatives ​ 7.2 ​ 2.7 Other ​ — ​ 3.3 Net realized capital losses ​ $ (259.1) ​ $ (263.1) ​

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt
Debt	14. Debt Short-Term Debt The components of short-term debt were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Financing ​ ​ ​ ​ ​ ​ Short-term debt Obligor/Applicant structure Maturity Capacity outstanding ​ ​ ​ ​ ​ ​ (in millions) PLIC Credit facility October 2027 ​ $ 800.0 ​ $ — Total ​ $ 800.0 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Financing ​ ​ ​ ​ ​ ​ Short-term debt Obligor/Applicant structure Maturity Capacity outstanding ​ ​ ​ ​ ​ ​ (in millions) PLIC Credit facility October 2027 ​ $ 800.0 ​ $ — Total ​ ​ ​ ​ ​ $ 800.0 ​ $ — ​ Our revolving credit facilities are committed and available for general corporate purposes. These credit facilities also provide 100% back-stop support for our commercial paper program, of which we had no outstanding balances as of both December 31, 2023 and 2022. Long-Term Debt The components of long-term debt were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Principal Net unamortized discount, premium and debt issuance costs Carrying amount ​ ​ (in millions) Non-recourse mortgages and notes payable ​ $ 3.1 ​ $ (0.1) ​ $ 3.0 Total long-term debt ​ $ 3.1 ​ $ (0.1) ​ $ 3.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Principal Net unamortized discount, premium and debt issuance costs Carrying amount ​ ​ (in millions) Non-recourse mortgages and notes payable ​ $ 67.1 ​ $ 0.7 ​ $ 67.8 Total long-term debt ​ $ 67.1 ​ $ 0.7 ​ $ 67.8 ​ The non-recourse mortgages and notes payable are primarily financings for real estate developments. As of December 31, 2023, the development had an outstanding principal balance of $3.0 million with an interest rate of 4.0% . As of December 31, 2022, outstanding principal balances ranged from $3.0 million to $15.9 million per development with interest rates ranging from 3.5% to 4.8% . Outstanding debt is secured by the underlying real estate properties, which were reported as real estate on our consolidated statements of financial position with a carrying value of $321.7 million and $317.6 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023, future annual maturities of long-term debt were as follows (in millions): ​ ​ ​ ​ ​ ​ Year ending December 31: ​ 2024 ​ $ 0.1 ​ 2025 ​ ​ 0.1 ​ 2026 ​ ​ 0.9 ​ 2027 ​ ​ 0.9 ​ 2028 ​ ​ 1.0 ​ Thereafter ​ ​ — ​ Total future maturities of long-term debt ​ $ 3.0 ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Taxes
Income Taxes	15. Income Taxes Income Taxes (Benefits) Our income taxes (benefits) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Current income taxes (benefits): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ 45.8 ​ $ (142.9) ​ $ 96.8 ​ State ​ ​ 19.1 ​ ​ 21.7 ​ 11.4 ​ Total current income taxes (benefits) ​ ​ 64.9 ​ ​ (121.2) ​ 108.2 ​ Deferred income taxes (benefits): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ ​ (141.0) ​ ​ 1,231.7 ​ 87.9 ​ State ​ ​ (11.3) ​ ​ (4.5) ​ 0.5 ​ Total deferred income taxes (benefits) ​ ​ (152.3) ​ ​ 1,227.2 ​ 88.4 ​ Income taxes (benefits) ​ $ (87.4) ​ $ 1,106.0 ​ $ 196.6 ​ ​ Our income before income taxes was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Domestic $ 149.2 $ 5,785.5 $ 1,512.7 ​ Total income before income taxes $ 149.2 $ 5,785.5 $ 1,512.7 ​ ​ Effective Income Tax Rate Our provision for income taxes may not have the customary relationship of taxes to income. A reconciliation between the U.S. corporate income tax rate and the effective income tax rate was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 U.S. corporate income tax rate 21 % 21 % 21 % Dividends received deduction ​ (47) ​ (1) ​ (5) ​ Tax credits ​ (40) ​ (1) ​ (3) ​ Interest exclusion from taxable income ​ (15) ​ — ​ (1) ​ Impact of equity method presentation ​ (3) ​ — ​ — ​ Employee compensation ​ (2) ​ — ​ — ​ Other postretirement employee benefits redesignation ​ (2) ​ — ​ — ​ Low income housing tax credit amortization ​ 24 ​ — ​ — ​ State income taxes ​ 4 ​ — ​ — ​ Nondeductible expenses ​ 2 ​ — ​ — ​ Other ​ (1) ​ — ​ 1 ​ Effective income tax rate ​ (59) % 19 % 13 % ​ ​ Unrecognized Tax Benefits Our changes in unrecognized tax benefits were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Balance at beginning of period ​ $ 40.6 ​ $ 43.9 ​ $ 45.8 ​ Additions based on tax positions related to the current year ​ ​ 0.3 ​ ​ — ​ 1.3 ​ Reductions for tax positions related to the current year ​ ​ (3.2) ​ ​ (3.3) ​ (3.2) ​ Balance at end of period (1) ​ $ 37.7 ​ $ 40.6 ​ $ 43.9 ​ (1) Our 2023 effective income tax rate would not be impacted if unrecognized tax benefits were recognized. We recognize interest and penalties related to uncertain tax positions in operating expenses within the consolidated statements of operations. As of December 31, 2023 and 2022, we had recognized $1.7 million and $1.4 million of accumulated pre-tax interest and penalties related to unrecognized tax benefits, respectively. We do not believe there is a reasonable possibility the total amount of the unrecognized tax benefits will significantly increase or decrease in the next twelve months considering recent settlements and the status of current and pending Internal Revenue Service (“IRS”) examinations. Net Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Our significant components of net deferred income taxes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ (in millions) Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net unrealized losses on available-for-sale securities ​ $ 1,098.3 ​ $ 1,611.9 ​ Net operating and capital loss carryforwards ​ ​ 42.9 ​ ​ — ​ Tax credit carryforwards ​ ​ 64.2 ​ ​ 65.8 ​ Employee benefits ​ ​ 30.0 ​ ​ 26.4 ​ Intangible assets ​ ​ 42.2 ​ ​ 17.6 ​ Other deferred income tax assets ​ ​ 8.5 ​ ​ — ​ Gross deferred income tax assets ​ ​ 1,286.1 ​ ​ 1,721.7 ​ Valuation allowance ​ ​ (12.0) ​ ​ (12.3) ​ Total deferred income tax assets ​ ​ 1,274.1 ​ ​ 1,709.4 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred acquisition costs ​ ​ (622.5) ​ ​ (655.6) ​ Investments, including derivatives ​ ​ (210.1) ​ ​ (187.6) ​ Funds withheld embedded derivative ​ ​ (488.5) ​ ​ (767.1) ​ Real estate ​ ​ (136.7) ​ ​ (140.0) ​ Insurance liabilities ​ ​ (1,165.6) ​ ​ (1,011.9) ​ Gain on sale of discontinued operations (1) ​ ​ (174.5) ​ ​ (182.1) ​ Other deferred income tax liabilities ​ ​ — ​ ​ (51.1) ​ Total deferred income tax liabilities ​ ​ (2,797.9) ​ ​ (2,995.4) ​ Total net deferred income tax liabilities ​ $ (1,523.8) ​ $ (1,286.0) ​ ​ (1) Represents a deferred intercompany gain on the sale of PGI LLC to PFS, which was allocated to stockholder's equity as the result of a taxable common control transaction on the standalone financials of the transferring entity. ​ Our net deferred income taxes by jurisdiction were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ (in millions) Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ State ​ $ 17.2 ​ $ 10.9 ​ Net deferred income tax assets ​ ​ 17.2 ​ ​ 10.9 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ ​ (1,541.0) ​ ​ (1,296.9) ​ Net deferred income tax liabilities ​ ​ (1,541.0) ​ ​ (1,296.9) ​ Total net deferred income tax liabilities ​ $ (1,523.8) ​ $ (1,286.0) ​ ​ In management’s judgment, total deferred income tax assets are more likely than not to be realized. Included in the deferred income tax asset are tax credit carryforwards available to offset future taxable income or income taxes. As of December 31, 2023 and 2022, we had tax credit carryforwards for U.S. federal income tax purposes of $64.2 million and $65.8 million, respectively. The federal tax credit carryforwards, if unused, will expire in 2042. As of December 31, 2023, these carryforwards are anticipated to be utilized before expiration; therefore, no valuation allowance has been provided for the related deferred income tax asset. As of December 31, 2023 and 2022, state net operating loss carryforwards were $ 178.5 million and $0.3 million, respectively, and will expire between 2032 and 2040. As of December 31, 2023, all accumulated state net operating loss carryforwards are anticipated to be utilized before expiration; therefore, no valuation allowance has been provided for the related deferred income tax assets. As of December 31, 2023 and 2022, valuation allowances of $12.0 million and $12.3 million, respectively, had been recorded against the income tax benefits associated primarily with net unrealized capital losses on benefit plan trusts. Effects of Tax Legislation The Inflation Reduction Act of 2022 (“IRA 2022”) was enacted by the U.S. government on August 16, 2022. The IRA 2022 implements a new corporate alternative minimum tax (“CAMT”) effective January 1, 2023. We are an “Applicable Corporation,” which requires computation of the U.S. federal income tax liability under two systems, the U.S. regular corporate tax (“RCT”) and the CAMT. Although the CAMT may apply in any given year when tentative minimum tax (“TMT”) exceeds the RCT liability, as a “prepayment” the CAMT generates a corresponding alternative minimum tax credit (“AMTC”). The AMTC is accounted for as a deferred tax asset (“DTA”) with an indefinite carryover life recoverable in years when the RCT liability exceeds TMT. Our tax sharing agreement with PFG was amended in 2023 to allocate the CAMT exclusively to PFS. The tax accounting consequences of a change in tax law is required to be recognized in the period legislation is enacted. Generally, a company is also required to consider the impact of new tax law on realizability of its DTAs, including determination of whether a change to its valuation allowance amounts is necessary. We made an accounting policy election to disregard our CAMT status when evaluating DTAs under the RCT system associated with the IRA 2022. Other Tax Information Income tax returns are filed in U.S. federal jurisdiction as well as various states where we and one or more of our subsidiaries conduct business. Although determined by jurisdiction, with few exceptions our tax uncertainties relate primarily to U.S. federal income tax matters. The IRS has completed examination of our consolidated U.S. federal income tax returns for years prior to 2013 and did not exam 2013 and 2014. IRS claims for refund for tax years 2004 through 2008, following settlement of a partnership matter with the Department of Justice in March 2019, were finalized in 2020 and have been received in full as of December 31, 2021. IRS claims for refund filed for tax years 2006 through 2008 were received in September 2020. In 2019, an IRS 30-day letter on examination of tax years 2009 through 2012 was received, the proposed adjustments found acceptable, and associated tax settlements subsequently occurred in 2020 prior to expiration of the extended statute of limitations. As of December 31, 2023 and 2022, we had $(141.0) million and $20.7 million, respectively, of current income tax receivables (payables) associated with outstanding audit issues. The U.S. federal statute of limitations has expired for years prior to 2015. The IRS is currently auditing our U.S. federal income tax returns for tax years 2015-2018 and 2019-2022. The statutes remain open through normal statute extensions. We do not expect the results of these audits, subsequent related adjustments or developments in other tax areas for all open tax years to significantly change the possible increase in the amount of unrecognized tax benefits, but the outcome of tax reviews is uncertain and unforeseen results can occur. We believe we have adequate defenses against, or sufficient provisions for, contested issues, but final resolution could take several years depending on whether legal remedies are pursued. Consequently, we do not believe issues that might arise in tax years subsequent to 2014 will have a material impact on our net income. ​

Employee and Agent Benefits

Employee and Agent Benefits	12 Months Ended
	Dec. 31, 2023
Employee and Agent Benefits
Employee and Agent Benefits	16. Employee and Agent Benefits PFG provides a U.S. qualified defined benefit pension plan, covering U.S. employees that meet certain eligibility requirements and certain agents contracted on or before December 31, 2018. A final average pay benefit formula has been in place for plan participants employed prior to January 1, 2002. For agents, this formula ended on December 31, 2018, and for employees the formula ended on December 31, 2022. The final average pay benefit is based on the years of service and generally the employee’s or agent’s average annual compensation during the last five years prior to the earliest of termination, retirement or the formula end date. A cash balance benefit was added on January 1, 2002. A participant’s cash balance account is credited with an amount based on the participant’s salary, age and service. These credits accrue with interest. For plan participants hired on and after January 1, 2002, only the cash balance benefit applies. For pre-2002 participants, the pension benefit earned prior to the final average pay formula end date is the greater of the final average pay benefit or the cash balance benefit earned before the end date. They will also earn a new cash balance benefit for service after the formula end date. We reflect pension expense through our expense allocation agreement with PFG. In addition, PFG sponsors non-qualified defined benefit plans subject to Section 409A of the Internal Revenue Code. This plan is for certain highly compensated employees and agents to replace the benefit that cannot be provided by the qualified defined benefit pension plan due to IRS limits. These nonqualified plans generally parallel the qualified plan but offer different payment options. No agent will become a new participant in the nonqualified plan after December 31, 2018. We provide certain health care, life insurance and long-term care benefits for retired employees, their beneficiaries and covered dependents (“other postretirement benefits”). While virtually all U.S. employees continue to have access to the postretirement health care and life insurance benefits, only those U.S. employees that were hired prior to January 1, 2002, and retired prior to January 1, 2011, (post-65 medical) or January 1, 2020, (life insurance and pre-65 medical) were eligible to receive subsidized benefits. All others pay the full cost of coverage. The long-term care plan was subsidized only for those who retired prior to January 1, 2000, and is no longer accessible. The subsidy level for all benefits varies by plan, age, service and retirement date. Our policy is to fund the cost of providing retiree benefits in the years the employees are providing service, taking into account the funded status of the trust. PFG is the sponsor of the post-65 retiree medical plan for both employees and individual field agents. Obligations and Funded Status The combined funded status, reconciled to amounts recognized in the consolidated statements of financial position relating to the other postretirement employee benefits plans, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ (in millions) Change in benefit obligation ​ ​ ​ ​ ​ ​ ​ Benefit obligation at beginning of year ​ $ (58.6) ​ $ (79.2) ​ Interest cost ​ ​ (2.8) ​ (1.9) ​ Actuarial gain (loss) ​ ​ (3.0) ​ 17.0 ​ Participant contributions ​ ​ (6.1) ​ (6.4) ​ Benefits paid ​ ​ 13.6 ​ 11.9 ​ Benefit obligation at end of year ​ $ (56.9) ​ $ (58.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 70.4 ​ $ 89.5 ​ Actual return on plan assets ​ ​ 9.6 ​ (15.0) ​ Employer contribution ​ ​ 1.5 ​ 1.4 ​ Participant contributions ​ ​ 6.1 ​ 6.4 ​ Benefits paid ​ ​ (13.6) ​ (11.9) ​ Fair value of plan assets at end of year ​ $ 74.0 ​ $ 70.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in statement of financial position ​ ​ ​ ​ ​ ​ ​ Other assets ​ $ 17.1 ​ $ 11.8 ​ Total ​ $ 17.1 ​ $ 11.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in accumulated other comprehensive income ​ ​ ​ ​ ​ ​ ​ Total net actuarial gain ​ $ (20.5) ​ $ (18.1) ​ Pre-tax accumulated other comprehensive income ​ $ (20.5) ​ $ (18.1) ​ ​ Other Postretirement Plan Changes and Plan Gains/Losses For the year ended December 31, 2023, the other postretirement benefit plans had an actuarial loss primarily due to a decrease in the discount rates and actual medical claims costs being higher than previously expected. For the year ended December 31, 2022, the other postretirement benefit plans had an actuarial gain primarily due to an increase in the discount rates and actual medical claims costs being lower than previously expected. We did not have any other postretirement benefit plans with an accumulated postretirement benefit obligation in excess of plan assets. Components of Other Postretirement Benefits Net Periodic Benefit Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Interest cost ​ $ 2.8 ​ $ 1.9 ​ $ 1.8 ​ Expected return on plan assets ​ ​ (3.5) ​ ​ (3.8) ​ ​ (3.5) ​ Recognized net actuarial gain ​ ​ (0.7) ​ ​ (0.8) ​ ​ (0.4) ​ Net periodic benefit income ​ $ (1.4) ​ $ (2.7) ​ $ (2.1) ​ ​ The components of net periodic benefit cost including the service cost component are included in operating expenses on the consolidated statements of operations. For the other postretirement benefit plans, actuarial gains and losses were amortized with use of the corridors allowed. For the other postretirement benefit plans, amounts recognized in pre-tax accumulated other comprehensive (income) loss were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 ​ ​ (in millions) Other changes recognized in accumulated other comprehensive (income) loss ​ ​ ​ ​ ​ ​ Net actuarial (gain) loss ​ $ (3.1) ​ $ 1.8 Amortization of net gain ​ ​ 0.7 ​ 0.8 Total recognized in pre-tax accumulated other comprehensive (income) loss ​ $ (2.4) ​ $ 2.6 Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive income ​ $ (3.8) ​ $ (0.1) ​ Net actuarial (gain) loss and net prior service cost benefit have been recognized in AOCI. Assumptions Weighted-average assumptions used for other postretirement benefit plans to determine benefit obligations as disclosed under the Obligations and Funded Status section ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 2022 ​ Discount rate ​ 4.80 % 5.05 % Rate of compensation increase ​ N/A ​ N/A ​ ​ Weighted average assumptions used for other postretirement benefit plans to determine net periodic benefit cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ Discount rate ​ 5.05 % 2.55 % 2.15 % Expected long-term return on plan assets ​ 5.20 % 4.25 % 4.25 % Rate of compensation increase ​ N/A ​ N/A ​ N/A % ​ For other postretirement benefits, the discount rate is determined by projecting future benefit payments inherent in the accumulated postretirement benefit obligation, and discounting those cash flows using a spot yield curve for high quality corporate bonds. The plans’ expected benefit payments are discounted to determine a present value using the yield curve and the discount rate is the level rate that produces the same present value. The 5.20% expected long-term return on plan assets for 2023 was based on the weighted average expected long-term asset returns for the medical, life and long-term care plans. Assumed Health Care Cost Trend Rates Used to Determine Net Periodic Benefit Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ Health care cost trend rate assumed for next year under age 65 ​ 7.50 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) ​ 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate (under age 65) ​ 2032 ​ 2031 ​ ​ Other Postretirement Benefit Plan Assets Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. ● Level 1 – Fair values are based on unadjusted quoted prices in active markets for identical assets. ● Level 2 – Fair values are based on inputs other than quoted prices within Level 1 that are observable for the asset, either directly or indirectly. ● Level 3 – Fair values are based on significant unobservable inputs for the asset. Our other postretirement benefit plan assets consist of cash, investments in fixed income security portfolios and investments in equity security portfolios. Because of the nature of cash, its carrying amount approximates fair value. The fair value of fixed income investment funds, U.S. equity portfolios and international equity portfolios is based on quoted prices in active markets for identical assets. The fair value of the other postretirement benefit plans’ assets by asset category as of the most recent measurement date was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ Assets ​ Fair value hierarchy level ​ ​ ​ measured at ​ ​ ​ ​ fair value Level 1 Level 2 Level 3 ​ ​ ​ (in millions) ​ Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1.1 ​ $ 1.1 ​ $ — ​ $ — ​ Fixed income security portfolios (1) ​ ​ 34.9 ​ ​ 34.9 ​ ​ — ​ ​ — ​ U.S. equity portfolios (2) ​ 27.6 ​ 27.6 ​ — ​ — ​ International equity portfolios (3) ​ 10.4 ​ 10.4 ​ — ​ — ​ Total ​ $ 74.0 ​ $ 74.0 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Assets ​ Fair value hierarchy level ​ ​ measured at ​ ​ ​ fair value Level 1 Level 2 Level 3 ​ ​ (in millions) Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 0.5 ​ $ 0.5 ​ $ — ​ $ — ​ Fixed income security portfolios (1) ​ ​ 34.7 ​ ​ 34.7 ​ ​ — ​ ​ — ​ U.S. equity portfolios (2) ​ ​ 25.6 ​ ​ 25.6 ​ ​ — ​ ​ — ​ International equity portfolios (3) ​ 9.6 ​ 9.6 ​ — ​ — ​ Total ​ $ 70.4 ​ $ 70.4 ​ $ — ​ $ — ​ (1) The portfolios invest in various fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations. (2) The portfolios invest primarily in publicly traded equity securities of large U.S. companies. (3) The portfolios invest primarily in publicly traded equity securities of non-U.S. companies. We have established an investment policy that provides the investment objectives and guidelines for the other postretirement benefit plans. Our investment strategy is to achieve the following: ● Obtain a reasonable long-term return consistent with the level of risk assumed and at a cost of operation within prudent levels. Performance benchmarks are monitored. ● Ensure sufficient liquidity to meet the emerging benefit liabilities for the plans. ● Provide for diversification of assets in an effort to avoid the risk of large losses and maximize the investment return to the other postretirement benefit plans consistent with market and economic risk. In administering the other postretirement benefit plans’ asset allocation strategies, we consider the projected liability stream of benefit payments, the relationship between current and projected assets of the plan and the projected actuarial liabilities streams, the historical performance of capital markets adjusted for the perception of future short - and long-term capital market performance and the perception of future economic conditions. According to our investment policy, the target asset allocation for the other postretirement benefit plans is: ​ ​ ​ ​ ​ ​ Asset category Target allocation ​ Fixed income security portfolios ​ 50 % U.S. equity portfolios ​ 35 % International equity portfolios ​ 15 % ​ Estimated Future Benefit Payments The estimated future benefit payments, which reflect expected future service are: ​ ​ ​ ​ ​ ​ ​ Other postretirement ​ ​ benefits (gross benefit ​ ​ payments, including ​ prescription drug benefits) ​ ​ (in millions) Year ending December 31: ​ ​ ​ 2024 ​ $ 11.2 2025 ​ ​ 10.2 2026 ​ ​ 9.1 2027 ​ ​ 8.0 2028 ​ ​ 7.2 2029-2033 ​ ​ 29.7 ​ The above table reflects the total estimated future benefits to be paid from the plan, including both our share of the benefit cost and the participants’ share of the cost, which is funded by their contributions to the plan. The assumptions used in calculating the estimated future benefit payments are the same as those used to measure the benefit obligation for the year ended December 31, 2023. ​

Contingencies, Guarantees, Inde

Contingencies, Guarantees, Indemnifications and Leases	12 Months Ended
	Dec. 31, 2023
Contingencies, Guarantees, Indemnifications and Leases
Contingencies, Guarantees, Indemnifications and Leases	17. Contingencies, Guarantees, Indemnifications and Leases Litigation and Regulatory Contingencies We are regularly involved in litigation, both as a defendant and as a plaintiff, but primarily as a defendant. Litigation naming us as a defendant ordinarily arises out of our business operations as a provider of asset management and accumulation products and services, individual life insurance, specialty benefits insurance and our investment activities. Some of the lawsuits may be class actions, or purport to be, and some may include claims for unspecified or substantial punitive and treble damages. We may discuss such litigation in one of three ways. We accrue a charge to income and disclose legal matters for which the chance of loss is probable and for which the amount of loss can be reasonably estimated. We may disclose contingencies for which the chance of loss is reasonably possible and provide an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. Finally, we may voluntarily disclose loss contingencies for which the chance of loss is remote in order to provide information concerning matters that potentially expose us to possible losses. In addition, regulatory bodies such as state insurance departments, the SEC, the Financial Industry Regulatory Authority, the Department of Labor and other regulatory agencies regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, Employee Retirement Income Security Act and laws governing the activities of broker-dealers. We receive requests from regulators and other governmental authorities relating to industry issues and may receive additional requests, including subpoenas and interrogatories, in the future. While the outcome of any pending or future litigation or regulatory matter cannot be predicted, management does not believe any such matter will have a material adverse effect on our business or financial position. To the extent such matters present a reasonably possible chance of loss, we are generally not able to estimate the possible loss or range of loss associated therewith. The outcome of such matters is always uncertain and unforeseen results can occur. It is possible that such outcomes could require us to pay damages or make other expenditures or establish accruals in amounts that we could not estimate as of December 31, 2023. Guarantees and Indemnifications In the normal course of business, we have provided guarantees to our ultimate parent, PFG, related to benefit payments of the nonqualified pension plans and the nonqualified deferred compensation plans. We also provided guarantees to third parties primarily related to a former subsidiary. The terms of these agreements range in duration and often are not explicitly defined. The maximum exposure under these agreements as of December 31, 2023, was approximately $ 141.0 million. At inception, the fair value of such guarantees was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. Should we be required to perform under these guarantees, we generally could recover a portion of the loss from third parties through recourse provisions included in agreements with such parties, the sale of assets held as collateral that can be liquidated in the event performance is required under the guarantees or other recourse generally available to us; therefore, such guarantees would not result in a material adverse effect on our business or financial position. While the likelihood is remote, such outcomes could materially affect net income in a particular quarter or annual period. We are also subject to various other indemnification obligations issued in conjunction with divestitures, acquisitions, financing and reinsurance transactions whose terms range in duration and often are not explicitly defined. Certain portions of these indemnifications may be capped, while other portions are not subject to such limitations; therefore, the overall maximum amount of the obligation under the indemnifications cannot be reasonably estimated. At inception, the fair value of such indemnifications was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. While we are unable to estimate with certainty the ultimate legal and financial liability with respect to these indemnifications, we believe that performance under these indemnifications would not result in a material adverse effect on our business or financial position. While the likelihood is remote, performance under these indemnifications could materially affect net income in a particular quarter or annual period. Guaranty Funds Under state insurance guaranty fund laws, insurers doing business in a state can be assessed, up to prescribed limits, for certain obligations of insolvent insurance companies to policyholders and claimants. A state’s fund assesses its members based on their pro rata market share of written premiums in the state for the classes of insurance for which the insolvent insurer was engaged. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. We accrue liabilities for guaranty fund assessments when an assessment is probable, can be reasonably estimated and when the event obligating us to pay has occurred. While we cannot predict the amount and timing of any future assessments, we have established reserves we believe are adequate for assessments relating to insurance companies that are currently subject to insolvency proceedings . As of December 31, 2023 and 2022, the liability balance for guaranty fund assessments, which is not discounted, was $20.7 million and $20.6 million, respectively, and was reported within other liabilities in the consolidated statements of financial position. As of December 31, 2023 and 2022, $9.9 million and $9.7 million, respectively, related to premium tax offsets were included in premiums due and other receivables in the consolidated statements of financial position. Leases As a lessee, we lease office space, data processing equipment, office furniture and office equipment under various operating leases. We also lease buildings and hardware storage equipment under finance leases. Lease assets and liabilities are recognized at the commencement of a lease based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. Lease term may include options to extend or terminate the lease when it is reasonably certain we will exercise the option. Leases with an initial term of twelve months or less are not recorded on the consolidated statements of financial position. We recognize lease expense for leases on a straight-line basis over the lease term. Some of our lease agreements include payments for property taxes, insurance, utilities or common area maintenance, which are not based on an index or rate. These payments are recognized in net income in the period in which the obligation has occurred. We sublease certain office space to third parties, which are primarily operating leases. We record sublease income on a straight-line basis over the lease term. The lease assets and liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ Operating lease assets (1) ​ $ 113.0 ​ $ 116.9 ​ Finance lease assets (1) ​ 73.8 ​ 82.4 ​ Total lease assets ​ $ 186.8 ​ $ 199.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ Operating lease liabilities (2) ​ $ 104.5 ​ $ 112.2 ​ Finance lease liabilities (2) ​ 74.8 ​ 83.0 ​ Total lease liabilities ​ $ 179.3 ​ $ 195.2 ​ (1) Operating and finance lease assets are primarily reported within property and equipment on the consolidated statements of financial position. (2) Operating and finance lease liabilities are reported within other liabilities on the consolidated statements of financial position. The lease cost was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (in millions) Finance lease cost (1): ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 32.9 ​ $ 34.0 ​ $ 30.5 Interest on lease liabilities ​ ​ 1.9 ​ ​ 1.2 ​ ​ 1.0 Operating lease cost (1) ​ ​ 28.9 ​ ​ 34.6 ​ ​ 37.6 Other lease cost (1) (2) ​ ​ 6.6 ​ ​ 9.5 ​ ​ 7.3 Sublease income (3) ​ ​ (0.3) ​ ​ (1.5) ​ ​ (1.7) Total lease cost ​ $ 70.0 ​ $ 77.8 ​ $ 74.7 (1) Finance, operating and other lease costs are primarily included in operating expenses on the consolidated statements of operations. (2) Other lease cost primarily reflects variable and short-term lease costs. (3) Sublease income is included in fees and other revenues on the consolidated statements of operations. ​ Payments for operating leases for the years ended December 31, 2023, 2022 and 2021, were $ 32.4 million, $32.0 million and $36.0 million, respectively. Payments for finance leases for the years ended December 31, 2023, 2022 and 2021, were $ 34.3 million, $35.1 million and $31.4 million, respectively. The following represents future payments due by period for lease obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases Finance leases Total ​ ​ (in millions) For the twelve months ending December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 25.2 ​ $ 31.1 ​ $ 56.3 2025 ​ ​ 22.1 ​ ​ 23.4 ​ ​ 45.5 2026 ​ ​ 18.9 ​ ​ 17.1 ​ ​ 36.0 2027 ​ ​ 15.2 ​ ​ 7.5 ​ ​ 22.7 2028 ​ ​ 11.0 ​ ​ 0.1 ​ ​ 11.1 2029 and thereafter ​ ​ 25.9 ​ ​ — ​ ​ 25.9 Total lease payments ​ ​ 118.3 ​ ​ 79.2 ​ ​ 197.5 Less: interest ​ ​ 13.8 ​ ​ 4.4 ​ ​ 18.2 Present value of lease liabilities ​ $ 104.5 ​ $ 74.8 ​ $ 179.3 ​ The weighted-average remaining lease term and weighted-average discount rates were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ Operating leases ​ 7.3 7.7 7.8 ​ Finance leases ​ 3.0 2.8 3.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ Operating leases ​ 2.9 % 2.5 % 2.2 % Finance leases ​ 3.5 % 1.7 % 1.1 % ​

Stockholder's Equity

Stockholder's Equity	12 Months Ended
	Dec. 31, 2023
Stockholder's Equity
Stockholders' Equity	18. Stockholder’s Equity Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized gains on available-for-sale securities during the period ​ $ 2,069.1 ​ $ (438.8) ​ $ 1,630.3 ​ Reclassification adjustment for losses included in net income (1) ​ 355.1 ​ (74.8) ​ 280.3 ​ Adjustments for assumed changes in amortization patterns ​ (2.5) ​ 0.6 ​ (1.9) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.7 ​ (0.1) ​ 0.6 ​ Net unrealized gains on available-for-sale securities ​ 2,422.4 ​ (513.1) ​ 1,909.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized losses on derivative instruments during the period ​ (44.9) ​ ​ 9.4 ​ ​ (35.5) ​ Reclassification adjustment for gains included in net income (2) ​ (7.4) ​ ​ 1.6 ​ ​ (5.8) ​ Adjustments for assumed changes in amortization patterns ​ (0.9) ​ ​ 0.2 ​ ​ (0.7) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.2 ​ ​ — ​ ​ 0.2 ​ Net unrealized losses on derivative instruments ​ (53.0) ​ ​ 11.2 ​ ​ (41.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement loss (3) ​ ​ (496.5) ​ ​ 104.3 ​ ​ (392.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk loss (4) ​ (39.4) ​ ​ 8.3 ​ ​ (31.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ 3.0 ​ ​ (0.7) ​ ​ 2.3 ​ Amortization of amounts included in net periodic benefit cost (5) ​ (0.7) ​ ​ 0.2 ​ ​ (0.5) ​ Net unrecognized postretirement benefit obligation ​ 2.3 ​ ​ (0.5) ​ ​ 1.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 1,835.8 ​ $ (389.8) ​ $ 1,446.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized losses on available-for-sale securities during the period ​ $ (12,980.2) ​ $ 2,753.0 ​ $ (10,227.2) ​ Reclassification adjustment for losses included in net income (1) ​ 333.3 ​ (70.4) ​ 262.9 ​ Adjustments for assumed changes in amortization patterns ​ (3.7) ​ 0.7 ​ (3.0) ​ Adjustments for assumed changes in policyholder liabilities ​ 273.2 ​ (57.3) ​ 215.9 ​ Net unrealized losses on available-for-sale securities ​ (12,377.4) ​ 2,626.0 ​ (9,751.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized losses on derivative instruments during the period ​ (1.4) ​ ​ 0.4 ​ ​ (1.0) ​ Reclassification adjustment for gains included in net income (2) ​ (28.0) ​ ​ 5.8 ​ ​ (22.2) ​ Adjustments for assumed changes in amortization patterns ​ (0.1) ​ ​ — ​ ​ (0.1) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.4 ​ ​ (0.2) ​ ​ 0.2 ​ Net unrealized losses on derivative instruments ​ (29.1) ​ ​ 6.0 ​ ​ (23.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement gain (3) ​ ​ 6,295.5 ​ ​ (1,322.1) ​ ​ 4,973.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk gain (4) ​ ​ 141.2 ​ ​ (29.7) ​ ​ 111.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ (1.7) ​ ​ 0.3 ​ ​ (1.4) ​ Amortization of amounts included in net periodic benefit cost (5) ​ (0.8) ​ ​ 0.2 ​ ​ (0.6) ​ Net unrecognized postretirement benefit obligation ​ (2.5) ​ ​ 0.5 ​ ​ (2.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive loss ​ $ (5,972.3) ​ $ 1,280.7 ​ $ (4,691.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized losses on available-for-sale securities during the period ​ $ (2,313.3) ​ $ 490.5 ​ $ (1,822.8) ​ Reclassification adjustment for losses included in net income (1) ​ 20.5 ​ (4.3) ​ 16.2 ​ Adjustments for assumed changes in amortization patterns ​ (0.2) ​ — ​ (0.2) ​ Adjustments for assumed changes in policyholder liabilities ​ 252.6 ​ (53.0) ​ 199.6 ​ Net unrealized losses on available-for-sale securities ​ (2,040.4) ​ 433.2 ​ (1,607.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains on derivative instruments during the period ​ 66.7 ​ ​ (14.1) ​ ​ 52.6 ​ Reclassification adjustment for gains included in net income (2) ​ (25.5) ​ ​ 5.4 ​ ​ (20.1) ​ Adjustments for assumed changes in policyholder liabilities ​ 1.2 ​ ​ (0.2) ​ ​ 1.0 ​ Net unrealized gains on derivative instruments ​ 42.4 ​ ​ (8.9) ​ ​ 33.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement gain (3) ​ ​ 2,076.0 ​ ​ (435.9) ​ ​ 1,640.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk loss (4) ​ ​ (2.8) ​ ​ 0.6 ​ ​ (2.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ 2.3 ​ ​ (0.5) ​ ​ 1.8 ​ Amortization of amounts included in net periodic benefit cost (5) ​ (0.4) ​ ​ 0.1 ​ ​ (0.3) ​ Net unrecognized postretirement benefit obligation ​ 1.9 ​ ​ (0.4) ​ ​ 1.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 77.1 ​ $ (11.4) ​ $ 65.7 ​ (1) Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) and net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations. (2) See Note 6, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details. (3) Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 11, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details. (4) See Note 12, Market Risk Benefits, for further details. (5) Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 16, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details. Accumulated Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized ​ Net unrealized ​ LFPB ​ ​ ​ ​ Unrecognized ​ Accumulated ​ ​ gains (losses) on ​ gains (losses) on ​ discount rate ​ MRB ​ postretirement ​ other ​ ​ available-for-sale ​ derivative ​ remeasurement ​ nonperformance ​ benefit ​ comprehensive ​ securities (1) instruments gain (loss) risk gain (loss) obligation income (loss) ​ ​ (in millions) Balances as of January 1, 2021 ​ $ 3,955.5 ​ $ 18.5 ​ $ — ​ $ — ​ $ 12.9 ​ $ 3,986.9 Other comprehensive income during the period, net of adjustments ​ (1,623.4) ​ 53.6 ​ ​ 1,640.1 ​ ​ (2.2) ​ 1.8 ​ 69.9 Amounts reclassified from AOCI ​ 16.2 ​ (20.1) ​ ​ — ​ ​ — ​ (0.3) ​ (4.2) Other comprehensive income ​ (1,607.2) ​ ​ 33.5 ​ ​ 1,640.1 ​ ​ (2.2) ​ ​ 1.5 ​ ​ 65.7 Effects of implementation of accounting change related to long-duration insurance contracts, net ​ ​ 1,356.0 ​ ​ 5.0 ​ ​ (5,328.8) ​ ​ (84.3) ​ ​ — ​ ​ (4,052.1) Net assets transferred to affiliate due to change in benefit plan sponsorship ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.0 ​ ​ 2.0 Balances as of December 31, 2021 ​ ​ 3,704.3 ​ ​ 57.0 ​ ​ (3,688.7) ​ ​ (86.5) ​ ​ 16.4 ​ ​ 2.5 Other comprehensive loss during the period, net of adjustments ​ ​ (10,014.3) ​ ​ (0.9) ​ ​ 4,973.4 ​ ​ 111.5 ​ ​ (1.4) ​ ​ (4,931.7) Amounts reclassified from AOCI ​ ​ 262.9 ​ ​ (22.2) ​ ​ — ​ ​ — ​ ​ (0.6) ​ ​ 240.1 Other comprehensive loss ​ ​ (9,751.4) ​ ​ (23.1) ​ ​ 4,973.4 ​ ​ 111.5 ​ ​ (2.0) ​ ​ (4,691.6) Adjustments for reinsurance (2) ​ ​ 108.3 ​ ​ 6.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 114.4 Balances as of December 31, 2022 ​ ​ (5,938.8) ​ ​ 40.0 ​ ​ 1,284.7 ​ ​ 25.0 ​ ​ 14.4 ​ ​ (4,574.7) Other comprehensive income during the period, net of adjustments ​ ​ 1,629.0 ​ ​ (36.0) ​ ​ (392.2) ​ ​ (31.1) ​ ​ 2.3 ​ ​ 1,172.0 Amounts reclassified from AOCI ​ ​ 280.3 ​ ​ (5.8) ​ ​ — ​ ​ — ​ ​ (0.5) ​ ​ 274.0 Other comprehensive income ​ ​ 1,909.3 ​ ​ (41.8) ​ ​ (392.2) ​ ​ (31.1) ​ ​ 1.8 ​ ​ 1,446.0 Balances as of December 31, 2023 ​ $ (4,029.5) ​ $ (1.8) ​ $ 892.5 ​ $ (6.1) ​ $ 16.2 ​ $ (3,128.7) (1) Net unrealized losses on available-for-sale debt securities for which an allowance for credit loss has been recorded were $ 1.5 million, $1.8 million and $0.6 million as of December 31, 2023, 2022 and 2021, respectively. (2) Reflects the January 1, 2022, balance associated with our ULSG business that was ceded to Talcott Life & Annuity Re. Dividend Limitations Under Iowa law, we may pay dividends or make other distributions only from the earned surplus arising from our business and must receive the prior approval of the Commissioner of Insurance of the State of Iowa (“the Commissioner”) to pay stockholder dividends or make any other distribution if such distribution would exceed certain statutory limitations. Iowa law gives the Commissioner discretion to disapprove requests for distributions in excess of these limitations. Extraordinary dividends include those made, together with dividends and other distributions, within the preceding twelve months that exceed the greater of (i) 10% of our statutory policyholder surplus as of the previous year-end excluding admitted disallowed interest maintenance reserve or (ii) the statutory net gain from operations from the previous calendar year, not to exceed earned surplus. Based on this limitation and 2023 statutory results, we could pay approximately $1,497.8 million in ordinary stockholder dividends in 2024 without prior regulatory approval. However, because the dividend test is based on dividends previously paid over rolling twelve-month periods, if paid before a specified date during 2024, some or all of such dividends may be extraordinary and require regulatory approval. ​

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Measurements
Fair Value Measurements	19. Fair Value Measurements We use fair value measurements to record fair value of certain assets and liabilities and to estimate fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment contracts, are excluded from these fair value disclosure requirements. Valuation Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety considering factors specific to the asset or liability. ● Level 1 – Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities. ● Level 2 – Fair values are based on inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3 – Fair values are based on at least one significant unobservable input for the asset or liability. Determination of Fair Value The following discussion describes the valuation methodologies and inputs used for assets and liabilities measured at fair value on a recurring basis. The techniques utilized in estimating the fair value of financial instruments are reliant on the assumptions used. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. Fair value estimates are made based on available market information and judgments about the financial instrument at a specific point in time. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. We validate prices through an investment analyst review process, which includes validation through direct interaction with external sources, review of recent trade activity or use of internal models. In circumstances where broker quotes are used to value an instrument, we generally receive one non-binding quote. Broker quotes are validated through an investment analyst review process, which includes validation through direct interaction with external sources and use of internal models or other relevant information. We did not make any significant changes to our valuation processes during 2023. Fixed Maturities Fixed maturities include bonds, ABS, redeemable preferred stock and certain non-redeemable preferred securities. When available, the fair value of fixed maturities is based on quoted prices of identical assets in active markets. These are reflected in Level 1 and primarily include U.S. Treasury bonds and actively traded redeemable corporate preferred securities. When quoted prices of identical assets in active markets are not available, our first priority is to obtain prices from third party pricing vendors. We have regular interaction with these vendors to ensure we understand their pricing methodologies and to confirm they are utilizing observable market information. Their methodologies vary by asset class and include inputs such as estimated cash flows, benchmark yields, reported trades, broker quotes, credit quality, industry events and economic events. Fixed maturities with validated prices from pricing services, which includes the majority of our public fixed maturities in all asset classes, are generally reflected in Level 2. Also included in Level 2 are corporate bonds when quoted market prices are not available, for which an internal model using substantially all observable inputs or a matrix pricing valuation approach is used. In the matrix approach, securities are grouped into pricing categories that vary by sector, rating and average life. Each pricing category is assigned a risk spread based on studies of observable public market data for specific security classes. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread. Although the matrix valuation approach provides a fair valuation of each pricing category, the valuation of an individual security within each pricing category may also be impacted by company specific factors. If we are unable to price a fixed maturity security using prices from third party pricing vendors or other sources specific to the asset class, we may obtain a broker quote or utilize an internal pricing model specific to the asset utilizing relevant market information, to the extent available and where at least one significant unobservable input is utilized. These are reflected in Level 3 in the fair value hierarchy and can include fixed maturities across all asset classes. As of December 31, 2023, approximately 3% of our total fixed maturities were Level 3 securities valued using internal pricing models. The primary inputs, by asset class, for valuations of the majority of our Level 2 investments from third party pricing vendors or our internal pricing valuation approach are described below. U.S. Government and Agencies/Non-U.S. Governments . Inputs include recently executed market transactions, interest rate yield curves, maturity dates, market price quotations and credit spreads relating to similar instruments. States and Political Subdivisions . Inputs include Municipal Securities Rulemaking Board reported trades, U.S. Treasury and other benchmark curves, material event notices, new issue data and obligor credit ratings. Corporate . Inputs include recently executed transactions, market price quotations, benchmark yields, issuer spreads and observations of equity and credit default swap curves related to the issuer. For private placement corporate securities valued through the matrix valuation approach inputs include the current Treasury curve and risk spreads based on sector, rating and average life of the issuance. RMBS, CMBS, Collateralized Debt Obligations and Other Debt Obligations . Inputs include cash flows, priority of the tranche in the capital structure, expected time to maturity for the specific tranche, reinvestment period remaining and performance of the underlying collateral including prepayments, defaults, deferrals, loss severity of defaulted collateral and, for RMBS, prepayment speed assumptions. Other inputs include market indices and recently executed market transactions. Equity Securities Equity securities include mutual funds, common stock and non-redeemable preferred stock. Fair values of equity securities are determined using quoted prices in active markets for identical assets when available, which are reflected in Level 1. When quoted prices are not available, we may utilize internal valuation methodologies appropriate for the specific asset that use observable inputs such as underlying share prices or the net asset value (“NAV”), which are reflected in Level 2. Fair values might also be determined using broker quotes or through the use of internal models or analysis that incorporate significant assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing such securities, which are reflected in Level 3. Derivatives The fair values of exchange-traded derivatives are determined through quoted market prices, which are reflected in Level 1. Exchange-traded derivatives include futures that are settled daily, which reduces their fair value in the consolidated statements of financial position. The fair values of OTC cleared derivatives are determined through market prices published by the clearinghouses, which are reflected in Level 2. The clearinghouses utilize the SOFR curve in their valuation. Variation margin associated with OTC cleared derivatives is settled daily, which reduces their fair value in the consolidated statements of financial position. The fair values of bilateral OTC derivative instruments are determined using either pricing valuation models that utilize market observable inputs or broker quotes. The majority of our bilateral OTC derivatives are valued with models that use market observable inputs, which are reflected in Level 2. Significant inputs include contractual terms, interest rates, currency exchange rates, credit spread curves, equity prices and volatilities. These valuation models consider projected discounted cash flows, relevant swap curves and appropriate implied volatilities. Certain bilateral OTC derivatives utilize unobservable market data, primarily independent broker quotes that are nonbinding quotes based on models that do not reflect the result of market transactions, which are reflected in Level 3. Our non-cleared derivative contracts are generally documented under ISDA Master Agreements, which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties. Collateral arrangements are bilateral and based on current ratings of each entity. We utilize the SOFR curve to value our positions. Counterparty credit risk is routinely monitored to ensure our adjustment for nonperformance risk is appropriate. Our centrally cleared derivative contracts are conducted with regulated centralized clearinghouses, which provide for daily exchange of cash collateral or variation margin equal to the difference in the daily market values of those contracts that eliminates the nonperformance risk on these trades. Interest Rate Contracts. For non-cleared contracts, which include interest rate swaps and have included swaptions, we use discounted cash flow valuation techniques to determine the fair value using observable swap curves as the inputs. These are reflected in Level 2. We have forward contracts for which we obtain prices from third party pricing vendors. These are reflected in Level 2. For centrally cleared contracts we use published prices from clearinghouses. These are reflected in Level 2. In addition, we have forward contracts and have had interest rate options that were valued using broker quotes. These are reflected in Level 3. Foreign Exchange Contracts. We use discounted cash flow valuation techniques that utilize observable swap curves and exchange rates as the inputs to determine the fair value of foreign currency swaps. These are reflected in Level 2. Currency forwards are valued using observable market inputs, including forward currency exchange rates. These are reflected in Level 2. In addition, we had a limited number of non-standard currency swaps that were valued using broker quotes. These were reflected within Level 3. Equity Contracts. We use an option pricing model using observable implied volatilities, dividend yields, index prices and swap curves as the inputs to determine the fair value of equity options. These are reflected in Level 2. Certain equity option contracts are valued using broker quotes. These are reflected in Level 3. Credit Contracts. We use either the ISDA Credit Default Swap Standard discounted cash flow model that utilizes observable default probabilities and recovery rates as inputs to determine the fair value of credit default swaps. These are reflected in Level 2. In addition, we have a limited number of credit default swaps that are valued using broker quotes. These are reflected within Level 3. Other Investments Other investments reported at fair value include invested assets of consolidated sponsored investment funds, unconsolidated sponsored investment funds, other investment funds reported at fair value, other loans of a consolidated VIE for which the fair value option was elected and certain redeemable and nonredeemable preferred stock. The fair value of investment funds is determined using the NAV of the fund. The NAV of the fund represents the price at which we would be able to initiate a transaction. Investments for which the NAV represents a quoted price in an active market for identical assets are reflected in Level 1. Investments that do not have a quoted price in an active market are reflected in Level 2. Other loans of a consolidated VIE for which the fair value option was elected are reflected in Level 3. The fair value of these loans is estimated using a discounted cash flow valuation model that utilizes standard assumption-setting methodology accepted by market participants in the industry. The assumptions are formed based on historical performance of the loans and utilizes market data inputs such as charge-off rates, prepayment rates, recovery rates and discount rates. Cash Equivalents Certain cash equivalents are reported at fair value on a recurring basis and include money market instruments and other short-term investments with maturities of three months or less. Fair values of these cash equivalents may be determined using public quotations, when available, which are reflected in Level 1. When public quotations are not available, because of the highly liquid nature of these assets, carrying amounts may be used to approximate fair values, which are reflected in Level 2. Separate Account Assets Separate account assets include equity securities, debt securities, cash equivalents and derivative instruments, for which fair values are determined as previously described, and are reflected in Level 1, Level 2 and Level 3. Separate account assets also include commercial mortgage loans, for which the fair value is estimated by discounting the expected total cash flows using market rates that are applicable to the yield, credit quality and maturity of the loans. The market clearing spreads vary based on mortgage type, weighted average life, rating and liquidity. These are reflected in Level 3. Finally, separate account assets include real estate, for which the fair value is estimated using discounted cash flow valuation models that utilize various public real estate market data inputs. In addition, each property is appraised annually by an independent appraiser. The real estate included in separate account assets is recorded net of related mortgage encumbrances for which the fair value is estimated using discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. The real estate within the separate accounts is reflected in Level 3. Market Risk Benefits MRBs are measured at fair value at the contract level on a recurring basis and are reflected in Level 3 as either an asset or a liability, depending on certain inputs at the reporting date. The key assumptions for calculating the fair value are market assumptions and policyholder behavior. Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The MRBs are valued using stochastic models that incorporate a spread reflecting our own nonperformance risk. The assumption for our own nonperformance risk is based on current market credit spreads for debt-like instruments we have issued and are available in the market. Refer to Note 12, Market Risk Benefits, for further information on the determination of fair value measurement of MRBs. Investment and Universal Life Contracts Certain universal life, annuity and other investment contracts include embedded derivatives that have been bifurcated from the host contract and are measured at fair value on a recurring basis, which are reflected in Level 3. The key assumptions for calculating the fair value of the embedded derivative liabilities are market assumptions (such as equity market returns, interest rate levels, market volatility and correlations) and policyholder behavior assumptions (such as lapse and mortality). Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The embedded derivative liabilities are valued using models that incorporate a spread reflecting our own creditworthiness. The assumption for our own nonperformance risk for investment contracts and any embedded derivatives bifurcated from certain universal life, annuity and investment contracts is based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Funds Withheld Payable The funds withheld payable includes an embedded derivative that has been bifurcated from the host contract and is measured at fair value on a recurring basis, which is reflected in Level 3. The fair value is determined based on the change in the estimated fair value of the underlying funds withheld investments. The fair value of these assets is determined as previously described. Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ Fair value hierarchy level ​ ​ ​ measured at ​ net asset ​ ​ ​ ​ fair value value (5) Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,504.9 ​ $ — ​ $ 1,210.8 ​ $ 294.1 ​ $ — ​ Non-U.S. governments ​ 479.9 ​ — ​ — ​ 479.9 ​ — ​ States and political subdivisions ​ 6,613.3 ​ — ​ — ​ 6,545.1 ​ 68.2 ​ Corporate ​ 33,079.5 ​ — ​ 30.9 ​ 30,742.7 ​ 2,305.9 ​ Residential mortgage-backed pass-through securities ​ 2,824.9 ​ — ​ — ​ 2,824.9 ​ — ​ Commercial mortgage-backed securities ​ 4,743.4 ​ — ​ — ​ 4,740.4 ​ 3.0 ​ Collateralized debt obligations (1) ​ 5,397.8 ​ — ​ — ​ 5,322.4 ​ 75.4 ​ Other debt obligations ​ 7,886.5 ​ — ​ — ​ 6,703.9 ​ 1,182.6 ​ Total fixed maturities, available-for-sale ​ 62,530.2 ​ — ​ 1,241.7 ​ 57,653.4 ​ 3,635.1 ​ Fixed maturities, trading ​ 715.3 ​ — ​ 27.7 ​ 307.8 ​ 379.8 ​ Equity securities ​ 43.0 ​ — ​ 14.9 ​ 28.1 ​ — ​ Derivative assets (2) ​ 253.0 ​ — ​ — ​ 246.9 ​ 6.1 ​ Other investments ​ 238.3 ​ 73.7 ​ — ​ — ​ 164.6 ​ Cash equivalents ​ 3,010.2 ​ — ​ 449.6 ​ 2,560.6 ​ — ​ Market risk benefit asset (3) ​ 153.4 ​ — ​ — ​ — ​ 153.4 ​ Sub-total excluding separate account assets ​ ​ 66,943.4 ​ ​ 73.7 ​ ​ 1,733.9 ​ ​ 60,796.8 ​ ​ 4,339.0 ​ Separate account assets ​ 131,641.7 ​ 8,692.0 ​ 103,598.9 ​ 18,598.0 ​ 752.8 ​ Total assets ​ $ 198,585.1 ​ $ 8,765.7 ​ $ 105,332.8 ​ $ 79,394.8 ​ $ 5,091.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ $ (115.5) ​ $ — ​ $ — ​ $ — ​ $ (115.5) ​ Market risk benefit liability (3) ​ ​ (111.9) ​ ​ — ​ ​ — ​ ​ — ​ ​ (111.9) ​ Funds withheld payable embedded derivative (4) ​ ​ 2,326.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,326.1 ​ Derivative liabilities (2) ​ ​ (473.4) ​ ​ — ​ ​ — ​ ​ (472.6) ​ ​ (0.8) ​ Total liabilities ​ $ 1,625.3 ​ $ — ​ $ — ​ $ (472.6) ​ $ 2,097.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 200,210.4 ​ $ 8,765.7 ​ $ 105,332.8 ​ $ 78,922.2 ​ $ 7,189.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ Fair value hierarchy level ​ ​ ​ measured at ​ net asset ​ ​ ​ ​ fair value value (5) Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,715.9 ​ $ — ​ $ 1,354.0 ​ $ 361.9 ​ $ — ​ Non-U.S. governments ​ 520.4 ​ — ​ — ​ 520.4 ​ — ​ States and political subdivisions ​ 6,168.3 ​ — ​ — ​ 6,099.2 ​ 69.1 ​ Corporate ​ 33,184.8 ​ — ​ 26.6 ​ 31,589.9 ​ 1,568.3 ​ Residential mortgage-backed pass-through securities ​ 2,170.9 ​ — ​ — ​ 2,170.9 ​ — ​ Commercial mortgage-backed securities ​ 4,827.5 ​ — ​ — ​ 4,824.1 ​ 3.4 ​ Collateralized debt obligations (1) ​ 4,560.2 ​ — ​ — ​ 4,504.0 ​ 56.2 ​ Other debt obligations ​ 6,483.3 ​ — ​ — ​ 6,015.5 ​ 467.8 ​ Total fixed maturities, available-for-sale ​ 59,631.3 ​ — ​ 1,380.6 ​ 56,085.9 ​ 2,164.8 ​ Fixed maturities, trading ​ 634.0 ​ — ​ 78.6 ​ 449.2 ​ 106.2 ​ Equity securities ​ 53.1 ​ — ​ 14.8 ​ 38.3 ​ — ​ Derivative assets (2) ​ 256.6 ​ — ​ — ​ 256.5 ​ 0.1 ​ Other investments ​ 82.8 ​ 81.4 ​ — ​ — ​ 1.4 ​ Cash equivalents ​ 2,776.4 ​ — ​ 930.3 ​ 1,846.1 ​ — ​ Market risk benefit asset (3) ​ ​ 109.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ 109.2 ​ Sub-total excluding separate account assets ​ 63,543.4 ​ 81.4 ​ 2,404.3 ​ 58,676.0 ​ 2,381.7 ​ Separate account assets ​ 120,279.6 ​ 9,120.9 ​ 91,424.2 ​ 18,700.4 ​ 1,034.1 ​ Total assets ​ $ 183,823.0 ​ $ 9,202.3 ​ $ 93,828.5 ​ $ 77,376.4 ​ $ 3,415.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ $ (46.3) ​ $ — ​ $ — ​ $ — ​ $ (46.3) ​ Market risk benefit liability (3) ​ ​ (181.4) ​ ​ — ​ ​ — ​ ​ — ​ ​ (181.4) ​ Funds withheld payable embedded derivative (4) ​ ​ 3,652.8 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,652.8 ​ Derivative liabilities (2) ​ ​ (612.2) ​ ​ — ​ ​ — ​ ​ (608.1) ​ ​ (4.1) ​ Total liabilities ​ $ 2,812.9 ​ $ — ​ $ — ​ $ (608.1) ​ $ 3,421.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 186,635.9 ​ $ 9,202.3 ​ $ 93,828.5 ​ $ 76,768.3 ​ $ 6,836.8 ​ (1) Primarily consists of collateralized loan obligations backed by secured corporate loans. (2) Within the consolidated statements of financial position, derivative assets are reported with other investments and derivative liabilities are reported with other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated statements of financial position; however, are presented net for purposes of the rollforward in the Changes in Level 3 Fair Value Measurements tables. Refer to Note 6, Derivative Financial Instruments, for further information on fair value by class of derivative instruments. (3) Refer to Note 12, Market Risk Benefits, for further information on the change in the Level 3 fair value measurements of MRBs. (4) Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported. The funds withheld payable embedded derivative could be in either an asset or (liability) position. (5) Certain investments are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. Other investments using the NAV practical expedient consist of certain fund interests that are restricted until maturity with unfunded commitments totaling $7.1 million and $7.8 million as of December 31, 2023 and 2022, respectively. Separate account assets using the NAV practical expedient consist of certain funds with varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these funds. Changes in Level 3 Fair Value Measurements The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Beginning ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ ​ ​ ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ Included ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ January 1, ​ in net ​ comprehensive ​ settlements ​ into ​ out of ​ December 31, ​ 2023 income (2) income (3) (4) Level 3 Level 3 2023 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 69.1 ​ $ — ​ $ 0.8 ​ $ (1.7) ​ $ — ​ $ — ​ $ 68.2 Corporate ​ ​ 1,568.3 ​ ​ (4.5) ​ ​ 13.3 ​ ​ 593.6 ​ ​ 212.4 ​ ​ (77.2) ​ ​ 2,305.9 Commercial mortgage-backed securities ​ 3.4 ​ — ​ — ​ ​ (0.4) ​ — ​ — ​ 3.0 Collateralized debt obligations ​ 56.2 ​ — ​ 1.9 ​ ​ 165.8 ​ — ​ (148.5) ​ 75.4 Other debt obligations ​ 467.8 ​ 1.3 ​ 1.2 ​ ​ 537.0 ​ 239.5 ​ (64.2) ​ 1,182.6 Total fixed maturities, available-for-sale ​ 2,164.8 ​ (3.2) ​ 17.2 ​ ​ 1,294.3 ​ 451.9 ​ (289.9) ​ 3,635.1 Fixed maturities, trading ​ ​ 106.2 ​ ​ 2.4 ​ ​ — ​ ​ 271.2 ​ ​ — ​ ​ — ​ ​ 379.8 Other investments ​ 1.4 ​ (5.7) ​ — ​ ​ 168.9 ​ — ​ — ​ 164.6 Separate account assets (1) ​ 1,034.1 ​ (7.9) ​ — ​ ​ (273.4) ​ — ​ — ​ 752.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (46.3) ​ (37.8) ​ — ​ ​ (31.4) ​ — ​ — ​ (115.5) Funds withheld payable embedded derivative ​ ​ 3,652.8 ​ ​ (1,326.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,326.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ (4.0) ​ 6.1 ​ — ​ ​ 3.1 ​ 0.1 ​ ​ — ​ 5.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Beginning ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ ​ ​ ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ Included ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ January 1, in net comprehensive settlements into out of December 31, ​ ​ 2022 ​ income (2) ​ income (3) ​ (4) ​ Level 3 ​ Level 3 ​ 2022 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 92.4 ​ $ — ​ $ (23.5) ​ $ (1.6) ​ $ 12.0 ​ $ (10.2) ​ $ 69.1 Corporate ​ ​ 834.3 ​ ​ (4.8) ​ ​ (28.6) ​ ​ 626.3 ​ ​ 176.3 ​ ​ (35.2) ​ ​ 1,568.3 Commercial mortgage-backed securities ​ 19.2 ​ — ​ (1.0) ​ ​ (4.6) ​ — ​ (10.2) ​ 3.4 Collateralized debt obligations ​ 85.8 ​ — ​ (1.0) ​ ​ 151.8 ​ — ​ (180.4) ​ 56.2 Other debt obligations ​ 42.1 ​ (0.3) ​ (20.4) ​ ​ 474.2 ​ — ​ (27.8) ​ 467.8 Total fixed maturities, available-for-sale ​ 1,073.8 ​ (5.1) ​ (74.5) ​ ​ 1,246.1 ​ 188.3 ​ (263.8) ​ 2,164.8 Fixed maturities, trading ​ ​ 4.9 ​ ​ (0.6) ​ ​ — ​ ​ 72.9 ​ ​ 29.0 ​ ​ — ​ ​ 106.2 Other investments ​ ​ 1.4 ​ — ​ — ​ ​ — ​ — ​ — ​ 1.4 Separate account assets (1) ​ 946.0 ​ 112.0 ​ — ​ ​ (23.9) ​ — ​ — ​ 1,034.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (83.2) ​ 36.1 ​ — ​ ​ 0.8 ​ — ​ — ​ (46.3) Funds withheld payable embedded derivative ​ — ​ 3,652.8 ​ — ​ ​ — ​ — ​ — ​ 3,652.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ 0.6 ​ (4.0) ​ (0.3) ​ ​ — ​ — ​ ​ (0.3) ​ (4.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Beginning ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ Included ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ in net ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ January 1, ​ income ​ comprehensive ​ settlements ​ into ​ out of ​ December 31, ​ 2021 (2) income (3) (4) Level 3 Level 3 2021 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ — ​ $ 12.5 ​ $ (0.4) ​ $ 80.3 ​ $ — ​ $ 92.4 Corporate ​ ​ 290.8 ​ ​ (21.9) ​ ​ 7.8 ​ ​ 381.8 ​ ​ 175.8 ​ ​ — ​ ​ 834.3 Commercial mortgage-backed securities ​ 13.2 ​ (1.0) ​ (0.4) ​ ​ 7.4 ​ — ​ — ​ 19.2 Collateralized debt obligations ​ 27.2 ​ (2.0) ​ 1.7 ​ ​ 397.4 ​ 72.1 ​ (410.6) ​ 85.8 Other debt obligations ​ 29.2 ​ — ​ 0.4 ​ ​ 16.9 ​ 20.6 ​ (25.0) ​ 42.1 Total fixed maturities, available-for-sale ​ 360.4 ​ (24.9) ​ 22.0 ​ ​ 803.1 ​ 348.8 ​ (435.6) ​ 1,073.8 Fixed maturities, trading ​ ​ — ​ ​ — ​ ​ — ​ ​ 4.9 ​ ​ — ​ ​ — ​ ​ 4.9 Other investments ​ 30.0 ​ 12.4 ​ — ​ ​ (41.0) ​ — ​ — ​ 1.4 Separate account assets (1) ​ 8,893.2 ​ 313.8 ​ — ​ ​ (8,261.0) ​ — ​ — ​ 946.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (90.8) ​ (15.6) ​ — ​ ​ 23.2 ​ — ​ — ​ (83.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ (5.1) ​ (5.0) ​ — ​ ​ 10.7 ​ — ​ ​ — ​ 0.6 (1) Gains and losses for separate account assets do not impact net income as the change in value of separate account assets is offset by a change in value of separate account liabilities. (2) Both realized gains (losses) and mark-to-market unrealized gains (losses) are generally reported in net realized capital gains (losses), net realized capital gains (losses) on funds withheld assets or change in fair value of funds withheld embedded derivative within the consolidated statements of operations. Realized and unrealized gains (losses) on certain securities with an investment objective to realize economic value through mark-to-market changes are reported in net investment income within the consolidated statements of operations. Changes in unrealized gains (losses) included in net income relating to positions still held were : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Assets ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ Corporate ​ $ 0.3 ​ $ (1.3) ​ $ (4.6) Commercial mortgage-backed securities ​ ​ — ​ ​ — ​ ​ (1.0) Collateralized debt obligations ​ — ​ — ​ (2.0) Other debt obligations ​ 1.9 ​ 1.9 ​ 1.9 Total fixed maturities, available-for-sale ​ 2.2 ​ 0.6 ​ (5.7) Fixed maturities, trading ​ ​ 2.3 ​ ​ (0.6) ​ ​ — Other investments ​ (5.2) ​ — ​ 12.5 Separate account assets ​ (80.3) ​ 89.8 ​ 90.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ Investment and universal life contracts ​ (29.2) ​ 22.6 ​ (8.6) Funds withheld payable embedded derivative ​ ​ (1,326.7) ​ ​ 3,652.8 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ Net derivative assets (liabilities) ​ 7.3 ​ (4.0) ​ — ​ (3) Changes in unrealized gains ( losses ) included in OCI relating to positions still held were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ (4.1) ​ $ (21.7) ​ $ 12.5 Corporate ​ ​ (38.9) ​ ​ (19.8) ​ ​ (0.7) Commercial mortgage-backed securities ​ ​ — ​ ​ (0.5) ​ ​ (0.4) Collateralized debt obligations ​ ​ 0.7 ​ ​ — ​ ​ 1.9 Other debt obligations ​ ​ (29.8) ​ ​ (18.5) ​ ​ — Total fixed maturities, available-for-sale ​ ​ (72.1) ​ ​ (60.5) ​ ​ 13.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ (0.2) ​ ​ — ​ (4) Gross purchases, sales, issuances and settlements were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ ​ Purchases Sales Issuances Settlements and settlements ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ — ​ $ — ​ $ (1.7) ​ $ (1.7) ​ Corporate ​ ​ 815.2 ​ ​ (27.7) ​ ​ — ​ ​ (193.9) ​ ​ 593.6 ​ Commercial mortgage-backed securities ​ — ​ — ​ — ​ (0.4) ​ (0.4) ​ Collateralized debt obligations ​ 167.0 ​ — ​ — ​ (1.2) ​ 165.8 ​ Other debt obligations ​ 563.3 ​ — ​ — ​ (26.3) ​ 537.0 ​ Total fixed maturities, available-for-sale ​ 1,545.5 ​ (27.7) ​ — ​ (223.5) ​ 1,294.3 ​ Fixed maturities, trading ​ ​ 424.7 ​ ​ (138.7) ​ ​ — ​ ​ (14.8) ​ ​ 271.2 ​ Other investments ​ 194.2 ​ — ​ — ​ (25.3) ​ 168.9 ​ Separate account assets (5) ​ — ​ ​ (286.3) ​ ​ (109.1) ​ 122.0 ​ (273.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ — ​ — ​ (69.9) ​ 38.5 ​ (31.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilit

Statutory Insurance Financial I

Statutory Insurance Financial Information	12 Months Ended
	Dec. 31, 2023
Statutory Insurance Financial Information
Statutory Insurance Financial Information	20. Statutory Insurance Financial Information We, the largest indirect subsidiary of PFG, prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Division of the Department of Commerce of the State of Iowa (the “Iowa Insurance Division”). The Iowa Insurance Division recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company to determine its solvency under the Iowa Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual has been adopted as a component of prescribed practices by the State of Iowa. The Commissioner has the right to permit other specific practices that deviate from prescribed practices. Statutory accounting practices differ from U.S. GAAP primarily due to charging policy acquisition costs to expense as incurred, establishing reserves using different actuarial assumptions, valuing investments on a different basis and not admitting certain assets, including certain net deferred income tax assets. We cede certain term, universal life and Closed Block life insurance statutory reserves to our affiliated reinsurance subsidiaries on a funds withheld coinsurance basis. The reserves are secured by cash, invested assets and financing provided by highly rated third parties. As of December 31, 2023 and 2022, our affiliated reinsurance subsidiaries assumed statutory reserves of $ 18,474.2 million and $17,815.1 million from us, respectively. In the states of Vermont and Delaware, the affiliated reinsurers had permitted and prescribed practices allowing for the admissibility of certain assets backing these reserves. As of December 31, 2023 and 2022, assets admitted under these practices totaled $ 4,153.8 million and $3,748.4 million, respectively. In addition, as of December 31, 2023 and 2022, one of our affiliated reinsurance subsidiaries in Vermont ceded $ 10,406.3 million and $9,956.9 million of the ULSG reserves it assumed from us to Talcott Life & Annuity Re, respectively. Life and health insurance companies are subject to certain risk-based capital (“RBC”) requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life and health insurance company is to be determined based on the various risk factors related to it. As of December 31, 2023, we met the minimum RBC requirements. Our statutory net income (loss) and statutory capital and surplus were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of or for the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Statutory net income (loss) ​ $ 1,285.0 ​ $ (1,563.1) ​ $ 864.0 ​ Statutory capital and surplus ​ ​ 4,753.4 ​ ​ 4,304.4 ​ ​ 5,375.2 ​ ​

