XML 43 R31.htm IDEA: XBRL DOCUMENT v3.25.3
Investments (Tables)
9 Months Ended
Sep. 30, 2025
Investments  
Available-for-Sale Securities (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

Allowance

​

​

​

​

Amortized

​

unrealized

​

unrealized

​

for credit

​

​

​

    

cost (1)

    

gains

    

losses

    

loss

    

Fair value

​

​

(in millions)

September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fixed maturities, available-for-sale:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government and agencies

​

$

1,963.1

​

$

9.4

​

$

255.7

​

$

—

​

$

1,716.8

Non-U.S. governments

​

​

555.1

​

​

18.5

​

​

55.5

​

​

—

​

​

518.1

States and political subdivisions

​

​

7,753.8

​

​

39.4

​

​

1,007.7

​

​

—

​

​

6,785.5

Corporate

​

​

39,151.8

​

​

800.7

​

​

2,950.0

​

​

17.3

​

​

36,985.2

Residential mortgage-backed pass-through securities

​

​

3,806.8

​

​

41.3

​

​

131.5

​

​

—

​

​

3,716.6

Commercial mortgage-backed securities

​

​

5,434.0

​

​

15.9

​

​

326.6

​

​

1.1

​

​

5,122.2

Collateralized debt obligations (2)

​

​

6,512.1

​

​

19.5

​

​

7.3

​

​

—

​

​

6,524.3

Other debt obligations

​

​

10,293.5

​

​

80.0

​

​

419.0

​

​

0.3

​

​

9,954.2

Total excluding portfolio layer method basis adjustment

​

​

75,470.2

​

​

1,024.7

​

​

5,153.3

​

​

18.7

​

​

71,322.9

Unallocated portfolio layer method basis adjustment (3)

​

​

(18.9)

​

​

18.9

​

​

—

​

​

—

​

​

—

Total fixed maturities, available-for-sale

​

$

75,451.3

​

$

1,043.6

​

$

5,153.3

​

$

18.7

​

$

71,322.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

Allowance

​

​

​

​

Amortized

​

unrealized

​

unrealized

​

for credit

​

​

​

    

cost (1)

    

gains

    

losses

    

loss

    

Fair value

​

​

(in millions)

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fixed maturities, available-for-sale:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. government and agencies

​

$

1,937.4

​

$

0.2

​

$

299.7

​

$

—

​

$

1,637.9

Non-U.S. governments

​

​

567.3

​

​

12.9

​

​

84.5

​

​

—

​

​

495.7

States and political subdivisions

​

​

7,207.8

​

​

10.4

​

​

1,141.7

​

​

—

​

​

6,076.5

Corporate

​

​

38,911.1

​

​

509.9

​

​

3,699.9

​

​

18.5

​

​

35,702.6

Residential mortgage-backed pass-through securities

​

​

3,881.3

​

​

8.7

​

​

215.8

​

​

—

​

​

3,674.2

Commercial mortgage-backed securities

​

​

5,634.3

​

​

4.6

​

​

450.9

​

​

—

​

​

5,188.0

Collateralized debt obligations (2)

​

​

6,518.7

​

​

48.0

​

​

6.3

​

​

—

​

​

6,560.4

Other debt obligations

​

​

9,446.2

​

​

49.9

​

​

580.2

​

​

0.2

​

​

8,915.7

Total excluding portfolio layer method basis adjustment

​

​

74,104.1

​

​

644.6

​

​

6,479.0

​

​

18.7

​

​

68,251.0

Unallocated portfolio layer method basis adjustment (3)

​

​

(55.7)

​

​

55.7

​

​

—

​

​

—

​

​

—

Total fixed maturities, available-for-sale

​

$

74,048.4

​

$

700.3

​

$

6,479.0

​

$

18.7

​

$

68,251.0

(1)Amortized cost excludes accrued interest receivable of $482.0 million and $647.3 million as of September 30, 2025 and December 31, 2024, respectively.
(2)Primarily consists of collateralized loan obligations backed by secured corporate loans.
(3)Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.
Fixed Maturities Available-for-Sale by Contractual Maturity (Table)

​

​

​

​

​

​

​

​

​

    

Amortized cost (1)

    

Fair value

​

​

(in millions)

Due in one year or less

​

$

1,543.8

​

$

1,539.6

Due after one year through five years

​

​

9,134.7

​

​

9,093.8

Due after five years through ten years

​

​

9,640.8

​

​

9,616.4

Due after ten years

​

​

29,104.5

​

​

25,755.8

Subtotal

​

​

49,423.8

​

​

46,005.6

Mortgage-backed and other asset-backed securities

​

​

26,046.4

​

​

25,317.3

Total

​

$

75,470.2

​

$

71,322.9

(1)Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.

