
	December 31, 2024
	Amortized Cost, Gross of ACL1		ACL1		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	544.6	$	—	$	13.9	$	28.0	$	530.5
States, Municipalities, and Political Subdivisions	3,795.6		—		65.5		569.7		3,291.4
Foreign Governments	912.1		—		9.5		153.5		768.1
Public Utilities	5,525.0		—		132.3		364.4		5,292.9
Mortgage/Asset-Backed Securities2	949.4		—		5.0		37.2		917.2
All Other Corporate Bonds	26,535.2		2.8		450.6		2,160.8		24,822.2
Redeemable Preferred Stocks	8.0		—		—		0.4		7.6
Total Fixed Maturity Securities	$	38,269.9	$	2.8	$	676.8	$	3,314.0	$	35,629.9


	December 31, 2023
	Amortized Cost, Gross of ACL1		ACL1		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	618.6	$	—	$	25.3	$	19.1	$	624.8
States, Municipalities, and Political Subdivisions	4,041.3		—		135.3		498.2		3,678.4
Foreign Governments	982.1		—		29.8		121.2		890.7
Public Utilities	5,398.2		—		217.1		293.7		5,321.6
Mortgage/Asset-Backed Securities2	658.0		—		10.1		24.0		644.1
All Other Corporate Bonds	26,708.4		2.2		771.8		1,807.3		25,670.7
Redeemable Preferred Stocks	4.0		—		—		0.4		3.6
Total Fixed Maturity Securities	$	38,410.6	$	2.2	$	1,189.4	$	2,763.9	$	36,833.9


	December 31, 2024
	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	43.7	$	4.1	$	201.3	$	23.9
States, Municipalities, and Political Subdivisions	425.8		15.3		1,926.2		554.4
Foreign Governments	171.9		10.6		266.3		142.9
Public Utilities	1,281.7		48.4		1,549.5		316.0
Mortgage/Asset-Backed Securities1	199.9		8.9		285.9		28.3
All Other Corporate Bonds	4,904.4		182.5		12,209.3		1,978.3
Redeemable Preferred Stocks	3.9		0.1		3.7		0.3
Total Fixed Maturity Securities	$	7,031.3	$	269.9	$	16,442.2	$	3,044.1


	December 31, 2023
	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
	(in millions of dollars)
United States Government and Government Agencies and Authorities	$	118.8	$	0.7	$	197.3	$	18.4
States, Municipalities, and Political Subdivisions	128.0		4.0		2,035.1		494.2
Foreign Governments	149.9		3.3		312.9		117.9
Public Utilities	373.7		10.4		1,720.6		283.3
Mortgage/Asset-Backed Securities1	60.3		2.5		316.7		21.5
All Other Corporate Bonds	1,483.8		26.8		14,215.2		1,780.5
Redeemable Preferred Stocks	—		—		3.6		0.4
Total Fixed Maturity Securities	$	2,314.5	$	47.7	$	18,801.4	$	2,716.2


	December 31, 2024
	Amortized Cost, Net of ACL1		Unrealized Gain Position				Unrealized Loss Position
			Gross Gain		Fair Value		Gross Loss		Fair Value
	(in millions of dollars)
1 year or less	$	1,484.1	$	4.1	$	432.4	$	6.2	$	1,049.6
Over 1 year through 5 years	7,688.2		123.5		2,840.8		196.6		4,774.3
Over 5 years through 10 years	8,404.6		236.4		3,486.1		565.5		4,589.4
Over 10 years	19,740.8		307.8		4,965.7		2,508.5		12,574.4
	37,317.7		671.8		11,725.0		3,276.8		22,987.7
Mortgage/Asset-Backed Securities2	949.4		5.0		431.4		37.2		485.8
Total Fixed Maturity Securities	$	38,267.1	$	676.8	$	12,156.4	$	3,314.0	$	23,473.5


	December 31, 2023
	Amortized Cost, Net of ACL1		Unrealized Gain Position				Unrealized Loss Position
			Gross Gain		Fair Value		Gross Loss		Fair Value
	(in millions of dollars)
1 year or less	$	935.0	$	0.9	$	140.8	$	7.5	$	787.6
Over 1 year through 5 years	7,594.4		128.2		2,685.7		179.0		4,857.9
Over 5 years through 10 years	9,430.3		372.1		4,100.0		610.8		5,091.6
Over 10 years	19,790.7		678.1		8,524.4		1,942.6		10,001.8
	37,750.4		1,179.3		15,450.9		2,739.9		20,738.9
Mortgage/Asset-Backed Securities2	658.0		10.1		267.1		24.0		377.0
Total Fixed Maturity Securities	$	38,408.4	$	1,189.4	$	15,718.0	$	2,763.9	$	21,115.9


