Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments

Fixed Maturities and Equity Securities Available-for-Sale (Table)

									Other-than-
			Gross		Gross				temporary
	Amortized		unrealized		unrealized				impairments in
	cost		gains		losses		Fair value		AOCI (1)
	(in millions)
December 31, 2019
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,627.0	$	100.2	$	3.0	$	1,724.2	$	—
Non-U.S. governments		852.3		144.1		0.2		996.2		—
States and political subdivisions		6,857.1		644.5		11.6		7,490.0		—
Corporate		36,993.1		3,706.5		52.2		40,647.4		—
Residential mortgage-backed pass-through securities		2,913.9		72.3		3.8		2,982.4		—
Commercial mortgage-backed securities		4,746.6		127.6		24.0		4,850.2		15.8
Collateralized debt obligations (2)		3,226.7		2.9		14.3		3,215.3		0.9
Other debt obligations		8,085.8		129.6		14.9		8,200.5		31.7
Total fixed maturities, available-for-sale	$	65,302.5	$	4,927.7	$	124.0	$	70,106.2	$	48.4
December 31, 2018
Fixed maturities, available-for-sale:
U.S. government and agencies	$	1,441.6	$	16.4	$	17.0	$	1,441.0	$	—
Non-U.S. governments		833.4		71.7		14.6		890.5		—
States and political subdivisions		6,125.0		196.0		95.3		6,225.7		—
Corporate		35,134.6		1,249.9		845.2		35,539.3		—
Residential mortgage-backed pass-through securities		2,488.5		21.9		49.8		2,460.6		—
Commercial mortgage-backed securities		4,023.1		17.1		94.6		3,945.6		16.3
Collateralized debt obligations (2)		2,451.3		—		30.5		2,420.8		1.2
Other debt obligations		7,228.3		39.4		82.7		7,185.0		36.1
Total fixed maturities, available-for-sale	$	59,725.8	$	1,612.4	$	1,229.7	$	60,108.5	$	53.6

(1) Excludes $62.3 million and $64.2 million as of December 31, 2019 and December 31, 2018, respectively, of net unrealized gains on impaired fixed maturities, available-for-sale related to changes in fair value subsequent to the impairment date, which are included in gross unrealized gains and gross unrealized losses.

(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	$	2,138.3	$	2,154.0
Due after one year through five years		9,955.3		10,319.2
Due after five years through ten years		12,080.0		12,894.4
Due after ten years		22,155.9		25,490.2
Subtotal		46,329.5		50,857.8
Mortgage-backed and other asset-backed securities		18,973.0		19,248.4
Total	$	65,302.5	$	70,106.2

Net Investment Income (Table)

	For the year ended December 31,
	2019		2018		2017
	(in millions)
Fixed maturities, available-for-sale (1)	$	2,606.0	$	2,479.9	$	2,342.3
Fixed maturities, trading		23.8		26.4		12.6
Equity securities, available-for-sale		—		—		21.7
Equity securities, trading		—		—		46.1
Equity securities		110.5		38.8		—
Mortgage loans		707.0		641.4		605.9
Real estate		191.1		158.8		129.4
Policy loans		44.0		45.0		45.6
Cash and cash equivalents		65.3		56.2		28.6
Derivatives (1)		(2.0)		0.1		(3.2)
Other		370.8		285.0		319.6
Total		4,116.5		3,731.6		3,548.6
Investment expenses		(118.1)		(102.4)		(89.3)
Net investment income	$	3,998.4	$	3,629.2	$	3,459.3

(1) Upon adoption of authoritative guidance effective January 1, 2019, the change in fair value of fixed maturities, available-for-sale and the change in fair value of derivative hedging instruments in fair value hedging relationships are reported in net investment income with the earnings effect of fixed maturities, available-for-sale. Prior to 2019, the change in fair value of fixed maturities, available-for-sale and the change in fair value of derivative hedging instruments in fair value hedging relationships were reported in net realized capital gains (losses). See Note 5, Derivative Financial Instruments, for further details.

