Future Policy Benefits and Claims (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Future Policy Benefits and Claims

Disaggregated Future Policy Benefits and Claims amounts and reconciliation (Table)

	June 30, 2024		December 31, 2023
	(in millions)
Liability for future policy benefits by segment (1):
Retirement and Income Solutions:
Pension risk transfer	$	24,217.6	$	23,855.8
Individual fixed income annuities		4,636.1		4,914.1
Total Retirement and Income Solutions		28,853.7		28,769.9
Benefits and Protection:
Specialty Benefits:
Individual disability		1,812.1		1,898.4
Life Insurance:
Term life		1,103.4		1,085.9
Total Benefits and Protection		2,915.5		2,984.3
Corporate:
Long-term care insurance		161.8		166.7
Total liability for future policy benefits		31,931.0		31,920.9
Additional liability for certain benefit features by segment (2):
Benefits and Protection – Life Insurance:
Universal life		5,581.1		5,326.5
Total additional liability for certain benefit features		5,581.1		5,326.5
Reconciling items:
Participating contracts		2,995.2		3,060.5
Short-duration contracts		1,292.7		1,283.4
Cost of reinsurance liability		1,083.2		673.3
Reinsurance recoverable liability		43.3		45.2
Other (3)		157.7		178.2
Future policy benefits and claims per consolidated statements of financial position	$	43,084.2	$	42,488.0

(1) Amounts include the deferred profit liability.

(2) Includes reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years.

(3) Includes other miscellaneous reserves and the impact of unrealized gains (losses) on the additional liability for certain benefit features.

	December 31, 2023		December 31, 2022
	(in millions)
Liability for future policy benefits by segment (1):
Retirement and Income Solutions:
Pension risk transfer	$	23,855.8	$	21,211.4
Individual fixed income annuities		4,914.1		5,019.4
Total Retirement and Income Solutions		28,769.9		26,230.8
Benefits and Protection:
Specialty Benefits:
Individual disability		1,898.4		1,698.8
Life Insurance:
Term life		1,085.9		909.0
Total Benefits and Protection		2,984.3		2,607.8
Corporate:
Long-term care insurance		166.7		183.5
Total liability for future policy benefits		31,920.9		29,022.1
Additional liability for certain benefit features by segment (2):
Benefits and Protection – Life Insurance:
Universal life		5,326.5		4,095.2
Total additional liability for certain benefit features		5,326.5		4,095.2
Reconciling items:
Participating contracts		3,060.5		3,207.2
Short-duration contracts		1,283.4		1,295.6
Cost of reinsurance liability		673.3		479.8
Reinsurance recoverable liability		45.2		39.4
Other (3)		178.2		140.1
Future policy benefits and claims per consolidated statements of financial position	$	42,488.0	$	38,279.4

(1) Amounts include the deferred profit liability.

(2) Includes reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years.

(3) Includes other miscellaneous reserves and the impact of unrealized gains (losses) on the additional liability for certain benefit features.

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)

Retirement and Income Solutions

	For the year ended December 31, 2021
	Pension		Individual
	risk		fixed income
	transfer		annuities
	(in millions)
Present value of expected future policy benefit payments
Balance at beginning of period	$	25,863.7	$	7,145.8
Effect of changes in discount rate assumptions at beginning of period		(4,827.9)		(1,213.5)
Balance at beginning of period at original discount rate		21,035.8		5,932.3
Effect of actual variances from expected experience		(2.4)		(1.3)
Adjusted beginning of period balance at original discount rate		21,033.4		5,931.0
Interest accrual		916.7		240.5
Benefit payments		(1,772.5)		(532.0)
Issuances		1,801.7		82.9
Balance at end of period at original discount rate		21,979.3		5,722.4
Effect of changes in discount rate assumptions at end of period		3,386.5		812.6
Future policy benefits	$	25,365.8	$	6,535.0