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Information
Segment Information	21. Segment Information We provide financial products and services through the following segments: Retirement and Income Solutions and Benefits and Protection. In addition, we have a Corporate segment. The segments are managed and reported separately because they provide different products and services, have different strategies or have different markets and distribution channels. We are now reporting results for our Retirement and Income Solutions segment in total and not separated into Fee and Spread components, as previously reported. Additionally, in 2023 we updated the name of our U.S. Insurance Solutions segment to Benefits and Protection and will continue to report the results of Specialty Benefits and Life Insurance within this segment. These changes did not have an impact on our consolidated financial statements. The Retirement and Income Solutions segment provides retirement and related financial products and services primarily to businesses, their employees and other individuals. The segment includes workplace savings and retirement solutions, banking, trust and custodial services, individual variable annuities, pension risk transfer, investment only and our exited retail fixed annuities business. The Benefits and Protection (formerly known as U.S. Insurance Solutions) segment focuses on solutions primarily for small-to-mid sized businesses and their employees. The segment is organized into Specialty Benefits, which provides group dental, group life insurance, group disability insurance (including short-term disability, long-term disability and paid family and medical leave), supplemental health products (including vision, critical illness, accident and hospital indemnity) and individual disability insurance; and Life Insurance, which provides life insurance, with a focus on the business market customer, including universal life and, variable universal life (including indexed universal life) and traditional life insurance (including term life insurance). All remaining customers are part of the legacy life block of business, including universal and variable universal life insurance (including indexed universal life), traditional life insurance (including participating whole life, adjustable life products and term life insurance) and our exited ULSG business. Our Corporate segment manages the assets representing capital that has not been allocated to any other segment. Financial results of the Corporate segment primarily reflect income on capital not allocated to the segments, inter-segment eliminations, income tax risks and certain income, expenses and other adjustments not allocated to other segments based on the nature of such items. Results of our exited group medical and long-term care insurance businesses are reported in this segment. Management uses segment pre-tax operating earnings in evaluating performance, which is consistent with the financial results provided to and discussed with securities analysts. We determine segment pre-tax operating earnings by adjusting U.S. GAAP income before income taxes for pre-tax net realized capital gains (losses), as adjusted, pre-tax income (loss) from exited business, pre-tax other adjustments that management believes are not indicative of overall operating trends and certain adjustments related to equity method investments and noncontrolling interest. While these items may be significant components in understanding and assessing the consolidated financial performance, management believes the presentation of pre-tax operating earnings enhances the understanding of our results of operations by highlighting pre-tax earnings attributable to the normal, ongoing operations of the business. The pre-tax net realized capital gains (losses), as adjusted, excluded from pre-tax operating earnings reflects consolidated U.S. GAAP pre-tax net realized capital gains (losses) excluding the following items that are included in pre-tax operating earnings: ● Periodic settlements and accruals on derivative instruments not designated as hedging instruments, ● Certain market value adjustments of derivatives and embedded derivatives and ● Certain market value adjustments of derivative instruments used to economically hedge embedded derivatives. Pre-tax income (loss) from exited business includes amounts associated with our exited U.S. retail fixed annuity and ULSG businesses, including the change in fair value of the funds withheld embedded derivative, net realized capital gains (losses) on funds withheld assets, strategic review costs and impacts, amortization of reinsurance gain (loss) and other impacts of reinsured business. The strategic review costs and impacts primarily include actuarial balance re-cohorting impacts resulting from the Strategic Review and costs to close the Talcott Reinsurance Transaction. Other impacts of reinsured business primarily include DAC amortization. Pre-tax net realized capital gains (losses), as adjusted, are further adjusted for: ● Amortization of hedge accounting book value adjustments for certain discontinued hedges, ● Certain hedge accounting market value revenue adjustments, ● Certain market value adjustments to fee revenues, ● Certain variable annuity fees, ● The change in fair value of the funds withheld embedded derivative and net realized capital gains (losses) on funds withheld assets associated with the PFS Bermuda Reinsurance Transaction, ● Market value adjustments of market risk benefits, ● Related changes in the amortization pattern of actuarial balances, ● Certain hedge accounting market value expense adjustments and ● Net realized capital gains (losses) distributed. Segment operating revenues reflect consolidated U.S. GAAP total revenues excluding: ● Net realized capital gains (losses), except periodic settlements and accruals on derivatives not designated as hedging instruments and certain market value adjustments of derivative instruments used to economically hedge embedded derivatives, and their impact on: ● Amortization of hedge accounting book value adjustments for certain discontinued hedges, ● Certain hedge accounting market value revenue adjustments, ● Certain variable annuity fees and ● Certain market value adjustments to fee revenues. ● The change in fair value of the funds withheld embedded derivative and net realized capital gains (losses) on funds withheld assets associated with the PFS Bermuda Reinsurance Transaction. ● Pre-tax revenues from exited business, ● Pre-tax other adjustments and income taxes of equity method investments and ● Pre-tax other adjustments management believes are not indicative of overall operating trends. The accounting policies of the segments are consistent with the accounting policies for the consolidated financial statements, with the exception of: (1) OPEB cost allocations, (2) certain expenses deemed to benefit the entire organization and (3) income tax allocations. For purposes of determining pre-tax operating earnings, the segments are allocated the service component of other postretirement benefit costs. The Corporate segment reflects the non-service components of other postretirement benefit costs as assumptions are established and funding decisions are managed from a company-wide perspective. Additionally, the Corporate segment reflects expenses that benefit the entire organization for which the segments are not able to influence the spend. This includes expenses such as acquisition and disposition costs, among others. The Corporate segment functions to absorb the risk inherent in interpreting and applying tax law. For purposes of determining non-GAAP operating earnings, the segments are allocated tax adjustments consistent with the positions PFG took on tax returns. The Corporate segment results reflect any differences between the tax returns and the estimated resolution of any disputes. The following tables summarize select financial information by segment, including operating revenues for our products and services, and reconcile segment totals to those reported in the consolidated financial statements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ (in millions) Assets: ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 215,894.6 ​ $ 201,454.3 ​ Benefits and Protection ​ ​ 42,889.7 ​ ​ 39,301.9 ​ Corporate ​ ​ 985.8 ​ ​ 846.7 ​ Total consolidated assets ​ $ 259,770.1 ​ $ 241,602.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Operating revenues by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions(1) ​ $ 7,194.7 ​ $ 5,881.4 ​ $ 6,248.5 ​ Benefits and Protection: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits ​ ​ 3,226.1 ​ ​ 2,981.6 ​ 2,706.8 ​ Life Insurance ​ ​ 1,265.1 ​ ​ 1,313.8 ​ 2,072.8 ​ Eliminations ​ ​ (0.8) ​ ​ (0.2) ​ (0.2) ​ Total Benefits and Protection ​ ​ 4,490.4 ​ ​ 4,295.2 ​ 4,779.4 ​ Corporate ​ ​ 120.3 ​ ​ 60.7 ​ 67.5 ​ Total segment operating revenues ​ ​ 11,805.4 ​ ​ 10,237.3 ​ 11,095.4 ​ Net realized capital gains (losses), net of related revenue adjustments ​ ​ (264.7) ​ ​ 153.2 ​ 105.1 ​ Revenues from exited business (2) ​ ​ (927.5) ​ ​ 4,414.8 ​ ​ — ​ Market risk benefit derivative settlements ​ ​ (45.9) ​ ​ (35.0) ​ ​ (32.5) ​ Total revenues per consolidated statements of operations ​ $ 10,567.3 ​ $ 14,770.3 ​ $ 11,168.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax operating earnings (losses) by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 1,062.1 ​ $ 1,028.6 ​ $ 1,123.8 ​ Benefits and Protection ​ ​ 523.4 ​ ​ 565.3 ​ 357.7 ​ Corporate ​ ​ 6.6 ​ ​ (117.0) ​ (40.8) ​ Total segment pre-tax operating earnings ​ ​ 1,592.1 ​ ​ 1,476.9 ​ 1,440.7 ​ Pre-tax net realized capital gains (losses), as adjusted (3) ​ ​ (334.7) ​ ​ (50.4) ​ 47.7 ​ Pre-tax income (loss) from exited business (4) ​ ​ (1,127.8) ​ ​ 4,296.8 ​ ​ — ​ Adjustments related to equity method investments and noncontrolling interest ​ ​ 19.6 ​ ​ 62.2 ​ ​ 24.3 ​ Income before income taxes per consolidated statements of operations ​ $ 149.2 ​ $ 5,785.5 ​ $ 1,512.7 ​ (1) Reflects inter-segment revenues of $65.9 million, $27.2 million and $18.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. (2) Revenues from exited business is derived as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ (in millions) Revenues from exited business: Change in fair value of funds withheld embedded derivative $ (1,085.7) $ 3,652.8 $ — Net realized capital gains on funds withheld assets ​ ​ 165.0 ​ ​ 749.4 ​ ​ — Amortization of reinsurance gain ​ ​ 5.9 ​ ​ 12.6 ​ ​ — Other impacts of reinsured business ​ ​ (12.7) ​ ​ — ​ ​ — Total revenues from exited business $ (927.5) $ 4,414.8 $ — (3) Pre-tax net realized capital gains (losses), as adjusted, is derived as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Net realized capital gains (losses) ​ $ (154.7) ​ $ 83.3 ​ $ 112.1 ​ Derivative and hedging-related revenue adjustments ​ ​ 59.6 ​ ​ (6.7) ​ (86.9) ​ Market value adjustments to fee revenues ​ ​ 1.3 ​ ​ 0.7 ​ (0.6) ​ Certain variable annuity fees ​ ​ 73.3 ​ ​ 75.9 ​ ​ 80.5 ​ Change in fair value of funds withheld embedded derivative and net realized capital losses on funds withheld assets ​ ​ (244.2) ​ ​ — ​ ​ — ​ Net realized capital gains (losses), net of related revenue adjustments ​ ​ (264.7) ​ ​ 153.2 ​ 105.1 ​ Amortization of deferred acquisition costs and other actuarial balances ​ ​ (0.1) ​ ​ (0.1) ​ 9.7 ​ Capital (gains) losses distributed ​ ​ 2.5 ​ ​ 0.5 ​ (0.5) ​ Derivative and hedging-related expense adjustments ​ ​ 1.8 ​ ​ — ​ ​ — ​ Market value adjustments of market risk benefits ​ ​ (75.9) ​ ​ (163.1) ​ ​ (52.7) ​ Market value adjustments of embedded derivatives ​ ​ 1.7 ​ ​ (40.9) ​ (13.9) ​ Pre-tax net realized capital gains (losses), as adjusted (a) ​ $ (334.7) ​ $ (50.4) ​ $ 47.7 ​ (a) As adjusted before noncontrolling interest capital gains (losses). (4) Pre-tax income (loss) from exited business included: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ (in millions) Pre-tax income (loss) from exited business: Change in fair value of funds withheld embedded derivative $ (1,085.7) $ 3,652.8 $ — Net realized capital gains on funds withheld assets ​ ​ 165.0 ​ ​ 749.4 ​ ​ — Strategic review costs and impacts ​ ​ — ​ ​ 74.4 ​ ​ — Amortization of reinsurance loss ​ ​ (68.7) ​ ​ (56.7) ​ ​ — Other impacts of reinsured business ​ ​ (138.4) ​ ​ (123.1) ​ ​ — Total pre-tax income (loss) from exited business $ (1,127.8) $ 4,296.8 $ — ​ The following is a summary of income tax expense (benefit) allocated to our segments for purposes of determining non-GAAP operating earnings. Segment income taxes are reconciled to income taxes reported on our consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Income tax expense (benefit) by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 134.2 ​ $ 111.2 ​ $ 135.0 ​ Benefits and Protection ​ ​ 95.0 ​ ​ 108.7 ​ 68.6 ​ Corporate ​ ​ (13.3) ​ ​ (8.1) ​ (14.4) ​ Total segment income taxes from operating earnings ​ ​ 215.9 ​ ​ 211.8 ​ 189.2 ​ Tax benefit related to net realized capital losses, as adjusted ​ ​ (66.5) ​ ​ (13.7) ​ 7.4 ​ Tax expense (benefit) related to exited business (1) ​ ​ (236.8) ​ ​ 907.9 ​ — ​ Total income taxes (benefits) per consolidated statements of operations ​ $ (87.4) ​ $ 1,106.0 ​ $ 196.6 ​ (1) Income tax expense (benefit) related to exited business is derived as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ (in millions) Income tax expense (benefit) related to exited business: Change in fair value of funds withheld embedded derivative $ (228.0) $ 767.1 $ — Net realized capital gains on funds withheld assets ​ ​ 34.7 ​ ​ 157.4 ​ ​ — Strategic review costs and impacts ​ ​ — ​ ​ 21.2 ​ ​ — Amortization of reinsurance loss ​ ​ (14.4) ​ ​ (11.9) ​ ​ — Other impacts of reinsured business ​ ​ (29.1) ​ ​ (25.9) ​ ​ — Total income tax expense (benefit) related to exited business $ (236.8) $ 907.9 $ — ​ The following is a summary of depreciation and amortization expense allocated to our segments for purposes of determining pre-tax operating earnings. Segment depreciation and amortization is reconciled to depreciation and amortization included in operating expenses in our consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Depreciation and amortization expense by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 57.2 ​ $ 58.0 ​ $ 53.0 ​ Benefits and Protection ​ ​ 19.2 ​ ​ 18.9 ​ ​ 19.3 ​ Corporate ​ ​ 5.0 ​ 5.3 ​ 9.8 ​ Total segment depreciation and amortization expense included in pre-tax operating earnings ​ ​ 81.4 ​ ​ 82.2 ​ ​ 82.1 ​ Depreciation and amortization expense related to exited business ​ ​ — ​ ​ 26.9 ​ ​ — ​ Total depreciation and amortization expense included in our consolidated statements of operations ​ $ 81.4 ​ $ 109.1 ​ $ 82.1 ​ ​

Revenues from Contracts with Cu

Revenues from Contracts with Customers	12 Months Ended
	Dec. 31, 2023
Revenues from Contracts with Customers
Revenues from Contracts with Customers	22. Revenues from Contracts with Customers The following tables summarize disaggregation of revenues from contracts with customers, including select financial information by segment, and reconcile totals to those reported in the consolidated financial statements. Revenues from contracts with customers are included in fees and other revenues on the consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Revenue from contracts with customers by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 556.3 ​ $ 533.6 ​ $ 409.2 ​ Benefits and Protection: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits ​ ​ 12.7 ​ 12.3 ​ 12.0 ​ Life Insurance ​ ​ 73.1 ​ 64.4 ​ 60.2 ​ Eliminations ​ ​ — ​ — ​ (0.1) ​ Total Benefits and Protection ​ ​ 85.8 ​ 76.7 ​ 72.1 ​ Corporate ​ ​ (0.8) ​ (0.9) ​ (1.0) ​ Total segment revenue from contracts with customers ​ ​ 641.3 ​ 609.4 ​ 480.3 ​ Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) ​ ​ 1,482.9 ​ 1,469.5 ​ 2,148.0 ​ Pre-tax other adjustments (2) ​ ​ 80.5 ​ 89.2 ​ 79.9 ​ Total fees and other revenues per consolidated statements of operations $ 2,204.7 $ 2,168.1 $ 2,708.2 ​ (1) Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards. (2) Pre-tax other adjustments relate to revenues from exited business, certain variable annuity fees and market value adjustments to fee revenues. Retirement and Income Solutions Retirement and Income Solutions offers service and trust agreements for defined contribution retirement plans, including 401(k) plans, 403(b) plans, and employee stock ownership plans. The investment components of these service agreements are in the form of mutual fund offerings. In addition, plan sponsor retirement plan trust and custody services are also available through our trust company. Individual retirement accounts (“IRAs”) are offered through Principal Bank. Furthermore, services and trust agreements are offered to non-retirement customers including insurance companies, endowments and other financial institutions. Administrative service fee revenues are earned for administrative activities performed for the defined contribution retirement plans including recordkeeping and reporting as well as trust and custody, asset management and investment services. Administrative service fee revenues are earned for administrative activities performed for non-retirement plan customers including trust and custody services, defined benefit administration and investment management activities. The majority of these activities are performed daily over time. Fee-for-service transactions are also provided upon client request. These services are considered distinct or grouped into a bundle until a distinct performance obligation is identified. Some performance obligations are considered a series of distinct services, which are substantially the same and have the same pattern of transfer to the customer. Administrative service fee revenues can be based on a fixed contractual rate for these services or can be variable based upon contractual rates applied to the market value of the client’s investments or assets under administration. If the consideration for this series of performance obligations is based on market value, it is considered variable during the billing period as the services are performed over time. The consideration becomes unconstrained and thus recognized as revenue for each billing period’s series of distinct services once the market value of the client’s investments or assets under administration is determined at market close. Additionally, fixed fees and other revenues are recognized point-in-time as fee-for-service transactions upon completion. IRAs are primarily funded by retirement savings rolled over from qualified retirement plans. The IRAs are held in savings accounts, money market accounts and certificates of deposit. Deposit account fee revenues are earned as the performance of establishing and maintaining IRA accounts is completed. Fee-for-service transactions are also provided upon client request. The establishment fees and annual maintenance fees are accrued into earnings over a period of time using the average account life. Upfront and recurring bank fees are related to performance obligations that have the same pattern of transfer to the customer and are recognized in income over time with control transferred to the customers utilizing the output method. These fees are based on a fixed contractual rate. Fixed fees and other revenues are also recognized point-in-time as fee-for-service transactions upon completion. Additionally, commission income is earned on advisory services provided to customers. The revenues are earned over time as the service is performed based upon contractual rates applied to the market value of the clients’ portfolios. ​ The types of revenues from contracts with customers were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Administrative service fee revenue ​ $ 539.5 ​ $ 519.2 ​ $ 395.8 ​ Deposit account fee revenue ​ ​ 11.3 ​ ​ 10.2 ​ ​ 9.2 ​ Commission income ​ ​ 1.9 ​ ​ 1.2 ​ ​ 0.7 ​ Other fee revenue ​ 3.6 ​ 3.0 ​ 3.5 ​ Total revenues from contracts with customers ​ 556.3 ​ 533.6 ​ 409.2 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 1,118.7 ​ 1,114.0 ​ 1,226.9 ​ Total fees and other revenues ​ 1,675.0 ​ 1,647.6 ​ 1,636.1 ​ Premiums and other considerations ​ 2,935.0 ​ 1,959.7 ​ 1,883.6 ​ Net investment income ​ 2,584.7 ​ 2,274.1 ​ 2,728.8 ​ Total operating revenues ​ $ 7,194.7 ​ $ 5,881.4 ​ $ 6,248.5 ​ ​ Benefits and Protection Fees and other revenues are earned for administrative services performed including recordkeeping and reporting services for fee-for-service products, nonqualified benefit plans, separate accounts and dental networks. Services within contracts are not distinct on their own; however, we combine the services into a distinct bundle and account for the bundle as a single performance obligation, which is satisfied over time utilizing the output method as services are rendered. The transaction price corresponds with the performance completed to date, for which the value is recognized as revenue during the period. Variability of consideration is resolved at the end of each period and payments are due when billed. Commission income is earned through sponsored brokerage services. Performance obligations are satisfied at a point in time, upon delivery of a placed case, and the transaction price calculated per the compensation schedule is recognized as revenue. The types of revenues from contracts with customers were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Specialty Benefits: ​ ​ ​ ​ Administrative service fees ​ $ 12.7 ​ $ 12.3 ​ $ 12.0 ​ Total revenues from contracts with customers ​ 12.7 ​ 12.3 ​ 12.0 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 18.2 ​ 18.5 ​ 19.0 ​ Total fees and other revenues ​ 30.9 ​ 30.8 ​ 31.0 ​ Premiums and other considerations ​ 3,020.9 ​ 2,771.2 ​ 2,496.6 ​ Net investment income ​ 174.3 ​ 179.6 ​ 179.2 ​ Total operating revenues ​ $ 3,226.1 ​ $ 2,981.6 ​ $ 2,706.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ ​ (in millions) ​ Life Insurance: ​ ​ ​ ​ Administrative service fees ​ $ 30.3 ​ $ 26.9 ​ $ 26.3 ​ Commission income ​ 42.8 ​ 37.5 ​ 33.9 ​ Total revenues from contracts with customers ​ 73.1 ​ 64.4 ​ 60.2 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 332.6 ​ 321.0 ​ 884.5 ​ Total fees and other revenues ​ 405.7 ​ 385.4 ​ 944.7 ​ Premiums and other considerations ​ 461.6 ​ 535.8 ​ 333.9 ​ Net investment income ​ 397.8 ​ 392.6 ​ 794.2 ​ Total operating revenues ​ $ 1,265.1 ​ $ 1,313.8 ​ $ 2,072.8 ​ ​ Corporate The Corporate segment includes inter-segment eliminations of fees and other revenues. The types of revenues from contracts with customers were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Eliminations ​ $ (0.8) ​ $ (0.9) ​ $ (1.0) Total revenues from contracts with customers ​ (0.8) ​ (0.9) ​ (1.0) Fees and other revenues not within the scope of revenue recognition guidance ​ 13.4 ​ 16.0 ​ 17.6 Total fees and other revenues ​ 12.6 ​ 15.1 ​ 16.6 Premiums and other considerations ​ ​ (7.3) ​ ​ (2.2) ​ ​ — Net investment income ​ 115.0 ​ 47.8 ​ 50.9 Total operating revenues ​ $ 120.3 ​ $ 60.7 ​ $ 67.5 ​ Contract Costs Sales compensation and other incremental costs of obtaining a contract are capitalized and amortized over the period of contract benefit if the costs are expected to be recovered. The contract cost asset, which is included in other assets on the consolidated statements of financial position, was $44.3 million and $43.0 million as of December 31, 2023 and 2022, respectively. We apply the practical expedient for certain costs where we recognize the incremental costs of obtaining these contracts as an expense when incurred if the amortization period of the assets is one year or less. These costs, along with costs that are not deferrable, are included in operating expenses on the consolidated statements of operations. Deferred contract costs consist primarily of commissions and variable compensation. We amortize capitalized contract costs on a straight-line basis over the expected contract life, reflecting lapses as they are incurred. Deferred contract costs are subject to impairment testing on an annual basis, or when a triggering event occurs that could warrant an impairment. To the extent future revenues less future maintenance expenses are not adequate to cover the asset balance, an impairment is recognized. For the years ended December 31, 2023, 2022 and 2021, $ 7.6 million, $7.6 million and $7.3 million, respectively, of amortization expense was recorded in operating expenses on the consolidated statements of operations and no impairment loss was recognized in relation to the costs capitalized. ​

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2023
Stock-Based Compensation Plans
Stock-Based Compensation Plans	23. Stock-Based Compensation Plans As of December 31, 2023, our ultimate parent, PFG, sponsored the 2021 Stock Incentive Plan, the 2014 Stock Incentive Plan, the Employee Stock Purchase Plan, the Amended and Restated 2010 Stock Incentive Plan and the Stock Incentive Plan ("Stock-Based Compensation Plans"), which resulted in expense to us. No new grants will be made under the 2014 Stock Incentive Plan, the Amended and Restated 2010 Stock Incentive Plan or the Stock Incentive Plan. Under the terms of the 2021 Stock Incentive Plan grants may be nonqualified stock options, incentive stock options qualifying under Section 422 of the Internal Revenue Code, restricted stock, restricted stock units, stock appreciation rights, performance shares, performance units or other stock-based awards. To date, PFG has not granted any incentive stock options, restricted stock or performance units under any plans. As part of our fair value process, for each stock-based compensation plan, we assess the impact of material nonpublic information on PFG’s share price or expected volatility, as applicable, at the time of grant. No awards in 2023 required a fair value adjustment. For awards with graded vesting, we use an accelerated expense attribution method. The compensation cost that was charged against net income for stock-based awards granted under the Stock-Based Compensation Plans was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Compensation cost ​ $ 25.3 ​ $ 22.2 ​ $ 25.2 Related income tax benefit ​ ​ 5.1 ​ 4.6 ​ 4.3 Capitalized as part of an asset ​ ​ 1.1 ​ 1.2 ​ 1.4 ​ Nonqualified Stock Options No nonqualified stock options were granted to employees during 2023 and 2022. Previously, nonqualified stock options were granted to certain employees under the 2014 Stock Incentive Plan, the Amended and Restated 2010 Stock Incentive Plan and the Stock Incentive Plan. Options outstanding were granted at an exercise price equal to the fair market value of PFG common stock on the date of grant and expire ten years after the grant date. These options have graded vesting over a three-year period, except in the case of specific types of terminations. The fair value of stock options is estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted during the period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Options 2023 2022 2021 Expected volatility ​ ​ — % ​ — % ​ 34.2 % Expected term (in years) ​ ​ — ​ ​ — ​ ​ 7.0 ​ Risk-free interest rate ​ ​ — % ​ — % ​ 1.2 % Expected dividend yield ​ ​ — % ​ — % ​ 3.82 % Weighted average estimated fair value ​ $ — ​ $ — ​ $ 15.67 ​ ​ We determine expected volatility based on a combination of historical volatility using daily price observations and implied volatility from traded options on PFG common stock. We believe that incorporating both historical and implied volatility into our expected volatility assumption calculation better reflects market expectations. The expected term represents the period of time that options granted are expected to be outstanding. We determine expected term using historical exercise and employee termination data. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. The dividend yield is based on historical dividend distributions compared to the closing price of PFG common shares on the grant date. As of December 31, 2023, we had $0.1 million of total unrecognized compensation cost related to nonvested stock options. The cost is expected to be recognized over a weighted-average service period of approximately 0.2 years. Performance Share Awards Performance share awards were granted to certain employees under the 2021 Stock Incentive Plan, 2014 Stock Incentive Plan and the Amended and Restated 2010 Stock Incentive Plan. The performance share awards are treated as an equity award and are paid in shares. Effective in 2022, we added a relative total shareholder return modifier to the performance share awards under which the number of shares ultimately granted is also impacted by our actual shareholder return relative to PFG’s S&P 500 Financial Sector Index peer group. The fair value of performance share awards is determined using a Monte Carlo simulation model. Whether the performance shares are earned depends upon the participant’s continued employment through the performance period (except in the case of specific types of terminations) and PFG’s performance against three-year goals set at the beginning of the performance period. Performance goals based on various PFG factors must be achieved for any of the performance shares to be earned. If the performance requirements are not met, the performance shares will be forfeited, no compensation cost will be recognized and any previously recognized compensation cost will be reversed. These awards have no maximum contractual term. Dividend equivalents are credited on performance shares outstanding as of the record date. These dividend equivalents are only paid on the shares released. The weighted-average grant-date fair value of performance share awards granted during 2023, 2022 and 2021 was $91.47 , $66.62 and $58.68 , respectively. As of December 31, 2023, we had $14.5 million of total unrecognized compensation cost related to nonvested performance share awards granted. The cost is expected to be recognized over a weighted-average service period of approximately 1.8 years. Restricted Stock Units Restricted stock units were granted to certain employees and agents under the 2021 Stock Incentive Plan, the 2014 Stock Incentive Plan and the Amended and Restated 2010 Stock Incentive Plan. Restricted stock units are treated as equity awards and are paid in shares. Under these plans, awards have graded or cliff vesting over a three-year service period. When service for PFG ceases (except in the case of specific types of terminations), all vesting stops and unvested units are forfeited. These awards have no maximum contractual term. Dividend equivalents are credited on restricted stock units outstanding as of the record date. These dividend equivalents are only paid on the shares released. The fair value of restricted stock units is determined based on the closing stock price of PFG common shares on the grant date. The weighted-average grant-date fair value of restricted stock units granted during 2023, 2022 and 2021 was $86.86 , $69.80 and $59.38 , respectively. As of December 31, 2023, we had $33.8 million of total unrecognized compensation cost related to nonvested restricted stock unit awards granted under these plans. The cost is expected to be recognized over a weighted-average period of approximately 1.6 years. Employee Stock Purchase Plan Under the Employee Stock Purchase Plan, participating employees have the opportunity to purchase shares of PFG common stock on a quarterly basis. Employees may purchase up to $25,000 in PFG stock value annually. Employees may purchase shares of our common stock at a price equal to 90% of the shares’ fair market value as of the end of the purchase period. Prior to 2022 employees were able to purchase shares of our common stock at a price equal to 85% of the shares’ fair market value as of the beginning or end of the purchase period, whichever was lower. We recognize compensation expense for the fair value of the discount granted to employees participating in the employee stock purchase plan in the period of grant. Shares of the Employee Stock Purchase Plan are treated as an equity award. The weighted-average fair value of the discount on the stock purchased was $7.49 , $7.31 and $15.64 during 2023, 2022 and 2021, respectively. ​

Schedule I - Summary of Investm

Schedule I - Summary of Investments - Other Than Investments in Related Parties	12 Months Ended
	Dec. 31, 2023
Schedule I - Summary of Investments - Other Than Investments in Related Parties
Schedule I - Summary of Investments - Other Than Investments in Related Parties	Schedule I - Summary of Investments - Other Than Investments in Related Parties December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount as ​ ​ ​ ​ ​ ​ ​ ​ shown in the ​ ​ ​ ​ ​ ​ ​ ​ consolidated ​ ​ ​ ​ ​ ​ ​ ​ statement of ​ ​ ​ ​ ​ Fair ​ financial Type of Investment Cost value position ​ ​ (in millions) Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S Treasury securities and obligations of U.S government corporations and agencies ​ $ 1,719.1 ​ $ 1,504.9 ​ $ 1,504.9 ​ States, municipalities and political subdivisions ​ ​ 7,493.9 ​ ​ 6,613.3 ​ ​ 6,613.3 ​ Foreign governments ​ ​ 522.2 ​ ​ 479.9 ​ ​ 479.9 ​ Public utilities ​ ​ 4,747.0 ​ ​ 4,256.9 ​ ​ 4,256.9 ​ Redeemable preferred stock ​ ​ 225.4 ​ ​ 208.4 ​ ​ 208.4 ​ All other corporate bonds ​ ​ 30,735.2 ​ ​ 28,614.2 ​ ​ 28,614.2 ​ Residential mortgage-backed securities ​ ​ 2,959.8 ​ ​ 2,824.9 ​ ​ 2,824.9 ​ Commercial mortgage-backed securities ​ ​ 5,391.6 ​ ​ 4,743.4 ​ ​ 4,743.4 ​ Collateralized debt obligations ​ ​ 5,379.6 ​ ​ 5,397.8 ​ ​ 5,397.8 ​ Other debt obligations ​ ​ 8,447.2 ​ ​ 7,886.5 ​ ​ 7,886.5 ​ Total fixed maturities, available-for-sale ​ ​ 67,621.0 ​ ​ 62,530.2 ​ ​ 62,530.2 ​ Fixed maturities, trading ​ ​ 715.3 ​ ​ 715.3 ​ ​ 715.3 ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banks, trust and insurance companies ​ ​ 28.1 ​ ​ 28.1 ​ ​ 28.1 ​ Non-redeemable preferred stock ​ ​ 14.9 ​ ​ 14.9 ​ ​ 14.9 ​ Total equity securities ​ ​ 43.0 ​ ​ 43.0 ​ ​ 43.0 ​ Mortgage loans ​ ​ 19,221.2 ​ — ​ ​ 19,221.2 ​ Real estate, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate ​ ​ 2,343.5 ​ — ​ ​ 2,343.5 ​ Policy loans ​ ​ 793.2 ​ — ​ ​ 793.2 ​ Other investments ​ ​ 4,118.8 ​ — ​ ​ 4,118.8 ​ Total investments ​ $ 94,856.0 ​ — ​ $ 89,765.2 ​ ​

Schedule III - Supplementary In

Schedule III - Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2023
Schedule III - Supplementary Insurance Information
Schedule III - Supplementary Insurance Information	Schedule III - Supplementary Insurance Information As of December 31, 2023 and 2022 and for each of the years ended December 31, 2023, 2022 and 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractholder ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ Future policy ​ and other ​ Market risk ​ ​ acquisition ​ Market risk ​ benefits and ​ policyholder ​ benefit Segment costs benefit asset claims funds liability ​ ​ (in millions) ​ ​ ​ 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 918.9 ​ $ 153.4 ​ $ 29,161.9 ​ $ 34,399.6 ​ $ 111.9 ​ Benefits and Protection ​ ​ 3,007.6 ​ ​ — ​ ​ 13,137.0 ​ ​ 7,870.8 ​ ​ — ​ Corporate ​ ​ — ​ ​ — ​ ​ 189.1 ​ ​ 2.0 ​ ​ — ​ Total ​ $ 3,926.5 ​ $ 153.4 ​ $ 42,488.0 ​ $ 42,272.4 ​ $ 111.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 (As recast): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 930.0 ​ $ 109.2 ​ $ 26,651.8 ​ $ 35,338.0 ​ $ 181.4 ​ Benefits and Protection ​ ​ 3,009.2 ​ ​ — ​ ​ 11,411.6 ​ ​ 7,844.2 ​ ​ — ​ Corporate ​ ​ — ​ ​ — ​ ​ 216.0 ​ ​ 2.1 ​ ​ — ​ Total ​ $ 3,939.2 ​ $ 109.2 ​ $ 38,279.4 ​ $ 43,184.3 ​ $ 181.4 ​ ​ Schedule III - Supplementary Insurance Information - (continued) As of December 31, 2023 and 2022 and for each of the years ended December 31, 2023, 2022 and 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ future policy ​ Market risk ​ Amortization of ​ ​ ​ ​ ​ ​ Premiums and ​ Net ​ Benefits, claims ​ benefits ​ benefit ​ deferred ​ Other ​ ​ other ​ investment ​ and settlement ​ remeasurement ​ remeasurement ​ acquisition ​ operating Segment considerations income (1) expenses (gain) loss loss costs expenses (1) ​ ​ (in millions) ​ ​ ​ 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 2,935.0 ​ $ 2,618.8 ​ $ 4,615.8 ​ $ (68.5) ​ $ 33.7 ​ $ 95.9 ​ $ 1,562.1 ​ Benefits and Protection ​ ​ 3,469.0 ​ ​ 545.7 ​ ​ 2,609.0 ​ ​ 16.0 ​ ​ — ​ ​ 292.8 ​ ​ 1,078.0 ​ Corporate ​ ​ (7.3) ​ ​ 121.0 ​ ​ 1.4 ​ ​ — ​ ​ — ​ ​ — ​ ​ 92.7 ​ Total ​ $ 6,396.7 ​ $ 3,285.5 ​ $ 7,226.2 ​ $ (52.5) ​ $ 33.7 ​ $ 388.7 ​ $ 2,732.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (As recast): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 1,959.7 ​ $ 2,252.2 ​ $ 3,328.0 ​ $ (14.9) ​ $ 131.2 ​ $ 101.0 ​ $ 1,514.2 ​ Benefits and Protection ​ ​ 3,306.8 ​ ​ 560.3 ​ ​ 2,553.7 ​ ​ (244.9) ​ ​ — ​ ​ 284.7 ​ ​ 1,018.8 ​ Corporate ​ ​ (2.2) ​ ​ 39.9 ​ ​ 1.0 ​ ​ — ​ ​ — ​ ​ — ​ ​ 217.2 ​ Total ​ $ 5,264.3 ​ $ 2,852.4 ​ $ 5,882.7 ​ $ (259.8) ​ $ 131.2 ​ $ 385.7 ​ $ 2,750.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (As recast): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 1,883.6 ​ $ 2,674.4 ​ $ 3,547.3 ​ $ (3.8) ​ $ 114.1 ​ $ 107.0 ​ $ 1,380.6 ​ Benefits and Protection ​ ​ 2,830.4 ​ ​ 907.8 ​ ​ 3,069.3 ​ ​ 4.2 ​ ​ — ​ ​ 265.2 ​ ​ 992.6 ​ Corporate ​ ​ — ​ ​ 51.5 ​ ​ 0.9 ​ ​ — ​ ​ — ​ ​ — ​ ​ 83.1 ​ Total ​ $ 4,714.0 ​ $ 3,633.7 ​ $ 6,617.5 ​ $ 0.4 ​ $ 114.1 ​ $ 372.2 ​ $ 2,456.3 ​ (1) Allocations of net investment income and certain operating expenses are based on a number of assumptions and estimates, and reported operating results would change by segment if different methods were applied. ​

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
	Dec. 31, 2023
Schedule IV - Reinsurance
Schedule IV - Reinsurance	Schedule IV - Reinsurance As of December 31, 2023, 2022 and 2021 and for each of the years then ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ ​ Ceded to ​ Assumed ​ ​ ​ ​ of amount ​ ​ Gross ​ other ​ from other ​ ​ ​ ​ assumed ​ amount companies companies Net amount to net ​ ​ ($ in millions) 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance in force ​ $ 329,287.2 ​ $ 333,380.6 ​ $ 388,012.8 ​ $ 383,919.4 ​ 101.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance and annuities ​ $ 3,847.1 ​ $ 387.9 ​ $ 517.0 ​ $ 3,976.2 ​ 13.0 % Accident and health insurance ​ ​ 2,576.7 ​ ​ 156.2 ​ ​ — ​ ​ 2,420.5 ​ — % Total ​ $ 6,423.8 ​ $ 544.1 ​ $ 517.0 ​ $ 6,396.7 ​ 8.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance in force ​ $ 317,116.8 ​ $ 222,711.4 ​ $ 374,462.3 ​ $ 468,867.7 ​ 79.9 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance and annuities ​ $ 2,824.1 ​ $ 297.9 ​ $ 503.5 ​ $ 3,029.7 ​ 16.6 % Accident and health insurance ​ ​ 2,392.4 ​ ​ 157.8 ​ ​ — ​ ​ 2,234.6 ​ — % Total ​ $ 5,216.5 ​ $ 455.7 ​ $ 503.5 ​ $ 5,264.3 ​ 9.6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance in force ​ $ 299,318.1 ​ $ 195,641.7 ​ $ 367,764.8 ​ $ 471,441.1 ​ 78.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance and annuities ​ $ 2,693.4 ​ $ 494.3 ​ $ 494.3 ​ $ 2,693.4 ​ 18.4 % Accident and health insurance ​ ​ 2,176.3 ​ ​ 155.7 ​ ​ — ​ ​ 2,020.6 ​ — % Total ​ $ 4,869.7 ​ $ 650.0 ​ $ 494.3 ​ $ 4,714.0 ​ 10.5 % ​ ​ ​

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Nature of Operations and Significant Accounting Policies
Basis of Presentation - Policy	Basis of Presentation The accompanying consolidated financial statements include the accounts of PLIC and all other entities in which we directly or indirectly have a controlling financial interest as well as those variable interest entities (“VIEs”) in which we are the primary beneficiary. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated. Uncertainties may impact our business, results of operations, financial condition and liquidity. See “Use of Estimates in the Preparation of Financial Statements” for additional details. Our estimates and assumptions could change in the future. Our results of operations and financial condition may also be impacted by other uncertainties including evolving regulatory, legislative and standard-setter accounting interpretations and guidance. On January 1, 2023, we adopted the guidance commonly referred to as long-duration targeted improvements (“LDTI”), which updates certain requirements in the accounting for long-duration insurance and annuity contracts. The guidance was applied as of the January 1, 2021, transition date. As such, results for 2022 and 2021 have been recast and are also presented under the new LDTI guidance. Certain reclassifications have been made to prior periods relating to the presentation of our loss adjustment expense (“LAE”) liability and the change in that liability to conform to the current presentation. See Note 11, Future Policy Benefits and Claims. The LAE liability was previously reported in other liabilities in the consolidated statements of financial position and the change in the liability was previously reported in operating expenses in the consolidated statements of operations. The LAE liability is now reported in future policy benefits and claims in the consolidated statements of financial position and the change in the liability is now reported in benefits, claims and settlement expenses in the consolidated statements of operations. During the fourth quarter of 2023, we closed a coinsurance with funds withheld reinsurance transaction with Principal Financial Services (Bermuda) Ltd. (“PFS Bermuda”), an affiliated Class C reinsurer that is a Bermuda exempted company limited by shares, pursuant to which we ceded certain of our term life and pension risk transfer (“PRT”) blocks of business (the “PFS Bermuda Reinsurance Transaction”). During the second quarter of 2022, we closed a coinsurance with funds withheld reinsurance transaction with Talcott Life &Annuity Re, Ltd. (“Talcott Life & Annuity Re”), a limited liability company organized under the laws of the Cayman Islands and an affiliate of Talcott Resolution Life, Inc., a subsidiary of Sixth Street, pursuant to which we ceded our in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee (“ULSG”) blocks of business (the “Talcott Reinsurance Transaction”). The economics of the Talcott Reinsurance Transaction were effective as of January 1, 2022. See Note 13, Reinsurance, for further details. Collectively, these reinsurance transactions are referred to as the “Reinsurance Transactions.” We evaluated subsequent events through March 28, 2024, which was the date our consolidated financial statements were issued.
Consolidation - Policy	Consolidation We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a VIE or a voting interest entity (“VOE”). This assessment is performed by reviewing contractual, ownership and other rights, including involvement of related parties, and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 4, Variable Interest Entities. If an entity is not a VIE, it is considered a VOE. VOEs are generally consolidated if we own a greater than 50% voting interest. If we determine our involvement in an entity no longer meets the requirements for consolidation under either the VIE or VOE models, the entity is deconsolidated. Entities in which we have management influence over the operating and financing decisions but are not required to consolidate, other than investments accounted for at fair value under the fair value option, are reported using the equity method.
Recent Accounting Pronouncements - Policy	Recent Accounting Pronouncements ​ ​ ​ ​ ​ ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters Standards not yet adopted: ​ ​ ​ ​ Improvements to reportable segments disclosures This authoritative guidance enhances the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. ​ January 1, 2025 ​ We are currently evaluating the impact this guidance will have on our consolidated financial statements. Improvements to income tax disclosures This authoritative guidance provides improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ​ January 1, 2025 ​ We are currently evaluating the impact this guidance will have on our consolidated financial statements. Standards adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters Targeted improvements to the accounting for long-duration insurance contracts This authoritative guidance updated certain requirements in the accounting for long-duration insurance and annuity contracts. 1. The assumptions used to calculate the liability for future policy benefits on traditional and limited-payment contracts are reviewed and updated periodically. Cash flow assumptions are reviewed at least annually and updated when necessary with the impact recognized in net income. Discount rate assumptions are prescribed as the current upper-medium grade (low credit risk) fixed income instrument yield and are updated quarterly with the impact recognized in other comprehensive income (“OCI”). 2. MRBs , which are contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to our own nonperformance risk, which is recognized in OCI. 3. Deferred acquisition costs (“DAC”) and other actuarial balances for all insurance and annuity contracts are amortized on a constant basis over the expected term of the related contracts. 4. Additional disclosures are required, including disaggregated rollforwards of significant insurance liabilities and other account balances as well as disclosures about significant inputs, judgments, assumptions and methods used in measurement. The guidance for the liability for future policy benefits for traditional and limited-payment contracts and DAC was applied on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented (January 1, 2021, also referred to as the transition date) based on their existing carrying amounts. An entity could elect to apply ​ January 1, 2023 ​ We created a governance framework and a plan to support implementation of the standard. Our implementation and evaluation process included, but was not limited to the following: ● ● ● ● ● ● ● ● ● ● This guidance changed how we account for many of our insurance and annuity products. The guidance did not have a material impact on our consolidated statements of operations. Further details about transition impacts of the guidance are included under the caption “Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance. ” The additional disclosure requirements can be found in the following notes: ● Note 8, Deferred Acquisition Costs and Other Actuarial Balances ● Note 9, Separate Account Balances ● Note 10, Contractholder Funds ● Note 11, Future Policy Benefits and Claims ◾ Note 12, Market Risk Benefits ​ ​ ​ ​ ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters the changes retrospectively. The guidance for market risk benefits was applied retrospectively. Troubled debt restructurings and vintage disclosures This authoritative guidance eliminated the accounting requirements for Troubled Debt Restructurings (“TDRs”) by creditors and enhanced the disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. The update required entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. The amendments in this update were applied prospectively, except for the transition method related to the recognition and measurement of troubled debt restructurings, for which an entity had the option to apply a modified retrospective transition method. Early adoption was permitted. ​ January 1, 2023 ​ This guidance did not have a material impact on our consolidated financial statements. Targeted improvements to accounting for hedging activities – portfolio layer method This authoritative guidance is intended to further align the economics of a company’s risk management activities in its financial statements with hedge accounting requirements. The guidance expanded the current single-layer method to allow multiple hedge layers of a single closed portfolio. Non-prepayable assets can also be included in the same portfolio. This guidance also clarified the current guidance on accounting for fair value basis adjustments applicable to both a single hedged layer and multiple hedged layers. Upon adoption, the application of these hedge strategies was applied prospectively. Early adoption was permitted. ​ January 1, 2023 ​ This guidance did not have a material impact on our consolidated financial statements. ​ ​ ​ ​ ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters Simplifying the accounting for income taxes This authoritative guidance simplifies the accounting for income taxes by removing certain exceptions, including exceptions related to the incremental approach for intraperiod tax allocation, calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. Also, the guidance clarifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill and enacted changes in tax laws or rates. It specifies that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, although an entity may elect to do so. The guidance was applied based on varying transition methods defined by amendment. Early adoption was permitted. ​ January 1, 2021 ​ This guidance did not have a material impact on our consolidated financial statements. Facilitation of the effects of reference rate reform on financial reporting This authoritative guidance provided optional expedients and exceptions for contracts and hedging relationships affected by reference rate reform. An entity could elect not to apply certain modification accounting requirements to contracts affected by reference rate reform and instead account for the modified contract as a continuation of the existing contract. Also, an entity could apply optional expedients to continue hedge accounting for hedging relationships in which the critical terms changed due to reference rate reform. This guidance eased the financial reporting impacts of reference rate reform on contracts and hedging relationships and was effective until December 31, 2022. A subsequent amendment issued in December 2022 extended the relief date from December 31, 2022, to December 31, 2024, and was effective upon issuance. ​ March 12, 2020 ​ We adopted the guidance upon issuance prospectively and elected the applicable optional expedients and exceptions for contracts and hedging relationships impacted by reference rate reform through December 31, 2024. The guidance did not have an impact on our consolidated financial statements upon adoption. ​ ​ ​ ​ ​ ​ When we adopt new accounting standards, we have a process in place to perform a thorough review of the pronouncement, identify the financial statement and system impacts and create an implementation plan among our impacted business units to ensure we are compliant with the pronouncement on the date of adoption. This includes having effective processes and controls in place to support the reported amounts. Each of the standards listed above is in varying stages in our implementation process based on its issuance and adoption dates. We are on track to implement guidance by the respective effective dates.
Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance - Policy	Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts Guidance As mentioned above, we adopted LDTI on January 1, 2023. For traditional and limited-payment long-duration contracts, we review and update, if necessary, assumptions used to measure cash flows for the liability for future policy benefits during the third quarter of each year, or more frequently if evidence suggests assumptions should be revised. The change in our liability estimate as a result of updating cash flow assumptions is recognized in net income. Actual cash flows are grouped into issue-year cohorts for the liability calculation and updated quarterly. Cohorts are used as the unit of account for liability measurement. Discount rate assumptions are prescribed as the current upper-medium grade (low-credit-risk) fixed-income instrument yield. The discount rate is updated quarterly at each reporting date with the impact recognized in OCI. The provision for risk of adverse deviation is eliminated, as is premium deficiency, or loss recognition, testing. We also removed unrealized gain (loss) adjustments, previously recorded in AOCI, attributable to the impact of unrealized gains and losses on premium deficiency testing. Under LDTI, market risk benefits (“MRBs”), which are contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to our own nonperformance risk, which is recognized in OCI. Certain contract features previously accounted for as an embedded derivative or as an additional liability for annuitization benefits or death or other insurance benefits are recorded as MRBs under LDTI. LDTI simplified the amortization of DAC and other actuarial balances such as the unearned revenue liability and sales inducement asset for long-duration contracts. These balances were previously amortized in proportion to premiums, estimated gross profits, estimated gross margins or estimated gross revenues; however, these balances are now amortized on a constant level basis over the expected life of the related contracts. Impairment testing is no longer applicable for DAC. We also removed unrealized gain (loss) adjustments, previously recorded in AOCI, as the LDTI amortization is not impacted by investment gains and losses. LDTI also requires disaggregated rollforwards for the liability for future policy benefits, additional liability for certain benefit features, MRBs, DAC and other actuarial balances required to be amortized on a basis consistent with DAC. Although the accounting for the additional liability for certain benefit features, separate account liabilities and contractholder funds does not change under LDTI, the guidance requires disaggregated rollforwards for those balances. Further, for certain actuarial balances, disclosures are required for the significant inputs, judgments, assumptions and methods used in measurement, including changes in those inputs, judgments and assumptions, and the effect of those changes on measurement. The LDTI guidance is not prescriptive as to the appropriate level of aggregation for disclosures; however, amounts from different reportable segments cannot be aggregated. Factors to consider in determining the level of aggregation for disclosures include the type of coverage, geography and market or type of customer. We have identified the following levels of aggregation for LDTI disclosures. The disclosures do not include levels of aggregation for insignificant balances. ● Retirement and Income Solutions: ● Workplace savings and retirement solutions – Group annuity contracts offered to the plan sponsors of defined contribution plans or defined benefit plans ● Individual variable annuities – Variable deferred annuities and registered index-linked annuities (“RILAs”) offered to individuals for both qualified and nonqualified retirement savings ● Pension risk transfer – Single premium group annuities offered to pension plan sponsors and other institutions ● Individual fixed deferred annuities – An exited business that offered single premium deferred annuity contracts and flexible premium deferred annuities (“FPDAs”) to individuals for both qualified and nonqualified retirement savings ● Individual fixed income annuities – An exited business that offered single premium immediate annuities (“SPIAs”) and deferred income annuities (“DIAs”) to individuals for both qualified and nonqualified retirement savings; also includes supplementary contracts generated by annuitizations from other individual product lines ● Investment only – Primarily guaranteed investment contracts (“GICs”) and funding agreements offered to retirement plan sponsors and other institutions ● Benefits and Protection – Specialty Benefits: ● Individual disability – Disability insurance providing protection to individuals and/or business owners ● Benefits and Protection – Life Insurance: ● Universal life – Universal life, variable universal life and indexed universal life insurance products offered to individuals and/or business owners, which will be collectively referred to hereafter as “universal life” contracts; includes our exited ULSG business ● Term life – Term life insurance products offered to individuals and/or business owners ● Participating life – Participating life insurance contracts offered to individuals, some of which are part of a closed block of business and are only in the scope of LDTI disclosures for DAC ● Corporate: ● Long-term care insurance – A closed block of long-term care insurance that is fully reinsured, which was offered on both a group and individual basis. For the separate account liability disclosures, our Retirement and Income Solutions segment will use a Group retirement contracts level of aggregation. This consists primarily of separate account liabilities for the workplace savings and retirement solutions business as well as amounts for the investment only and pension risk transfer businesses. Impact of Adoption We adopted the guidance for the liability for future policy benefits for traditional and limited-payment contracts and DAC and other actuarial balances on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented based on their existing carrying amounts. We adopted the guidance for MRBs and cost of reinsurance retrospectively. Results for reporting periods beginning January 1, 2021, within our consolidated financial statements are presented under the new guidance. A cumulative effect adjustment of $120.9 million was recorded as a decrease to retained earnings and a cumulative effect adjustment of $4,052.1 million was recorded as a decrease to AOCI as of January 1, 2021, as shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other ​ ​ Retained earnings ​ comprehensive income ​ Pre-Tax Tax After-Tax Pre-Tax Tax After-Tax ​ ​ (in millions) DAC and other actuarial balances: ​ ​ ​ ​ ​ ​ Adjustment for reversal of unrealized loss from AOCI (1) (2) ​ $ — ​ $ — ​ $ — ​ $ 421.5 ​ $ (88.5) ​ $ 333.0 Cost of reinsurance asset (liability): ​ ​ ​ ​ ​ ​ Cumulative effect of amortization basis change ​ (9.0) ​ 1.9 ​ (7.1) ​ — ​ — ​ — Adjustment of unrealized loss in AOCI ​ — ​ — ​ — ​ 16.1 ​ (3.4) ​ 12.7 Reinsurance recoverable: ​ ​ ​ ​ ​ ​ Adjustment for reversal of unrealized gain from AOCI (2) ​ — ​ — ​ — ​ (45.5) ​ 9.5 ​ (36.0) Adjustment under the modified retrospective approach (3) ​ 31.4 ​ (6.6) ​ 24.8 ​ — ​ — ​ — Effect of remeasurement of the recoverable at the current discount rate ​ — ​ — ​ — ​ 201.8 ​ (42.4) ​ 159.4 Liability for future policy benefits: ​ ​ ​ ​ ​ ​ Adjustment for reversal of unrealized loss from AOCI (2) ​ — ​ — ​ — ​ 1,330.7 ​ (279.3) ​ 1,051.4 Adjustment under the modified retrospective approach (3) ​ (39.5) ​ 8.2 ​ (31.3) ​ — ​ — ​ — Effect of remeasurement of the liability at the current discount rate ​ — ​ — ​ — ​ (6,947.1) ​ 1,458.9 ​ (5,488.2) Market risk benefits: ​ ​ ​ ​ ​ ​ Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date ​ — ​ — ​ — ​ (4.8) ​ 1.0 ​ (3.8) Adjustments to the host contract for differences between previous carrying amount and measurement of the MRB ​ 20.9 ​ (4.4) ​ 16.5 ​ — ​ — ​ — Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes) ​ (258.8) ​ 54.4 ​ (204.4) ​ — ​ — ​ — Reclassification of nonperformance risk changes between retained earnings and AOCI (4) ​ 102.0 ​ (21.4) ​ 80.6 ​ (102.0) ​ 21.4 ​ (80.6) Total impact on opening balance as of January 1, 2021 ​ $ (153.0) ​ $ 32.1 ​ $ (120.9) ​ $ (5,129.3) ​ $ 1,077.2 ​ $ (4,052.1) (1) Includes the impact for DAC, sales inducement asset and the unearned revenue liability. We have not included the disaggregated rollforwards for the sales inducement asset within the footnote disclosures due to immateriality. (2) Prior period unrealized gain (loss) adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (3) The impact of loss cohorts, those with net premiums in excess of gross premiums, and cohorts with negative reserves, was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI. (4) The cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date for contract features previously accounted for as an embedded derivative was recorded as a reclassification from retained earnings to AOCI. The table below reflects the increase (decrease) to the impacted line items in the consolidated statements of financial position related to the cumulative effect adjustment as of January 1, 2021. ​ ​ ​ ​ ​ ​ Increase (decrease) ​ ​ (in millions) Assets ​ Reinsurance recoverable and deposit receivable ​ $ 187.7 Premiums due and other receivables (1) ​ (24.4) Deferred acquisition costs ​ 450.9 Market risk benefit asset (2) ​ 18.9 Other assets (3) ​ 19.3 Total assets ​ $ 652.4 ​ ​ ​ ​ Liabilities ​ ​ Contractholder funds (4) ​ $ (344.5) Future policy benefits and claims (5) ​ 5,620.3 Market risk benefit liability (2) ​ 610.2 Other policyholder funds (6) ​ 48.8 Deferred income taxes ​ (1,109.4) Total liabilities ​ 4,825.4 Stockholder's equity ​ ​ Retained earnings ​ (120.9) Accumulated other comprehensive income ​ (4,052.1) Total stockholder's equity ​ (4,173.0) Total liabilities and stockholder's equity ​ $ 652.4 (1) Includes the impact on the cost of reinsurance asset. (2) This is a new line item on the consolidated statements of financial position as a result of implementing LDTI. These contract features were previously recorded as embedded derivatives within contractholder funds or additional liabilities for certain benefit features within future policy benefits and claims on the consolidated statements of financial position. (3) Reflects the impact on the sales inducement asset. (4) Reflects the impact of contract features previously recorded as embedded derivatives that are recorded as MRBs under LDTI. (5) Includes the impact on the liability for future policy benefits and cost of reinsurance liability. Also includes the impact on contract features classified as additional liabilities for certain benefit features that are recorded as MRBs under LDTI. (6) Reflects the impact on the unearned revenue liability. The disaggregated rollforwards below reconcile the ending asset or liability balances as of December 31, 2020, to the opening balance as of January 1, 2021, which is the earliest period presented within the consolidated financial statements, for those balances impacted by LDTI with associated disaggregated disclosure requirements. The level of aggregation presented within the rollforwards is consistent with the disaggregated rollforwards required by the guidance. The balances as of December 31, 2020, shown in the rollforwards below, do not equal amounts reported on the consolidated statements of financial position as they do not include balances for short-duration contracts, insignificant balances not included in our levels of aggregation for disclosures and other amounts not within the scope of the disaggregated rollforwards. Deferred Acquisition Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ ​ ​ ​ ​ ​ for reversal of ​ ​ ​ ​ ​ Balance as of ​ unrealized loss ​ Balance as of ​ ​ December 31, 2020 ​ from AOCI (1) ​ January 1, 2021 (2) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ Workplace savings and retirement solutions ​ $ 424.6 ​ $ 52.6 ​ $ 477.2 Individual variable annuities ​ 281.7 ​ 0.2 ​ 281.9 Pension risk transfer (3) ​ — ​ — ​ — Individual fixed deferred annuities ​ 11.5 ​ 181.2 ​ 192.7 Investment only ​ 12.6 ​ — ​ 12.6 Total Retirement and Income Solutions ​ 730.4 ​ 234.0 ​ 964.4 Benefits and Protection: ​ ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ ​ Individual disability ​ 529.8 ​ — ​ 529.8 Life Insurance: ​ ​ ​ ​ ​ ​ Universal life ​ 1,443.0 ​ 165.3 ​ 1,608.3 Term life ​ 607.9 ​ — ​ 607.9 Participating life ​ 60.3 ​ 51.6 ​ 111.9 Total Benefits and Protection ​ 2,641.0 ​ 216.9 ​ 2,857.9 Total ​ $ 3,371.4 ​ $ 450.9 ​ $ 3,822.3 (1) Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (2) Does not include DAC for short-duration contracts. Refer to Note 8, Deferred Acquisition Costs and Other Actuarial Balances, for further information on DAC. (3) This product began recording DAC upon implementing LDTI. The balances and changes in DAC for 2021 for each level of aggregation were as follows: Retirement and Income Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Workplace ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ savings and ​ Individual ​ Pension ​ Individual ​ ​ ​ ​ ​ retirement ​ variable ​ risk ​ fixed deferred ​ Investment ​ solutions annuities transfer (1) annuities only ​ ​ (in millions) Balance at beginning of period ​ $ 477.2 ​ $ 281.9 ​ $ — ​ $ 192.7 ​ $ 12.6 Costs deferred ​ 50.1 ​ 26.4 ​ 2.7 ​ 7.6 ​ 9.1 Amortized to expense ​ (38.3) ​ (27.1) ​ — ​ (38.1) ​ (3.6) Balance at end of period ​ $ 489.0 ​ $ 281.2 ​ $ 2.7 ​ $ 162.2 ​ $ 18.1 (1) Amortization during 2021 was nominal. Benefits and Protection ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Specialty ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits ​ ​ ​ Life Insurance ​ ​ ​ ​ ​ Individual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ disability Universal life Term life Participating life ​ ​ (in millions) Balance at beginning of period ​ $ 529.8 ​ $ 1,608.3 ​ $ 607.9 ​ $ 111.9 Costs deferred ​ 89.8 ​ 84.3 ​ 126.5 ​ 1.9 Amortized to expense ​ (38.9) ​ (96.4) ​ (55.5) ​ (11.5) Balance at end of period ​ $ 580.7 ​ $ 1,596.2 ​ $ 678.9 ​ $ 102.3 ​ Unearned Revenue Liability ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ ​ ​ ​ ​ ​ for reversal of ​ ​ ​ ​ ​ Balance as of ​ unrealized gain ​ Balance as of ​ December 31, 2020 from AOCI (1) January 1, 2021 (2) ​ ​ (in millions) Benefits and Protection - Life Insurance: ​ ​ ​ Universal life ​ $ 335.6 ​ $ 48.8 ​ $ 384.4 Total ​ $ 335.6 ​ $ 48.8 ​ $ 384.4 (1) Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (2) Reported within other policyholder funds in the consolidated statements of financial position. Refer to Note 8, Deferred Acquisition Costs and Other Actuarial Balances, for further information on the unearned revenue liability. Benefits and Protection The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows: ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, 2021 ​ ​ (in millions) Balance at beginning of period ​ $ 384.4 Deferrals ​ 66.1 Revenue recognized ​ (25.2) Balance at end of period ​ $ 425.3 ​ Liability for Future Policy Benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ remeasurement ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ under the ​ of the liability ​ ​ ​ ​ ​ Balance as of ​ for reversal of ​ modified ​ at the current ​ Balance as of ​ ​ December 31, ​ unrealized loss ​ retrospective ​ discount ​ January 1, ​ 2020 from AOCI (1) approach (2) rate (3) 2021 (4) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ Pension risk transfer ​ $ 21,982.8 ​ $ (947.0) ​ $ — ​ $ 4,827.9 ​ $ 25,863.7 Individual fixed income annuities ​ 6,147.2 ​ (215.0) ​ 0.1 ​ 1,213.5 ​ 7,145.8 Total Retirement and Income Solutions ​ 28,130.0 ​ (1,162.0) ​ 0.1 ​ 6,041.4 ​ 33,009.5 Benefits and Protection: ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ Individual disability ​ 2,173.8 ​ (168.7) ​ 2.4 ​ 493.4 ​ 2,500.9 Life Insurance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term life ​ 834.5 ​ — ​ 7.0 ​ 318.8 ​ 1,160.3 Total Benefits and Protection ​ 3,008.3 ​ (168.7) ​ 9.4 ​ 812.2 ​ 3,661.2 Corporate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term care insurance ​ 134.1 ​ — ​ 30.0 ​ 93.5 ​ 257.6 Total ​ $ 31,272.4 ​ $ (1,330.7) ​ $ 39.5 ​ $ 6,947.1 ​ $ 36,928.3 (1) Prior period adjustments in AOCI related to premium deficiency testing were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (2) As a result of updating cash flow assumptions and measuring the liability for future policy benefits at the issue-year cohort level, the impact of loss cohorts, those with net premiums in excess of gross premiums, and cohorts with negative reserves, was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI. (3) The remeasurement of the liability at the current upper-medium grade fixed-income instrument yield, which was generally lower than the locked-in interest accretion rate, was reflected as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (4) Reported within future policy benefits and claims in the consolidated statements of financial position. Refer to Note 11, Future Policy Benefits and Claims, for further information on the liability for future policy benefits. The balances and changes in the liability for future policy benefits for 2021 for each level of aggregation were as follows: Retirement and Income Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Pension ​ Individual ​ ​ risk ​ fixed income ​ transfer annuities ​ ​ (in millions) Present value of expected future policy benefit payments ​ ​ Balance at beginning of period ​ $ 25,863.7 ​ $ 7,145.8 Effect of changes in discount rate assumptions at beginning of period ​ (4,827.9) ​ (1,213.5) Balance at beginning of period at original discount rate ​ 21,035.8 ​ 5,932.3 Effect of actual variances from expected experience ​ (2.4) ​ (1.3) Adjusted beginning of period balance at original discount rate ​ 21,033.4 ​ 5,931.0 Interest accrual ​ 916.7 ​ 240.5 Benefit payments ​ (1,772.5) ​ (532.0) Issuances ​ 1,801.7 ​ 82.9 Balance at end of period at original discount rate ​ 21,979.3 ​ 5,722.4 Effect of changes in discount rate assumptions at end of period ​ 3,386.5 ​ 812.6 Future policy benefits ​ $ 25,365.8 ​ $ 6,535.0 ​ Benefits and Protection and Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Benefits and Protection ​ Corporate ​ ​ Specialty ​ Life ​ ​ ​ ​ ​ Benefits ​ Insurance ​ ​ ​ ​ ​ Individual ​ ​ ​ ​ Long-term ​ disability Term life care insurance ​ ​ (in millions) Present value of expected net premiums ​ ​ ​ Balance at beginning of period ​ $ 3,148.3 ​ $ 3,799.0 ​ $ 66.7 Effect of changes in discount rate assumptions at beginning of period ​ (340.7) ​ (861.1) ​ (17.6) Balance at beginning of period at original discount rate ​ 2,807.6 ​ 2,937.9 ​ 49.1 Effect of changes in cash flow assumptions ​ — ​ — ​ 2.8 Effect of actual variances from expected experience ​ 122.0 ​ 211.4 ​ (0.8) Adjusted beginning of period balance at original discount rate ​ 2,929.6 ​ 3,149.3 ​ 51.1 Interest accrual ​ 95.4 ​ 151.1 ​ 2.9 Net premiums collected ​ (280.4) ​ (315.0) ​ (5.2) Issuances ​ 206.4 ​ 518.2 ​ — Balance at end of period at original discount rate ​ 2,951.0 ​ 3,503.6 ​ 48.8 Effect of changes in discount rate assumptions at end of period ​ 198.9 ​ 690.1 ​ 14.0 Balance at end of period ​ $ 3,149.9 ​ $ 4,193.7 ​ $ 62.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of expected future policy benefit payments ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 5,649.2 ​ $ 4,959.3 ​ $ 324.3 Effect of changes in discount rate assumptions at beginning of period ​ (834.1) ​ (1,179.9) ​ (111.1) Balance at beginning of period at original discount rate ​ 4,815.1 ​ 3,779.4 ​ 213.2 Effect of changes in cash flow assumptions ​ — ​ — ​ 0.5 Effect of actual variances from expected experience ​ 118.8 ​ 216.0 ​ (4.6) Adjusted beginning of period balance at original discount rate ​ 4,933.9 ​ 3,995.4 ​ 209.1 Interest accrual ​ 181.0 ​ 194.3 ​ 12.4 Benefit payments ​ (179.7) ​ (335.7) ​ (13.5) Issuances ​ 212.1 ​ 543.4 ​ — Balance at end of period at original discount rate ​ 5,147.3 ​ 4,397.4 ​ 208.0 Effect of changes in discount rate assumptions at end of period ​ 501.0 ​ 913.9 ​ 89.5 Balance at end of period ​ $ 5,648.3 ​ $ 5,311.3 ​ $ 297.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future policy benefits (1) ​ $ 2,498.4 ​ $ 1,117.6 ​ $ 234.7 Reinsurance impact ​ (549.9) ​ (0.1) ​ (234.7) Future policy benefits after reinsurance ​ $ 1,948.5 ​ $ 1,117.5 ​ $ — (1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums. Additional Liability for Certain Benefit Features Benefits and Protection The balances and changes in the additional liability for certain benefits features for 2021 for Life Insurance – Universal life were as follows: ​ ​ ​ ​ ​ ​ For the year ended, ​ ​ December 31, 2021 ​ ​ (in millions) Balance at beginning of period ​ $ 3,463.9 Effect of changes in cash flow assumptions ​ (11.1) Effect of actual variances from expected experience ​ 18.1 Interest accrual ​ 158.3 Net assessments collected ​ 324.7 Benefit payments ​ (83.1) Other (1) ​ (56.6) Balance at end of period ​ $ 3,814.2 (1) Reflects model refinements accounted for as a change in accounting estimate. Market Risk Benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative ​ ​ ​ ​ ​ ​ ​ effect of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ changes in the ​ Retained earnings ​ ​ ​ ​ ​ ​ ​ ​ nonperformance ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ risk between the ​ for the valuation of ​ ​ ​ ​ ​ ​ ​ ​ original contract ​ contracts as MRBs ​ ​ ​ ​ ​ Asset (liability) ​ issue date and ​ (exclusive of ​ Asset (liability) ​ ​ balance as of ​ the transition ​ nonperformance ​ balance as of ​ December 31, 2020 (1) date (2) risk changes) (3) January 1, 2021 (4) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ Individual variable annuities ​ $ (348.6) ​ $ (4.8) ​ $ (237.9) ​ $ (591.3) Total ​ $ (348.6) ​ $ (4.8) ​ $ (237.9) ​ $ (591.3) (1) The balance as of December 31, 2020, for MRBs represents the contract features that meet the definition of an MRB under LDTI and the related carrying amount of those features prior to adoption. These contract features were previously accounted for as an embedded derivative or as an additional liability for annuitization benefits or death or other insurance benefits. (2) The cumulative effect of the change in our own nonperformance risk between the original contract issuance date and the transition date of LDTI for contract features previously accounted for as an additional liability for certain benefit features was recorded as an adjustment to the opening balance of AOCI. (3) The cumulative difference, exclusive of the nonperformance risk change, between the pre-adoption carrying amount and the fair value measurement for MRBs was recorded as an adjustment to the opening balance of retained earnings. (4) Refer to Note 12, Market Risk Benefits, for further information on MRBs. The cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date for contract features previously accounted for as an embedded derivative was recorded as a reclassification from retained earnings to AOCI. The balances and changes in MRBs for Individual variable annuities for 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ For the year ended ​ December 31,2021 ​ ​ (in millions) Balance at beginning of period ​ $ (591.3) Effect of changes in nonperformance risk at beginning of period ​ 106.7 Adjusted balance at beginning of period ​ (484.6) Effect of: ​ ​ Interest accrual and expected policyholder behavior ​ (120.7) Benefit payments ​ 0.4 Changes in interest rates ​ 154.3 Changes in equity markets ​ 106.4 Changes in equity index volatility ​ 15.1 Actual policyholder behavior different from expected behavior ​ 2.3 Changes in future expected policyholder behavior ​ (96.6) Changes in other future expected assumptions ​ 38.2 Adjusted balance at end of period ​ (385.2) Effect of changes in nonperformance risk at end of period ​ (109.5) Balance at end of period ​ $ (494.7) ​
Use of Estimates in the Preparation of Financial Statements - Policy	Use of Estimates in the Preparation of Financial Statements The preparation of our consolidated financial statements and accompanying notes requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the consolidated financial statements and accompanying notes. The most critical estimates include those used in determining: ● the fair value of investments in the absence of quoted market values; ● investment impairments and valuation allowances; ● the fair value of derivatives; ● the fair value of MRBs; ● the liability for future policy benefits and claims, including the deferred profit liability; ● the value of our other postretirement benefit obligation and ● accounting for income taxes and the valuation of deferred tax assets. A description of such critical estimates is incorporated within the discussion of the related accounting policies that follow. In applying these policies, management makes subjective and complex judgments that frequently require estimates about matters that are inherently uncertain. Actual results could differ from these estimates.
Closed Block - Policy	Closed Block We operate a closed block (“Closed Block”) for the benefit of individual participating dividend-paying policies in force at the time of the 1998 mutual insurance holding company (“MIHC”) formation. See Note 7, Closed Block, for further details.
Cash and Cash Equivalents - Policy	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, money market instruments and other debt issues with a maturity date of three months or less when purchased.
Investments - Policy	Investments Fixed maturities include bonds, asset-backed securities (“ABS”), redeemable preferred stock and certain non-redeemable preferred securities. Equity securities include mutual funds, common stock and non-redeemable preferred stock. We classify fixed maturities as either available-for-sale or trading at the time of the purchase and, accordingly, carry them at fair value. Equity securities are also carried at fair value. See Note 19, Fair Value Measurements, for methodologies related to the determination of fair value. Unrealized gains and losses related to fixed maturities, available-for-sale, excluding those in fair value hedging relationships, are reflected in stockholder’s equity, net of adjustments associated with related actuarial balances, derivatives in cash flow hedge relationships and applicable income taxes. Mark-to-market adjustments on fixed maturities, trading are reflected in net realized capital gains (losses). Mark-to-market adjustments on certain fixed maturities, trading are reflected in market risk benefit remeasurement (gain) loss. Unrealized gains and losses related to hedged portions of fixed maturities, available-for-sale in fair value hedging relationships are reflected in net investment income. Mark-to-market adjustments related to certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reflected in net investment income. The amortized cost of fixed maturities includes cost adjusted for amortization of premiums and discounts, computed using the interest method. The amortized cost of fixed maturities, available-for-sale is adjusted for changes in fair value of the hedged portions of securities in fair value hedging relationships and excludes accrued interest receivable. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Fixed maturities, available-for-sale are subject to an allowance for credit loss and changes in the allowance are reported in net income as a component of net realized capital gains (losses). Interest income, as well as prepayment fees and the amortization of the related premium or discount, is reported in net investment income. For loan-backed and structured securities, we recognize income using a constant effective yield based on currently anticipated cash flows. Commercial and residential mortgage loans are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Amortized cost excludes accrued interest receivable. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in net investment income on the consolidated statements of operations. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Any changes in the loan valuation allowances are reported in net realized capital gains (losses) on the consolidated statements of operations. See Note 5, Investments, for further details of our valuation allowance. Our commercial and residential mortgage loan portfolios can include loans that have been modified. We assess loan modifications on a case-by-case basis to evaluate whether a TDR has occurred. In response to the novel coronavirus (“COVID-19”), the Coronavirus Aid, Relief and Economic Security Act, which was subsequently amended by the Consolidated Appropriations Act, 2021, (collectively the “CARES Act”) provides a temporary suspension of TDR accounting for certain COVID-19 related loan modifications where the loan was not more than 30 days past due as of December 31, 2019. We elected the TDR relief in the CARES Act beginning in the second quarter of 2020. The CARES Act TDR relief does not apply to modifications completed subsequent to the earlier of 60 days after the national emergency related to COVID-19 ends, or January 1, 2022. In addition, the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (As Revised on April 7, 2020) (“Interagency Statement”) provides additional guidance to determine if a short-term COVID-19 related loan modification is a TDR. We consider the CARES Act and the Interagency Statement when assessing loan modifications to determine whether a TDR has occurred. As of January 1, 2022, the TDR relief ended. See Note 5, Investments, under the caption “Mortgage Loan Modifications” for further details. Real estate investments are reported at cost less accumulated depreciation. The initial cost bases of properties acquired through loan foreclosures are the lower of the fair market values of the properties at the time of foreclosure or the outstanding loan balance. Buildings and land improvements are generally depreciated on the straight-line method over the estimated useful life of improvements and tenant improvement costs are depreciated on the straight-line method over the term of the related lease. We recognize impairment losses for properties when indicators of impairment are present and a property’s expected undiscounted cash flows are not sufficient to recover the property’s carrying value. In such cases, the cost basis of the property is reduced to fair value. Real estate expected to be disposed is carried at the lower of cost or fair value, less cost to sell, with valuation allowances established accordingly and depreciation no longer recognized. The carrying amount of real estate held for sale was $ 228.8 million and $238.6 million as of December 31, 2023 and 2022, respectively. Any impairment losses and any changes in valuation allowances are reported in net income. Net realized capital gains and losses on sales of investments are determined on the basis of specific identification. In general, in addition to realized capital gains and losses on investment sales and periodic settlements on derivatives not designated as hedges, we report gains and losses related to the following in net realized capital gains (losses) on the consolidated statements of operations: mark-to-market adjustments on equity securities, mark-to-market adjustments on fixed maturities, trading, mark-to-market adjustments on certain investment funds, mark-to-market adjustments on derivatives not designated as hedges, cash flow hedge gains (losses) when the hedged item impacts realized capital gains (losses), changes in the valuation allowance for fixed maturities, available-for-sale and certain financing receivables, impairments of real estate held for investment, impairments of equity method investments. Investment gains and losses on sales of certain real estate held for sale due to investment strategy and mark-to-market adjustments on certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reported as net investment income and are excluded from net realized capital gains (losses). Policy loans and certain other investments are reported at cost. Interests in unconsolidated entities, joint ventures and partnerships are generally accounted for using the equity method. We had certain real estate ventures for which the fair value option had been elected in prior periods. See Note 19, Fair Value Measurements, for detail on these investments.
Derivatives - Policy	Derivatives Overview Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices or the values of securities. Derivatives generally used by us include swaps, options, futures and forwards. Derivative positions are either assets or liabilities in the consolidated statements of financial position and are measured at fair value, generally by obtaining quoted market prices or through the use of pricing models. See Note 19, Fair Value Measurements, for policies related to the determination of fair value. Fair values can be affected by changes in interest rates, foreign exchange rates, financial indices, values of securities, credit spreads, and market volatility and liquidity. Accounting and Financial Statement Presentation We designate derivatives as either: (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, including those denominated in a foreign currency (“fair value hedge”); (b) a hedge of a forecasted transaction or the exposure to variability of cash flows to be received or paid related to a recognized asset or liability, including those denominated in a foreign currency (“cash flow hedge”) or (c) a derivative not designated as a hedging instrument. Our accounting for the ongoing changes in fair value of a derivative depends on the intended use of the derivative and the designation, as described above, and is determined when the derivative contract is entered into or at the time of redesignation. Hedge accounting is used for derivatives that are specifically designated in advance as hedges and that reduce our exposure to an indicated risk by having a high correlation between changes in the value of the derivatives and the items being hedged at both the inception of the hedge and throughout the hedge period. Cash flows associated with derivatives are included within operating activities in the consolidated statements of cash flows, with the exception of cash paid for certain options with deferred premiums. Those are included in payments for financing element derivatives within financing activities in the consolidated statements of cash flows. Fair Value Hedges. When a derivative is designated as a fair value hedge and is determined to be highly effective, changes in its fair value, along with changes in the fair value of the hedged asset, liability or firm commitment attributable to the hedged risk, are reported in the same consolidated statements of operations line item that is used to report the earnings effect of the hedged item. For fair value hedges of fixed maturities, available-for-sale, these changes in fair value are reported in net investment income or net realized capital gains (losses). For fair value hedges of liabilities, changes in fair value are reported in cost of interest credited. The change in the fair value of excluded components is recorded in OCI and is recognized in net income through periodic settlements. A fair value hedge determined to be highly effective may still result in a mismatch between the change in the fair value of the hedging instrument and the change in the fair value of the hedged item attributable to the hedged risk. Certain fair value hedges use the portfolio layer method to hedge a designated layer amount within a closed portfolio of prepayable assets that is expected to remain outstanding for the length of the hedging relationship and is not expected to be impacted by prepayments, defaults or other factors that affect the timing and amount of cash flows. Prepayment risk is excluded when measuring the change in fair value attributable to the hedged risk under the portfolio layer method. Cash Flow Hedges. When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded as a component of OCI. At the time the variability of cash flows being hedged impacts net income, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in net income. Non-Hedge Derivatives. If a derivative does not qualify or is not designated for hedge accounting, all changes in fair value are reported in net income without considering the changes in the fair value of the economically associated assets or liabilities. Hedge Documentation and Effectiveness Testing. At inception, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking various hedge transactions. This process includes associating all derivatives designated as fair value or cash flow hedges with specific assets or liabilities on the consolidated statements of financial position or with specific firm commitments or forecasted transactions. Documentation of fair value hedges that use the portfolio layer method supports the expectation that the hedged layer amount is anticipated to be outstanding at the end of the hedging relationship and includes expectations of prepayments, defaults or other factors that affect the timing and amount of cash flows. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship. Even if a hedge is determined to be highly effective, the hedge may still result in a mismatch between the change in the fair value of the hedging instrument and the change in the fair value of the hedged item attributable to the hedged risk. We use qualitative and quantitative methods to assess hedge effectiveness. Qualitative methods may include monitoring changes to terms and conditions and counterparty credit ratings. Quantitative methods may include statistical tests including regression analysis and minimum variance and dollar offset techniques. For portfolio layer method hedges, the assessment of hedge effectiveness includes confirming we expect the hedged layer amount to be outstanding at the end of the hedging relationship. Termination of Hedge Accounting. We prospectively discontinue hedge accounting when (1) the criteria to qualify for hedge accounting is no longer met, e.g., a derivative is determined to no longer be highly effective in offsetting the change in fair value or cash flows of a hedged item; (2) the derivative expires, is sold, terminated or exercised or (3) we remove the designation of the derivative being the hedging instrument for a fair value or cash flow hedge. If it is determined that a derivative no longer qualifies as an effective hedge, the derivative will continue to be carried on the consolidated statements of financial position at its fair value, with changes in fair value recognized prospectively in net realized capital gains (losses). The asset or liability under a fair value hedge will no longer be adjusted for changes in fair value pursuant to hedging rules and the existing basis adjustment is amortized to the consolidated statements of operations line associated with the asset or liability. If a portfolio layer method hedging relationship is discontinued, the outstanding basis adjustment is allocated to the individual assets in the closed portfolio and those amounts are amortized consistent with the amortization of other discounts or premiums associated with those assets. The component of AOCI related to discontinued cash flow hedges that are no longer highly effective is amortized to the consolidated statements of operations consistent with the net income impacts of the original hedged cash flows. If a cash flow hedge is discontinued because it is probable the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from AOCI into net income. Embedded Derivatives. We purchase and issue certain financial instruments and products that contain a derivative that is embedded in the financial instrument or product. We assess whether this embedded derivative is clearly and closely related to the asset or liability that serves as its host contract. If we deem that the embedded derivative’s terms are not clearly and closely related to the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the derivative is bifurcated from that contract and held at fair value on the consolidated statements of financial position, with changes in fair value reported in net income.
Contractholder and Policyholder Liabilities - Policy	Contractholder and Policyholder Liabilities Contractholder and policyholder liabilities (contractholder funds, future policy benefits and claims, MRBs and other policyholder funds) include reserves for investment contracts, individual and group annuities that provide periodic income payments, universal life insurance, variable universal life insurance, indexed universal life insurance, term life insurance, participating traditional individual life insurance, group dental and vision insurance, group critical illness, group accident, group hospital indemnity, paid family and medical leave (“PFML”), group short-term and long-term disability insurance, group life insurance, individual disability insurance and long-term care insurance. It also includes a provision for dividends on participating policies. Investment contracts are contractholders’ funds on deposit with us and generally include reserves for pension and annuity contracts. Reserves on investment contracts are equal to the cumulative deposits less any applicable charges and withdrawals plus credited interest. Reserves for universal life, variable universal life and indexed universal life insurance contracts are equal to cumulative deposits less charges plus credited interest, which represents the account balances that accrue to the benefit of the policyholders. See Note 10, Contractholder Funds, for additional details. We hold additional reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years and universal life, variable universal life and indexed universal life insurance contracts that contain no lapse guarantee features. Refer to Note 11, Future Policy Benefits and Claims, under the caption “Long-Duration Contracts” for information about the calculation of reserves for long-duration insurance and annuity contracts. Contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other than nominal capital market risk are classified as MRBs and reported at fair value. See Note 12, Market Risk Benefits, for additional details. Reserves for participating life insurance contracts are based on the net level premium reserve for death and endowment policy benefits. This net level premium reserve is calculated based on dividend fund interest rates and mortality rates guaranteed in calculating the cash surrender values described in the contract. Participating business represented approximately 2 %, 3% and 4% of our life insurance in force and 16 %, 17% and 18% of the number of life insurance policies in force as of December 31, 2023, 2022 and 2021, respectively. Participating business represented approximately 16 %, 18% and 26% of life insurance premiums for the years ended December 31, 2023, 2022 and 2021, respectively. The amount of dividends to policyholders is declared annually by our Board of Directors. The amount of dividends to be paid to policyholders is determined after consideration of several factors including interest, mortality, morbidity and other expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by us. At the end of the reporting period, we establish a dividend liability for the pro rata portion of the dividends expected to be paid on or before the next policy anniversary date. Some of our policies and contracts require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies and contracts. See Note 8, Deferred Acquisition Costs and Other Actuarial Balances, under the caption “Unearned Revenue Liability” for additional details. Short-Duration Contracts We include the following group products in our short-duration insurance contracts disclosures: long-term disability (“LTD”), group life waiver, dental, vision, short-term disability (“STD”), critical illness, accident, PFML, hospital indemnity and group life. Refer to Note 11, Future Policy Benefits and Claims, under the caption “Short-Duration Contracts” for additional details. Liability for Unpaid Claims The liability for unpaid claims for both long-duration and short-duration contracts is an estimate of the ultimate net cost of reported and unreported losses not yet settled. This liability is estimated using actuarial analyses and case basis evaluations. Although considerable variability is inherent in such estimates, we believe the liability for unpaid claims is adequate. These estimates are continually reviewed and, as adjustments to this liability become necessary, such adjustments are reflected in net income. We incur claim adjustment expenses for both long-duration and short-duration contracts that cannot be allocated to a specific claim. Our claim adjustment expense liability is estimated using actuarial analyses based on historical trends of expenses and expected claim runout patterns. See Note 11, Future Policy Benefits and Claims, under the caption “Liability for Unpaid Claims” for further details.
Recognition of Premiums and Other Considerations, Fees and Other Revenues and Benefits - Policy	Recognition of Premiums and Other Considerations, Fees and Other Revenues and Benefits Products with fixed and guaranteed premiums and benefits consist principally of whole life and term life insurance policies and individual disability income. Premiums from these products are recognized as premium revenue when due. Related policy benefits and expenses for individual life products are associated with earned premiums and result in the recognition of profits over the expected term of the policies and contracts. Immediate annuities with life contingencies include products with fixed and guaranteed annuity considerations and benefits and consist principally of group and individual single premium annuities with life contingencies. Annuity considerations from these products are recognized as premium revenue. However, the collection of these annuity considerations does not represent the completion of the earnings process, as we establish annuity reserves using estimates for mortality and interest assumptions. We anticipate profits to emerge over the life of the annuity products as we earn investment income, pay benefits and release reserves. Any gross premium received in excess of the net premium is recognized as a deferred profit liability and amortized in relation to the expected future benefit payments. See Note 11, Future Policy Benefits and Claims, for additional details. Group life, dental, vision, critical illness, accident, PFML, hospital indemnity and disability premiums are generally recorded as premium revenue over the term of the coverage. Certain group contracts contain experience premium refund provisions based on a pre-defined formula that reflects their claim experience. Experience premium refunds reduce revenue over the term of the coverage and are adjusted to reflect current experience. Related policy benefits and expenses are associated with earned premiums and result in the recognition of profits over the term of the policies and contracts. Fees for contracts providing claim processing or other administrative services are recorded as revenue over the period the service is provided. Universal life-type policies are insurance contracts with terms that are not fixed. Amounts received as payments for such contracts are not reported as premium revenues. Revenues for universal life-type insurance contracts consist of policy charges for the cost of insurance, policy initiation and administration, surrender charges and other fees that have been assessed against policy account values and investment income. Policy benefits and claims that are charged to expense include interest credited to contracts and benefit claims incurred in the period in excess of related policy account balances. Investment contracts do not subject us to significant risks arising from policyholder mortality or morbidity and consist primarily of guaranteed investment contracts (“GICs”), funding agreements and certain deferred annuities. Amounts received as payments for investment contracts are established as investment contract liability balances and are not reported as premium revenues. Revenues for investment contracts consist of investment income and policy administration charges. Investment contract benefits that are charged to expense include benefit claims incurred in the period in excess of related investment contract liability balances and interest credited to investment contract liability balances. Fees and other revenues are earned for administrative services performed including recordkeeping, trust and custody and reporting services for retirement savings plans, insurance companies, endowments and other financial institutions and other products. Fees and other revenues received for performance of administrative services are recognized as revenue when earned, typically when the service is performed.
Deferred Acquisition Costs - Policy	Deferred Acquisition Costs Refer to Note 8, Deferred Acquisition Costs and Other Actuarial Balances, for information related to DAC on insurance policies and investment contracts. Commissions and other incremental direct costs for the acquisition of long-term service contracts are also capitalized to the extent recoverable.
Internal Replacement Transactions - Policy	Internal Replacement Transactions All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing DAC, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing DAC, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract.
Long-Term Debt - Policy	Long-Term Debt Long-term debt includes notes payable, nonrecourse mortgages and other debt with a maturity date greater than one year at the date of issuance. Current maturities of long-term debt are classified as long-term debt in our consolidated statements of financial position. Long-term debt is primarily recorded at the unpaid principal balance, net of unamortized discount, premium and issuance costs.
Reinsurance - Policy	Reinsurance We enter into reinsurance agreements with other companies in the normal course of business in order to limit losses and minimize exposure to significant risks. We evaluate each insurance agreement to determine whether the agreement provides indemnification against loss or liability related to insurance risk. For agreements that expose the reinsurer to reasonable possibility of significant loss from insurance risk, the reinsurance method of accounting is used for the agreement. Assets and liabilities related to reinsurance ceded are reported on a gross basis on the consolidated statements of financial position. Insurance liabilities are reported before the effects of reinsurance and we record an offsetting reinsurance recoverable, net of valuation allowance. Premiums and expenses are reported net of reinsurance ceded on the consolidated statements of operations. If an agreement does not expose the reinsurer to reasonable possibility of significant loss from insurance risk, the deposit method of accounting is used for the agreement. We record a deposit receivable, net of valuation allowance, if necessary. The deposit receivable is adjusted as amounts are paid or received on the underlying contracts. Accretion on the deposit receivable is calculated using an effective interest method and is reported in fees and other revenues and operating expense on the consolidated statements of operations. The cost of reinsurance related to long-duration contracts is amortized over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. We have entered into coinsurance with funds withheld reinsurance agreements in which we record a funds withheld payable that contains an embedded derivative for which the fair value is estimated based on the change in fair value of the assets supporting the funds withheld payable. The change in fair value of the funds withheld embedded derivative is separately reported on the consolidated statements of operations. Gains and losses that do not flow to the reinsurer are reported in net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations. For further information about reinsurance, refer to Note 13, Reinsurance. For further information about the financing receivables valuation allowance on the reinsurance recoverable and deposit receivable, refer to Note 5, Investments.
Separate Accounts - Policy	Separate Accounts Refer to Note 9, Separate Account Balances, for information on our separate account assets and liabilities.
Income Taxes - Policy	Income Taxes Our ultimate parent, PFG, files a U.S. consolidated income tax return that includes us and all of our qualifying subsidiaries. In addition, PFG files income tax returns in all states and foreign jurisdictions in which it conducts business. PFG has a tax sharing agreement with companies in the group under which it allocates income tax expenses and benefits generally based upon pro rata contribution of taxable income or operating losses. We are taxed at corporate rates on taxable income based on existing tax laws. Current income taxes are charged or credited to net income based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income taxes are provided for the tax effect of temporary differences in the financial reporting and income tax bases of assets and liabilities, net operating loss carryforwards and tax credit carryforwards using enacted income tax rates and laws. The effect on deferred income tax assets and deferred income tax liabilities of a change in tax rates is recognized in net income in the period in which the change is enacted. Subsequent to a change in tax rates and laws, any stranded tax effects remaining in AOCI will be released only if an entire portfolio is liquidated, sold or extinguished .