Net Realized Capital Gains and Losses (Table)

	For the year ended December 31,
	2019		2018		2017
	(in millions)
Fixed maturities, available-for-sale:
Gross gains	$	15.5	$	40.2	$	14.7
Gross losses		(15.3)		(74.8)		(27.2)
Net impairment losses		(43.5)		(29.1)		(81.7)
Hedging, net (1)		(9.3)		(39.6)		(28.5)
Fixed maturities, trading (2)		43.0		(9.0)		(8.0)
Equity securities, available-for-sale:
Gross gains		—		—		0.2
Net impairment losses		—		—		(0.1)
Equity securities, trading (3)		—		—		65.0
Equity securities (4)		84.5		(17.7)		—
Mortgage loans		3.0		6.2		9.0
Derivatives (1)		(120.3)		11.7		(149.8)
Other (5)		(10.4)		36.7		730.6
Net realized capital gains (losses)	$	(52.8)	$	(75.4)	$	524.2

(1) Upon adoption of authoritative guidance effective January 1, 2019, the change in fair value of fixed maturities, available-for-sale and the change in fair value of derivative hedging instruments in fair value hedging relationships are reported in net investment income with the earnings effect of fixed maturities, available-for-sale. Prior to 2019, the change in fair value of fixed maturities, available-for-sale and the change in fair value of derivative hedging instruments in fair value hedging relationships were reported in net realized capital gains (losses). See Note 5, Derivative Financial Instruments, for further details. Gains (losses) for fixed maturities, available-for-sale related to terminated cash flow hedges continue to be reflected in net realized capital gains (losses).

(2) Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $32.8 million, $(12.2) million and $(7.5) million for the years ended December 31, 2019, 2018 and 2017, respectively.

(3) Unrealized gains on equity securities, trading still held at the reporting date were $45.3 million for the year ended December 31, 2017. This excludes $34.9 million of unrealized gains on equity securities, trading still held at the reporting date for the year ended December 31, 2017 that were reported in net investment income.

(4) Unrealized gains (losses) on equity securities still held at the reporting date were $61.6 million and $(39.9) million for the years ended December 31, 2019 and 2018, respectively. This excludes $66.9 million and $4.9 million of unrealized gains on equity securities still held at the reporting date for the years ended December 31, 2019 and 2018, respectively, that were reported in net investment income.

(5) Further details relating to other gains in 2017 are included under the caption “ Real Estate Transactions."

Other-Than-Temporary Impairment Losses, Net of Recoveries (Table)

	For the year ended December 31,
	2019		2018		2017
	(in millions)
Fixed maturities, available-for-sale	$	(38.3)	$	10.6	$	(28.6)
Equity securities, available-for-sale		—		—		(0.1)
Total other-than-temporary impairment losses, net of recoveries from the sale of previously impaired securities		(38.3)		10.6		(28.7)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from OCI (1)		(5.2)		(39.7)		(53.1)
Net impairment losses on available-for-sale securities	$	(43.5)	$	(29.1)	$	(81.8)

(1) Represents the net impact of (a) gains resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI and (b) losses resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold.

Other-Than-Temporary Impairment, Credit Losses Recognized in Earnings (Table)

	For the year ended December 31,
	2019		2018		2017
	(in millions)
Beginning balance	$	(117.5)	$	(124.3)	$	(139.9)
Credit losses for which an other-than-temporary impairment was not previously recognized		(6.8)		(11.3)		(15.0)
Credit losses for which an other-than-temporary impairment was previously recognized		(11.8)		(20.0)		(42.5)
Reduction for credit losses previously recognized on fixed maturities now sold, paid down or intended to be sold		54.3		29.5		63.3
Net reduction for positive changes in cash flows expected to be collected and amortization (1)		0.8		8.6		10.0
Foreign currency translation adjustment		—		—		(0.2)
Ending balance	$	(81.0)	$	(117.5)	$	(124.3)

(1) Amounts are recognized in net investment income.

Gross Unrealized Losses for Fixed Maturities and Equity Securities (Table)

	December 31, 2019
	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:
U.S. government and agencies	$	100.0	$	1.9	$	74.2	$	1.1	$	174.2	$	3.0
Non-U.S. governments		17.6		0.2		12.4		—		30.0		0.2
States and political subdivisions		559.9		11.2		86.3		0.4		646.2		11.6
Corporate		1,041.5		27.8		394.7		24.4		1,436.2		52.2
Residential mortgage-backed pass- through securities		429.6		1.4		237.3		2.4		666.9		3.8
Commercial mortgage-backed securities		829.3		9.2		268.5		14.8		1,097.8		24.0
Collateralized debt obligations (1)		639.4		1.8		1,447.8		12.5		2,087.2		14.3
Other debt obligations		1,772.8		9.5		613.7		5.4		2,386.5		14.9
Total fixed maturities, available-for-sale	$	5,390.1	$	63.0	$	3,134.9	$	61.0	$	8,525.0	$	124.0

(1) Primarily consists of collateralized loan obligations backed by secured corporate loans.