Net Realized Capital Gains and Losses (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 

​

For the nine months ended September 30, 

​

    

2025

    

2024

    

2025

    

2024

​

​

(in millions)

Fixed maturities, available-for-sale:

​

​

​

​

​

​

​

​

​

​

​

​

Gross gains

​

$

4.0

​

$

7.8

​

$

9.6

​

$

12.0

Gross losses

​

 

(3.0)

​

​

(6.2)

​

​

(56.8)

​

​

(45.2)

Net credit losses (1)

​

 

(23.2)

​

​

(1.9)

​

​

(32.0)

​

​

(5.8)

Hedging, net (2)

​

 

0.2

​

​

8.3

​

​

22.5

​

​

2.6

Fixed maturities, trading (3)

​

 

2.0

​

​

11.2

​

​

(1.0)

​

​

8.9

Equity securities (4)

​

 

59.9

​

​

42.8

​

​

98.3

​

​

113.9

Mortgage loans

​

 

(7.0)

​

​

(49.2)

​

​

(24.1)

​

​

(96.6)

Derivatives (2)

​

 

(5.2)

​

​

16.2

​

​

(76.4)

​

​

20.8

Other

​

 

58.0

​

​

48.4

​

​

33.9

​

​

50.7

Net realized capital gains (losses)

​

$

85.7

​

$

77.4

​

$

(26.0)

​

$

61.3

(1)Includes credit sales, adjustments to the credit loss valuation allowance, write-offs and recoveries on available-for-sale securities.
(2)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. Gains (losses) for fixed maturities, available-for-sale related to terminated cash flow hedges continue to be reflected in net realized capital gains (losses).
(3)Unrealized gains (losses) on fixed maturities, trading still held at the reporting date were $1.7 million and $11.0 million for the three months ended September 30, 2025 and 2024, respectively, and $0.4 million and $8.1 million for the nine months ended September 30, 2025 and 2024, respectively. This excludes $1.7 million and $2.0 million for the three months ended September 30, 2025 and 2024, respectively, and $7.5 million and $2.8 million for the nine months ended September 30, 2025 and 2024, respectively, of unrealized gains (losses) that were reported in market risk benefit remeasurement (gain) loss. In addition, this excludes $(1.9) million and $11.7 million for the three months ended September 30, 2025 and 2024, respectively, and $(12.4) million and $9.5 million for the nine months ended September 30, 2025 and 2024, respectively, that were reported in net realized capital gains (losses) on funds withheld assets.
(4)Unrealized gains (losses) on equity securities still held at the reporting date were $54.8 million and $39.4 million for the three months ended September 30, 2025 and 2024, respectively, and $29.0 million and $99.3 million for the nine months ended September 30, 2025 and 2024, respectively. This excludes $30.2 million and $30.8 million for the three months ended September 30, 2025 and 2024, respectively, and $58.5 million and $43.5 million for the nine months ended September 30, 2025 and 2024, respectively, of unrealized gains (losses) that were reported in net investment income. In addition, this excludes $0.0 million and $0.0 million for the three months ended September 30, 2025 and 2024, respectively, and $0.0 million and $0.0 million for the nine months ended September 30, 2025 and 2024, respectively, that were reported in net realized capital gains (losses) on funds withheld assets.
Allowance for credit loss (Tables)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 2025

​

​

​

​

​

​

​

​

​

​

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

​

$

—

​

$

—

​

$

—

​

$

2.5

​

$

—

​

$

0.3

​

$

0.1

​

$

0.2

​

$

3.1

Additions for credit losses not previously recorded

​

​

—

​

​

—

​

​

—

​

​

14.9

​

​

—

​

​

0.8

​

​

—

​

​

—

​

​

15.7

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(0.1)

​

​

0.1

​

​

—

Foreign currency translation adjustment

​

​

—

​

​

—

​

​

—

​

​

(0.1)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(0.1)

