Reinsurance (Tables)

9 Months Ended

Sep. 30, 2025

Reinsurance

Schedule of information pertaining to effects of reinsurance on premiums and other considerations and policy and contract benefits (Table)

	For the three months ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
	(in millions)
Premiums and other considerations:
Direct	$	1,661.4	$	1,535.6	$	5,082.9	$	5,405.4
Ceded		(128.6)		(122.7)		(402.3)		(381.3)
Net premiums and other considerations	$	1,532.8	$	1,412.9	$	4,680.6	$	5,024.1
Benefits, claims and settlement expenses:
Direct	$	2,356.8	$	2,209.4	$	7,277.1	$	7,475.6
Ceded (1)		(392.7)		(431.3)		(1,253.1)		(1,549.9)
Net benefits, claims and settlement expenses	$	1,964.1	$	1,778.1	$	6,024.0	$	5,925.7
LFPB remeasurement loss:
Direct	$	51.8	$	221.5	$	46.1	$	253.9
Ceded (1)		9.1		(99.0)		12.7		311.7
Net LFPB remeasurement loss	$	60.9	$	122.5	$	58.8	$	565.6

(1) Includes the one-time impact of YRT reinsurance transactions in 2024.

Schedule of information pertaining to cost of reinsurance asset and liability included on the consolidated statements of financial position (Table)

	September 30, 2025		December 31, 2024
	(in millions)
Cost of reinsurance asset	$	3,126.5	$	3,187.6
Cost of reinsurance liability	$	982.5	$	958.1

Schedule of assets held in support of reserves associated with coinsurance with funds withheld agreement (Table)

	September 30, 2025		December 31, 2024
	(in millions)
Fixed maturities, available-for-sale	$	13,509.8	$	13,519.6
Fixed maturities, trading		320.6		299.4
Equity securities		0.3		0.3
Mortgage loans		2,074.2		2,212.4
Other investments		1,575.2		1,142.8
Cash and cash equivalents		658.3		1,080.1
Accrued interest income		164.0		166.2
Net other liabilities		(56.3)		(99.4)
Net assets	$	18,246.1	$	18,321.4

Schedule of components of net realized gains (losses) on the funds withheld assets that were passed to coinsurer (Table)

	For the three months ended				For the nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
	(in millions)
Fixed maturities, available-for-sale	$	1.3	$	(10.8)	$	(46.2)	$	(52.0)
Fixed maturities, trading		—		—		0.1		—
Mortgage loans		(0.1)		(1.8)		(1.4)		(1.8)
Derivatives		(0.4)		(0.5)		(2.1)		1.3
Net realized capital gains (losses)	$	0.8	$	(13.1)	$	(49.6)	$	(52.5)