					Gross Unrealized Loss
	Fair Value		Gross Unrealized Gain		Amount		Percent of Total Gross Unrealized Loss
	(in millions of dollars)
Investment-Grade	$	34,193.9	$	661.8	$	3,236.2	97.7	%
Below-Investment-Grade	1,436.0		15.0		77.8		2.3
Total Fixed Maturity Securities	$	35,629.9	$	676.8	$	3,314.0	100.0	%

The unrealized losses on investment-grade fixed maturity securities principally relate to changes in interest rates or changes in market or sector credit spreads which occurred subsequent to the acquisition of the securities. Below-investment-grade fixed maturity securities are generally more likely to develop credit concerns than investment-grade securities. At December 31, 2024, the unrealized losses in our below-investment-grade fixed maturity securities were generally due to credit spreads in certain industries or sectors and, to a lesser extent, credit concerns related to specific securities. For each specific security in an unrealized loss position, we believe that there are positive factors which mitigate credit concerns and that the securities for

As of December 31, 2024, we held 924 individual investment-grade fixed maturity securities and 75 individual below-investment-grade fixed maturity securities that were in an unrealized loss position, of which 785 investment-grade fixed maturity securities and 47 below-investment-grade fixed maturity securities had been in an unrealized loss position continuously for over one year.

While determining whether a credit loss exists is a judgmental area, we utilize a formal, well-defined, and disciplined process to monitor and evaluate our fixed income investment portfolio, supported by issuer specific research and documentation as of the end of each period. The process results in a thorough evaluation of investments and the recording of credit losses on a timely basis for investments determined to have a credit loss. We calculate the allowance for credit losses of fixed maturity securities based on the present value of our best estimate of cash flows expected to be collected, discounted using the effective interest rate implicit in the security at the date of acquisition. When estimating future cash flows, we analyze the strength of the issuer’s balance sheet, its debt obligations and near-term funding arrangements, cash flow and liquidity, the profitability of its core businesses, the availability of marketable assets which could be sold to increase liquidity, its industry fundamentals and regulatory environment, and its access to capital markets.

The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities, which were classified as "all other corporate bonds" during the years ended December 31, 2024 and December 31, 2023.


	Year Ended December 31
	2024		2023
	(in millions of dollars)
Balance, beginning of period	$	2.2	$	—

Credit losses on securities for which credit losses were not previously recorded	2.8		2.2

Change in allowance on securities with allowance recorded in previous period	0.2		—

Change in allowance due to securities sold during the period	(2.4)		—


Balance, end of period	$	2.8	$	2.2

We invest in variable interests issued by variable interest entities. These investments, which are passive in nature, include minority ownership interests in private equity partnerships, tax credit partnerships, and special purpose entities. Our maximum exposure to loss is limited to the carrying value of these investments in private equity partnerships, tax credit partnerships, and special purpose entities. For those variable interests that are not consolidated in our financial statements, we are not the primary beneficiary because we have neither the power to direct the activities that are most significant to economic performance nor the responsibility to absorb a majority of the expected losses. The determination of whether we are the primary beneficiary is performed at the time of our initial investment and at the date of each subsequent reporting period.

As of December 31, 2024, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $1,450.8 million, comprised of $0.2 million of tax credit partnerships and $1,450.6 million of private equity partnerships. At December 31, 2023, the carrying amount of our variable interest entity investments that are not consolidated in our financial statements was $1,326.5 million, comprised of $0.3 million of tax credit partnerships and $1,326.2 million of private equity partnerships. These variable interest entity investments are reported as other long-term investments in our consolidated balance sheets.

The Company invests in tax credit partnerships primarily for the receipt of income tax credits and tax benefits derived from passive losses on the investments. Amounts recognized in the consolidated statements of income are as follows:

Contractually, we are a limited partner in these tax credit partnerships, and our maximum exposure to loss is limited to the carrying value of our investment, which includes $0.2 million of unfunded unconditional commitments at December 31, 2024. See Note 2 for commitments to fund private equity partnerships.