	December 31, 2018
	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:
U.S. government and agencies	$	101.8	$	1.6	$	500.3	$	15.4	$	602.1	$	17.0
Non-U.S. governments		210.2		4.7		191.5		9.9		401.7		14.6
States and political subdivisions		1,359.9		33.9		1,590.3		61.4		2,950.2		95.3
Corporate		13,198.4		476.0		6,865.0		369.2		20,063.4		845.2
Residential mortgage-backed pass- through securities		236.7		1.0		1,410.2		48.8		1,646.9		49.8
Commercial mortgage-backed securities		790.3		11.6		2,223.2		83.0		3,013.5		94.6
Collateralized debt obligations (1)		2,233.3		24.0		162.6		6.5		2,395.9		30.5
Other debt obligations		985.5		4.9		3,665.1		77.8		4,650.6		82.7
Total fixed maturities, available-for-sale	$	19,116.1	$	557.7	$	16,608.2	$	672.0	$	35,724.3	$	1,229.7

(1) 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, 2019		December 31, 2018
	(in millions)
Net unrealized gains on fixed maturities, available-for-sale (1)	$	4,834.2	$	400.8
Noncredit component of impairment losses on fixed maturities, available-for-sale		(48.4)		(53.6)
Net unrealized gains on derivative instruments		94.1		118.5
Adjustments for assumed changes in amortization patterns		(261.0)		30.3
Adjustments for assumed changes in policyholder liabilities		(1,133.5)		(293.7)
Net unrealized gains on other investments and noncontrolling interest adjustments		96.8		68.8
Provision for deferred income taxes		(766.9)		(63.8)
Net unrealized gains on available-for-sale securities and derivative instruments	$	2,815.3	$	207.3

(1) Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.

Mortgage Loans (Table)

	December 31, 2019		December 31, 2018
	(in millions)
Commercial mortgage loans	$	15,017.2	$	13,996.3
Residential mortgage loans		1,496.7		1,368.0
Total amortized cost		16,513.9		15,364.3
Valuation allowance		(27.0)		(27.4)
Total carrying value	$	16,486.9	$	15,336.9

Mortgage Loans Purchased and Sold (Table)

	For the year ended December 31,
	2019		2018		2017
	(in millions)
Commercial mortgage loans:
Purchased	$	200.5	$	127.5	$	144.2
Sold		1.6		2.2		28.9
Residential mortgage loans:
Purchased		489.2		394.2		346.0
Sold		70.7		80.3		152.2

Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)

	December 31, 2019				December 31, 2018
	Amortized		Percent		Amortized		Percent
	cost		of total		cost		of total
	($ in millions)
Geographic distribution
New England	$	613.9	4.1	%	$	640.6	4.6	%
Middle Atlantic		4,139.7	27.5			3,927.3	28.0
East North Central		624.5	4.2			592.8	4.2
West North Central		237.2	1.6			205.8	1.5
South Atlantic		2,318.4	15.4			2,206.5	15.8
East South Central		438.5	2.9			422.5	3.0
West South Central		1,450.0	9.7			1,213.8	8.7
Mountain		931.8	6.2			968.6	6.9
Pacific		3,963.7	26.4			3,567.6	25.5
International		299.5	2.0			250.8	1.8
Total	$	15,017.2	100.0	%	$	13,996.3	100.0	%
Property type distribution
Office	$	4,887.1	32.6	%	$	4,625.8	33.0	%
Retail		2,052.6	13.7			2,305.6	16.5
Industrial		2,268.5	15.1			2,312.9	16.5
Apartments		5,246.9	34.9			4,250.5	30.4
Hotel		90.8	0.6			99.8	0.7
Mixed use/other		471.3	3.1			401.7	2.9
Total	$	15,017.2	100.0	%	$	13,996.3	100.0	%