Ending balance

​

$

—

​

$

—

​

$

—

​

$

17.3

​

$

—

​

$

1.1

​

$

—

​

$

0.3

​

$

18.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accrued interest written off to net investment income

​

$

—

​

$

—

​

$

—

​

$

0.4

​

$

—

​

$

—

​

$

—

​

$

—

​

$

0.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 2024

​

​

​

​

​

​

​

​

​

​

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

 

$

—

 

$

—

 

$

—

 

$

2.8

​

$

—

 

$

—

 

$

—

 

$

0.1

 

$

2.9

Additions for credit losses not previously recorded

 

​

—

 

​

—

 

​

—

 

​

—

​

​

—

 

​

—

 

​

—

 

​

0.1

 

​

0.1

Reductions for securities sold during the period

 

​

—

 

​

—

 

​

—

 

​

(0.3)

​

​

—

 

​

—

 

​

—

 

​

—

 

​

(0.3)

Foreign currency translation adjustment

​

​

—

​

​

—

​

​

—

​

​

0.1

​

​

—

​

​

—

​

​

—

​

​

—

​

​

0.1

Ending balance

 

$

—

 

$

—

 

$

—

 

$

2.6

​

$

—

 

$

—

 

$

—

 

$

0.2

 

$

2.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accrued interest written off to net investment income

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended September 30, 2025

​

​

​

​

​

​

​

​

​

​

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

​

$

—

​

$

—

​

$

—

​

$

18.5

​

$

—

​

$

—

​

$

—

​

$

0.2

​

$

18.7

Additions for credit losses not previously recorded

 

​

—

 

​

—

 

​

—

 

​

14.9

​

​

—

 

​

1.1

 

​

0.1

 

​

—

 

​

16.1

Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period

​

​

—

​

​

—

​

​

—

​

​

0.1

​

​

—

​

​

—

​

​

(0.1)

​

​

0.1

​

​

0.1

Write-offs charged against allowance

​

​

—

​

​

—

​

​

—

​

​

(16.2)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(16.2)

Ending balance

 

$

—

 

$

—

 

$

—

 

$

17.3

​

$

—

 

$

1.1

 

$

—

 

$

0.3

 

$

18.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accrued interest written off to net investment income

 

$

—

 

$

—

 

$

—

 

$

0.4

​

$

—

 

$

—

 

$

—

 

$

—

 

$

0.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended September 30, 2024

​

​

​

​

​

​

​

​

​

​

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

 

$

—

 

$

—

 

$

—

 

$

4.6

​

$

—

 

$

—

 

$

—

 

$

0.1

 

$

4.7

Additions for credit losses not previously recorded

 

​

—

 

​

—

 

​

—

 

​

—

​

​

—

 

​

—

 

​

—

 

​

0.1

 

​

0.1

Reductions for securities sold during the period

 

​

—

 

​

—

 

​

—

 

​

(0.3)

​

​

—

 

​

—

 

​

—

 

​

—

 

​

(0.3)

Write-offs charged against allowance

​

​

—

​

​

—

​

​

—

​

​

(1.6)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(1.6)

Foreign currency translation adjustment

​

​

—

​

​

—

​

​

—

​

​

(0.1)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(0.1)

Ending balance

 

$

—

 

$

—

 

$

—

 

$

2.6

​

$

—

 

$

—

 

$

—

 

$

0.2

 

$

2.8

​

 

​

  

 

​

  

 

​

  

 

​

​

​

​

  

 

​

​

 

​

  

 

​

  

 

​

  

Accrued interest written off to net investment income

 

$

—

 

$

—

 

$

—

 

$

—

​

$

—

 

$

—

 

$

—

 

$

—

 

$

—

(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)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

​

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

​

$

527.8

​

$

8.2

​

$

656.5

​

$

247.5

​

$

1,184.3

​

$

255.7

Non-U.S. governments

​

​

16.8

​

​

0.1

​

​

310.8

​

​

55.4

​

​

327.6

​

​

55.5

States and political subdivisions

​

​

587.3

​

​

16.2

​

​

4,756.8

​

​

991.5

​

​

5,344.1

​

​

1,007.7

Corporate

​

​

2,409.7

​

​

107.6

​

​

19,116.6

​

​

2,839.8

​

​

21,526.3

​

​

2,947.4

Residential mortgage-backed pass-through securities

​

​

199.4

​

​

1.2

​

​

1,213.9

​

​

130.3

​

​

1,413.3

​

​

131.5

Commercial mortgage-backed securities

​

​

354.1

​

​

3.2

​

​

3,577.6

​

​

321.6

​

​

3,931.7

​

​

324.8

Collateralized debt obligations (2)