Benefits and Protection and Corporate

	For the year ended December 31, 2021
	Benefits and Protection				Corporate
	Specialty		Life
	Benefits		Insurance
	Individual				Long-term
	disability		Term life		care insurance
	(in millions)
Present value of expected net premiums
Balance at beginning of period	$	3,148.3	$	3,799.0	$	66.7
Effect of changes in discount rate assumptions at beginning of period		(340.7)		(861.1)		(17.6)
Balance at beginning of period at original discount rate		2,807.6		2,937.9		49.1
Effect of changes in cash flow assumptions		—		—		2.8
Effect of actual variances from expected experience		122.0		211.4		(0.8)
Adjusted beginning of period balance at original discount rate		2,929.6		3,149.3		51.1
Interest accrual		95.4		151.1		2.9
Net premiums collected		(280.4)		(315.0)		(5.2)
Issuances		206.4		518.2		—
Balance at end of period at original discount rate		2,951.0		3,503.6		48.8
Effect of changes in discount rate assumptions at end of period		198.9		690.1		14.0
Balance at end of period	$	3,149.9	$	4,193.7	$	62.8
Present value of expected future policy benefit payments
Balance at beginning of period	$	5,649.2	$	4,959.3	$	324.3
Effect of changes in discount rate assumptions at beginning of period		(834.1)		(1,179.9)		(111.1)
Balance at beginning of period at original discount rate		4,815.1		3,779.4		213.2
Effect of changes in cash flow assumptions		—		—		0.5
Effect of actual variances from expected experience		118.8		216.0		(4.6)
Adjusted beginning of period balance at original discount rate		4,933.9		3,995.4		209.1
Interest accrual		181.0		194.3		12.4
Benefit payments		(179.7)		(335.7)		(13.5)
Issuances		212.1		543.4		—
Balance at end of period at original discount rate		5,147.3		4,397.4		208.0
Effect of changes in discount rate assumptions at end of period		501.0		913.9		89.5
Balance at end of period	$	5,648.3	$	5,311.3	$	297.5
Future policy benefits (1)	$	2,498.4	$	1,117.6	$	234.7
Reinsurance impact		(549.9)		(0.1)		(234.7)
Future policy benefits after reinsurance	$	1,948.5	$	1,117.5	$	—

(1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

Schedule of Liability for Unpaid Claims (Table)

	For the six months ended June 30,
	2024		2023
	(in millions)
Balance at beginning of period	$	1,405.9	$	1,395.0
Less: reinsurance recoverable		67.8		68.6
Net balance at beginning of period		1,338.1		1,326.4
Incurred:
Current year		899.7		827.0
Prior years		(68.3)		(49.6)
Total incurred		831.4		777.4
Payments:
Current year		578.6		528.6
Prior years		250.4		241.3
Total payments		829.0		769.9
Net balance at end of period		1,340.5		1,333.9
Plus: reinsurance recoverable		63.7		67.5
Balance at end of period	$	1,404.2	$	1,401.4

	For the year ended December 31,
	2023		2022		2021
	(in millions)
Balance at beginning of year	$	1,395.0	$	1,370.9	$	1,686.0
Less: reinsurance recoverable		68.6		68.7		436.9
Net balance at beginning of year		1,326.4		1,302.2		1,249.1
Incurred:
Current year		1,650.4		1,581.8		1,505.1
Prior years		(95.4)		(44.4)		(35.4)
Total incurred		1,555.0		1,537.4		1,469.7
Payments:
Current year		1,189.2		1,138.0		1,067.8
Prior years		354.1		375.2		348.8
Total payments		1,543.3		1,513.2		1,416.6
Net balance at end of year		1,338.1		1,326.4		1,302.2
Plus: reinsurance recoverable		67.8		68.6		68.7
Balance at end of year	$	1,405.9	$	1,395.0	$	1,370.9

Reconciliation of unpaid claims to liability for unpaid claims (Table)

	December 31, 2023
			Dental, Vision, STD,
			Critical Illness,
	LTD and Group Life		Accident, Hospital
	Waiver		Indemnity and PFML		Group Life		Consolidated
	(in millions)
Net outstanding liabilities for unpaid claims	$	1,237.9	$	79.1	$	84.5	$	1,401.5
Reconciling items:
Reinsurance recoverable on unpaid claims		39.2		—		0.1		39.3
Impact of discounting		(215.0)		—		—		(215.0)
Loss adjustment expense liability		20.5		4.6		12.5		37.6
Liability for unpaid claims - short-duration contracts	$	1,082.6	$	83.7	$	97.1		1,263.4
Insurance contracts other than short-duration								142.5
Liability for unpaid claims							$	1,405.9

Claim Duration and Payout (Table)

	December 31, 2023 (1)
			Dental, Vision, STD,
			Critical Illness,
	LTD and Group Life		Accident, Hospital
Year	Waiver		Indemnity and PFML		Group Life
1	8.1	%	92.1	%	78.9	%
2	25.0		7.9		18.8
3	15.4		—		—
4	8.2		—		—
5	5.8		—		—
6	5.2		—		—
7	4.5		—		—
8	3.5		—		—
9	3.0		—		—
10	2.6		—		—

(1) Unaudited.