Our mortgage loan portfolio is well diversified by both geographic region and property type to reduce risk of concentration. All of our mortgage loans are collateralized by commercial real estate. When issuing a new loan, our general policy is not to exceed a loan-to-value ratio, or the ratio of the loan balance to the estimated fair value of the underlying collateral, of 75 percent. We update the loan-to-value ratios based on internal valuation of the collateral at least every three years for each loan, and properties undergo a general inspection at least every two years. Our general policy for newly issued loans is to have a debt service coverage ratio greater than 1.25 times on a normalized 25 year amortization period. We update our debt service coverage ratios annually.

We carry our mortgage loans at amortized cost less an allowance for expected credit losses. The amortized cost of our mortgage loans was $2,240.6 million and $2,328.4 million at December 31, 2024 and 2023, respectively. The allowance for expected credit losses was $16.1 million and $10.2 million at December 31, 2024 and 2023, respectively. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. We report accrued interest income for our mortgage loans as accrued investment income on our consolidated balance sheets, and the amount of the accrued income was $7.0 million and $7.2 million at December 31, 2024 and 2023, respectively.



	December 31
	2024				2023
	(in millions of dollars)
	Carrying		Percent of		Carrying		Percent of
	Amount		Total		Amount		Total
Property Type
Apartment	$	658.2	29.6	%	$	685.8	29.6	%
Industrial	690.4		31.0		706.0		30.5
Office	338.4		15.2		379.9		16.4
Retail	496.2		22.3		503.9		21.7
Other	41.3		1.9		42.6		1.8
Total	$	2,224.5	100.0	%	$	2,318.2	100.0	%


Region
New England	$	52.6	2.4	%	$	55.1	2.4	%
Mid-Atlantic	167.2		7.5		155.1		6.7
East North Central	297.2		13.4		314.4		13.6
West North Central	151.1		6.8		163.5		7.0
South Atlantic	532.5		23.9		553.0		23.8
East South Central	95.1		4.3		110.7		4.8
West South Central	193.6		8.7		200.9		8.7
Mountain	278.7		12.5		282.7		12.2
Pacific	456.5		20.5		482.8		20.8
Total	$	2,224.5	100.0	%	$	2,318.2	100.0	%

The risk in our mortgage loan portfolio is primarily related to vacancy rates. Events or developments, such as economic conditions that impact the ability of the borrowers to ensure occupancy of the property, may have a negative effect on our mortgage loan portfolio, particularly to the extent that our portfolio is concentrated in an affected region or property type. An increase in vacancies increases the probability of default, which would negatively affect our expected losses in our mortgage loan portfolio.

We evaluate each of our mortgage loans individually for impairment and assign an internal quality rating based on a comprehensive rating system used to evaluate the risk of the loan. The factors we use to derive our internal quality ratings may include the following:

Although all available and applicable factors are considered in our analysis, loan-to-value and debt service coverage ratios are the most critical factors in determining whether we will initially issue the loan and also in assigning values and determining impairment. We assign an overall rating to each loan using an internal rating scale of AA (highest quality) to B (lowest quality). We review and adjust, as needed, our internal quality ratings on an annual basis. This review process is performed more frequently for mortgage loans deemed to have a higher risk of delinquency.


	December 31
	2024				2023
	(in millions of dollars)
	Carrying Amount		Percent of Total		Carrying Amount		Percent of Total
Internal Mortgage Rating
AA	$	117.8	5.3	%	$	85.2	3.7	%
A	1,099.1		49.4		942.5		40.6
BBB	915.5		41.2		1,249.5		53.9
BB	85.0		3.8		41.0		1.8

B	7.1		0.3		—		—
Total	$	2,224.5	100.0	%	$	2,318.2	100.0	%


	Year Ended December 31, 2024
	Prior to 2020		2020		2021		2022		2023		2024		Total
	(in millions of dollars)
Internal Mortgage Rating
AA	$	111.5	$	—	$	6.4	$	—	$	—	$	—	$	117.9
A	780.5		99.6		169.1		24.6		9.5		18.0		1,101.3
BBB	561.7		55.1		155.1		63.0		57.3		28.2		920.4
BB	86.8		—		—		—		—		—		86.8
B	14.2		—		—		—		—		—		14.2
Total Amortized Cost	1,554.7		154.7		330.6		87.6		66.8		46.2		2,240.6
Allowance for credit losses	(13.7)		(0.5)		(1.0)		(0.3)		(0.4)		(0.2)		(16.1)
Carrying Amount	$	1,541.0	$	154.2	$	329.6	$	87.3	$	66.4	$	46.0	$	2,224.5