​

​

640.8

​

​

2.9

​

​

21.4

​

​

4.4

​

​

662.2

​

​

7.3

Other debt obligations

​

​

785.3

​

​

9.3

​

​

3,499.9

​

​

409.4

​

​

4,285.2

​

​

418.7

Total fixed maturities, available-for-sale

​

$

5,521.2

​

$

148.7

​

$

33,153.5

​

$

4,999.9

​

$

38,674.7

​

$

5,148.6

(1)Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. Gross unrealized losses exclude unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.
(2)Primarily consists of collateralized loan obligations backed by secured corporate loans.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

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

​

$

909.1

​

$

17.4

​

$

810.6

​

$

283.1

​

$

1,719.7

​

$

300.5

Non-U.S. governments

​

 

32.9

​

​

1.3

​

​

308.8

​

​

83.2

​

​

341.7

​

​

84.5

States and political subdivisions

​

 

743.2

​

 

26.0

​

 

4,745.7

​

 

1,115.8

​

 

5,488.9

​

 

1,141.8

Corporate

​

 

4,970.7

​

 

164.2

​

 

20,099.1

​

 

3,532.3

​

 

25,069.8

​

 

3,696.5

Residential mortgage-backed pass-through securities

​

 

1,938.4

​

 

33.2

​

 

1,214.0

​

 

182.6

​

 

3,152.4

​

 

215.8

Commercial mortgage-backed securities

​

 

691.7

​

 

8.2

​

 

3,860.1

​

 

442.6

​

 

4,551.8

​

 

450.8

Collateralized debt obligations (2)

​

 

582.2

​

 

1.3

​

 

29.8

​

 

5.0

​

 

612.0

​

 

6.3

Other debt obligations

​

 

1,732.5

​

 

21.8

​

 

3,698.5

​

 

557.2

​

 

5,431.0

​

 

579.0

Total fixed maturities, available-for-sale

​

$

11,600.7

​

$

273.4

​

$

34,766.6

​

$

6,201.8

​

$

46,367.3

​

$

6,475.2

(1)Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. Gross unrealized losses exclude unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.
(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)

​

​

​

​

​

​

​

​

​

    

September 30, 2025

    

December 31, 2024

​

​

(in millions)

Net unrealized losses on fixed maturities, available-for-sale (1)

​

$

(4,000.4)

​

$

(5,942.5)

Net unrealized gains (losses) on derivative instruments

​

 

(36.9)

​

 

66.1

Adjustments for assumed changes in amortization patterns

​

 

3.9

​

 

5.1

Adjustments for assumed changes in policyholder liabilities

​

 

26.2

​

 

12.2

Net unrealized losses on other investments and noncontrolling interest adjustments

​

 

(62.4)

​

 

(52.5)

Provision for deferred income tax benefits

​

 

877.1

​

 

1,270.5

Net unrealized losses on available-for-sale securities and derivative instruments

​

$

(3,192.5)

​

$

(4,641.1)

(1)Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.
Financing Receivable Credit Quality Indicators (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

    

2025

    

2024

    

2023

    

2022

    

2021

    

Prior

    

Total

​

​

(in millions)

Commercial mortgage loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

A- and above

 

$

1,054.0

​

$

1,308.8

​

$

936.7

​

$

1,095.7

​

$

1,794.1

​

$

7,124.3

​

$

13,313.6

BBB+ thru BBB-

 

​

164.1

​

​

164.0

​

​

206.1

​

​

155.7

​

​

175.4

​

​

1,202.3

​

​

2,067.6

BB+ thru BB-

 

​

86.3

​

​

133.5

​

​

109.5

​

​

214.6

​

​

48.1

​

​

243.9

​

​

835.9

B+ and below

 

​

—

​

​

—

​

​

34.6

​

​

—

​

​

—

​

​

396.9

​

​

431.5

Total

 