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Recent Accounting Pronouncements
Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other ​ ​ Retained earnings ​ comprehensive income ​ Pre-Tax Tax After-Tax Pre-Tax Tax After-Tax ​ ​ (in millions) DAC and other actuarial balances: ​ ​ ​ ​ ​ ​ Adjustment for reversal of unrealized loss from AOCI (1) (2) ​ $ — ​ $ — ​ $ — ​ $ 421.5 ​ $ (88.5) ​ $ 333.0 Cost of reinsurance asset (liability): ​ ​ ​ ​ ​ ​ Cumulative effect of amortization basis change ​ (9.0) ​ 1.9 ​ (7.1) ​ — ​ — ​ — Adjustment of unrealized loss in AOCI ​ — ​ — ​ — ​ 16.1 ​ (3.4) ​ 12.7 Reinsurance recoverable: ​ ​ ​ ​ ​ ​ Adjustment for reversal of unrealized gain from AOCI (2) ​ — ​ — ​ — ​ (45.5) ​ 9.5 ​ (36.0) Adjustment under the modified retrospective approach (3) ​ 31.4 ​ (6.6) ​ 24.8 ​ — ​ — ​ — Effect of remeasurement of the recoverable at the current discount rate ​ — ​ — ​ — ​ 201.8 ​ (42.4) ​ 159.4 Liability for future policy benefits: ​ ​ ​ ​ ​ ​ Adjustment for reversal of unrealized loss from AOCI (2) ​ — ​ — ​ — ​ 1,330.7 ​ (279.3) ​ 1,051.4 Adjustment under the modified retrospective approach (3) ​ (39.5) ​ 8.2 ​ (31.3) ​ — ​ — ​ — Effect of remeasurement of the liability at the current discount rate ​ — ​ — ​ — ​ (6,947.1) ​ 1,458.9 ​ (5,488.2) Market risk benefits: ​ ​ ​ ​ ​ ​ Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date ​ — ​ — ​ — ​ (4.8) ​ 1.0 ​ (3.8) Adjustments to the host contract for differences between previous carrying amount and measurement of the MRB ​ 20.9 ​ (4.4) ​ 16.5 ​ — ​ — ​ — Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes) ​ (258.8) ​ 54.4 ​ (204.4) ​ — ​ — ​ — Reclassification of nonperformance risk changes between retained earnings and AOCI (4) ​ 102.0 ​ (21.4) ​ 80.6 ​ (102.0) ​ 21.4 ​ (80.6) Total impact on opening balance as of January 1, 2021 ​ $ (153.0) ​ $ 32.1 ​ $ (120.9) ​ $ (5,129.3) ​ $ 1,077.2 ​ $ (4,052.1) (1) Includes the impact for DAC, sales inducement asset and the unearned revenue liability. We have not included the disaggregated rollforwards for the sales inducement asset within the footnote disclosures due to immateriality. (2) Prior period unrealized gain (loss) adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (3) The impact of loss cohorts, those with net premiums in excess of gross premiums, and cohorts with negative reserves, was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI. (4) The cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date for contract features previously accounted for as an embedded derivative was recorded as a reclassification from retained earnings to AOCI. The table below reflects the increase (decrease) to the impacted line items in the consolidated statements of financial position related to the cumulative effect adjustment as of January 1, 2021. ​ ​ ​ ​ ​ ​ Increase (decrease) ​ ​ (in millions) Assets ​ Reinsurance recoverable and deposit receivable ​ $ 187.7 Premiums due and other receivables (1) ​ (24.4) Deferred acquisition costs ​ 450.9 Market risk benefit asset (2) ​ 18.9 Other assets (3) ​ 19.3 Total assets ​ $ 652.4 ​ ​ ​ ​ Liabilities ​ ​ Contractholder funds (4) ​ $ (344.5) Future policy benefits and claims (5) ​ 5,620.3 Market risk benefit liability (2) ​ 610.2 Other policyholder funds (6) ​ 48.8 Deferred income taxes ​ (1,109.4) Total liabilities ​ 4,825.4 Stockholder's equity ​ ​ Retained earnings ​ (120.9) Accumulated other comprehensive income ​ (4,052.1) Total stockholder's equity ​ (4,173.0) Total liabilities and stockholder's equity ​ $ 652.4 (1) Includes the impact on the cost of reinsurance asset. (2) This is a new line item on the consolidated statements of financial position as a result of implementing LDTI. These contract features were previously recorded as embedded derivatives within contractholder funds or additional liabilities for certain benefit features within future policy benefits and claims on the consolidated statements of financial position. (3) Reflects the impact on the sales inducement asset. (4) Reflects the impact of contract features previously recorded as embedded derivatives that are recorded as MRBs under LDTI. (5) Includes the impact on the liability for future policy benefits and cost of reinsurance liability. Also includes the impact on contract features classified as additional liabilities for certain benefit features that are recorded as MRBs under LDTI. (6) Reflects the impact on the unearned revenue liability.
Disaggregated Rollforward at Adoption - Deferred Acquisition Costs (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ Workplace savings and retirement solutions $ 506.4 ​ $ 498.0 Individual variable annuities ​ ​ 279.5 ​ 278.0 Pension risk transfer ​ ​ 15.4 ​ 8.1 Individual fixed deferred annuities ​ ​ 106.1 ​ 131.0 Investment only ​ ​ 11.5 ​ 14.9 Total Retirement and Income Solutions ​ ​ 918.9 ​ 930.0 Benefits and Protection: ​ ​ ​ Specialty Benefits: ​ ​ ​ Individual disability ​ ​ 667.7 ​ 626.1 Life Insurance: ​ ​ ​ Universal life ​ ​ 1,545.3 ​ 1,569.7 Term life ​ ​ 678.8 ​ 685.7 Participating life ​ ​ 84.7 ​ 93.0 Total Benefits and Protection ​ ​ 2,976.5 ​ 2,974.5 Short-duration contracts ​ ​ 31.1 ​ 34.7 Total DAC per consolidated statements of financial position $ 3,926.5 ​ $ 3,939.2
Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)	Benefits and Protection The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows: ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, 2021 ​ ​ (in millions) Balance at beginning of period ​ $ 384.4 Deferrals ​ 66.1 Revenue recognized ​ (25.2) Balance at end of period ​ $ 425.3
Disaggregated Rollforward at Adoption - Liability for Future Policy Benefits (Table)	Retirement and Income Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Pension ​ Individual ​ ​ risk ​ fixed income ​ transfer annuities ​ ​ (in millions) Present value of expected future policy benefit payments ​ ​ Balance at beginning of period ​ $ 25,863.7 ​ $ 7,145.8 Effect of changes in discount rate assumptions at beginning of period ​ (4,827.9) ​ (1,213.5) Balance at beginning of period at original discount rate ​ 21,035.8 ​ 5,932.3 Effect of actual variances from expected experience ​ (2.4) ​ (1.3) Adjusted beginning of period balance at original discount rate ​ 21,033.4 ​ 5,931.0 Interest accrual ​ 916.7 ​ 240.5 Benefit payments ​ (1,772.5) ​ (532.0) Issuances ​ 1,801.7 ​ 82.9 Balance at end of period at original discount rate ​ 21,979.3 ​ 5,722.4 Effect of changes in discount rate assumptions at end of period ​ 3,386.5 ​ 812.6 Future policy benefits ​ $ 25,365.8 ​ $ 6,535.0 ​ Benefits and Protection and Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Benefits and Protection ​ Corporate ​ ​ Specialty ​ Life ​ ​ ​ ​ ​ Benefits ​ Insurance ​ ​ ​ ​ ​ Individual ​ ​ ​ ​ Long-term ​ disability Term life care insurance ​ ​ (in millions) Present value of expected net premiums ​ ​ ​ Balance at beginning of period ​ $ 3,148.3 ​ $ 3,799.0 ​ $ 66.7 Effect of changes in discount rate assumptions at beginning of period ​ (340.7) ​ (861.1) ​ (17.6) Balance at beginning of period at original discount rate ​ 2,807.6 ​ 2,937.9 ​ 49.1 Effect of changes in cash flow assumptions ​ — ​ — ​ 2.8 Effect of actual variances from expected experience ​ 122.0 ​ 211.4 ​ (0.8) Adjusted beginning of period balance at original discount rate ​ 2,929.6 ​ 3,149.3 ​ 51.1 Interest accrual ​ 95.4 ​ 151.1 ​ 2.9 Net premiums collected ​ (280.4) ​ (315.0) ​ (5.2) Issuances ​ 206.4 ​ 518.2 ​ — Balance at end of period at original discount rate ​ 2,951.0 ​ 3,503.6 ​ 48.8 Effect of changes in discount rate assumptions at end of period ​ 198.9 ​ 690.1 ​ 14.0 Balance at end of period ​ $ 3,149.9 ​ $ 4,193.7 ​ $ 62.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of expected future policy benefit payments ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 5,649.2 ​ $ 4,959.3 ​ $ 324.3 Effect of changes in discount rate assumptions at beginning of period ​ (834.1) ​ (1,179.9) ​ (111.1) Balance at beginning of period at original discount rate ​ 4,815.1 ​ 3,779.4 ​ 213.2 Effect of changes in cash flow assumptions ​ — ​ — ​ 0.5 Effect of actual variances from expected experience ​ 118.8 ​ 216.0 ​ (4.6) Adjusted beginning of period balance at original discount rate ​ 4,933.9 ​ 3,995.4 ​ 209.1 Interest accrual ​ 181.0 ​ 194.3 ​ 12.4 Benefit payments ​ (179.7) ​ (335.7) ​ (13.5) Issuances ​ 212.1 ​ 543.4 ​ — Balance at end of period at original discount rate ​ 5,147.3 ​ 4,397.4 ​ 208.0 Effect of changes in discount rate assumptions at end of period ​ 501.0 ​ 913.9 ​ 89.5 Balance at end of period ​ $ 5,648.3 ​ $ 5,311.3 ​ $ 297.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future policy benefits (1) ​ $ 2,498.4 ​ $ 1,117.6 ​ $ 234.7 Reinsurance impact ​ (549.9) ​ (0.1) ​ (234.7) Future policy benefits after reinsurance ​ $ 1,948.5 ​ $ 1,117.5 ​ $ — (1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums.
Disaggregated Rollforward at Adoption - Additional Liability for Certain Benefit Features (Table)	Benefits and Protection The balances and changes in the additional liability for certain benefits features for 2021 for Life Insurance – Universal life were as follows: ​ ​ ​ ​ ​ ​ For the year ended, ​ ​ December 31, 2021 ​ ​ (in millions) Balance at beginning of period ​ $ 3,463.9 Effect of changes in cash flow assumptions ​ (11.1) Effect of actual variances from expected experience ​ 18.1 Interest accrual ​ 158.3 Net assessments collected ​ 324.7 Benefit payments ​ (83.1) Other (1) ​ (56.6) Balance at end of period ​ $ 3,814.2 (1) Reflects model refinements accounted for as a change in accounting estimate.
Disaggregated Rollforward at Adoption - Market Risk Benefits (Table)	​ ​ ​ ​ ​ ​ ​ For the year ended ​ December 31,2021 ​ ​ (in millions) Balance at beginning of period ​ $ (591.3) Effect of changes in nonperformance risk at beginning of period ​ 106.7 Adjusted balance at beginning of period ​ (484.6) Effect of: ​ ​ Interest accrual and expected policyholder behavior ​ (120.7) Benefit payments ​ 0.4 Changes in interest rates ​ 154.3 Changes in equity markets ​ 106.4 Changes in equity index volatility ​ 15.1 Actual policyholder behavior different from expected behavior ​ 2.3 Changes in future expected policyholder behavior ​ (96.6) Changes in other future expected assumptions ​ 38.2 Adjusted balance at end of period ​ (385.2) Effect of changes in nonperformance risk at end of period ​ (109.5) Balance at end of period ​ $ (494.7)
Actuarial recohorting pre-tax impacts to comprehensive income (Table)	​ ​ ​ ​ ​ ​ ​ For the year ended ​ December 31, 2022 ​ ​ (in millions) Increase to income before taxes ​ Cost of reinsurance amortization (1) ​ $ 33.7 Change in additional liability for certain benefit features (1) ​ ​ 167.4 Total increase to income before income taxes ​ ​ 201.1 ​ ​ ​ ​ Increase to pre-tax other comprehensive income ​ ​ ​ Cost of reinsurance unrealized losses ​ ​ (2.1) Change in additional liability for certain benefit features unrealized gains ​ ​ 7.8 Total increase to pre-tax other comprehensive income ​ ​ 5.7 ​ ​ ​ ​ Total increase to pre-tax comprehensive income ​ $ 206.8 (1) Reported in liability for future policy benefits remeasurement (gain) loss. ​
Deferred acquisition costs
Recent Accounting Pronouncements
Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ ​ ​ ​ ​ ​ for reversal of ​ ​ ​ ​ ​ Balance as of ​ unrealized loss ​ Balance as of ​ ​ December 31, 2020 ​ from AOCI (1) ​ January 1, 2021 (2) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ Workplace savings and retirement solutions ​ $ 424.6 ​ $ 52.6 ​ $ 477.2 Individual variable annuities ​ 281.7 ​ 0.2 ​ 281.9 Pension risk transfer (3) ​ — ​ — ​ — Individual fixed deferred annuities ​ 11.5 ​ 181.2 ​ 192.7 Investment only ​ 12.6 ​ — ​ 12.6 Total Retirement and Income Solutions ​ 730.4 ​ 234.0 ​ 964.4 Benefits and Protection: ​ ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ ​ Individual disability ​ 529.8 ​ — ​ 529.8 Life Insurance: ​ ​ ​ ​ ​ ​ Universal life ​ 1,443.0 ​ 165.3 ​ 1,608.3 Term life ​ 607.9 ​ — ​ 607.9 Participating life ​ 60.3 ​ 51.6 ​ 111.9 Total Benefits and Protection ​ 2,641.0 ​ 216.9 ​ 2,857.9 Total ​ $ 3,371.4 ​ $ 450.9 ​ $ 3,822.3 (1) Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (2) Does not include DAC for short-duration contracts. Refer to Note 8, Deferred Acquisition Costs and Other Actuarial Balances, for further information on DAC. (3) This product began recording DAC upon implementing LDTI.
Unearned revenue liability
Recent Accounting Pronouncements
Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ ​ ​ ​ ​ ​ for reversal of ​ ​ ​ ​ ​ Balance as of ​ unrealized gain ​ Balance as of ​ December 31, 2020 from AOCI (1) January 1, 2021 (2) ​ ​ (in millions) Benefits and Protection - Life Insurance: ​ ​ ​ Universal life ​ $ 335.6 ​ $ 48.8 ​ $ 384.4 Total ​ $ 335.6 ​ $ 48.8 ​ $ 384.4 (1) Prior period adjustments in AOCI were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (2) Reported within other policyholder funds in the consolidated statements of financial position. Refer to Note 8, Deferred Acquisition Costs and Other Actuarial Balances, for further information on the unearned revenue liability.
Liability for future policy benefits
Recent Accounting Pronouncements
Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table)	Liability for Future Policy Benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ remeasurement ​ ​ ​ ​ ​ ​ ​ ​ Adjustment ​ under the ​ of the liability ​ ​ ​ ​ ​ Balance as of ​ for reversal of ​ modified ​ at the current ​ Balance as of ​ ​ December 31, ​ unrealized loss ​ retrospective ​ discount ​ January 1, ​ 2020 from AOCI (1) approach (2) rate (3) 2021 (4) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ Pension risk transfer ​ $ 21,982.8 ​ $ (947.0) ​ $ — ​ $ 4,827.9 ​ $ 25,863.7 Individual fixed income annuities ​ 6,147.2 ​ (215.0) ​ 0.1 ​ 1,213.5 ​ 7,145.8 Total Retirement and Income Solutions ​ 28,130.0 ​ (1,162.0) ​ 0.1 ​ 6,041.4 ​ 33,009.5 Benefits and Protection: ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ Individual disability ​ 2,173.8 ​ (168.7) ​ 2.4 ​ 493.4 ​ 2,500.9 Life Insurance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term life ​ 834.5 ​ — ​ 7.0 ​ 318.8 ​ 1,160.3 Total Benefits and Protection ​ 3,008.3 ​ (168.7) ​ 9.4 ​ 812.2 ​ 3,661.2 Corporate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term care insurance ​ 134.1 ​ — ​ 30.0 ​ 93.5 ​ 257.6 Total ​ $ 31,272.4 ​ $ (1,330.7) ​ $ 39.5 ​ $ 6,947.1 ​ $ 36,928.3 (1) Prior period adjustments in AOCI related to premium deficiency testing were reversed as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (2) As a result of updating cash flow assumptions and measuring the liability for future policy benefits at the issue-year cohort level, the impact of loss cohorts, those with net premiums in excess of gross premiums, and cohorts with negative reserves, was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI. (3) The remeasurement of the liability at the current upper-medium grade fixed-income instrument yield, which was generally lower than the locked-in interest accretion rate, was reflected as an adjustment to the opening balance of AOCI upon the adoption of LDTI. (4) Reported within future policy benefits and claims in the consolidated statements of financial position. Refer to Note 11, Future Policy Benefits and Claims, for further information on the liability for future policy benefits.
Market risk benefits
Recent Accounting Pronouncements
Schedule of Impact of Adoption of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (Table)	Market Risk Benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative ​ ​ ​ ​ ​ ​ ​ effect of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ changes in the ​ Retained earnings ​ ​ ​ ​ ​ ​ ​ ​ nonperformance ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ risk between the ​ for the valuation of ​ ​ ​ ​ ​ ​ ​ ​ original contract ​ contracts as MRBs ​ ​ ​ ​ ​ Asset (liability) ​ issue date and ​ (exclusive of ​ Asset (liability) ​ ​ balance as of ​ the transition ​ nonperformance ​ balance as of ​ December 31, 2020 (1) date (2) risk changes) (3) January 1, 2021 (4) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ Individual variable annuities ​ $ (348.6) ​ $ (4.8) ​ $ (237.9) ​ $ (591.3) Total ​ $ (348.6) ​ $ (4.8) ​ $ (237.9) ​ $ (591.3) (1) The balance as of December 31, 2020, for MRBs represents the contract features that meet the definition of an MRB under LDTI and the related carrying amount of those features prior to adoption. These contract features were previously accounted for as an embedded derivative or as an additional liability for annuitization benefits or death or other insurance benefits. (2) The cumulative effect of the change in our own nonperformance risk between the original contract issuance date and the transition date of LDTI for contract features previously accounted for as an additional liability for certain benefit features was recorded as an adjustment to the opening balance of AOCI. (3) The cumulative difference, exclusive of the nonperformance risk change, between the pre-adoption carrying amount and the fair value measurement for MRBs was recorded as an adjustment to the opening balance of retained earnings. (4) Refer to Note 12, Market Risk Benefits, for further information on MRBs. The cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date for contract features previously accounted for as an embedded derivative was recorded as a reclassification from retained earnings to AOCI.
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts
Recent Accounting Pronouncements
Disaggregated Rollforward at Adoption - Deferred Acquisition Costs (Table)	Retirement and Income Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Workplace ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ savings and ​ Individual ​ Pension ​ Individual ​ ​ ​ ​ ​ retirement ​ variable ​ risk ​ fixed deferred ​ Investment ​ solutions annuities transfer (1) annuities only ​ ​ (in millions) Balance at beginning of period ​ $ 477.2 ​ $ 281.9 ​ $ — ​ $ 192.7 ​ $ 12.6 Costs deferred ​ 50.1 ​ 26.4 ​ 2.7 ​ 7.6 ​ 9.1 Amortized to expense ​ (38.3) ​ (27.1) ​ — ​ (38.1) ​ (3.6) Balance at end of period ​ $ 489.0 ​ $ 281.2 ​ $ 2.7 ​ $ 162.2 ​ $ 18.1 (1) Amortization during 2021 was nominal. Benefits and Protection ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Specialty ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits ​ ​ ​ Life Insurance ​ ​ ​ ​ ​ Individual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ disability Universal life Term life Participating life ​ ​ (in millions) Balance at beginning of period ​ $ 529.8 ​ $ 1,608.3 ​ $ 607.9 ​ $ 111.9 Costs deferred ​ 89.8 ​ 84.3 ​ 126.5 ​ 1.9 Amortized to expense ​ (38.9) ​ (96.4) ​ (55.5) ​ (11.5) Balance at end of period ​ $ 580.7 ​ $ 1,596.2 ​ $ 678.9 ​ $ 102.3 ​

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Other Intangible Assets
Goodwill (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement ​ ​ ​ ​ ​ ​ ​ and Income ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions ​ Protection ​ Corporate ​ Consolidated ​ ​ (in millions) Balance as of January 1, 2022 ​ $ 18.8 ​ $ 56.3 ​ $ — ​ $ 75.1 Impairment (1) ​ ​ — ​ ​ (26.8) ​ ​ — ​ ​ (26.8) Balance as of December 31, 2022 ​ $ 18.8 ​ $ 29.5 ​ $ — ​ $ 48.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2023 ​ $ 18.8 ​ $ 29.5 ​ $ — ​ $ 48.3 (1) Resulted from a change in the allocation of equity between our reportable operating segments following the Talcott Reinsurance Transaction .
Finite Lived Intangible Assets (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ (in millions) Gross carrying value ​ $ 34.9 ​ $ 34.9 Accumulated amortization ​ 24.3 ​ ​ 23.3 Net carrying value ​ $ 10.6 ​ $ 11.6
Other Finite Lived Intangible Assets Estimated Amortization Expense (Table)	​ ​ ​ ​ ​ ​ Year ending December 31: ​ ​ 2024 ​ $ 1.0 ​ 2025 ​ ​ 1.0 ​ 2026 ​ ​ 1.0 ​ 2027 ​ ​ 1.0 ​ 2028 ​ ​ 1.0 ​ ​

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2023
Variable Interest Entities
Carrying Amounts of Assets and Liabilities of Consolidated Variable Interest Entities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ ​ Total ​ Total ​ Total ​ Total ​ ​ assets liabilities assets liabilities ​ ​ ​ (in millions) ​ Real estate (1) ​ $ 829.1 ​ $ 63.0 ​ $ 689.6 ​ $ 42.2 ​ Residential mortgage loans (2) ​ ​ 874.7 ​ ​ 20.9 ​ ​ 1,182.6 ​ ​ 41.8 ​ Asset - backed limited partnership (3) ​ ​ 249.3 ​ ​ — ​ ​ — ​ ​ — ​ Total ​ $ 1,953.1 ​ $ 83.9 ​ $ 1,872.2 ​ $ 84.0 ​ (1) The assets of the real estate VIEs primarily include real estate, other investments and cash. Liabilities primarily include other liabilities. (2) The assets of the residential mortgage loans VIEs primarily include residential mortgage loans. The liabilities primarily include other liabilities. (3) The assets of the asset-backed limited partnership VIE primarily include consumer loans, auto loans, other loans and credit facilities. These assets are reported with cash and cash equivalents, other investments and fixed maturities, trading on the consolidated statements of financial position. As of December 31, 2023, we did not have any unfunded commitments to the VIE. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional capital when called upon to do so by the investment manager.
Asset Carrying Value and Maximum Loss Exposure of Unconsolidated Variable Interest Entities (Table)	The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to ​ ​ Asset carrying value loss (1) ​ ​ (in millions) ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 364.9 ​ $ 369.8 ​ Residential mortgage-backed pass-through securities ​ ​ 2,824.9 ​ ​ 2,959.8 ​ Commercial mortgage-backed securities ​ ​ 4,743.4 ​ ​ 5,391.6 ​ Collateralized debt obligations (2) ​ 5,397.8 ​ 5,459.0 ​ Other debt obligations ​ 7,879.4 ​ 8,976.2 ​ Fixed maturities, trading: ​ ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ 10.4 ​ 10.4 ​ Commercial mortgage-backed securities ​ 53.1 ​ 53.1 ​ Collateralized debt obligations (2) ​ ​ 2.0 ​ ​ 2.0 ​ Other debt obligations ​ ​ 228.4 ​ ​ 228.4 ​ Other investments: ​ ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests ​ 1,661.2 ​ 2,954.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 111.8 ​ $ 127.2 ​ Residential mortgage-backed pass-through securities ​ ​ 2,170.9 ​ ​ 2,362.1 ​ Commercial mortgage-backed securities ​ ​ 4,827.5 ​ ​ 5,529.7 ​ Collateralized debt obligations (2) ​ 4,560.2 ​ 4,813.4 ​ Other debt obligations ​ 6,483.3 ​ 7,537.2 ​ Fixed maturities, trading: ​ ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ 5.4 ​ 5.4 ​ Commercial mortgage-backed securities ​ 83.4 ​ 83.4 ​ Collateralized debt obligations (2) ​ ​ 5.7 ​ ​ 5.7 ​ Other debt obligations ​ ​ 80.0 ​ ​ 80.0 ​ Other investments: ​ ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests ​ 1,088.5 ​ 1,765.4 ​ (1) Our risk of loss is limited to our initial investment measured at amortized cost for fixed maturities, available-for-sale. Our risk of loss is limited to our investment measured at fair value for our fixed maturities, trading. Our risk of loss is limited to our carrying value plus any unfunded commitments and/or guarantees and similar provisions for our other investments. A carrying value of zero is used if distributions have been received in excess of our investment, resulting in a negative carrying value for the investment. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional equity when called upon to do so by the general partner or investment manager . (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. ​

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Investments
Available-for-Sale Securities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ Allowance ​ ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ for credit ​ ​ ​ ​ cost (1) gains losses loss Fair value ​ ​ (in millions) ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,719.1 ​ $ 19.3 ​ $ 233.5 ​ $ — ​ $ 1,504.9 ​ Non-U.S. governments ​ 522.2 ​ 16.9 ​ 59.2 ​ — ​ 479.9 ​ States and political subdivisions ​ 7,493.9 ​ 45.4 ​ 926.0 ​ — ​ 6,613.3 ​ Corporate ​ 35,707.6 ​ 433.7 ​ 3,059.9 ​ 1.9 ​ 33,079.5 ​ Residential mortgage-backed pass-through securities ​ 2,959.8 ​ 25.7 ​ 160.6 ​ — ​ 2,824.9 ​ Commercial mortgage-backed securities ​ 5,391.6 ​ 1.6 ​ 649.8 ​ — ​ 4,743.4 ​ Collateralized debt obligations (2) ​ 5,379.6 ​ 45.0 ​ 26.8 ​ — ​ 5,397.8 ​ Other debt obligations ​ 8,447.2 ​ 42.2 ​ 602.8 ​ 0.1 ​ 7,886.5 ​ Total fixed maturities, available-for-sale ​ $ 67,621.0 ​ $ 629.8 ​ $ 5,718.6 ​ $ 2.0 ​ $ 62,530.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,964.6 ​ $ 0.1 ​ $ 248.8 ​ $ — ​ $ 1,715.9 ​ Non-U.S. governments ​ 565.3 ​ 18.9 ​ 63.8 ​ — ​ 520.4 ​ States and political subdivisions ​ 7,280.1 ​ 14.8 ​ 1,126.6 ​ — ​ 6,168.3 ​ Corporate ​ 37,495.4 ​ 219.5 ​ 4,530.1 ​ — ​ 33,184.8 ​ Residential mortgage-backed pass-through securities ​ 2,362.1 ​ 6.0 ​ 197.2 ​ — ​ 2,170.9 ​ Commercial mortgage-backed securities ​ 5,529.7 ​ 0.9 ​ 703.1 ​ — ​ 4,827.5 ​ Collateralized debt obligations (2) ​ 4,698.9 ​ 4.5 ​ 143.2 ​ — ​ 4,560.2 ​ Other debt obligations ​ 7,207.8 ​ 6.0 ​ 730.4 ​ 0.1 ​ 6,483.3 ​ Total fixed maturities, available-for-sale ​ $ 67,103.9 ​ $ 270.7 ​ $ 7,743.2 ​ $ 0.1 ​ $ 59,631.3 ​ (1) Amortized cost excludes accrued interest receivable of $616.0 million and $575.8 million as of December 31, 2023 and 2022, respectively. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans.
Fixed Maturities Available-for-Sale by Contractual Maturity (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized cost Fair value ​ ​ (in millions) ​ Due in one year or less ​ $ 1,298.4 ​ $ 1,282.2 ​ Due after one year through five years ​ ​ 8,486.2 ​ ​ 8,285.1 ​ Due after five years through ten years ​ ​ 9,209.3 ​ ​ 8,675.0 ​ Due after ten years ​ ​ 26,448.9 ​ ​ 23,435.3 ​ Subtotal ​ ​ 45,442.8 ​ ​ 41,677.6 ​ Mortgage-backed and other asset-backed securities ​ ​ 22,178.2 ​ ​ 20,852.6 ​ Total ​ $ 67,621.0 ​ $ 62,530.2 ​ ​
Net Investment Income (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Fixed maturities, available-for-sale ​ $ 2,230.0 ​ $ 1,734.4 ​ $ 2,483.8 ​ Fixed maturities, trading ​ ​ 32.4 ​ ​ 19.6 ​ 8.7 ​ Equity securities ​ ​ 3.5 ​ ​ (35.4) ​ ​ 1.7 ​ Mortgage loans ​ ​ 661.5 ​ ​ 619.9 ​ 692.4 ​ Real estate ​ ​ 177.2 ​ ​ 276.2 ​ 194.4 ​ Policy loans ​ ​ 39.1 ​ ​ 34.4 ​ 36.2 ​ Cash and cash equivalents ​ ​ 148.2 ​ ​ 37.6 ​ 1.7 ​ Derivatives ​ ​ 38.6 ​ ​ 171.3 ​ 28.2 ​ Other ​ ​ 231.6 ​ ​ 194.8 ​ 362.0 ​ Total ​ ​ 3,562.1 ​ ​ 3,052.8 ​ 3,809.1 ​ Investment expenses ​ ​ (276.6) ​ ​ (200.4) ​ (175.4) ​ Net investment income ​ $ 3,285.5 ​ $ 2,852.4 ​ $ 3,633.7 ​ ​
Net Realized Capital Gains and Losses (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross gains ​ $ 46.8 ​ $ 38.9 ​ $ 50.4 ​ Gross losses ​ ​ (134.8) ​ ​ (120.7) ​ (26.9) ​ Net credit losses (1) ​ ​ (31.3) ​ ​ (11.5) ​ (34.5) ​ Hedging, net ​ ​ 2.2 ​ ​ (0.7) ​ (9.5) ​ Fixed maturities, trading (2) ​ ​ 0.7 ​ ​ (8.6) ​ (6.6) ​ Equity securities (3) ​ ​ 0.7 ​ ​ (7.4) ​ ​ (0.5) ​ Mortgage loans (4) ​ ​ (133.8) ​ ​ (74.1) ​ 5.3 ​ Derivatives ​ ​ (5.3) ​ ​ 154.7 ​ 126.4 ​ Other ​ ​ 100.1 ​ ​ 112.7 ​ 8.0 ​ Net realized capital gains (losses) ​ $ (154.7) ​ $ 83.3 ​ $ 112.1 ​ (1) Net credit losses include adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities. (2) Unrealized losses on fixed maturities, trading still held at the reporting date were $(0.2) million, $(7.8) million and $(6.4) million for the years ended December 31, 2023, 2022 and 2021, respectively. This excludes $(2.9) million, $16.6 million and $0.0 million in unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021, respectively, that were reported in market risk benefit remeasurement (gain) loss and $6.8 million, $(1.4) million and $0.0 million of unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021, respectively, that were reported in net realized capital gains (losses) on funds withheld assets. (3) Unrealized gains (losses) on equity securities still held at the reporting date were $0.7 million , $(7.1) million and $(0.1) million for the years ended December 31, 2023, 2022 and 2021, respectively. This excludes $ 1.7 million , $(1.7) million and $0.0 million unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021, respectively, that were reported in net realized capital gains (losses) on funds withheld assets. (4) Net realized capital gains (losses) on mortgage loans include losses related to the deconsolidation of residential mortgage loan trusts in both 2023 and 2022.
Allowance for credit loss (Tables)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ Collateralized ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ debt ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ obligations ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities (1) obligations Total ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 0.1 Additions for credit losses not previously recorded ​ ​ — ​ ​ — ​ ​ — ​ ​ 5.7 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5.7 Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ (3.8) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3.8) Ending balance ​ $ — ​ $ — ​ $ — ​ $ 1.9 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 2.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued interest written off to net investment income ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ Collateralized ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ debt ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ obligations ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities (1) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ 4.5 ​ $ — ​ $ 0.3 ​ $ — ​ $ 0.1 ​ $ 4.9 Reductions for securities sold during the period ​ ​ — ​ ​ — ​ ​ — ​ ​ (8.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (8.7) Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period ​ ​ — ​ ​ — ​ ​ — ​ ​ 4.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4.2 Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ (0.3) Ending balance ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 0.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ Collateralized ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ debt ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ obligations ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities (1) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 4.3 ​ $ 2.2 ​ $ — ​ $ 6.5 Additions for credit losses not previously recorded ​ ​ — ​ ​ — ​ ​ — ​ ​ 16.9 ​ ​ — ​ ​ 0.4 ​ ​ — ​ ​ 0.1 ​ ​ 17.4 Reductions for securities sold during the period ​ ​ — ​ ​ — ​ ​ — ​ ​ (12.4) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (12.4) Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.4 ​ ​ 0.4 ​ ​ — ​ ​ 2.8 Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (6.8) ​ ​ (2.6) ​ ​ — ​ ​ (9.4) Ending balance ​ $ — ​ $ — ​ $ — ​ $ 4.5 ​ $ — ​ $ 0.3 ​ $ — ​ $ 0.1 ​ $ 4.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued interest written off to net investment income ​ $ — ​ $ — ​ $ — ​ $ 0.2 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.2 (1) Primarily consists of collateralized loan obligations backed by secured corporate loans.
Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Less than ​ Greater than or ​ ​ ​ ​ ​ twelve months equal to twelve months ​ Total ​ ​ ​ Gross ​ ​ Gross ​ ​ Gross ​ ​ Fair ​ unrealized ​ Fair ​ unrealized ​ Fair ​ unrealized ​ value losses value losses value losses ​ ​ (in millions) Fixed maturities, available-for-sale (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 315.3 ​ $ 3.1 ​ $ 974.2 ​ $ 230.5 ​ $ 1,289.5 ​ $ 233.6 Non-U.S. governments ​ 41.9 ​ 1.7 ​ 307.9 ​ 57.5 ​ 349.8 ​ 59.2 States and political subdivisions ​ 596.6 ​ 19.0 ​ 5,011.7 ​ 906.9 ​ 5,608.3 ​ 925.9 Corporate ​ 2,540.5 ​ 89.7 ​ 22,305.9 ​ 2,968.9 ​ 24,846.4 ​ 3,058.6 Residential mortgage-backed pass- through securities ​ 472.9 ​ 2.9 ​ 1,275.6 ​ 157.7 ​ 1,748.5 ​ 160.6 Commercial mortgage-backed securities ​ 280.3 ​ 4.1 ​ 4,160.3 ​ 645.6 ​ 4,440.6 ​ 649.7 Collateralized debt obligations (2) ​ 404.8 ​ 1.5 ​ 2,296.3 ​ 25.3 ​ 2,701.1 ​ 26.8 Other debt obligations ​ 1,183.7 ​ 18.5 ​ 4,386.0 ​ 584.2 ​ 5,569.7 ​ 602.7 Total fixed maturities, available-for-sale ​ $ 5,836.0 ​ $ 140.5 ​ $ 40,717.9 ​ $ 5,576.6 ​ $ 46,553.9 ​ $ 5,717.1 (1) Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Less than ​ Greater than or ​ ​ ​ ​ ​ ​ ​ ​ twelve months ​ equal to twelve months ​ Total ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ Fair ​ unrealized ​ Fair ​ unrealized ​ Fair ​ unrealized ​ ​ value losses value losses value losses ​ (in millions) Fixed maturities, available-for-sale (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,505.5 ​ $ 207.0 ​ $ 180.4 ​ $ 41.8 ​ $ 1,685.9 ​ $ 248.8 Non-U.S. governments ​ ​ 373.0 ​ ​ 56.7 ​ ​ 19.9 ​ ​ 7.1 ​ ​ 392.9 ​ ​ 63.8 States and political subdivisions ​ ​ 5,243.6 ​ ​ 999.7 ​ ​ 387.8 ​ ​ 126.9 ​ ​ 5,631.4 ​ ​ 1,126.6 Corporate ​ ​ 26,668.2 ​ ​ 3,875.1 ​ ​ 2,625.4 ​ ​ 654.9 ​ ​ 29,293.6 ​ ​ 4,530.0 Residential mortgage-backed pass-through securities ​ ​ 1,201.7 ​ ​ 97.6 ​ ​ 574.8 ​ ​ 104.7 ​ ​ 1,776.5 ​ ​ 202.3 Commercial mortgage-backed securities ​ ​ 3,622.3 ​ ​ 480.7 ​ ​ 1,113.9 ​ ​ 220.9 ​ ​ 4,736.2 ​ ​ 701.6 Collateralized debt obligations (2) ​ ​ 2,830.1 ​ ​ 88.8 ​ ​ 1,327.2 ​ ​ 54.4 ​ ​ 4,157.3 ​ ​ 143.2 Other debt obligations ​ ​ 3,412.6 ​ ​ 290.7 ​ ​ 2,266.7 ​ ​ 434.4 ​ ​ 5,679.3 ​ ​ 725.1 Total fixed maturities, available-for-sale ​ $ 44,857.0 ​ $ 6,096.3 ​ $ 8,496.1 ​ $ 1,645.1 ​ $ 53,353.1 ​ $ 7,741.4 (1) Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans.
Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ (in millions) ​ Net unrealized losses on fixed maturities, available-for-sale (1) ​ $ (5,128.4) ​ $ (7,552.6) ​ Net unrealized gains (losses) on derivative instruments ​ ​ (1.6) ​ ​ 50.7 ​ Adjustments for assumed changes in amortization patterns ​ ​ (5.2) ​ ​ (1.8) ​ Adjustments for assumed changes in policyholder liabilities ​ ​ 1.4 ​ ​ 0.5 ​ Net unrealized gains on other investments and noncontrolling interest adjustments ​ ​ 2.9 ​ ​ 2.9 ​ Provision for deferred income tax benefits ​ ​ 1,099.6 ​ ​ 1,601.5 ​ Net unrealized losses on available-for-sale securities and derivative instruments ​ $ (4,031.3) ​ $ (5,898.8) ​ (1) Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.
Financing Receivable Credit Quality Indicators (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ 2023 2022 2021 2020 2019 Prior Total ​ ​ (in millions) Commercial mortgage ​ ​ ​ ​ ​ ​ ​ loans: ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 667.4 ​ $ 1,214.8 ​ $ 2,271.5 ​ $ 1,535.8 ​ $ 1,921.0 ​ $ 5,447.2 ​ $ 13,057.7 BBB+ thru BBB- ​ 282.6 ​ 356.8 ​ 343.0 ​ 203.3 ​ 309.9 ​ 886.9 ​ 2,382.5 BB+ thru BB- ​ 110.6 ​ 142.1 ​ — ​ — ​ 35.3 ​ 234.6 ​ 522.6 B+ and below ​ — ​ — ​ — ​ — ​ 83.5 ​ 53.9 ​ 137.4 Total ​ $ 1,060.6 ​ $ 1,713.7 ​ $ 2,614.5 ​ $ 1,739.1 ​ $ 2,349.7 ​ $ 6,622.6 ​ $ 16,100.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage ​ ​ ​ ​ ​ ​ ​ loans: ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 456.3 ​ $ 1,023.4 ​ $ 1,272.5 ​ $ 150.4 ​ $ 86.8 ​ $ 253.6 ​ $ 3,243.0 Non-performing ​ — ​ 2.1 ​ 4.0 ​ — ​ 1.8 ​ 2.3 ​ 10.2 Total ​ $ 456.3 ​ $ 1,025.5 ​ $ 1,276.5 ​ $ 150.4 ​ $ 88.6 ​ $ 255.9 ​ $ 3,253.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other loans: ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 168.5 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 168.5 Non-performing ​ — ​ — ​ — ​ — ​ — ​ 0.1 ​ 0.1 Total ​ $ 168.5 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 168.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverable and deposit receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 24,427.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ 2022 2021 2020 2019 2018 Prior Total ​ ​ ​ (in millions) Commercial mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 995.9 ​ $ 2,182.5 ​ $ 1,753.8 ​ $ 2,177.2 ​ $ 2,130.8 ​ $ 4,555.1 ​ $ 13,795.3 BBB+ thru BBB- ​ ​ 371.8 ​ ​ 412.8 ​ ​ 149.7 ​ ​ 391.6 ​ ​ 222.6 ​ ​ 676.4 ​ ​ 2,224.9 BB+ thru BB- ​ ​ 104.0 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8.9 ​ ​ 66.5 ​ ​ 179.4 B+ and below ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8.3 ​ ​ 35.5 ​ ​ 43.8 Total ​ $ 1,471.7 ​ $ 2,595.3 ​ $ 1,903.5 ​ $ 2,568.8 ​ $ 2,370.6 ​ $ 5,333.5 ​ $ 16,243.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 1,101.4 ​ $ 1,669.1 ​ $ 364.5 ​ $ 99.2 ​ $ 51.2 ​ $ 253.6 ​ $ 3,539.0 Non-performing ​ ​ 8.0 ​ ​ 4.7 ​ ​ 1.8 ​ ​ 1.0 ​ ​ 0.6 ​ ​ 4.4 ​ ​ 20.5 Total ​ $ 1,109.4 ​ $ 1,673.8 ​ $ 366.3 ​ $ 100.2 ​ $ 51.8 ​ $ 258.0 ​ $ 3,559.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverable and deposit receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 21,445.0 ​
Non-Accrual Financing Receivables (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ Amortized cost ​ ​ Beginning ​ Ending ​ of nonaccrual ​ ​ amortized cost ​ amortized cost ​ assets without ​ ​ on nonaccrual ​ on nonaccrual ​ a valuation ​ ​ status ​ status ​ allowance ​ (in millions) Commercial mortgage loans ​ $ 43.8 ​ $ 53.9 ​ $ — Residential mortgage loans ​ ​ 16.0 ​ ​ 8.2 ​ ​ 0.5 Total ​ $ 59.8 ​ $ 62.1 ​ $ 0.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ Amortized cost ​ ​ Beginning ​ Ending ​ of nonaccrual ​ ​ amortized cost ​ amortized cost ​ assets without ​ ​ on nonaccrual ​ on nonaccrual ​ a valuation ​ ​ status ​ status ​ allowance ​ (in millions) Commercial mortgage loans ​ $ 8.7 ​ $ 43.8 ​ $ — Residential mortgage loans ​ ​ 3.4 ​ ​ 16.0 ​ ​ 0.6 Total ​ $ 12.1 ​ $ 59.8 ​ $ 0.6 ​
Schedule of Interest Income Recognized on Non-accrual Financing Receivables (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 ​ 2022 2021 ​ (in millions) Commercial mortgage loans ​ $ 1.2 ​ $ 0.9 ​ $ 0.5 Total ​ $ 1.2 ​ $ 0.9 ​ $ 0.5
Financing Receivables Aging (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ 90 days or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90 days or ​ ​ ​ 30-59 days ​ 60-89 days ​ more past ​ Total ​ ​ ​ ​ ​ ​ ​ more and ​ ​ past due past due due past due Current Total (1) accruing ​ ​ (in millions) ​ Commercial mortgage loans ​ $ — ​ $ — ​ $ 7.9 ​ $ 7.9 ​ $ 16,092.3 ​ $ 16,100.2 ​ $ — ​ Residential mortgage loans ​ ​ 8.5 ​ ​ 1.8 ​ ​ 8.7 ​ ​ 19.0 ​ ​ 3,234.2 ​ ​ 3,253.2 ​ ​ 2.0 ​ Other loans ​ ​ 1.0 ​ ​ 0.5 ​ ​ 0.7 ​ ​ 2.2 ​ ​ 166.4 ​ ​ 168.6 ​ ​ 0.6 ​ Total ​ $ 9.5 ​ $ 2.3 ​ $ 17.3 ​ $ 29.1 ​ $ 19,492.9 ​ $ 19,522.0 ​ $ 2.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ 90 days or ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 90 days or ​ ​ ​ 30-59 days ​ 60-89 days ​ more past ​ Total ​ ​ ​ ​ ​ ​ ​ more and ​ ​ past due past due due past due Current Total (1) accruing ​ ​ (in millions) ​ Commercial mortgage loans ​ $ — ​ $ — ​ $ 8.3 ​ $ 8.3 ​ $ 16,235.1 ​ $ 16,243.4 ​ $ — ​ Residential mortgage loans ​ ​ 35.9 ​ ​ 2.4 ​ ​ 12.4 ​ ​ 50.7 ​ ​ 3,508.8 ​ ​ 3,559.5 ​ ​ 4.4 ​ Total ​ $ 35.9 ​ $ 2.4 ​ $ 20.7 ​ $ 59.0 ​ $ 19,743.9 ​ $ 19,802.9 ​ $ 4.4 ​ (1) As of both December 31, 2023 and 2022, no reinsurance recoverables or deposit receivables were considered past due.
Financing Receivables Valuation Allowance (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ Residential ​ Reinsurance ​ ​ ​ ​ mortgage loans mortgage loans recoverables Total ​ ​ (in millions) Beginning balance ​ $ 75.5 ​ $ 5.0 ​ $ 2.7 ​ $ 83.2 Provision ​ ​ 50.6 ​ ​ — ​ ​ 0.5 ​ ​ 51.1 Charge-offs ​ ​ — ​ ​ (0.4) ​ ​ — ​ ​ (0.4) Recoveries ​ ​ — ​ ​ 1.5 ​ ​ — ​ ​ 1.5 Ending balance ​ $ 126.1 ​ $ 6.1 ​ $ 3.2 ​ $ 135.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ Residential ​ Reinsurance ​ ​ ​ ​ mortgage loans mortgage loans recoverables Total ​ ​ (in millions) Beginning balance ​ $ 42.0 ​ $ 1.7 ​ $ 2.7 ​ $ 46.4 Provision ​ ​ 33.5 ​ ​ 1.2 ​ ​ — ​ ​ 34.7 Charge-offs ​ ​ — ​ ​ (0.2) ​ ​ — ​ ​ (0.2) Recoveries ​ ​ — ​ ​ 2.3 ​ ​ — ​ ​ 2.3 Ending balance ​ $ 75.5 ​ $ 5.0 ​ $ 2.7 ​ $ 83.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ Residential ​ Reinsurance ​ ​ ​ ​ mortgage loans mortgage loans recoverables Total ​ ​ (in millions) Beginning balance ​ $ 40.5 ​ $ 5.7 ​ $ 2.7 ​ $ 48.9 Provision (1) ​ ​ 1.5 ​ ​ (7.2) ​ ​ — ​ ​ (5.7) Charge-offs ​ ​ — ​ ​ (0.5) ​ ​ — ​ ​ (0.5) Recoveries ​ ​ — ​ ​ 3.7 ​ ​ — ​ ​ 3.7 Ending balance ​ $ 42.0 ​ $ 1.7 ​ $ 2.7 ​ $ 46.4 (1) During the year ended December 31, 2021, certain valuation allowances for residential mortgage loans were released. This release was a result of further adjustments to our current and forecasted environmental factors management believed to be relevant as global economic activity improved from previously adverse impacts due to COVID-19. For the years ended December 31, 2023, 2022 and 2021, no allowance was recorded for other loans.
Mortgage Loans Purchased and Sold (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Commercial mortgage loans: ​ ​ ​ ​ ​ ​ Purchased ​ $ 108.1 ​ $ 261.3 ​ $ — Residential mortgage loans: ​ ​ ​ Purchased (1) ​ 505.6 ​ 1,805.2 ​ 2,272.4 Sold ​ 99.3 ​ 512.8 ​ — (1) Includes mortgage loans purchased by residential mortgage loan VIEs.
Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Amortized ​ Percent ​ Amortized ​ Percent ​ cost of total cost of total ​ ​ ($ in millions) Geographic distribution ​ ​ ​ ​ ​ ​ ​ New England ​ $ 367.6 2.3 % $ 513.3 3.2 % Middle Atlantic ​ 4,525.0 28.1 ​ 4,518.8 27.8 ​ East North Central ​ 584.5 3.6 ​ 653.9 4.0 ​ West North Central ​ 336.9 2.1 ​ 371.9 2.3 ​ South Atlantic ​ 2,768.8 17.2 ​ 2,565.5 15.8 ​ East South Central ​ 430.3 2.7 ​ 340.6 2.1 ​ West South Central ​ 1,272.0 7.9 ​ 1,208.8 7.4 ​ Mountain ​ 825.9 5.1 ​ 940.9 5.8 ​ Pacific ​ 4,989.2 31.0 ​ 5,129.7 31.6 ​ Total ​ $ 16,100.2 100.0 % $ 16,243.4 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property type distribution ​ ​ ​ Office ​ $ 3,651.5 22.7 % $ 4,331.8 26.7 % Retail ​ 1,457.4 9.1 ​ 1,502.5 9.2 ​ Industrial ​ 3,526.7 21.9 ​ 3,246.4 20.0 ​ Apartments ​ 7,148.5 44.4 ​ 6,848.3 42.2 ​ Hotel ​ 68.6 0.4 ​ 72.5 0.4 ​ Mixed use/other ​ 247.5 1.5 ​ 241.9 1.5 ​ Total ​ $ 16,100.2 100.0 % $ 16,243.4 100.0 %
Mortgage Loans Modified as a Troubled Debt Restructuring (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ TDRs TDRs in payment default ​ Number of Recorded ​ Number of ​ Recorded ​ contracts investment contracts investment ​ ​ ​ ​ ​ (in millions) ​ ​ ​ (in millions) Commercial mortgage loans ​ 1 ​ $ 35.5 ​ — ​ $ — Total ​ 1 ​ $ 35.5 ​ — ​ $ — ​
Minority Interests in Unconsolidated Entities-Balance Sheet (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 2022 ​ ​ ​ (in millions) ​ Total assets ​ $ 119,329.9 ​ $ 128,765.7 ​ Total liabilities ​ ​ 16,131.8 ​ 12,335.4 ​ Total equity ​ $ 103,198.1 ​ $ 116,430.3 ​ Net investment in unconsolidated entities ​ $ 1,869.9 ​ $ 1,275.5 ​
Minority Interests in Unconsolidated Entities-Income Statement (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ ​ December 31, ​ ​ 2023 2022 2021 ​ ​ ​ (in millions) ​ Total revenues ​ $ 2,555.9 ​ $ 36,915.1 ​ $ 17,674.2 ​ Net income ​ ​ (3,110.6) ​ ​ 33,194.6 ​ 14,083.1 ​ Our share of net income of unconsolidated entities ​ ​ 151.0 ​ ​ 119.5 ​ 229.6 ​
Financial Assets Subject to Netting Agreements (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts not offset in the ​ ​ ​ ​ ​ ​ ​ ​ ​ consolidated statements ​ ​ ​ ​ ​ ​ ​ ​ ​ of financial position ​ ​ ​ ​ ​ Gross amount ​ ​ ​ ​ ​ ​ ​ of recognized ​ Financial ​ Collateral ​ ​ ​ ​ assets (1) instruments (2) received Net amount ​ ​ (in millions) ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 253.0 ​ $ (166.0) ​ $ (81.0) ​ $ 6.0 ​ Reverse repurchase agreements ​ ​ 122.7 ​ ​ — ​ ​ (122.7) ​ ​ — ​ Total ​ $ 375.7 ​ $ (166.0) ​ $ (203.7) ​ $ 6.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 256.6 ​ $ (133.5) ​ $ (120.8) ​ $ 2.3 ​ Reverse repurchase agreements ​ ​ 112.9 ​ ​ — ​ ​ (112.9) ​ ​ — ​ Total ​ $ 369.5 ​ $ (133.5) ​ $ (233.7) ​ $ 2.3 ​ (1) The gross amount of recognized derivative and reverse repurchase agreement assets are reported with other investments and cash and cash equivalents, respectively, on the consolidated statements of financial position. The gross amounts of derivative and reverse repurchase agreement assets are not netted against offsetting liabilities for presentation on the consolidated statements of financial position. (2) Represents amount of offsetting derivative liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets for presentation on the consolidated statements of financial position.
Financial Liabilities Subject to Netting Agreements (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts not offset in the ​ ​ ​ ​ ​ ​ ​ ​ ​ consolidated statements ​ ​ ​ ​ ​ ​ ​ ​ ​ of financial position ​ ​ ​ ​ ​ Gross amount ​ ​ ​ ​ ​ ​ ​ ​ of recognized ​ Financial ​ Collateral ​ ​ ​ ​ ​ liabilities (1) instruments (2) pledged Net amount ​ ​ (in millions) ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 473.4 ​ $ (166.0) ​ $ (295.5) ​ $ 11.9 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 612.2 ​ $ (133.5) ​ $ (467.2) ​ $ 11.5 ​ (1) The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes derivative liabilities, which are primarily embedded derivatives that are not subject to master netting agreements or similar agreements. The gross amounts of derivative liabilities are not netted against offsetting assets for presentation on the consolidated statements of financial position. (2) Represents amount of offsetting derivative assets that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative liabilities for presentation on the consolidated statements of financial position.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Financial Instruments
Derivative Financial Instruments, Exposure (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ ​ (in millions) ​ Notional amounts of derivative instruments ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 57,766.6 ​ $ 52,249.9 ​ Interest rate options ​ ​ 4,498.4 ​ ​ 4,418.9 ​ Interest rate forwards ​ ​ 1,990.8 ​ ​ 2,527.5 ​ Interest rate futures ​ ​ 1,174.5 ​ ​ 877.5 ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ Currency swaps ​ ​ 1,888.5 ​ ​ 1,389.8 ​ Currency forwards ​ ​ 54.2 ​ ​ 32.0 ​ Equity contracts: ​ ​ ​ ​ ​ ​ ​ Equity options ​ ​ 2,331.3 ​ ​ 2,049.3 ​ Equity futures ​ ​ 559.6 ​ ​ 574.1 ​ Credit contracts: ​ ​ ​ ​ ​ ​ ​ Credit default swaps ​ ​ 305.0 ​ ​ 400.0 ​ Other contracts: ​ ​ ​ ​ ​ ​ ​ Embedded derivatives ​ ​ 26,454.2 ​ ​ 23,209.3 ​ Total notional amounts at end of period ​ $ 97,023.1 ​ $ 87,728.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit exposure of derivative instruments ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 42.9 ​ $ 64.2 ​ Interest rate options ​ ​ 37.0 ​ ​ 41.7 ​ Interest rate forwards ​ ​ 4.2 ​ ​ 0.1 ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ Currency swaps ​ ​ 89.8 ​ ​ 139.2 ​ Currency forwards ​ ​ 0.7 ​ ​ 0.9 ​ Equity contracts: ​ ​ ​ ​ ​ ​ ​ Equity options ​ ​ 83.8 ​ ​ 16.5 ​ Credit contracts: ​ ​ ​ ​ ​ ​ ​ Credit default swaps ​ ​ 4.7 ​ ​ 3.6 ​ Total gross credit exposure ​ ​ 263.1 ​ ​ 266.2 ​ Less: collateral received ​ ​ 107.1 ​ ​ 158.8 ​ Net credit exposure ​ $ 156.0 ​ $ 107.4 ​ ​
Derivative Financial Instruments, Fair Value Disclosures (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets (1) ​ Derivative liabilities (2) ​ ​ December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 ​ ​ (in millions) ​ Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ 9.0 ​ $ 20.0 ​ $ 72.6 ​ $ 105.1 ​ Foreign exchange contracts ​ ​ 84.6 ​ 134.6 ​ ​ 38.9 ​ 19.3 ​ Total derivatives designated as hedging instruments ​ $ 93.6 ​ $ 154.6 ​ $ 111.5 ​ $ 124.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ 70.3 ​ $ 81.1 ​ $ 284.3 ​ $ 439.9 ​ Foreign exchange contracts ​ ​ 0.7 ​ 0.9 ​ ​ 2.3 ​ 0.3 ​ Equity contracts ​ ​ 83.8 ​ 16.5 ​ ​ 74.2 ​ 45.6 ​ Credit contracts ​ ​ 4.6 ​ 3.5 ​ ​ 1.1 ​ 2.0 ​ Other contracts ​ ​ — ​ — ​ ​ (2,210.6) ​ (3,606.5) ​ Total derivatives not designated as hedging instruments ​ ​ 159.4 ​ 102.0 ​ ​ (1,848.7) ​ (3,118.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivative instruments ​ $ 253.0 ​ $ 256.6 ​ $ (1,737.2) ​ $ (2,994.3) ​ (1) The fair value of derivative assets is reported with other investments on the consolidated statements of financial position. (2) The fair value of derivative liabilities is reported with other liabilities on the consolidated statements of financial position, with the exception of certain embedded derivative liabilities. Embedded derivatives with a net liability fair value of $115.5 million and $46.3 million as of December 31, 2023 and 2022, respectively, are reported with contractholder funds on the consolidated statements of financial position. Embedded derivatives with a net (asset) liability fair value of $ (2,326.1) million and $(3,652.8) million as of December 31, 2023 and 2022, respectively, are reported with funds withheld payable on the consolidated statements of financial position.
Credit Derivatives Sold (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ ​ Notional ​ Fair ​ future ​ expected life ​ ​ amount value payments (in years) ​ ​ ​ (in millions) ​ ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 40.0 ​ $ 0.3 ​ $ 40.0 1.5 ​ BBB ​ 140.0 ​ 3.8 ​ 140.0 3.0 ​ BB ​ 20.0 ​ 0.2 ​ 20.0 3.5 ​ Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ ​ 20.0 ​ ​ 0.2 ​ ​ 20.0 ​ 1.5 ​ Total credit default swap protection sold ​ $ 220.0 ​ $ 4.5 ​ $ 220.0 2.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ ​ Notional ​ Fair ​ future ​ expected life ​ ​ amount value payments (in years) ​ ​ ​ (in millions) ​ ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 40.0 ​ $ 0.4 ​ $ 40.0 2.5 ​ BBB ​ 190.0 ​ 2.2 ​ 190.0 3.1 ​ BB ​ 20.0 ​ (0.2) ​ 20.0 4.5 ​ Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ ​ 20.0 ​ ​ 0.2 ​ ​ 20.0 ​ 2.5 ​ Total credit default swap protection sold ​ $ 270.0 ​ $ 2.6 ​ $ 270.0 3.1 ​
Fair Value Hedges (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative amount of fair ​ ​ ​ ​ ​ ​ ​ ​ ​ value hedging basis adjustment ​ Line item in the consolidated statements ​ ​ ​ ​ ​ ​ ​ increase/(decrease) included in the ​ of financial position in which the ​ Carrying amount of hedged item ​ carrying amount of the hedged item ​ hedged item is included December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 ​ ​ (in millions) ​ Fixed maturities, available-for-sale (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 3,510.1 ​ $ 3,498.6 ​ $ (87.0) ​ $ (153.4) ​ Discontinued hedging relationships ​ ​ 304.7 ​ ​ 48.8 ​ ​ (5.2) ​ ​ 1.3 ​ Total fixed maturities, available-for-sale in active or discontinued hedging relationships ​ $ 3,814.8 ​ $ 3,547.4 ​ $ (92.2) ​ $ (152.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 300.5 ​ $ — ​ $ 0.4 ​ $ — ​ Total investment contracts in active or discontinued hedging relationships ​ $ 300.5 ​ $ — ​ $ 0.4 ​ $ — ​ (1) These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of December 31, 2023 and December 31, 2022, the amortized cost basis of the closed portfolios used in these hedging relationships was $3,178.5 million and $3,256.9 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $ (62.2) million and $ (102.4) million, respectively, and the amount of the designated hedged items were $1,395.0 million and $1,110.0 million, respectively.
Cash Flow Hedges (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in AOCI on derivatives ​ Derivatives in cash flow ​ ​ ​ for the year ended December 31, ​ hedging relationships Related hedged item 2023 2022 2021 ​ ​ ​ ​ (in millions) ​ Interest rate contracts ​ Fixed maturities, available-for-sale ​ $ 30.4 ​ $ (102.1) ​ $ — ​ Interest rate contracts ​ Investment contracts ​ ​ (11.0) ​ 15.9 ​ 4.1 ​ Foreign exchange contracts ​ Fixed maturities, available-for-sale ​ ​ (64.0) ​ 84.2 ​ 53.4 ​ Total ​ ​ ​ $ (44.6) ​ $ (2.0) ​ $ 57.5 ​
Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ Net investment ​ Net realized ​ claims and ​ ​ income related ​ capital gains ​ settlement ​ ​ to hedges ​ (losses) related to ​ expenses ​ ​ of fixed ​ hedges of fixed ​ related to ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available- ​ available- ​ investment ​ for-sale for-sale contracts ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 3,285.5 ​ $ (154.7) ​ $ 7,226.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ $ 45.3 ​ $ — ​ $ 0.4 ​ Loss recognized on derivatives ​ ​ (43.9) ​ ​ — ​ ​ (2.1) ​ Amortization of hedged item basis adjustments ​ (0.2) ​ — ​ — ​ Amounts related to periodic settlements on derivatives ​ 60.5 ​ — ​ (2.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ ​ — ​ ​ 3.7 ​ ​ — ​ Loss recognized on derivatives ​ ​ — ​ ​ (3.7) ​ ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ 0.6 ​ ​ — ​ ​ — ​ Total gain (loss) recognized for fair value hedging relationships ​ $ 62.3 ​ $ — ​ $ (4.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 4.1 ​ $ — ​ $ (0.1) ​ Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ 1.9 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ — ​ ​ — ​ ​ 14.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ — ​ 1.5 ​ — ​ Amounts related to periodic settlements on derivatives ​ 21.4 ​ — ​ — ​ Total gain recognized for cash flow hedging relationships ​ $ 25.5 ​ $ 3.4 ​ $ 14.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Benefits, ​ ​ Net investment ​ Net realized ​ claims and ​ ​ income related ​ capital gains ​ settlement ​ ​ to hedges ​ related to ​ expenses ​ ​ of fixed ​ hedges of fixed ​ related to ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available- ​ available- ​ investment ​ for-sale for-sale contracts ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 2,852.4 ​ $ 83.3 ​ $ 5,882.7 ​ ​ ​ ​ ​ ​ ​ ​ Gains on fair value hedging relationships: ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Loss recognized on hedged item ​ $ (154.4) ​ $ — ​ $ — ​ Gain recognized on derivatives ​ 151.6 ​ — ​ — ​ Amortization of hedged item basis adjustments ​ (1.3) ​ — ​ — ​ Amounts related to periodic settlements on derivatives ​ 5.2 ​ — ​ — ​ Total gain recognized for fair value hedging relationships ​ $ 1.1 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 9.0 ​ $ — ​ $ (0.1) ​ Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ 18.5 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ — ​ ​ — ​ ​ 3.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ — ​ 0.6 ​ — ​ Amounts related to periodic settlements on derivatives ​ 14.5 ​ — ​ — ​ Total gain recognized for cash flow hedging relationships ​ $ 23.5 ​ $ 19.1 ​ $ 3.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ ​ ​ ​ ​ Benefits, ​ ​ Net investment ​ Net realized ​ claims and ​ ​ income related ​ capital gains ​ settlement ​ ​ to hedges ​ related to ​ expenses ​ ​ of fixed ​ hedges of fixed ​ related to ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available- ​ available- ​ investment ​ for-sale for-sale contracts ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 3,633.7 ​ $ 112.1 ​ $ 6,617.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses on fair value hedging relationships: ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ Loss recognized on hedged item ​ $ (28.7) ​ $ — ​ $ — ​ Gain recognized on derivatives ​ 28.6 ​ — ​ — ​ Amortization of hedged item basis adjustments ​ (1.8) ​ — ​ — ​ Amounts related to periodic settlements on derivatives ​ (10.0) ​ — ​ — ​ Total loss recognized for fair value hedging relationships ​ $ (11.9) ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on cash flow hedging relationships: ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 15.4 ​ $ — ​ $ (0.1) ​ Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ 1.0 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ — ​ ​ — ​ ​ (0.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ — ​ 9.2 ​ — ​ Amounts related to periodic settlements on derivatives ​ 9.6 ​ — ​ — ​ Total gain (loss) recognized for cash flow hedging relationships ​ $ 25.0 ​ $ 10.2 ​ $ (0.5) ​
Derivatives Not Designated as Hedging Instruments (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in ​ ​ ​ net income on derivatives for the ​ ​ ​ year ended December 31, ​ Derivatives not designated as hedging instruments 2023 2022 2021 ​ ​ (in millions) ​ Interest rate contracts ​ $ (46.5) ​ $ (317.7) ​ $ (33.8) ​ Foreign exchange contracts ​ ​ (2.8) ​ 1.4 ​ (4.7) ​ Equity contracts ​ ​ (136.6) ​ 20.7 ​ (81.1) ​ Credit contracts ​ ​ 4.1 ​ 0.1 ​ 0.1 ​ Other contracts (1) ​ ​ (1,395.9) ​ 3,682.2 ​ 0.1 ​ Total ​ $ (1,577.7) ​ $ 3,386.7 ​ $ (119.4) ​ (1) Includes the change in fair value of the funds withheld embedded derivative. ​