Loan-to-Value Ratio1
<=65%	$	1,229.6	$	112.9	$	210.0	$	40.8	$	38.7	$	11.7	$	1,643.7
>65<=75%	154.1		33.7		72.1		46.8		28.1		34.5		369.3
>75%<=85%	126.4		8.1		20.1		—		—		—		154.6
>85%	44.6		—		28.4		—		—		—		73.0
Total Amortized Cost	1,554.7		154.7		330.6		87.6		66.8		46.2		2,240.6
Allowance for credit losses	(13.7)		(0.5)		(1.0)		(0.3)		(0.4)		(0.2)		(16.1)
Carrying Amount	$	1,541.0	$	154.2	$	329.6	$	87.3	$	66.4	$	46.0	$	2,224.5


	Year Ended December 31, 2023
	Prior to 2019		2019		2020		2021		2022		2023		Total
	(in millions of dollars)
Internal Mortgage Rating
AA	$	74.3	$	11.0	$	—	$	—	$	—	$	—	$	85.3
A	589.0		100.3		94.1		100.1		23.2		38.0		944.7
BBB	618.4		224.8		71.4		248.0		64.4		29.2		1,256.2
BB	42.2		—		—		—		—		—		42.2

Total Amortized Cost	1,323.9		336.1		165.5		348.1		87.6		67.2		2,328.4
Allowance for credit losses	(6.3)		(1.3)		(0.6)		(1.0)		(0.6)		(0.4)		(10.2)
Carrying Amount	$	1,317.6	$	334.8	$	164.9	$	347.1	$	87.0	$	66.8	$	2,318.2

Loan-to-Value Ratio1
<=65%	$	908.3	$	197.7	$	116.4	$	145.2	$	16.2	$	30.0	$	1,413.8
>65<=75%	252.1		138.4		40.8		171.0		71.4		37.2		710.9
>75%<=85%	97.3		—		8.3		31.9		—		—		137.5
>85%	66.2		—		—		—		—		—		66.2
Total Amortized Cost	1,323.9		336.1		165.5		348.1		87.6		67.2		2,328.4
Allowance for credit losses	(6.3)		(1.3)		(0.6)		(1.0)		(0.6)		(0.4)		(10.2)
Carrying Amount	$	1,317.6	$	334.8	$	164.9	$	347.1	$	87.0	$	66.8	$	2,318.2


	Year Ended December 31, 2024
	Beginning of Period		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio1
<=65%	$	3.8	$	0.4	$	—	$	—	$	4.2
>65<=75%	3.8		(2.1)		—		—		1.7
>75%<=85%	1.2		8.0		(7.0)		—		2.2
>85%	1.4		6.6		—		—		8.0
Total	$	10.2	$	12.9	$	(7.0)	$	—	$	16.1


	Year Ended December 31, 2023
	Beginning of Period		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio1
<=65%	$	3.0	$	0.8	$	—	$	—	$	3.8
>65<=75%	4.7		(0.9)		—		—		3.8
>75%<=85%	1.1		0.1		—		—		1.2
>85%	0.5		0.9		—		—		1.4
Total	$	9.3	$	0.9	$	—	$	—	$	10.2

For the year ended December 31, 2024, we identified one impaired commercial mortgage loan, resulting in a $7.0 million write-off. This adjustment reduced the carrying value of the investment to $9.2 million as of December 31, 2024. No interest income was recognized on this loan following impairment. This single commercial mortgage loan was also past due as to principal and interest payments as of December 31, 2024. We did not hold any specifically identified impaired commercial mortgage loans for the years ended December 31, 2023 and 2022, nor did we recognize any interest income on impaired commercial mortgage loans during these periods. There were no commercial mortgage loans past due as to principal and/or interest payments for the years ended December 31, 2023, or 2022.

For the year ended December 31, 2024, all commercial mortgage loans which were previously modified for borrowers experiencing financial difficulties were current. During the year ended December 31, 2023 we granted an other-than-insignificant payment delay for a commercial mortgage loan with a carrying value of $14.2 million, which deferred the principal payment for 18 months. This modification represented less than one percent of the commercial mortgage loan portfolio balance for the years ending December 31, 2024 and December 31, 2023. Additionally, we had no loan foreclosures for the years ended December 31, 2024, 2023, or 2022.