Commercial Mortgage Loan Portfolio by Credit Risk (Table)

	December 31, 2019
	Brick and mortar		CTL		Total
	(in millions)
A- and above	$	13,885.2	$	76.7	$	13,961.9
BBB+ thru BBB-		943.1		83.8		1,026.9
BB+ thru BB-		23.3		—		23.3
B+ and below		5.1		—		5.1
Total	$	14,856.7	$	160.5	$	15,017.2

	December 31, 2018
	Brick and mortar		CTL		Total
	(in millions)
A- and above	$	12,735.2	$	84.3	$	12,819.5
BBB+ thru BBB-		977.3		105.7		1,083.0
BB+ thru BB-		88.3		—		88.3
B+ and below		5.5		—		5.5
Total	$	13,806.3	$	190.0	$	13,996.3

Performing and Non-Performing Residential Mortgage Loans (Table)

	December 31, 2019
	First liens		Home equity		Total
	(in millions)
Performing	$	1,474.2	$	8.0	$	1,482.2
Non-performing		11.5		3.0		14.5
Total	$	1,485.7	$	11.0	$	1,496.7

4. Investments – (continued)

	December 31, 2018
	First liens		Home equity		Total
	(in millions)
Performing	$	1,340.3	$	10.8	$	1,351.1
Non-performing		12.6		4.3		16.9
Total	$	1,352.9	$	15.1	$	1,368.0

Non-Accrual Mortgage Loans (Table)

	December 31, 2019		December 31, 2018
	(in millions)
Residential:
First liens	$	8.8	$	10.1
Home equity		3.0		4.3
Total	$	11.8	$	14.4

Mortgage Loans Aging (Table)

	December 31, 2019
													Recorded
													investment
					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 loans		accruing
	(in millions)
Commercial-brick and mortar	$	—	$	—	$	—	$	—	$	14,856.7	$	14,856.7	$	—
Commercial-CTL		—		—		—		—		160.5		160.5		—
Residential-first liens		46.6		9.3		11.2		67.1		1,418.6		1,485.7		2.7
Residential-home equity		0.8		—		0.3		1.1		9.9		11.0		—
Total	$	47.4	$	9.3	$	11.5	$	68.2	$	16,445.7	$	16,513.9	$	2.7

	December 31, 2018
													Recorded
													investment
					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 loans		accruing
	(in millions)
Commercial-brick and mortar	$	—	$	—	$	—	$	—	$	13,806.3	$	13,806.3	$	—
Commercial-CTL		—		—		—		—		190.0		190.0		—
Residential-first liens		44.3		8.4		12.1		64.8		1,288.1		1,352.9		2.5
Residential-home equity		0.8		0.6		0.4		1.8		13.3		15.1		—
Total	$	45.1	$	9.0	$	12.5	$	66.6	$	15,297.7	$	15,364.3	$	2.5

Mortgage Loan Valuation Allowance (Table)

	Commercial		Residential		Total
	(in millions)
For the year ended December 31, 2019
Beginning balance	$	24.3	$	3.1	$	27.4
Provision		0.2		(3.2)		(3.0)
Charge-offs		—		(0.6)		(0.6)
Recoveries		—		3.2		3.2
Ending balance	$	24.5	$	2.5	$	27.0
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	1.4	$	1.4
Collectively evaluated for impairment		24.5		1.1		25.6
Allowance ending balance	$	24.5	$	2.5	$	27.0
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	11.4	$	11.4
Collectively evaluated for impairment		15,017.2		1,485.3		16,502.5
Loan ending balance	$	15,017.2	$	1,496.7	$	16,513.9
For the year ended December 31, 2018
Beginning balance	$	25.8	$	6.9	$	32.7
Provision		(1.5)		(4.5)		(6.0)
Charge-offs		—		(2.4)		(2.4)
Recoveries		—		3.1		3.1
Ending balance	$	24.3	$	3.1	$	27.4
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	1.4	$	1.4
Collectively evaluated for impairment		24.3		1.7		26.0
Allowance ending balance	$	24.3	$	3.1	$	27.4
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	9.2	$	9.2
Collectively evaluated for impairment		13,996.3		1,358.8		15,355.1
Loan ending balance	$	13,996.3	$	1,368.0	$	15,364.3
For the year ended December 31, 2017
Beginning balance	$	27.4	$	17.5	$	44.9
Provision		(1.6)		(10.4)		(12.0)
Charge-offs		—		(5.1)		(5.1)
Recoveries		—		4.9		4.9
Ending balance	$	25.8	$	6.9	$	32.7
Allowance ending balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	4.5	$	4.5
Collectively evaluated for impairment		25.8		2.4		28.2
Allowance ending balance	$	25.8	$	6.9	$	32.7
Loan balance by basis of impairment method:
Individually evaluated for impairment	$	—	$	12.5	$	12.5
Collectively evaluated for impairment		12,897.3		1,273.4		14,170.7
Loan ending balance	$	12,897.3	$	1,285.9	$	14,183.2