$

1,304.4

​

$

1,606.3

​

$

1,286.9

​

$

1,466.0

​

$

2,017.6

​

$

8,967.4

​

$

16,648.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Direct financing leases:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

A- and above

 

$

—

​

$

—

​

$

—

​

$

30.9

​

$

11.0

​

$

203.7

​

$

245.6

BBB+ thru BBB-

 

​

—

​

​

9.9

​

​

—

​

​

88.8

​

​

20.5

​

​

92.0

​

​

211.2

BB+ thru BB-

 

​

—

​

​

—

​

​

1.9

​

​

0.5

​

​

5.3

​

​

30.3

​

​

38.0

B+ and below

 

​

41.0

 

​

—

 

​

—

 

​

—

 

​

8.8

 

​

—

 

​

49.8

Total

 

$

41.0

​

$

9.9

​

$

1.9

​

$

120.2

​

$

45.6

​

$

326.0

​

$

544.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage loans:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Performing

 

$

787.5

​

$

397.3

​

$

394.2

​

$

933.2

​

$

1,151.7

​

$

570.1

​

$

4,234.0

Non-performing

 

​

—

​

​

1.3

​

​

5.2

​

​

6.2

​

​

6.4

​

​

3.4

​

​

22.5

Total excluding portfolio layer method basis adjustments

 

$

787.5

​

$

398.6

​

$

399.4

​

$

939.4

​

$

1,158.1

​

$

573.5

​

​

4,256.5

Unallocated portfolio layer method basis adjustment (1)

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(0.9)

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

4,255.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

79.5

​

$

34.8

​

$

34.5

​

$

—

​

$

—

​

$

—

​

$

148.8

Non-performing

​

​

0.1

​

​

3.1

​

​

1.5

​

​

—

​

​

—

​

​

—

​

​

4.7

Total

​

$

79.6

​

$

37.9

​

$

36.0

​

$

—

​

$

—

​

$

—

​

$

153.5

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reinsurance recoverable and deposit receivable

 

​

​

 

​

​

 

​

​

 

$

19,260.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

December 31, 2024

​

    

2024

    

2023

    

2022

    

2021

    

2020

    

Prior

    

Total

​

​

(in millions)

Commercial mortgage loans:

 

​

  

​

​

  

    

​

  

    

​

  

    

​

  

    

​

  

    

​

  

A- and above

​

$

1,182.1

​

$

793.1

​

$

1,234.3

​

$

2,101.3

​

$

1,463.4

​

$

6,594.0

​

$

13,368.2

BBB+ thru BBB-

​

 

210.0

​

 

393.6

​

 

231.6

​

 

269.1

​

 

180.6

​

 

1,217.5

​

 

2,502.4

BB+ thru BB-

​

 

215.7

​

 

143.4

​

 

154.3

​

 

47.9

​

 

40.1

​

 

271.7

​

 

873.1

B+ and below

​

 

—

​

 

—

​

 

—

​

 

—

​

 

2.5

​

 

326.5

​

 

329.0

Total

​

$

1,607.8

​

$

1,330.1

​

$

1,620.2

​

$

2,418.3

​

$

1,686.6

​

$

8,409.7

​

$

17,072.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Direct financing leases:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

A- and above

​

$

1.0

​

$

—

​

$

38.5

​

$

11.0

​

$

33.8

​

$

177.4

​

$

261.7

BBB+ thru BBB-

​

 

4.9

​

 

1.8

​

 

87.3

​

 

19.0

​

 

52.8

​

 

67.0

​

 

232.8

BB+ thru BB-

​

 

38.8

​

 

—

​

 

0.5

​

 

6.8

​

 

3.4

​

 

8.5

​

 

58.0

B+ and below

​

 

3.6

​

 

—

​

 

—

​

 

6.9

​

 

—

​

 

—

​

 

10.5

Total

​

$

48.3

​

$

1.8

​

$

126.3

​

$

43.7

​

$

90.0

​

$

252.9

​

$

563.0

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential mortgage loans:

​

 

  

​

 

  

​

 

  

​

 

​

​

 

​

​

 

​

​

 

​

Performing

​

$

350.4

​

$

411.5

​

$

970.3

​

$

1,234.9

​

$

196.0

​

$

427.6

​

$

3,590.7

Non-performing

​

 

