Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

The following tables present additional information about our private equity partnerships, including commitments for additional investments which may or may not be funded:

		March 31, 2026
Investment Category		Fair Value		Redemption Term / Redemption Notice	Unfunded Commitments
		(in millions of dollars)			(in millions of dollars)
Private Credit	(a)	$	181.7	Not redeemable	$	106.3
		49.5		Quarterly / 90 days notice	12.7
Total Private Credit		231.2			119.0
Private Equity	(b)	625.6		Not redeemable	428.4
		33.1		Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice	20.4
Total Private Equity		658.7			448.8
Real Assets	(c)	515.9		Not redeemable	266.7
		38.3		Quarterly / 90 days notice	—
Total Real Assets		554.2			266.7
Total Partnerships		$	1,444.1		$	834.5

		December 31, 2025
Investment Category		Fair Value		Redemption Term / Redemption Notice	Unfunded Commitments
		(in millions of dollars)			(in millions of dollars)
Private Credit	(a)	$	205.9	Not redeemable	$	108.3
		49.9		Quarterly / 90 days notice	12.7
Total Private Credit		255.8			121.0
Private Equity	(b)	618.9		Not redeemable	406.8
		32.5		Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice	15.5
Total Private Equity		651.4			422.3
Real Assets	(c)	511.4		Not redeemable	213.4
		37.7		Quarterly / 90 days notice	—
Total Real Assets		549.1			213.4
Total Partnerships		$	1,456.3		$	756.7

(a)Private Credit - The limited partnerships described in this category employ various investment strategies, generally providing direct lending or other forms of debt financing including first-lien, second-lien, mezzanine, and subordinated loans. The limited partnerships have credit exposure to corporates, physical assets, and/or financial assets within a variety of industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail) in North America and, to a lesser extent, outside of North America.  As of March 31, 2026, the estimated remaining life of the investments that do not allow for redemptions is approximately 75 percent in the next 3 years, 7 percent during the period from 3 to 5 years, and 18 percent during the period from 5 to 10 years.

(b)Private Equity - The limited partnerships described in this category employ various strategies generally investing in controlling or minority control equity positions directly in companies and/or assets across various industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail), primarily in private markets within North America and, to a lesser extent, outside of North America.  As of March 31, 2026, the estimated remaining life of the investments that do not allow for redemptions is approximately 44 percent in the next 3 years, 19 percent during the period from 3 to 5 years, 36 percent during the period from 5 to 10 years, and 1 percent during the period from 10 to 15 years.

(c)Real Assets - The limited partnerships described in this category employ various strategies, which include investing in the equity and/or debt financing of physical assets, including infrastructure (energy, power, water/wastewater, communications), transportation (including airports, ports, toll roads, aircraft, railcars) and real estate in North America, Europe, South America, and Asia.  As of March 31, 2026, the estimated remaining life of the investments that do not allow for redemptions is approximately 54 percent in the next 3 years, 23 percent during the period from 3 to 5 years, and 23 percent during the period from 5 to 10 years.

Fair Values by Fair Value Hierarchy Input level

The following tables present information about financial instruments measured at fair value on a recurring basis by fair value level, based on the observability of the inputs used:

	March 31, 2026
	Level 1		Level 2		Level 3		NAV		Total
	(in millions of dollars)
Assets
Fixed Maturity Securities
United States Government and Government Agencies and Authorities	$	77.7	$	467.2	$	—	$	—	$	544.9
States, Municipalities, and Political Subdivisions	—		3,000.0		—		—		3,000.0
Foreign Governments	—		844.9		—		—		844.9
Public Utilities	690.3		4,315.1		—		—		5,005.4
Mortgage/Asset-Backed Securities1	—		1,159.2		197.7		—		1,356.9
All Other Corporate Bonds	7,152.4		15,328.1		60.4		—		22,540.9
Redeemable Preferred Stocks	—		7.8		—		—		7.8
Total Fixed Maturity Securities	7,920.4		25,122.3		258.1		—		33,300.8
Other Long-term Investments
Derivatives
Forwards	—		1.7		—		—		1.7
Foreign Currency Interest Rate Swaps	—		59.0		—		—		59.0
Embedded Derivative in Modified Coinsurance Arrangement	—		—		14.8		—		14.8
Total Derivatives	—		60.7		14.8		—		75.5
Perpetual Preferred and Equity Securities	—		0.2		19.8		—		20.0
Private Equity Partnerships	—		—		—		1,444.1		1,444.1
Total Other Long-term Investments	—		60.9		34.6		1,444.1		1,539.6
Total Financial Instrument Assets Carried at Fair Value	$	7,920.4	$	25,183.2	$	292.7	$	1,444.1	$	34,840.4
Liabilities
Other Liabilities
Derivatives
Forwards	$	—	$	219.4	$	—	$	—	$	219.4
Foreign Currency Interest Rate Swaps	—		41.6		—		—		41.6
Total Derivatives	—		261.0		—		—		261.0
Total Financial Instrument Liabilities Carried at Fair Value	$	—	$	261.0	$	—	$	—	$	261.0

1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types.