Discounting (Table)

				Dental, Vision, STD,
				Critical Illness,
	LTD and Group Life			Accident, Hospital
	Waiver			Indemnity and PFML			Group Life
	($ in millions)
Carrying amount of liabilities for unpaid claims
December 31, 2023	$	1,082.6		$	83.7		$	97.1
December 31, 2022		1,076.2			79.7			73.6
Range of discount rates
December 31, 2023		2.8 – 7.0	%		—	%		—	%
December 31, 2022		2.8 – 7.0			—			—
Aggregate amount of discount
December 31, 2023	$	215.0		$	—		$	—
December 31, 2022		209.4			—			—
Interest accretion
For the year ended:
December 31, 2023	$	34.7		$	—		$	—
December 31, 2022		33.0			—			—
December 31, 2021		33.8			—			—

Summary of gross premiums or assessments and interest accretion recognized by segment (Table)

	Gross premiums or assessments (1)				Interest accretion (2)
	For the six months ended				For the six months ended
	June 30,				June 30,
	2024		2023		2024		2023
	(in millions)
Retirement and Income Solutions:
Pension risk transfer	$	1,744.1	$	1,187.9	$	552.6	$	495.1
Individual fixed income annuities		28.2		20.0		105.8		110.8
Total Retirement and Income Solutions		1,772.3		1,207.9		658.4		605.9
Benefits and Protection:
Specialty Benefits:
Individual disability		314.5		305.3		49.0		46.7
Life Insurance:
Universal life		356.9		342.1		122.0		93.9
Term life		333.7		322.9		26.8		23.1
Total Benefits and Protection		1,005.1		970.3		197.8		163.7
Corporate:
Long-term care insurance		2.7		2.7		4.5		5.1
Total per consolidated statements of operations	$	2,780.1	$	2,180.9	$	860.7	$	774.7

(1) Gross premiums are included within premiums and other considerations on the consolidated statements of operations. Assessments, which are only applicable to the Life Insurance – Universal life level of aggregation, are included within fees and other revenues on the consolidated statements of operations.

(2) Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations.

	Gross premiums or assessments (1)						Interest accretion (2)
	For the year ended						For the year ended
	December 31,						December 31,
	2023		2022		2021		2023		2022		2021
	(in millions)
Retirement and Income Solutions:
Pension risk transfer	$	2,905.9	$	1,941.0	$	1,800.1	$	1,008.6	$	935.7	$	916.7
Individual fixed income annuities		42.5		30.1		83.5		219.1		229.7		240.5
Total Retirement and Income Solutions		2,948.4		1,971.1		1,883.6		1,227.7		1,165.4		1,157.2
Benefits and Protection:
Specialty Benefits:
Individual disability		624.6		601.0		574.1		94.5		90.2		85.6
Life Insurance:
Universal life		681.8		577.7		621.0		209.2		171.2		158.3
Term life		649.1		630.5		619.4		48.2		43.9		43.2
Total Benefits and Protection		1,955.5		1,809.2		1,814.5		351.9		305.3		287.1
Corporate:
Long-term care insurance		5.1		5.2		5.2		9.6		9.8		9.5
Total per consolidated statements of operations	$	4,909.0	$	3,785.5	$	3,703.3	$	1,589.2	$	1,480.5	$	1,453.8

(1) Gross premiums are included within premiums and other considerations on the consolidated statements of operations. Assessments, which are only applicable to the Life Insurance – Universal life level of aggregation, are included within fees and other revenues on the consolidated statements of operations.

(2) Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations.