0.5

​

 

5.5

​

 

6.1

​

 

4.8

​

 

2.5

​

 

5.7

​

 

25.1

Total excluding portfolio layer method basis adjustments

​

$

350.9

​

$

417.0

​

$

976.4

​

$

1,239.7

​

$

198.5

​

$

433.3

​

​

3,615.8

Unallocated portfolio layer method basis adjustment (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(8.4)

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

3,607.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

84.2

​

$

61.9

​

$

—

​

$

—

​

$

—

​

$

—

​

$

146.1

Non-performing

​

​

0.1

​

​

—

​

​

—

​

​

—

​

​

—

​

​

0.1

​

​

0.2

Total

​

$

84.3

​

$

61.9

​

$

—

​

$

—

​

$

—

​

$

0.1

​

$

146.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reinsurance recoverable and deposit receivable

​

 

  

​

 

  

​

 

  

​

$

19,493.4

(1)

Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.

Non-Accrual Financing Receivables (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

​

​

​

​

​

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

​

$

70.5

​

$

163.6

​

$

40.1

Residential mortgage loans

​

​

15.6

​

​

17.7

​

​

6.2

Other loans

​

​

—

​

​

4.7

​

​

4.7

Total

​

$

86.1

​

$

186.0

​

$

51.0

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

​

​

​

​

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

​

$

58.4

​

$

70.5

​

$

—

Residential mortgage loans

 

​

10.2

 

​

15.6

 

​

—

Total

 

$

68.6

 

$

86.1

 

$

—

Schedule of Interest Income Recognized on Non-accrual Financing Receivables (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 

​

For the nine months ended September 30, 

​

    

2025

    

2024

    

2025

    

2024

​

​

(in millions)

Commercial mortgage loans

​

$

—

​

$

0.4

​

$

0.8

​

$

0.2

Residential mortgage loans

​

​

0.2

​

​

—

​

​

0.5

​

​

0.1

Total

​

$

0.2

​

$

0.4

​

$

1.3

​

$

0.3

Financing Receivables Aging (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

    

​

    

​

    

​

    

​

    

​

    

​

    

Amortized

​

​

​

​

​

​

​

​

​

​

​

​

​

​

cost

​

​

​

​

​

​

90 days or

​

​

​

​

​

​

​

90 days or

​

​

30-59 days

​

60-89 days

​

more past

​

Total past

​

​

​

​

​

more and

​

​

past due

​

past due

​

due

​

due

​

Current

​

Total (1)

​

accruing

​

​

(in millions)

Commercial mortgage loans

​

$

46.2

​

$

2.7

​

$

153.0

​

$

201.9

​

$

16,446.7

​

$

16,648.6

​

$

2.6

Direct financing leases

​

​

41.0

​

​

—

​

​

—

​

​

41.0

​

​

503.6

​

​

544.6

​

​

—

Residential mortgage loans (2)

​

​

64.0

​

​

18.9

​

​

23.0

​

​

105.9

​

​

4,150.6

​

​

4,256.5

​

​

9.9

Other loans

​

​

2.4

​

​

1.7

​

​

6.4

​

​

10.5

​

​

143.0

​

​

153.5

​

​

1.7

Total

​

$

153.6

​

$

23.3

​

$

182.4

​

$

359.3

​

$

21,243.9

​

$

21,603.2

​

$

14.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

    

​

    

​

    

​

    

​

    

​

    

​

    

Amortized

​

​

​

​

​

​

​

​

​

​

​

​

​

​

cost

​

​

​

​

​

​

90 days or

​

​

​

​

​

​

​

90 days or

​

​

30-59 days

​

60-89 days

​

more past

​

Total past

​

​

​

​

​

more and

​

​

past due

​

past due

​

due

​

due

​

Current

​

Total (1)

​

accruing

​

​

(in millions)

Commercial mortgage loans

​

$

70.3

​

$

2.2

​

$

26.3

​

$

98.8

​

$

16,973.9

​

$

17,072.7

​

$

—

Direct financing leases

​

 

3.6

​

 

—

​

 

—

​

 

3.6

​

 

559.4

​

 

563.0

​

 

—

Residential mortgage loans (2)

​

 

54.4

​

 

14.9

​

 