At December 31, 2024 we had $17.9 million of commitments to fund certain commercial mortgage loans. At December 31, 2023 we had no commitments to fund certain commercial mortgage loans. Consistent with how we determine the estimate of current expected credit losses for our funded mortgage loans each period, we estimate expected credit losses for loans that have not been funded but we are committed to fund at the end of each period. At December 31, 2024, we had $0.1 million expected credit losses related to unfunded commitments on our consolidated balance sheets. At December 31, 2023, we had no expected credit losses related to unfunded commitments on our consolidated balance sheets.

Our investment real estate held for the production of income balance was $59.5 million and $64.4 million at December 31, 2024 and 2023, respectively, and the associated accumulated depreciation was $129.7 million and $127.2 million at December 31, 2024 and 2023, respectively. We did not recognize any impairments related to our real estate during the years ended December 31, 2024 or December 31, 2022. For the year ended December 31, 2023, we recognized a $3.0 million impairment related to certain of our real estate held for investment.

Our held for sale real estate balance was $41.9 million and $40.9 million at December 31, 2024 and December 31, 2023, respectively. The associated accumulated depreciation was $57.5 million and $54.2 million at December 31, 2024 and December 31, 2023, respectively. The estimated fair values less costs to sell are above the carrying values of the properties and we expect to close the sales of the properties within the next twelve months.

To manage our cash position more efficiently, we may enter into repurchase agreements with unaffiliated financial institutions. We generally use repurchase agreements as a means to finance the purchase of invested assets or for short-term general business purposes until projected cash flows become available from our operations or existing investments. Our repurchase agreements are typically outstanding for less than 30 days. We post collateral through our repurchase agreement transactions whereby the counterparty commits to purchase securities with the agreement to resell them to us at a later, specified date. The fair value of collateral posted is generally 102 percent of the cash received.

Our investment policy also permits us to lend fixed maturity securities to unaffiliated financial institutions in short-term securities lending agreements. These agreements increase our investment income with minimal risk. Our securities lending policy requires that a minimum of 102 percent of the fair value of the securities loaned be maintained as collateral. We may receive cash and/or securities as collateral under these agreements. Cash received as collateral is typically reinvested in short-term investments. If securities are received as collateral, we are not permitted to sell or re-post them.

As of December 31, 2024, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $94.0 million, for which we received collateral in the form of cash and securities of $62.7 million and $34.8 million, respectively. As of December 31, 2023, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $72.0 million, for which we received collateral in the form of cash and securities of $63.1 million and $12.5 million, respectively. We had no outstanding repurchase agreements at December 31, 2024 or December 31, 2023.


					December 31
					2024		2023
					Overnight and Continuous
					(in millions of dollars)


Borrowings


Public Utilities					$	5.2	$	1.8
Short-Term Investments					1.0		—
All Other Corporate Bonds					56.5		61.3
Total Borrowings					$	62.7	$	63.1
Gross Amount of Recognized Liability for Securities Lending Transactions	62.7		63.1
Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein	$	—	$	—

Certain of our U.S. insurance subsidiaries are members of regional FHLBs. As members of the FHLBs, our insurance subsidiaries have the ability to borrow on a collateralized basis from the FHLBs. Each member is required to hold certain minimum amount of FHLB common stock as a condition of membership and additional amounts based on the amount of the borrowings. Advances received from the FHLB are primarily used for the purchase of matched fixed maturity securities. The carrying value of common stock owned, collateral posted, and advances received are as follows:


	December 31
	2024		2023
	(in millions of dollars)
Carrying Value of FHLB Common Stock	$	26.7	$	15.7
Advances from FHLB	324.2		64.5

Carrying Value of Collateral Posted to FHLB
Fixed Maturity Securities	$	553.6	$	589.0
Commercial Mortgage Loans	908.2		986.8
Total Carrying Value of Collateral Posted to FHLB	$	1,461.8	$	1,575.8

We enter into master netting agreements with each of our derivative's counterparties. These agreements provide for conditional rights of set-off upon the occurrence of an early termination event. An early termination event is considered a default, and it allows the non-defaulting party to offset its contracts in a loss position against any gain positions or payments due to the defaulting party. Under our agreements, default type events are defined as failure to pay or deliver as contractually agreed, misrepresentation, bankruptcy, or merger without assumption. See Note 4 for further discussion of collateral related to our derivative contracts.

We have securities lending agreements with unaffiliated financial institutions that post collateral to us in return for the use of our fixed maturity securities. A right of set-off exists that allows us to keep and apply collateral received in the event of default by the counterparty. Default within a securities lending agreement would typically occur if the counterparty failed to return the securities borrowed from us as contractually agreed. In addition, if we default by not returning collateral received, the counterparty has a right of set-off against our securities or any other amounts due to us.

Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties.


	December 31, 2024
	Gross Amount						Gross Amount Not
	of Recognized		Gross Amount		Net Amount		Offset in Balance Sheet
	Financial		Offset in		Presented in		Financial		Cash		Net
	Instruments		Balance Sheet		Balance Sheet		Instruments		Collateral		Amount
	(in millions of dollars)
Financial Assets:
Derivatives	$	79.4	$	—	$	79.4	$	(75.7)	$	(3.2)	$	0.5
Securities Lending	94.0		—		94.0		(31.3)		(62.7)		—
Total	$	173.4	$	—	$	173.4	$	(107.0)	$	(65.9)	$	0.5

Financial Liabilities:
Derivatives	$	255.7	$	—	$	255.7	$	(254.3)	$	—	$	1.4
Securities Lending	62.7		—		62.7		(62.7)		—		—
Total	$	318.4	$	—	$	318.4	$	(317.0)	$	—	$	1.4


	December 31, 2023
	Gross Amount						Gross Amount Not
	of Recognized		Gross Amount		Net Amount		Offset in Balance Sheet
	Financial		Offset in		Presented in		Financial		Cash		Net
	Instruments		Balance Sheet		Balance Sheet		Instruments		Collateral		Amount
	(in millions of dollars)
Financial Assets:
Derivatives	$	99.9	$	—	$	99.9	$	(91.9)	$	(6.4)	$	1.6
Securities Lending	72.0		—		72.0		(8.9)		(63.1)		—
Total	$	171.9	$	—	$	171.9	$	(100.8)	$	(69.5)	$	1.6

Financial Liabilities:
Derivatives	$	116.2	$	—	$	116.2	$	(109.4)	$	—	$	6.8
Securities Lending	63.1		—		63.1		(63.1)		—		—
Total	$	179.3	$	—	$	179.3	$	(172.5)	$	—	$	6.8

Net investment income reported in our consolidated statements of income is presented below.


	Year Ended December 31
	2024		2023		2022
	(in millions of dollars)
Fixed Maturity Securities	$	1,860.4	$	1,853.7	$	1,849.8
Derivatives	30.7		45.1		57.8
Mortgage Loans	88.6		92.5		101.5
Policy Loans	20.9		20.8		20.0
Other Long-term Investments
Perpetual Preferred Securities	0.3		2.5		5.0
Private Equity Partnerships1	103.1		78.1		110.1
Other	12.0		9.2		9.4
Short-term Investments	90.9		68.7		20.0
Gross Investment Income	2,206.9		2,170.6		2,173.6
Less Investment Expenses	65.2		61.8		39.4
Less Investment Income on Participation Fund Account Assets	11.7		12.1		12.0

Net Investment Income	$	2,130.0	$	2,096.7	$	2,122.2

1The net unrealized gain recognized in net investment income for the year ended December 31, 2024 related to private equity partnerships still held at December 31, 2024 was $127.1 million, reduced by net management fees and partnership expenses of $(24.0) million. For the years ended December 31, 2023 and 2022, the net unrealized gain recognized in net investment income related to private equity partnerships still held at year-end was $102.9 million and $124.1 million, respectively, reduced by net management fees and partnership expenses of $(24.8) million and $(14.0) million, respectively. See Note 2 for further discussion of private equity partnerships.


	Year Ended December 31
	2024		2023		2022
	(in millions of dollars)
Fixed Maturity Securities
Gross Gains on Sales	$	1.3	$	4.4	$	2.3
Gross Losses on Sales	(39.5)		(53.1)		(28.8)
Impairment Loss1	(2.5)		—		—
Change in Allowance for Credit Losses	(3.0)		(2.2)		(4.6)
Mortgage Loans and Other Invested Assets
Gross Gains on Sales	0.5		6.0		1.4
Gross Losses on Sales	—		(1.0)		—
Impairment Loss	(7.0)		(3.0)		—
Change in Allowance for Credit Losses	(5.9)		(0.9)		(1.0)
Embedded Derivative in Modified Coinsurance Arrangement	13.0		12.4		16.2
All Other Derivatives	3.8		(0.6)		2.6
Other	9.2		—		—
Foreign Currency Transactions	(4.5)		2.0		(3.8)
Net Investment (Loss)	$	(34.6)	$	(36.0)	$	(15.7)