Summary of balances and the changes in the present value for expected future policy benefits (Table)

	For the six months ended				For the year ended
	June 30, 2024				December 31, 2023
	Specialty		Life		Specialty		Life
	Benefits		Insurance		Benefits		Insurance
	Individual				Individual
	disability		Term life		disability		Term life
	($ in millions)
Present value of expected net premiums
Balance at beginning of period	$	2,552.3	$	3,793.7	$	2,341.8	$	3,423.2
Effect of changes in discount rate assumptions at beginning of period		313.7		100.1		395.2		196.0
Balance at beginning of period at original discount rate		2,866.0		3,893.8		2,737.0		3,619.2
Effect of changes in cash flow assumptions		—		—		(37.6)		143.5
Effect of actual variances from expected experience		81.7		44.5		244.3		103.3
Adjusted beginning of period balance at original discount rate		2,947.7		3,938.3		2,943.7		3,866.0
Interest accrual		49.6		90.0		95.6		171.9
Net premiums collected		(139.4)		(190.2)		(273.4)		(359.8)
Issuances		39.5		121.9		100.1		215.7
Balance at end of period at original discount rate		2,897.4		3,960.0		2,866.0		3,893.8
Effect of changes in discount rate assumptions at end of period		(399.9)		(246.9)		(313.7)		(100.1)
Balance at end of period	$	2,497.5	$	3,713.1	$	2,552.3	$	3,793.7
Present value of expected future policy benefit payments
Balance at beginning of period	$	4,450.7	$	4,879.6	$	4,040.6	$	4,332.2
Effect of changes in discount rate assumptions at beginning of period		903.5		124.5		1,021.4		251.6
Balance at beginning of period at original discount rate		5,354.2		5,004.1		5,062.0		4,583.8
Effect of changes in cash flow assumptions		—		—		(51.5)		181.8
Effect of actual variances from expected experience		88.6		50.2		260.8		116.8
Adjusted beginning of period balance at original discount rate		5,442.8		5,054.3		5,271.3		4,882.4
Interest accrual		98.6		116.8		190.1		220.1
Benefit payments		(106.3)		(169.6)		(210.0)		(330.4)
Issuances		40.4		130.9		102.8		232.0
Balance at end of period at original discount rate		5,475.5		5,132.4		5,354.2		5,004.1
Effect of changes in discount rate assumptions at end of period		(1,165.9)		(315.9)		(903.5)		(124.5)
Balance at end of period	$	4,309.6	$	4,816.5	$	4,450.7	$	4,879.6
Future policy benefits (1)	$	1,812.1	$	1,103.4	$	1,898.4	$	1,085.9
Reinsurance impact		(403.9)		(244.3)		(421.6)		(214.3)
Future policy benefits after reinsurance	$	1,408.2	$	859.1	$	1,476.8	$	871.6
Weighted-average duration for future policy benefits (years) (2)		17.8		8.9		18.4		9.4

(1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2) Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

	For the year ended				For the year ended
	December 31, 2023				December 31, 2022
	Specialty		Life		Specialty		Life
	Benefits		Insurance		Benefits		Insurance
	Individual				Individual
	disability		Term life		disability		Term life
	($ in millions)
Present value of expected net premiums
Balance at beginning of period	$	2,341.8	$	3,423.2	$	3,149.9	$	4,193.7
Effect of changes in discount rate assumptions at beginning of period		395.2		196.0		(198.9)		(690.1)
Balance at beginning of period at original discount rate		2,737.0		3,619.2		2,951.0		3,503.6
Effect of changes in cash flow assumptions		(37.6)		143.5		(413.1)		—
Effect of actual variances from expected experience		244.3		103.3		235.9		128.6
Adjusted beginning of period balance at original discount rate		2,943.7		3,866.0		2,773.8		3,632.2
Interest accrual		95.6		171.9		95.2		162.9
Net premiums collected		(273.4)		(359.8)		(276.5)		(346.6)
Issuances		100.1		215.7		144.5		170.7
Balance at end of period at original discount rate		2,866.0		3,893.8		2,737.0		3,619.2
Effect of changes in discount rate assumptions at end of period		(313.7)		(100.1)		(395.2)		(196.0)
Balance at end of period	$	2,552.3	$	3,793.7	$	2,341.8	$	3,423.2
Present value of expected future policy benefit payments
Balance at beginning of period	$	4,040.6	$	4,332.2	$	5,648.3	$	5,311.3
Effect of changes in discount rate assumptions at beginning of period		1,021.4		251.6		(501.0)		(913.9)
Balance at beginning of period at original discount rate		5,062.0		4,583.8		5,147.3		4,397.4
Effect of changes in cash flow assumptions		(51.5)		181.8		(476.3)		—
Effect of actual variances from expected experience		260.8		116.8		240.0		139.0
Adjusted beginning of period balance at original discount rate		5,271.3		4,882.4		4,911.0		4,536.4
Interest accrual		190.1		220.1		185.4		206.8
Benefit payments		(210.0)		(330.4)		(183.7)		(340.6)
Issuances		102.8		232.0		149.3		181.2
Balance at end of period at original discount rate		5,354.2		5,004.1		5,062.0		4,583.8
Effect of changes in discount rate assumptions at end of period		(903.5)		(124.5)		(1,021.4)		(251.6)
Balance at end of period	$	4,450.7	$	4,879.6	$	4,040.6	$	4,332.2
Future policy benefits (1)	$	1,898.4	$	1,085.9	$	1,698.8	$	909.0
Reinsurance impact		(421.6)		(214.3)		(386.8)		25.6
Future policy benefits after reinsurance	$	1,476.8	$	871.6	$	1,312.0	$	934.6
Weighted-average duration for future policy benefits (years) (2)		18.4		9.4		18.5		9.6

