Deferred Acquisition Costs and Other Actuarial Balances (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Disaggregated DAC amounts and reconciliation (Table)

	June 30, 2024		December 31, 2023
	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	509.7	$	506.4
Individual variable annuities		289.9		279.5
Pension risk transfer		17.7		15.4
Individual fixed deferred annuities		95.5		106.1
Investment only		12.3		11.5
Total Retirement and Income Solutions		925.1		918.9
Benefits and Protection:
Specialty Benefits:
Individual disability		683.6		667.7
Life Insurance:
Universal life		1,537.9		1,545.3
Term life		656.0		678.8
Participating life		81.3		84.7
Total Benefits and Protection		2,958.8		2,976.5
Short-duration contracts		37.2		31.1
Total DAC per consolidated statements of financial position	$	3,921.1	$	3,926.5

	December 31, 2023		December 31, 2022
	(in millions)
Retirement and Income Solutions:
Workplace savings and retirement solutions	$	506.4	$	498.0
Individual variable annuities		279.5		278.0
Pension risk transfer		15.4		8.1
Individual fixed deferred annuities		106.1		131.0
Investment only		11.5		14.9
Total Retirement and Income Solutions		918.9		930.0
Benefits and Protection:
Specialty Benefits:
Individual disability		667.7		626.1
Life Insurance:
Universal life		1,545.3		1,569.7
Term life		678.8		685.7
Participating life		84.7		93.0
Total Benefits and Protection		2,976.5		2,974.5
Short-duration contracts		31.1		34.7
Total DAC per consolidated statements of financial position	$	3,926.5	$	3,939.2

Disaggregated unearned revenue liability amounts and reconciliation (Table)

	June 30, 2024		December 31, 2023
	(in millions)
Benefits and Protection – Life Insurance:
Universal life	$	498.7	$	485.5
Total unearned revenue liability	$	498.7	$	485.5

	December 31, 2023		December 31, 2022
	(in millions)
Benefits and Protection – Life Insurance:
Universal life	$	485.5	$	459.0
Total unearned revenue liability	$	485.5	$	459.0

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)

Benefits and Protection

The balances and changes in the unearned revenue liability for 2021 for Life Insurance – Universal life were as follows:

	For the year ended
	December 31, 2021
	(in millions)
Balance at beginning of period	$	384.4
Deferrals		66.1
Revenue recognized		(25.2)
Balance at end of period	$	425.3

Retirement and Income Solutions

Disaggregated DAC amounts and reconciliation (Table)

Retirement and Income Solutions

The balances and changes in DAC were as follows:

	Workplace						Individual
	savings and		Individual		Pension		fixed
	retirement		variable		risk		deferred		Investment
	solutions		annuities		transfer		annuities		only
	(in millions)
Balances as of January 1, 2023	$	498.0	$	278.0	$	8.1	$	131.0	$	14.9
Costs deferred		48.1		27.4		7.9		—		1.3
Amortized to expense		(39.7)		(25.9)		(0.6)		(24.9)		(4.7)
Balances as of December 31, 2023		506.4		279.5		15.4		106.1		11.5
Costs deferred		23.4		23.9		2.7		—		3.3
Amortized to expense		(20.1)		(13.5)		(0.4)		(10.6)		(2.5)
Balances as of June 30, 2024	$	509.7	$	289.9	$	17.7	$	95.5	$	12.3

Retirement and Income Solutions

The balances and changes in DAC were as follows:

	Workplace						Individual
	savings and		Individual		Pension		fixed
	retirement		variable		risk		deferred		Investment
	solutions		annuities		transfer		annuities		only
	(in millions)
Balances as of January 1, 2022	$	489.0	$	281.2	$	2.7	$	162.2	$	18.1
Costs deferred		48.3		22.5		5.6		—		1.4
Amortized to expense		(39.3)		(25.7)		(0.2)		(31.2)		(4.6)
Balances as of December 31, 2022		498.0		278.0		8.1		131.0		14.9
Costs deferred		48.1		27.4		7.9		—		1.3
Amortized to expense		(39.7)		(25.9)		(0.6)		(24.9)		(4.7)
Balances as of December 31, 2023	$	506.4	$	279.5	$	15.4	$	106.1	$	11.5

Benefits and Protection

Disaggregated DAC amounts and reconciliation (Table)

Benefits and Protection

The balances and changes in DAC were as follows:

	Specialty Benefits		Life Insurance
	Individual
	disability		Universal life		Term life		Participating life
	(in millions)
Balances as of January 1, 2023	$	626.1	$	1,569.7	$	685.7	$	93.0
Costs deferred		86.7		70.7		55.0		1.4
Amortized to expense		(45.1)		(95.1)		(61.9)		(9.7)
Balances as of December 31, 2023		667.7		1,545.3		678.8		84.7
Costs deferred		39.4		39.5		7.9		1.0
Amortized to expense		(23.5)		(46.9)		(30.7)		(4.4)
Balances as of June 30, 2024	$	683.6	$	1,537.9	$	656.0	$	81.3

Benefits and Protection

The balances and changes in DAC were as follows:

	Specialty Benefits		Life Insurance
	Individual
	disability		Universal life		Term life		Participating life
	(in millions)
Balances as of January 1, 2022	$	580.7	$	1,596.2	$	678.9	$	102.3
Costs deferred		87.6		70.6		66.7		1.4
Amortized to expense		(42.2)		(97.1)		(59.9)		(10.7)
Balances as of December 31, 2022		626.1		1,569.7		685.7		93.0
Costs deferred		86.7		70.7		55.0		1.4
Amortized to expense		(45.1)		(95.1)		(61.9)		(9.7)
Balances as of December 31, 2023	$	667.7	$	1,545.3	$	678.8	$	84.7

Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)

Benefits and Protection

The balances and changes in the unearned revenue liability for Life Insurance – Universal life contracts were as follows:

	For the six months ended		For the year ended
	June 30, 2024		December 31, 2023
	(in millions)
Balance at beginning of period	$	485.5	$	459.0
Deferrals		28.6		56.3
Revenue recognized		(15.4)		(29.8)
Balance at end of period		498.7		485.5
Reinsurance impact		(223.2)		(225.1)
Balance at end of period after reinsurance	$	275.5	$	260.4

Benefits and Protection

The balances and changes in the unearned revenue liability for Life Insurance – Universal life contracts were as follows:

	For the year ended		For the year ended
	December 31, 2023		December 31, 2022
	(in millions)
Balance at beginning of period	$	459.0	$	425.3
Deferrals		56.3		61.8
Revenue recognized		(29.8)		(28.1)
Balance at end of period		485.5		459.0
Reinsurance impact		(225.1)		(227.9)
Balance at end of period after reinsurance	$	260.4	$	231.1