	December 31, 2025
	Level 1		Level 2		Level 3		NAV		Total
	(in millions of dollars)
Assets
Fixed Maturity Securities
United States Government and Government Agencies and Authorities	$	79.3	$	465.7	$	—	$	—	$	545.0
States, Municipalities, and Political Subdivisions	—		3,058.1		—		—		3,058.1
Foreign Governments	—		870.3		—		—		870.3
Public Utilities	223.7		4,710.2		—		—		4,933.9
Mortgage/Asset-Backed Securities1	—		1,076.2		103.1		—		1,179.3
All Other Corporate Bonds	3,656.0		18,742.2		63.9		—		22,462.1
Redeemable Preferred Stocks	—		7.9		—		—		7.9
Total Fixed Maturity Securities	3,959.0		28,930.6		167.0		—		33,056.6
Other Long-term Investments
Derivatives
Forwards	—		2.4		—		—		2.4
Foreign Currency Interest Rate Swaps	—		49.5		—		—		49.5
Embedded Derivative in Modified Coinsurance Arrangement	—		—		17.8		—		17.8
Total Derivatives	—		51.9		17.8		—		69.7
Perpetual Preferred and Equity Securities	—		0.2		19.8		—		20.0
Private Equity Partnerships	—		—		—		1,456.3		1,456.3
Total Other Long-term Investments	—		52.1		37.6		1,456.3		1,546.0
Total Financial Instrument Assets Carried at Fair Value	$	3,959.0	$	28,982.7	$	204.6	$	1,456.3	$	34,602.6
Liabilities
Other Liabilities
Derivatives
Forwards	$	—	$	223.9	$	—	$	—	$	223.9
Foreign Currency Interest Rate Swaps	—		45.8		—		—		45.8
Total Derivatives	—		269.7		—		—		269.7
Total Financial Instrument Liabilities Carried at Fair Value	$	—	$	269.7	$	—	$	—	$	269.7

Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs

Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows:

	Three Months Ended March 31, 2026
	Fair Value Beginning of Year		Total Realized and Unrealized Investment Gains (Losses) in						Sales/Maturities		Level 3 Transfers				Fair Value End of Period		Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
			Earnings		OCI		Purchases				Into		Out of				OCI		Earnings
	(in millions of dollars)
Fixed Maturity Securities
Public Utilities	$	—	$	—	$	—	$	—	$	(10.0)	$	10.0	$	—	$	—	$	—	$	—
Mortgage/Asset-Backed Securities1	103.1		—		0.6		103.4		(9.5)		0.1		—		197.7		0.7		—
All Other Corporate Bonds	63.9		—		0.1		—		(39.0)		82.8		(47.4)		60.4		(0.4)		—
Total Fixed Maturity Securities	167.0		—		0.7		103.4		(58.5)		92.9		(47.4)		258.1		0.3		—
Perpetual Preferred and Equity Securities	19.8		—		—		—		—		—		—		19.8		—		—
Embedded Derivative in Modified Coinsurance Arrangement	17.8		(3.0)		—		—		—		—		—		14.8		—		(3.0)

1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types.

	Three Months Ended March 31, 2025
	Fair Value Beginning of Year		Total Realized and Unrealized Investment Gains (Losses) in						Sales/Maturities		Level 3 Transfers				Fair Value End of Period		Change in Unrealized Gain (Loss) on Securities Held at the End of Period included in
			Earnings		OCI		Purchases				Into		Out of				OCI		Earnings
	(in millions of dollars)
Fixed Maturity Securities
Public Utilities	$	—	$	(1.5)	$	1.6	$	—	$	(12.3)	$	12.2	$	—	$	—	$	—	$	—
Mortgage/Asset-Backed Securities1	73.5		—		(0.6)		4.8		(0.5)		—		—		77.2		(0.6)		—
All Other Corporate Bonds	71.5		(6.2)		(8.3)		—		(70.3)		83.8		(38.2)		32.3		(8.3)		—
Total Fixed Maturity Securities	145.0		(7.7)		(7.3)		4.8		(83.1)		96.0		(38.2)		109.5		(8.9)		—
Perpetual Preferred and Equity Securities	24.4		0.7		—		1.7		—		—		—		26.8		—		0.7
Embedded Derivative in Modified Coinsurance Arrangement	11.5		(1.9)		—		—		—		—		—		9.6		—		(1.9)