(1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2) Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

Summary of balances and the changes in the additional liability for certain benefits features (Table)

Benefits and Protection

The balances and changes in the additional liability for certain benefits features for 2021 for Life Insurance – Universal life were as follows:

	For the year ended,
	December 31, 2021
	(in millions)
Balance at beginning of period	$	3,463.9
Effect of changes in cash flow assumptions		(11.1)
Effect of actual variances from expected experience		18.1
Interest accrual		158.3
Net assessments collected		324.7
Benefit payments		(83.1)
Other (1)		(56.6)
Balance at end of period	$	3,814.2

(1) Reflects model refinements accounted for as a change in accounting estimate.

Summary of amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums (Table)

	June 30, 2024		December 31, 2023
	(in millions)
Retirement and Income Solutions:
Pension risk transfer
Expected undiscounted future benefit payments	$	38,337.8	$	36,325.5
Individual fixed income annuities
Expected undiscounted future benefit payments	$	7,085.4	$	7,292.0
Benefits and Protection – Specialty Benefits:
Individual disability
Expected discounted future gross premiums	$	5,311.7	$	5,456.4
Expected undiscounted future gross premiums	$	8,323.3	$	8,264.8
Expected undiscounted future benefit payments	$	9,154.9	$	8,981.2
Benefits and Protection – Life Insurance:
Term life
Expected discounted future gross premiums	$	6,229.2	$	6,385.1
Expected undiscounted future gross premiums	$	10,471.0	$	10,287.2
Expected undiscounted future benefit payments	$	8,017.8	$	7,832.3
Corporate:
Long-term care insurance
Expected discounted future gross premiums	$	36.1	$	42.8
Expected undiscounted future gross premiums	$	52.1	$	60.3
Expected undiscounted future benefit payments	$	364.1	$	371.0

	December 31, 2023		December 31, 2022
	(in millions)
Retirement and Income Solutions:
Pension risk transfer
Expected undiscounted future benefit payments	$	36,325.5	$	33,691.4
Individual fixed income annuities
Expected undiscounted future benefit payments	$	7,292.0	$	7,716.6
Benefits and Protection – Specialty Benefits:
Individual disability
Expected discounted future gross premiums	$	5,456.4	$	5,140.9
Expected undiscounted future gross premiums	$	8,264.8	$	7,978.7
Expected undiscounted future benefit payments	$	8,981.2	$	8,473.9
Benefits and Protection – Life Insurance:
Term life
Expected discounted future gross premiums	$	6,385.1	$	6,104.6
Expected undiscounted future gross premiums	$	10,287.2	$	10,146.3
Expected undiscounted future benefit payments	$	7,832.3	$	7,202.5
Corporate:
Long-term care insurance
Expected discounted future gross premiums	$	42.8	$	64.6
Expected undiscounted future gross premiums	$	60.3	$	96.5
Expected undiscounted future benefit payments	$	371.0	$	483.4

Summary of weighted-average rates of interest accretion and current discount (Table)

	Interest accretion rate				Current discount rate
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Retirement and Income Solutions:
Pension risk transfer	4.58	%	4.52	%	5.51	%	4.99	%
Individual fixed income annuities	4.22	%	4.22	%	5.48	%	4.97	%
Benefits and Protection:
Specialty Benefits:
Individual disability	3.93	%	3.96	%	5.56	%	5.05	%
Life Insurance:
Universal life	4.75	%	4.75	%	See note (1)		See note (1)
Term life	4.83	%	4.83	%	5.39	%	4.90	%
Corporate:
Long-term care insurance	6.16	%	6.16	%	5.53	%	5.01	%

(1) The additional liability for certain benefit features for Life Insurance – Universal life is measured using the discount rate at contract inception. Therefore, the current discount rate is not applicable for this product.

