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Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2023

Variable Interest Entities

Carrying Amounts of Assets and Liabilities of Consolidated Variable Interest Entities (Table)


		December 31, 2023						December 31, 2022
		Total			Total			Total			Total
		assets			liabilities			assets			liabilities

			(in millions)
Real estate ⁽¹⁾		$	829.1		$	63.0		$	689.6		$	42.2
Residential mortgage loans ⁽²⁾			874.7			20.9			1,182.6			41.8
Asset - backed limited partnership ⁽³⁾			249.3			—			—			—
Total		$	1,953.1		$	83.9		$	1,872.2		$	84.0

(1)	The assets of the real estate VIEs primarily include real estate, other investments and cash. Liabilities primarily include other liabilities.

(2)	The assets of the residential mortgage loans VIEs primarily include residential mortgage loans. The liabilities primarily include other liabilities.

(3)

The assets of the asset-backed limited partnership VIE primarily include consumer loans, auto loans, other loans and credit facilities. These assets are reported with cash and cash equivalents, other investments and fixed maturities, trading on the consolidated statements of financial position. As of December 31, 2023, we did not have any unfunded commitments to the VIE. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional capital when called upon to do so by the investment manager.

Asset Carrying Value and Maximum Loss Exposure of Unconsolidated Variable Interest Entities (Table)

The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows:


					Maximum exposure to
		Asset carrying value			loss ⁽¹⁾

		(in millions)
December 31, 2023
Fixed maturities, available-for-sale:
Corporate		$	364.9		$	369.8
Residential mortgage-backed pass-through securities			2,824.9			2,959.8
Commercial mortgage-backed securities			4,743.4			5,391.6
Collateralized debt obligations ⁽²⁾			5,397.8			5,459.0
Other debt obligations			7,879.4			8,976.2
Fixed maturities, trading:
Residential mortgage-backed pass-through securities			10.4			10.4
Commercial mortgage-backed securities			53.1			53.1
Collateralized debt obligations ⁽²⁾			2.0			2.0
Other debt obligations			228.4			228.4
Other investments:
Other limited partnership and fund interests			1,661.2			2,954.3

December 31, 2022
Fixed maturities, available-for-sale:
Corporate		$	111.8		$	127.2
Residential mortgage-backed pass-through securities			2,170.9			2,362.1
Commercial mortgage-backed securities			4,827.5			5,529.7
Collateralized debt obligations ⁽²⁾			4,560.2			4,813.4
Other debt obligations			6,483.3			7,537.2
Fixed maturities, trading:
Residential mortgage-backed pass-through securities			5.4			5.4
Commercial mortgage-backed securities			83.4			83.4
Collateralized debt obligations ⁽²⁾			5.7			5.7
Other debt obligations			80.0			80.0
Other investments:
Other limited partnership and fund interests			1,088.5			1,765.4

(1)

Our risk of loss is limited to our initial investment measured at amortized cost for fixed maturities, available-for-sale. Our risk of loss is limited to our investment measured at fair value for our fixed maturities, trading. Our risk of loss is limited to our carrying value plus any unfunded commitments and/or guarantees and similar provisions for our other investments. A carrying value of zero is used if distributions have been received in excess of our investment, resulting in a negative carrying value for the investment. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional equity when called upon to do so by the general partner or investment manager.

(2)	Primarily consists of collateralized loan obligations backed by secured corporate loans.