Closed Block (Tables)

Closed Block (Tables)	12 Months Ended
	Dec. 31, 2023
Closed Block
Closed Block Liabilities and Assets Designated to the Closed Block (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ (in millions) Closed Block liabilities ​ ​ ​ ​ ​ ​ ​ Future policy benefits and claims ​ $ 2,982.9 ​ $ 3,128.1 ​ Other policyholder funds ​ ​ 5.1 ​ ​ 5.1 ​ Policyholder dividends payable ​ ​ 157.2 ​ ​ 168.2 ​ Income taxes currently payable ​ ​ 4.0 ​ ​ — ​ Other liabilities ​ ​ 23.2 ​ ​ 24.9 ​ Total Closed Block liabilities ​ ​ 3,172.4 ​ ​ 3,326.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets designated to the Closed Block ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ ​ 1,766.7 ​ ​ 1,690.2 ​ Fixed maturities, trading ​ ​ 2.0 ​ ​ 2.0 ​ Equity securities ​ ​ 0.9 ​ ​ 0.8 ​ Mortgage loans ​ ​ 469.5 ​ ​ 544.9 ​ Policy loans ​ ​ 379.9 ​ ​ 407.4 ​ Other investments ​ ​ 61.2 ​ ​ 62.2 ​ Total investments ​ ​ 2,680.2 ​ ​ 2,707.5 ​ Cash and cash equivalents ​ ​ 6.1 ​ ​ 62.0 ​ Accrued investment income ​ ​ 32.6 ​ ​ 30.3 ​ Reinsurance recoverable and deposit receivable ​ ​ 3.5 ​ ​ 3.9 ​ Premiums due and other receivables ​ ​ 3.4 ​ ​ 4.1 ​ Deferred tax asset ​ ​ 52.1 ​ ​ 62.0 ​ Other assets ​ ​ 5.3 ​ ​ 0.1 ​ Total assets designated to the Closed Block ​ ​ 2,783.2 ​ ​ 2,869.9 ​ Excess of Closed Block liabilities over assets designated to the Closed Block ​ ​ 389.2 ​ ​ 456.4 ​ Amounts included in accumulated other comprehensive income ​ ​ (69.6) ​ ​ (111.9) ​ Maximum future earnings to be recognized from Closed Block assets and liabilities ​ $ 319.6 ​ $ 344.5 ​ ​
Closed Block Revenues and Expenses (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ 166.1 ​ $ 178.0 ​ $ 196.1 ​ Net investment income ​ ​ 127.3 ​ ​ 129.1 ​ 137.6 ​ Net realized capital losses ​ ​ (10.0) ​ ​ (21.2) ​ (4.6) ​ Total revenues ​ ​ 283.4 ​ ​ 285.9 ​ 329.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ ​ 161.6 ​ ​ 184.3 ​ 212.0 ​ Dividends to policyholders ​ ​ 86.8 ​ ​ 92.5 ​ 92.6 ​ Operating expenses ​ ​ 2.6 ​ ​ 2.2 ​ 2.3 ​ Total expenses ​ ​ 251.0 ​ ​ 279.0 ​ 306.9 ​ Closed Block revenues, net of Closed Block expenses, before income taxes ​ ​ 32.4 ​ ​ 6.9 ​ 22.2 ​ Income taxes ​ ​ 6.1 ​ ​ 0.7 ​ 3.9 ​ Closed Block revenues, net of Closed Block expenses and income taxes ​ ​ 26.3 ​ ​ 6.2 ​ 18.3 ​ Funding adjustments and other transfers ​ ​ (1.4) ​ ​ 28.5 ​ (4.0) ​ Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments ​ $ 24.9 ​ $ 34.7 ​ $ 14.3 ​ ​
Change in Maximum Future Earnings of the Closed Block (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Beginning of year ​ $ 344.5 ​ $ 379.2 ​ $ 393.5 ​ End of year ​ ​ 319.6 ​ ​ 344.5 ​ 379.2 ​ Change in maximum future earnings ​ $ (24.9) ​ $ (34.7) ​ $ (14.3) ​ ​

Deferred Acquisition Costs an_2

Deferred Acquisition Costs and Other Actuarial Balances (Tables)	12 Months Ended
	Dec. 31, 2023
Disaggregated DAC amounts and reconciliation (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ Workplace savings and retirement solutions $ 506.4 ​ $ 498.0 Individual variable annuities ​ ​ 279.5 ​ 278.0 Pension risk transfer ​ ​ 15.4 ​ 8.1 Individual fixed deferred annuities ​ ​ 106.1 ​ 131.0 Investment only ​ ​ 11.5 ​ 14.9 Total Retirement and Income Solutions ​ ​ 918.9 ​ 930.0 Benefits and Protection: ​ ​ ​ Specialty Benefits: ​ ​ ​ Individual disability ​ ​ 667.7 ​ 626.1 Life Insurance: ​ ​ ​ Universal life ​ ​ 1,545.3 ​ 1,569.7 Term life ​ ​ 678.8 ​ 685.7 Participating life ​ ​ 84.7 ​ 93.0 Total Benefits and Protection ​ ​ 2,976.5 ​ 2,974.5 Short-duration contracts ​ ​ 31.1 ​ 34.7 Total DAC per consolidated statements of financial position $ 3,926.5 ​ $ 3,939.2
Disaggregated unearned revenue liability amounts and reconciliation (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Benefits and Protection – Life Insurance: ​ ​ Universal life $ 485.5 ​ $ 459.0 Total unearned revenue liability $ 485.5 ​ $ 459.0
Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)	Benefits and Protection The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows: ​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, 2021 ​ ​ (in millions) Balance at beginning of period ​ $ 384.4 Deferrals ​ 66.1 Revenue recognized ​ (25.2) Balance at end of period ​ $ 425.3
Retirement and Income Solutions
Disaggregated DAC amounts and reconciliation (Table)	Retirement and Income Solutions The balances and changes in DAC were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Workplace ​ ​ ​ ​ Individual ​ ​ ​ savings and ​ Individual ​ Pension ​ fixed ​ ​ ​ ​ ​ retirement ​ variable ​ risk ​ deferred ​ Investment ​ ​ solutions ​ annuities ​ transfer ​ annuities ​ only ​ ​ (in millions) Balances as of January 1, 2022 ​ $ 489.0 ​ $ 281.2 ​ $ 2.7 ​ $ 162.2 ​ $ 18.1 Costs deferred ​ 48.3 ​ 22.5 ​ 5.6 ​ — ​ 1.4 Amortized to expense ​ (39.3) ​ (25.7) ​ (0.2) ​ (31.2) ​ (4.6) Balances as of December 31, 2022 ​ ​ 498.0 ​ ​ 278.0 ​ ​ 8.1 ​ ​ 131.0 ​ ​ 14.9 Costs deferred ​ ​ 48.1 ​ ​ 27.4 ​ ​ 7.9 ​ ​ — ​ ​ 1.3 Amortized to expense ​ ​ (39.7) ​ ​ (25.9) ​ ​ (0.6) ​ ​ (24.9) ​ ​ (4.7) Balances as of December 31, 2023 ​ $ 506.4 ​ $ 279.5 ​ $ 15.4 ​ $ 106.1 ​ $ 11.5
Benefits and Protection
Disaggregated DAC amounts and reconciliation (Table)	Benefits and Protection The balances and changes in DAC were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits Life Insurance ​ ​ Individual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ disability ​ Universal life ​ Term life ​ Participating life ​ ​ (in millions) Balances as of January 1, 2022 ​ $ 580.7 ​ $ 1,596.2 ​ $ 678.9 ​ $ 102.3 Costs deferred ​ 87.6 ​ 70.6 ​ 66.7 ​ 1.4 Amortized to expense ​ (42.2) ​ (97.1) ​ (59.9) ​ (10.7) Balances as of December 31, 2022 ​ ​ 626.1 ​ ​ 1,569.7 ​ ​ 685.7 ​ ​ 93.0 Costs deferred ​ ​ 86.7 ​ ​ 70.7 ​ ​ 55.0 ​ ​ 1.4 Amortized to expense ​ ​ (45.1) ​ ​ (95.1) ​ ​ (61.9) ​ ​ (9.7) Balances as of December 31, 2023 ​ $ 667.7 ​ $ 1,545.3 ​ $ 678.8 ​ $ 84.7 ​
Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)	Benefits and Protection The balances and changes in the unearned revenue liability for Life Insurance – Universal life contracts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Balance at beginning of period ​ $ 459.0 ​ $ 425.3 Deferrals ​ ​ 56.3 ​ 61.8 Revenue recognized ​ ​ (29.8) ​ (28.1) Balance at end of period ​ ​ 485.5 ​ 459.0 Reinsurance impact ​ ​ (225.1) ​ (227.9) Balance at end of period after reinsurance ​ $ 260.4 ​ $ 231.1 ​

Separate Account Balances (Tabl

Separate Account Balances (Tables)	12 Months Ended
	Dec. 31, 2023
Summary of separate account assets by investment category (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Fixed maturities: ​ ​ U.S. government and agencies $ 6,948.6 ​ $ 7,065.0 Non-U.S. governments ​ ​ 1,258.6 ​ 1,338.4 States and political subdivisions ​ ​ 205.1 ​ 211.7 Corporate ​ ​ 6,102.9 ​ 5,689.8 Residential mortgage-backed pass-through securities ​ ​ 4,096.2 ​ 3,853.2 Commercial mortgage-backed securities ​ ​ 221.1 ​ 206.2 Other debt obligations ​ ​ 505.8 ​ 218.0 Total fixed maturities ​ ​ 19,338.3 ​ 18,582.3 Equity securities ​ ​ 98,884.9 ​ 87,052.5 Real estate ​ ​ 494.6 ​ 610.6 Other investments ​ ​ 8,997.9 ​ 9,761.9 Cash and cash equivalents ​ ​ 3,162.3 ​ 3,233.1 Other assets ​ ​ 763.7 ​ 1,039.2 Total separate account assets per consolidated statements of financial position $ 131,641.7 ​ $ 120,279.6
Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ Group retirement contracts $ 117,518.5 ​ $ 107,240.1 Individual variable annuities ​ ​ 9,131.9 ​ 8,659.0 Total Retirement and Income Solutions ​ ​ 126,650.4 ​ 115,899.1 Benefits and Protection - Life Insurance: ​ ​ ​ Universal life ​ ​ 4,991.3 ​ 4,380.5 Total separate account liabilities per consolidated statements of financial position $ 131,641.7 ​ $ 120,279.6
Retirement and Income Solutions
Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Group ​ Individual ​ Group ​ Individual ​ ​ retirement ​ variable ​ retirement ​ variable ​ ​ contracts ​ annuities ​ contracts ​ annuities ​ ​ (in millions) Balance at beginning of period ​ $ 107,240.1 ​ $ 8,659.0 ​ $ 131,188.6 ​ $ 11,000.0 Premiums and deposits (1) ​ ​ 11,379.0 ​ ​ 328.5 ​ 14,859.3 ​ 354.1 Policy charges ​ ​ (366.0) ​ ​ (204.5) ​ (383.7) ​ (211.1) Surrenders, withdrawals and benefit payments (1) ​ ​ (13,916.8) ​ ​ (1,018.2) ​ (14,479.4) ​ (790.1) Investment performance ​ ​ 15,820.7 ​ ​ 1,315.1 ​ (20,641.3) ​ (1,723.3) Net transfers (to) from general account (1) ​ ​ (2,461.1) ​ ​ 30.4 ​ (2,571.7) ​ 29.4 Other (2) ​ ​ (177.4) ​ ​ 21.6 ​ (731.7) ​ — Balance at end of period ​ $ 117,518.5 $ 9,131.9 ​ $ 107,240.1 ​ $ 8,659.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value (3) ​ $ 116,522.1 $ 9,011.5 ​ $ 106,125.7 ​ $ 8,538.7 (1) Within the policyholder account balances rollforwards in Note 10, Contractholder Funds, amounts in these lines for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in net transfers from (to) separate account. (2) Includes amounts to be settled between the separate account and general account due to the timing of trade settlements as of the reporting date. (3) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.
Benefits and Protection | Life Insurance | Universal life
Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Balance at beginning of period $ 4,380.5 $ 5,340.4 Premiums and deposits ​ 232.8 ​ 276.3 Policy charges ​ (100.0) ​ (97.5) Surrenders, withdrawals and benefit payments ​ (302.4) ​ (181.6) Investment performance ​ 773.6 ​ (952.1) Net transfers (to) from general account ​ 6.8 ​ (5.0) Balance at end of period ​ $ 4,991.3 ​ $ 4,380.5 ​ ​ ​ ​ ​ ​ ​ Cash surrender value (1) ​ $ 5,062.4 ​ $ 4,452.9 (1) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. Certain products include surrender value enhancement riders that result in cash surrender values greater than account balances. ​

Contractholder Funds (Tables)

Contractholder Funds (Tables)	12 Months Ended
	Dec. 31, 2023
Policyholder account balances
Schedule of disaggregated policyholder account balance amounts and reconcile the totals to contractholder funds (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ $ 12,721.5 ​ $ 12,154.7 ​ Individual variable annuities ​ ​ 514.2 ​ ​ 381.4 ​ Individual fixed deferred annuities ​ ​ 5,538.3 ​ ​ 7,228.3 ​ Total Retirement and Income Solutions ​ ​ 18,774.0 ​ ​ 19,764.4 ​ Benefits and Protection – Life Insurance: ​ ​ ​ ​ ​ ​ ​ Universal life ​ ​ 6,910.4 ​ ​ 6,947.9 ​ Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue ​ ​ 25,684.4 ​ ​ 26,712.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ ​ ​ ​ ​ ​ Investment contracts without significant fee revenue (1) ​ ​ 15,624.3 ​ ​ 15,585.2 ​ Embedded derivatives (2) ​ ​ 115.5 ​ ​ 46.4 ​ Other balances (3) ​ ​ (61.3) ​ ​ (26.6) ​ Total contractholder funds per consolidated statements of financial position ​ $ 41,362.9 ​ $ 42,317.3 ​ (1) Includes GICs, funding agreements and individual fixed income annuities. These contracts are not included within the disaggregated rollforward or guaranteed minimum interest rate (“GMIR”) disclosures below. (2) Refer to Note 19, Fair Value Measurements, for details on the changes in Level 3 fair value measurements of embedded derivatives. (3) Includes amounts that are not accrued to the benefit of the contractholder and, therefore, are not included within the disaggregated rollforward or GMIR disclosures below.
Schedule of guaranteed minimum interest rate (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Excess of crediting rates over GMIR ​ ​ ​ ​ ​ Up to 0.50% ​ 0.51% to 1.00% ​ 1.01% to 2.00% ​ 2.01% or more ​ ​ ​ ​ ​ ​ ​ ​ above ​ above ​ above ​ above ​ ​ ​ ​ ​ At GMIR ​ GMIR ​ GMIR ​ GMIR ​ GMIR ​ Total ​ ​ (in millions) Retirement and Income Solutions ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ ​ ​ ​ ​ ​ Up to 1.00% $ — $ 3.3 $ 101.8 $ 1,006.0 $ 312.8 $ 1,423.9 1.01% - 2.00% ​ 5,135.0 ​ 3.8 ​ 1,153.1 ​ — ​ 874.6 ​ 7,166.5 2.01% - 3.00% ​ 357.1 ​ 0.1 ​ 0.8 ​ 59.1 ​ 1,701.2 ​ 2,118.3 3.01% - 4.00% ​ 7.4 ​ — ​ — ​ — ​ — ​ 7.4 4.01% and above ​ 16.9 ​ — ​ — ​ — ​ — ​ 16.9 Subtotal ​ 5,516.4 ​ 7.2 ​ 1,255.7 ​ 1,065.1 ​ 2,888.6 ​ 10,733.0 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,988.5 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,721.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ ​ ​ ​ ​ ​ Up to 1.00% $ 22.6 $ — $ — $ — $ — $ 22.6 1.01% - 2.00% ​ 4.6 ​ — ​ — ​ — ​ — ​ 4.6 2.01% - 3.00% ​ 273.5 ​ — ​ — ​ — ​ — ​ 273.5 3.01% - 4.00% ​ — ​ — ​ — ​ — ​ — ​ — 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 300.7 ​ — ​ — ​ — ​ — ​ 300.7 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 213.5 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 514.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual fixed deferred annuities ​ ​ ​ ​ ​ ​ Up to 1.00% $ 305.5 $ 115.4 $ 121.8 $ 449.4 $ 999.5 $ 1,991.6 1.01% - 2.00% ​ 100.8 ​ 0.9 ​ 26.3 ​ 123.5 ​ 2.4 ​ 253.9 2.01% - 3.00% ​ 2,897.7 ​ — ​ — ​ — ​ — ​ 2,897.7 3.01% - 4.00% ​ 156.9 ​ — ​ — ​ — ​ — ​ 156.9 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 3,460.9 ​ 116.3 ​ 148.1 ​ 572.9 ​ 1,001.9 ​ 5,300.1 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 238.2 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,538.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Life Insurance ​ ​ ​ ​ ​ ​ Universal life ​ ​ ​ ​ ​ ​ Up to 1.00% $ — $ — $ 16.1 $ 1.0 $ 2.4 $ 19.5 1.01% - 2.00% ​ 294.1 ​ — ​ 418.1 ​ 485.6 ​ 415.4 ​ 1,613.2 2.01% - 3.00% ​ 729.7 ​ 677.2 ​ 836.3 ​ 350.6 ​ 3.0 ​ 2,596.8 3.01% - 4.00% ​ 1,657.0 ​ 49.8 ​ 37.6 ​ 36.4 ​ 3.2 ​ 1,784.0 4.01% and above ​ 40.5 ​ 3.9 ​ 8.3 ​ 1.5 ​ — ​ 54.2 Subtotal ​ 2,721.3 ​ 730.9 ​ 1,316.4 ​ 875.1 ​ 424.0 ​ 6,067.7 No GMIR ​ ​ ​ ​ ​ ​ 842.7 Total ​ ​ ​ ​ ​ $ 6,910.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Excess of crediting rates over GMIR ​ ​ ​ ​ ​ Up to 0.50% ​ 0.51% to 1.00% ​ 1.01% to 2.00% ​ 2.01% or more ​ ​ ​ ​ ​ ​ ​ ​ above ​ above ​ above ​ above ​ ​ ​ ​ ​ At GMIR ​ GMIR ​ GMIR ​ GMIR ​ GMIR ​ Total ​ (in millions) Retirement and Income Solutions ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ 3.9 ​ $ 24.8 ​ $ 1,188.9 ​ $ 307.8 ​ $ 364.9 ​ $ 1,890.3 1.01% - 2.00% ​ — ​ 549.9 ​ 6,090.2 ​ 1,477.0 ​ 9.4 ​ 8,126.5 2.01% - 3.00% ​ 15.1 ​ 0.1 ​ — ​ 0.1 ​ — ​ 15.3 3.01% - 4.00% ​ 7.8 ​ — ​ — ​ — ​ — ​ 7.8 4.01% and above ​ 18.8 ​ — ​ — ​ — ​ — ​ 18.8 Subtotal ​ 45.6 ​ 574.8 ​ 7,279.1 ​ 1,784.9 ​ 374.3 ​ 10,058.7 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ 2,096.0 Total ​ ​ ​ ​ ​ ​ ​ ​ $ 12,154.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ 33.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 33.0 1.01% - 2.00% ​ 3.6 ​ — ​ — ​ — ​ — ​ 3.6 2.01% - 3.00% ​ 331.8 ​ — ​ — ​ — ​ — ​ 331.8 3.01% - 4.00% ​ — ​ — ​ — ​ — ​ — ​ — 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 368.4 ​ — ​ — ​ — ​ — ​ 368.4 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ 13.0 Total ​ ​ ​ ​ ​ ​ ​ ​ $ 381.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual fixed deferred annuities ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ 426.4 ​ $ 161.7 ​ $ 236.2 ​ $ 879.2 ​ $ 993.0 ​ $ 2,696.5 1.01% - 2.00% ​ 139.8 ​ 1.4 ​ 39.9 ​ 250.5 ​ 0.6 ​ 432.2 2.01% - 3.00% ​ 3,617.1 ​ — ​ — ​ — ​ — ​ 3,617.1 3.01% - 4.00% ​ 169.7 ​ — ​ — ​ — ​ — ​ 169.7 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 4,353.0 ​ 163.1 ​ 276.1 ​ 1,129.7 ​ 993.6 ​ 6,915.5 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ 312.8 Total ​ ​ ​ ​ ​ ​ ​ ​ $ 7,228.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Life Insurance ​ ​ ​ ​ ​ ​ Universal life ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ — ​ $ 8.4 ​ $ 10.1 ​ $ — ​ $ 0.7 ​ $ 19.2 1.01% - 2.00% ​ 315.7 ​ — ​ 407.0 ​ 695.5 ​ 155.0 ​ 1,573.2 2.01% - 3.00% ​ 865.9 ​ 951.2 ​ 903.5 ​ 59.9 ​ 0.4 ​ 2,780.9 3.01% - 4.00% ​ 1,698.9 ​ 35.8 ​ 21.9 ​ 25.3 ​ 3.2 ​ 1,785.1 4.01% and above ​ 40.6 ​ 10.1 ​ 3.4 ​ 1.6 ​ — ​ 55.7 Subtotal ​ 2,921.1 ​ 1,005.5 ​ 1,345.9 ​ 782.3 ​ 159.3 ​ 6,214.1 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ 733.8 Total ​ ​ ​ ​ ​ ​ ​ ​ $ 6,947.9 ​
Retirement and Income Solutions
Policyholder account balances
Schedule of changes in policyholder account balances (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ For the year ended December 31, 2022 ​ ​ Workplace ​ ​ ​ ​ ​ ​ ​ Workplace ​ ​ ​ ​ ​ ​ ​ savings and ​ Individual ​ Individual ​ savings and ​ Individual ​ Individual ​ ​ retirement ​ variable ​ fixed deferred ​ retirement ​ variable ​ fixed deferred ​ ​ solutions ​ annuities ​ annuities (1) ​ solutions ​ annuities ​ annuities (1) ​ ​ ($in millions) ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 12,154.7 ​ $ 381.4 ​ $ 7,228.3 ​ $ 10,996.2 ​ $ 380.9 ​ $ 9,646.3 ​ Premiums and deposits ​ 4,441.7 ​ 586.7 ​ 36.8 ​ 3,719.5 ​ 426.5 ​ 35.9 ​ Policy charges ​ (31.6) ​ — ​ — ​ (28.5) ​ — ​ — ​ Surrenders, withdrawals and benefit payments ​ (4,356.6) ​ (1,123.0) ​ (1,888.4) ​ (2,866.7) ​ (843.2) ​ (2,655.6) ​ Net transfers from (to) separate account (2) ​ 264.8 ​ 659.3 ​ — ​ 164.6 ​ 406.6 ​ — ​ Interest credited ​ 280.2 ​ 9.8 ​ 161.6 ​ 194.3 ​ 10.6 ​ 201.7 ​ Other ​ (31.7) ​ — ​ — ​ (24.7) ​ — ​ — ​ Balance at end of period ​ $ 12,721.5 ​ $ 514.2 ​ $ 5,538.3 ​ $ 12,154.7 ​ $ 381.4 ​ $ 7,228.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average crediting rate (3) ​ 2.54 % 3.22 % 2.84 % 1.94 % 2.79 % 2.63 % Cash surrender value (4) ​ $ 11,211.9 ​ $ 512.6 ​ $ 5,434.4 ​ $ 10,341.7 ​ $ 378.6 ​ $ 7,081.4 ​ (1) We use the deposit method of accounting for the reinsurance of this exited business. (2) Within the separate account liabilities rollforwards in Note 9, Separate Account Balances, these transfers for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account. (3) The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value. (4) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.
Universal life | Benefits and Protection | Life Insurance
Policyholder account balances
Schedule of changes in policyholder account balances (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ($in millions) Balance at beginning of period $ 6,947.9 $ 6,962.5 ​ Premiums and deposits ​ 1,260.5 ​ 1,267.2 ​ Policy charges ​ (858.1) ​ (837.8) ​ Surrenders, withdrawals and benefit payments ​ (483.6) ​ (390.0) ​ Net transfers from (to) separate account ​ (197.7) ​ (301.5) ​ Interest credited ​ 242.1 ​ 247.5 ​ Other ​ ​ (0.7) ​ ​ — ​ Balance at end of period ​ 6,910.4 ​ 6,947.9 ​ Reinsurance impact ​ (3,396.8) ​ (3,528.9) ​ Balance at end of period after reinsurance ​ $ 3,513.6 ​ $ 3,419.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average crediting rate (1) ​ 4.01 % 3.35 % Net amount at risk (2) ​ $ 86,671.0 ​ $ 86,547.9 ​ Cash surrender value (3) ​ $ 5,953.0 ​ $ 5,911.5 ​ (1) The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value, including indexed credits. (2) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the death benefit in excess of the current account balance or the fixed death benefit at the consolidated statement of financial position date. (3) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.

Future Policy Benefits and Cl_2

Future Policy Benefits and Claims (Tables)	12 Months Ended
	Dec. 31, 2023
Future Policy Benefits and Claims
Disaggregated Future Policy Benefits and Claims amounts and reconciliation (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Liability for future policy benefits by segment (1): ​ ​ Retirement and Income Solutions: ​ ​ Pension risk transfer ​ $ 23,855.8 ​ $ 21,211.4 Individual fixed income annuities ​ 4,914.1 ​ 5,019.4 Total Retirement and Income Solutions ​ 28,769.9 ​ 26,230.8 Benefits and Protection: ​ ​ Specialty Benefits: ​ ​ Individual disability ​ 1,898.4 ​ 1,698.8 Life Insurance: ​ ​ Term life ​ 1,085.9 ​ 909.0 Total Benefits and Protection ​ 2,984.3 ​ 2,607.8 Corporate: ​ ​ Long-term care insurance ​ 166.7 ​ 183.5 Total liability for future policy benefits ​ 31,920.9 ​ 29,022.1 ​ ​ ​ ​ ​ ​ ​ Additional liability for certain benefit features by segment (2): ​ ​ Benefits and Protection – Life Insurance: ​ ​ Universal life ​ 5,326.5 ​ 4,095.2 Total additional liability for certain benefit features ​ 5,326.5 ​ 4,095.2 ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ Participating contracts ​ 3,060.5 ​ 3,207.2 Short-duration contracts ​ 1,283.4 ​ 1,295.6 Cost of reinsurance liability ​ 673.3 ​ 479.8 Reinsurance recoverable liability ​ 45.2 ​ 39.4 Other (3) ​ 178.2 ​ 140.1 Future policy benefits and claims per consolidated statements of financial position ​ $ 42,488.0 ​ $ 38,279.4 (1) Amounts include the deferred profit liability. (2) Includes reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years. (3) Includes other miscellaneous reserves and the impact of unrealized gains (losses) on the additional liability for certain benefit features.
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)	Retirement and Income Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Pension ​ Individual ​ ​ risk ​ fixed income ​ transfer annuities ​ ​ (in millions) Present value of expected future policy benefit payments ​ ​ Balance at beginning of period ​ $ 25,863.7 ​ $ 7,145.8 Effect of changes in discount rate assumptions at beginning of period ​ (4,827.9) ​ (1,213.5) Balance at beginning of period at original discount rate ​ 21,035.8 ​ 5,932.3 Effect of actual variances from expected experience ​ (2.4) ​ (1.3) Adjusted beginning of period balance at original discount rate ​ 21,033.4 ​ 5,931.0 Interest accrual ​ 916.7 ​ 240.5 Benefit payments ​ (1,772.5) ​ (532.0) Issuances ​ 1,801.7 ​ 82.9 Balance at end of period at original discount rate ​ 21,979.3 ​ 5,722.4 Effect of changes in discount rate assumptions at end of period ​ 3,386.5 ​ 812.6 Future policy benefits ​ $ 25,365.8 ​ $ 6,535.0 ​ Benefits and Protection and Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Benefits and Protection ​ Corporate ​ ​ Specialty ​ Life ​ ​ ​ ​ ​ Benefits ​ Insurance ​ ​ ​ ​ ​ Individual ​ ​ ​ ​ Long-term ​ disability Term life care insurance ​ ​ (in millions) Present value of expected net premiums ​ ​ ​ Balance at beginning of period ​ $ 3,148.3 ​ $ 3,799.0 ​ $ 66.7 Effect of changes in discount rate assumptions at beginning of period ​ (340.7) ​ (861.1) ​ (17.6) Balance at beginning of period at original discount rate ​ 2,807.6 ​ 2,937.9 ​ 49.1 Effect of changes in cash flow assumptions ​ — ​ — ​ 2.8 Effect of actual variances from expected experience ​ 122.0 ​ 211.4 ​ (0.8) Adjusted beginning of period balance at original discount rate ​ 2,929.6 ​ 3,149.3 ​ 51.1 Interest accrual ​ 95.4 ​ 151.1 ​ 2.9 Net premiums collected ​ (280.4) ​ (315.0) ​ (5.2) Issuances ​ 206.4 ​ 518.2 ​ — Balance at end of period at original discount rate ​ 2,951.0 ​ 3,503.6 ​ 48.8 Effect of changes in discount rate assumptions at end of period ​ 198.9 ​ 690.1 ​ 14.0 Balance at end of period ​ $ 3,149.9 ​ $ 4,193.7 ​ $ 62.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of expected future policy benefit payments ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 5,649.2 ​ $ 4,959.3 ​ $ 324.3 Effect of changes in discount rate assumptions at beginning of period ​ (834.1) ​ (1,179.9) ​ (111.1) Balance at beginning of period at original discount rate ​ 4,815.1 ​ 3,779.4 ​ 213.2 Effect of changes in cash flow assumptions ​ — ​ — ​ 0.5 Effect of actual variances from expected experience ​ 118.8 ​ 216.0 ​ (4.6) Adjusted beginning of period balance at original discount rate ​ 4,933.9 ​ 3,995.4 ​ 209.1 Interest accrual ​ 181.0 ​ 194.3 ​ 12.4 Benefit payments ​ (179.7) ​ (335.7) ​ (13.5) Issuances ​ 212.1 ​ 543.4 ​ — Balance at end of period at original discount rate ​ 5,147.3 ​ 4,397.4 ​ 208.0 Effect of changes in discount rate assumptions at end of period ​ 501.0 ​ 913.9 ​ 89.5 Balance at end of period ​ $ 5,648.3 ​ $ 5,311.3 ​ $ 297.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future policy benefits (1) ​ $ 2,498.4 ​ $ 1,117.6 ​ $ 234.7 Reinsurance impact ​ (549.9) ​ (0.1) ​ (234.7) Future policy benefits after reinsurance ​ $ 1,948.5 ​ $ 1,117.5 ​ $ — (1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums.
Schedule of Liability for Unpaid Claims (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Balance at beginning of year ​ $ 1,395.0 ​ $ 1,370.9 ​ $ 1,686.0 ​ Less: reinsurance recoverable ​ ​ 68.6 ​ ​ 68.7 ​ ​ 436.9 ​ Net balance at beginning of year ​ ​ 1,326.4 ​ ​ 1,302.2 ​ ​ 1,249.1 ​ Incurred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year ​ ​ 1,650.4 ​ ​ 1,581.8 ​ 1,505.1 ​ Prior years ​ ​ (95.4) ​ ​ (44.4) ​ (35.4) ​ Total incurred ​ ​ 1,555.0 ​ ​ 1,537.4 ​ 1,469.7 ​ Payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year ​ ​ 1,189.2 ​ ​ 1,138.0 ​ 1,067.8 ​ Prior years ​ ​ 354.1 ​ ​ 375.2 ​ 348.8 ​ Total payments ​ ​ 1,543.3 ​ ​ 1,513.2 ​ 1,416.6 ​ Net balance at end of year ​ ​ 1,338.1 ​ ​ 1,326.4 ​ ​ 1,302.2 ​ Plus: reinsurance recoverable ​ ​ 67.8 ​ ​ 68.6 ​ ​ 68.7 ​ Balance at end of year ​ $ 1,405.9 ​ $ 1,395.0 ​ $ 1,370.9 ​ ​
Reconciliation of unpaid claims to liability for unpaid claims (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ ​ ​ ​ ​ ​ Waiver Indemnity and PFML Group Life Consolidated ​ ​ (in millions) ​ Net outstanding liabilities for unpaid claims ​ $ 1,237.9 ​ $ 79.1 ​ $ 84.5 ​ $ 1,401.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverable on unpaid claims ​ ​ 39.2 ​ ​ — ​ ​ 0.1 ​ ​ 39.3 ​ Impact of discounting ​ ​ (215.0) ​ ​ — ​ ​ — ​ ​ (215.0) ​ Loss adjustment expense liability ​ ​ 20.5 ​ ​ 4.6 ​ ​ 12.5 ​ ​ 37.6 ​ Liability for unpaid claims - short-duration contracts ​ $ 1,082.6 ​ $ 83.7 ​ $ 97.1 ​ ​ 1,263.4 ​ Insurance contracts other than short-duration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 142.5 ​ Liability for unpaid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,405.9 ​
Claim Duration and Payout (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 (1) ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ Year Waiver Indemnity and PFML Group Life ​ 1 ​ 8.1 % 92.1 % 78.9 % 2 ​ 25.0 ​ 7.9 ​ 18.8 ​ 3 ​ 15.4 ​ — ​ — ​ 4 ​ 8.2 ​ — ​ — ​ 5 ​ 5.8 ​ — ​ — ​ 6 ​ 5.2 ​ — ​ — ​ 7 ​ 4.5 ​ — ​ — ​ 8 ​ 3.5 ​ — ​ — ​ 9 ​ 3.0 ​ — ​ — ​ 10 ​ 2.6 ​ — ​ — ​ (1) Unaudited.
Discounting (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ ​ ​ ​ ​ Waiver Indemnity and PFML Group Life ​ ​ ​ ($ in millions) ​ Carrying amount of liabilities for unpaid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ $ — ​ 1,082.6 ​ $ — ​ 83.7 ​ $ — ​ 97.1 ​ December 31, 2022 ​ ​ — ​ 1,076.2 ​ ​ — ​ 79.7 ​ ​ — ​ 73.6 ​ Range of discount rates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ 2.8 - 7.0 % ​ — - — % ​ — - — % December 31, 2022 ​ ​ 2.8 - 7.0 ​ ​ — - — ​ ​ — - — ​ Aggregate amount of discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ $ — ​ 215.0 ​ $ — ​ — ​ $ — ​ — ​ December 31, 2022 ​ ​ — ​ 209.4 ​ ​ — ​ — ​ ​ — ​ — ​ Interest accretion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ $ — ​ 34.7 ​ $ — ​ — ​ $ — ​ — ​ December 31, 2022 ​ ​ — ​ 33.0 ​ ​ — ​ — ​ ​ — ​ — ​ December 31, 2021 ​ ​ — ​ 33.8 ​ ​ — ​ — ​ ​ — ​ — ​
Summary of gross premiums or assessments and interest accretion recognized by segment (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross premiums or assessments (1) ​ Interest accretion (2) ​ ​ For the year ended ​ For the year ended ​ ​ December 31, ​ December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ 2022 ​ 2021 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ ​ Pension risk transfer ​ $ 2,905.9 ​ $ 1,941.0 ​ $ 1,800.1 ​ $ 1,008.6 ​ $ 935.7 ​ $ 916.7 Individual fixed income annuities ​ 42.5 ​ 30.1 ​ 83.5 ​ 219.1 ​ 229.7 ​ 240.5 Total Retirement and Income Solutions ​ 2,948.4 ​ 1,971.1 ​ 1,883.6 ​ 1,227.7 ​ 1,165.4 ​ 1,157.2 Benefits and Protection: ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ ​ Individual disability ​ 624.6 ​ 601.0 ​ 574.1 ​ 94.5 ​ 90.2 ​ 85.6 Life Insurance: ​ ​ ​ ​ ​ ​ Universal life ​ 681.8 ​ 577.7 ​ 621.0 ​ 209.2 ​ 171.2 ​ 158.3 Term life ​ 649.1 ​ 630.5 ​ 619.4 ​ 48.2 ​ 43.9 ​ 43.2 Total Benefits and Protection ​ 1,955.5 ​ 1,809.2 ​ 1,814.5 ​ 351.9 ​ 305.3 ​ 287.1 Corporate: ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term care insurance ​ 5.1 ​ 5.2 ​ 5.2 ​ 9.6 ​ 9.8 ​ 9.5 Total per consolidated statements of operations ​ $ 4,909.0 ​ $ 3,785.5 ​ $ 3,703.3 ​ $ 1,589.2 ​ $ 1,480.5 ​ $ 1,453.8 (1) Gross premiums are included within premiums and other considerations on the consolidated statements of operations. Assessments, which are only applicable to the Life Insurance – Universal life level of aggregation, are included within fees and other revenues on the consolidated statements of operations. (2) Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations.
Summary of balances and the changes in the present value for expected future policy benefits (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Specialty ​ Life ​ Specialty ​ Life ​ ​ Benefits ​ Insurance ​ ​ Benefits ​ Insurance ​ ​ Individual ​ ​ ​ ​ Individual ​ ​ ​ ​ disability Term life disability Term life ​ ​ ($ in millions) Present value of expected net premiums ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 2,341.8 ​ $ 3,423.2 ​ $ 3,149.9 ​ $ 4,193.7 Effect of changes in discount rate assumptions at beginning of period ​ 395.2 ​ 196.0 ​ (198.9) ​ (690.1) Balance at beginning of period at original discount rate ​ 2,737.0 ​ 3,619.2 ​ 2,951.0 ​ 3,503.6 Effect of changes in cash flow assumptions ​ ​ (37.6) ​ ​ 143.5 ​ (413.1) ​ — Effect of actual variances from expected experience ​ ​ 244.3 ​ ​ 103.3 ​ 235.9 ​ 128.6 Adjusted beginning of period balance at original discount rate ​ ​ 2,943.7 ​ ​ 3,866.0 ​ 2,773.8 ​ 3,632.2 Interest accrual ​ ​ 95.6 ​ ​ 171.9 ​ 95.2 ​ 162.9 Net premiums collected ​ ​ (273.4) ​ ​ (359.8) ​ (276.5) ​ (346.6) Issuances ​ ​ 100.1 ​ ​ 215.7 ​ 144.5 ​ 170.7 Balance at end of period at original discount rate ​ ​ 2,866.0 ​ ​ 3,893.8 ​ 2,737.0 ​ 3,619.2 Effect of changes in discount rate assumptions at end of period ​ ​ (313.7) ​ ​ (100.1) ​ (395.2) ​ (196.0) Balance at end of period ​ $ 2,552.3 ​ $ 3,793.7 ​ $ 2,341.8 ​ $ 3,423.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of expected future policy benefit payments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 4,040.6 ​ $ 4,332.2 ​ $ 5,648.3 ​ $ 5,311.3 Effect of changes in discount rate assumptions at beginning of period ​ 1,021.4 ​ 251.6 ​ (501.0) ​ (913.9) Balance at beginning of period at original discount rate ​ 5,062.0 ​ 4,583.8 ​ 5,147.3 ​ 4,397.4 Effect of changes in cash flow assumptions ​ (51.5) ​ 181.8 ​ (476.3) ​ — Effect of actual variances from expected experience ​ 260.8 ​ 116.8 ​ 240.0 ​ 139.0 Adjusted beginning of period balance at original discount rate ​ 5,271.3 ​ 4,882.4 ​ 4,911.0 ​ 4,536.4 Interest accrual ​ 190.1 ​ 220.1 ​ 185.4 ​ 206.8 Benefit payments ​ (210.0) ​ (330.4) ​ (183.7) ​ (340.6) Issuances ​ 102.8 ​ 232.0 ​ 149.3 ​ 181.2 Balance at end of period at original discount rate ​ 5,354.2 ​ 5,004.1 ​ 5,062.0 ​ 4,583.8 Effect of changes in discount rate assumptions at end of period ​ (903.5) ​ ​ (124.5) ​ (1,021.4) ​ (251.6) Balance at end of period ​ $ 4,450.7 ​ $ 4,879.6 ​ $ 4,040.6 ​ $ 4,332.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future policy benefits (1) ​ $ 1,898.4 ​ $ 1,085.9 ​ $ 1,698.8 ​ $ 909.0 Reinsurance impact ​ (421.6) ​ (214.3) ​ (386.8) ​ 25.6 Future policy benefits after reinsurance ​ $ 1,476.8 ​ $ 871.6 ​ $ 1,312.0 ​ $ 934.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (2) ​ ​ 18.4 ​ 9.4 ​ ​ 18.5 ​ ​ 9.6 (1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums. (2) Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.
Summary of balances and the changes in the additional liability for certain benefits features (Table)	Benefits and Protection The balances and changes in the additional liability for certain benefits features for 2021 for Life Insurance – Universal life were as follows: ​ ​ ​ ​ ​ ​ For the year ended, ​ ​ December 31, 2021 ​ ​ (in millions) Balance at beginning of period ​ $ 3,463.9 Effect of changes in cash flow assumptions ​ (11.1) Effect of actual variances from expected experience ​ 18.1 Interest accrual ​ 158.3 Net assessments collected ​ 324.7 Benefit payments ​ (83.1) Other (1) ​ (56.6) Balance at end of period ​ $ 3,814.2 (1) Reflects model refinements accounted for as a change in accounting estimate.
Summary of amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ Pension risk transfer ​ ​ ​ ​ ​ ​ Expected undiscounted future benefit payments ​ $ 36,325.5 ​ $ 33,691.4 ​ ​ ​ ​ ​ ​ ​ Individual fixed income annuities ​ ​ ​ ​ ​ ​ Expected undiscounted future benefit payments ​ $ 7,292.0 ​ $ 7,716.6 ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Specialty Benefits: ​ ​ ​ Individual disability ​ ​ ​ Expected discounted future gross premiums ​ $ 5,456.4 ​ $ 5,140.9 Expected undiscounted future gross premiums ​ $ 8,264.8 ​ $ 7,978.7 Expected undiscounted future benefit payments ​ $ 8,981.2 ​ $ 8,473.9 ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Life Insurance: ​ ​ ​ Term life ​ ​ ​ Expected discounted future gross premiums ​ $ 6,385.1 ​ $ 6,104.6 Expected undiscounted future gross premiums ​ $ 10,287.2 ​ $ 10,146.3 Expected undiscounted future benefit payments ​ $ 7,832.3 ​ $ 7,202.5 ​ ​ ​ ​ ​ ​ ​ Corporate: ​ ​ ​ Long-term care insurance ​ ​ ​ Expected discounted future gross premiums ​ $ 42.8 ​ $ 64.6 Expected undiscounted future gross premiums ​ $ 60.3 ​ $ 96.5 Expected undiscounted future benefit payments ​ $ 371.0 ​ $ 483.4
Summary of weighted-average rates of interest accretion and current discount (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest accretion rate Current discount rate ​ December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension risk transfer ​ 4.52 % 4.38 % 4.99 % 5.31 % Individual fixed income annuities 4.22 % 4.22 % 4.97 % 5.30 % Benefits and Protection: ​ Specialty Benefits: ​ Individual disability 3.96 % 4.03 % 5.05 % 5.36 % Life Insurance: ​ Universal life 4.75 % 4.73 % See note (1) See note (1) ​ Term life 4.83 % 4.89 % 4.90 % 5.22 % Corporate: ​ Long-term care insurance 6.16 % 6.16 % 5.01 % 5.34 % (1) The additional liability for certain benefit features for Life Insurance – Universal life is measured using the discount rate at contract inception. Therefore, the current discount rate is not applicable for this product. ​
Long-Term Disability/Group Life Waiver
Future Policy Benefits and Claims
Claims Development (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ ​ number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ reported ​ ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ ​ claims ​ ​ ​ December 31, ​ ​ 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 2023 ​ ​ ​ ($ in millions) ​ Incurral ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2014 ​ $ 242.2 ​ $ 231.4 ​ $ 214.4 ​ $ 218.1 ​ $ 206.2 ​ $ 201.9 ​ $ 202.0 ​ $ 199.3 ​ $ 199.8 ​ $ 200.7 ​ $ 0.1 ​ ​ 7,610 ​ 2015 ​ ​ ​ ​ ​ 231.0 ​ ​ 227.2 ​ ​ 217.2 ​ ​ 215.3 ​ ​ 208.2 ​ ​ 210.0 ​ ​ 211.8 ​ ​ 210.5 ​ ​ 208.3 ​ ​ 0.1 ​ ​ 7,184 ​ 2016 ​ ​ ​ ​ ​ ​ ​ ​ 229.8 ​ ​ 228.4 ​ ​ 219.4 ​ ​ 219.5 ​ ​ 214.4 ​ ​ 218.7 ​ ​ 221.9 ​ ​ 219.0 ​ ​ 0.1 ​ ​ 6,171 ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 238.4 ​ ​ 239.7 ​ ​ 243.1 ​ ​ 245.8 ​ ​ 245.2 ​ ​ 246.5 ​ ​ 248.9 ​ ​ 0.1 ​ ​ 6,091 ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 239.4 ​ ​ 245.1 ​ ​ 239.2 ​ ​ 239.8 ​ ​ 235.3 ​ ​ 238.0 ​ ​ 0.1 ​ ​ 5,782 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 255.2 ​ ​ 248.4 ​ ​ 240.4 ​ ​ 240.2 ​ ​ 238.6 ​ ​ 0.1 ​ ​ 5,961 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 252.1 ​ ​ 231.0 ​ ​ 221.1 ​ ​ 217.7 ​ ​ 5.8 ​ ​ 5,939 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 259.7 ​ ​ 244.5 ​ ​ 221.6 ​ ​ 8.5 ​ ​ 5,571 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 274.3 ​ ​ 240.5 ​ ​ 4.1 ​ ​ 5,572 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 267.4 ​ ​ 111.8 ​ ​ 3,353 ​ Total net incurred claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,300.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative paid claims (1) ​ ​ December 31, ​ 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 ​ ​ (in millions) Incurral ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2014 ​ $ 16.1 ​ $ 66.0 ​ $ 96.3 ​ $ 111.8 ​ $ 122.3 ​ $ 132.4 ​ $ 140.8 ​ $ 147.2 ​ $ 153.3 ​ $ 158.5 2015 ​ ​ ​ ​ ​ 16.9 ​ ​ 67.0 ​ ​ 98.0 ​ ​ 114.6 ​ ​ 126.8 ​ ​ 137.1 ​ ​ 146.5 ​ ​ 154.0 ​ ​ 160.3 2016 ​ ​ ​ ​ ​ ​ ​ ​ 16.2 ​ ​ 70.6 ​ ​ 105.6 ​ ​ 124.9 ​ ​ 136.8 ​ ​ 147.2 ​ ​ 157.1 ​ ​ 165.3 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17.8 ​ ​ 76.5 ​ ​ 115.0 ​ ​ 135.9 ​ ​ 151.7 ​ ​ 165.4 ​ ​ 176.8 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.1 ​ ​ 79.9 ​ ​ 115.7 ​ ​ 135.7 ​ ​ 150.3 ​ ​ 163.3 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.2 ​ ​ 79.7 ​ ​ 117.5 ​ ​ 136.4 ​ ​ 150.6 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.6 ​ ​ 78.8 ​ ​ 113.1 ​ ​ 130.0 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.8 ​ ​ 79.0 ​ ​ 113.2 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.6 ​ ​ 76.6 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.0 Total net paid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,314.6 All outstanding liabilities for unpaid claims prior to 2014 net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 251.8 Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,237.9 (1) 2014-2022 unaudited.
Dental/Vision/Short-Term Disability/Critical Illness/Accident/Hospital Indemnity/PFML [Member]
Future Policy Benefits and Claims
Claims Development (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ number of ​ ​ ​ ​ ​ reported ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ claims ​ ​ ​ December 31, ​ ​ 2022 2023 2023 2023 ​ ​ ($ in millions) ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 924.4 ​ $ 910.6 ​ $ — ​ ​ 4,317,802 ​ 2023 ​ ​ — ​ ​ 1,032.3 ​ ​ 57.1 ​ ​ 4,566,920 ​ Total net incurred claims ​ ​ — ​ $ 1,942.9 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ paid claims (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 ​ ​ ​ ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 845.5 ​ $ 909.8 ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ — ​ ​ 954.0 ​ ​ ​ ​ ​ ​ ​ Total net paid claims ​ ​ — ​ ​ 1,863.8 ​ ​ ​ ​ ​ ​ ​ All outstanding liabilities for unpaid claims prior to 2022 net of reinsurance ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ — ​ $ 79.1 ​ ​ ​ ​ ​ ​ ​ (1) 2022 unaudited.
Group Life
Future Policy Benefits and Claims
Claims Development (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ number of ​ ​ ​ ​ ​ reported ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ claims ​ ​ ​ December 31, ​ ​ 2022 2023 2023 2023 ​ ​ ($ in millions) ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 279.3 ​ $ 284.2 $ ​ 1.1 ​ ​ 6,168 ​ 2023 ​ ​ — ​ ​ 284.8 ​ ​ 33.3 ​ ​ 5,064 ​ Total net incurred claims ​ ​ — ​ $ 569.0 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ paid claims (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 ​ ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 218.3 ​ $ 277.5 ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ — ​ ​ 215.1 ​ ​ ​ ​ ​ ​ ​ Total net paid claims ​ ​ — ​ ​ 492.6 ​ ​ ​ ​ ​ ​ ​ All outstanding liabilities for unpaid claims prior to 2022 net of reinsurance ​ ​ — ​ ​ 8.1 ​ ​ ​ ​ ​ ​ ​ Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ — ​ $ 84.5 ​ ​ ​ ​ ​ ​ ​ (1) 2022 unaudited.
Retirement and Income Solutions
Future Policy Benefits and Claims
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Pension ​ Individual ​ Pension ​ Individual ​ ​ risk ​ fixed income ​ risk ​ fixed income ​ ​ transfer ​ annuities ​ transfer ​ annuities ​ ($ in millions) Present value of expected future policy benefit payments ​ ​ ​ ​ Balance at beginning of period ​ $ 21,211.4 ​ $ 5,019.4 ​ $ 25,365.8 ​ $ 6,535.0 Effect of changes in discount rate assumptions at beginning of period ​ 1,799.6 ​ 439.0 ​ (3,386.5) ​ (812.6) Balance at beginning of period at original discount rate ​ 23,011.0 ​ 5,458.4 ​ 21,979.3 ​ 5,722.4 Effect of changes in cash flow assumptions ​ (53.4) ​ (1.3) ​ (7.9) ​ (3.0) Effect of actual variances from expected experience ​ (14.6) ​ (0.1) ​ (3.2) ​ — Adjusted beginning of period balance at original discount rate ​ 22,943.0 ​ 5,457.0 ​ 21,968.2 ​ 5,719.4 Interest accrual ​ 1,008.6 ​ 219.1 ​ 935.7 ​ 229.7 Benefit payments ​ (1,981.4) ​ (507.3) ​ (1,841.7) ​ (520.4) Issuances ​ 2,921.7 ​ 42.0 ​ 1,948.8 ​ 29.7 Balance at end of period at original discount rate ​ 24,891.9 ​ 5,210.8 ​ 23,011.0 ​ 5,458.4 Effect of changes in discount rate assumptions at end of period ​ (1,036.1) ​ (296.7) ​ (1,799.6) ​ (439.0) Future policy benefits ​ 23,855.8 ​ 4,914.1 ​ 21,211.4 ​ 5,019.4 Reinsurance impact ​ (3,540.8) ​ (4,869.1) ​ — ​ (5,002.7) Future policy benefits after reinsurance ​ $ 20,315.0 ​ $ 45.0 ​ $ 21,211.4 ​ $ 16.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (1) ​ 8.5 ​ 7.9 ​ 8.5 ​ 7.9 (1) Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.
Benefits and Protection
Future Policy Benefits and Claims
Summary of balances and the changes in the additional liability for certain benefits features (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ December 31, 2023 December 31, 2022 ​ ($ in millions) Balance at beginning of period ​ $ 4,095.2 ​ $ 3,814.2 Effect of changes in cash flow assumptions ​ 725.4 ​ (6.0) Effect of actual variances from expected experience ​ 45.2 ​ 54.9 Interest accrual ​ 209.2 ​ 171.2 Net assessments collected ​ 378.1 ​ 320.3 Benefit payments ​ (126.6) ​ (91.9) Other (1) ​ — ​ (167.5) Balance at end of period ​ 5,326.5 ​ 4,095.2 Reinsurance impact ​ (5,306.2) ​ (4,091.4) Balance at end of period after reinsurance ​ $ 20.3 ​ $ 3.8 ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for additional liability (years) (2) ​ 26.2 ​ 27.6 (1) Reflects the impact of re-cohorting in 2022 as a result of our decision to manage the ULSG business separately from our other UL business following the Strategic Review. (2) Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort.
Corporate
Future Policy Benefits and Claims
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)	​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ December 31, 2023 December 31, 2022 ​ ($ in millions) Present value of expected net premiums ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 64.6 ​ $ 62.8 Effect of changes in discount rate assumptions at beginning of period ​ (3.6) ​ (14.0) Balance at beginning of period at original discount rate ​ 61.0 ​ 48.8 Effect of changes in cash flow assumptions ​ (13.3) ​ ​ 10.0 Effect of actual variances from expected experience ​ (5.7) ​ ​ 4.1 Adjusted beginning of period balance at original discount rate ​ 42.0 ​ ​ 62.9 Interest accrual ​ 2.9 ​ ​ 3.3 Net premiums collected ​ (5.1) ​ ​ (5.2) Balance at end of period at original discount rate ​ 39.8 ​ ​ 61.0 Effect of changes in discount rate assumptions at end of period ​ 3.0 ​ ​ 3.6 Balance at end of period ​ $ 42.8 ​ $ 64.6 ​ ​ ​ ​ ​ ​ ​ Present value of expected future policy benefit payments ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 248.1 ​ $ 297.5 Effect of changes in discount rate assumptions at beginning of period ​ (18.9) ​ (89.5) Balance at beginning of period at original discount rate ​ 229.2 ​ 208.0 Effect of changes in cash flow assumptions ​ (40.5) ​ 17.2 Effect of actual variances from expected experience ​ 2.5 ​ 3.7 Adjusted beginning of period balance at original discount rate ​ 191.2 ​ 228.9 Interest accrual ​ 12.5 ​ 13.1 Benefit payments ​ (14.2) ​ (12.8) Balance at end of period at original discount rate ​ 189.5 ​ 229.2 Effect of changes in discount rate assumptions at end of period ​ 20.0 ​ 18.9 Balance at end of period ​ $ 209.5 ​ $ 248.1 ​ ​ ​ ​ ​ ​ ​ Future policy benefits (1) ​ $ 166.7 ​ $ 183.5 Reinsurance impact ​ (166.7) ​ (183.5) Future policy benefits after reinsurance ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (2) ​ 10.4 ​ 11.8 (1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums. (2) Represents the average of cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort .

Market Risk Benefits (Tables)

Market Risk Benefits (Tables)	12 Months Ended
	Dec. 31, 2023
Market Risk Benefits
Summary of disaggregated MRB amounts in an asset and liability position (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Net asset ​ ​ ​ ​ ​ ​ ​ Net asset ​ Asset Liability ​ (liability) Asset Liability (liability) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ $ 153.4 ​ $ 111.9 ​ $ 41.5 ​ $ 109.2 ​ $ 181.4 ​ $ (72.2) Total MRB per consolidated statements of financial position ​ $ 153.4 ​ $ 111.9 ​ $ 41.5 ​ $ 109.2 ​ $ 181.4 ​ $ (72.2)
Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table)	​ ​ ​ ​ ​ ​ ​ For the year ended ​ December 31,2021 ​ ​ (in millions) Balance at beginning of period ​ $ (591.3) Effect of changes in nonperformance risk at beginning of period ​ 106.7 Adjusted balance at beginning of period ​ (484.6) Effect of: ​ ​ Interest accrual and expected policyholder behavior ​ (120.7) Benefit payments ​ 0.4 Changes in interest rates ​ 154.3 Changes in equity markets ​ 106.4 Changes in equity index volatility ​ 15.1 Actual policyholder behavior different from expected behavior ​ 2.3 Changes in future expected policyholder behavior ​ (96.6) Changes in other future expected assumptions ​ 38.2 Adjusted balance at end of period ​ (385.2) Effect of changes in nonperformance risk at end of period ​ (109.5) Balance at end of period ​ $ (494.7)
Summary of quantitative information about the significant unobservable inputs used for fair value measurements of MRBs (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ December 31, 2022 ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Weighted- ​ Range of inputs Average ​ Range of inputs Average Retirement and Income Solutions: ​ Individual variable annuities ​ ​ Long-term interest rate (1) ​ 4.00 - 4.20 % 4.10 % 3.97 - 4.12 % 4.04 % Long-term equity market volatility ​ 18.00 - 33.00 % 22.00 % 18.10 - 34.15 % 22.07 % Nonperformance risk ​ 0.80 - 1.60 % 1.30 % 0.90 - 1.96 % 1.65 % Lapse rate ​ 1.10 - 55.00 % 5.90 % 1.25 - 24.75 % 5.76 % (1) Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates. ​
Retirement and Income Solutions
Market Risk Benefits
Summary of significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ Change in net ​ ​ ​ Change in net ​ ​ Change in input MRB asset (liability) Change in input MRB asset (liability) ​ Long-term interest rate ​ Increased ​ Favorable ​ Increased ​ Favorable Equity markets ​ Increased ​ Favorable ​ Decreased ​ Unfavorable ​ Equity market volatilities ​ Decreased ​ Favorable ​ Increased ​ Unfavorable ​ Own nonperformance risk ​ Decreased ​ Unfavorable ​ Increased ​ Favorable ​
Retirement and Income Solutions | Individual variable annuities
Market Risk Benefits
Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ($in millions) Balance at beginning of period ​ $ (72.2) ​ $ (494.7) Effect of changes in nonperformance risk at beginning of period ​ (31.7) ​ 109.5 Adjusted balance at beginning of period ​ (103.9) ​ (385.2) Effect of: ​ ​ ​ Interest accrual and expected policyholder behavior ​ (80.9) ​ (90.1) Benefit payments ​ 0.4 ​ 1.3 Changes in interest rates ​ 39.9 ​ 539.1 Changes in equity markets ​ 155.1 ​ (112.4) Changes in equity index volatility ​ 47.9 ​ (50.2) Actual policyholder behavior different from expected behavior ​ (4.0) ​ 1.5 Changes in future expected policyholder behavior ​ — ​ (6.1) Changes in other future expected assumptions ​ (5.3) ​ (1.8) Adjusted balance at end of period ​ 49.2 ​ (103.9) Effect of changes in nonperformance risk at end of period ​ (7.7) ​ 31.7 Balance at end of period ​ $ 41.5 ​ $ (72.2) ​ ​ ​ ​ ​ ​ ​ Weighted-average attained age of policyholders (years) (1) ​ 67.7 ​ 67.4 Net amount at risk (2) ​ $ 111.2 ​ $ 415.5 (1) The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders. (2) The net amount at risk for our GMDB riders is defined as the current GMDB amount in excess of the current account balance. The net amount at risk for our GMWB riders is defined as the greater of the present value of the GMWB payments less the current account balance or zero. For contracts with both GMDB and GMWB riders, the net amount at risk is the greater of the GMDB or GMWB net amount at risk. A decrease in the net amount at risk in 2023 as a result of increases in the equity markets was partially offset by an increase in the net amount at risk as a result of increases in interest rates. Decreases in the equity markets and increases in interest rates resulted in an increase in the net amount at risk in 2022.

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2023
Reinsurance
Schedule of information pertaining to effects of reinsurance on premiums and other considerations and policy and contract benefits (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ (in millions) Premiums and other considerations: ​ ​ ​ Direct ​ $ 6,423.8 ​ $ 5,216.5 ​ $ 4,869.7 Assumed ​ ​ 517.0 ​ ​ 503.5 ​ ​ 494.3 Ceded ​ (544.1) ​ (455.7) ​ (650.0) Net premiums and other considerations ​ $ 6,396.7 ​ $ 5,264.3 ​ $ 4,714.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses: ​ ​ ​ ​ Direct ​ $ 8,022.0 ​ $ 6,579.3 ​ $ 6,460.7 Assumed ​ 853.7 ​ 772.1 ​ 727.8 Ceded ​ ​ (1,649.5) ​ ​ (1,468.7) ​ ​ (571.0) Net benefits, claims and settlement expenses ​ $ 7,226.2 ​ $ 5,882.7 ​ $ 6,617.5 Liability for future policy benefits remeasurement (gain) loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct ​ $ 466.9 ​ $ (166.5) ​ $ (12.4) Assumed ​ ​ 269.6 ​ ​ (8.3) ​ ​ 10.9 Ceded ​ (789.0) ​ (85.0) ​ 1.9 Net liability for future policy benefits remeasurement (gain) loss ​ $ (52.5) ​ $ (259.8) ​ $ 0.4
Schedule of information pertaining to cost of reinsurance asset and liability included on the consolidated statements of financial position (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ (in millions) Cost of reinsurance asset $ 3,529.7 $ 3,339.1 ​ ​ ​ ​ ​ ​ ​ Cost of reinsurance liability ​ $ 673.3 ​ $ 479.8
Schedule of assets held in support of reserves associated with coinsurance with funds withheld agreement (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ 19,220.7 ​ $ 15,693.5 Fixed maturities, trading ​ ​ 316.8 ​ ​ 100.8 Equity securities ​ ​ 0.3 ​ ​ 11.0 Mortgage loans ​ ​ 2,826.0 ​ ​ 2,810.8 Other investments ​ ​ 621.4 ​ ​ 179.8 Cash and cash equivalents ​ ​ 942.0 ​ ​ 1,762.9 Accrued interest income ​ ​ 231.7 ​ ​ 178.7 Net other liabilities ​ ​ (201.9) ​ ​ (33.6) Net assets ​ $ 23,957.0 ​ $ 20,703.9
Schedule of components of net investment income on the funds withheld assets that were passed to coinsurer (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2022 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ 906.9 ​ $ 745.9 Fixed maturities, trading ​ ​ 11.9 ​ 2.0 Equity securities ​ ​ 0.2 ​ 0.6 Mortgage loans ​ ​ 125.2 ​ 98.4 Cash and cash equivalents ​ ​ 58.9 ​ 18.2 Other ​ ​ 64.0 ​ 4.8 Total ​ ​ 1,167.0 ​ 869.9 Investment expenses ​ ​ 24.7 ​ 20.5 Net investment income ​ $ 1,142.3 ​ $ 849.4
Schedule of components of net realized gains (losses) on the funds withheld assets that were passed to coinsurer (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2022 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ (230.9) ​ $ (235.5) Fixed maturities, trading ​ (0.1) ​ (6.4) Equity securities ​ (1.2) ​ (2.4) Mortgage loans ​ (34.1) ​ (24.8) Derivatives ​ 7.2 ​ 2.7 Other ​ — ​ 3.3 Net realized capital losses ​ $ (259.1) ​ $ (263.1) ​

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt
Short-Term Debt (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Financing ​ ​ ​ ​ ​ ​ Short-term debt Obligor/Applicant structure Maturity Capacity outstanding ​ ​ ​ ​ ​ ​ (in millions) PLIC Credit facility October 2027 ​ $ 800.0 ​ $ — Total ​ $ 800.0 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Financing ​ ​ ​ ​ ​ ​ Short-term debt Obligor/Applicant structure Maturity Capacity outstanding ​ ​ ​ ​ ​ ​ (in millions) PLIC Credit facility October 2027 ​ $ 800.0 ​ $ — Total ​ ​ ​ ​ ​ $ 800.0 ​ $ — ​
Long-Term Debt (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Principal Net unamortized discount, premium and debt issuance costs Carrying amount ​ ​ (in millions) Non-recourse mortgages and notes payable ​ $ 3.1 ​ $ (0.1) ​ $ 3.0 Total long-term debt ​ $ 3.1 ​ $ (0.1) ​ $ 3.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Principal Net unamortized discount, premium and debt issuance costs Carrying amount ​ ​ (in millions) Non-recourse mortgages and notes payable ​ $ 67.1 ​ $ 0.7 ​ $ 67.8 Total long-term debt ​ $ 67.1 ​ $ 0.7 ​ $ 67.8
Future Annual Maturities of Long-Term Debt (Table)	As of December 31, 2023, future annual maturities of long-term debt were as follows (in millions): ​ ​ ​ ​ ​ ​ Year ending December 31: ​ 2024 ​ $ 0.1 ​ 2025 ​ ​ 0.1 ​ 2026 ​ ​ 0.9 ​ 2027 ​ ​ 0.9 ​ 2028 ​ ​ 1.0 ​ Thereafter ​ ​ — ​ Total future maturities of long-term debt ​ $ 3.0 ​ ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes
Income Tax Expense (Benefit) from Continuing Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Current income taxes (benefits): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ 45.8 ​ $ (142.9) ​ $ 96.8 ​ State ​ ​ 19.1 ​ ​ 21.7 ​ 11.4 ​ Total current income taxes (benefits) ​ ​ 64.9 ​ ​ (121.2) ​ 108.2 ​ Deferred income taxes (benefits): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ ​ (141.0) ​ ​ 1,231.7 ​ 87.9 ​ State ​ ​ (11.3) ​ ​ (4.5) ​ 0.5 ​ Total deferred income taxes (benefits) ​ ​ (152.3) ​ ​ 1,227.2 ​ 88.4 ​ Income taxes (benefits) ​ $ (87.4) ​ $ 1,106.0 ​ $ 196.6 ​ ​
Income Before Income Taxes, Domestic and Foreign	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Domestic $ 149.2 $ 5,785.5 $ 1,512.7 ​ Total income before income taxes $ 149.2 $ 5,785.5 $ 1,512.7 ​ ​
Reconciliation Between U.S. Corporate Income Tax Rate and Effective Income Tax Rate from Continuing Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 U.S. corporate income tax rate 21 % 21 % 21 % Dividends received deduction ​ (47) ​ (1) ​ (5) ​ Tax credits ​ (40) ​ (1) ​ (3) ​ Interest exclusion from taxable income ​ (15) ​ — ​ (1) ​ Impact of equity method presentation ​ (3) ​ — ​ — ​ Employee compensation ​ (2) ​ — ​ — ​ Other postretirement employee benefits redesignation ​ (2) ​ — ​ — ​ Low income housing tax credit amortization ​ 24 ​ — ​ — ​ State income taxes ​ 4 ​ — ​ — ​ Nondeductible expenses ​ 2 ​ — ​ — ​ Other ​ (1) ​ — ​ 1 ​ Effective income tax rate ​ (59) % 19 % 13 %
Changes in Unrecognized Tax Benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Balance at beginning of period ​ $ 40.6 ​ $ 43.9 ​ $ 45.8 ​ Additions based on tax positions related to the current year ​ ​ 0.3 ​ ​ — ​ 1.3 ​ Reductions for tax positions related to the current year ​ ​ (3.2) ​ ​ (3.3) ​ (3.2) ​ Balance at end of period (1) ​ $ 37.7 ​ $ 40.6 ​ $ 43.9 ​ (1) Our 2023 effective income tax rate would not be impacted if unrecognized tax benefits were recognized. We recognize interest and penalties related to uncertain tax positions in operating expenses within the consolidated statements of operations.
Components of Net Deferred Income Taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ (in millions) Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net unrealized losses on available-for-sale securities ​ $ 1,098.3 ​ $ 1,611.9 ​ Net operating and capital loss carryforwards ​ ​ 42.9 ​ ​ — ​ Tax credit carryforwards ​ ​ 64.2 ​ ​ 65.8 ​ Employee benefits ​ ​ 30.0 ​ ​ 26.4 ​ Intangible assets ​ ​ 42.2 ​ ​ 17.6 ​ Other deferred income tax assets ​ ​ 8.5 ​ ​ — ​ Gross deferred income tax assets ​ ​ 1,286.1 ​ ​ 1,721.7 ​ Valuation allowance ​ ​ (12.0) ​ ​ (12.3) ​ Total deferred income tax assets ​ ​ 1,274.1 ​ ​ 1,709.4 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred acquisition costs ​ ​ (622.5) ​ ​ (655.6) ​ Investments, including derivatives ​ ​ (210.1) ​ ​ (187.6) ​ Funds withheld embedded derivative ​ ​ (488.5) ​ ​ (767.1) ​ Real estate ​ ​ (136.7) ​ ​ (140.0) ​ Insurance liabilities ​ ​ (1,165.6) ​ ​ (1,011.9) ​ Gain on sale of discontinued operations (1) ​ ​ (174.5) ​ ​ (182.1) ​ Other deferred income tax liabilities ​ ​ — ​ ​ (51.1) ​ Total deferred income tax liabilities ​ ​ (2,797.9) ​ ​ (2,995.4) ​ Total net deferred income tax liabilities ​ $ (1,523.8) ​ $ (1,286.0) ​ ​ (1) Represents a deferred intercompany gain on the sale of PGI LLC to PFS, which was allocated to stockholder's equity as the result of a taxable common control transaction on the standalone financials of the transferring entity. ​
Net Deferred Income Taxes by Jurisdiction	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ (in millions) Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ State ​ $ 17.2 ​ $ 10.9 ​ Net deferred income tax assets ​ ​ 17.2 ​ ​ 10.9 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ ​ (1,541.0) ​ ​ (1,296.9) ​ Net deferred income tax liabilities ​ ​ (1,541.0) ​ ​ (1,296.9) ​ Total net deferred income tax liabilities ​ $ (1,523.8) ​ $ (1,286.0) ​ ​

Employee and Agent Benefits (Ta

Employee and Agent Benefits (Tables)	12 Months Ended
	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans
Obligations and Funded Status (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ (in millions) Change in benefit obligation ​ ​ ​ ​ ​ ​ ​ Benefit obligation at beginning of year ​ $ (58.6) ​ $ (79.2) ​ Interest cost ​ ​ (2.8) ​ (1.9) ​ Actuarial gain (loss) ​ ​ (3.0) ​ 17.0 ​ Participant contributions ​ ​ (6.1) ​ (6.4) ​ Benefits paid ​ ​ 13.6 ​ 11.9 ​ Benefit obligation at end of year ​ $ (56.9) ​ $ (58.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 70.4 ​ $ 89.5 ​ Actual return on plan assets ​ ​ 9.6 ​ (15.0) ​ Employer contribution ​ ​ 1.5 ​ 1.4 ​ Participant contributions ​ ​ 6.1 ​ 6.4 ​ Benefits paid ​ ​ (13.6) ​ (11.9) ​ Fair value of plan assets at end of year ​ $ 74.0 ​ $ 70.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in statement of financial position ​ ​ ​ ​ ​ ​ ​ Other assets ​ $ 17.1 ​ $ 11.8 ​ Total ​ $ 17.1 ​ $ 11.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in accumulated other comprehensive income ​ ​ ​ ​ ​ ​ ​ Total net actuarial gain ​ $ (20.5) ​ $ (18.1) ​ Pre-tax accumulated other comprehensive income ​ $ (20.5) ​ $ (18.1) ​ ​
Amounts Recognized in Net Periodic Benefit Cost and Accumulated Other Comprehensive (Income) Loss (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 ​ ​ (in millions) Other changes recognized in accumulated other comprehensive (income) loss ​ ​ ​ ​ ​ ​ Net actuarial (gain) loss ​ $ (3.1) ​ $ 1.8 Amortization of net gain ​ ​ 0.7 ​ 0.8 Total recognized in pre-tax accumulated other comprehensive (income) loss ​ $ (2.4) ​ $ 2.6 Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive income ​ $ (3.8) ​ $ (0.1) ​
Weighted-Average Assumptions Used to Determine Benefit Obligations (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 2022 ​ Discount rate ​ 4.80 % 5.05 % Rate of compensation increase ​ N/A ​ N/A ​ ​
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ Discount rate ​ 5.05 % 2.55 % 2.15 % Expected long-term return on plan assets ​ 5.20 % 4.25 % 4.25 % Rate of compensation increase ​ N/A ​ N/A ​ N/A % ​
Assumed Health Care Cost Trend Rates (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ Health care cost trend rate assumed for next year under age 65 ​ 7.50 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) ​ 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate (under age 65) ​ 2032 ​ 2031 ​ ​
Estimated Future Benefit Payments (Table)	​ ​ ​ ​ ​ ​ ​ Other postretirement ​ ​ benefits (gross benefit ​ ​ payments, including ​ prescription drug benefits) ​ ​ (in millions) Year ending December 31: ​ ​ ​ 2024 ​ $ 11.2 2025 ​ ​ 10.2 2026 ​ ​ 9.1 2027 ​ ​ 8.0 2028 ​ ​ 7.2 2029-2033 ​ ​ 29.7 ​
Other postretirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Components of Other Postretirement Benefits Net Periodic Benefit Cost (Income) (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Interest cost ​ $ 2.8 ​ $ 1.9 ​ $ 1.8 ​ Expected return on plan assets ​ ​ (3.5) ​ ​ (3.8) ​ ​ (3.5) ​ Recognized net actuarial gain ​ ​ (0.7) ​ ​ (0.8) ​ ​ (0.4) ​ Net periodic benefit income ​ $ (1.4) ​ $ (2.7) ​ $ (2.1) ​ ​
Fair Value of Plan Assets (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ Assets ​ Fair value hierarchy level ​ ​ ​ measured at ​ ​ ​ ​ fair value Level 1 Level 2 Level 3 ​ ​ ​ (in millions) ​ Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1.1 ​ $ 1.1 ​ $ — ​ $ — ​ Fixed income security portfolios (1) ​ ​ 34.9 ​ ​ 34.9 ​ ​ — ​ ​ — ​ U.S. equity portfolios (2) ​ 27.6 ​ 27.6 ​ — ​ — ​ International equity portfolios (3) ​ 10.4 ​ 10.4 ​ — ​ — ​ Total ​ $ 74.0 ​ $ 74.0 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Assets ​ Fair value hierarchy level ​ ​ measured at ​ ​ ​ fair value Level 1 Level 2 Level 3 ​ ​ (in millions) Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 0.5 ​ $ 0.5 ​ $ — ​ $ — ​ Fixed income security portfolios (1) ​ ​ 34.7 ​ ​ 34.7 ​ ​ — ​ ​ — ​ U.S. equity portfolios (2) ​ ​ 25.6 ​ ​ 25.6 ​ ​ — ​ ​ — ​ International equity portfolios (3) ​ 9.6 ​ 9.6 ​ — ​ — ​ Total ​ $ 70.4 ​ $ 70.4 ​ $ — ​ $ — ​ (1) The portfolios invest in various fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations. (2) The portfolios invest primarily in publicly traded equity securities of large U.S. companies. (3) The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.
Target Asset Allocation (Table)	​ ​ ​ ​ ​ Asset category Target allocation ​ Fixed income security portfolios ​ 50 % U.S. equity portfolios ​ 35 % International equity portfolios ​ 15 %

Contingencies, Guarantees, In_2

Contingencies, Guarantees, Indemnifications and Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Contingencies, Guarantees, Indemnifications and Leases
Lease Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ Operating lease assets (1) ​ $ 113.0 ​ $ 116.9 ​ Finance lease assets (1) ​ 73.8 ​ 82.4 ​ Total lease assets ​ $ 186.8 ​ $ 199.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ Operating lease liabilities (2) ​ $ 104.5 ​ $ 112.2 ​ Finance lease liabilities (2) ​ 74.8 ​ 83.0 ​ Total lease liabilities ​ $ 179.3 ​ $ 195.2 ​ (1) Operating and finance lease assets are primarily reported within property and equipment on the consolidated statements of financial position. (2) Operating and finance lease liabilities are reported within other liabilities on the consolidated statements of financial position.
Lease Cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (in millions) Finance lease cost (1): ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 32.9 ​ $ 34.0 ​ $ 30.5 Interest on lease liabilities ​ ​ 1.9 ​ ​ 1.2 ​ ​ 1.0 Operating lease cost (1) ​ ​ 28.9 ​ ​ 34.6 ​ ​ 37.6 Other lease cost (1) (2) ​ ​ 6.6 ​ ​ 9.5 ​ ​ 7.3 Sublease income (3) ​ ​ (0.3) ​ ​ (1.5) ​ ​ (1.7) Total lease cost ​ $ 70.0 ​ $ 77.8 ​ $ 74.7 (1) Finance, operating and other lease costs are primarily included in operating expenses on the consolidated statements of operations. (2) Other lease cost primarily reflects variable and short-term lease costs. (3) Sublease income is included in fees and other revenues on the consolidated statements of operations.
Future Payments Due by Period for Lease Obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases Finance leases Total ​ ​ (in millions) For the twelve months ending December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ $ 25.2 ​ $ 31.1 ​ $ 56.3 2025 ​ ​ 22.1 ​ ​ 23.4 ​ ​ 45.5 2026 ​ ​ 18.9 ​ ​ 17.1 ​ ​ 36.0 2027 ​ ​ 15.2 ​ ​ 7.5 ​ ​ 22.7 2028 ​ ​ 11.0 ​ ​ 0.1 ​ ​ 11.1 2029 and thereafter ​ ​ 25.9 ​ ​ — ​ ​ 25.9 Total lease payments ​ ​ 118.3 ​ ​ 79.2 ​ ​ 197.5 Less: interest ​ ​ 13.8 ​ ​ 4.4 ​ ​ 18.2 Present value of lease liabilities ​ $ 104.5 ​ $ 74.8 ​ $ 179.3
Weighted-Average Remaining Lease Term and Weighted-Average Discount Rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ Operating leases ​ 7.3 7.7 7.8 ​ Finance leases ​ 3.0 2.8 3.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ Operating leases ​ 2.9 % 2.5 % 2.2 % Finance leases ​ 3.5 % 1.7 % 1.1 % ​

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholder's Equity
Other Comprehensive Income (Loss) (Table)	Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized gains on available-for-sale securities during the period ​ $ 2,069.1 ​ $ (438.8) ​ $ 1,630.3 ​ Reclassification adjustment for losses included in net income (1) ​ 355.1 ​ (74.8) ​ 280.3 ​ Adjustments for assumed changes in amortization patterns ​ (2.5) ​ 0.6 ​ (1.9) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.7 ​ (0.1) ​ 0.6 ​ Net unrealized gains on available-for-sale securities ​ 2,422.4 ​ (513.1) ​ 1,909.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized losses on derivative instruments during the period ​ (44.9) ​ ​ 9.4 ​ ​ (35.5) ​ Reclassification adjustment for gains included in net income (2) ​ (7.4) ​ ​ 1.6 ​ ​ (5.8) ​ Adjustments for assumed changes in amortization patterns ​ (0.9) ​ ​ 0.2 ​ ​ (0.7) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.2 ​ ​ — ​ ​ 0.2 ​ Net unrealized losses on derivative instruments ​ (53.0) ​ ​ 11.2 ​ ​ (41.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement loss (3) ​ ​ (496.5) ​ ​ 104.3 ​ ​ (392.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk loss (4) ​ (39.4) ​ ​ 8.3 ​ ​ (31.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ 3.0 ​ ​ (0.7) ​ ​ 2.3 ​ Amortization of amounts included in net periodic benefit cost (5) ​ (0.7) ​ ​ 0.2 ​ ​ (0.5) ​ Net unrecognized postretirement benefit obligation ​ 2.3 ​ ​ (0.5) ​ ​ 1.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 1,835.8 ​ $ (389.8) ​ $ 1,446.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized losses on available-for-sale securities during the period ​ $ (12,980.2) ​ $ 2,753.0 ​ $ (10,227.2) ​ Reclassification adjustment for losses included in net income (1) ​ 333.3 ​ (70.4) ​ 262.9 ​ Adjustments for assumed changes in amortization patterns ​ (3.7) ​ 0.7 ​ (3.0) ​ Adjustments for assumed changes in policyholder liabilities ​ 273.2 ​ (57.3) ​ 215.9 ​ Net unrealized losses on available-for-sale securities ​ (12,377.4) ​ 2,626.0 ​ (9,751.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized losses on derivative instruments during the period ​ (1.4) ​ ​ 0.4 ​ ​ (1.0) ​ Reclassification adjustment for gains included in net income (2) ​ (28.0) ​ ​ 5.8 ​ ​ (22.2) ​ Adjustments for assumed changes in amortization patterns ​ (0.1) ​ ​ — ​ ​ (0.1) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.4 ​ ​ (0.2) ​ ​ 0.2 ​ Net unrealized losses on derivative instruments ​ (29.1) ​ ​ 6.0 ​ ​ (23.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement gain (3) ​ ​ 6,295.5 ​ ​ (1,322.1) ​ ​ 4,973.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk gain (4) ​ ​ 141.2 ​ ​ (29.7) ​ ​ 111.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ (1.7) ​ ​ 0.3 ​ ​ (1.4) ​ Amortization of amounts included in net periodic benefit cost (5) ​ (0.8) ​ ​ 0.2 ​ ​ (0.6) ​ Net unrecognized postretirement benefit obligation ​ (2.5) ​ ​ 0.5 ​ ​ (2.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive loss ​ $ (5,972.3) ​ $ 1,280.7 ​ $ (4,691.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized losses on available-for-sale securities during the period ​ $ (2,313.3) ​ $ 490.5 ​ $ (1,822.8) ​ Reclassification adjustment for losses included in net income (1) ​ 20.5 ​ (4.3) ​ 16.2 ​ Adjustments for assumed changes in amortization patterns ​ (0.2) ​ — ​ (0.2) ​ Adjustments for assumed changes in policyholder liabilities ​ 252.6 ​ (53.0) ​ 199.6 ​ Net unrealized losses on available-for-sale securities ​ (2,040.4) ​ 433.2 ​ (1,607.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains on derivative instruments during the period ​ 66.7 ​ ​ (14.1) ​ ​ 52.6 ​ Reclassification adjustment for gains included in net income (2) ​ (25.5) ​ ​ 5.4 ​ ​ (20.1) ​ Adjustments for assumed changes in policyholder liabilities ​ 1.2 ​ ​ (0.2) ​ ​ 1.0 ​ Net unrealized gains on derivative instruments ​ 42.4 ​ ​ (8.9) ​ ​ 33.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement gain (3) ​ ​ 2,076.0 ​ ​ (435.9) ​ ​ 1,640.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk loss (4) ​ ​ (2.8) ​ ​ 0.6 ​ ​ (2.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ 2.3 ​ ​ (0.5) ​ ​ 1.8 ​ Amortization of amounts included in net periodic benefit cost (5) ​ (0.4) ​ ​ 0.1 ​ ​ (0.3) ​ Net unrecognized postretirement benefit obligation ​ 1.9 ​ ​ (0.4) ​ ​ 1.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 77.1 ​ $ (11.4) ​ $ 65.7 ​ (1) Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) and net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations. (2) See Note 6, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details. (3) Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 11, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details. (4) See Note 12, Market Risk Benefits, for further details. (5) Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 16, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.
Accumulated Other Comprehensive Income (Loss) (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized ​ Net unrealized ​ LFPB ​ ​ ​ ​ Unrecognized ​ Accumulated ​ ​ gains (losses) on ​ gains (losses) on ​ discount rate ​ MRB ​ postretirement ​ other ​ ​ available-for-sale ​ derivative ​ remeasurement ​ nonperformance ​ benefit ​ comprehensive ​ securities (1) instruments gain (loss) risk gain (loss) obligation income (loss) ​ ​ (in millions) Balances as of January 1, 2021 ​ $ 3,955.5 ​ $ 18.5 ​ $ — ​ $ — ​ $ 12.9 ​ $ 3,986.9 Other comprehensive income during the period, net of adjustments ​ (1,623.4) ​ 53.6 ​ ​ 1,640.1 ​ ​ (2.2) ​ 1.8 ​ 69.9 Amounts reclassified from AOCI ​ 16.2 ​ (20.1) ​ ​ — ​ ​ — ​ (0.3) ​ (4.2) Other comprehensive income ​ (1,607.2) ​ ​ 33.5 ​ ​ 1,640.1 ​ ​ (2.2) ​ ​ 1.5 ​ ​ 65.7 Effects of implementation of accounting change related to long-duration insurance contracts, net ​ ​ 1,356.0 ​ ​ 5.0 ​ ​ (5,328.8) ​ ​ (84.3) ​ ​ — ​ ​ (4,052.1) Net assets transferred to affiliate due to change in benefit plan sponsorship ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.0 ​ ​ 2.0 Balances as of December 31, 2021 ​ ​ 3,704.3 ​ ​ 57.0 ​ ​ (3,688.7) ​ ​ (86.5) ​ ​ 16.4 ​ ​ 2.5 Other comprehensive loss during the period, net of adjustments ​ ​ (10,014.3) ​ ​ (0.9) ​ ​ 4,973.4 ​ ​ 111.5 ​ ​ (1.4) ​ ​ (4,931.7) Amounts reclassified from AOCI ​ ​ 262.9 ​ ​ (22.2) ​ ​ — ​ ​ — ​ ​ (0.6) ​ ​ 240.1 Other comprehensive loss ​ ​ (9,751.4) ​ ​ (23.1) ​ ​ 4,973.4 ​ ​ 111.5 ​ ​ (2.0) ​ ​ (4,691.6) Adjustments for reinsurance (2) ​ ​ 108.3 ​ ​ 6.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 114.4 Balances as of December 31, 2022 ​ ​ (5,938.8) ​ ​ 40.0 ​ ​ 1,284.7 ​ ​ 25.0 ​ ​ 14.4 ​ ​ (4,574.7) Other comprehensive income during the period, net of adjustments ​ ​ 1,629.0 ​ ​ (36.0) ​ ​ (392.2) ​ ​ (31.1) ​ ​ 2.3 ​ ​ 1,172.0 Amounts reclassified from AOCI ​ ​ 280.3 ​ ​ (5.8) ​ ​ — ​ ​ — ​ ​ (0.5) ​ ​ 274.0 Other comprehensive income ​ ​ 1,909.3 ​ ​ (41.8) ​ ​ (392.2) ​ ​ (31.1) ​ ​ 1.8 ​ ​ 1,446.0 Balances as of December 31, 2023 ​ $ (4,029.5) ​ $ (1.8) ​ $ 892.5 ​ $ (6.1) ​ $ 16.2 ​ $ (3,128.7) (1) Net unrealized losses on available-for-sale debt securities for which an allowance for credit loss has been recorded were $ 1.5 million, $1.8 million and $0.6 million as of December 31, 2023, 2022 and 2021, respectively. (2) Reflects the January 1, 2022, balance associated with our ULSG business that was ceded to Talcott Life & Annuity Re.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Measurements
Fair Value (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ Fair value hierarchy level ​ ​ ​ measured at ​ net asset ​ ​ ​ ​ fair value value (5) Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,504.9 ​ $ — ​ $ 1,210.8 ​ $ 294.1 ​ $ — ​ Non-U.S. governments ​ 479.9 ​ — ​ — ​ 479.9 ​ — ​ States and political subdivisions ​ 6,613.3 ​ — ​ — ​ 6,545.1 ​ 68.2 ​ Corporate ​ 33,079.5 ​ — ​ 30.9 ​ 30,742.7 ​ 2,305.9 ​ Residential mortgage-backed pass-through securities ​ 2,824.9 ​ — ​ — ​ 2,824.9 ​ — ​ Commercial mortgage-backed securities ​ 4,743.4 ​ — ​ — ​ 4,740.4 ​ 3.0 ​ Collateralized debt obligations (1) ​ 5,397.8 ​ — ​ — ​ 5,322.4 ​ 75.4 ​ Other debt obligations ​ 7,886.5 ​ — ​ — ​ 6,703.9 ​ 1,182.6 ​ Total fixed maturities, available-for-sale ​ 62,530.2 ​ — ​ 1,241.7 ​ 57,653.4 ​ 3,635.1 ​ Fixed maturities, trading ​ 715.3 ​ — ​ 27.7 ​ 307.8 ​ 379.8 ​ Equity securities ​ 43.0 ​ — ​ 14.9 ​ 28.1 ​ — ​ Derivative assets (2) ​ 253.0 ​ — ​ — ​ 246.9 ​ 6.1 ​ Other investments ​ 238.3 ​ 73.7 ​ — ​ — ​ 164.6 ​ Cash equivalents ​ 3,010.2 ​ — ​ 449.6 ​ 2,560.6 ​ — ​ Market risk benefit asset (3) ​ 153.4 ​ — ​ — ​ — ​ 153.4 ​ Sub-total excluding separate account assets ​ ​ 66,943.4 ​ ​ 73.7 ​ ​ 1,733.9 ​ ​ 60,796.8 ​ ​ 4,339.0 ​ Separate account assets ​ 131,641.7 ​ 8,692.0 ​ 103,598.9 ​ 18,598.0 ​ 752.8 ​ Total assets ​ $ 198,585.1 ​ $ 8,765.7 ​ $ 105,332.8 ​ $ 79,394.8 ​ $ 5,091.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ $ (115.5) ​ $ — ​ $ — ​ $ — ​ $ (115.5) ​ Market risk benefit liability (3) ​ ​ (111.9) ​ ​ — ​ ​ — ​ ​ — ​ ​ (111.9) ​ Funds withheld payable embedded derivative (4) ​ ​ 2,326.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,326.1 ​ Derivative liabilities (2) ​ ​ (473.4) ​ ​ — ​ ​ — ​ ​ (472.6) ​ ​ (0.8) ​ Total liabilities ​ $ 1,625.3 ​ $ — ​ $ — ​ $ (472.6) ​ $ 2,097.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 200,210.4 ​ $ 8,765.7 ​ $ 105,332.8 ​ $ 78,922.2 ​ $ 7,189.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ Fair value hierarchy level ​ ​ ​ measured at ​ net asset ​ ​ ​ ​ fair value value (5) Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,715.9 ​ $ — ​ $ 1,354.0 ​ $ 361.9 ​ $ — ​ Non-U.S. governments ​ 520.4 ​ — ​ — ​ 520.4 ​ — ​ States and political subdivisions ​ 6,168.3 ​ — ​ — ​ 6,099.2 ​ 69.1 ​ Corporate ​ 33,184.8 ​ — ​ 26.6 ​ 31,589.9 ​ 1,568.3 ​ Residential mortgage-backed pass-through securities ​ 2,170.9 ​ — ​ — ​ 2,170.9 ​ — ​ Commercial mortgage-backed securities ​ 4,827.5 ​ — ​ — ​ 4,824.1 ​ 3.4 ​ Collateralized debt obligations (1) ​ 4,560.2 ​ — ​ — ​ 4,504.0 ​ 56.2 ​ Other debt obligations ​ 6,483.3 ​ — ​ — ​ 6,015.5 ​ 467.8 ​ Total fixed maturities, available-for-sale ​ 59,631.3 ​ — ​ 1,380.6 ​ 56,085.9 ​ 2,164.8 ​ Fixed maturities, trading ​ 634.0 ​ — ​ 78.6 ​ 449.2 ​ 106.2 ​ Equity securities ​ 53.1 ​ — ​ 14.8 ​ 38.3 ​ — ​ Derivative assets (2) ​ 256.6 ​ — ​ — ​ 256.5 ​ 0.1 ​ Other investments ​ 82.8 ​ 81.4 ​ — ​ — ​ 1.4 ​ Cash equivalents ​ 2,776.4 ​ — ​ 930.3 ​ 1,846.1 ​ — ​ Market risk benefit asset (3) ​ ​ 109.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ 109.2 ​ Sub-total excluding separate account assets ​ 63,543.4 ​ 81.4 ​ 2,404.3 ​ 58,676.0 ​ 2,381.7 ​ Separate account assets ​ 120,279.6 ​ 9,120.9 ​ 91,424.2 ​ 18,700.4 ​ 1,034.1 ​ Total assets ​ $ 183,823.0 ​ $ 9,202.3 ​ $ 93,828.5 ​ $ 77,376.4 ​ $ 3,415.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ $ (46.3) ​ $ — ​ $ — ​ $ — ​ $ (46.3) ​ Market risk benefit liability (3) ​ ​ (181.4) ​ ​ — ​ ​ — ​ ​ — ​ ​ (181.4) ​ Funds withheld payable embedded derivative (4) ​ ​ 3,652.8 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,652.8 ​ Derivative liabilities (2) ​ ​ (612.2) ​ ​ — ​ ​ — ​ ​ (608.1) ​ ​ (4.1) ​ Total liabilities ​ $ 2,812.9 ​ $ — ​ $ — ​ $ (608.1) ​ $ 3,421.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 186,635.9 ​ $ 9,202.3 ​ $ 93,828.5 ​ $ 76,768.3 ​ $ 6,836.8 ​ (1) Primarily consists of collateralized loan obligations backed by secured corporate loans. (2) Within the consolidated statements of financial position, derivative assets are reported with other investments and derivative liabilities are reported with other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated statements of financial position; however, are presented net for purposes of the rollforward in the Changes in Level 3 Fair Value Measurements tables. Refer to Note 6, Derivative Financial Instruments, for further information on fair value by class of derivative instruments. (3) Refer to Note 12, Market Risk Benefits, for further information on the change in the Level 3 fair value measurements of MRBs. (4) Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported. The funds withheld payable embedded derivative could be in either an asset or (liability) position. (5) Certain investments are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. Other investments using the NAV practical expedient consist of certain fund interests that are restricted until maturity with unfunded commitments totaling $7.1 million and $7.8 million as of December 31, 2023 and 2022, respectively. Separate account assets using the NAV practical expedient consist of certain funds with varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these funds.
Reconciliation for All Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Beginning ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ ​ ​ ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ Included ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ January 1, ​ in net ​ comprehensive ​ settlements ​ into ​ out of ​ December 31, ​ 2023 income (2) income (3) (4) Level 3 Level 3 2023 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 69.1 ​ $ — ​ $ 0.8 ​ $ (1.7) ​ $ — ​ $ — ​ $ 68.2 Corporate ​ ​ 1,568.3 ​ ​ (4.5) ​ ​ 13.3 ​ ​ 593.6 ​ ​ 212.4 ​ ​ (77.2) ​ ​ 2,305.9 Commercial mortgage-backed securities ​ 3.4 ​ — ​ — ​ ​ (0.4) ​ — ​ — ​ 3.0 Collateralized debt obligations ​ 56.2 ​ — ​ 1.9 ​ ​ 165.8 ​ — ​ (148.5) ​ 75.4 Other debt obligations ​ 467.8 ​ 1.3 ​ 1.2 ​ ​ 537.0 ​ 239.5 ​ (64.2) ​ 1,182.6 Total fixed maturities, available-for-sale ​ 2,164.8 ​ (3.2) ​ 17.2 ​ ​ 1,294.3 ​ 451.9 ​ (289.9) ​ 3,635.1 Fixed maturities, trading ​ ​ 106.2 ​ ​ 2.4 ​ ​ — ​ ​ 271.2 ​ ​ — ​ ​ — ​ ​ 379.8 Other investments ​ 1.4 ​ (5.7) ​ — ​ ​ 168.9 ​ — ​ — ​ 164.6 Separate account assets (1) ​ 1,034.1 ​ (7.9) ​ — ​ ​ (273.4) ​ — ​ — ​ 752.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (46.3) ​ (37.8) ​ — ​ ​ (31.4) ​ — ​ — ​ (115.5) Funds withheld payable embedded derivative ​ ​ 3,652.8 ​ ​ (1,326.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,326.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ (4.0) ​ 6.1 ​ — ​ ​ 3.1 ​ 0.1 ​ ​ — ​ 5.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Beginning ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ ​ ​ ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ Included ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ January 1, in net comprehensive settlements into out of December 31, ​ ​ 2022 ​ income (2) ​ income (3) ​ (4) ​ Level 3 ​ Level 3 ​ 2022 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 92.4 ​ $ — ​ $ (23.5) ​ $ (1.6) ​ $ 12.0 ​ $ (10.2) ​ $ 69.1 Corporate ​ ​ 834.3 ​ ​ (4.8) ​ ​ (28.6) ​ ​ 626.3 ​ ​ 176.3 ​ ​ (35.2) ​ ​ 1,568.3 Commercial mortgage-backed securities ​ 19.2 ​ — ​ (1.0) ​ ​ (4.6) ​ — ​ (10.2) ​ 3.4 Collateralized debt obligations ​ 85.8 ​ — ​ (1.0) ​ ​ 151.8 ​ — ​ (180.4) ​ 56.2 Other debt obligations ​ 42.1 ​ (0.3) ​ (20.4) ​ ​ 474.2 ​ — ​ (27.8) ​ 467.8 Total fixed maturities, available-for-sale ​ 1,073.8 ​ (5.1) ​ (74.5) ​ ​ 1,246.1 ​ 188.3 ​ (263.8) ​ 2,164.8 Fixed maturities, trading ​ ​ 4.9 ​ ​ (0.6) ​ ​ — ​ ​ 72.9 ​ ​ 29.0 ​ ​ — ​ ​ 106.2 Other investments ​ ​ 1.4 ​ — ​ — ​ ​ — ​ — ​ — ​ 1.4 Separate account assets (1) ​ 946.0 ​ 112.0 ​ — ​ ​ (23.9) ​ — ​ — ​ 1,034.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (83.2) ​ 36.1 ​ — ​ ​ 0.8 ​ — ​ — ​ (46.3) Funds withheld payable embedded derivative ​ — ​ 3,652.8 ​ — ​ ​ — ​ — ​ — ​ 3,652.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ 0.6 ​ (4.0) ​ (0.3) ​ ​ — ​ — ​ ​ (0.3) ​ (4.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Beginning ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ sales, ​ ​ ​ ​ ​ ​ ​ (liability) ​ ​ balance ​ Included ​ Included in ​ issuances ​ ​ ​ ​ ​ ​ ​ balance ​ ​ as of ​ in net ​ other ​ and ​ Transfers ​ Transfers ​ as of ​ ​ January 1, ​ income ​ comprehensive ​ settlements ​ into ​ out of ​ December 31, ​ 2021 (2) income (3) (4) Level 3 Level 3 2021 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ — ​ $ 12.5 ​ $ (0.4) ​ $ 80.3 ​ $ — ​ $ 92.4 Corporate ​ ​ 290.8 ​ ​ (21.9) ​ ​ 7.8 ​ ​ 381.8 ​ ​ 175.8 ​ ​ — ​ ​ 834.3 Commercial mortgage-backed securities ​ 13.2 ​ (1.0) ​ (0.4) ​ ​ 7.4 ​ — ​ — ​ 19.2 Collateralized debt obligations ​ 27.2 ​ (2.0) ​ 1.7 ​ ​ 397.4 ​ 72.1 ​ (410.6) ​ 85.8 Other debt obligations ​ 29.2 ​ — ​ 0.4 ​ ​ 16.9 ​ 20.6 ​ (25.0) ​ 42.1 Total fixed maturities, available-for-sale ​ 360.4 ​ (24.9) ​ 22.0 ​ ​ 803.1 ​ 348.8 ​ (435.6) ​ 1,073.8 Fixed maturities, trading ​ ​ — ​ ​ — ​ ​ — ​ ​ 4.9 ​ ​ — ​ ​ — ​ ​ 4.9 Other investments ​ 30.0 ​ 12.4 ​ — ​ ​ (41.0) ​ — ​ — ​ 1.4 Separate account assets (1) ​ 8,893.2 ​ 313.8 ​ — ​ ​ (8,261.0) ​ — ​ — ​ 946.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (90.8) ​ (15.6) ​ — ​ ​ 23.2 ​ — ​ — ​ (83.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ (5.1) ​ (5.0) ​ — ​ ​ 10.7 ​ — ​ ​ — ​ 0.6 (1) Gains and losses for separate account assets do not impact net income as the change in value of separate account assets is offset by a change in value of separate account liabilities. (2) Both realized gains (losses) and mark-to-market unrealized gains (losses) are generally reported in net realized capital gains (losses), net realized capital gains (losses) on funds withheld assets or change in fair value of funds withheld embedded derivative within the consolidated statements of operations. Realized and unrealized gains (losses) on certain securities with an investment objective to realize economic value through mark-to-market changes are reported in net investment income within the consolidated statements of operations. Changes in unrealized gains (losses) included in net income relating to positions still held were : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Assets ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ Corporate ​ $ 0.3 ​ $ (1.3) ​ $ (4.6) Commercial mortgage-backed securities ​ ​ — ​ ​ — ​ ​ (1.0) Collateralized debt obligations ​ — ​ — ​ (2.0) Other debt obligations ​ 1.9 ​ 1.9 ​ 1.9 Total fixed maturities, available-for-sale ​ 2.2 ​ 0.6 ​ (5.7) Fixed maturities, trading ​ ​ 2.3 ​ ​ (0.6) ​ ​ — Other investments ​ (5.2) ​ — ​ 12.5 Separate account assets ​ (80.3) ​ 89.8 ​ 90.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ Investment and universal life contracts ​ (29.2) ​ 22.6 ​ (8.6) Funds withheld payable embedded derivative ​ ​ (1,326.7) ​ ​ 3,652.8 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ Net derivative assets (liabilities) ​ 7.3 ​ (4.0) ​ — ​ (3) Changes in unrealized gains ( losses ) included in OCI relating to positions still held were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ (4.1) ​ $ (21.7) ​ $ 12.5 Corporate ​ ​ (38.9) ​ ​ (19.8) ​ ​ (0.7) Commercial mortgage-backed securities ​ ​ — ​ ​ (0.5) ​ ​ (0.4) Collateralized debt obligations ​ ​ 0.7 ​ ​ — ​ ​ 1.9 Other debt obligations ​ ​ (29.8) ​ ​ (18.5) ​ ​ — Total fixed maturities, available-for-sale ​ ​ (72.1) ​ ​ (60.5) ​ ​ 13.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ (0.2) ​ ​ — ​ (4) Gross purchases, sales, issuances and settlements were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ ​ Purchases Sales Issuances Settlements and settlements ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ — ​ $ — ​ $ (1.7) ​ $ (1.7) ​ Corporate ​ ​ 815.2 ​ ​ (27.7) ​ ​ — ​ ​ (193.9) ​ ​ 593.6 ​ Commercial mortgage-backed securities ​ — ​ — ​ — ​ (0.4) ​ (0.4) ​ Collateralized debt obligations ​ 167.0 ​ — ​ — ​ (1.2) ​ 165.8 ​ Other debt obligations ​ 563.3 ​ — ​ — ​ (26.3) ​ 537.0 ​ Total fixed maturities, available-for-sale ​ 1,545.5 ​ (27.7) ​ — ​ (223.5) ​ 1,294.3 ​ Fixed maturities, trading ​ ​ 424.7 ​ ​ (138.7) ​ ​ — ​ ​ (14.8) ​ ​ 271.2 ​ Other investments ​ 194.2 ​ — ​ — ​ (25.3) ​ 168.9 ​ Separate account assets (5) ​ — ​ ​ (286.3) ​ ​ (109.1) ​ 122.0 ​ (273.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ — ​ — ​ (69.9) ​ 38.5 ​ (31.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ 0.8 ​ 2.3 ​ — ​ — ​ 3.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ ​ Purchases Sales Issuances Settlements and settlements ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ — ​ $ — ​ $ (1.6) ​ $ (1.6) ​ Corporate ​ ​ 817.3 ​ ​ (50.4) ​ ​ — ​ ​ (140.6) ​ ​ 626.3 ​ Commercial mortgage-backed securities ​ — ​ (4.1) ​ — ​ (0.5) ​ (4.6) ​ Collateralized debt obligations ​ 151.9 ​ — ​ — ​ (0.1) ​ 151.8 ​ Other debt obligations ​ 487.4 ​ (8.2) ​ — ​ (5.0) ​ 474.2 ​ Total fixed maturities, available-for-sale ​ 1,456.6 ​ (62.7) ​ — ​ (147.8) ​ 1,246.1 ​ Fixed maturities, trading ​ ​ 106.9 ​ ​ (32.6) ​ ​ — ​ ​ (1.4) ​ ​ 72.9 ​ Separate account assets (5) ​ 11.8 ​ ​ (4.5) ​ ​ (50.0) ​ 18.8 ​ (23.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ — ​ — ​ (22.2) ​ 23.0 ​ 0.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ ​ Purchases Sales Issuances Settlements and settlements ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ — ​ $ — ​ $ (0.4) ​ $ (0.4) ​ Corporate ​ ​ 626.6 ​ ​ (84.3) ​ ​ — ​ ​ (160.5) ​ ​ 381.8 ​ Commercial mortgage-backed securities ​ 7.7 ​ — ​ — ​ (0.3) ​ 7.4 ​ Collateralized debt obligations ​ 422.7 ​ — ​ — ​ (25.3) ​ 397.4 ​ Other debt obligations ​ 45.1 ​ — ​ — ​ (28.2) ​ 16.9 ​ Total fixed maturities, available-for-sale ​ 1,102.1 ​ (84.3) ​ — ​ (214.7) ​ 803.1 ​ Fixed maturities, trading ​ ​ 4.9 ​ — ​ — ​ ​ — ​ ​ 4.9 ​ Other investments ​ — ​ (41.0) ​ — ​ — ​ (41.0) ​ Separate account assets (5) ​ 38.5 ​ ​ (8,206.2) ​ ​ (191.5) ​ 98.2 ​ (8,261.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ — ​ — ​ (19.5) ​ 42.7 ​ 23.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ 10.7 ​ — ​ — ​ 10.7 ​ (5) Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.
Transfers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ Transfers out ​ Transfers out ​ Transfers out ​ Transfers out ​ ​ ​ of Level 1 into ​ of Level 2 into ​ of Level 3 into ​ of Level 3 into ​ ​ Level 3 Level 3 Level 1 Level 2 ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ — ​ $ 212.4 ​ $ — ​ $ 77.2 ​ Collateralized debt obligations ​ — ​ ​ — ​ ​ — ​ ​ 148.5 ​ Other debt obligations ​ — ​ ​ 239.5 ​ ​ — ​ ​ 64.2 ​ Total fixed maturities, available-for-sale ​ ​ — ​ ​ 451.9 ​ ​ — ​ ​ 289.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ Transfers out ​ Transfers out ​ Transfers out ​ Transfers out ​ ​ ​ of Level 1 into ​ of Level 2 into ​ of Level 3 into ​ of Level 3 into ​ ​ Level 3 Level 3 Level 1 Level 2 ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ 12.0 ​ $ — ​ $ 10.2 ​ Corporate ​ ​ — ​ ​ 176.3 ​ ​ — ​ ​ 35.2 ​ Commercial mortgage-backed securities ​ — ​ — ​ — ​ 10.2 ​ Collateralized debt obligations ​ — ​ ​ — ​ ​ — ​ ​ 180.4 ​ Other debt obligations ​ — ​ ​ — ​ ​ — ​ ​ 27.8 ​ Total fixed maturities, available-for-sale ​ ​ — ​ ​ 188.3 ​ ​ — ​ ​ 263.8 ​ Fixed maturities, trading ​ — ​ ​ 29.0 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ ​ Transfers out ​ Transfers out ​ Transfers out ​ Transfers out ​ ​ ​ of Level 1 into ​ of Level 2 into ​ of Level 3 into ​ of Level 3 into ​ ​ Level 3 Level 3 Level 1 Level 2 ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for- sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ 80.3 ​ $ — ​ $ — ​ Corporate ​ ​ — ​ ​ 175.8 ​ ​ — ​ ​ — ​ Collateralized debt obligations ​ — ​ ​ 72.1 ​ ​ — ​ ​ 410.6 ​ Other debt obligations ​ — ​ ​ 20.6 ​ ​ — ​ ​ 25.0 ​ Total fixed maturities, available-for-sale ​ ​ — ​ ​ 348.8 ​ ​ — ​ ​ 435.6 ​
Quantitative Information about Level 3 Fair Value Measurements (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Assets / ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ measured at ​ Valuation ​ Unobservable ​ Input/range ​ ​ Weighted ​ ​ fair value ​ technique(s) ​ input description ​ of inputs ​ ​ average ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 1,997.4 ​ Discounted cash flow ​ Discount rate (1) ​ 4.9 %- 24.2 % ​ 12.0 % ​ ​ ​ ​ ​ ​ ​ Earnings before interest, taxes, depreciation and amortization multiple ​ ​ ​ 3.25 x ​ 32.5 x ​ ​ ​ ​ ​ ​ ​ Illiquidity premium ​ 30 basis points (“bps”)- 483 bps ​ 121 bps ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ 67 bps- 217 bps ​ 141 bps Collateralized debt obligations ​ ​ 74.6 ​ Discounted cash flow ​ Discount rate (1) ​ ​ ​ 4.1 % ​ 4.1 % ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ ​ ​ 20 bps ​ 20 bps Other debt obligations ​ 879.5 ​ Discounted cash flow ​ Discount rate (1) ​ 5.0 %- 10.6 % ​ 7.4 % ​ ​ ​ ​ ​ ​ ​ Illiquidity premium ​ 69 bps- 650 bps ​ 337 bps ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ (20) bps- 213 bps ​ 92 bps Fixed maturities, trading ​ ​ 168.7 ​ Discounted cash flow ​ Discount rate (1) ​ 11.4 %- 22.3 % ​ 13.4 % Other investments ​ ​ 163.2 ​ Discounted cash flow ​ Discount rate (1) ​ 12.0 %- 13.5 % ​ 12.6 % ​ ​ ​ ​ ​ ​ ​ Probability of default ​ 6.0 %- 10.0 % ​ 8.5 % ​ ​ ​ ​ ​ ​ ​ Potential loss severity ​ 87.0 %- 100.0 % ​ 90.7 % Separate account assets ​ 752.8 ​ Discounted cash flow - real estate ​ Discount rate (1) ​ 6.5 %- 10.0 % ​ 7.5 % ​ ​ ​ ​ ​ ​ ​ Terminal capitalization rate ​ 5.3 %- 9.5 % ​ 6.1 % ​ ​ ​ ​ ​ ​ ​ Average market rent growth rate ​ 2.0 %- 3.7 % ​ 2.9 % ​ ​ ​ ​ ​ Discounted cash flow - real estate debt ​ Loan to value ​ 46.0 %- 72.0 % ​ 55.3 % ​ ​ ​ ​ ​ ​ ​ Market interest rate ​ 5.3 %- 8.1 % ​ 6.4 % Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ (115.5) ​ Discounted cash flow ​ Long duration interest rate ​ 2.5 %- 4.8 % (2) ​ 4.0 % ​ ​ ​ ​ ​ ​ ​ Long-term equity market volatility ​ 15.5 %- 40.1 % ​ 19.2 % ​ ​ ​ ​ ​ ​ ​ Nonperformance risk ​ 0.8 %- 1.6 % ​ 1.1 % ​ ​ ​ ​ ​ ​ ​ Lapse rate ​ 0.0 %- 55.0 % ​ 7.0 % ​ ​ ​ ​ ​ ​ ​ Mortality rate ​ See note (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Assets / ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ measured at ​ Valuation ​ Unobservable ​ Input/range ​ ​ Weighted ​ ​ fair value ​ technique(s) ​ input description ​ of inputs ​ ​ average ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ $ 1,479.9 ​ Discounted cash flow ​ Discount rate (1) ​ 2.7 %- 33.1 % ​ 11.0 % ​ ​ ​ ​ ​ ​ ​ Illiquidity premium ​ 0 bps- 467 bps ​ 50 bps ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ (16) bps- 0 bps ​ (11) bps Collateralized debt obligations ​ ​ 39.5 ​ Discounted cash flow ​ Discount rate (1) ​ ​ ​ 4.4 % ​ 4.4 % ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ ​ ​ 55 bps ​ 55 bps Other debt obligations ​ 467.8 ​ Discounted cash flow ​ Discount rate (1) ​ 5.6 %- 8.2 % ​ 7.6 % ​ ​ ​ ​ ​ ​ ​ Illiquidity premium ​ 0 bps- 260 bps ​ 220 bps ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ 1 bps- 139 bps ​ 77 bps Fixed maturities, trading ​ ​ 92.5 ​ Discounted cash flow ​ Discount rate (1) ​ 9.6 %- 15.2 % ​ 11.0 % Separate account assets ​ 1,034.1 ​ Discounted cash flow - real estate ​ Discount rate (1) ​ 5.5 %- 10.0 % ​ 7.0 % ​ ​ ​ ​ ​ ​ ​ Terminal capitalization rate ​ 4.5 %- 9.5 % ​ 5.8 % ​ ​ ​ ​ ​ ​ ​ Average market rent growth rate ​ 2.0 %- 3.8 % ​ 3.0 % ​ ​ ​ ​ ​ Discounted cash flow - real estate debt ​ Loan to value ​ 43.6 %- 62.2 % ​ 50.6 % ​ ​ ​ ​ ​ ​ ​ Market interest rate ​ 5.3 %- 8.6 % ​ 6.6 % Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ (46.3) ​ Discounted cash flow ​ Long duration interest rate ​ 2.4 %- 4.7 % (2) ​ 3.1 % ​ ​ ​ ​ ​ ​ ​ Long-term equity market volatility ​ 17.8 %- 36.9 % ​ 22.0 % ​ ​ ​ ​ ​ ​ ​ Nonperformance risk ​ ​ ​ 0.9 % ​ 0.9 % ​ ​ ​ ​ ​ ​ ​ Mortality rate ​ See note (3) ​ ​ ​ ​ (1) Represents market comparable interest rate or an index adjusted rate used as the base rate in the discounted cash flow analysis prior to any illiquidity or other adjustments, where applicable. (2) Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. Derived from interpolation between various observable swap rates. (3) This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation. (4) Includes bifurcated embedded derivatives that are reported at net asset (liability) fair value within the same line item in the consolidated statements of financial position in which the host contract is reported.
Fair Value Option (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ (in millions) Other loans of consolidated VIE (1) ​ ​ ​ ​ ​ ​ Fair value (1) ​ $ 163.2 ​ $ — Aggregate contractual principal ​ 167.1 ​ — (1) Reported with other investments on the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Other loans of consolidated VIE ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value pre-tax loss - instrument specific credit risk ​ $ (5.6) ​ $ — ​ $ — Change in fair value pre-tax loss (1) ​ ​ (5.6) ​ ​ — ​ ​ — Interest income (2) ​ ​ 8.1 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate ventures ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value pre-tax gain (1) ​ ​ — ​ ​ — ​ ​ 12.5 (1) Reported in net realized capital gains (losses) on the consolidated statements of operations. (2) Reported in net investment income on the consolidated statements of operations.
Financial Instruments Not Reported at Fair Value (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value hierarchy level ​ ​ Carrying amount Fair value Level 1 Level 2 Level 3 ​ ​ (in millions) Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ $ 19,221.2 ​ $ 17,583.5 ​ $ — ​ $ — ​ $ 17,583.5 ​ Policy loans ​ 793.2 ​ 780.1 ​ — ​ — ​ 780.1 ​ Other investments ​ 248.4 ​ 240.7 ​ — ​ 122.7 ​ 118.0 ​ Cash and cash equivalents ​ 627.8 ​ 627.8 ​ 627.8 ​ — ​ — ​ Reinsurance deposit receivable ​ ​ 6,078.7 ​ ​ 5,487.7 ​ ​ — ​ ​ — ​ ​ 5,487.7 ​ Cash collateral receivable ​ ​ 33.2 ​ ​ 33.2 ​ ​ 33.2 ​ ​ — ​ ​ — ​ Investment contracts ​ (33,847.5) ​ (32,071.2) ​ — ​ (7,828.1) ​ (24,243.1) ​ Long-term debt ​ (3.0) ​ (0.4) ​ — ​ — ​ (0.4) ​ Separate account liabilities ​ (117,504.5) ​ (116,642.3) ​ — ​ — ​ (116,642.3) ​ Bank deposits (1) ​ (399.5) ​ (385.3) ​ — ​ (385.3) ​ — ​ Cash collateral payable ​ (170.7) ​ (170.7) ​ (170.7) ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Fair value hierarchy level ​ Carrying amount Fair value Level 1 Level 2 Level 3 ​ ​ (in millions) Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ $ 19,722.4 ​ $ 17,847.1 ​ $ — ​ $ — ​ $ 17,847.1 ​ Policy loans ​ 770.2 ​ 749.5 ​ — ​ — ​ 749.5 ​ Other investments ​ 230.0 ​ 217.4 ​ — ​ 112.9 ​ 104.5 ​ Cash and cash equivalents ​ 552.9 ​ 552.9 ​ 552.9 ​ — ​ — ​ Reinsurance deposit receivable ​ ​ 7,901.0 ​ ​ 6,859.9 ​ ​ — ​ ​ — ​ ​ 6,859.9 ​ Cash collateral receivable ​ ​ 262.8 ​ ​ 262.8 ​ ​ 262.8 ​ ​ — ​ ​ — ​ Investment contracts ​ (34,919.4) ​ (31,915.2) ​ — ​ (7,278.9) ​ (24,636.3) ​ Long-term debt ​ (67.8) ​ (60.5) ​ — ​ — ​ (60.5) ​ Separate account liabilities ​ (107,227.6) ​ (106,410.4) ​ — ​ — ​ (106,410.4) ​ Bank deposits (1) ​ (352.4) ​ (336.3) ​ — ​ (336.3) ​ — ​ Cash collateral payable ​ (285.1) ​ (285.1) ​ (285.1) ​ — ​ — ​ (1) Excludes deposit liabilities without defined or contractual maturities. ​

Statutory Insurance Financial_2

Statutory Insurance Financial Information (Tables)	12 Months Ended
	Dec. 31, 2023
Statutory Insurance Financial Information
Statutory Net Income (Loss) and Statutory Capital and Surplus of Principal Life (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of or for the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Statutory net income (loss) ​ $ 1,285.0 ​ $ (1,563.1) ​ $ 864.0 ​ Statutory capital and surplus ​ ​ 4,753.4 ​ ​ 4,304.4 ​ ​ 5,375.2 ​ ​

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Information
Reconciliation of Assets from Segment to Consolidated (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ (in millions) Assets: ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 215,894.6 ​ $ 201,454.3 ​ Benefits and Protection ​ ​ 42,889.7 ​ ​ 39,301.9 ​ Corporate ​ ​ 985.8 ​ ​ 846.7 ​ Total consolidated assets ​ $ 259,770.1 ​ $ 241,602.9 ​
Reconciliation of Operating Revenues and Pre-tax Operating Earnings (Losses) by Segment (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Operating revenues by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions(1) ​ $ 7,194.7 ​ $ 5,881.4 ​ $ 6,248.5 ​ Benefits and Protection: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits ​ ​ 3,226.1 ​ ​ 2,981.6 ​ 2,706.8 ​ Life Insurance ​ ​ 1,265.1 ​ ​ 1,313.8 ​ 2,072.8 ​ Eliminations ​ ​ (0.8) ​ ​ (0.2) ​ (0.2) ​ Total Benefits and Protection ​ ​ 4,490.4 ​ ​ 4,295.2 ​ 4,779.4 ​ Corporate ​ ​ 120.3 ​ ​ 60.7 ​ 67.5 ​ Total segment operating revenues ​ ​ 11,805.4 ​ ​ 10,237.3 ​ 11,095.4 ​ Net realized capital gains (losses), net of related revenue adjustments ​ ​ (264.7) ​ ​ 153.2 ​ 105.1 ​ Revenues from exited business (2) ​ ​ (927.5) ​ ​ 4,414.8 ​ ​ — ​ Market risk benefit derivative settlements ​ ​ (45.9) ​ ​ (35.0) ​ ​ (32.5) ​ Total revenues per consolidated statements of operations ​ $ 10,567.3 ​ $ 14,770.3 ​ $ 11,168.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-tax operating earnings (losses) by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 1,062.1 ​ $ 1,028.6 ​ $ 1,123.8 ​ Benefits and Protection ​ ​ 523.4 ​ ​ 565.3 ​ 357.7 ​ Corporate ​ ​ 6.6 ​ ​ (117.0) ​ (40.8) ​ Total segment pre-tax operating earnings ​ ​ 1,592.1 ​ ​ 1,476.9 ​ 1,440.7 ​ Pre-tax net realized capital gains (losses), as adjusted (3) ​ ​ (334.7) ​ ​ (50.4) ​ 47.7 ​ Pre-tax income (loss) from exited business (4) ​ ​ (1,127.8) ​ ​ 4,296.8 ​ ​ — ​ Adjustments related to equity method investments and noncontrolling interest ​ ​ 19.6 ​ ​ 62.2 ​ ​ 24.3 ​ Income before income taxes per consolidated statements of operations ​ $ 149.2 ​ $ 5,785.5 ​ $ 1,512.7 ​ (1) Reflects inter-segment revenues of $65.9 million, $27.2 million and $18.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Revenues from exited business (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ (in millions) Revenues from exited business: Change in fair value of funds withheld embedded derivative $ (1,085.7) $ 3,652.8 $ — Net realized capital gains on funds withheld assets ​ ​ 165.0 ​ ​ 749.4 ​ ​ — Amortization of reinsurance gain ​ ​ 5.9 ​ ​ 12.6 ​ ​ — Other impacts of reinsured business ​ ​ (12.7) ​ ​ — ​ ​ — Total revenues from exited business $ (927.5) $ 4,414.8 $ —
Pre-tax net realized capital gains (losses), as adjusted from exited business (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Net realized capital gains (losses) ​ $ (154.7) ​ $ 83.3 ​ $ 112.1 ​ Derivative and hedging-related revenue adjustments ​ ​ 59.6 ​ ​ (6.7) ​ (86.9) ​ Market value adjustments to fee revenues ​ ​ 1.3 ​ ​ 0.7 ​ (0.6) ​ Certain variable annuity fees ​ ​ 73.3 ​ ​ 75.9 ​ ​ 80.5 ​ Change in fair value of funds withheld embedded derivative and net realized capital losses on funds withheld assets ​ ​ (244.2) ​ ​ — ​ ​ — ​ Net realized capital gains (losses), net of related revenue adjustments ​ ​ (264.7) ​ ​ 153.2 ​ 105.1 ​ Amortization of deferred acquisition costs and other actuarial balances ​ ​ (0.1) ​ ​ (0.1) ​ 9.7 ​ Capital (gains) losses distributed ​ ​ 2.5 ​ ​ 0.5 ​ (0.5) ​ Derivative and hedging-related expense adjustments ​ ​ 1.8 ​ ​ — ​ ​ — ​ Market value adjustments of market risk benefits ​ ​ (75.9) ​ ​ (163.1) ​ ​ (52.7) ​ Market value adjustments of embedded derivatives ​ ​ 1.7 ​ ​ (40.9) ​ (13.9) ​ Pre-tax net realized capital gains (losses), as adjusted (a) ​ $ (334.7) ​ $ (50.4) ​ $ 47.7 ​ (a) As adjusted before noncontrolling interest capital gains (losses).
Pre-tax income (loss) from exited business (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ (in millions) Pre-tax income (loss) from exited business: Change in fair value of funds withheld embedded derivative $ (1,085.7) $ 3,652.8 $ — Net realized capital gains on funds withheld assets ​ ​ 165.0 ​ ​ 749.4 ​ ​ — Strategic review costs and impacts ​ ​ — ​ ​ 74.4 ​ ​ — Amortization of reinsurance loss ​ ​ (68.7) ​ ​ (56.7) ​ ​ — Other impacts of reinsured business ​ ​ (138.4) ​ ​ (123.1) ​ ​ — Total pre-tax income (loss) from exited business $ (1,127.8) $ 4,296.8 $ —
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Income tax expense (benefit) by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 134.2 ​ $ 111.2 ​ $ 135.0 ​ Benefits and Protection ​ ​ 95.0 ​ ​ 108.7 ​ 68.6 ​ Corporate ​ ​ (13.3) ​ ​ (8.1) ​ (14.4) ​ Total segment income taxes from operating earnings ​ ​ 215.9 ​ ​ 211.8 ​ 189.2 ​ Tax benefit related to net realized capital losses, as adjusted ​ ​ (66.5) ​ ​ (13.7) ​ 7.4 ​ Tax expense (benefit) related to exited business (1) ​ ​ (236.8) ​ ​ 907.9 ​ — ​ Total income taxes (benefits) per consolidated statements of operations ​ $ (87.4) ​ $ 1,106.0 ​ $ 196.6 ​
Income tax expense related to exited business (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ (in millions) Income tax expense (benefit) related to exited business: Change in fair value of funds withheld embedded derivative $ (228.0) $ 767.1 $ — Net realized capital gains on funds withheld assets ​ ​ 34.7 ​ ​ 157.4 ​ ​ — Strategic review costs and impacts ​ ​ — ​ ​ 21.2 ​ ​ — Amortization of reinsurance loss ​ ​ (14.4) ​ ​ (11.9) ​ ​ — Other impacts of reinsured business ​ ​ (29.1) ​ ​ (25.9) ​ ​ — Total income tax expense (benefit) related to exited business $ (236.8) $ 907.9 $ —
Reconciliation of Depreciation and Amortization Expense from Segments to Consolidated (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Depreciation and amortization expense by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 57.2 ​ $ 58.0 ​ $ 53.0 ​ Benefits and Protection ​ ​ 19.2 ​ ​ 18.9 ​ ​ 19.3 ​ Corporate ​ ​ 5.0 ​ 5.3 ​ 9.8 ​ Total segment depreciation and amortization expense included in pre-tax operating earnings ​ ​ 81.4 ​ ​ 82.2 ​ ​ 82.1 ​ Depreciation and amortization expense related to exited business ​ ​ — ​ ​ 26.9 ​ ​ — ​ Total depreciation and amortization expense included in our consolidated statements of operations ​ $ 81.4 ​ $ 109.1 ​ $ 82.1 ​ ​