Long-Term Disability/Group Life Waiver

Future Policy Benefits and Claims

Claims Development (Table)

																					Incurred			Cumulative
																					but not			number of
																					reported			reported
	Net incurred claims (1)																				claims			claims
	December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2023		2023
	($ in millions)
Incurral year
2014	$	242.2	$	231.4	$	214.4	$	218.1	$	206.2	$	201.9	$	202.0	$	199.3	$	199.8	$	200.7	$	0.1		7,610
2015				231.0		227.2		217.2		215.3		208.2		210.0		211.8		210.5		208.3		0.1		7,184
2016						229.8		228.4		219.4		219.5		214.4		218.7		221.9		219.0		0.1		6,171
2017								238.4		239.7		243.1		245.8		245.2		246.5		248.9		0.1		6,091
2018										239.4		245.1		239.2		239.8		235.3		238.0		0.1		5,782
2019												255.2		248.4		240.4		240.2		238.6		0.1		5,961
2020														252.1		231.0		221.1		217.7		5.8		5,939
2021																259.7		244.5		221.6		8.5		5,571
2022																		274.3		240.5		4.1		5,572
2023																				267.4		111.8		3,353
Total net incurred claims																			$	2,300.7

	Net cumulative paid claims (1)
	December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(in millions)
Incurral year
2014	$	16.1	$	66.0	$	96.3	$	111.8	$	122.3	$	132.4	$	140.8	$	147.2	$	153.3	$	158.5
2015				16.9		67.0		98.0		114.6		126.8		137.1		146.5		154.0		160.3
2016						16.2		70.6		105.6		124.9		136.8		147.2		157.1		165.3
2017								17.8		76.5		115.0		135.9		151.7		165.4		176.8
2018										20.1		79.9		115.7		135.7		150.3		163.3
2019												19.2		79.7		117.5		136.4		150.6
2020														20.6		78.8		113.1		130.0
2021																19.8		79.0		113.2
2022																		19.6		76.6
2023																				20.0
Total net paid claims																				1,314.6
All outstanding liabilities for unpaid claims prior to 2014 net of reinsurance																				251.8
Total outstanding liabilities for unpaid claims net of reinsurance																			$	1,237.9

(1) 2014-2022 unaudited.

Dental/Vision/Short-Term Disability/Critical Illness/Accident/Hospital Indemnity/PFML [Member]

Future Policy Benefits and Claims

Claims Development (Table)

					Incurred		Cumulative
					but not		number of
					reported		reported
	Net incurred claims (1)				claims		claims
	December 31,
	2022		2023		2023		2023
	($ in millions)
Incurral year
2022	$	924.4	$	910.6	$	—		4,317,802
2023		—		1,032.3		57.1		4,566,920
Total net incurred claims		—	$	1,942.9		—		—
	Net cumulative
	paid claims (1)
	December 31,
	2022		2023
	(in millions)
Incurral year
2022	$	845.5	$	909.8
2023		—		954.0
Total net paid claims		—		1,863.8
All outstanding liabilities for unpaid claims prior to 2022 net of reinsurance		—		—
Total outstanding liabilities for unpaid claims net of reinsurance		—	$	79.1

(1) 2022 unaudited.

Group Life

Future Policy Benefits and Claims

Claims Development (Table)

						Incurred		Cumulative
						but not		number of
						reported		reported
	Net incurred claims (1)					claims		claims
	December 31,
	2022		2023			2023		2023
	($ in millions)
Incurral year
2022	$	279.3	$	284.2	$		1.1		6,168
2023		—		284.8			33.3		5,064
Total net incurred claims		—	$	569.0			—		—
	Net cumulative
	paid claims (1)
	December 31,
	2022		2023
	(in millions)
Incurral year
2022	$	218.3	$	277.5
2023		—		215.1
Total net paid claims		—		492.6
All outstanding liabilities for unpaid claims prior to 2022 net of reinsurance		—		8.1
Total outstanding liabilities for unpaid claims net of reinsurance		—	$	84.5

(1) 2022 unaudited.