Quantitative Information Regarding Significant Unobservable Inputs

The table below provides quantitative information regarding the significant unobservable inputs used in Level 3 fair value measurements derived from internal models. Unobservable inputs for fixed maturity securities are weighted by the fair value of the securities. Certain securities classified as Level 3 are excluded from the table below due to limitations in our ability to obtain the underlying inputs used by external pricing sources.

	March 31, 2026
	Fair Value		Valuation Method	Unobservable Input		Range/Weighted Average
	(in millions of dollars)
Fixed Maturity Securities
All Other Corporate Bonds - Private	$	5.7	Market Approach	Market Convention	(a)	Priced at Par Value
Perpetual Preferred and Equity Securities	19.8		Market Approach	Market Convention	(a)	Priced at Cost, Owner's Equity, or Most Recent Round
Embedded Derivative in Modified Coinsurance Arrangement	14.8		Discounted Cash Flows	Projected Liability Cash Flows Weighted Spread of Swap Curve	(b)	Actuarial Assumptions (0.34)%

	December 31, 2025
	Fair Value		Valuation Method	Unobservable Input		Range/Weighted Average
	(in millions of dollars)
Fixed Maturity Securities
All Other Corporate Bonds - Private	$	8.3	Market Approach	Market Convention	(a)	Priced at Par Value
Perpetual Preferred and Equity Securities	19.8		Market Approach	Market Convention	(a)	Priced at Cost, Owner's Equity, or Most Recent Round
Embedded Derivative in Modified Coinsurance Arrangement	17.8		Discounted Cash Flows	Projected Liability Cash Flows Weighted Spread of Swap Curve	(b)	Actuarial Assumptions (0.41)%

(a)Represents a decision to price based on par value, cost, owner's equity, or the price of the most recent capital funding round when limited data is available

(b)Represents various actuarial assumptions required to derive the liability cash flows. Fair value of embedded derivative is most often driven by the change in the weighted average credit spread to the swap curve for the assets backing the hypothetical loan

Carrying Amount and Fair Value of Financial Instruments

The following tables present the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

	March 31, 2026
	Estimated Fair Value
	Level 1		Level 2		Level 3		Total		Carrying Value
	(in millions of dollars)
Assets
Mortgage Loans	$	—	$	1,919.3	$	—	$	1,919.3	$	2,066.3
Policy Loans	—		—		3,761.7		3,761.7		3,702.9
Other Long-term Investments
Miscellaneous Long-term Investments	—		42.5		0.2		42.7		42.7
Total Financial Instrument Assets Not Carried at Fair Value	$	—	$	1,961.8	$	3,761.9	$	5,723.7	$	5,811.9
Liabilities
Policyholders' Account Balances	$	—	$	106.5	$	—	$	106.5	$	106.5
Long-term Debt	2,992.7		559.4		—		3,552.1		3,762.0
Other Liabilities	—		585.6		—		585.6		585.6
Total Financial Instrument Liabilities Not Carried at Fair Value	$	2,992.7	$	1,251.5	$	—	$	4,244.2	$	4,454.1

	December 31, 2025
	Estimated Fair Value
	Level 1		Level 2		Level 3		Total		Carrying Value
	(in millions of dollars)
Assets
Mortgage Loans	$	—	$	1,965.1	$	—	$	1,965.1	$	2,109.5
Policy Loans	—		—		3,739.5		3,739.5		3,668.1
Other Long-term Investments
Miscellaneous Long-term Investments	—		40.7		0.2		40.9		40.9
Total Financial Instrument Assets Not Carried at Fair Value	$	—	$	2,005.8	$	3,739.7	$	5,745.5	$	5,818.5
Liabilities
Long-term Debt	$	2,548.2	$	1,093.2	$	—	$	3,641.4	$	3,767.6
Other Liabilities	—		644.0		—		644.0		644.0
Total Financial Instrument Liabilities Not Carried at Fair Value	$	2,548.2	$	1,737.2	$	—	$	4,285.4	$	4,411.6