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2023
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ (in millions) ​ Revenue from contracts with customers by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 556.3 ​ $ 533.6 ​ $ 409.2 ​ Benefits and Protection: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits ​ ​ 12.7 ​ 12.3 ​ 12.0 ​ Life Insurance ​ ​ 73.1 ​ 64.4 ​ 60.2 ​ Eliminations ​ ​ — ​ — ​ (0.1) ​ Total Benefits and Protection ​ ​ 85.8 ​ 76.7 ​ 72.1 ​ Corporate ​ ​ (0.8) ​ (0.9) ​ (1.0) ​ Total segment revenue from contracts with customers ​ ​ 641.3 ​ 609.4 ​ 480.3 ​ Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) ​ ​ 1,482.9 ​ 1,469.5 ​ 2,148.0 ​ Pre-tax other adjustments (2) ​ ​ 80.5 ​ 89.2 ​ 79.9 ​ Total fees and other revenues per consolidated statements of operations $ 2,204.7 $ 2,168.1 $ 2,708.2 ​ (1) Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards. (2) Pre-tax other adjustments relate to revenues from exited business, certain variable annuity fees and market value adjustments to fee revenues.
Retirement and Income Solutions
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Administrative service fee revenue ​ $ 539.5 ​ $ 519.2 ​ $ 395.8 ​ Deposit account fee revenue ​ ​ 11.3 ​ ​ 10.2 ​ ​ 9.2 ​ Commission income ​ ​ 1.9 ​ ​ 1.2 ​ ​ 0.7 ​ Other fee revenue ​ 3.6 ​ 3.0 ​ 3.5 ​ Total revenues from contracts with customers ​ 556.3 ​ 533.6 ​ 409.2 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 1,118.7 ​ 1,114.0 ​ 1,226.9 ​ Total fees and other revenues ​ 1,675.0 ​ 1,647.6 ​ 1,636.1 ​ Premiums and other considerations ​ 2,935.0 ​ 1,959.7 ​ 1,883.6 ​ Net investment income ​ 2,584.7 ​ 2,274.1 ​ 2,728.8 ​ Total operating revenues ​ $ 7,194.7 ​ $ 5,881.4 ​ $ 6,248.5 ​
Benefits and Protection | Specialty Benefits
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Specialty Benefits: ​ ​ ​ ​ Administrative service fees ​ $ 12.7 ​ $ 12.3 ​ $ 12.0 ​ Total revenues from contracts with customers ​ 12.7 ​ 12.3 ​ 12.0 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 18.2 ​ 18.5 ​ 19.0 ​ Total fees and other revenues ​ 30.9 ​ 30.8 ​ 31.0 ​ Premiums and other considerations ​ 3,020.9 ​ 2,771.2 ​ 2,496.6 ​ Net investment income ​ 174.3 ​ 179.6 ​ 179.2 ​ Total operating revenues ​ $ 3,226.1 ​ $ 2,981.6 ​ $ 2,706.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ ​ (in millions) ​ Life Insurance: ​ ​ ​ ​ Administrative service fees ​ $ 30.3 ​ $ 26.9 ​ $ 26.3 ​ Commission income ​ 42.8 ​ 37.5 ​ 33.9 ​ Total revenues from contracts with customers ​ 73.1 ​ 64.4 ​ 60.2 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 332.6 ​ 321.0 ​ 884.5 ​ Total fees and other revenues ​ 405.7 ​ 385.4 ​ 944.7 ​ Premiums and other considerations ​ 461.6 ​ 535.8 ​ 333.9 ​ Net investment income ​ 397.8 ​ 392.6 ​ 794.2 ​ Total operating revenues ​ $ 1,265.1 ​ $ 1,313.8 ​ $ 2,072.8 ​
Benefits and Protection | Life Insurance
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Specialty Benefits: ​ ​ ​ ​ Administrative service fees ​ $ 12.7 ​ $ 12.3 ​ $ 12.0 ​ Total revenues from contracts with customers ​ 12.7 ​ 12.3 ​ 12.0 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 18.2 ​ 18.5 ​ 19.0 ​ Total fees and other revenues ​ 30.9 ​ 30.8 ​ 31.0 ​ Premiums and other considerations ​ 3,020.9 ​ 2,771.2 ​ 2,496.6 ​ Net investment income ​ 174.3 ​ 179.6 ​ 179.2 ​ Total operating revenues ​ $ 3,226.1 ​ $ 2,981.6 ​ $ 2,706.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 2022 2021 ​ ​ ​ (in millions) ​ Life Insurance: ​ ​ ​ ​ Administrative service fees ​ $ 30.3 ​ $ 26.9 ​ $ 26.3 ​ Commission income ​ 42.8 ​ 37.5 ​ 33.9 ​ Total revenues from contracts with customers ​ 73.1 ​ 64.4 ​ 60.2 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 332.6 ​ 321.0 ​ 884.5 ​ Total fees and other revenues ​ 405.7 ​ 385.4 ​ 944.7 ​ Premiums and other considerations ​ 461.6 ​ 535.8 ​ 333.9 ​ Net investment income ​ 397.8 ​ 392.6 ​ 794.2 ​ Total operating revenues ​ $ 1,265.1 ​ $ 1,313.8 ​ $ 2,072.8 ​ ​
Corporate
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Eliminations ​ $ (0.8) ​ $ (0.9) ​ $ (1.0) Total revenues from contracts with customers ​ (0.8) ​ (0.9) ​ (1.0) Fees and other revenues not within the scope of revenue recognition guidance ​ 13.4 ​ 16.0 ​ 17.6 Total fees and other revenues ​ 12.6 ​ 15.1 ​ 16.6 Premiums and other considerations ​ ​ (7.3) ​ ​ (2.2) ​ ​ — Net investment income ​ 115.0 ​ 47.8 ​ 50.9 Total operating revenues ​ $ 120.3 ​ $ 60.7 ​ $ 67.5

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Stock-Based Compensation Plans
Schedule of stock-based awards granted under the Stock-Based Compensation Plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2023 2022 2021 ​ ​ (in millions) Compensation cost ​ $ 25.3 ​ $ 22.2 ​ $ 25.2 Related income tax benefit ​ ​ 5.1 ​ 4.6 ​ 4.3 Capitalized as part of an asset ​ ​ 1.1 ​ 1.2 ​ 1.4
Summary of the assumptions used in this model for the stock options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, Options 2023 2022 2021 Expected volatility ​ ​ — % ​ — % ​ 34.2 % Expected term (in years) ​ ​ — ​ ​ — ​ ​ 7.0 ​ Risk-free interest rate ​ ​ — % ​ — % ​ 1.2 % Expected dividend yield ​ ​ — % ​ — % ​ 3.82 % Weighted average estimated fair value ​ $ — ​ $ — ​ $ 15.67 ​

Nature of Operations and Sign_4

Nature of Operations and Significant Accounting Policies - Cumulative effect adjustment to retained earnings and AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, After-Tax	$ 4,922	$ 5,907.7
Increase (Decrease) Accumulated other comprehensive income, After-Tax	$ (3,128.7)	$ (4,574.7)
Cumulative effect adjustment | Adjustment for reversal of unrealized gain (loss) from AOCI | DAC and other actuarial balances
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			$ 421.5
Increase (Decrease) Accumulated other comprehensive income, Tax			(88.5)
Increase (Decrease) Accumulated other comprehensive income, After-Tax			333
Cumulative effect adjustment | Adjustment for reversal of unrealized gain (loss) from AOCI | Reinsurance recoverables
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			(45.5)
Increase (Decrease) Accumulated other comprehensive income, Tax			9.5
Increase (Decrease) Accumulated other comprehensive income, After-Tax			(36)
Cumulative effect adjustment | Adjustment for reversal of unrealized gain (loss) from AOCI | Liability for future policy benefits
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			1,330.7
Increase (Decrease) Accumulated other comprehensive income, Tax			(279.3)
Increase (Decrease) Accumulated other comprehensive income, After-Tax			1,051.4
Cumulative effect adjustment | Adjustment under the modified retrospective approach | Reinsurance recoverables
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			31.4
Increase (Decrease) Retained earnings, Tax			(6.6)
Increase (Decrease) Retained earnings, After-Tax			24.8
Cumulative effect adjustment | Adjustment under the modified retrospective approach | Liability for future policy benefits
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			(39.5)
Increase (Decrease) Retained earnings, Tax			8.2
Increase (Decrease) Retained earnings, After-Tax			(31.3)
Cumulative effect adjustment | Effect of remeasurement at the current discount rate | Reinsurance recoverables
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			201.8
Increase (Decrease) Accumulated other comprehensive income, Tax			(42.4)
Increase (Decrease) Accumulated other comprehensive income, After-Tax			159.4
Cumulative effect adjustment | Effect of remeasurement at the current discount rate | Liability for future policy benefits
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			(6,947.1)
Increase (Decrease) Accumulated other comprehensive income, Tax			1,458.9
Increase (Decrease) Accumulated other comprehensive income, After-Tax			(5,488.2)
Cumulative effect adjustment | Cumulative effect of amortization basis change | Cost of reinsurance asset (liability)
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			(9)
Increase (Decrease) Retained earnings, Tax			1.9
Increase (Decrease) Retained earnings, After-Tax			(7.1)
Cumulative effect adjustment | Adjustment of unrealized loss in AOCI | Cost of reinsurance asset (liability)
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			16.1
Increase (Decrease) Accumulated other comprehensive income, Tax			(3.4)
Increase (Decrease) Accumulated other comprehensive income, After-Tax			12.7
Cumulative effect adjustment | Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date | Market risk benefits
Recent Accounting Pronouncements
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			(4.8)
Increase (Decrease) Accumulated other comprehensive income, Tax			1
Increase (Decrease) Accumulated other comprehensive income, After-Tax			(3.8)
Cumulative effect adjustment | Adjustments to the host contract for differences between previous carrying amount and measurement of the MRB | Market risk benefits
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			20.9
Increase (Decrease) Retained earnings, Tax			(4.4)
Increase (Decrease) Retained earnings, After-Tax			16.5
Cumulative effect adjustment | Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes) | Market risk benefits
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			(258.8)
Increase (Decrease) Retained earnings, Tax			54.4
Increase (Decrease) Retained earnings, After-Tax			(204.4)
Cumulative effect adjustment | Reclassification of nonperformance risk changes between retained earnings and AOCI | Market risk benefits
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			102
Increase (Decrease) Retained earnings, Tax			(21.4)
Increase (Decrease) Retained earnings, After-Tax			80.6
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			(102)
Increase (Decrease) Accumulated other comprehensive income, Tax			21.4
Increase (Decrease) Accumulated other comprehensive income, After-Tax			(80.6)
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Cumulative effect adjustment
Recent Accounting Pronouncements
Increase (Decrease) Retained earnings, Pre-Tax			(153)
Increase (Decrease) Retained earnings, Tax			32.1
Increase (Decrease) Retained earnings, After-Tax			(120.9)
Increase (Decrease) Accumulated other comprehensive income, Pre-Tax			(5,129.3)
Increase (Decrease) Accumulated other comprehensive income, Tax			1,077.2
Increase (Decrease) Accumulated other comprehensive income, After-Tax			$ (4,052.1)

Nature of Operations and Sign_5

Nature of Operations and Significant Accounting Policies - Cumulative effect adjustment on consolidated statements of financial position (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Assets
Other investments	$ 4,118.8	$ 3,261.3
Reinsurance recoverable and deposit receivable	24,424.7	21,442.3
Premiums due and other receivables	4,076.9	3,846.4
Deferred acquisition costs	3,926.5	3,939.2	$ 3,822.3
Market risk benefit asset	153.4	109.2
Other assets	530.7	727
Total assets	259,770.1	241,602.9
Liabilities
Contractholder funds	41,362.9	42,317.3
Future policy benefits and claims	42,488	38,279.4
Market risk benefit liability	111.9	181.4
Other policyholder funds	909.5	867
Deferred income taxes	1,541	1,296.9
Total liabilities	251,646.5	233,932.5
Stockholder's equity
Retained earnings	4,922	5,907.7
Accumulated other comprehensive loss	(3,128.7)	(4,574.7)
Total stockholder's equity	8,115.8	7,666.6
Total liabilities and stockholder's equity	$ 259,770.1	$ 241,602.9
Effects of implementation of accounting change | ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts
Assets
Reinsurance recoverable and deposit receivable			187.7
Premiums due and other receivables			(24.4)
Deferred acquisition costs			450.9
Market risk benefit asset			18.9
Other assets			19.3
Total assets			652.4
Liabilities
Contractholder funds			(344.5)
Future policy benefits and claims			5,620.3
Market risk benefit liability			610.2
Other policyholder funds			48.8
Deferred income taxes			(1,109.4)
Total liabilities			4,825.4
Stockholder's equity
Retained earnings			(120.9)
Accumulated other comprehensive loss			(4,052.1)
Total stockholder's equity			(4,173)
Total liabilities and stockholder's equity			$ 652.4

Nature of Operations and Sign_6

Nature of Operations and Significant Accounting Policies - Deferred Acquisition Costs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Recent Accounting Pronouncements
Deferred acquisition costs	$ 3,926.5	$ 3,939.2		$ 3,822.3
Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	918.9	930		964.4
Benefits and Protection
Recent Accounting Pronouncements
Deferred acquisition costs	3,007.6	3,009.2		2,857.9
Previously reported
Recent Accounting Pronouncements
Deferred acquisition costs				3,371.4
Previously reported | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				730.4
Previously reported | Benefits and Protection
Recent Accounting Pronouncements
Deferred acquisition costs				2,641
Workplace savings and retirement solutions | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	506.4	498	$ 489	477.2
Workplace savings and retirement solutions | Previously reported | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				424.6
Individual variable annuities | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	279.5	278	281.2	281.9
Individual variable annuities | Previously reported | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				281.7
Pension risk transfer | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	15.4	8.1	2.7
Individual fixed deferred annuities | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	106.1	131	162.2	192.7
Individual fixed deferred annuities | Previously reported | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				11.5
Investment only | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs	11.5	14.9	18.1	12.6
Investment only | Previously reported | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				12.6
Individual disability | Benefits and Protection | Specialty Benefits
Recent Accounting Pronouncements
Deferred acquisition costs	667.7	626.1	580.7	529.8
Individual disability | Previously reported | Benefits and Protection | Specialty Benefits
Recent Accounting Pronouncements
Deferred acquisition costs				529.8
Universal life | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs	1,545.3	1,569.7	1,596.2	1,608.3
Universal life | Previously reported | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs				1,443
Term life | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs	678.8	685.7	678.9	607.9
Term life | Previously reported | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs				607.9
Participating life | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs	$ 84.7	$ 93	$ 102.3	111.9
Participating life | Previously reported | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs				60.3
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Adjustment for reversal of unrealized gain (loss) from AOCI
Recent Accounting Pronouncements
Deferred acquisition costs				450.9
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Adjustment for reversal of unrealized gain (loss) from AOCI | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				234
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Adjustment for reversal of unrealized gain (loss) from AOCI | Benefits and Protection
Recent Accounting Pronouncements
Deferred acquisition costs				216.9
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Workplace savings and retirement solutions | Adjustment for reversal of unrealized gain (loss) from AOCI | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				52.6
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Individual variable annuities | Adjustment for reversal of unrealized gain (loss) from AOCI | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				0.2
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Individual fixed deferred annuities | Adjustment for reversal of unrealized gain (loss) from AOCI | Retirement and Income Solutions
Recent Accounting Pronouncements
Deferred acquisition costs				181.2
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Universal life | Adjustment for reversal of unrealized gain (loss) from AOCI | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs				165.3
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Participating life | Adjustment for reversal of unrealized gain (loss) from AOCI | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Deferred acquisition costs				$ 51.6

Nature of Operations and Sign_7

Nature of Operations and Significant Accounting Policies - Balances and changes in DAC (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	$ 3,939.2		$ 3,822.3
Amortized to expense	(388.7)	$ (385.7)	(372.2)
Ending balance, Deferred acquisition costs	3,926.5	3,939.2
Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	930		964.4
Amortized to expense	(95.9)	(101)	(107)
Ending balance, Deferred acquisition costs	918.9	930
Benefits and Protection
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	3,009.2		2,857.9
Amortized to expense	(292.8)	(284.7)	(265.2)
Ending balance, Deferred acquisition costs	3,007.6	3,009.2
Workplace savings and retirement solutions | Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	498	489	477.2
Costs deferred	48.1	48.3	50.1
Amortized to expense	(39.7)	(39.3)	(38.3)
Ending balance, Deferred acquisition costs	506.4	498	489
Individual variable annuities | Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	278	281.2	281.9
Costs deferred	27.4	22.5	26.4
Amortized to expense	(25.9)	(25.7)	(27.1)
Ending balance, Deferred acquisition costs	279.5	278	281.2
Pension risk transfer | Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	8.1	2.7
Costs deferred	7.9	5.6	2.7
Amortized to expense	(0.6)	(0.2)
Ending balance, Deferred acquisition costs	15.4	8.1	2.7
Individual fixed deferred annuities | Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	131	162.2	192.7
Costs deferred			7.6
Amortized to expense	(24.9)	(31.2)	(38.1)
Ending balance, Deferred acquisition costs	106.1	131	162.2
Investment only | Retirement and Income Solutions
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	14.9	18.1	12.6
Costs deferred	1.3	1.4	9.1
Amortized to expense	(4.7)	(4.6)	(3.6)
Ending balance, Deferred acquisition costs	11.5	14.9	18.1
Individual disability | Benefits and Protection | Specialty Benefits
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	626.1	580.7	529.8
Costs deferred	86.7	87.6	89.8
Amortized to expense	(45.1)	(42.2)	(38.9)
Ending balance, Deferred acquisition costs	667.7	626.1	580.7
Universal life | Benefits and Protection | Life Insurance
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	1,569.7	1,596.2	1,608.3
Costs deferred	70.7	70.6	84.3
Amortized to expense	(95.1)	(97.1)	(96.4)
Ending balance, Deferred acquisition costs	1,545.3	1,569.7	1,596.2
Term life | Benefits and Protection | Life Insurance
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	685.7	678.9	607.9
Costs deferred	55	66.7	126.5
Amortized to expense	(61.9)	(59.9)	(55.5)
Ending balance, Deferred acquisition costs	678.8	685.7	678.9
Participating life | Benefits and Protection | Life Insurance
Change in deferred acquisition costs
Beginning balance, Deferred acquisition costs	93	102.3	111.9
Costs deferred	1.4	1.4	1.9
Amortized to expense	(9.7)	(10.7)	(11.5)
Ending balance, Deferred acquisition costs	$ 84.7	$ 93	$ 102.3

Nature of Operations and Sign_8

Nature of Operations and Significant Accounting Policies - Unearned Revenue Liability (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Recent Accounting Pronouncements
Unearned Revenue Liability	$ 485.5	$ 459
Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability				$ 384.4
Universal life | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability	$ 485.5	$ 459	$ 425.3	384.4
Previously reported | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability				335.6
Previously reported | Universal life | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability				335.6
Adjustment for reversal of unrealized gain (loss) from AOCI | ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability				48.8
Adjustment for reversal of unrealized gain (loss) from AOCI | ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Universal life | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Unearned Revenue Liability				$ 48.8

Nature of Operations and Sign_9

Nature of Operations and Significant Accounting Policies - Balances and changes in the unearned revenue liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in unearned revenue liability
Beginning balance, Unearned Revenue Liability	$ 459
Ending balance, Unearned Revenue Liability	485.5	$ 459
Benefits and Protection | Life Insurance
Change in unearned revenue liability
Beginning balance, Unearned Revenue Liability			$ 384.4
Benefits and Protection | Life Insurance | Universal life
Change in unearned revenue liability
Beginning balance, Unearned Revenue Liability	459	425.3	384.4
Deferrals	56.3	61.8	66.1
Revenue recognized	(29.8)	(28.1)	(25.2)
Ending balance, Unearned Revenue Liability	$ 485.5	$ 459	$ 425.3

Nature of Operations and Sig_10

Nature of Operations and Significant Accounting Policies - Liability for Future Policy Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Recent Accounting Pronouncements
Liability for future policy benefits	$ 31,920.9	$ 29,022.1		$ 36,928.3
Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits	28,769.9	26,230.8		33,009.5
Benefits and Protection
Recent Accounting Pronouncements
Liability for future policy benefits	2,984.3	2,607.8		3,661.2
Pension risk transfer | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits	23,855.8	21,211.4		25,863.7
Individual fixed income annuities | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits	4,914.1	5,019.4		7,145.8
Individual disability | Benefits and Protection | Specialty Benefits
Recent Accounting Pronouncements
Liability for future policy benefits	1,898.4	1,698.8	$ 2,498.4	2,500.9
Term life | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Liability for future policy benefits	1,085.9	909	1,117.6	1,160.3
Long-term care insurance | Corporate
Recent Accounting Pronouncements
Liability for future policy benefits	$ 166.7	$ 183.5	$ 234.7	257.6
Previously reported
Recent Accounting Pronouncements
Liability for future policy benefits				31,272.4
Previously reported | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				28,130
Previously reported | Benefits and Protection
Recent Accounting Pronouncements
Liability for future policy benefits				3,008.3
Previously reported | Pension risk transfer | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				21,982.8
Previously reported | Individual fixed income annuities | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				6,147.2
Previously reported | Individual disability | Benefits and Protection | Specialty Benefits
Recent Accounting Pronouncements
Liability for future policy benefits				2,173.8
Previously reported | Term life | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Liability for future policy benefits				834.5
Previously reported | Long-term care insurance | Corporate
Recent Accounting Pronouncements
Liability for future policy benefits				134.1
Adjustment for reversal of unrealized gain (loss) from AOCI
Recent Accounting Pronouncements
Liability for future policy benefits				(1,330.7)
Adjustment for reversal of unrealized gain (loss) from AOCI | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				(1,162)
Adjustment for reversal of unrealized gain (loss) from AOCI | Benefits and Protection
Recent Accounting Pronouncements
Liability for future policy benefits				(168.7)
Adjustment for reversal of unrealized gain (loss) from AOCI | Pension risk transfer | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				(947)
Adjustment for reversal of unrealized gain (loss) from AOCI | Individual fixed income annuities | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				(215)
Adjustment for reversal of unrealized gain (loss) from AOCI | Individual disability | Benefits and Protection | Specialty Benefits
Recent Accounting Pronouncements
Liability for future policy benefits				(168.7)
Adjustment under the modified retrospective approach
Recent Accounting Pronouncements
Liability for future policy benefits				39.5
Adjustment under the modified retrospective approach | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				0.1
Adjustment under the modified retrospective approach | Benefits and Protection
Recent Accounting Pronouncements
Liability for future policy benefits				9.4
Adjustment under the modified retrospective approach | Individual fixed income annuities | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				0.1
Adjustment under the modified retrospective approach | Individual disability | Benefits and Protection | Specialty Benefits
Recent Accounting Pronouncements
Liability for future policy benefits				2.4
Adjustment under the modified retrospective approach | Term life | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Liability for future policy benefits				7
Adjustment under the modified retrospective approach | Long-term care insurance | Corporate
Recent Accounting Pronouncements
Liability for future policy benefits				30
Effect of remeasurement at the current discount rate
Recent Accounting Pronouncements
Liability for future policy benefits				6,947.1
Effect of remeasurement at the current discount rate | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				6,041.4
Effect of remeasurement at the current discount rate | Benefits and Protection
Recent Accounting Pronouncements
Liability for future policy benefits				812.2
Effect of remeasurement at the current discount rate | Pension risk transfer | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				4,827.9
Effect of remeasurement at the current discount rate | Individual fixed income annuities | Retirement and Income Solutions
Recent Accounting Pronouncements
Liability for future policy benefits				1,213.5
Effect of remeasurement at the current discount rate | Individual disability | Benefits and Protection | Specialty Benefits
Recent Accounting Pronouncements
Liability for future policy benefits				493.4
Effect of remeasurement at the current discount rate | Term life | Benefits and Protection | Life Insurance
Recent Accounting Pronouncements
Liability for future policy benefits				318.8
Effect of remeasurement at the current discount rate | Long-term care insurance | Corporate
Recent Accounting Pronouncements
Liability for future policy benefits				$ 93.5

Nature of Operations and Sig_11

Nature of Operations and Significant Accounting Policies - Retirement and Income Solutions and Principal Asset Management - Principal International (Details) - Retirement and Income Solutions - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension risk transfer
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 21,211.4	$ 25,365.8	$ 25,863.7
Effect of changes in discount rate assumptions at beginning of period	1,799.6	(3,386.5)	(4,827.9)
Balance at beginning of period at original discount rate	23,011	21,979.3	21,035.8
Effect of actual variances from expected experience	(14.6)	(3.2)		$ (2.4)
Adjusted beginning of period balance at original discount rate	22,943	21,968.2		21,033.4
Interest accrual	1,008.6	935.7	916.7
Benefit payments	(1,981.4)	(1,841.7)	(1,772.5)
Issuances	2,921.7	1,948.8	1,801.7
Balance at end of period at original discount rate	24,891.9	23,011	21,979.3
Effect of changes in discount rate assumptions at end of period	(1,036.1)	(1,799.6)	3,386.5
Balance at end of period, Present value of expected future policy benefit payments	23,855.8	21,211.4	25,365.8
Individual fixed income annuities
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	5,019.4	6,535	7,145.8
Effect of changes in discount rate assumptions at beginning of period	439	(812.6)	(1,213.5)
Balance at beginning of period at original discount rate	5,458.4	5,722.4	5,932.3
Effect of actual variances from expected experience	(0.1)			(1.3)
Adjusted beginning of period balance at original discount rate	5,457	5,719.4		$ 5,931
Interest accrual	219.1	229.7	240.5
Benefit payments	(507.3)	(520.4)	(532)
Issuances	42	29.7	82.9
Balance at end of period at original discount rate	5,210.8	5,458.4	5,722.4
Effect of changes in discount rate assumptions at end of period	(296.7)	(439)	812.6
Balance at end of period, Present value of expected future policy benefit payments	$ 4,914.1	$ 5,019.4	$ 6,535

Nature of Operations and Sig_12

Nature of Operations and Significant Accounting Policies - Balances and changes in LFPB for Benefits and Protection and Corporate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Present value of expected future policy benefit payments
Future policy benefits	$ 31,920.9	$ 29,022.1		$ 36,928.3
Benefits and Protection
Present value of expected future policy benefit payments
Future policy benefits	2,984.3	2,607.8		3,661.2
Benefits and Protection | Specialty Benefits | Individual disability
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums		3,149.9	$ 3,148.3
Effect of changes in discount rate assumptions at beginning of period	395.2	(198.9)	340.7
Balance at beginning of period at original discount rate	2,737	2,951	2,807.6
Effect of changes in cash flow assumptions	(37.6)	(413.1)
Effect of actual variances from expected experience	244.3	235.9		122
Adjusted beginning of period balance at original discount rate	2,943.7	2,773.8		2,929.6
Interest accrual	95.6	95.2	95.4
Net premiums collected	(273.4)	(276.5)	(280.4)
Issuances	100.1	144.5	206.4
Balance at end of period at original discount rate	2,866	2,737	2,951
Effect of changes in discount rate assumptions at end of period	(313.7)	(395.2)	198.9
Balance at end of period, Present value of expected net premiums			3,149.9
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	4,040.6	5,648.3	5,649.2
Effect of changes in discount rate assumptions at beginning of period	1,021.4	(501)	(834.1)
Balance at beginning of period at original discount rate	5,062	5,147.3	4,815.1
Effect of changes in cash flow assumptions	(51.5)	(476.3)
Effect of actual variances from expected experience	260.8	240		118.8
Adjusted beginning of period balance at original discount rate	5,271.3	4,911		4,933.9
Interest accrual	190.1	185.4	181
Benefit payments	(210)	(183.7)	(179.7)
Issuances	102.8	149.3	212.1
Balance at end of period at original discount rate	5,354.2	5,062	5,147.3
Effect of changes in discount rate assumptions at end of period	(903.5)	(1,021.4)	501
Balance at end of period, Present value of expected future policy benefit payments	4,450.7	4,040.6	5,648.3
Future policy benefits	1,898.4	1,698.8	2,498.4	2,500.9
Reinsurance Impact	(421.6)	(386.8)	(549.9)
Future policy benefits after reinsurance	1,476.8	1,312	1,948.5
Benefits and Protection | Life Insurance | Term life
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums		4,193.7	3,799
Effect of changes in discount rate assumptions at beginning of period	196	(690.1)	861.1
Balance at beginning of period at original discount rate	3,619.2	3,503.6	2,937.9
Effect of changes in cash flow assumptions	143.5
Effect of actual variances from expected experience	103.3	128.6		211.4
Adjusted beginning of period balance at original discount rate	3,866	3,632.2		3,149.3
Interest accrual	171.9	162.9	151.1
Net premiums collected	(359.8)	(346.6)	(315)
Issuances	215.7	170.7	518.2
Balance at end of period at original discount rate	3,893.8	3,619.2	3,503.6
Effect of changes in discount rate assumptions at end of period	(100.1)	(196)	690.1
Balance at end of period, Present value of expected net premiums			4,193.7
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	4,332.2	5,311.3	4,959.3
Effect of changes in discount rate assumptions at beginning of period	251.6	(913.9)	(1,179.9)
Balance at beginning of period at original discount rate	4,583.8	4,397.4	3,779.4
Effect of changes in cash flow assumptions	181.8
Effect of actual variances from expected experience	116.8	139		216
Adjusted beginning of period balance at original discount rate	4,882.4	4,536.4		3,995.4
Interest accrual	220.1	206.8	194.3
Benefit payments	(330.4)	(340.6)	(335.7)
Issuances	232	181.2	543.4
Balance at end of period at original discount rate	5,004.1	4,583.8	4,397.4
Effect of changes in discount rate assumptions at end of period	(124.5)	(251.6)	913.9
Balance at end of period, Present value of expected future policy benefit payments	4,879.6	4,332.2	5,311.3
Future policy benefits	1,085.9	909	1,117.6	1,160.3
Reinsurance Impact	(214.3)	25.6	(0.1)
Future policy benefits after reinsurance	871.6	934.6	1,117.5
Corporate | Long-term care insurance
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums		62.8	66.7
Effect of changes in discount rate assumptions at beginning of period	(3.6)	(14)	17.6
Balance at beginning of period at original discount rate	61	48.8	49.1
Effect of changes in cash flow assumptions	(13.3)	10		2.8
Effect of actual variances from expected experience	(5.7)	4.1		(0.8)
Adjusted beginning of period balance at original discount rate	42	62.9		51.1
Interest accrual	2.9	3.3	2.9
Net premiums collected	(5.1)	(5.2)	(5.2)
Balance at end of period at original discount rate	39.8	61	48.8
Effect of changes in discount rate assumptions at end of period	3	3.6	14
Balance at end of period, Present value of expected net premiums			62.8
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	248.1	297.5	324.3
Effect of changes in discount rate assumptions at beginning of period	(18.9)	(89.5)	(111.1)
Balance at beginning of period at original discount rate	229.2	208	213.2
Effect of changes in cash flow assumptions	(40.5)	17.2		0.5
Effect of actual variances from expected experience	2.5	3.7		(4.6)
Adjusted beginning of period balance at original discount rate	191.2	228.9		209.1
Interest accrual	12.5	13.1	12.4
Benefit payments	(14.2)	(12.8)	(13.5)
Balance at end of period at original discount rate	189.5	229.2	208
Effect of changes in discount rate assumptions at end of period	20	18.9	89.5
Balance at end of period, Present value of expected future policy benefit payments	209.5	248.1	297.5
Future policy benefits	166.7	183.5	234.7	$ 257.6
Reinsurance Impact	$ (166.7)	$ (183.5)	$ (234.7)

Nature of Operations and Sig_13

Nature of Operations and Significant Accounting Policies - Balances and changes in Additional Liability for Certain Benefit Features (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the additional liability for certain benefits features
Balance at end of period	$ 5,326.5	$ 4,095.2
Benefits and Protection | Life Insurance | Universal life
Changes in the additional liability for certain benefits features
Balance at beginning of period	4,095.2	3,814.2	$ 3,463.9
Effect of changes in cash flow assumptions	725.4	(6)	(11.1)
Effect of actual variances from expected experience	45.2	54.9	18.1
Interest accrual	209.2	171.2	158.3
Net assessments collected	378.1	320.3	324.7
Benefit payments	(126.6)	(91.9)	(83.1)
Other	0	(167.5)	(56.6)
Balance at end of period	$ 5,326.5	$ 4,095.2	$ 3,814.2

Nature of Operations and Sig_14

Nature of Operations and Significant Accounting Policies - Market Risk Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Recent Accounting Pronouncements
Market risk benefits			$ (591.3)
Previously reported
Recent Accounting Pronouncements
Market risk benefits			(348.6)
Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date
Recent Accounting Pronouncements
Market risk benefits			(4.8)
Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes)
Recent Accounting Pronouncements
Market risk benefits			(237.9)
Individual variable annuities | Retirement and Income Solutions
Recent Accounting Pronouncements
Market risk benefits	$ (111.2)	$ (415.5)	(591.3)
Individual variable annuities | Previously reported | Retirement and Income Solutions
Recent Accounting Pronouncements
Market risk benefits			(348.6)
Individual variable annuities | Cumulative effect of changes in the nonperformance risk between the original contract issue date and the transition date | Retirement and Income Solutions
Recent Accounting Pronouncements
Market risk benefits			(4.8)
Individual variable annuities | Retained earnings adjustment for the valuation of contracts as MRBs (exclusive of nonperformance risk changes) | Retirement and Income Solutions
Recent Accounting Pronouncements
Market risk benefits			$ (237.9)

Nature of Operations and Sig_15

Nature of Operations and Significant Accounting Policies - Balances and changes in MRBs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balances and changes in MRBs
Balance at beginning of period, market risk benefits	$ (72.2)
Balance at end of period, market risk benefits	41.5	$ (72.2)
Individual variable annuities | Retirement and Income Solutions
Balances and changes in MRBs
Balance at beginning of period, market risk benefits	(72.2)	(494.7)	$ (591.3)
Effect of changes in nonperformance risk at beginning of period	31.7	(109.5)	106.7
Adjusted balance at beginning of period, market risk benefits	(103.9)	(385.2)	(484.6)
Interest accrual and expected policyholder behavior	(80.9)	(90.1)	(120.7)
Benefit payments	0.4	1.3	0.4
Changes in interest rates	39.9	539.1	154.3
Changes in equity markets	155.1	(112.4)	106.4
Changes in equity index volatility	47.9	(50.2)	15.1
Actual policyholder behavior different from expected behavior	(4)	1.5	2.3
Changes in future expected policyholder behavior		(6.1)	(96.6)
Changes in other future expected assumptions	(5.3)	(1.8)	38.2
Adjusted balance at end of period, market risk benefits	49.2	(103.9)	(385.2)
Effect of changes in nonperformance risk at end of period	(7.7)	31.7	(109.5)
Balance at end of period, market risk benefits	$ 41.5	$ (72.2)	$ (494.7)

Nature of Operations and Sig_16

Nature of Operations and Significant Accounting Policies - Cash and Cash Equivalents, Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents
Maximum maturity period when purchased for investments to be included in cash and cash equivalents	3 months
Investments
Real estate held for sale	$ 228.8	$ 238.6

Nature of Operations and Sig_17

Nature of Operations and Significant Accounting Policies - Contractholder and Policyholder Liabilities (Details) - Individual Life insurance	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contractholder and Policyholder Liabilities
Participating business as a percentage of life insurance in force (as a percent)	2%	3%	4%
Participating business as a percentage of life insurance policies in force (as a percent)	16%	17%	18%
Participating business as a percentage of life insurance premiums (as a percent)	16%	18%	26%

Nature of Operations and Sig_18

Nature of Operations and Significant Accounting Policies - Other Various Policies (Details)	12 Months Ended
	Dec. 31, 2023
Long-Term Debt
Minimum maturity period at date of issuance for debt to be classified as long-term	1 year

Nature of Operations and Sig_19

Nature of Operations and Significant Accounting Policies - Pre-tax Impacts To Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase to income before taxes
Deferred acquisition costs amortization	$ (388.7)	$ (385.7)	$ (372.2)
Cost of reinsurance amortization	(20.4)	(19.3)	(23)
Income before income taxes	$ 149.2	5,785.5	$ 1,512.7
Adjustment related to actuarial balance re-cohorting
Increase to income before taxes
Cost of reinsurance amortization		33.7
Change in additional liability for certain benefit features		167.4
Income before income taxes		201.1
Increase to pre-tax other comprehensive income
Cost of reinsurance unrealized gains (losses)		(2.1)
Change in additional liability for certain benefit features unrealized gains		7.8
Total increase to pre-tax other comprehensive income		5.7
Total increase to pre-tax comprehensive income		$ 206.8

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions
Operating Cost and Expense, Related Party, Type [Extensible Enumeration]		us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Defined Benefit Plan, Type [Extensible Enumeration]		Benefit Plans	Benefit Plans	Benefit Plans
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]		us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Interest Income, Operating, Related Party, Type [Extensible Enumeration]		us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Revenues		$ 10,567,300	$ 14,770,300	$ 11,168,000
Revenue, Related Party, Type [Extensible Enumeration]		us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Premiums assumed from other companies		$ 517,000	$ 503,500	$ 494,300
Reinsurance recoverable and deposit receivable		24,427,900	21,445,000
Benefits, claims and settlement expenses, ceded		1,649,500	1,468,700	571,000
Amounts payable to affiliate		45,200	39,400
Benefits, claims and settlement expenses		7,226,200	5,882,700	6,617,500
Net investment income		3,285,500	2,852,400	3,633,700
Net realized capital losses on funds withheld assets	[1]	(161,800)	(749,400)
Affiliated Entities | Related party transactions resulting in expense reimbursements
Related Party Transactions
Expenses reimbursed		524,600	606,000	647,200
PFG | Benefit Plans | Nonqualified benefit plans | Deferred Compensation Plans
Related Party Transactions
Expenses to related parties under benefit plan		1,800	2,300	2,100
PFG | Benefit Plans | Deferred Compensation Plan | Qualified benefit plans
Related Party Transactions
Expenses to related parties under benefit plan		44,200	41,300	36,500
PFG | Benefit Plans | Pension benefits
Related Party Transactions
Expenses to related parties under benefit plan		38,800	55,400	58,600
PFS | Cash Advance Agreement
Related Party Transactions
Amounts receivable from subsidiary		71,500	86,000
Interest income		10,100	4,200	100
PFS | Cash Advance Agreement | Maximum
Related Party Transactions
Aggregate principal amount for advanced cash		1,000,000
PFS | Notes Receivable | Notes Receivable
Related Party Transactions
Interest income		4,600	5,900	7,200
PFS | Notes Receivable | Notes Receivable | Note Receivable 2.87% interest rate
Related Party Transactions
Aggregate principal amount for advanced cash		$ 156,000
Term of credit facility		10 years
Interest rate (as a percent)		2.87%
PFS | Notes Receivable | Notes Receivable | Note receivable 2.885% interest rate
Related Party Transactions
Aggregate principal amount for advanced cash		$ 300,000
Term of credit facility		10 years
Interest rate (as a percent)		2.885%
PLIC | PFS | Cash Advance Agreement | Maximum
Related Party Transactions
Aggregate principal amount for advanced cash		$ 1,000,000
Principal National Life Insurance Company | Reinsurance
Related Party Transactions
Expenses to related parties		1,076,200	970,900	995,500
Assumed reinsurance liability		5,919,900	5,158,500
Premiums assumed from other companies		938,100	890,200	862,900
Principal Securities, Inc. | Distribution of Affiliated Products
Related Party Transactions
Commission expense		95,900	81,500	95,700
PGI LLC | Asset Management Services Agreement
Related Party Transactions
Expenses to related parties under benefit plan		108,100	109,300	114,900
Principal Securities, Inc. and Principal Global Investors, LLC ("PGI LLC") | Distribution of Affiliated Products
Related Party Transactions
Revenues		407,100	412,600	471,200
Coinsurance funds withheld reinsurance contract | Affiliated Entities | P F S bermuda
Related Party Transactions
Amounts receivable from subsidiary		1,700	0
Reinsurance recoverable and deposit receivable		3,813,100	0
Benefits, claims and settlement expenses, ceded		53,400	0	0
Amounts payable to affiliate		26,200	0
Benefits, claims and settlement expenses		76,400	0	0
Net investment income		56,100	0	0
Net realized capital losses on funds withheld assets		1,100	0	0
Ceding commissions and expense allowances that reduced operating expenses		$ 31,200	$ 0	$ 0
[1] Includes realized and unrealized gains (losses). See Note 5, Investments, for further details.

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Changes in Goodwill
Beginning balance, Goodwill	$ 75.1
Goodwill impairment	(26.8)
Ending balance, Goodwill	48.3
Goodwill	48.3	$ 48.3
Retirement and Income Solutions
Changes in Goodwill
Beginning balance, Goodwill	18.8
Ending balance, Goodwill	18.8
Goodwill	18.8	18.8
Benefits and Protection
Changes in Goodwill
Beginning balance, Goodwill	56.3
Goodwill impairment	(26.8)
Ending balance, Goodwill	29.5
Goodwill	$ 29.5	$ 29.5

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Asset Disclosures
Weighted average remaining expected life of finite lived intangible assets	11 years
Gross carrying value	$ 34.9	$ 34.9
Accumulated amortization	24.3	23.3
Net carrying value	10.6	11.6
Amortization expense for intangible assets with finite useful lives	1	2.8	$ 2.8
Estimated amortization expense for the next five years
2024	1
2025	1
2026	1
2027	1
2028	1
Other finite lived intangible assets
Finite Lived Intangible Asset Disclosures
Finite lived intangible assets fully amortized during the period	$ 0	$ 6.5

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Carrying amounts of consolidated VIE assets and liabilities
Total assets	$ 259,770.1	$ 241,602.9
Total liabilities	251,646.5	233,932.5
Aggregate consolidated variable interest entities
Carrying amounts of consolidated VIE assets and liabilities
Total assets	1,953.1	1,872.2
Total liabilities	83.9	84
Real estate VIE
Carrying amounts of consolidated VIE assets and liabilities
Total assets	829.1	689.6
Total liabilities	63	42.2
Residential mortgage loans VIE
Carrying amounts of consolidated VIE assets and liabilities
Total assets	874.7	1,182.6
Total liabilities	20.9	$ 41.8
Asset-backed limited partnership
Carrying amounts of consolidated VIE assets and liabilities
Total assets	$ 249.3

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	$ 259,770.1	$ 241,602.9
Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Carrying value used if distributions received are in excess of investment	0
Asset-backed limited partnership
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	249.3
Corporate debt securities | Available-for-sale | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	364.9	111.8
Maximum exposure to loss	369.8	127.2
Residential mortgage-backed pass-through securities | Available-for-sale | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	2,824.9	2,170.9
Maximum exposure to loss	2,959.8	2,362.1
Residential mortgage-backed pass-through securities | Trading | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	10.4	5.4
Maximum exposure to loss	10.4	5.4
Commercial mortgage-backed securities | Available-for-sale | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	4,743.4	4,827.5
Maximum exposure to loss	5,391.6	5,529.7
Commercial mortgage-backed securities | Trading | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	53.1	83.4
Maximum exposure to loss	53.1	83.4
Collateralized debt obligations | Available-for-sale | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	5,397.8	4,560.2
Maximum exposure to loss	5,459	4,813.4
Collateralized debt obligations | Trading | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	2	5.7
Maximum exposure to loss	2	5.7
Other debt obligations | Available-for-sale | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	7,879.4	6,483.3
Maximum exposure to loss	8,976.2	7,537.2
Other debt obligations | Trading | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	228.4	80
Maximum exposure to loss	228.4	80
Other investments: Other limited partnership and fund interests | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	1,661.2	1,088.5
Maximum exposure to loss	$ 2,954.3	$ 1,765.4

Investments - Fixed Maturities

Investments - Fixed Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Available-for-sale securities
Amortized cost, fixed maturities	$ 67,621	$ 67,103.9
Gross unrealized gains, fixed maturities	629.8	270.7
Gross unrealized losses, fixed maturities	5,718.6	7,743.2
Allowance, fixed maturities	2	0.1	$ 4.9	$ 6.5
Fair value, fixed maturities	62,530.2	59,631.3
Accrued interest receivable	616	575.8
U.S. government and agencies
Available-for-sale securities
Amortized cost, fixed maturities	1,719.1	1,964.6
Gross unrealized gains, fixed maturities	19.3	0.1
Gross unrealized losses, fixed maturities	233.5	248.8
Fair value, fixed maturities	1,504.9	1,715.9
Non-U.S. governments
Available-for-sale securities
Amortized cost, fixed maturities	522.2	565.3
Gross unrealized gains, fixed maturities	16.9	18.9
Gross unrealized losses, fixed maturities	59.2	63.8
Fair value, fixed maturities	479.9	520.4
States and political subdivisions
Available-for-sale securities
Amortized cost, fixed maturities	7,493.9	7,280.1
Gross unrealized gains, fixed maturities	45.4	14.8
Gross unrealized losses, fixed maturities	926	1,126.6
Fair value, fixed maturities	6,613.3	6,168.3
Corporate debt securities
Available-for-sale securities
Amortized cost, fixed maturities	35,707.6	37,495.4
Gross unrealized gains, fixed maturities	433.7	219.5
Gross unrealized losses, fixed maturities	3,059.9	4,530.1
Allowance, fixed maturities	1.9		4.5
Fair value, fixed maturities	33,079.5	33,184.8
Residential mortgage-backed pass-through securities
Available-for-sale securities
Amortized cost, fixed maturities	2,959.8	2,362.1
Gross unrealized gains, fixed maturities	25.7	6
Gross unrealized losses, fixed maturities	160.6	197.2
Fair value, fixed maturities	2,824.9	2,170.9
Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities	5,391.6	5,529.7
Gross unrealized gains, fixed maturities	1.6	0.9
Gross unrealized losses, fixed maturities	649.8	703.1
Allowance, fixed maturities			0.3	4.3
Fair value, fixed maturities	4,743.4	4,827.5
Collateralized debt obligations
Available-for-sale securities
Amortized cost, fixed maturities	5,379.6	4,698.9
Gross unrealized gains, fixed maturities	45	4.5
Gross unrealized losses, fixed maturities	26.8	143.2
Allowance, fixed maturities				$ 2.2
Fair value, fixed maturities	5,397.8	4,560.2
Other debt obligations
Available-for-sale securities
Amortized cost, fixed maturities	8,447.2	7,207.8
Gross unrealized gains, fixed maturities	42.2	6
Gross unrealized losses, fixed maturities	602.8	730.4
Allowance, fixed maturities	0.1	0.1	$ 0.1
Fair value, fixed maturities	$ 7,886.5	$ 6,483.3

Investments - Amortization by E

Investments - Amortization by Expected Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Amortized cost of fixed maturities available-for-sale
Due in one year or less	$ 1,298.4
Due after one year through five years	8,486.2
Due after five years through ten years	9,209.3
Due after ten years	26,448.9
Subtotal	45,442.8
Mortgage-backed and other asset-backed securities	22,178.2
Amortized cost, fixed maturities	67,621	$ 67,103.9
Fair value of fixed maturities available-for-sale
Due in one year or less	1,282.2
Due after one year through five years	8,285.1
Due after five years through ten years	8,675
Due after ten years	23,435.3
Subtotal	41,677.6
Mortgage-backed and other asset-backed securities	20,852.6
Fair value, fixed maturities	$ 62,530.2	$ 59,631.3

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Major categories of net investment income
Gross investment income (loss)	$ 3,562.1	$ 3,052.8	$ 3,809.1
Investment expenses	(276.6)	(200.4)	(175.4)
Net investment income (loss)	3,285.5	2,852.4	3,633.7
Fixed maturities | Available-for-sale
Major categories of net investment income
Gross investment income (loss)	2,230	1,734.4	2,483.8
Fixed maturities | Trading
Major categories of net investment income
Gross investment income (loss)	32.4	19.6	8.7
Equity securities
Major categories of net investment income
Gross investment income (loss)	3.5	(35.4)	1.7
Mortgage loans
Major categories of net investment income
Gross investment income (loss)	661.5	619.9	692.4
Real estate
Major categories of net investment income
Gross investment income (loss)	177.2	276.2	194.4
Policy loans
Major categories of net investment income
Gross investment income (loss)	39.1	34.4	36.2
Cash and cash equivalents
Major categories of net investment income
Gross investment income (loss)	148.2	37.6	1.7
Derivatives
Major categories of net investment income
Gross investment income (loss)	38.6	171.3	28.2
Other investment types
Major categories of net investment income
Gross investment income (loss)	$ 231.6	$ 194.8	$ 362

Investments - Net Realized Capi

Investments - Net Realized Capital Gains and Losses (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Major components of net realized capital gains (losses) on investments
Fixed maturities, available-for-sale: Gross gains		$ 46.8	$ 38.9	$ 50.4
Fixed maturities, available-for-sale: Gross losses		(134.8)	(120.7)	(26.9)
Fixed maturities, available-for-sale: Net credit losses (1)		(31.3)	(11.5)	(34.5)
Fixed maturities, available-for-sale: Hedging, net		2.2	(0.7)	(9.5)
Fixed maturities, trading (2)		0.7	(8.6)	(6.6)
Equity securities (3)		0.7	(7.4)	(0.5)
Mortgage loans gains (losses)		(133.8)	(74.1)	5.3
Derivative net realized capital gains (losses)		(5.3)	154.7	126.4
Other gains (losses)		100.1	112.7	8
Net realized capital gains (losses)	[1]	(154.7)	83.3	112.1
Unrealized gains (losses) on fixed maturities, trading		(0.2)	(7.8)	(6.4)
Unrealized gains (losses) on fixed maturities, trading, reported in net realized capital gains (losses) on funds withheld assets		6.8	(1.4)	0
Unrealized gains (losses) on fixed maturities, trading still held reported in market risk benefit remeasurement (gain) loss		(2.9)	16.6	0
Unrealized gains (losses) on equity securities		0.7	(7.1)	(0.1)
Unrealized gains (losses) on equity securities reported in net realized capital gains (losses) on funds withheld assets		1.7	(1.7)	0
Proceeds from sales of investments
Proceeds from sales of investments in fixed maturities, available-for-sale		$ 4,950.4	$ 12,273	$ 1,609
[1] Includes realized and unrealized gains (losses). See Note 5, Investments, for further details.

Investments - Allowance for Cre

Investments - Allowance for Credit Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Rollforward of the allowance for credit loss by major security type
Beginning balance	$ 0.1	$ 4.9	$ 6.5
Additions for credit losses not previously recorded	5.7		17.4
Reductions for securities sold during the period		(8.7)	(12.4)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		4.2	2.8
Write-offs charged against allowance	(3.8)	(0.3)	(9.4)
Ending balance	2	0.1	4.9
Accrued interest written off to net investment income	0.1		0.2
Corporate debt securities
Rollforward of the allowance for credit loss by major security type
Beginning balance		4.5
Additions for credit losses not previously recorded	5.7		16.9
Reductions for securities sold during the period		(8.7)	(12.4)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		4.2
Write-offs charged against allowance	(3.8)
Ending balance	1.9		4.5
Accrued interest written off to net investment income	0.1		0.2
Commercial mortgage-backed securities
Rollforward of the allowance for credit loss by major security type
Beginning balance		0.3	4.3
Additions for credit losses not previously recorded			0.4
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period			2.4
Write-offs charged against allowance		(0.3)	(6.8)
Ending balance			0.3
Collateralized debt obligations
Rollforward of the allowance for credit loss by major security type
Beginning balance			2.2
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period			0.4
Write-offs charged against allowance			(2.6)
Other debt obligations
Rollforward of the allowance for credit loss by major security type
Beginning balance	0.1	0.1
Additions for credit losses not previously recorded			0.1
Ending balance	$ 0.1	$ 0.1	$ 0.1

Investments - Gross Unrealized

Investments - Gross Unrealized Losses for Fixed Maturities (Details) $ in Millions	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	$ 5,836	$ 44,857
Fixed maturities, Less than twelve months, Gross unrealized losses	140.5	6,096.3
Fixed maturities, Greater than or equal to twelve months, Fair value	40,717.9	8,496.1
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	5,576.6	1,645.1
Fixed maturities, Total, Fair value	46,553.9	53,353.1
Fixed maturities, Total, Gross unrealized losses	$ 5,717.1	$ 7,741.4
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Percent Investment Grade (as a percent)	94%	94%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Average Price (percent of carrying value to amortized cost)	89%	87%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Twelve Months | security	983	7,589
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Less Than Twelve Months (percent of carrying value to amortized cost)	98%	88%
Available-for-sale Securities in Unrealized Loss Positions, Percent Investment Grade, Less Than Twelve Months (as a percent)	91%	95%
Available-for-sale Securities in Unrealized Loss Position, Aggregate Losses On Investment Grade Investments, Less Than Twelve Months	$ 131.2	$ 5,920.4
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Twelve Months or Longer | security	7,042	1,654
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	88%	84%
U.S. government and agencies
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	$ 315.3	$ 1,505.5
Fixed maturities, Less than twelve months, Gross unrealized losses	3.1	207
Fixed maturities, Greater than or equal to twelve months, Fair value	974.2	180.4
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	230.5	41.8
Fixed maturities, Total, Fair value	1,289.5	1,685.9
Fixed maturities, Total, Gross unrealized losses	233.6	248.8
Non-U.S. governments
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	41.9	373
Fixed maturities, Less than twelve months, Gross unrealized losses	1.7	56.7
Fixed maturities, Greater than or equal to twelve months, Fair value	307.9	19.9
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	57.5	7.1
Fixed maturities, Total, Fair value	349.8	392.9
Fixed maturities, Total, Gross unrealized losses	59.2	63.8
States and political subdivisions
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	596.6	5,243.6
Fixed maturities, Less than twelve months, Gross unrealized losses	19	999.7
Fixed maturities, Greater than or equal to twelve months, Fair value	5,011.7	387.8
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	906.9	126.9
Fixed maturities, Total, Fair value	5,608.3	5,631.4
Fixed maturities, Total, Gross unrealized losses	$ 925.9	$ 1,126.6
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	85%	75%
Corporate debt securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	$ 2,540.5	$ 26,668.2
Fixed maturities, Less than twelve months, Gross unrealized losses	89.7	3,875.1
Fixed maturities, Greater than or equal to twelve months, Fair value	22,305.9	2,625.4
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	2,968.9	654.9
Fixed maturities, Total, Fair value	24,846.4	29,293.6
Fixed maturities, Total, Gross unrealized losses	$ 3,058.6	$ 4,530
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	88%	80%
Residential mortgage-backed pass-through securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	$ 472.9	$ 1,201.7
Fixed maturities, Less than twelve months, Gross unrealized losses	2.9	97.6
Fixed maturities, Greater than or equal to twelve months, Fair value	1,275.6	574.8
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	157.7	104.7
Fixed maturities, Total, Fair value	1,748.5	1,776.5
Fixed maturities, Total, Gross unrealized losses	160.6	202.3
Commercial mortgage-backed securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	280.3	3,622.3
Fixed maturities, Less than twelve months, Gross unrealized losses	4.1	480.7
Fixed maturities, Greater than or equal to twelve months, Fair value	4,160.3	1,113.9
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	645.6	220.9
Fixed maturities, Total, Fair value	4,440.6	4,736.2
Fixed maturities, Total, Gross unrealized losses	$ 649.7	$ 701.6
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	87%	83%
Collateralized mortgage obligation security
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	85%	81%
Collateralized debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	$ 404.8	$ 2,830.1
Fixed maturities, Less than twelve months, Gross unrealized losses	1.5	88.8
Fixed maturities, Greater than or equal to twelve months, Fair value	2,296.3	1,327.2
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	25.3	54.4
Fixed maturities, Total, Fair value	2,701.1	4,157.3
Fixed maturities, Total, Gross unrealized losses	26.8	143.2
Other debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	1,183.7	3,412.6
Fixed maturities, Less than twelve months, Gross unrealized losses	18.5	290.7
Fixed maturities, Greater than or equal to twelve months, Fair value	4,386	2,266.7
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	584.2	434.4
Fixed maturities, Total, Fair value	5,569.7	5,679.3
Fixed maturities, Total, Gross unrealized losses	$ 602.7	$ 725.1

Investments - Net Unrealized Ga

Investments - Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments
Net unrealized gains (losses) on fixed maturities, available-for-sale	$ (5,128.4)	$ (7,552.6)
Net unrealized gains (losses) on derivative instruments	(1.6)	50.7
Adjustments for assumed changes in amortization patterns	(5.2)	(1.8)
Adjustments for assumed changes in policyholder liabilities	1.4	0.5
Net unrealized gains (losses) other investments and noncontrolling interest adjustments	2.9	2.9
Provision for deferred income tax benefits (taxes)	1,099.6	1,601.5
Net unrealized gains (losses) on available-for-sale securities and derivative instruments	$ (4,031.3)	$ (5,898.8)

Investments - Mortgage Loan Cre

Investments - Mortgage Loan Credit Monitoring (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Vintage year, Mortgage loans
Mortgage loans, Total amortized cost	$ 19,522	$ 19,802.9
Reinsurance recoverable and deposit receivable	24,427.9	21,445
Accrued interest receivable	616	575.8
Commercial mortgage loans
Vintage year, Mortgage loans
2023	1,060.6
2022	1,713.7	1,471.7
2021	2,614.5	2,595.3
2020	1,739.1	1,903.5
2019	2,349.7	2,568.8
2018		2,370.6
Prior	6,622.6	5,333.5
Mortgage loans, Total amortized cost	16,100.2	16,243.4
Accrued interest receivable	57.1	55.9
Commercial mortgage loans | A- and above
Vintage year, Mortgage loans
2023	667.4
2022	1,214.8	995.9
2021	2,271.5	2,182.5
2020	1,535.8	1,753.8
2019	1,921	2,177.2
2018		2,130.8
Prior	5,447.2	4,555.1
Mortgage loans, Total amortized cost	13,057.7	13,795.3
Commercial mortgage loans | BBB+ thru BBB-
Vintage year, Mortgage loans
2023	282.6
2022	356.8	371.8
2021	343	412.8
2020	203.3	149.7
2019	309.9	391.6
2018		222.6
Prior	886.9	676.4
Mortgage loans, Total amortized cost	2,382.5	2,224.9
Commercial mortgage loans | BB+ thru BB-
Vintage year, Mortgage loans
2023	110.6
2022	142.1	104
2019	35.3
2018		8.9
Prior	234.6	66.5
Mortgage loans, Total amortized cost	522.6	179.4
Commercial mortgage loans | B+ and below
Vintage year, Mortgage loans
2019	83.5
2018		8.3
Prior	53.9	35.5
Mortgage loans, Total amortized cost	137.4	43.8
Residential mortgage loans
Vintage year, Mortgage loans
2023	456.3
2022	1,025.5	1,109.4
2021	1,276.5	1,673.8
2020	150.4	366.3
2019	88.6	100.2
2018		51.8
Prior	255.9	258
Mortgage loans, Total amortized cost	3,253.2	3,559.5
Accrued interest receivable	10.3	9.8
Residential mortgage loans | Performing
Vintage year, Mortgage loans
2023	456.3
2022	1,023.4	1,101.4
2021	1,272.5	1,669.1
2020	150.4	364.5
2019	86.8	99.2
2018		51.2
Prior	253.6	253.6
Mortgage loans, Total amortized cost	3,243	3,539
Residential mortgage loans | Non-performing
Vintage year, Mortgage loans
2022	2.1	8
2021	4	4.7
2020		1.8
2019	1.8	1
2018		0.6
Prior	2.3	4.4
Mortgage loans, Total amortized cost	$ 10.2	20.5
Mortgage loans, delinquent to be considered non-performing (in days)	90 days
Other loans
Vintage year, Mortgage loans
2023	$ 168.5
Prior	0.1
Mortgage loans, Total amortized cost	168.6
Accrued interest receivable	1.6	$ 0
Other loans | Performing
Vintage year, Mortgage loans
2023	168.5
Mortgage loans, Total amortized cost	168.5
Other loans | Non-performing
Vintage year, Mortgage loans
Prior	0.1
Mortgage loans, Total amortized cost	$ 0.1

Investments - Financing Receiva

Investments - Financing Receivable, Non-Accrual and Aging (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	$ 62.1	$ 59.8	$ 12.1
Financing receivables, Non-accrual assets without a valuation allowance	0.5	0.6
Financing receivables, Nonaccrual, Interest Income	1.2	0.9	0.5
Mortgage loans, Total amortized cost	19,522	19,802.9
Mortgage loans, Recorded investment 90 days or more past due and accruing	2.6	4.4
Reinsurance recoverable and deposit receivable	24,427.9	21,445
30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	9.5	35.9
60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	2.3	2.4
90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	17.3	20.7
Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	29.1	59
Reinsurance recoverable and deposit receivable	0	0
Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	19,492.9	19,743.9
Commercial mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	53.9	43.8	8.7
Financing receivables, Nonaccrual, Interest Income	1.2	0.9	0.5
Mortgage loans, Total amortized cost	16,100.2	16,243.4
Commercial mortgage loans | 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	7.9	8.3
Commercial mortgage loans | Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	7.9	8.3
Commercial mortgage loans | Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	16,092.3	16,235.1
Residential mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	8.2	16	$ 3.4
Financing receivables, Non-accrual assets without a valuation allowance	0.5	0.6
Mortgage loans, Total amortized cost	3,253.2	3,559.5
Mortgage loans, Recorded investment 90 days or more past due and accruing	2	4.4
Residential mortgage loans | 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	8.5	35.9
Residential mortgage loans | 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	1.8	2.4
Residential mortgage loans | 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	8.7	12.4
Residential mortgage loans | Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	19	50.7
Residential mortgage loans | Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	3,234.2	$ 3,508.8
Other loans
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	168.6
Mortgage loans, Recorded investment 90 days or more past due and accruing	0.6
Other loans | 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	1
Other loans | 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	0.5
Other loans | 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	0.7
Other loans | Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	2.2
Other loans | Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	$ 166.4

Investments - Mortgage Loan Val

Investments - Mortgage Loan Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	$ 83.2	$ 46.4	$ 48.9
Provision: Financing receivable valuation allowance	51.1	34.7	(5.7)
Charge-offs: Financing receivable valuation allowance	(0.4)	(0.2)	(0.5)
Recoveries: Financing receivable valuation allowance	1.5	2.3	3.7
Ending balance, Financing receivable valuation allowance	135.4	83.2	46.4
Commercial mortgage loans
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	75.5	42	40.5
Provision: Financing receivable valuation allowance	50.6	33.5	1.5
Ending balance, Financing receivable valuation allowance	$ 126.1	75.5	42
Mortgage loans, Days delinquent to be analyzed for valuation allowance	60 days
Residential mortgage loans
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	$ 5	1.7	5.7
Provision: Financing receivable valuation allowance		1.2	(7.2)
Charge-offs: Financing receivable valuation allowance	(0.4)	(0.2)	(0.5)
Recoveries: Financing receivable valuation allowance	1.5	2.3	3.7
Ending balance, Financing receivable valuation allowance	$ 6.1	5	1.7
Mortgage loans, Days delinquent to be analyzed for valuation allowance	60 days
Reinsurance recoverables
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	$ 2.7	2.7	2.7
Provision: Financing receivable valuation allowance	0.5
Ending balance, Financing receivable valuation allowance	3.2	2.7	2.7
Other financing receivables
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	0	0
Ending balance, Financing receivable valuation allowance	$ 0	$ 0	$ 0

Investments - Mortgage Loans (D

Investments - Mortgage Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 19,522	$ 19,802.9
Commercial mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	108.1	261.3
Mortgage loans, Total amortized cost	$ 16,100.2	$ 16,243.4
Percent of mortgage loans (as a percent)	100%	100%
Commercial mortgage loans | Office
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 3,651.5	$ 4,331.8
Percent of mortgage loans (as a percent)	22.70%	26.70%
Commercial mortgage loans | Retail
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,457.4	$ 1,502.5
Percent of mortgage loans (as a percent)	9.10%	9.20%
Commercial mortgage loans | Industrial
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 3,526.7	$ 3,246.4
Percent of mortgage loans (as a percent)	21.90%	20%
Commercial mortgage loans | Apartments
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 7,148.5	$ 6,848.3
Percent of mortgage loans (as a percent)	44.40%	42.20%
Commercial mortgage loans | Hotel
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 68.6	$ 72.5
Percent of mortgage loans (as a percent)	0.40%	0.40%
Commercial mortgage loans | Mixed use/other
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 247.5	$ 241.9
Percent of mortgage loans (as a percent)	1.50%	1.50%
Commercial mortgage loans | New England
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 367.6	$ 513.3
Percent of mortgage loans (as a percent)	2.30%	3.20%
Commercial mortgage loans | Middle Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,525	$ 4,518.8
Percent of mortgage loans (as a percent)	28.10%	27.80%
Commercial mortgage loans | East North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 584.5	$ 653.9
Percent of mortgage loans (as a percent)	3.60%	4%
Commercial mortgage loans | West North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 336.9	$ 371.9
Percent of mortgage loans (as a percent)	2.10%	2.30%
Commercial mortgage loans | South Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,768.8	$ 2,565.5
Percent of mortgage loans (as a percent)	17.20%	15.80%
Commercial mortgage loans | East South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 430.3	$ 340.6
Percent of mortgage loans (as a percent)	2.70%	2.10%
Commercial mortgage loans | West South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,272	$ 1,208.8
Percent of mortgage loans (as a percent)	7.90%	7.40%
Commercial mortgage loans | Mountain
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 825.9	$ 940.9
Percent of mortgage loans (as a percent)	5.10%	5.80%
Commercial mortgage loans | Pacific
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,989.2	$ 5,129.7
Percent of mortgage loans (as a percent)	31%	31.60%
Residential mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	$ 505.6	$ 1,805.2	$ 2,272.4
Mortgage loans, sold	99.3	512.8
Mortgage loans, Total amortized cost	$ 3,253.2	$ 3,559.5

Investments - Mortgage Loan Mod

Investments - Mortgage Loan Modifications (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) contract
Mortgage Loan Modifications
Number of contracts | contract	1
Recorded investment | $	$ 35.5
Commercial mortgage loans
Mortgage Loan Modifications
Number of contracts | contract	1
Recorded investment | $	$ 35.5

Investments - Real Estate (Deta

Investments - Real Estate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real estate
Depreciation expense on invested real estate	$ 69.8	$ 66.1	$ 67.4
Accumulated depreciation on invested real estate	$ 749.6	$ 708.5

Investments - Other Investments

Investments - Other Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summarized financial information of unconsolidated entities
Total assets	$ 259,770.1	$ 241,602.9
Total liabilities	251,646.5	233,932.5
Total stockholders' equity	8,123.6	7,670.4	$ 9,081.9	$ 13,148.5
Total revenues	10,567.3	14,770.3	11,168
Net income	236.6	4,679.5	1,316.1
Other Types of Investments
Cash surrender value of company owned life insurance	1,186.3	1,115.6
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Summarized financial information of unconsolidated entities
Total assets	119,329.9	128,765.7
Total liabilities	16,131.8	12,335.4
Total stockholders' equity	103,198.1	116,430.3
Total revenues	2,555.9	36,915.1	17,674.2
Net income	(3,110.6)	33,194.6	14,083.1
Our share of net income of unconsolidated entities	151	119.5	$ 229.6
Net Investment in unconsolidated entities
Summarized financial information of unconsolidated entities
Net investment in unconsolidated entities	$ 1,869.9	$ 1,275.5

Investments - Securities Posted

Investments - Securities Posted as Collateral (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Securities Posted as Collateral
Mortgage loans	$ 19,221.2	$ 19,722.4
Pledged as collateral
Securities Posted as Collateral
Fixed maturities available-for-sale and trading securities posted as collateral for a reinsurance arrangement, derivative credit support annex (collateral) agreements, Futures Commission Merchant agreements, a lending arrangement and an obligation under funding agreements with Federal Home Loan Bank of Des Moines	4,129.6	3,567.6
Pledged as collateral | Funding agreements with Federal Home Loan Bank
Securities Posted as Collateral
Mortgage loans	6,616.8	6,411
Pledged as collateral with right to be sold or repledged
Securities Posted as Collateral
Securities posted as collateral eligible to be sold or repledged	$ 509.8	$ 503.8