Retirement and Income Solutions

Future Policy Benefits and Claims

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)

		For the six months ended				For the year ended
		June 30, 2024				December 31, 2023
		Pension		Individual		Pension		Individual
		risk		fixed income		risk		fixed income
		transfer		annuities		transfer		annuities
	($ in millions)
Present value of expected future policy benefit payments
Balance at beginning of period		$	23,855.8	$	4,914.1	$	21,211.4	$	5,019.4
Effect of changes in discount rate assumptions at beginning of period			1,036.1		296.7		1,799.6		439.0
Balance at beginning of period at original discount rate			24,891.9		5,210.8		23,011.0		5,458.4
Effect of changes in cash flow assumptions			—		—		(53.4)		(1.3)
Effect of actual variances from expected experience			(2.8)		(3.9)		(14.6)		(0.1)
Adjusted beginning of period balance at original discount rate			24,889.1		5,206.9		22,943.0		5,457.0
Interest accrual			552.6		105.8		1,008.6		219.1
Benefit payments			(1,092.0)		(249.5)		(1,981.4)		(507.3)
Issuances			1,751.9		27.9		2,921.7		42.0
Balance at end of period at original discount rate			26,101.6		5,091.1		24,891.9		5,210.8
Effect of changes in discount rate assumptions at end of period			(1,884.0)		(455.0)		(1,036.1)		(296.7)
Future policy benefits			24,217.6		4,636.1		23,855.8		4,914.1
Reinsurance impact			(3,335.4)		(4,572.2)		(3,540.8)		(4,869.1)
Future policy benefits after reinsurance		$	20,882.2	$	63.9	$	20,315.0	$	45.0
Weighted-average duration for future policy benefits (years) (1)			8.2		7.6		8.5		7.9

(1) Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.

		For the year ended				For the year ended
		December 31, 2023				December 31, 2022
		Pension		Individual		Pension		Individual
		risk		fixed income		risk		fixed income
		transfer		annuities		transfer		annuities
	($ in millions)
Present value of expected future policy benefit payments
Balance at beginning of period		$	21,211.4	$	5,019.4	$	25,365.8	$	6,535.0
Effect of changes in discount rate assumptions at beginning of period			1,799.6		439.0		(3,386.5)		(812.6)
Balance at beginning of period at original discount rate			23,011.0		5,458.4		21,979.3		5,722.4
Effect of changes in cash flow assumptions			(53.4)		(1.3)		(7.9)		(3.0)
Effect of actual variances from expected experience			(14.6)		(0.1)		(3.2)		—
Adjusted beginning of period balance at original discount rate			22,943.0		5,457.0		21,968.2		5,719.4
Interest accrual			1,008.6		219.1		935.7		229.7
Benefit payments			(1,981.4)		(507.3)		(1,841.7)		(520.4)
Issuances			2,921.7		42.0		1,948.8		29.7
Balance at end of period at original discount rate			24,891.9		5,210.8		23,011.0		5,458.4
Effect of changes in discount rate assumptions at end of period			(1,036.1)		(296.7)		(1,799.6)		(439.0)
Future policy benefits			23,855.8		4,914.1		21,211.4		5,019.4
Reinsurance impact			(3,540.8)		(4,869.1)		—		(5,002.7)
Future policy benefits after reinsurance		$	20,315.0	$	45.0	$	21,211.4	$	16.7
Weighted-average duration for future policy benefits (years) (1)			8.5		7.9		8.5		7.9

(1) Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.

Benefits and Protection

Future Policy Benefits and Claims

Summary of balances and the changes in the additional liability for certain benefits features (Table)

	For the six months ended		For the year ended
	June 30, 2024		December 31, 2023
	($ in millions)
Balance at beginning of period	$	5,326.5	$	4,095.2
Effect of changes in cash flow assumptions		—		725.4
Effect of actual variances from expected experience		23.3		45.2
Interest accrual		122.0		209.2
Net assessments collected		210.0		378.1
Benefit payments		(100.7)		(126.6)
Balance at end of period		5,581.1		5,326.5
Reinsurance impact		(5,558.7)		(5,306.2)
Balance at end of period after reinsurance	$	22.4	$	20.3
Weighted-average duration for additional liability (years) (1)		25.1		26.2

(1) Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort.