Impaired Mortgage Loans (Table)

	December 31, 2019
			Unpaid
	Recorded		principal		Related
	investment		balance		allowance
	(in millions)
With no related allowance recorded:
Residential-first liens	$	0.8	$	—	$	—
With an allowance recorded:
Residential-first liens		6.8		5.1		0.2
Residential-home equity		3.8		5.0		1.2
Total:
Residential	$	11.4	$	10.1	$	1.4

	December 31, 2018
			Unpaid
	Recorded		principal		Related
	investment		balance		allowance
	(in millions)
With no related allowance recorded:
Residential-first liens	$	1.6	$	1.6	$	—
With an allowance recorded:
Residential-first liens		2.2		2.2		—
Residential-home equity		5.4		6.5		1.4
Total:
Residential	$	9.2	$	10.3	$	1.4

	Average
	recorded		Interest income
	investment		recognized
	(in millions)
For the year ended December 31, 2019
With no related allowance recorded:
Residential-first liens	$	1.2	$	—
With an allowance recorded:
Residential-first liens		4.5		0.1
Residential-home equity		4.6		0.1
Total:
Residential	$	10.3	$	0.2
For the year ended December 31, 2018
With no related allowance recorded:
Residential-first liens	$	1.3	$	—
With an allowance recorded:
Residential-first liens		3.2		0.1
Residential-home equity		6.5		0.2
Total:
Residential	$	11.0	$	0.3
For the year ended December 31, 2017
With no related allowance recorded:
Residential-first liens	$	1.2	$	—
With an allowance recorded:
Residential-first liens		4.4		0.2
Residential-home equity		10.3		0.2
Total:
Residential	$	15.9	$	0.4

Minority Interests in Unconsolidated Entities-Balance Sheet (Table)

	December 31,
	2019		2018
	(in millions)
Total assets	$	158,439.7	$	135,355.6
Total liabilities		88,455.8		80,265.4
Total equity	$	69,983.9	$	55,090.2
Net investment in unconsolidated entities (1)	$	1,825.5	$	1,723.7

Minority Interests in Unconsolidated Entities-Income Statement (Table)

	For the year ended
	December 31,
	2019		2018		2017
	(in millions)
Total revenues	$	17,802.2	$	15,389.4	$	15,020.9
Net income		7,938.3		6,542.1		4,530.1
Our share of net income of unconsolidated entities (1)		222.5		161.6		232.7

(1) Our most significant equity investee is Brasilprev Seguros e Previdencia, a co-managed joint venture in Brazil.

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, 2019
Derivative assets	$	288.7	$	(88.4)	$	(197.6)	$	2.7
Reverse repurchase agreements		23.6		—		(23.6)		—
Total	$	312.3	$	(88.4)	$	(221.2)	$	2.7
December 31, 2018
Derivative assets	$	186.3	$	(70.5)	$	(108.1)	$	7.7
Reverse repurchase agreements		53.0		—		(53.0)		—
Total	$	239.3	$	(70.5)	$	(161.1)	$	7.7

(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 above excludes $6.0 million and $7.7 million of derivative assets as of December 31, 2019 and December 31, 2018, respectively, that are not subject to master netting agreements or similar agreements. 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, 2019
Derivative liabilities	$	216.0	$	(88.4)	$	(118.3)	$	9.3
December 31, 2018
Derivative liabilities	$	153.4	$	(70.5)	$	(52.3)	$	30.6

(1) The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes $314.5 million and $138.3 million of derivative liabilities as of December 31, 2019 and December 31, 2018, respectively, 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.