Investments - Balance Sheet Off

Investments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	$ 375.7	$ 369.5
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(166)	(133.5)
Collateral received, financial assets	(203.7)	(233.7)
Net amount of assets subject to netting agreements	6	2.3
Derivative assets
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	253	256.6
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(166)	(133.5)
Collateral received, financial assets	(81)	(120.8)
Net amount of assets subject to netting agreements	6	2.3
Reverse repurchase agreements
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	122.7	112.9
Collateral received, financial assets	$ (122.7)	$ (112.9)

Investments - Balance Sheet O_2

Investments - Balance Sheet Offsetting, Liabilities (Details) - Derivative liabilities - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial Liability Offsetting
Gross amount of recognized liabilities subject to netting agreements	$ 473.4	$ 612.2
Amount of assets that offset the gross amount of liabilities subject to netting agreements not offset in statement of financial position	(166)	(133.5)
Collateral pledged, financial liabilities	(295.5)	(467.2)
Net amount of liabilities subject to netting agreements	$ 11.9	$ 11.5

Derivative Financial Instrume_3

Derivative Financial Instruments - Notional Amounts and Credit Exposure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Financial Instruments, exposure
Cash and securities posted under collateral arrangements associated with derivative credit support agreements and Futures Commission Merchant agreements	$ 536.9	$ 730.6
Aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position	474.2	613
Collateral and initial margin posted supporting derivatives with credit-risk-related contingent features that were in a liability position	536.9	730.6
Additional collateral required to be posted if derivative credit-risk-related contingent features were triggered	93
Cash collateral received associated with derivative credit support annex agreements and Futures Commission Merchant agreements	97	142.6
Notional amount	97,023.1	87,728.3
Gross credit exposure	263.1	266.2
Less: collateral received	107.1	158.8
Net credit exposure	156	107.4
Interest rate swaps
Derivative Financial Instruments, exposure
Cash exchanged under contract	0
Principal payments made under contract	0
Notional amount	57,766.6	52,249.9
Gross credit exposure	42.9	64.2
Interest rate options
Derivative Financial Instruments, exposure
Notional amount	4,498.4	4,418.9
Gross credit exposure	37	41.7
Interest rate forwards
Derivative Financial Instruments, exposure
Notional amount	1,990.8	2,527.5
Gross credit exposure	4.2	0.1
Interest rate futures
Derivative Financial Instruments, exposure
Notional amount	1,174.5	877.5
Currency swaps
Derivative Financial Instruments, exposure
Notional amount	1,888.5	1,389.8
Gross credit exposure	89.8	139.2
Currency forwards
Derivative Financial Instruments, exposure
Notional amount	54.2	32
Gross credit exposure	0.7	0.9
Equity options
Derivative Financial Instruments, exposure
Notional amount	2,331.3	2,049.3
Gross credit exposure	83.8	16.5
Equity futures
Derivative Financial Instruments, exposure
Notional amount	559.6	574.1
Credit default swaps
Derivative Financial Instruments, exposure
Notional amount	305	400
Gross credit exposure	4.7	3.6
Embedded derivative financial instruments
Derivative Financial Instruments, exposure
Notional amount	$ 26,454.2	$ 23,209.3

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, fair value disclosures
Derivative instruments, assets	$ 253	$ 256.6
Derivative instruments, liabilities	(1,737.2)	(2,994.3)
Fair value of embedded derivative liabilities reported with contractholder funds	115.5	46.3
Fair value of net (asset) liability embedded derivative reported with funds withheld payable	(2,326.1)	(3,652.8)
Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	93.6	154.6
Derivative instruments, liabilities	111.5	124.4
Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	159.4	102
Derivative instruments, liabilities	(1,848.7)	(3,118.7)
Interest rate contracts | Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	9	20
Derivative instruments, liabilities	72.6	105.1
Interest rate contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	70.3	81.1
Derivative instruments, liabilities	284.3	439.9
Foreign exchange contracts | Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	84.6	134.6
Derivative instruments, liabilities	38.9	19.3
Foreign exchange contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	0.7	0.9
Derivative instruments, liabilities	2.3	0.3
Equity contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	83.8	16.5
Derivative instruments, liabilities	74.2	45.6
Credit contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	4.6	3.5
Derivative instruments, liabilities	1.1	2
Other contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, liabilities	$ (2,210.6)	$ (3,606.5)

Derivative Financial Instrume_5

Derivative Financial Instruments - Credit Derivatives Sold (Details) - Single name credit default swaps - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Credit derivatives sold disclosures
Notional amount	$ 220	$ 270
Fair value	4.5	2.6
Maximum future payments	$ 220	$ 270
Weighted average expected life	2 years 8 months 12 days	3 years 1 month 6 days
Corporate debt securities | A
Credit derivatives sold disclosures
Notional amount	$ 40	$ 40
Fair value	0.3	0.4
Maximum future payments	$ 40	$ 40
Weighted average expected life	1 year 6 months	2 years 6 months
Corporate debt securities | BBB
Credit derivatives sold disclosures
Notional amount	$ 140	$ 190
Fair value	3.8	2.2
Maximum future payments	$ 140	$ 190
Weighted average expected life	3 years	3 years 1 month 6 days
Corporate debt securities | BB
Credit derivatives sold disclosures
Notional amount	$ 20	$ 20
Fair value	0.2	(0.2)
Maximum future payments	$ 20	$ 20
Weighted average expected life	3 years 6 months	4 years 6 months
Sovereign | A
Credit derivatives sold disclosures
Notional amount	$ 20	$ 20
Fair value	0.2	0.2
Maximum future payments	$ 20	$ 20
Weighted average expected life	1 year 6 months	2 years 6 months

Derivative Financial Instrume_6

Derivative Financial Instruments - Fair Value Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Hedges
Amortized cost basis of closed portfolio used in portfolio layer hedging relationship	$ 3,178.5	$ 3,256.9
Cumulative basis adjustments associated with portfolio layer hedging relationship	(62.2)	(102.4)
Amount of hedged item in portfolio layer hedging relationship	1,395	1,110
Gain (loss) from components excluded from assessment of fair value hedge effectiveness	(1.8)	0	$ 0
Fixed maturities, available-for-sale
Fair Value Hedges
Carrying amount of hedged asset - Active hedging relationships	$ 3,510.1	$ 3,498.6
Hedged Asset, Statement of Financial Position [Extensible Enumeration]	Debt Securities, Available-for-Sale, Excluding Accrued Interest	Debt Securities, Available-for-Sale, Excluding Accrued Interest
Carrying amount of hedged asset - Discontinued hedging relationships	$ 304.7	$ 48.8
Carrying amount of hedged asset - Active or discontinued hedging relationships	3,814.8	3,547.4
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	(87)	(153.4)
Cumulative amount of fair value hedging basis adjustment - Discontinued hedging relationships	(5.2)	1.3
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	(92.2)	$ (152.1)
Investment contracts
Fair Value Hedges
Carrying amount of hedged liability - Active hedging relationships	$ 300.5
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Contractholder Funds.	Contractholder Funds.
Carrying amount of hedged liability - Active or discontinued hedging relationships	$ 300.5
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	0.4
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	$ 0.4

Derivative Financial Instrume_7

Derivative Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flow Hedges
Maximum length of time hedging exposure to variability in future cash flows for forecasted transactions	6 years 4 months 24 days
Net gains (losses) reported in AOCI related to active cash flow hedges of forecasted transactions	$ 30.4
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	(44.6)	$ (2)	$ 57.5
Net gains (losses) expected to be reclassified from accumulated OCI into net income in the next 12 months	24.5
Interest rate contracts | Fixed maturities, available-for-sale
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	30.4	(102.1)
Interest rate contracts | Investment contracts
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	(11)	15.9	4.1
Foreign exchange contracts | Fixed maturities, available-for-sale
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	$ (64)	$ 84.2	$ 53.4

Derivative Financial Instrume_8

Derivative Financial Instruments - Effect of Hedges on Consolidated Statements of Operations (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gains (losses) recognized for hedging relationships
Net investment income		$ 3,285.5	$ 2,852.4	$ 3,633.7
Net realized capital gains (losses)	[1]	(154.7)	83.3	112.1
Benefits, claims and settlement expenses		7,226.2	5,882.7	6,617.5
Fair Value Hedges | Net investment income
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships		62.3
Fair Value Hedges | Benefits, claims and settlement expenses
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships		(4.3)
Fair Value Hedges | Interest rate contracts | Net investment income
Gains (losses) recognized for hedging relationships
Gain (loss) recognized on hedged item		45.3	(154.4)	(28.7)
Gain (loss) recognized on derivatives		(43.9)	151.6	28.6
Amortization of hedged item basis adjustments		(0.2)	(1.3)	(1.8)
Amounts related to periodic settlements on derivatives		60.5	5.2	(10)
Total gain (loss) recognized for hedging relationships			1.1	(11.9)
Fair Value Hedges | Interest rate contracts | Benefits, claims and settlement expenses
Gains (losses) recognized for hedging relationships
Gain (loss) recognized on hedged item		0.4
Gain (loss) recognized on derivatives		(2.1)
Amounts related to periodic settlements on derivatives		(2.6)
Fair Value Hedges | Foreign exchange contracts | Net investment income
Gains (losses) recognized for hedging relationships
Amounts related to periodic settlements on derivatives		0.6
Fair Value Hedges | Foreign exchange contracts | Net realized capital gains (losses)
Gains (losses) recognized for hedging relationships
Gain (loss) recognized on hedged item		3.7
Gain (loss) recognized on derivatives		(3.7)
Cash Flow Hedges | Net investment income
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships		25.5	23.5	25
Cash Flow Hedges | Net realized capital gains (losses)
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships		3.4	19.1	10.2
Cash Flow Hedges | Benefits, claims and settlement expenses
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships		14.1	3.6	(0.5)
Cash Flow Hedges | Interest rate contracts | Gain (loss) reclassified from AOCI on derivatives
Gains (losses) recognized for hedging relationships
Net investment income		4.1	9	15.4
Benefits, claims and settlement expenses		(0.1)	(0.1)	(0.1)
Cash Flow Hedges | Interest rate contracts | Net realized capital gains (losses)
Gains (losses) recognized for hedging relationships
Gain (loss) reclassified from AOCI into net income as a result that a forecasted transaction is no longer probable of occurring		1.9	18.5	1
Cash Flow Hedges | Interest rate contracts | Benefits, claims and settlement expenses
Gains (losses) recognized for hedging relationships
Amounts related to periodic settlements on derivatives		14.2	3.7	(0.4)
Cash Flow Hedges | Foreign exchange contracts | Gain (loss) reclassified from AOCI on derivatives
Gains (losses) recognized for hedging relationships
Net realized capital gains (losses)		1.5	0.6	9.2
Cash Flow Hedges | Foreign exchange contracts | Net investment income
Gains (losses) recognized for hedging relationships
Amounts related to periodic settlements on derivatives		$ 21.4	$ 14.5	$ 9.6
[1] Includes realized and unrealized gains (losses). See Note 5, Investments, for further details.

Derivative Financial Instrume_9

Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	$ (1,577.7)	$ 3,386.7	$ (119.4)
Interest rate contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	(46.5)	(317.7)	(33.8)
Foreign exchange contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	(2.8)	1.4	(4.7)
Equity contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	(136.6)	20.7	(81.1)
Credit contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	4.1	0.1	0.1
Other contracts
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	$ (1,395.9)	$ 3,682.2	$ 0.1

Closed Block - Assets and Liabi

Closed Block - Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Closed Block liabilities and assets designated to the Closed Block
Closed Block liabilities: Policyholder dividend obligation	$ 0	$ 0
Closed Block liabilities
Closed Block liabilities: Future policy benefits and claims	2,982.9	3,128.1
Closed Block liabilities: Other policyholder funds	5.1	5.1
Closed Block liabilities: Policyholder dividends payable	157.2	168.2
Closed Block liabilities: Income taxes currently payable	4
Closed Block liabilities: Other liabilities	23.2	24.9
Total Closed Block liabilities	3,172.4	3,326.3
Assets designated to the Closed Block
Closed Block assets: Fixed maturities, available-for-sale	1,766.7	1,690.2
Closed Block assets: Fixed maturities, trading	2	2
Closed Block assets: Equity securities	0.9	0.8
Closed Block assets: Mortgage loans	469.5	544.9
Closed Block assets: Policy loans	379.9	407.4
Closed Block assets: Other investments	61.2	62.2
Closed Block assets: Total investments	2,680.2	2,707.5
Closed Block assets: Cash and cash equivalents	6.1	62
Closed Block assets: Accrued investment income	32.6	30.3
Closed Block assets: Reinsurance recoverable and deposit receivable	3.5	3.9
Closed Block assets: Premiums due and other receivables	3.4	4.1
Closed Block assets: Deferred tax asset	52.1	62
Closed Block assets: Other assets	5.3	0.1
Total assets designated to the Closed Block	2,783.2	2,869.9
Excess of Closed Block liabilities over assets designated to the Closed Block	389.2	456.4
Amounts included in accumulated other comprehensive income (loss)	(69.6)	(111.9)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$ 319.6	$ 344.5	$ 379.2	$ 393.5

Closed Block - Revenues and Exp

Closed Block - Revenues and Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Closed Block: Premiums and other considerations	$ 166.1	$ 178	$ 196.1
Closed Block: Net investment income (loss)	127.3	129.1	137.6
Closed Block: Net realized capital gains (losses)	(10)	(21.2)	(4.6)
Closed Block: Total revenues	283.4	285.9	329.1
Expenses
Closed Block: Benefits, claims and settlement expenses	161.6	184.3	212
Closed Block: Dividends to policyholders	86.8	92.5	92.6
Closed Block: Operating expenses	2.6	2.2	2.3
Closed Block: Total expenses	251	279	306.9
Closed Block revenues, net of Closed Block expenses, before income taxes	32.4	6.9	22.2
Closed Block: Income taxes	6.1	0.7	3.9
Closed Block revenues, net of Closed Block expenses and income taxes	26.3	6.2	18.3
Funding adjustments and other transfers	(1.4)	28.5	(4)
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments	$ 24.9	$ 34.7	$ 14.3

Closed Block - Change in Maximu

Closed Block - Change in Maximum Future Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in maximum future earnings of the Closed Block
Maximum future earnings to be recognized from Closed Block assets and liabilities, beginning of year	$ 344.5	$ 379.2	$ 393.5
Maximum future earnings to be recognized from Closed Block assets and liabilities, end of year	319.6	344.5	379.2
Change in maximum future earnings	$ (24.9)	$ (34.7)	$ (14.3)

Deferred Acquisition Costs an_3

Deferred Acquisition Costs and Other Actuarial Balances - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Acquisition Costs
Amortization of deferred acquisition costs	$ 388.7	$ 385.7	$ 372.2
Long-duration and short-duration insurance
Deferred Acquisition Costs
Amortization of deferred acquisition costs	$ 388.7	$ 385.7	$ 372.2

Deferred Acquisition Costs an_4

Deferred Acquisition Costs and Other Actuarial Balances - Disaggregated DAC amounts (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Acquisition Costs
Deferred acquisition costs	$ 3,926.5	$ 3,939.2		$ 3,822.3
Short-duration contracts
Deferred Acquisition Costs
Deferred acquisition costs	31.1	34.7
Retirement and Income Solutions
Deferred Acquisition Costs
Deferred acquisition costs	918.9	930		964.4
Retirement and Income Solutions | Workplace savings and retirement solutions
Deferred Acquisition Costs
Deferred acquisition costs	506.4	498	$ 489	477.2
Retirement and Income Solutions | Individual variable annuities
Deferred Acquisition Costs
Deferred acquisition costs	279.5	278	281.2	281.9
Retirement and Income Solutions | Pension risk transfer
Deferred Acquisition Costs
Deferred acquisition costs	15.4	8.1	2.7
Retirement and Income Solutions | Individual fixed deferred annuities
Deferred Acquisition Costs
Deferred acquisition costs	106.1	131	162.2	192.7
Retirement and Income Solutions | Investment only
Deferred Acquisition Costs
Deferred acquisition costs	11.5	14.9	18.1	12.6
Benefits and Protection
Deferred Acquisition Costs
Deferred acquisition costs	3,007.6	3,009.2		2,857.9
Deferred Policy Acquisition Costs Excluding Short Duration Contracts	2,976.5	2,974.5
Benefits and Protection | Life Insurance | Universal life
Deferred Acquisition Costs
Deferred acquisition costs	1,545.3	1,569.7	1,596.2	1,608.3
Deferred Policy Acquisition Costs Excluding Short Duration Contracts	1,545.3	1,569.7
Benefits and Protection | Life Insurance | Term life
Deferred Acquisition Costs
Deferred acquisition costs	678.8	685.7	678.9	607.9
Deferred Policy Acquisition Costs Excluding Short Duration Contracts	678.8	685.7
Benefits and Protection | Life Insurance | Participating life
Deferred Acquisition Costs
Deferred acquisition costs	84.7	93	102.3	111.9
Deferred Policy Acquisition Costs Excluding Short Duration Contracts	84.7	93
Benefits and Protection | Specialty Benefits | Individual disability
Deferred Acquisition Costs
Deferred acquisition costs	$ 667.7	$ 626.1	$ 580.7	$ 529.8

Deferred Acquisition Costs an_5

Deferred Acquisition Costs and Other Actuarial Balances - Retirement and Income Solutions - Balances and changes in DAC (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	$ 3,939.2		$ 3,822.3
Amortized to expense	(388.7)	$ (385.7)	(372.2)
Ending balance, Deferred acquisition costs	3,926.5	3,939.2
Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	930		964.4
Amortized to expense	(95.9)	(101)	(107)
Ending balance, Deferred acquisition costs	918.9	930
Workplace savings and retirement solutions | Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	498	489	477.2
Costs deferred	48.1	48.3	50.1
Amortized to expense	(39.7)	(39.3)	(38.3)
Ending balance, Deferred acquisition costs	506.4	498	489
Individual variable annuities | Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	278	281.2	281.9
Costs deferred	27.4	22.5	26.4
Amortized to expense	(25.9)	(25.7)	(27.1)
Ending balance, Deferred acquisition costs	279.5	278	281.2
Pension risk transfer | Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	8.1	2.7
Costs deferred	7.9	5.6	2.7
Amortized to expense	(0.6)	(0.2)
Ending balance, Deferred acquisition costs	15.4	8.1	2.7
Individual fixed deferred annuities | Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	131	162.2	192.7
Costs deferred			7.6
Amortized to expense	(24.9)	(31.2)	(38.1)
Ending balance, Deferred acquisition costs	106.1	131	162.2
Investment only | Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	14.9	18.1	12.6
Costs deferred	1.3	1.4	9.1
Amortized to expense	(4.7)	(4.6)	(3.6)
Ending balance, Deferred acquisition costs	$ 11.5	$ 14.9	$ 18.1

Deferred Acquisition Costs an_6

Deferred Acquisition Costs and Other Actuarial Balances - Benefits and Protection - Balances and changes in DAC (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	$ 3,939.2		$ 3,822.3
Amortized to expense	(388.7)	$ (385.7)	(372.2)
Ending balance, Deferred acquisition costs	3,926.5	3,939.2
Benefits and Protection
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	3,009.2		2,857.9
Amortized to expense	(292.8)	(284.7)	(265.2)
Ending balance, Deferred acquisition costs	3,007.6	3,009.2
Individual disability | Benefits and Protection | Specialty Benefits
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	626.1	580.7	529.8
Costs deferred	86.7	87.6	89.8
Amortized to expense	(45.1)	(42.2)	(38.9)
Ending balance, Deferred acquisition costs	667.7	626.1	580.7
Universal life | Benefits and Protection | Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	1,569.7	1,596.2	1,608.3
Costs deferred	70.7	70.6	84.3
Amortized to expense	(95.1)	(97.1)	(96.4)
Ending balance, Deferred acquisition costs	1,545.3	1,569.7	1,596.2
Term life | Benefits and Protection | Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	685.7	678.9	607.9
Costs deferred	55	66.7	126.5
Amortized to expense	(61.9)	(59.9)	(55.5)
Ending balance, Deferred acquisition costs	678.8	685.7	678.9
Participating life | Benefits and Protection | Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	93	102.3	111.9
Costs deferred	1.4	1.4	1.9
Amortized to expense	(9.7)	(10.7)	(11.5)
Ending balance, Deferred acquisition costs	$ 84.7	$ 93	$ 102.3

Deferred Acquisition Costs an_7

Deferred Acquisition Costs and Other Actuarial Balances - Unearned Revenue Liability (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Actuarial Balances
Total unearned revenue liability	$ 485.5	$ 459
Benefits and Protection | Life Insurance
Other Actuarial Balances
Total unearned revenue liability				$ 384.4
Universal life | Benefits and Protection | Life Insurance
Other Actuarial Balances
Total unearned revenue liability	$ 485.5	$ 459	$ 425.3	$ 384.4

Deferred Acquisition Costs an_8

Deferred Acquisition Costs and Other Actuarial Balances - Unearned Revenue Liability Balances and Changes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability	$ 459
Ending balance, Unearned Revenue Liability	485.5	$ 459
Benefits and Protection | Life Insurance
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability			$ 384.4
Universal life | Benefits and Protection | Life Insurance
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability	459	425.3	384.4
Deferrals	56.3	61.8	66.1
Revenue recognized	(29.8)	(28.1)	(25.2)
Ending balance, Unearned Revenue Liability	485.5	459	$ 425.3
Reinsurance impact	(225.1)	(227.9)
Balance at end of period after reinsurance	$ 260.4	$ 231.1

Separate Account Balances (Deta

Separate Account Balances (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Separate Account Balances
Separate account that primarily includes shares of Principal Financial Group, Inc. stock that were allocated and issued to eligible participants of qualified employee benefit plans as part of the 2001 demutualization	$ 88.2	$ 101.4

Separate Account Balances - Sep

Separate Account Balances - Separate Account Asset (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Separate Account Assets
Total separate account assets per consolidated statements of financial position	$ 131,641.7	$ 120,279.6
Fixed maturities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	19,338.3	18,582.3
Fixed maturities | U.S. government and agencies
Separate Account Assets
Total separate account assets per consolidated statements of financial position	6,948.6	7,065
Fixed maturities | Non-U.S. governments
Separate Account Assets
Total separate account assets per consolidated statements of financial position	1,258.6	1,338.4
Fixed maturities | States and political subdivisions
Separate Account Assets
Total separate account assets per consolidated statements of financial position	205.1	211.7
Fixed maturities | Corporate debt securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	6,102.9	5,689.8
Fixed maturities | Residential mortgage-backed pass-through securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	4,096.2	3,853.2
Fixed maturities | Commercial mortgage-backed securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	221.1	206.2
Fixed maturities | Other debt obligations
Separate Account Assets
Total separate account assets per consolidated statements of financial position	505.8	218
Equity securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	98,884.9	87,052.5
Real estate
Separate Account Assets
Total separate account assets per consolidated statements of financial position	494.6	610.6
Other investments
Separate Account Assets
Total separate account assets per consolidated statements of financial position	8,997.9	9,761.9
Cash and cash equivalents
Separate Account Assets
Total separate account assets per consolidated statements of financial position	3,162.3	3,233.1
Other assets
Separate Account Assets
Total separate account assets per consolidated statements of financial position	$ 763.7	$ 1,039.2

Separate Account Balances - S_2

Separate Account Balances - Separate Account Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Separate Account Balances
Separate account liabilities	$ 131,641.7	$ 120,279.6
Retirement and Income Solutions
Separate Account Balances
Separate account liabilities	126,650.4	115,899.1
Retirement and Income Solutions | Group retirement contracts
Separate Account Balances
Separate account liabilities	117,518.5	107,240.1	$ 131,188.6
Retirement and Income Solutions | Individual variable annuities
Separate Account Balances
Separate account liabilities	9,131.9	8,659	11,000
Benefits and Protection | Life Insurance | Universal life
Separate Account Balances
Separate account liabilities	$ 4,991.3	$ 4,380.5	$ 5,340.4

Separate Account Balances - Ret

Separate Account Balances - Retirement and Income Solutions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in separate account liabilities
Balance at beginning of period	$ 120,279.6
Balance at end of period	131,641.7	$ 120,279.6
Retirement and Income Solutions
Changes in separate account liabilities
Balance at beginning of period	115,899.1
Balance at end of period	126,650.4	115,899.1
Retirement and Income Solutions | Group retirement contracts
Changes in separate account liabilities
Balance at beginning of period	107,240.1	131,188.6
Premiums and deposits	11,379	14,859.3
Policy charges	(366)	(383.7)
Surrenders, withdrawals and benefit payments	(13,916.8)	(14,479.4)
Investment performance	15,820.7	(20,641.3)
Net transfers (to) from general account	(2,461.1)	(2,571.7)
Other	(177.4)	(731.7)
Balance at end of period	117,518.5	107,240.1
Cash surrender value	116,522.1	106,125.7
Retirement and Income Solutions | Individual variable annuities
Changes in separate account liabilities
Balance at beginning of period	8,659	11,000
Premiums and deposits	328.5	354.1
Policy charges	(204.5)	(211.1)
Surrenders, withdrawals and benefit payments	(1,018.2)	(790.1)
Investment performance	1,315.1	(1,723.3)
Net transfers (to) from general account	30.4	29.4
Other	21.6
Balance at end of period	9,131.9	8,659
Cash surrender value	$ 9,011.5	$ 8,538.7

Separate Account Balances - Ben

Separate Account Balances - Benefits and Protection (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in separate account liabilities
Balance at beginning of period	$ 120,279.6
Balance at end of period	131,641.7	$ 120,279.6
Benefits and Protection | Life Insurance | Universal life
Changes in separate account liabilities
Balance at beginning of period	4,380.5	5,340.4
Premiums and deposits	232.8	276.3
Policy charges	(100)	(97.5)
Surrenders, withdrawals and benefit payments	(302.4)	(181.6)
Investment performance	773.6	(952.1)
Net transfers (to) from general account	6.8	(5)
Balance at end of period	4,991.3	4,380.5
Cash surrender value	$ 5,062.4	$ 4,452.9

Contractholder Funds (Details)

Contractholder Funds (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	$ 25,684.4	$ 26,712.3
Investment contracts without significant fee revenue	15,624.3	15,585.2
Embedded derivatives	115.5	46.4
Other balances	(61.3)	(26.6)
Total contract holder funds per consolidated statements of financial position	41,362.9	42,317.3
Retirement and Income Solutions
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	18,774	19,764.4
Retirement and Income Solutions | Workplace savings and retirement solutions
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	12,721.5	12,154.7	$ 10,996.2
Retirement and Income Solutions | Individual variable annuities
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	514.2	381.4	380.9
Retirement and Income Solutions | Individual fixed deferred annuities
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	5,538.3	7,228.3	9,646.3
Benefits and Protection | Life Insurance | Universal life
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	$ 6,910.4	$ 6,947.9	$ 6,962.5

Contractholder Funds - GICs and

Contractholder Funds - GICs and Funding Agreements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) item	Nov. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 28, 2021 USD ($)	Nov. 30, 2017 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2001 USD ($)	Dec. 31, 1998 USD ($)
Funding agreement disclosures
Number of separate funding agreement programs | item	5
FHLB Des Moines funding agreement program
Funding agreement disclosures
Funding agreements	$ 3,981.8		$ 4,275.5
1998 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued									$ 4,000
Funding agreements	75.9		75.6
2001 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued								$ 7,000
Funding agreements	201.9		201.9
2011 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued							$ 5,000
Funding agreements	$ 8,072.6		$ 7,765.7
Additional maximum authorized amount of funding agreements to be issued		$ 4,000		$ 4,000	$ 4,000	$ 4,000

Contractholder Funds - Changes

Contractholder Funds - Changes in Policyholder Account Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in policyholder account balances
Policyholder account balance, beginning of period	$ 26,712.3
Policyholder account balance, end of period	25,684.4	$ 26,712.3
Retirement and Income Solutions
Changes in policyholder account balances
Policyholder account balance, beginning of period	19,764.4
Policyholder account balance, end of period	18,774	19,764.4
Retirement and Income Solutions | Workplace savings and retirement solutions
Changes in policyholder account balances
Policyholder account balance, beginning of period	12,154.7	10,996.2
Premiums and deposits	4,441.7	3,719.5
Policy charges	(31.6)	(28.5)
Surrenders, withdrawals and benefit payments	(4,356.6)	(2,866.7)
Net transfers from (to) separate account	264.8	164.6
Interest credited	280.2	194.3
Other	(31.7)	(24.7)
Policyholder account balance, end of period	$ 12,721.5	$ 12,154.7
Weighted-average crediting rate	2.54%	1.94%
Cash surrender value	$ 11,211.9	$ 10,341.7
Retirement and Income Solutions | Individual variable annuities
Changes in policyholder account balances
Policyholder account balance, beginning of period	381.4	380.9
Premiums and deposits	586.7	426.5
Surrenders, withdrawals and benefit payments	(1,123)	(843.2)
Net transfers from (to) separate account	659.3	406.6
Interest credited	9.8	10.6
Policyholder account balance, end of period	$ 514.2	$ 381.4
Weighted-average crediting rate	3.22%	2.79%
Cash surrender value	$ 512.6	$ 378.6
Retirement and Income Solutions | Individual fixed deferred annuities
Changes in policyholder account balances
Policyholder account balance, beginning of period	7,228.3	9,646.3
Premiums and deposits	36.8	35.9
Surrenders, withdrawals and benefit payments	(1,888.4)	(2,655.6)
Interest credited	161.6	201.7
Policyholder account balance, end of period	$ 5,538.3	$ 7,228.3
Weighted-average crediting rate	2.84%	2.63%
Cash surrender value	$ 5,434.4	$ 7,081.4
Benefits and Protection | Life Insurance | Universal life
Changes in policyholder account balances
Policyholder account balance, beginning of period	6,947.9	6,962.5
Premiums and deposits	1,260.5	1,267.2
Policy charges	(858.1)	(837.8)
Surrenders, withdrawals and benefit payments	(483.6)	(390)
Net transfers from (to) separate account	(197.7)	(301.5)
Interest credited	242.1	247.5
Other	(0.7)
Policyholder account balance, end of period	6,910.4	6,947.9
Reinsurance impact	(3,396.8)	(3,528.9)
Policyholder account balance at end of period after reinsurance	$ 3,513.6	$ 3,419
Weighted-average crediting rate	4.01%	3.35%
Net amount at risk	$ 86,671	$ 86,547.9
Cash surrender value	$ 5,953	$ 5,911.5

Contractholder Funds - Guarante

Contractholder Funds - Guaranteed Minimum Interest Rate (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Excess of crediting rates over GMIR
Total policyholder account value	$ 25,684.4	$ 26,712.3
Retirement and Income Solutions
Excess of crediting rates over GMIR
Total policyholder account value	18,774	19,764.4
Workplace savings and retirement solutions | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	10,733	10,058.7
Policyholder account value without GMIR	1,988.5	2,096
Total policyholder account value	12,721.5	12,154.7	$ 10,996.2
Workplace savings and retirement solutions | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,423.9	1,890.3
Workplace savings and retirement solutions | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	7,166.5	8,126.5
Workplace savings and retirement solutions | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,118.3	15.3
Workplace savings and retirement solutions | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	7.4	7.8
Workplace savings and retirement solutions | 4.01% and above | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	16.9	18.8
Workplace savings and retirement solutions | At GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	5,516.4	45.6
Workplace savings and retirement solutions | At GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR		3.9
Workplace savings and retirement solutions | At GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	5,135
Workplace savings and retirement solutions | At GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	357.1	15.1
Workplace savings and retirement solutions | At GMIR | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	7.4	7.8
Workplace savings and retirement solutions | At GMIR | 4.01% and above | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	16.9	18.8
Workplace savings and retirement solutions | Up to 0.50% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	7.2	574.8
Workplace savings and retirement solutions | Up to 0.50% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3.3	24.8
Workplace savings and retirement solutions | Up to 0.50% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3.8	549.9
Workplace savings and retirement solutions | Up to 0.50% above GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	0.1	0.1
Workplace savings and retirement solutions | 0.51% to 1.00% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,255.7	7,279.1
Workplace savings and retirement solutions | 0.51% to 1.00% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	101.8	1,188.9
Workplace savings and retirement solutions | 0.51% to 1.00% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,153.1	6,090.2
Workplace savings and retirement solutions | 0.51% to 1.00% above GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	0.8
Workplace savings and retirement solutions | 1.01% to 2.00% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,065.1	1,784.9
Workplace savings and retirement solutions | 1.01% to 2.00% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,006	307.8
Workplace savings and retirement solutions | 1.01% to 2.00% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR		1,477
Workplace savings and retirement solutions | 1.01% to 2.00% above GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	59.1	0.1
Workplace savings and retirement solutions | 2.01% or more above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,888.6	374.3
Workplace savings and retirement solutions | 2.01% or more above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	312.8	364.9
Workplace savings and retirement solutions | 2.01% or more above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	874.6	$ 9.4
Workplace savings and retirement solutions | 2.01% or more above GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 1,701.2
Workplace savings and retirement solutions | Minimum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Workplace savings and retirement solutions | Minimum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Workplace savings and retirement solutions | Minimum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Workplace savings and retirement solutions | Minimum | 4.01% and above | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Workplace savings and retirement solutions | Maximum | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1%	1%
Workplace savings and retirement solutions | Maximum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2%	2%
Workplace savings and retirement solutions | Maximum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3%	3%
Workplace savings and retirement solutions | Maximum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4%	4%
Individual variable annuities | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 300.7	$ 368.4
Policyholder account value without GMIR	213.5	13
Total policyholder account value	514.2	381.4	380.9
Individual variable annuities | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	22.6	33
Individual variable annuities | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	4.6	3.6
Individual variable annuities | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	273.5	331.8
Individual variable annuities | At GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	300.7	368.4
Individual variable annuities | At GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	22.6	33
Individual variable annuities | At GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	4.6	3.6
Individual variable annuities | At GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 273.5	$ 331.8
Individual variable annuities | Minimum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Individual variable annuities | Minimum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Individual variable annuities | Minimum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Individual variable annuities | Minimum | 4.01% and above | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Individual variable annuities | Maximum | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1%	1%
Individual variable annuities | Maximum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2%	2%
Individual variable annuities | Maximum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3%	3%
Individual variable annuities | Maximum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4%	4%
Individual fixed deferred annuities | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 5,300.1	$ 6,915.5
Policyholder account value without GMIR	238.2	312.8
Total policyholder account value	5,538.3	7,228.3	9,646.3
Individual fixed deferred annuities | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,991.6	2,696.5
Individual fixed deferred annuities | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	253.9	432.2
Individual fixed deferred annuities | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,897.7	3,617.1
Individual fixed deferred annuities | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	156.9	169.7
Individual fixed deferred annuities | At GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3,460.9	4,353
Individual fixed deferred annuities | At GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	305.5	426.4
Individual fixed deferred annuities | At GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	100.8	139.8
Individual fixed deferred annuities | At GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,897.7	3,617.1
Individual fixed deferred annuities | At GMIR | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	156.9	169.7
Individual fixed deferred annuities | Up to 0.50% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	116.3	163.1
Individual fixed deferred annuities | Up to 0.50% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	115.4	161.7
Individual fixed deferred annuities | Up to 0.50% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	0.9	1.4
Individual fixed deferred annuities | 0.51% to 1.00% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	148.1	276.1
Individual fixed deferred annuities | 0.51% to 1.00% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	121.8	236.2
Individual fixed deferred annuities | 0.51% to 1.00% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	26.3	39.9
Individual fixed deferred annuities | 1.01% to 2.00% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	572.9	1,129.7
Individual fixed deferred annuities | 1.01% to 2.00% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	449.4	879.2
Individual fixed deferred annuities | 1.01% to 2.00% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	123.5	250.5
Individual fixed deferred annuities | 2.01% or more above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,001.9	993.6
Individual fixed deferred annuities | 2.01% or more above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	999.5	993
Individual fixed deferred annuities | 2.01% or more above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 2.4	$ 0.6
Individual fixed deferred annuities | Minimum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Individual fixed deferred annuities | Minimum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Individual fixed deferred annuities | Minimum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Individual fixed deferred annuities | Minimum | 4.01% and above | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Individual fixed deferred annuities | Maximum | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1%	1%
Individual fixed deferred annuities | Maximum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2%	2%
Individual fixed deferred annuities | Maximum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3%	3%
Individual fixed deferred annuities | Maximum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4%	4%
Universal life | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 6,067.7	$ 6,214.1
Policyholder account value without GMIR	842.7	733.8
Total policyholder account value	6,910.4	6,947.9	$ 6,962.5
Universal life | Up to 1.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	19.5	19.2
Universal life | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,613.2	1,573.2
Universal life | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,596.8	2,780.9
Universal life | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,784	1,785.1
Universal life | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	54.2	55.7
Universal life | At GMIR | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,721.3	2,921.1
Universal life | At GMIR | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	294.1	315.7
Universal life | At GMIR | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	729.7	865.9
Universal life | At GMIR | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,657	1,698.9
Universal life | At GMIR | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	40.5	40.6
Universal life | Up to 0.50% above GMIR | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	730.9	1,005.5
Universal life | Up to 0.50% above GMIR | Up to 1.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR		8.4
Universal life | Up to 0.50% above GMIR | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	677.2	951.2
Universal life | Up to 0.50% above GMIR | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	49.8	35.8
Universal life | Up to 0.50% above GMIR | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3.9	10.1
Universal life | 0.51% to 1.00% above GMIR | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,316.4	1,345.9
Universal life | 0.51% to 1.00% above GMIR | Up to 1.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	16.1	10.1
Universal life | 0.51% to 1.00% above GMIR | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	418.1	407
Universal life | 0.51% to 1.00% above GMIR | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	836.3	903.5
Universal life | 0.51% to 1.00% above GMIR | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	37.6	21.9
Universal life | 0.51% to 1.00% above GMIR | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	8.3	3.4
Universal life | 1.01% to 2.00% above GMIR | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	875.1	782.3
Universal life | 1.01% to 2.00% above GMIR | Up to 1.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1
Universal life | 1.01% to 2.00% above GMIR | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	485.6	695.5
Universal life | 1.01% to 2.00% above GMIR | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	350.6	59.9
Universal life | 1.01% to 2.00% above GMIR | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	36.4	25.3
Universal life | 1.01% to 2.00% above GMIR | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1.5	1.6
Universal life | 2.01% or more above GMIR | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	424	159.3
Universal life | 2.01% or more above GMIR | Up to 1.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2.4	0.7
Universal life | 2.01% or more above GMIR | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	415.4	155
Universal life | 2.01% or more above GMIR | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3	0.4
Universal life | 2.01% or more above GMIR | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 3.2	$ 3.2
Universal life | Minimum | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Universal life | Minimum | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Universal life | Minimum | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Universal life | Minimum | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Universal life | Maximum | Up to 1.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	1%	1%
Universal life | Maximum | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	2%	2%
Universal life | Maximum | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	3%	3%
Universal life | Maximum | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	4%	4%

Future Policy Benefits and Cl_3

Future Policy Benefits and Claims - Disaggregated Amounts Included in Future Policy Benefits and Claims (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Future Policy Benefits and Claims
Liability for future policy benefits	$ 31,920.9	$ 29,022.1		$ 36,928.3
Additional liability for certain benefit features	5,326.5	4,095.2
Participating contracts	3,060.5	3,207.2
Short-duration contracts	1,283.4	1,295.6
Cost of reinsurance liability	673.3	479.8
Reinsurance recoverable liability	45.2	39.4
Other	178.2	140.1
Future policy benefits and claims per consolidated statements of financial position	42,488	38,279.4
Retirement and Income Solutions
Future Policy Benefits and Claims
Liability for future policy benefits	28,769.9	26,230.8		33,009.5
Future policy benefits and claims per consolidated statements of financial position	29,161.9	26,651.8
Retirement and Income Solutions | Pension risk transfer
Future Policy Benefits and Claims
Liability for future policy benefits	23,855.8	21,211.4		25,863.7
Retirement and Income Solutions | Individual fixed income annuities
Future Policy Benefits and Claims
Liability for future policy benefits	4,914.1	5,019.4		7,145.8
Benefits and Protection
Future Policy Benefits and Claims
Liability for future policy benefits	2,984.3	2,607.8		3,661.2
Future policy benefits and claims per consolidated statements of financial position	13,137	11,411.6
Benefits and Protection | Specialty Benefits | Individual disability
Future Policy Benefits and Claims
Liability for future policy benefits	1,898.4	1,698.8	$ 2,498.4	2,500.9
Benefits and Protection | Life Insurance | Term life
Future Policy Benefits and Claims
Liability for future policy benefits	1,085.9	909	1,117.6	1,160.3
Benefits and Protection | Life Insurance | Universal life
Future Policy Benefits and Claims
Additional liability for certain benefit features	5,326.5	4,095.2	3,814.2
Corporate
Future Policy Benefits and Claims
Future policy benefits and claims per consolidated statements of financial position	189.1	216
Corporate | Long-term care insurance
Future Policy Benefits and Claims
Liability for future policy benefits	$ 166.7	$ 183.5	$ 234.7	$ 257.6

Future Policy Benefits and Cl_4

Future Policy Benefits and Claims - Liability for Unpaid Claims (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in unpaid claims
Balance at beginning of period, unpaid claims	$ 1,395	$ 1,370.9	$ 1,686
Balance at beginning of period, reinsurance recoverables for unpaid claims	68.6	68.7	436.9
Net balance at beginning of period, unpaid claims	1,326.4	1,302.2	1,249.1
Incurred:
Incurred: Current year	1,650.4	1,581.8	1,505.1
Incurred: Prior years	(95.4)	(44.4)	(35.4)
Total incurred	1,555	1,537.4	1,469.7
Payments:
Payments: Current year	1,189.2	1,138	1,067.8
Payments: Prior years	354.1	375.2	348.8
Total payments	1,543.3	1,513.2	1,416.6
Net balance at end of period, unpaid claims	1,338.1	1,326.4	1,302.2
Balance at end of period, reinsurance recoverables for unpaid claims	67.8	68.6	68.7
Balance at end of period, unpaid claims	$ 1,405.9	$ 1,395	$ 1,370.9

Future Policy Benefits and Cl_5

Future Policy Benefits and Claims - Claims Development Tables (Details) $ in Thousands	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Claims Development
Total outstanding liabilities for unpaid claims net of reinsurance	$ 1,401,500
Long-Term Disability/Group Life Waiver
Claims Development
Net incurred claims	2,300,700
Net cumulative paid claims	1,314,600
Liability for unpaid claims net, not separately presented	251,800
Total outstanding liabilities for unpaid claims net of reinsurance	1,237,900
Long-Term Disability/Group Life Waiver | Incurral year 2014
Claims Development
Net incurred claims	200,700	$ 199,800	$ 199,300	$ 202,000	$ 201,900	$ 206,200	$ 218,100	$ 214,400	$ 231,400	$ 242,200
Incurred but not reported claims	$ 100
Cumulative number of reported claims | claim	7,610
Net cumulative paid claims	$ 158,500	153,300	147,200	140,800	132,400	122,300	111,800	96,300	66,000	$ 16,100
Long-Term Disability/Group Life Waiver | Incurral year 2015
Claims Development
Net incurred claims	208,300	210,500	211,800	210,000	208,200	215,300	217,200	227,200	231,000
Incurred but not reported claims	$ 100
Cumulative number of reported claims | claim	7,184
Net cumulative paid claims	$ 160,300	154,000	146,500	137,100	126,800	114,600	98,000	67,000	$ 16,900
Long-Term Disability/Group Life Waiver | Incurral year 2016
Claims Development
Net incurred claims	219,000	221,900	218,700	214,400	219,500	219,400	228,400	229,800
Incurred but not reported claims	$ 100
Cumulative number of reported claims | claim	6,171
Net cumulative paid claims	$ 165,300	157,100	147,200	136,800	124,900	105,600	70,600	$ 16,200
Long-Term Disability/Group Life Waiver | Incurral year 2017
Claims Development
Net incurred claims	248,900	246,500	245,200	245,800	243,100	239,700	238,400
Incurred but not reported claims	$ 100
Cumulative number of reported claims | claim	6,091
Net cumulative paid claims	$ 176,800	165,400	151,700	135,900	115,000	76,500	$ 17,800
Long-Term Disability/Group Life Waiver | Incurral year 2018
Claims Development
Net incurred claims	238,000	235,300	239,800	239,200	245,100	239,400
Incurred but not reported claims	$ 100
Cumulative number of reported claims | claim	5,782
Net cumulative paid claims	$ 163,300	150,300	135,700	115,700	79,900	$ 20,100
Long-Term Disability/Group Life Waiver | Incurral year 2019
Claims Development
Net incurred claims	238,600	240,200	240,400	248,400	255,200
Incurred but not reported claims	$ 100
Cumulative number of reported claims | claim	5,961
Net cumulative paid claims	$ 150,600	136,400	117,500	79,700	$ 19,200
Long-Term Disability/Group Life Waiver | Incurral year 2020
Claims Development
Net incurred claims	217,700	221,100	231,000	252,100
Incurred but not reported claims	$ 5,800
Cumulative number of reported claims | claim	5,939
Net cumulative paid claims	$ 130,000	113,100	78,800	$ 20,600
Long-Term Disability/Group Life Waiver | Incurral year 2021
Claims Development
Net incurred claims	221,600	244,500	259,700
Incurred but not reported claims	$ 8,500
Cumulative number of reported claims | claim	5,571
Net cumulative paid claims	$ 113,200	79,000	$ 19,800
Long-Term Disability/Group Life Waiver | Incurral year 2022
Claims Development
Net incurred claims	240,500	274,300
Incurred but not reported claims	$ 4,100
Cumulative number of reported claims | claim	5,572
Net cumulative paid claims	$ 76,600	19,600
Long-Term Disability/Group Life Waiver | Incurral year 2023
Claims Development
Net incurred claims	267,400
Incurred but not reported claims	$ 111,800
Cumulative number of reported claims | claim	3,353
Net cumulative paid claims	$ 20,000
Dental/Vision/Short Term Disability/Critical Illness/Accident/Hospital Indemnity/PFML Claims
Claims Development
Net incurred claims	1,942,900
Net cumulative paid claims	1,863,800
Total outstanding liabilities for unpaid claims net of reinsurance	79,100
Dental/Vision/Short Term Disability/Critical Illness/Accident/Hospital Indemnity/PFML Claims | Incurral year 2022
Claims Development
Net incurred claims	$ 910,600	924,400
Cumulative number of reported claims | claim	4,317,802
Net cumulative paid claims	$ 909,800	845,500
Dental/Vision/Short Term Disability/Critical Illness/Accident/Hospital Indemnity/PFML Claims | Incurral year 2023
Claims Development
Net incurred claims	1,032,300
Incurred but not reported claims	$ 57,100
Cumulative number of reported claims | claim	4,566,920
Net cumulative paid claims	$ 954,000
Group Life
Claims Development
Net incurred claims	569,000
Net cumulative paid claims	492,600
Liability for unpaid claims net, not separately presented	8,100
Total outstanding liabilities for unpaid claims net of reinsurance	84,500
Group Life | Incurral year 2022
Claims Development
Net incurred claims	284,200	279,300
Incurred but not reported claims	$ 1,100
Cumulative number of reported claims | claim	6,168
Net cumulative paid claims	$ 277,500	$ 218,300
Group Life | Incurral year 2023
Claims Development
Net incurred claims	284,800
Incurred but not reported claims	$ 33,300
Cumulative number of reported claims | claim	5,064
Net cumulative paid claims	$ 215,100

Future Policy Benefits and Cl_6

Future Policy Benefits and Claims - Reconciliation of Unpaid Claims to Liability for Unpaid Claims Table (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	$ 1,401.5
Reconciling items
Reinsurance recoverable on unpaid claims	39.3
Impact of discounting	(215)
Loss adjustment expense liability	37.6
Liability for unpaid claims - short duration contracts	1,263.4
Insurance contracts other than short duration	142.5
Liability for unpaid claims	1,405.9	$ 1,395	$ 1,370.9	$ 1,686
Long-Term Disability/Group Life Waiver
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	1,237.9
Reconciling items
Reinsurance recoverable on unpaid claims	39.2
Impact of discounting	(215)	(209.4)
Loss adjustment expense liability	20.5
Liability for unpaid claims - short duration contracts	1,082.6	1,076.2
Dental/Vision/Short-Term Disability/Critical Illness/Accident/Hospital Indemnity/PFML [Member]
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	79.1
Reconciling items
Loss adjustment expense liability	4.6
Liability for unpaid claims - short duration contracts	83.7	79.7
Group Life
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	84.5
Reconciling items
Reinsurance recoverable on unpaid claims	0.1
Loss adjustment expense liability	12.5
Liability for unpaid claims - short duration contracts	$ 97.1	$ 73.6

Future Policy Benefits and Cl_7

Future Policy Benefits and Claims - Claim Duration and Payout Table (Details)	Dec. 31, 2023
Long-Term Disability/Group Life Waiver
Future Policy Benefits and Claims
Year 1	8.10%
Year 2	25%
Year 3	15.40%
Year 4	8.20%
Year 5	5.80%
Year 6	5.20%
Year 7	4.50%
Year 8	3.50%
Year 9	3%
Year 10	2.60%
Dental/Vision/Short-Term Disability/Critical Illness/Accident/Hospital Indemnity/PFML [Member]
Future Policy Benefits and Claims
Year 1	92.10%
Year 2	7.90%
Group Life
Future Policy Benefits and Claims
Year 1	78.90%
Year 2	18.80%

Future Policy Benefits and Cl_8

Future Policy Benefits and Claims - Discounting Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims	$ 1,263.4
Aggregate amount of discount	215
Long-Term Disability/Group Life Waiver
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims	1,082.6	$ 1,076.2
Aggregate amount of discount	215	209.4
Interest accretion	$ 34.7	$ 33	$ 33.8
Short-Duration Insurance Contract, Discounted Liability, Interest Accretion, Statement of Financial Position [Extensible Enumeration]	Policyholder Benefits and Claims Incurred, Net	Policyholder Benefits and Claims Incurred, Net	Policyholder Benefits and Claims Incurred, Net
Long-Term Disability/Group Life Waiver | Minimum
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Discount rate	2.80%	2.80%
Long-Term Disability/Group Life Waiver | Maximum
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Discount rate	7%	7%
Dental/Vision/Short-Term Disability/Critical Illness/Accident/Hospital Indemnity/PFML [Member]
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims	$ 83.7	$ 79.7
Group Life
Short-duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims	$ 97.1	$ 73.6

Future Policy Benefits and Cl_9

Future Policy Benefits and Claims - Gross Premiums or Assessments and Interest Accretion (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Future Policy Benefits and Claims
Gross premiums or assessments	$ 4,909	$ 3,785.5	$ 3,703.3
Interest accretion	1,589.2	1,480.5	1,453.8
Retirement and Income Solutions
Future Policy Benefits and Claims
Gross premiums or assessments	2,948.4	1,971.1	1,883.6
Interest accretion	1,227.7	1,165.4	1,157.2
Retirement and Income Solutions | Pension risk transfer
Future Policy Benefits and Claims
Gross premiums or assessments	2,905.9	1,941	1,800.1
Interest accretion	1,008.6	935.7	916.7
Retirement and Income Solutions | Individual fixed income annuities
Future Policy Benefits and Claims
Gross premiums or assessments	42.5	30.1	83.5
Interest accretion	219.1	229.7	240.5
Benefits and Protection
Future Policy Benefits and Claims
Gross premiums or assessments	1,955.5	1,809.2	1,814.5
Interest accretion	351.9	305.3	287.1
Benefits and Protection | Specialty Benefits | Individual disability
Future Policy Benefits and Claims
Gross premiums or assessments	624.6	601	574.1
Interest accretion	94.5	90.2	85.6
Benefits and Protection | Life Insurance | Universal life
Future Policy Benefits and Claims
Gross premiums or assessments	681.8	577.7	621
Interest accretion	209.2	171.2	158.3
Benefits and Protection | Life Insurance | Term life
Future Policy Benefits and Claims
Gross premiums or assessments	649.1	630.5	619.4
Interest accretion	48.2	43.9	43.2
Corporate | Long-term care insurance
Future Policy Benefits and Claims
Gross premiums or assessments	5.1	5.2	5.2
Interest accretion	$ 9.6	$ 9.8	$ 9.5

Future Policy Benefits and C_10

Future Policy Benefits and Claims - Corporate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Present value of expected future policy benefit payments
Future policy benefits	$ 31,920.9	$ 29,022.1		$ 36,928.3
Corporate | Long-term care insurance
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums	64.6	62.8
Effect of changes in discount rate assumptions at beginning of period	(3.6)	(14)	$ 17.6
Balance at beginning of period at original discount rate	61	48.8	49.1
Effect of changes in cash flow assumptions	(13.3)	10		2.8
Effect of actual variances from expected experience	(5.7)	4.1		(0.8)
Adjusted beginning of period balance at original discount rate	42	62.9		51.1
Interest accrual	2.9	3.3	2.9
Net premiums collected	(5.1)	(5.2)	(5.2)
Balance at end of period at original discount rate	39.8	61	48.8
Effect of changes in discount rate assumptions at end of period	3	3.6	14
Balance at end of period, Present value of expected net premiums	42.8	64.6	62.8
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	248.1	297.5	324.3
Effect of changes in discount rate assumptions at beginning of period	(18.9)	(89.5)	(111.1)
Balance at beginning of period at original discount rate	229.2	208	213.2
Effect of changes in cash flow assumptions	(40.5)	17.2		0.5
Effect of actual variances from expected experience	2.5	3.7		(4.6)
Adjusted beginning of period balance at original discount rate	191.2	228.9		209.1
Interest accrual	12.5	13.1	12.4
Benefit payments	(14.2)	(12.8)	(13.5)
Balance at end of period at original discount rate	189.5	229.2	208
Effect of changes in discount rate assumptions at end of period	20	18.9	89.5
Balance at end of period, Present value of expected future policy benefit payments	209.5	248.1	297.5
Future policy benefits	166.7	183.5	234.7	$ 257.6
Reinsurance Impact	$ (166.7)	$ (183.5)	$ (234.7)
Weighted-average duration for future policy benefits (in years)	10 years 4 months 24 days	11 years 9 months 18 days
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions	$ 1.7	$ (60.2)

Future Policy Benefits and C_11

Future Policy Benefits and Claims - Expected Future Gross Premiums and Benefit Payments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Retirement and Income Solutions | Pension risk transfer
Future Policy Benefits and Claims
Expected discounted future gross premiums	$ 36,325.5	$ 33,691.4
Retirement and Income Solutions | Individual fixed income annuities
Future Policy Benefits and Claims
Expected undiscounted future gross premiums	7,292	7,716.6
Benefits and Protection | Specialty Benefits | Individual disability
Future Policy Benefits and Claims
Expected discounted future gross premiums	5,456.4	5,140.9
Expected undiscounted future gross premiums	8,264.8	7,978.7
Expected undiscounted future benefit payments	8,981.2	8,473.9
Benefits and Protection | Life Insurance | Term life
Future Policy Benefits and Claims
Expected discounted future gross premiums	6,385.1	6,104.6
Expected undiscounted future gross premiums	10,287.2	10,146.3
Expected undiscounted future benefit payments	7,832.3	7,202.5
Corporate | Long-term care insurance
Future Policy Benefits and Claims
Expected discounted future gross premiums	42.8	64.6
Expected undiscounted future gross premiums	60.3	96.5
Expected undiscounted future benefit payments	$ 371	$ 483.4

Future Policy Benefits and C_12

Future Policy Benefits and Claims - Retirement and Income Solutions (Details) - Retirement and Income Solutions - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension risk transfer
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 21,211.4	$ 25,365.8	$ 25,863.7
Effect of changes in discount rate assumptions at beginning of period	1,799.6	(3,386.5)	(4,827.9)
Balance at beginning of period at original discount rate	23,011	21,979.3	21,035.8
Effect of changes in cash flow assumptions	(53.4)	(7.9)
Effect of actual variances from expected experience	(14.6)	(3.2)		$ (2.4)
Adjusted beginning of period balance at original discount rate	22,943	21,968.2		21,033.4
Interest accrual	1,008.6	935.7	916.7
Benefit payments	(1,981.4)	(1,841.7)	(1,772.5)
Issuances	2,921.7	1,948.8	1,801.7
Balance at end of period at original discount rate	24,891.9	23,011	21,979.3
Effect of changes in discount rate assumptions at end of period	(1,036.1)	(1,799.6)	3,386.5
Balance at end of period, Present value of expected future policy benefit payments	23,855.8	21,211.4	25,365.8
Reinsurance Impact	(3,540.8)
Future policy benefits after reinsurance	$ 20,315	$ 21,211.4
Weighted-average duration for future policy benefits (in years)	8 years 6 months	8 years 6 months
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions	$ 763.5	$ (5,186.1)
Individual fixed income annuities
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	5,019.4	6,535	7,145.8
Effect of changes in discount rate assumptions at beginning of period	439	(812.6)	(1,213.5)
Balance at beginning of period at original discount rate	5,458.4	5,722.4	5,932.3
Effect of changes in cash flow assumptions	(1.3)	(3)
Effect of actual variances from expected experience	(0.1)			(1.3)
Adjusted beginning of period balance at original discount rate	5,457	5,719.4		$ 5,931
Interest accrual	219.1	229.7	240.5
Benefit payments	(507.3)	(520.4)	(532)
Issuances	42	29.7	82.9
Balance at end of period at original discount rate	5,210.8	5,458.4	5,722.4
Effect of changes in discount rate assumptions at end of period	(296.7)	(439)	812.6
Balance at end of period, Present value of expected future policy benefit payments	4,914.1	5,019.4	$ 6,535
Reinsurance Impact	(4,869.1)	(5,002.7)
Future policy benefits after reinsurance	$ 45	$ 16.7
Weighted-average duration for future policy benefits (in years)	7 years 10 months 24 days	7 years 10 months 24 days
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions	$ 142.3	$ (1,251.6)

Future Policy Benefits and C_13

Future Policy Benefits and Claims - Benefits and Protection (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Present value of expected future policy benefit payments
Future policy benefits			$ 31,920.9	$ 29,022.1		$ 36,928.3
Benefits and Protection
Present value of expected future policy benefit payments
Future policy benefits			2,984.3	2,607.8		3,661.2
Benefits and Protection | Life Insurance | Term life
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums			3,423.2	4,193.7
Effect of changes in discount rate assumptions at beginning of period			196	(690.1)	$ 861.1
Balance at beginning of period at original discount rate			3,619.2	3,503.6	2,937.9
Effect of changes in cash flow assumptions			143.5
Effect of actual variances from expected experience			103.3	128.6		211.4
Adjusted beginning of period balance at original discount rate			3,866	3,632.2		3,149.3
Interest accrual			171.9	162.9	151.1
Net premiums collected			(359.8)	(346.6)	(315)
Issuances			215.7	170.7	518.2
Balance at end of period at original discount rate			3,893.8	3,619.2	3,503.6
Effect of changes in discount rate assumptions at end of period			(100.1)	(196)	690.1
Balance at end of period, Present value of expected net premiums			3,793.7	3,423.2	4,193.7
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments			4,332.2	5,311.3	4,959.3
Effect of changes in discount rate assumptions at beginning of period			251.6	(913.9)	(1,179.9)
Balance at beginning of period at original discount rate			4,583.8	4,397.4	3,779.4
Effect of changes in cash flow assumptions			181.8
Effect of actual variances from expected experience			116.8	139		216
Adjusted beginning of period balance at original discount rate			4,882.4	4,536.4		3,995.4
Interest accrual			220.1	206.8	194.3
Benefit payments			(330.4)	(340.6)	(335.7)
Issuances			232	181.2	543.4
Balance at end of period at original discount rate			5,004.1	4,583.8	4,397.4
Effect of changes in discount rate assumptions at end of period			(124.5)	(251.6)	913.9
Balance at end of period, Present value of expected future policy benefit payments			4,879.6	4,332.2	5,311.3
Future policy benefits			1,085.9	909	1,117.6	1,160.3
Reinsurance Impact			(214.3)	25.6	(0.1)
Future policy benefits after reinsurance			871.6	934.6	1,117.5
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions			$ 31.2	$ (279.4)
Increase (decrease) in LFPB from actuarial assumptions	$ 38.3
Pre-tax operating earnings, net of reinsurance, increase (decrease) from actuarial assumptions	(25.4)
Weighted-average duration for future policy benefits (in years)			9 years 4 months 24 days	9 years 7 months 6 days
Benefits and Protection | Specialty Benefits | Individual disability
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums			$ 2,341.8	$ 3,149.9
Effect of changes in discount rate assumptions at beginning of period			395.2	(198.9)	340.7
Balance at beginning of period at original discount rate			2,737	2,951	2,807.6
Effect of changes in cash flow assumptions			(37.6)	(413.1)
Effect of actual variances from expected experience			244.3	235.9		122
Adjusted beginning of period balance at original discount rate			2,943.7	2,773.8		2,929.6
Interest accrual			95.6	95.2	95.4
Net premiums collected			(273.4)	(276.5)	(280.4)
Issuances			100.1	144.5	206.4
Balance at end of period at original discount rate			2,866	2,737	2,951
Effect of changes in discount rate assumptions at end of period			(313.7)	(395.2)	198.9
Balance at end of period, Present value of expected net premiums			2,552.3	2,341.8	3,149.9
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments			4,040.6	5,648.3	5,649.2
Effect of changes in discount rate assumptions at beginning of period			1,021.4	(501)	(834.1)
Balance at beginning of period at original discount rate			5,062	5,147.3	4,815.1
Effect of changes in cash flow assumptions			(51.5)	(476.3)
Effect of actual variances from expected experience			260.8	240		118.8
Adjusted beginning of period balance at original discount rate			5,271.3	4,911		4,933.9
Interest accrual			190.1	185.4	181
Benefit payments			(210)	(183.7)	(179.7)
Issuances			102.8	149.3	212.1
Balance at end of period at original discount rate			5,354.2	5,062	5,147.3
Effect of changes in discount rate assumptions at end of period			(903.5)	(1,021.4)	501
Balance at end of period, Present value of expected future policy benefit payments			4,450.7	4,040.6	5,648.3
Future policy benefits			1,898.4	1,698.8	2,498.4	$ 2,500.9
Reinsurance Impact			(421.6)	(386.8)	(549.9)
Future policy benefits after reinsurance			1,476.8	1,312	$ 1,948.5
Increase (decrease) to LFPB due to effect of changes in discount rate assumptions			$ 36.4	$ (928.3)
Increase (decrease) in LFPB from actuarial assumptions	(13.9)	$ (63.2)
Pre-tax operating earnings, net of reinsurance, increase (decrease) from actuarial assumptions	$ 10.2	$ 52.4
Weighted-average duration for future policy benefits (in years)			18 years 4 months 24 days	18 years 6 months

Future Policy Benefits and C_14

Future Policy Benefits and Claims - Additional Liability for Certain Benefit Features (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the additional liability for certain benefits features
Balance at end of period		$ 5,326.5	$ 4,095.2
Benefits and Protection | Life Insurance | Universal life
Changes in the additional liability for certain benefits features
Balance at beginning of period		4,095.2	3,814.2	$ 3,463.9
Effect of changes in cash flow assumptions		725.4	(6)	(11.1)
Effect of actual variances from expected experience		45.2	54.9	18.1
Interest accrual		209.2	171.2	158.3
Net assessments collected		378.1	320.3	324.7
Benefit payments		(126.6)	(91.9)	(83.1)
Other		0	(167.5)	(56.6)
Balance at end of period		5,326.5	4,095.2	$ 3,814.2
Reinsurance impact		(5,306.2)	(4,091.4)
Balance at end of period after reinsurance		$ 20.3	$ 3.8
Weighted-average duration for additional liability (in years)		26 years 2 months 12 days	27 years 7 months 6 days
Additional liability for certain benefit features increase (decrease) from update of actuarial assumptions	$ 725.4
Income before taxes, net of reinsurance decrease due to updating actuarial assumptions related to the additional liability for certain benefit features	$ 13.1

Future Policy Benefits and C_15

Future Policy Benefits and Claims - Interest Accretion and Current Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Retirement and Income Solutions | Pension risk transfer
Future Policy Benefits and Claims
Interest accretion rate	4.52%	4.38%
Current discount rate	4.99%	5.31%
Retirement and Income Solutions | Individual fixed income annuities
Future Policy Benefits and Claims
Interest accretion rate	4.22%	4.22%
Current discount rate	4.97%	5.30%
Benefits and Protection | Specialty Benefits | Individual disability
Future Policy Benefits and Claims
Interest accretion rate	3.96%	4.03%
Current discount rate	5.05%	5.36%
Benefits and Protection | Life Insurance | Universal life
Future Policy Benefits and Claims
Interest accretion rate	4.75%	4.73%
Benefits and Protection | Life Insurance | Term life
Future Policy Benefits and Claims
Interest accretion rate	4.83%	4.89%
Current discount rate	4.90%	5.22%
Corporate | Long-term care insurance
Future Policy Benefits and Claims
Interest accretion rate	6.16%	6.16%
Current discount rate	5.01%	5.34%

Market Risk Benefits - Asset an

Market Risk Benefits - Asset and Liability Position and Reconciliation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Market Risk Benefits
Market risk benefit asset	$ 153.4	$ 109.2
Market risk benefit liability	111.9	181.4
Net asset (liability)	41.5	(72.2)
Retirement and Income Solutions
Market Risk Benefits
Market risk benefit asset	153.4	109.2
Market risk benefit liability	111.9	181.4
Retirement and Income Solutions | Individual variable annuities
Market Risk Benefits
Market risk benefit asset	153.4	109.2
Market risk benefit liability	111.9	181.4
Net asset (liability)	$ 41.5	$ (72.2)	$ (494.7)	$ (591.3)

Market Risk Benefits - Net Asse

Market Risk Benefits - Net Asset (Liability) Balances and Changes in Valuation of the MRBs for Individual Variable Annuities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	$ (72.2)
Balance at end of period, market risk benefits	41.5	$ (72.2)
Net amount at risk				$ 591.3
Retirement and Income Solutions | Individual variable annuities
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	(72.2)	(494.7)	$ (591.3)
Effect of changes in nonperformance risk at beginning of period	(31.7)	109.5	(106.7)
Adjusted balance at beginning of period, market risk benefits	(103.9)	(385.2)	(484.6)
Interest accrual and expected policyholder behavior	(80.9)	(90.1)	(120.7)
Benefit payments	0.4	1.3	0.4
Changes in interest rates	39.9	539.1	154.3
Changes in equity markets	155.1	(112.4)	106.4
Changes in equity index volatility	47.9	(50.2)	15.1
Actual policyholder behavior different from expected behavior	(4)	1.5	2.3
Changes in future expected policyholder behavior		(6.1)	(96.6)
Changes in other future expected assumptions	(5.3)	(1.8)	38.2
Adjusted balance at end of period, market risk benefits	49.2	(103.9)	(385.2)
Effect of changes in nonperformance risk at end of period	7.7	(31.7)	109.5
Balance at end of period, market risk benefits	$ 41.5	$ (72.2)	$ (494.7)
Weighted-average attained age of policyholders (years)	67 years 8 months 12 days	67 years 4 months 24 days
Net amount at risk	$ 111.2	$ 415.5		$ 591.3

Market Risk Benefits - Unobserv

Market Risk Benefits - Unobservable Inputs for Fair Value Measurement (Details) - Retirement and Income Solutions - Individual variable annuities	Dec. 31, 2023	Dec. 31, 2022
Minimum | Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0400	0.0397
Minimum | Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.1800	0.1810
Minimum | Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0080	0.0090
Minimum | Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0110	0.0125
Maximum | Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0420	0.0412
Maximum | Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.3300	0.3415
Maximum | Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0160	0.0196
Maximum | Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.5500	0.2475
Weighted average input | Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0410	0.0404
Weighted average input | Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.2200	0.2207
Weighted average input | Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0130	0.0165
Weighted average input | Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0590	0.0576

Reinsurance (Details)

Reinsurance (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Ceded Credit Risk [Line Items]
Reinsurance recoverable assets	$ 18,346	$ 13,541.3
Reinsurance recoverable liabilities	45.2	39.4
Reinsurance deposit receivable	6,078.7	7,901
Reinsurer Concentration Risk | Net ceded reinsurance recoverables | Five largest ceded reinsurers
Ceded Credit Risk [Line Items]
Net ceded reinsurance recoverables	$ 18,093.5	$ 12,953.1
Concentration risk percentage	99%	98%
Number of largest ceded reinsurers | item	5	5

Reinsurance - Effects Of Reinsu

Reinsurance - Effects Of Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premiums and other considerations:
Premiums and other considerations, Direct	$ 6,423.8	$ 5,216.5	$ 4,869.7
Premiums and other considerations, Assumed	517	503.5	494.3
Premiums and other considerations, Ceded	(544.1)	(455.7)	(650)
Net premiums and other considerations	6,396.7	5,264.3	4,714
Benefits, claims and settlement expenses:
Benefits, claims and settlement expenses, Direct	8,022	6,579.3	6,460.7
Benefits, claims and settlement expenses, Assumed	853.7	772.1	727.8
Benefits, claims and settlement expenses, Ceded	(1,649.5)	(1,468.7)	(571)
Net benefits, claims and settlement expenses	7,226.2	5,882.7	6,617.5
Liability for future policy benefits remeasurement (gain) loss:
Liability for future policy benefits remeasurement (gain) loss, Direct	466.9	(166.5)	(12.4)
Liability for future policy benefits remeasurement (gain) loss, Assumed	269.6	(8.3)	10.9
Liability for future policy benefits remeasurement (gain) loss, Ceded	(789)	(85)	1.9
Net liability for future policy benefits remeasurement (gain) loss	$ (52.5)	$ (259.8)	$ 0.4

