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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investments    
Fixed Maturity Securities - at fair value (amortized cost of $38,410.6; $37,825.2; allowance for credit losses of $2.2; $—) $ 36,833.9 $ 34,840.8
Mortgage Loans (net of allowance for credit losses of $10.2; $9.3) 2,318.2 2,435.4
Policy Loans 3,620.2 3,601.2
Other Long-term Investments 1,579.4 1,440.1
Short-term Investments 1,610.7 1,394.8
Total Investments 45,962.4 43,712.3
Other Assets    
Cash and Bank Deposits 146.0 119.2
Accounts and Premiums Receivable (net of allowance for credit losses of $29.5; $32.5) 1,543.7 1,482.1
Reinsurance Recoverable (net of allowance for credit losses of $1.7; $1.7) 9,108.4 9,608.0
Accrued Investment Income 633.9 615.0
Deferred Acquisition Costs 2,714.5 2,560.0
Goodwill 349.9 347.6
Property and Equipment 485.3 451.7
Deferred Income Tax Assets, Net 649.4 586.0
Other Assets 1,661.7 1,666.6 [1]
Total Assets 63,255.2 61,148.5
Liabilities    
Future Policy Benefits 40,009.4 38,577.1 [2]
Policyholders' Account Balances 5,667.7 5,740.2 [2]
Unearned Premiums 380.2 365.5
Other Policyholders' Funds 1,615.7 1,750.4
Income Tax Payable 190.0 190.9
Deferred Income Tax 27.0 25.2
Short-term debt 0.0 2.0
Long-term Debt 3,430.4 3,427.8
Other Liabilities 2,283.4 2,334.4
Total Liabilities 53,603.8 52,413.5
Commitments and Contingent Liabilities - Note 14
Stockholders' Equity    
Common Stock, $0.10 par; authorized: 725,000,000 shares; issued: 194,588,625 and 308,306,490 shares 19.4 30.8
Additional Paid-in Capital 1,547.8 2,441.0
Accumulated Other Comprehensive Loss (3,308.0) (3,448.3)
Retained Earnings 11,431.5 13,141.3
Treasury Stock - at cost: 1,216,528 and 110,551,977 shares (39.3) (3,429.8)
Total Stockholders' Equity 9,651.4 8,735.0
Total Liabilities and Stockholders' Equity $ 63,255.2 $ 61,148.5
[1]
1The change in other assets is driven by the cost of reinsurance associated with the second phase of our Closed Block individual disability reinsurance transaction which was completed in the first quarter of 2021. In accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were then required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically.
[2]
2We previously reported policy and contract benefits and reserves for future policy and contract benefits liabilities in our consolidated balance sheet as of December 31, 2022 of $1,839.8 million and $42,330.2 million, respectively, resulting in total policyholder liabilities of $44,170.0 million. These balances were reclassified into new line items, future policy benefits and policyholders' account balances, which would have reported balances of $38,443.2 million and $5,726.8 million, respectively, as of December 31, 2022, resulting in total policyholder liabilities of $44,170.0 million under the historical accounting method.