23.5

​

 

92.8

​

 

3,523.0

​

 

3,615.8

​

 

9.5

Other loans

​

​

2.1

​

​

1.8

​

​

1.6

​

​

5.5

​

​

140.8

​

​

146.3

​

​

1.4

Total

​

$

130.4

​

$

18.9

​

$

51.4

​

$

200.7

​

$

21,197.1

​

$

21,397.8

​

$

10.9

(1)As of both September 30, 2025 and December 31, 2024, no reinsurance recoverables or deposit receivables were considered past due.
(2)Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.
Financing Receivables Valuation Allowance (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 2025

​

​

Commercial

​

Direct

​

Residential

​

​

​

​

​

​

mortgage

​

financing

​

mortgage

​

Reinsurance

​

​

​

    

loans

    

leases

    

loans

    

recoverables

    

Total

​

​

(in millions)

Beginning balance

​

$

196.1

​

$

3.1

​

$

14.5

​

$

3.2

​

$

216.9

Provision

 

​

8.5

​

​

4.5

​

​

4.2

​

​

0.1

 

​

17.3

Charge-offs

 

​

—

 

​

—

 

​

(0.2)

 

​

—

 

​

(0.2)

Recoveries

 

​

0.1

 

​

—

 

​

—

 

​

—

 

​

0.1

Foreign currency translation adjustment

​

​

(0.1)

​

​

(0.1)

​

​

(0.1)

​

​

—

​

​

(0.3)

Ending balance

 

$

204.6

 

$

7.5

 

$

18.4

 

$

3.3

 

$

233.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accrued interest income written off to net investment income

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended September 30, 2024

​

​

Commercial

​

Direct

​

Residential

​

​

​

​

​

    

mortgage

​

financing

​

mortgage

​

Reinsurance

​

​

​

​

loans

    

leases

    

loans

    

recoverables

    

Total

​

 

(in millions)

Beginning balance

​

$

165.0

​

$

1.9

​

$

9.4

​

$

3.1

​

$

179.4

Provision

 

​

52.1

​

​

1.3

​

​

(1.1)

​

​

—

 

​

52.3

Charge-offs

 

​

(38.1)

​

​

—

​

​

(0.1)

​

​

—

 

​

(38.2)

Recoveries

 

​

—

​

​

—

​

​

0.3

​

​

—

 

​

0.3

Foreign currency translation adjustment

​

​

0.1

​

​

0.2

​

​

0.1

​

​

—

​

​

0.4

Ending balance

 

$

179.1

​

$

3.4

​

$

8.6

​

$

3.1

 

$

194.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accrued interest income written off to net investment income

 

$

—

​

$

—

​

$

—

​

$

—

 

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended September 30, 2025

​

​

Commercial

​

Direct

​

Residential

​

​

​

​

​

​

mortgage

​

financing

​

mortgage

​

Reinsurance

​

​

​

    

loans

    

leases

    

loans

    

recoverables

    

Total

​

​

(in millions)

Beginning balance

​

$

188.6

​

$

3.0

​

$

7.3

​

$

3.3

​

$

202.2

Provision

 

​

16.7

​

​

4.4

​

​

6.6

​

​

—

 

​

27.7

Charge-offs

​

​

(1.3)

​

​

—

​

​

(0.3)

​

​

—

​

​

(1.6)

Recoveries

 

​

0.5

​

​

—

​

​

4.8

​

​

—

 

​

5.3

Foreign currency translation adjustment

​

​

0.1

​

​

0.1

​

​

—

​

​

—

​

​

0.2

Ending balance

 

$

204.6

​

$

7.5

​

$

18.4

​

$

3.3

 

$

233.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accrued interest income written off to net investment income

 

$

0.3

​

$

—

​

$

—

​

$

—

 

$

0.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the nine months ended September 30, 2024

​

​

Commercial

​

Direct

​

Residential

​

​

​

​

​

​

mortgage

​

financing

​

mortgage

​

Reinsurance

​

​

​

    

loans

    

leases

    

loans

    

recoverables

    

Total

​

​

(in millions)

Beginning balance

​

$

128.8

​

$

0.9

​

$

6.7

​

$

3.2

​

$

139.6

Provision

 

​

100.3

 

​

2.4

 

​

1.4

 

​

(0.1)