Reinsurance - Cost of Reinsuran

Reinsurance - Cost of Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reinsurance
Cost of reinsurance asset	$ 3,529.7	$ 3,339.1
Cost of reinsurance liability	673.3	479.8
Cost of reinsurance amortization	$ 20.4	$ 19.3	$ 23

Reinsurance - Funds Withheld (D

Reinsurance - Funds Withheld (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	$ 23,957	$ 20,703.9
Funds withheld payable	23,744.9	20,436.1
Embedded derivative asset	2,326.1	3,652.8
Change in fair value of funds withheld embedded derivative	(1,326.7)	3,652.8	$ 0
Fixed maturities, available-for-sale
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	19,220.7	15,693.5
Fixed maturities, trading
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	316.8	100.8
Equity securities
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	0.3	11
Mortgage loans
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	2,826	2,810.8
Other investments
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	621.4	179.8
Cash and cash equivalents
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	942	1,762.9
Accrued interest income
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	231.7	178.7
Net other assets (liabilities)
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net asset (liability)	$ (201.9)	$ (33.6)

Reinsurance - Components of Net

Reinsurance - Components of Net Investment Income on Funds Withheld Assets (Details) - Talcott Life & Annuity Re - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reinsurance
Total	$ 1,167	$ 869.9
Investment expenses	24.7	20.5
Net investment income	1,142.3	849.4
Fixed maturities, available-for-sale
Reinsurance
Total	906.9	745.9
Fixed maturities, trading
Reinsurance
Total	11.9	2
Equity securities
Reinsurance
Total	0.2	0.6
Mortgage loans
Reinsurance
Total	125.2	98.4
Cash and cash equivalents
Reinsurance
Total	58.9	18.2
Other
Reinsurance
Total	$ 64	$ 4.8

Reinsurance - Components of N_2

Reinsurance - Components of Net Realized Capital Gains (Losses) on Funds Withheld Assets (Details) - Talcott Life & Annuity Re - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reinsurance
Net realized capital gains (losses)	$ (259.1)	$ (263.1)
Fixed maturities, available-for-sale
Reinsurance
Net realized capital gains (losses)	(230.9)	(235.5)
Fixed maturities, trading
Reinsurance
Net realized capital gains (losses)	(0.1)	(6.4)
Equity securities
Reinsurance
Net realized capital gains (losses)	(1.2)	(2.4)
Mortgage loans
Reinsurance
Net realized capital gains (losses)	(34.1)	(24.8)
Derivatives
Reinsurance
Net realized capital gains (losses)	$ 7.2	2.7
Other
Reinsurance
Net realized capital gains (losses)		$ 3.3

Debt - Short-Term Debt (Details

Debt - Short-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Short-Term Debt
Credit facilities	$ 800	$ 800
Credit facility maturing in October 2027 | PLIC
Short-Term Debt
Credit facilities	$ 800	800
Commercial paper
Short-Term Debt
Support provided by back-stop facility for commercial paper program (as a percent)	100%
Back-stop facility outstanding balances	$ 0	$ 0

Debt - Components of Long-Term

Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Long-Term Debt
Long-term debt principal	$ 3.1	$ 67.1
Net unamortized discount, premium and debt issuance costs	(0.1)	0.7
Long-term debt carrying amount	$ 3	67.8
Mortgages and notes payable | Non-recourse
Long-Term Debt
Interest rate (as a percent)	4%
Long-term debt principal	$ 3.1	67.1
Net unamortized discount, premium and debt issuance costs	(0.1)	0.7
Long-term debt carrying amount	$ 3	$ 67.8

Debt - Non-Recourse Mortgages a

Debt - Non-Recourse Mortgages and Notes Payable (Details) - Mortgages and notes payable - Non-recourse - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Long-Term Debt
Outstanding principal balances per real estate development	$ 3
Interest rate (as a percent)	4%
Real estate	$ 321.7	$ 317.6
Minimum
Long-Term Debt
Outstanding principal balances per real estate development		$ 3
Interest rate (as a percent)		3.50%
Maximum
Long-Term Debt
Outstanding principal balances per real estate development		$ 15.9
Interest rate (as a percent)		4.80%

Debt - Future Maturities of Lon

Debt - Future Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Future maturities of long-term debt
Year 1: Long-term debt maturities	$ 0.1
Year 2: Long-term debt maturities	0.1
Year 3: Long-term debt maturities	0.9
Year 4: Long-term debt maturities	0.9
Year 5: Long-term debt maturities	1
Long-term debt carrying amount	$ 3	$ 67.8

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense and Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Current income taxes (benefits): U.S. federal	$ 45.8	$ (142.9)	$ 96.8
Current income taxes (benefits): State	19.1	21.7	11.4
Total current income taxes (benefits)	64.9	(121.2)	108.2
Deferred income taxes (benefits): U.S. federal	(141)	1,231.7	87.9
Deferred income taxes (benefits): State	(11.3)	(4.5)	0.5
Total deferred income taxes (benefits)	(152.3)	1,227.2	88.4
Income taxes (benefits)	(87.4)	1,106	196.6
Income (loss) before income taxes
Income (loss) before income taxes - domestic	149.2	5,785.5	1,512.7
Income before income taxes	$ 149.2	$ 5,785.5	$ 1,512.7

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation between the U.S. corporate income tax rate and the effective income tax rate from continuing operations
U.S. corporate income tax rate (as a percent)	21%	21%	21%
Dividends received deduction (as a percent)	(47.00%)	(1.00%)	(5.00%)
Tax credits (as a percent)	(40.00%)	(1.00%)	(3.00%)
Interest exclusion from taxable income (as a percent)	(15.00%)		(1.00%)
Impact of equity method presentation (as a percent)	(3.00%)
Employee compensation (as a percent)	(2.00%)
Other postretirement employee benefits redesignation (as a percent)	(2.00%)
Low income housing tax credit amortization (as a percent)	24%
State income taxes (as a percent)	4%
Nondeductible expenses (as a percent)	2%
Other (as a percent)	(1.00%)		1%
Effective income tax rate (as a percent)	(59.00%)	19%	13%

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Unrecognized Tax Benefits
Beginning balance, Unrecognized tax benefits	$ 40.6	$ 43.9	$ 45.8
Additions based on tax positions related to the current year	0.3		1.3
Reductions for tax positions related to the current year	(3.2)	(3.3)	(3.2)
Ending balance, Unrecognized tax benefits	37.7	40.6	$ 43.9
Accumulated pre-tax interest and penalties related to unrecognized tax benefits	$ 1.7	$ 1.4

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes and Other (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Net operating and capital loss carryforwards	$ 42.9
Net unrealized losses on available-for-sale securities	1,098.3	$ 1,611.9
Tax credit carryforwards	64.2	65.8
Employee benefits	30	26.4
Intangible assets	42.2	17.6
Other deferred income tax assets	8.5
Gross deferred income tax assets	1,286.1	1,721.7
Valuation allowance	(12)	(12.3)
Total deferred income tax assets	1,274.1	1,709.4
Deferred income tax liabilities:
Deferred acquisition costs	(622.5)	(655.6)
Investments, including derivative assets	(210.1)	(187.6)
Funds withheld embedded derivative	(488.5)	(767.1)
Real estate	(136.7)	(140)
Insurance liabilities	(1,165.6)	(1,011.9)
Gain on sale of discontinued operations	(174.5)	(182.1)
Other deferred income tax liabilities		(51.1)
Total deferred income tax liabilities	(2,797.9)	(2,995.4)
Total net deferred income tax liabilities	(1,523.8)	(1,286)
Net deferred income taxes by jurisdiction
Net deferred income tax assets	17.2	10.9
Net deferred income tax liabilities	(1,541)	(1,296.9)
Total net deferred income tax liabilities	(1,523.8)	(1,286)
Deferred income tax disclosures-operating loss carryforwards
Valuation allowances on income tax benefits primarily associated with foreign net operating loss carryforwards	0
Valuation allowance	12	12.3
Current income tax receivables associated with outstanding audit issues
Current income tax receivables (payables) associated with outstanding audit issues	(141)	20.7
U.S. Federal
Deferred income tax assets:
Tax credit carryforwards	64.2	65.8
Net deferred income taxes by jurisdiction
Net deferred income tax liabilities	(1,541)	(1,296.9)
State
Net deferred income taxes by jurisdiction
Net deferred income tax assets	17.2	10.9
Deferred income tax disclosures-operating loss carryforwards
Net operating loss carryforwards	$ 178.5	$ 0.3

Employee and Agent Benefits - P

Employee and Agent Benefits - Plan Information (Details)	12 Months Ended
	Dec. 31, 2023
Pension benefits
Defined Benefit Plan Disclosures
Period of employment used to calculate average annual compensation for the final average pay benefit	5 years

Employee and Agent Benefits - B

Employee and Agent Benefits - Benefit Obligation and Funded Status (Details) - Other postretirement benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in benefit obligation
Benefit obligation at beginning of year	$ (58.6)	$ (79.2)
Interest cost	(2.8)	(1.9)	$ (1.8)
Actuarial gain (loss)	(3)	17
Participant contributions	(6.1)	(6.4)
Benefits paid	13.6	11.9
Benefit obligation at end of year	(56.9)	(58.6)	(79.2)
Change in plan assets
Fair value of plan assets at beginning of year	70.4	89.5
Actual return on plan assets	9.6	(15)
Employer contribution	1.5	1.4
Participant contributions	6.1	6.4
Benefits paid	(13.6)	(11.9)
Fair value of plan assets at end of year	74	70.4	$ 89.5
Amount recognized in statement of financial position
Amount recognized in other assets	17.1	11.8
Total assets (liabilities) recognized in statement of financial position	17.1	11.8
Amount recognized in accumulated other comprehensive income
Total net actuarial (gain) loss	(20.5)	(18.1)
Pre-tax accumulated other comprehensive (income) loss	$ (20.5)	$ (18.1)

Employee and Agent Benefits - N

Employee and Agent Benefits - Net Periodic Benefit Cost (Details) - Other postretirement benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of Net Periodic Benefit Cost (Income)
Interest cost	$ 2.8	$ 1.9	$ 1.8
Interest cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Expected return on plan assets	$ (3.5)	$ (3.8)	$ (3.5)
Expected return on plan assets, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Recognized net actuarial (gain) loss	$ (0.7)	$ (0.8)	$ (0.4)
Recognized net actuarial (gain) loss, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Net periodic benefit cost (income)	$ (1.4)	$ (2.7)	$ (2.1)
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	(3.1)	1.8
Amortization of gain (loss)	0.7	0.8
Total recognized in pre-tax accumulated other comprehensive (income) loss	(2.4)	2.6
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$ (3.8)	$ (0.1)

Employee and Agent Benefits - W

Employee and Agent Benefits - Weighted Average Assumptions (Details) - Other postretirement benefits	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section
Discount rate: Benefit obligation (as a percent)	4.80%	5.05%
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate: Net periodic benefit cost (as a percent)	5.05%	2.55%	2.15%
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	5.20%	4.25%	4.25%
Assumed Health Care Cost Trend Rates
Health care cost trend rate assumed for next year under age 65 (as a percent)	7.50%	7%
Rate to which the health care cost trend rate is assumed to decline (the ultimate trend rate) (as a percent)	4.50%	4.50%
Year that the health care cost trend rate reaches the ultimate trend rate under age 65 (calendar year)	2032	2031

Employee and Agent Benefits - F

Employee and Agent Benefits - Fair Value of Plan Assets (Details) - Other postretirement benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined benefit plan, fair value of plan assets
Fair value of plan assets	$ 74	$ 70.4	$ 89.5
Cash and cash equivalents
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1.1	0.5
Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	34.9	34.7
U.S. equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	27.6	25.6
International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	10.4	9.6
Fair value hierarchy Level 1
Defined benefit plan, fair value of plan assets
Fair value of plan assets	74	70.4
Fair value hierarchy Level 1 | Cash and cash equivalents
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1.1	0.5
Fair value hierarchy Level 1 | Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	34.9	34.7
Fair value hierarchy Level 1 | U.S. equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	27.6	25.6
Fair value hierarchy Level 1 | International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	$ 10.4	$ 9.6

Employee and Agent Benefits - T

Employee and Agent Benefits - Target Plan Asset Allocation (Details) - Other postretirement benefits	Dec. 31, 2023
Fixed income security portfolios
Asset category target allocation
Asset category target allocation	50%
U.S. equity portfolios
Asset category target allocation
Asset category target allocation	35%
International equity portfolios
Asset category target allocation
Asset category target allocation	15%

Employee and Agent Benefits - C

Employee and Agent Benefits - Contributions and Estimated Future Benefit Payments (Details) - Other postretirement benefits $ in Millions	Dec. 31, 2023 USD ($)
Estimated Future Benefit Payments
Estimated future benefit payments, Year 1	$ 11.2
Estimated future benefit payments, Year 2	10.2
Estimated future benefit payments, Year 3	9.1
Estimated future benefit payments, Year 4	8
Estimated future benefit payments, Year 5	7.2
Estimated future benefit payments, Years 6-10	$ 29.7

Contingencies, Guarantees, In_3

Contingencies, Guarantees, Indemnifications and Leases - Guarantees and Indemnifications (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Guaranty Funds
Undiscounted liability balance for guaranty fund assessments	$ 20.7	$ 20.6
Premium tax offsets	9.9	$ 9.7
Guarantees to third parties primarily related to former subsidiaries and joint ventures
Guarantees and Indemnifications
Maximum exposure under guarantees	$ 141

Contingencies, Guarantees, In_4

Contingencies, Guarantees, Indemnifications and Leases - Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Operating lease assets	$ 113	$ 116.9
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance lease assets	$ 73.8	$ 82.4
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Total lease assets	$ 186.8	$ 199.3
Liabilities
Operating lease liabilities	$ 104.5	$ 112.2
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities.	Other Liabilities.
Finance lease liabilities	$ 74.8	$ 83
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities.	Other Liabilities.
Total lease liabilities	$ 179.3	$ 195.2
Finance lease cost:
Amortization of right-of-use assets	32.9	34	$ 30.5
Interest on lease liabilities	1.9	1.2	1
Operating lease cost	28.9	34.6	37.6
Other lease cost	6.6	9.5	7.3
Sublease income	(0.3)	(1.5)	(1.7)
Total lease cost	70	77.8	74.7
Payments for operating leases	32.4	32	36
Payments for finance leases	34.3	35.1	$ 31.4
Operating leases, payments due for the twelve months ending December 31:
2024	25.2
2025	22.1
2026	18.9
2027	15.2
2028	11
2029 and thereafter	25.9
Total lease payments	118.3
Less: interest	13.8
Present value of lease liabilities	104.5	112.2
Finance leases, payments due for the twelve months ending December 31:
2024	31.1
2025	23.4
2026	17.1
2027	7.5
2028	0.1
Total lease payments	79.2
Less: interest	4.4
Present value of lease liabilities	74.8	83
Total leases, payments due for the twelve months ending December 31:
2024	56.3
2025	45.5
2026	36
2027	22.7
2028	11.1
2029 and thereafter	25.9
Total lease payments	197.5
Less: interest	18.2
Present value of lease liabilities	$ 179.3	$ 195.2
Weighted-average remaining lease term and weighted-average discount rates
Weighted average remaining lease term, Operating leases	7 years 3 months 18 days	7 years 8 months 12 days	7 years 9 months 18 days
Weighted average remaining lease term, Finance leases	3 years	2 years 9 months 18 days	3 years 2 months 12 days
Weighted-average discount rate, Operating leases	2.90%	2.50%	2.20%
Weighted-average discount rate, Finance leases	3.50%	1.70%	1.10%

Stockholder's Equity - Other Co

Stockholder's Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	$ 1,835.8	$ (5,972.3)	$ 77.1
Other comprehensive income (loss), tax	(389.8)	1,280.7	(11.4)
Other comprehensive income (loss)	1,446	(4,691.6)	65.7
Net unrealized gains (losses) on available-for-sale securities including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	2,069.1	(12,980.2)	(2,313.3)
Adjustments for assumed changes in amortization patterns, pre-tax	(2.5)	(3.7)	(0.2)
Adjustments for assumed changes in policyholder liabilities, pre-tax	0.7	273.2	252.6
Other comprehensive income (loss), pre-tax	2,422.4	(12,377.4)	(2,040.4)
Other comprehensive income (loss) before reclassifications, tax	(438.8)	2,753	490.5
Reclassification from accumulated other comprehensive income, tax	(74.8)	(70.4)	(4.3)
Adjustments for assumed changes in amortization patterns, tax	0.6	0.7
Adjustments for assumed changes in policyholder liabilities, tax	(0.1)	(57.3)	(53)
Other comprehensive income (loss), tax	(513.1)	2,626	433.2
Other comprehensive income (loss) before reclassifications, after-tax	1,630.3	(10,227.2)	(1,822.8)
Reclassification from accumulated other comprehensive income, after-tax	280.3	262.9	16.2
Adjustments for assumed changes in amortization patterns, after-tax	(1.9)	(3)	(0.2)
Adjustments for assumed changes in policyholder liabilities, after-tax	0.6	215.9	199.6
Other comprehensive income (loss)	1,909.3	(9,751.4)	(1,607.2)
Net unrealized gains (losses) on available-for-sale securities including NCI | Net realized capital gains (losses)
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax	355.1	333.3	20.5
Net unrealized gains (losses) on derivative instruments including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	(44.9)	(1.4)	66.7
Reclassification from accumulated other comprehensive income, pre-tax	(7.4)	(28)	(25.5)
Adjustments for assumed changes in amortization patterns, pre-tax	(0.9)	(0.1)
Adjustments for assumed changes in policyholder liabilities, pre-tax	0.2	0.4	1.2
Other comprehensive income (loss), pre-tax	(53)	(29.1)	42.4
Other comprehensive income (loss) before reclassifications, tax	9.4	0.4	(14.1)
Reclassification from accumulated other comprehensive income, tax	1.6	5.8	5.4
Adjustments for assumed changes in amortization patterns, tax	0.2
Adjustments for assumed changes in policyholder liabilities, tax		(0.2)	(0.2)
Other comprehensive income (loss), tax	11.2	6	(8.9)
Other comprehensive income (loss) before reclassifications, after-tax	(35.5)	(1)	52.6
Reclassification from accumulated other comprehensive income, after-tax	(5.8)	(22.2)	(20.1)
Adjustments for assumed changes in amortization patterns, after-tax	(0.7)	(0.1)
Adjustments for assumed changes in policyholder liabilities, after-tax	0.2	0.2	1
Other comprehensive income (loss)	(41.8)	(23.1)	33.5
Liability for future policy benefits discount rate remeasurement gain (loss)
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	(496.5)	6,295.5	2,076
Other comprehensive income (loss), tax	104.3	(1,322.1)	(435.9)
Other comprehensive income (loss)	(392.2)	4,973.4	1,640.1
Market risk benefit nonperformance risk gain (loss)
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	(39.4)	141.2	(2.8)
Other comprehensive income (loss), tax	8.3	(29.7)	0.6
Other comprehensive income (loss)	(31.1)	111.5	(2.2)
Unrecognized postretirement benefit obligation including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	3	(1.7)	2.3
Other comprehensive income (loss), pre-tax	2.3	(2.5)	1.9
Other comprehensive income (loss) before reclassifications, tax	(0.7)	0.3	(0.5)
Reclassification from accumulated other comprehensive income, tax	0.2	0.2	0.1
Other comprehensive income (loss), tax	(0.5)	0.5	(0.4)
Other comprehensive income (loss) before reclassifications, after-tax	2.3	(1.4)	1.8
Reclassification from accumulated other comprehensive income, after-tax	(0.5)	(0.6)	(0.3)
Other comprehensive income (loss)	1.8	(2)	1.5
Unrecognized postretirement benefit obligation including NCI | Operating expense
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax	$ (0.7)	$ (0.8)	$ (0.4)

Stockholder's Equity - AOCI and

Stockholder's Equity - AOCI and Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in accumulated other comprehensive income (loss) rollforward
Balances	$ 7,666.6
Adjustment for reinsurance	1,098.3	$ 1,611.9
Adjustment for reinsurance		114.4
Balances	8,115.8	7,666.6
ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Effects of implementation of accounting change
Change in accumulated other comprehensive income (loss) rollforward
Balances			$ (4,173)
Accumulated other comprehensive income (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	(4,574.7)	2.5	3,986.9
Other comprehensive income (loss) during the period, net of adjustments	1,172	(4,931.7)	69.9
Amounts reclassified to accumulated other comprehensive income (loss)	274	240.1	(4.2)
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	1,446	(4,691.6)	65.7
Adjustment for reinsurance		114.4
Net assets transferred to affiliate due to change in benefit plan sponsorship			2
Balances	(3,128.7)	(4,574.7)	2.5
Accumulated other comprehensive income (loss) | ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Effects of implementation of accounting change
Change in accumulated other comprehensive income (loss) rollforward
Balances		(4,052.1)
Balances			(4,052.1)
Net unrealized gains (losses) on available-for-sale securities
Change in accumulated other comprehensive income (loss) rollforward
Balances	(5,938.8)	3,704.3	3,955.5
Other comprehensive income (loss) during the period, net of adjustments	1,629	(10,014.3)	(1,623.4)
Amounts reclassified to accumulated other comprehensive income (loss)	280.3	262.9	16.2
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	1,909.3	(9,751.4)	(1,607.2)
Adjustment for reinsurance		108.3
Balances	(4,029.5)	(5,938.8)	3,704.3
Net unrealized losses on available-for-sale debt securities with allowance for credit losses	1.5	1.8	0.6
Net unrealized gains (losses) on available-for-sale securities | ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Effects of implementation of accounting change
Change in accumulated other comprehensive income (loss) rollforward
Balances		1,356
Balances			1,356
Net unrealized gains (losses) on derivative instruments
Change in accumulated other comprehensive income (loss) rollforward
Balances	40	57	18.5
Other comprehensive income (loss) during the period, net of adjustments	(36)	(0.9)	53.6
Amounts reclassified to accumulated other comprehensive income (loss)	(5.8)	(22.2)	(20.1)
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	(41.8)	(23.1)	33.5
Adjustment for reinsurance		6.1
Balances	(1.8)	40	57
Net unrealized gains (losses) on derivative instruments | ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Effects of implementation of accounting change
Change in accumulated other comprehensive income (loss) rollforward
Balances		5
Balances			5
Liability for future policy benefits discount rate remeasurement gain (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	1,284.7	(3,688.7)
Other comprehensive income (loss) during the period, net of adjustments	(392.2)	4,973.4	1,640.1
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	(392.2)	4,973.4	1,640.1
Balances	892.5	1,284.7	(3,688.7)
Liability for future policy benefits discount rate remeasurement gain (loss) | ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Effects of implementation of accounting change
Change in accumulated other comprehensive income (loss) rollforward
Balances		(5,328.8)
Balances			(5,328.8)
Market risk benefit nonperformance risk gain (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	25	(86.5)
Other comprehensive income (loss) during the period, net of adjustments	(31.1)	111.5	(2.2)
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	(31.1)	111.5	(2.2)
Balances	(6.1)	25	(86.5)
Market risk benefit nonperformance risk gain (loss) | ASU 2018-12 - Targeted improvements to the accounting for long-duration insurance contracts | Effects of implementation of accounting change
Change in accumulated other comprehensive income (loss) rollforward
Balances		(84.3)
Balances			(84.3)
Unrecognized postretirement benefit obligations
Change in accumulated other comprehensive income (loss) rollforward
Balances	14.4	16.4	12.9
Other comprehensive income (loss) during the period, net of adjustments	2.3	(1.4)	1.8
Amounts reclassified to accumulated other comprehensive income (loss)	(0.5)	(0.6)	(0.3)
Other comprehensive income (loss) attributable to Principal Financial Group, Inc.	1.8	(2)	1.5
Net assets transferred to affiliate due to change in benefit plan sponsorship			2
Balances	$ 16.2	$ 14.4	$ 16.4

Stockholder's Equity - Dividend

Stockholder's Equity - Dividend Limitations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Stockholder's Equity
Dividend limitation as percentage of statutory policyholder surplus (as a percent)	10%
Dividends that can be paid in upcoming calendar year without exceeding statutory limitation	$ 1,497.8

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	$ 62,530.2	$ 59,631.3
Fixed maturities, trading	715.3	634
Equity securities	43	53.1
Derivative assets	253	256.6
Separate account assets	131,641.7	120,279.6
Investment and universal life contracts	$ (115.5)	(46.3)
Fixed maturities valued using internal pricing models
Fixed maturities classified as Level 3 assets, percent valued using internal pricing models (as a percent)	3%
Amount measured at net asset value
Assets (liabilities) measured at fair value on a recurring basis
Unfunded commitments of investments measured using NAV	$ 7.1	7.8
U.S. government and agencies
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	1,504.9	1,715.9
Non-U.S. governments
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	479.9	520.4
States and political subdivisions
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	6,613.3	6,168.3
Corporate debt securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	33,079.5	33,184.8
Residential mortgage-backed pass-through securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	2,824.9	2,170.9
Commercial mortgage-backed securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	4,743.4	4,827.5
Collateralized debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	5,397.8	4,560.2
Other debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	7,886.5	6,483.3
Recurring Fair Value Measurements
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	62,530.2	59,631.3
Fixed maturities, trading	715.3	634
Equity securities	43	53.1
Derivative assets	253	256.6
Other investments	238.3	82.8
Cash equivalents	3,010.2	2,776.4
Market risk benefit asset	153.4	109.2
Sub-total excluding separate account assets	66,943.4	63,543.4
Separate account assets	131,641.7	120,279.6
Total assets	198,585.1	183,823
Investment and universal life contracts	(115.5)	(46.3)
Market risk benefit liability	(111.9)	(181.4)
Funds withheld payable embedded derivative	2,326.1	3,652.8
Derivative liabilities	(473.4)	(612.2)
Total liabilities	1,625.3	2,812.9
Net assets (liabilities)	200,210.4	186,635.9
Recurring Fair Value Measurements | Amount measured at net asset value
Assets (liabilities) measured at fair value on a recurring basis
Other investments	73.7	81.4
Sub-total excluding separate account assets	73.7	81.4
Separate account assets	8,692	9,120.9
Total assets	8,765.7	9,202.3
Net assets (liabilities)	8,765.7	9,202.3
Recurring Fair Value Measurements | Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	1,241.7	1,380.6
Fixed maturities, trading	27.7	78.6
Equity securities	14.9	14.8
Cash equivalents	449.6	930.3
Sub-total excluding separate account assets	1,733.9	2,404.3
Separate account assets	103,598.9	91,424.2
Total assets	105,332.8	93,828.5
Net assets (liabilities)	105,332.8	93,828.5
Recurring Fair Value Measurements | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	57,653.4	56,085.9
Fixed maturities, trading	307.8	449.2
Equity securities	28.1	38.3
Derivative assets	246.9	256.5
Cash equivalents	2,560.6	1,846.1
Sub-total excluding separate account assets	60,796.8	58,676
Separate account assets	18,598	18,700.4
Total assets	79,394.8	77,376.4
Derivative liabilities	(472.6)	(608.1)
Total liabilities	(472.6)	(608.1)
Net assets (liabilities)	78,922.2	76,768.3
Recurring Fair Value Measurements | Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3,635.1	2,164.8
Fixed maturities, trading	379.8	106.2
Derivative assets	6.1	0.1
Other investments	164.6	1.4
Market risk benefit asset	153.4	109.2
Sub-total excluding separate account assets	4,339	2,381.7
Separate account assets	752.8	1,034.1
Total assets	5,091.8	3,415.8
Investment and universal life contracts	(115.5)	(46.3)
Market risk benefit liability	(111.9)	(181.4)
Funds withheld payable embedded derivative	2,326.1	3,652.8
Derivative liabilities	(0.8)	(4.1)
Total liabilities	2,097.9	3,421
Net assets (liabilities)	7,189.7	6,836.8
Recurring Fair Value Measurements | U.S. government and agencies
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	1,504.9	1,715.9
Recurring Fair Value Measurements | U.S. government and agencies | Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	1,210.8	1,354
Recurring Fair Value Measurements | U.S. government and agencies | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	294.1	361.9
Recurring Fair Value Measurements | Non-U.S. governments
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	479.9	520.4
Recurring Fair Value Measurements | Non-U.S. governments | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	479.9	520.4
Recurring Fair Value Measurements | States and political subdivisions
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	6,613.3	6,168.3
Recurring Fair Value Measurements | States and political subdivisions | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	6,545.1	6,099.2
Recurring Fair Value Measurements | States and political subdivisions | Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	68.2	69.1
Recurring Fair Value Measurements | Corporate debt securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	33,079.5	33,184.8
Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	30.9	26.6
Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	30,742.7	31,589.9
Recurring Fair Value Measurements | Corporate debt securities | Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	2,305.9	1,568.3
Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	2,824.9	2,170.9
Recurring Fair Value Measurements | Residential mortgage-backed pass-through securities | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	2,824.9	2,170.9
Recurring Fair Value Measurements | Commercial mortgage-backed securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	4,743.4	4,827.5
Recurring Fair Value Measurements | Commercial mortgage-backed securities | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	4,740.4	4,824.1
Recurring Fair Value Measurements | Commercial mortgage-backed securities | Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	3	3.4
Recurring Fair Value Measurements | Collateralized debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	5,397.8	4,560.2
Recurring Fair Value Measurements | Collateralized debt obligations | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	5,322.4	4,504
Recurring Fair Value Measurements | Collateralized debt obligations | Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	75.4	56.2
Recurring Fair Value Measurements | Other debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	7,886.5	6,483.3
Recurring Fair Value Measurements | Other debt obligations | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	6,703.9	6,015.5
Recurring Fair Value Measurements | Other debt obligations | Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	$ 1,182.6	$ 467.8

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Beginning balance, net derivative assets (liabilities)	$ (4)	$ 0.6	$ (5.1)
Total realized/unrealized gains (losses) included in net income, net derivative assets (liabilities)	$ 6.1	$ (4)	$ (5)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Total realized/unrealized gains (losses) included in other comprehensive income, net derivative assets (liabilities)		$ (0.3)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Net purchases, sales, issuances and settlements, net derivative assets (liabilities)	$ 3.1		$ 10.7
Transfers into Level 3, net derivative assets (liabilities)	0.1
Transfers out of Level 3, net derivative assets (liabilities)		$ (0.3)
Ending balance, net derivative assets (liabilities)	5.3	(4)	0.6
Changes in unrealized gains (losses) included in net income relating to positions still held, net derivative assets (liabilities)	7.3	(4)
Changes in unrealized gains (losses) included in OCI relating to positions still held, derivative assets		(0.2)
Gross purchases, sales, issuances and settlements
Purchases, net derivative assets (liabilities)	0.8
Sales, net derivative assets (liabilities)	2.3		10.7
Net purchases, sales, issuances and settlements, net derivative assets (liabilities)	3.1		10.7
Investment and universal life contracts
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	(46.3)	(83.2)	(90.8)
Total realized/unrealized gains (losses) included in net income, liabilities	(37.8)	36.1	(15.6)
Net purchases, sales, issuances and settlements, liabilities	(31.4)	0.8	23.2
Ending balance, liabilities	(115.5)	(46.3)	(83.2)
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(29.2)	22.6	(8.6)
Gross purchases, sales, issuances and settlements
Issuances, liabilities	(69.9)	(22.2)	(19.5)
Settlements, liabilities	38.5	23	42.7
Net purchases, sales, issuances and settlements, liabilities	(31.4)	0.8	23.2
Funds withheld payable embedded derivative
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	3,652.8
Total realized/unrealized gains (losses) included in net income, assets	(1,326.7)	3,652.8
Ending balance, assets	2,326.1	3,652.8
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(1,326.7)	3,652.8
Fixed maturities | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	2,164.8	1,073.8	360.4
Total realized/unrealized gains (losses) included in net income, assets	(3.2)	(5.1)	(24.9)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	17.2	(74.5)	22
Net purchases, sales, issuances and settlements, assets	1,294.3	1,246.1	803.1
Transfers into Level 3, assets	451.9	188.3	348.8
Transfers out of Level 3, assets	(289.9)	(263.8)	(435.6)
Ending balance, assets	3,635.1	2,164.8	1,073.8
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	2.2	0.6	(5.7)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(72.1)	(60.5)	13.3
Gross purchases, sales, issuances and settlements
Purchases, assets	1,545.5	1,456.6	1,102.1
Sales, assets	(27.7)	(62.7)	(84.3)
Settlements, assets	(223.5)	(147.8)	(214.7)
Net purchases, sales, issuances and settlements, assets	1,294.3	1,246.1	803.1
Fixed maturities | Trading
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	106.2	4.9
Total realized/unrealized gains (losses) included in net income, assets	2.4	(0.6)
Net purchases, sales, issuances and settlements, assets	271.2	72.9	4.9
Transfers into Level 3, assets		29
Ending balance, assets	379.8	106.2	4.9
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	2.3	(0.6)
Gross purchases, sales, issuances and settlements
Purchases, assets	424.7	106.9	4.9
Sales, assets	(138.7)	(32.6)
Settlements, assets	(14.8)	(1.4)
Net purchases, sales, issuances and settlements, assets	271.2	72.9	4.9
States and political subdivisions | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	69.1	92.4
Total realized/unrealized gains (losses) included in other comprehensive income, assets	0.8	(23.5)	12.5
Net purchases, sales, issuances and settlements, assets	(1.7)	(1.6)	(0.4)
Transfers into Level 3, assets		12	80.3
Transfers out of Level 3, assets		(10.2)
Ending balance, assets	68.2	69.1	92.4
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(4.1)	(21.7)	12.5
Gross purchases, sales, issuances and settlements
Settlements, assets	(1.7)	(1.6)	(0.4)
Net purchases, sales, issuances and settlements, assets	(1.7)	(1.6)	(0.4)
Corporate debt securities | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	1,568.3	834.3	290.8
Total realized/unrealized gains (losses) included in net income, assets	(4.5)	(4.8)	(21.9)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	13.3	(28.6)	7.8
Net purchases, sales, issuances and settlements, assets	593.6	626.3	381.8
Transfers into Level 3, assets	212.4	176.3	175.8
Transfers out of Level 3, assets	(77.2)	(35.2)
Ending balance, assets	2,305.9	1,568.3	834.3
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	0.3	(1.3)	(4.6)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(38.9)	(19.8)	(0.7)
Gross purchases, sales, issuances and settlements
Purchases, assets	815.2	817.3	626.6
Sales, assets	(27.7)	(50.4)	(84.3)
Settlements, assets	(193.9)	(140.6)	(160.5)
Net purchases, sales, issuances and settlements, assets	593.6	626.3	381.8
Commercial mortgage-backed securities | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	3.4	19.2	13.2
Total realized/unrealized gains (losses) included in net income, assets			(1)
Total realized/unrealized gains (losses) included in other comprehensive income, assets		(1)	(0.4)
Net purchases, sales, issuances and settlements, assets	(0.4)	(4.6)	7.4
Transfers out of Level 3, assets		(10.2)
Ending balance, assets	3	3.4	19.2
Changes in unrealized gains (losses) included in net income relating to positions still held, assets			(1)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets		(0.5)	(0.4)
Gross purchases, sales, issuances and settlements
Purchases, assets			7.7
Sales, assets		(4.1)
Settlements, assets	(0.4)	(0.5)	(0.3)
Net purchases, sales, issuances and settlements, assets	(0.4)	(4.6)	7.4
Collateralized debt obligations | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	56.2	85.8	27.2
Total realized/unrealized gains (losses) included in net income, assets			(2)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	1.9	(1)	1.7
Net purchases, sales, issuances and settlements, assets	165.8	151.8	397.4
Transfers into Level 3, assets			72.1
Transfers out of Level 3, assets	(148.5)	(180.4)	(410.6)
Ending balance, assets	75.4	56.2	85.8
Changes in unrealized gains (losses) included in net income relating to positions still held, assets			(2)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	0.7		1.9
Gross purchases, sales, issuances and settlements
Purchases, assets	167	151.9	422.7
Settlements, assets	(1.2)	(0.1)	(25.3)
Net purchases, sales, issuances and settlements, assets	165.8	151.8	397.4
Other debt obligations | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	467.8	42.1	29.2
Total realized/unrealized gains (losses) included in net income, assets	1.3	(0.3)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	1.2	(20.4)	0.4
Net purchases, sales, issuances and settlements, assets	537	474.2	16.9
Transfers into Level 3, assets	239.5		20.6
Transfers out of Level 3, assets	(64.2)	(27.8)	(25)
Ending balance, assets	1,182.6	467.8	42.1
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	1.9	1.9	1.9
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(29.8)	(18.5)
Gross purchases, sales, issuances and settlements
Purchases, assets	563.3	487.4	45.1
Sales, assets		(8.2)
Settlements, assets	(26.3)	(5)	(28.2)
Net purchases, sales, issuances and settlements, assets	537	474.2	16.9
Other investments
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	1.4	1.4	30
Total realized/unrealized gains (losses) included in net income, assets	(5.7)		12.4
Net purchases, sales, issuances and settlements, assets	168.9		(41)
Ending balance, assets	164.6	1.4	1.4
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(5.2)		12.5
Gross purchases, sales, issuances and settlements
Purchases, assets	194.2
Sales, assets			(41)
Settlements, assets	(25.3)
Net purchases, sales, issuances and settlements, assets	168.9		(41)
Separate account assets
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	1,034.1	946	8,893.2
Total realized/unrealized gains (losses) included in net income, assets	(7.9)	112	313.8
Net purchases, sales, issuances and settlements, assets	(273.4)	(23.9)	(8,261)
Ending balance, assets	752.8	1,034.1	946
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(80.3)	89.8	90.5
Gross purchases, sales, issuances and settlements
Purchases, assets		11.8	38.5
Sales, assets	(286.3)	(4.5)	(8,206.2)
Issuances, assets	(109.1)	(50)	(191.5)
Settlements, assets	122	18.8	98.2
Net purchases, sales, issuances and settlements, assets	$ (273.4)	$ (23.9)	$ (8,261)

Fair Value Measurements - Trans

Fair Value Measurements - Transfers (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3, net derivative assets (liabilities)	$ 0.1
Transfers out of Level 3 into Level 2, net derivative assets (liabilities)		$ 0.3
Available-for-sale | Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	451.9	188.3	$ 348.8
Transfers out of Level 3 into Level 2	289.9	263.8	435.6
Available-for-sale | States and political subdivisions
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3		12	80.3
Transfers out of Level 3 into Level 2		10.2
Available-for-sale | Corporate debt securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	212.4	176.3	175.8
Transfers out of Level 3 into Level 2	77.2	35.2
Available-for-sale | Commercial mortgage-backed securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 3 into Level 2		10.2
Available-for-sale | Collateralized debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3			72.1
Transfers out of Level 3 into Level 2	148.5	180.4	410.6
Available-for-sale | Other debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	239.5		20.6
Transfers out of Level 3 into Level 2	$ 64.2	27.8	$ 25
Trading | Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3		$ 29

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Recurring Fair Value Measurements $ in Millions	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Unobservable inputs
Assets measured at fair value | $	$ 198,585.1	$ 183,823
Liabilities measured at fair value | $	1,625.3	2,812.9
Fair value hierarchy Level 3
Unobservable inputs
Assets measured at fair value | $	5,091.8	3,415.8
Liabilities measured at fair value | $	2,097.9	3,421
Fair value hierarchy Level 3 | Investment and universal life contracts
Unobservable inputs
Liabilities measured at fair value | $	$ (115.5)	$ (46.3)
Embedded derivative, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Minimum
Unobservable inputs
Embedded derivative, Input	0.025	0.024
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Maximum
Unobservable inputs
Embedded derivative, Input	0.048	0.047
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Weighted average input
Unobservable inputs
Embedded derivative, Input	0.040	0.031
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Minimum
Unobservable inputs
Embedded derivative, Input	0.155	0.178
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Maximum
Unobservable inputs
Embedded derivative, Input	0.401	0.369
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Weighted average input
Unobservable inputs
Embedded derivative, Input	0.192	0.220
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk
Unobservable inputs
Embedded derivative, Input		0.009
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Minimum
Unobservable inputs
Embedded derivative, Input	0.008
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Maximum
Unobservable inputs
Embedded derivative, Input	0.016
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Weighted average input
Unobservable inputs
Embedded derivative, Input	0.011	0.009
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Minimum
Unobservable inputs
Embedded derivative, Input	0
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Maximum
Unobservable inputs
Embedded derivative, Input	0.550
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Weighted average input
Unobservable inputs
Embedded derivative, Input	0.070
Fair value hierarchy Level 3 | Fixed maturities | Trading
Unobservable inputs
Assets measured at fair value | $	$ 168.7	$ 92.5
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Discount rate | Minimum
Unobservable inputs
Fixed maturities, trading, Input	0.114	0.096
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Discount rate | Maximum
Unobservable inputs
Fixed maturities, trading, Input	0.223	0.152
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Discount rate | Weighted average input
Unobservable inputs
Fixed maturities, trading, Input	0.134	0.110
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale
Unobservable inputs
Assets measured at fair value | $	$ 1,997.4	$ 1,479.9
Fixed maturities, available-for-sale, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.049	0.027
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.242	0.331
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.120	0.110
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0325
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.325
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0030	0
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0483	0.0467
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Illiquidity premium | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0121	0.0050
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0067	(0.0016)
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0217	0
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Comparability adjustment | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0141	(0.0011)
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale
Unobservable inputs
Assets measured at fair value | $	$ 74.6	$ 39.5
Fixed maturities, available-for-sale, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.041	0.044
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.041	0.044
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0020	0.0055
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0020	0.0055
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale
Unobservable inputs
Assets measured at fair value | $	$ 879.5	$ 467.8
Fixed maturities, available-for-sale, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.050	0.056
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.106	0.082
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.074	0.076
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium | Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0069	0
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium | Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0650	0.0260
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0337	0.0220
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	(0.0020)	0.0001
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0213	0.0139
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0092	0.0077
Fair value hierarchy Level 3 | Other investments
Unobservable inputs
Assets measured at fair value | $	$ 163.2
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Minimum
Unobservable inputs
Other investments, Input	0.120
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Maximum
Unobservable inputs
Other investments, Input	0.135
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Weighted average input
Unobservable inputs
Other investments, Input	0.126
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Probability of default | Minimum
Unobservable inputs
Other investments, Input	0.060
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Probability of default | Maximum
Unobservable inputs
Other investments, Input	0.100
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Probability of default | Weighted average input
Unobservable inputs
Other investments, Input	0.085
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Potential loss severity | Minimum
Unobservable inputs
Other investments, Input	0.870
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Potential loss severity | Maximum
Unobservable inputs
Other investments, Input	1
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Potential loss severity | Weighted average input
Unobservable inputs
Other investments, Input	0.907
Fair value hierarchy Level 3 | Separate account assets
Unobservable inputs
Assets measured at fair value | $	$ 752.8	$ 1,034.1
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Minimum
Unobservable inputs
Separate account assets, Input	0.065	0.055
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Maximum
Unobservable inputs
Separate account assets, Input	0.100	0.100
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Weighted average input
Unobservable inputs
Separate account assets, Input	0.075	0.070
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Minimum
Unobservable inputs
Separate account assets, Input	0.053	0.045
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Maximum
Unobservable inputs
Separate account assets, Input	0.095	0.095
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Weighted average input
Unobservable inputs
Separate account assets, Input	0.061	0.058
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Minimum
Unobservable inputs
Separate account assets, Input	0.020	0.020
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Maximum
Unobservable inputs
Separate account assets, Input	0.037	0.038
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Average market rent growth rate | Weighted average input
Unobservable inputs
Separate account assets, Input	0.029	0.030
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Minimum
Unobservable inputs
Separate account assets, Input	0.460	0.436
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Maximum
Unobservable inputs
Separate account assets, Input	0.720	0.622
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Weighted average input
Unobservable inputs
Separate account assets, Input	0.553	0.506
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Minimum
Unobservable inputs
Separate account assets, Input	0.053	0.053
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Maximum
Unobservable inputs
Separate account assets, Input	0.081	0.086
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Weighted average input
Unobservable inputs
Separate account assets, Input	0.064	0.066

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Option on Consolidated VIEs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Other loans of consolidated VIEs
Fair Value Option, Quantitative Disclosures
Fair value	$ 163.2
Aggregate contractual principal	167.1
Change in fair value pre-tax loss - instrument specific credit risk	(5.6)
Change in fair value pre-tax gain (loss)	(5.6)
Interest income	$ 8.1
Real Estate Ventures
Fair Value Option, Quantitative Disclosures
Change in fair value pre-tax gain (loss)		$ 12.5

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Not Reported at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets (liabilities)
Mortgage loans	$ 19,221.2	$ 19,722.4
Policy loans	793.2	770.2
Reinsurance deposit receivable	6,078.7	7,901
Long-term debt	(3)	(67.8)
Carrying amount
Assets (liabilities)
Mortgage loans	19,221.2	19,722.4
Policy loans	793.2	770.2
Other investments	248.4	230
Cash and cash equivalents not required to be reported at fair value	627.8	552.9
Reinsurance deposit receivable	6,078.7	7,901
Cash collateral receivable	33.2	262.8
Investment contracts	(33,847.5)	(34,919.4)
Long-term debt	(3)	(67.8)
Separate account liabilities	(117,504.5)	(107,227.6)
Bank deposits	(399.5)	(352.4)
Cash collateral payable	(170.7)	(285.1)
Assets (liabilities) measured at fair value
Assets (liabilities)
Mortgage loans	17,583.5	17,847.1
Policy loans	780.1	749.5
Other investments	240.7	217.4
Cash and cash equivalents not required to be reported at fair value	627.8	552.9
Reinsurance deposit receivable	5,487.7	6,859.9
Cash collateral receivable	33.2	262.8
Investment contracts	(32,071.2)	(31,915.2)
Long-term debt	(0.4)	(60.5)
Separate account liabilities	(116,642.3)	(106,410.4)
Bank deposits	(385.3)	(336.3)
Cash collateral payable	(170.7)	(285.1)
Assets (liabilities) measured at fair value | Fair value hierarchy Level 1
Assets (liabilities)
Cash and cash equivalents not required to be reported at fair value	627.8	552.9
Cash collateral receivable	33.2	262.8
Cash collateral payable	(170.7)	(285.1)
Assets (liabilities) measured at fair value | Fair value hierarchy Level 2
Assets (liabilities)
Other investments	122.7	112.9
Investment contracts	(7,828.1)	(7,278.9)
Bank deposits	(385.3)	(336.3)
Assets (liabilities) measured at fair value | Fair value hierarchy Level 3
Assets (liabilities)
Mortgage loans	17,583.5	17,847.1
Policy loans	780.1	749.5
Other investments	118	104.5
Reinsurance deposit receivable	5,487.7	6,859.9
Investment contracts	(24,243.1)	(24,636.3)
Long-term debt	(0.4)	(60.5)
Separate account liabilities	$ (116,642.3)	$ (106,410.4)

Statutory Insurance Financial_3

Statutory Insurance Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statutory disclosures
Statutory reserves assumed by affiliated reinsurance subsidiaries	$ 18,474.2	$ 17,815.1
Admitted assets under prescribed and permitted statutory accounting practices	4,153.8	3,748.4
ULSG reserves assumed by affiliated reinsurance subsidiaries and then ceded to a third party reinsurer	10,406.3	9,956.9
Statutory net income (loss)	1,285	(1,563.1)	$ 864
Statutory capital and surplus	$ 4,753.4	$ 4,304.4	$ 5,375.2

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Assets to Consolidated (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Information: Assets
Total assets	$ 259,770.1	$ 241,602.9
Retirement and Income Solutions
Segment Information: Assets
Total assets	215,894.6	201,454.3
Benefits and Protection
Segment Information: Assets
Total assets	42,889.7	39,301.9
Corporate
Segment Information: Assets
Total assets	$ 985.8	$ 846.7

Segment Information - Reconci_2

Segment Information - Reconciliation of Segment Operating Revenues and Earnings to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Revenue And Profit (Loss) From Segments To Consolidated
Total revenues	$ 10,567.3	$ 14,770.3	$ 11,168
Income before income taxes	149.2	5,785.5	1,512.7
Retirement and Income Solutions
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	65.9	27.2	18.9
Operating Segments
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	11,805.4	10,237.3	11,095.4
Revenues from exited business	(927.5)	4,414.8
Pre-tax operating earnings (losses)	1,592.1	1,476.9	1,440.7
Pre-tax income (loss) from exited business	(1,127.8)	4,296.8
Operating Segments | Retirement and Income Solutions
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	7,194.7	5,881.4	6,248.5
Pre-tax operating earnings (losses)	1,062.1	1,028.6	1,123.8
Operating Segments | Benefits and Protection
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	4,490.4	4,295.2	4,779.4
Pre-tax operating earnings (losses)	523.4	565.3	357.7
Operating Segments | Benefits and Protection | Specialty Benefits
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	3,226.1	2,981.6	2,706.8
Operating Segments | Benefits and Protection | Life Insurance
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	1,265.1	1,313.8	2,072.8
Operating Segments | Benefits and Protection | Eliminations
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	(0.8)	(0.2)	(0.2)
Operating Segments | Corporate
Operating Revenue And Profit (Loss) From Segments To Consolidated
Operating revenues	120.3	60.7	67.5
Pre-tax operating earnings (losses)	6.6	(117)	(40.8)
Reconciling Items
Operating Revenue And Profit (Loss) From Segments To Consolidated
Net realized capital gains (losses), net of related revenue adjustments	(264.7)	153.2	105.1
Revenues from exited business	(927.5)	4,414.8
Market risk benefit derivative settlements	(45.9)	(35)	(32.5)
Pre-tax net realized capital gains (losses), as adjusted	(334.7)	(50.4)	47.7
Pre-tax income (loss) from exited business	(1,127.8)	4,296.8
Adjustments related to equity method investments and noncontrolling interest	$ 19.6	$ 62.2	$ 24.3

Segment Information - Revenues

Segment Information - Revenues from exited business (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from exited business:
Change in fair value of funds withheld embedded derivative		$ (1,326.7)	$ 3,652.8	$ 0
Net realized capital gains on funds withheld assets	[1]	161.8	749.4
Operating Segments
Revenues from exited business:
Change in fair value of funds withheld embedded derivative		(1,085.7)	3,652.8
Net realized capital gains on funds withheld assets		165	749.4
Amortization of reinsurance gain		5.9	12.6
Other impacts of reinsured business		(12.7)
Total revenues from exited business		(927.5)	4,414.8
Reconciling Items
Revenues from exited business:
Change in fair value of funds withheld embedded derivative		(228)	767.1
Net realized capital gains on funds withheld assets		34.7	157.4
Total revenues from exited business		$ (927.5)	$ 4,414.8
[1] Includes realized and unrealized gains (losses). See Note 5, Investments, for further details.

Segment Information - Pre-tax n

Segment Information - Pre-tax net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Information: Net realized capital gains (losses), as adjusted
Net realized capital gains (losses)	[1]	$ (154.7)	$ 83.3	$ 112.1
Reconciling Items
Segment Information: Net realized capital gains (losses), as adjusted
Net realized capital gains (losses)		(154.7)	83.3	112.1
Derivative and hedging-related revenue adjustments		59.6	(6.7)	(86.9)
Market value adjustments to fee revenues		1.3	0.7	(0.6)
Certain variable annuity fees		73.3	75.9	80.5
Change in fair value of funds withheld embedded derivative and net realized capital losses on funds withheld assets		(244.2)
Net realized capital gains (losses), net of related revenue adjustments		(264.7)	153.2	105.1
Amortization of deferred acquisition costs and other actuarial balances		(0.1)	(0.1)	9.7
Capital (gains) losses distributed		2.5	0.5	(0.5)
Derivative and hedging-related expense adjustments		1.8
Market value adjustments of market risk benefits		(75.9)	(163.1)	(52.7)
Market value adjustments of embedded derivatives		1.7	(40.9)	(13.9)
Pre-tax net realized capital gains (losses), as adjusted		$ (334.7)	$ (50.4)	$ 47.7
[1] Includes realized and unrealized gains (losses). See Note 5, Investments, for further details.

Segment Information - Pre-tax i

Segment Information - Pre-tax income (loss) from exited business (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pre-tax income (loss) from exited business:
Change in fair value of funds withheld embedded derivative		$ (1,326.7)	$ 3,652.8	$ 0
Net realized capital gains on funds withheld assets	[1]	161.8	749.4
Amortization of reinsurance loss		(20.4)	(19.3)	$ (23)
Operating Segments
Pre-tax income (loss) from exited business:
Change in fair value of funds withheld embedded derivative		(1,085.7)	3,652.8
Net realized capital gains on funds withheld assets		165	749.4
Strategic review costs and impacts			74.4
Amortization of reinsurance loss		(68.7)	(56.7)
Other impacts of reinsured business		(138.4)	(123.1)
Total pre-tax income (loss) from exited business		(1,127.8)	4,296.8
Reconciling Items
Pre-tax income (loss) from exited business:
Change in fair value of funds withheld embedded derivative		(228)	767.1
Net realized capital gains on funds withheld assets		34.7	157.4
Strategic review costs and impacts			21.2
Amortization of reinsurance loss		(14.4)	(11.9)
Other impacts of reinsured business		(29.1)	(25.9)
Total pre-tax income (loss) from exited business		$ (1,127.8)	$ 4,296.8
[1] Includes realized and unrealized gains (losses). See Note 5, Investments, for further details.

Segment Information - Income Ta

Segment Information - Income Tax Expense by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Information: Income tax expense (benefit)
Tax expense related to exited business	$ (236.8)	$ 907.9
Income taxes (benefits)	(87.4)	1,106	$ 196.6
Operating Segments
Segment Information: Income tax expense (benefit)
Total segment income tax expense (benefit) from operating earnings (losses)	215.9	211.8	189.2
Reconciling Items
Segment Information: Income tax expense (benefit)
Tax expense (benefit) related to net realized capital gains (losses), as adjusted	(66.5)	(13.7)	7.4
Tax expense related to exited business	(236.8)	907.9
Retirement and Income Solutions | Operating Segments
Segment Information: Income tax expense (benefit)
Total segment income tax expense (benefit) from operating earnings (losses)	134.2	111.2	135
Benefits and Protection | Operating Segments
Segment Information: Income tax expense (benefit)
Total segment income tax expense (benefit) from operating earnings (losses)	95	108.7	68.6
Corporate | Operating Segments
Segment Information: Income tax expense (benefit)
Total segment income tax expense (benefit) from operating earnings (losses)	$ (13.3)	$ (8.1)	$ (14.4)

Segment Information - Depreciat

Segment Information - Depreciation and Amortization Expense by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Information: Depreciation and amortization expense
Total segment depreciation and amortization expense included in pre-tax operating earnings	$ 81.4	$ 82.2	$ 82.1
Depreciation and amortization expense related to exited business		26.9
Depreciation and amortization expense	81.4	109.1	82.1
Retirement and Income Solutions
Segment Information: Depreciation and amortization expense
Depreciation and amortization expense	57.2	58	53
Benefits and Protection
Segment Information: Depreciation and amortization expense
Depreciation and amortization expense	19.2	18.9	19.3
Corporate
Segment Information: Depreciation and amortization expense
Depreciation and amortization expense	$ 5	$ 5.3	$ 9.8

Revenues from Contracts with _3

Revenues from Contracts with Customers - Disaggregation by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues per consolidated statements of operations	$ 2,204.7	$ 2,168.1	$ 2,708.2
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	641.3	609.4	480.3
Operating Segments | Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	556.3	533.6	409.2
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	1,118.7	1,114	1,226.9
Total fees and other revenues per consolidated statements of operations	1,675	1,647.6	1,636.1
Operating Segments | Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	85.8	76.7	72.1
Operating Segments | Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	(0.8)	(0.9)	(1)
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	13.4	16	17.6
Total fees and other revenues per consolidated statements of operations	12.6	15.1	16.6
Operating Segments | Specialty Benefits | Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	12.7	12.3	12
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	18.2	18.5	19
Total fees and other revenues per consolidated statements of operations	30.9	30.8	31
Operating Segments | Life Insurance | Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	73.1	64.4	60.2
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	332.6	321	884.5
Total fees and other revenues per consolidated statements of operations	405.7	385.4	944.7
Operating Segments | Eliminations | Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers			(0.1)
Operating Segments | Retirement and Income Solutions | Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	556.3	533.6	409.2
Reconciling Items
Revenues from Contracts with Customers - Disaggregation of Revenues
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	1,482.9	1,469.5	2,148
Pre-tax other adjustments	$ 80.5	$ 89.2	$ 79.9

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation within Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues	$ 2,204.7	$ 2,168.1	$ 2,708.2
Premiums and other considerations	6,396.7	5,264.3	4,714
Net investment income	3,285.5	2,852.4	3,633.7
Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Premiums and other considerations	3,469	3,306.8	2,830.4
Net investment income	545.7	560.3	907.8
Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Premiums and other considerations	2,935	1,959.7	1,883.6
Net investment income	2,618.8	2,252.2	2,674.4
Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Premiums and other considerations	(7.3)	(2.2)
Net investment income	121	39.9	51.5
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	641.3	609.4	480.3
Total operating revenues	11,805.4	10,237.3	11,095.4
Operating Segments | Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	85.8	76.7	72.1
Total operating revenues	4,490.4	4,295.2	4,779.4
Operating Segments | Benefits and Protection | Specialty Benefits
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	12.7	12.3	12
Fees and other revenues not within the scope of revenue recognition guidance	18.2	18.5	19
Total fees and other revenues	30.9	30.8	31
Premiums and other considerations	3,020.9	2,771.2	2,496.6
Net investment income	174.3	179.6	179.2
Total operating revenues	3,226.1	2,981.6	2,706.8
Operating Segments | Benefits and Protection | Specialty Benefits | Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	12.7	12.3	12
Operating Segments | Benefits and Protection | Life Insurance
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	73.1	64.4	60.2
Fees and other revenues not within the scope of revenue recognition guidance	332.6	321	884.5
Total fees and other revenues	405.7	385.4	944.7
Premiums and other considerations	461.6	535.8	333.9
Net investment income	397.8	392.6	794.2
Total operating revenues	1,265.1	1,313.8	2,072.8
Operating Segments | Benefits and Protection | Life Insurance | Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	30.3	26.9	26.3
Operating Segments | Benefits and Protection | Life Insurance | Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	42.8	37.5	33.9
Operating Segments | Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	556.3	533.6	409.2
Fees and other revenues not within the scope of revenue recognition guidance	1,118.7	1,114	1,226.9
Total fees and other revenues	1,675	1,647.6	1,636.1
Premiums and other considerations	2,935	1,959.7	1,883.6
Net investment income	2,584.7	2,274.1	2,728.8
Total operating revenues	7,194.7	5,881.4	6,248.5
Operating Segments | Retirement and Income Solutions | Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	539.5	519.2	395.8
Operating Segments | Retirement and Income Solutions | Deposit account fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	11.3	10.2	9.2
Operating Segments | Retirement and Income Solutions | Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	3.6	3	3.5
Operating Segments | Retirement and Income Solutions | Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	1.9	1.2	0.7
Operating Segments | Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	(0.8)	(0.9)	(1)
Fees and other revenues not within the scope of revenue recognition guidance	13.4	16	17.6
Total fees and other revenues	12.6	15.1	16.6
Premiums and other considerations	(7.3)	(2.2)
Net investment income	115	47.8	50.9
Total operating revenues	120.3	60.7	67.5
Operating Segments | Corporate | Revenue by type - Eliminations
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	$ (0.8)	$ (0.9)	$ (1)

Revenues from Contracts with _5

Revenues from Contracts with Customers - Contract Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract costs
Contract cost asset	$ 44.3	$ 43
Practical expedient, incremental costs of obtaining a contract	true
Amortization expense of contract cost asset	$ 7.6	7.6	$ 7.3
Impairment loss for contract cost asset	$ 0	$ 0	$ 0

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Stock-Based Awards (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Plans
Stock-Based Compensation Plans - Disclosures
Compensation cost	$ 25.3	$ 22.2	$ 25.2
Related income tax benefit	5.1	4.6	4.3
Capitalized as part of an asset	$ 1.1	$ 1.2	$ 1.4
2020 Directors Stock Plan, the 2014 Stock Incentive Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan or the Directors Stock Plan
Stock-Based Compensation Plans - Disclosures
Number of shares that will be granted	0

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Nonqualified Stock Options, Assumptions and Other Disclosures (Details) - Nonqualified Stock Options - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Plans - Disclosures
Options granted (in shares)	0	0
Assumptions used to estimate fair value of stock options granted during period
Weighted-average expected volatility (as a percent)	0%	0%	34.20%
Weighted-average expected term	0 years	0 years	7 years
Weighted-average risk-free interest rate (as a percent)	0%	0%	1.20%
Weighted-average expected dividend yield (as a percent)	0%	0%	3.82%
Weighted-average estimated fair value of stock options granted (in dollars per share)	$ 0	$ 0	$ 15.67
Other nonqualified stock option disclosures
Unrecognized compensation costs	$ 0.1
Weighted-average service period over which unrecognized compensation costs will be recognized	2 months 12 days

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Performance Share Awards and Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance Share Awards
Stock-Based Compensation Plans - Disclosures
Performance period for goals	3 years
Change in nonvested units outstanding
Awards or units granted, Weighted-average grant-date fair value (in dollars per share)	$ 91.47	$ 66.62	$ 58.68
Other award and unit disclosures
Unrecognized compensation costs	$ 14.5
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 9 months 18 days
Restricted Stock Units
Change in nonvested units outstanding
Awards or units granted, Weighted-average grant-date fair value (in dollars per share)	$ 86.86	$ 69.80	$ 59.38
Other award and unit disclosures
Unrecognized compensation costs	$ 33.8
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 7 months 6 days
2014 Stock Incentive Plan, Amended and Restated 2010 Stock Incentive Plan and 2021 Stock Incentive Plan | Restricted Stock Units
Other award and unit disclosures
Vesting period	3 years

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Plans - Disclosures
Weighted-average fair value of discount on employee stock purchase plan (in dollars per share)	$ 7.49	$ 7.31	$ 15.64
Maximum value of company common stock that can be purchased by an employee per year	$ 25,000
Employee purchase price as a percent of fair market value (as a percent)	90%		85%

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Nonqualified Stock Options, Activity (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
2014 Stock Incentive Plan, Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan
Stock-Based Compensation Plans - Disclosures
Option expiration period	10 years	10 years
Nonqualified Stock Options
Change in options outstanding
Options granted (in shares)	0	0

Schedule I - Summary of Inves_2

Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions	Dec. 31, 2023 USD ($)
Summary of Investments - Other Than Investments in Related Parties
Cost	$ 94,856
Amount as shown in the consolidated statement of financial position	89,765.2
Fixed maturities | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	67,621
Fair value	62,530.2
Amount as shown in the consolidated statement of financial position	62,530.2
Fixed maturities | Trading
Summary of Investments - Other Than Investments in Related Parties
Cost	715.3
Fair value	715.3
Amount as shown in the consolidated statement of financial position	715.3
U.S Treasury securities and obligations of U.S government corporations and agencies | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	1,719.1
Fair value	1,504.9
Amount as shown in the consolidated statement of financial position	1,504.9
States, municipalities and political subdivisions | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	7,493.9
Fair value	6,613.3
Amount as shown in the consolidated statement of financial position	6,613.3
Foreign governments | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	522.2
Fair value	479.9
Amount as shown in the consolidated statement of financial position	479.9
Public utilities | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	4,747
Fair value	4,256.9
Amount as shown in the consolidated statement of financial position	4,256.9
Redeemable preferred stock | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	225.4
Fair value	208.4
Amount as shown in the consolidated statement of financial position	208.4
All other corporate bonds | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	30,735.2
Fair value	28,614.2
Amount as shown in the consolidated statement of financial position	28,614.2
Residential mortgage-backed securities | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	2,959.8
Fair value	2,824.9
Amount as shown in the consolidated statement of financial position	2,824.9
Commercial mortgage-backed securities | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	5,391.6
Fair value	4,743.4
Amount as shown in the consolidated statement of financial position	4,743.4
Collateralized debt obligations | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	5,379.6
Fair value	5,397.8
Amount as shown in the consolidated statement of financial position	5,397.8
Other debt obligations | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	8,447.2
Fair value	7,886.5
Amount as shown in the consolidated statement of financial position	7,886.5
Equity securities:
Summary of Investments - Other Than Investments in Related Parties
Cost	43
Fair value	43
Amount as shown in the consolidated statement of financial position	43
Banks, trust and insurance companies
Summary of Investments - Other Than Investments in Related Parties
Cost	28.1
Fair value	28.1
Amount as shown in the consolidated statement of financial position	28.1
Non-redeemable preferred stock
Summary of Investments - Other Than Investments in Related Parties
Cost	14.9
Fair value	14.9
Amount as shown in the consolidated statement of financial position	14.9
Mortgage loans
Summary of Investments - Other Than Investments in Related Parties
Cost	19,221.2
Amount as shown in the consolidated statement of financial position	19,221.2
Other real estate
Summary of Investments - Other Than Investments in Related Parties
Cost	2,343.5
Amount as shown in the consolidated statement of financial position	2,343.5
Policy loans
Summary of Investments - Other Than Investments in Related Parties
Cost	793.2
Amount as shown in the consolidated statement of financial position	793.2
Other investments
Summary of Investments - Other Than Investments in Related Parties
Cost	4,118.8
Amount as shown in the consolidated statement of financial position	$ 4,118.8

Schedule III - Supplementary _2

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplementary Insurance Information
Deferred acquisition costs	$ 3,926.5	$ 3,939.2		$ 3,822.3
Market risk benefit asset	153.4	109.2
Future policy benefits and claims	42,488	38,279.4
Contractholder and other policyholder funds	42,272.4	43,184.3
Market risk benefit liability	111.9	181.4
Premiums and other considerations	6,396.7	5,264.3	$ 4,714
Net investment income	3,285.5	2,852.4	3,633.7
Benefits, claims and settlement expenses	7,226.2	5,882.7	6,617.5
Liability for future policy benefit remeasurement (gain) loss	(52.5)	(259.8)	0.4
Market risk benefit remeasurement (gain) loss	33.7	131.2	114.1
Amortization of deferred acquisition costs	388.7	385.7	372.2
Other operating expenses	2,732.8	2,750.2	2,456.3
Retirement and Income Solutions
Supplementary Insurance Information
Deferred acquisition costs	918.9	930		964.4
Market risk benefit asset	153.4	109.2
Future policy benefits and claims	29,161.9	26,651.8
Contractholder and other policyholder funds	34,399.6	35,338
Market risk benefit liability	111.9	181.4
Premiums and other considerations	2,935	1,959.7	1,883.6
Net investment income	2,618.8	2,252.2	2,674.4
Benefits, claims and settlement expenses	4,615.8	3,328	3,547.3
Liability for future policy benefit remeasurement (gain) loss	(68.5)	(14.9)	(3.8)
Market risk benefit remeasurement (gain) loss	33.7	131.2	114.1
Amortization of deferred acquisition costs	95.9	101	107
Other operating expenses	1,562.1	1,514.2	1,380.6
Benefits and Protection
Supplementary Insurance Information
Deferred acquisition costs	3,007.6	3,009.2		$ 2,857.9
Future policy benefits and claims	13,137	11,411.6
Contractholder and other policyholder funds	7,870.8	7,844.2
Premiums and other considerations	3,469	3,306.8	2,830.4
Net investment income	545.7	560.3	907.8
Benefits, claims and settlement expenses	2,609	2,553.7	3,069.3
Liability for future policy benefit remeasurement (gain) loss	16	(244.9)	4.2
Amortization of deferred acquisition costs	292.8	284.7	265.2
Other operating expenses	1,078	1,018.8	992.6
Corporate
Supplementary Insurance Information
Future policy benefits and claims	189.1	216
Contractholder and other policyholder funds	2	2.1
Premiums and other considerations	(7.3)	(2.2)
Net investment income	121	39.9	51.5
Benefits, claims and settlement expenses	1.4	1	0.9
Other operating expenses	$ 92.7	$ 217.2	$ 83.1

Schedule IV - Reinsurance (Deta

Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Life insurance in force
Life insurance in force gross amount	$ 329,287.2	$ 317,116.8	$ 299,318.1
Life insurance in force ceded to other companies	333,380.6	222,711.4	195,641.7
Life insurance in force assumed from other companies	388,012.8	374,462.3	367,764.8
Life insurance in force net amount	$ 383,919.4	$ 468,867.7	$ 471,441.1
Life insurance in force, percentage of amount assumed to net (as a percent)	101.10%	79.90%	78%
Premiums:
Premiums gross amount	$ 6,423.8	$ 5,216.5	$ 4,869.7
Premiums ceded to other companies	544.1	455.7	650
Premiums assumed from other companies	517	503.5	494.3
Premiums net amount	$ 6,396.7	$ 5,264.3	$ 4,714
Premiums percentage of amount assumed to net (as a percent)	8.10%	9.60%	10.50%
Life insurance and annuities
Premiums:
Premiums gross amount	$ 3,847.1	$ 2,824.1	$ 2,693.4
Premiums ceded to other companies	387.9	297.9	494.3
Premiums assumed from other companies	517	503.5	494.3
Premiums net amount	$ 3,976.2	$ 3,029.7	$ 2,693.4
Premiums percentage of amount assumed to net (as a percent)	13%	16.60%	18.40%
Accident and health insurance
Premiums:
Premiums gross amount	$ 2,576.7	$ 2,392.4	$ 2,176.3
Premiums ceded to other companies	156.2	157.8	155.7
Premiums net amount	$ 2,420.5	$ 2,234.6	$ 2,020.6