Deferred Acquisition Costs and Other Actuarial Balances (Tables)

9 Months Ended

Sep. 30, 2025

Disaggregated DAC amounts and reconciliation (Table)

	September 30, 2025		December 31, 2024
	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	525.0	$	515.5
Individual variable annuities		368.6		323.4
Pension risk transfer		23.8		21.1
Individual fixed deferred annuities		71.1		84.2
Investment only		11.9		13.0
Total Retirement and Income Solutions		1,000.4		957.2
Benefits and Protection:
Specialty Benefits:
Individual disability		710.6		696.9
Life Insurance:
Universal life		1,517.8		1,527.7
Term life		720.0		710.8
Participating life		72.8		77.8
Total Benefits and Protection		3,021.2		3,013.2
Short-duration contracts		34.5		30.6
Other balances (1)		1.2		5.9
Total DAC per consolidated statements of financial position	$	4,057.3	$	4,006.9

(1) Includes insignificant balances for long-duration contracts.

Disaggregated unearned revenue liability amounts and reconciliation (Table)

	September 30, 2025		December 31, 2024
	(in millions)
Benefits and Protection - Life Insurance:
Universal life	$	527.5	$	510.1
Other balances (1)		—		5.3
Total unearned revenue liability	$	527.5	$	515.4

(1) Includes insignificant balances for long-duration contracts.

Retirement and Income Solutions

Disaggregated DAC amounts and reconciliation (Table)

	Workplace						Individual
	savings and		Individual		Pension		fixed
	retirement		variable		risk		deferred		Investment
	solutions		annuities		transfer		annuities		only
	(in millions)
Balances as of January 1, 2024	$	506.4	$	279.5	$	15.4	$	106.1	$	11.5
Costs deferred		47.7		72.7		6.6		—		6.5
Amortized to expense		(38.6)		(28.8)		(0.9)		(21.9)		(5.0)
Balances as of December 31, 2024		515.5		323.4		21.1		84.2		13.0
Costs deferred		37.6		70.9		3.6		—		2.6
Amortized to expense		(28.1)		(25.7)		(0.9)		(13.1)		(3.7)
Balances as of September 30, 2025	$	525.0	$	368.6	$	23.8	$	71.1	$	11.9

Benefits and Protection

Disaggregated DAC amounts and reconciliation (Table)

	Specialty Benefits		Life Insurance
	Individual
	disability		Universal life		Term life		Participating life
	(in millions)
Balances as of January 1, 2024	$	667.7	$	1,545.3	$	695.1	$	84.7
Costs deferred		79.0		76.7		78.3		1.7
Amortized to expense		(49.8)		(94.3)		(62.6)		(8.6)
Balances as of December 31, 2024		696.9		1,527.7		710.8		77.8
Costs deferred		54.0		61.2		56.3		1.0
Amortized to expense		(40.3)		(71.1)		(47.1)		(6.0)
Balances as of September 30, 2025	$	710.6	$	1,517.8	$	720.0	$	72.8

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)

	For the nine months ended		For the year ended
	September 30, 2025		December 31, 2024
	(in millions)
Balance at beginning of period	$	510.1	$	485.5
Deferrals		42.3		56.1
Revenue recognized		(24.9)		(31.5)
Balance at end of period		527.5		510.1
Reinsurance impact		(216.9)		(220.8)
Balance at end of period after reinsurance	$	310.6	$	289.3