 

​

104.0

Charge-offs

 

​

(49.9)

 

​

—

 

​

(0.2)

 

​

—

 

​

(50.1)

Recoveries

 

​

—

 

​

—

 

​

0.7

 

​

—

 

​

0.7

Foreign currency translation adjustment

​

​

(0.1)

​

​

0.1

​

​

—

​

​

—

​

​

—

Ending balance

 

$

179.1

 

$

3.4

 

$

8.6

 

$

3.1

 

$

194.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accrued interest income written off to net investment income

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

​

Mortgage Loans Purchased and Sold (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months ended

​

For the nine months ended

​

​

September 30, 

​

September 30, 

​

    

2025

    

2024

    

2025

    

2024

​

​

(in millions)

Commercial mortgage loans:

 

​

  

 

​

  

​

​

  

 

​

  

Purchased

​

$

1.4

​

$

21.9

​

$

71.7

​

$

78.9

Sold

​

​

0.1

​

​

3.0

​

​

109.3

​

​

3.8

Residential mortgage loans:

​

 

​

​

 

​

​

 

​

​

 

​

Purchased

​

 

376.7

​

 

112.3

​

 

1,027.6

​

 

199.8

Sold

​

 

11.1

​

 

9.4

​

 

20.9

​

 

22.2

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

December 31, 2024

 

​

    

Amortized

    

Percent

    

Amortized

    

Percent

 

​

​

cost

​

of total

​

cost

​

of total

 

​

​

($ in millions)

 

Geographic distribution

​

​

​

​

​

​

​

​

​

​

​

New England

​

$

447.8

​

2.7

%  

$

347.2

​

2.0

%

Middle Atlantic

​

 

4,421.0

​

26.5

​

 

4,714.9

​

27.7

​

East North Central

​

 

471.3

​

2.8

​

 

591.0

​

3.5

​

West North Central

​

 

376.3

​

2.3

​

​

394.0

​

2.3

​

South Atlantic

​

 

3,140.9

​

18.9

​

 

2,987.7

​

17.5

​

East South Central

​

 

419.9

​

2.5

​

 

417.7

​

2.4

​

West South Central

​

 

1,308.1

​

7.9

​

 

1,310.5

​

7.7

​

Mountain

​

 

1,166.8

​

7.0

​

 

979.5

​

5.7

​

Pacific

​

 

4,404.5

​

26.4

​

 

4,851.9

​

28.4

​

International

​

 

492.0

​

3.0

​

 

478.3

​

2.8

​

Total

​

$

16,648.6

​

100.0

%  

$

17,072.7

​

100.0

%

​

​

​

​

​

​

​

​

​

​

​

​

Property type distribution

​

​

​

​

​

​

​

​

​

​

​

Office

​

$

2,991.6

​

18.0

%  

$

3,182.9

​

18.5

%

Retail

​

 

1,496.7

​

9.0

​

 

1,476.9

​

8.7

​

Industrial

​

 

4,231.3

​

25.4

​

 

4,364.5

​

25.6

​

Apartments

​

 

7,097.9

​

42.6

​

 

7,220.4

​

42.3

​

Hotel

​

 

31.3

​

0.2

​

 

65.0

​

0.4

​

Mixed use/other

​

 

799.8

​

4.8

​

 

763.0

​

4.5

​

Total

​

$

16,648.6

​

100.0

%  

$

17,072.7

​

100.0

%

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)

September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

Derivative assets

​

$

1,037.6

​

$

(304.6)

​

$

(725.1)

​

$

7.9

Reverse repurchase agreements

​

​

59.0

​

​

—

​

​

(59.0)

​

​

—

Total

​

$

1,096.6

​

$

(304.6)

​

$

(784.1)

​

$

7.9

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

Derivative assets

​

$

648.2

​

$

(254.8)

​

$

(392.1)

​

$

1.3

Reverse repurchase agreements

​

 

120.4

​

​

—

​

​

(120.4)

​

​

—

Total

​

$

768.6

​

$

(254.8)

​

$

(512.5)

​

$

1.3

(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)

September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liabilities

​

$

523.2

​

$

(304.6)

​

$

(210.6)

​

$

8.0

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liabilities

​

$

506.0

​

$

(254.8)

​

$

(239.4)

​

$

11.8

(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.