	For the year ended		For the year ended
	December 31, 2023		December 31, 2022
	($ in millions)
Balance at beginning of period	$	4,095.2	$	3,814.2
Effect of changes in cash flow assumptions		725.4		(6.0)
Effect of actual variances from expected experience		45.2		54.9
Interest accrual		209.2		171.2
Net assessments collected		378.1		320.3
Benefit payments		(126.6)		(91.9)
Other (1)		—		(167.5)
Balance at end of period		5,326.5		4,095.2
Reinsurance impact		(5,306.2)		(4,091.4)
Balance at end of period after reinsurance	$	20.3	$	3.8
Weighted-average duration for additional liability (years) (2)		26.2		27.6

(1) Reflects the impact of re-cohorting in 2022 as a result of our decision to manage the ULSG business separately from our other UL business following the Strategic Review.

(2) Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort.

Corporate

Future Policy Benefits and Claims

Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)

	For the six months ended		For the year ended
	June 30, 2024		December 31, 2023
	($ in millions)
Present value of expected net premiums
Balance at beginning of period	$	42.8	$	64.6
Effect of changes in discount rate assumptions at beginning of period		(3.0)		(3.6)
Balance at beginning of period at original discount rate		39.8		61.0
Effect of changes in cash flow assumptions		—		(13.3)
Effect of actual variances from expected experience		(3.5)		(5.7)
Adjusted beginning of period balance at original discount rate		36.3		42.0
Interest accrual		1.1		2.9
Net premiums collected		(2.8)		(5.1)
Balance at end of period at original discount rate		34.6		39.8
Effect of changes in discount rate assumptions at end of period		1.5		3.0
Balance at end of period	$	36.1	$	42.8
Present value of expected future policy benefit payments
Balance at beginning of period	$	209.5	$	248.1
Effect of changes in discount rate assumptions at beginning of period		(20.0)		(18.9)
Balance at beginning of period at original discount rate		189.5		229.2
Effect of changes in cash flow assumptions		—		(40.5)
Effect of actual variances from expected experience		(0.2)		2.5
Adjusted beginning of period balance at original discount rate		189.3		191.2
Interest accrual		5.6		12.5
Benefit payments		(7.1)		(14.2)
Balance at end of period at original discount rate		187.8		189.5
Effect of changes in discount rate assumptions at end of period		10.1		20.0
Balance at end of period	$	197.9	$	209.5
Future policy benefits (1)	$	161.8	$	166.7
Reinsurance impact		(161.8)		(166.7)
Future policy benefits after reinsurance	$	—	$	—
Weighted-average duration for future policy benefits (years) (2)		9.8		10.4

(1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2) Represents the average of cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.

	For the year ended		For the year ended
	December 31, 2023		December 31, 2022
	($ in millions)
Present value of expected net premiums
Balance at beginning of period	$	64.6	$	62.8
Effect of changes in discount rate assumptions at beginning of period		(3.6)		(14.0)
Balance at beginning of period at original discount rate		61.0		48.8
Effect of changes in cash flow assumptions		(13.3)		10.0
Effect of actual variances from expected experience		(5.7)		4.1
Adjusted beginning of period balance at original discount rate		42.0		62.9
Interest accrual		2.9		3.3
Net premiums collected		(5.1)		(5.2)
Balance at end of period at original discount rate		39.8		61.0
Effect of changes in discount rate assumptions at end of period		3.0		3.6
Balance at end of period	$	42.8	$	64.6
Present value of expected future policy benefit payments
Balance at beginning of period	$	248.1	$	297.5
Effect of changes in discount rate assumptions at beginning of period		(18.9)		(89.5)
Balance at beginning of period at original discount rate		229.2		208.0
Effect of changes in cash flow assumptions		(40.5)		17.2
Effect of actual variances from expected experience		2.5		3.7
Adjusted beginning of period balance at original discount rate		191.2		228.9
Interest accrual		12.5		13.1
Benefit payments		(14.2)		(12.8)
Balance at end of period at original discount rate		189.5		229.2
Effect of changes in discount rate assumptions at end of period		20.0		18.9
Balance at end of period	$	209.5	$	248.1
Future policy benefits (1)	$	166.7	$	183.5
Reinsurance impact		(166.7)		(183.5)
Future policy benefits after reinsurance	$	—	$	—
Weighted-average duration for future policy benefits (years) (2)		10.4		11.8

(1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums.

(2) Represents the average of cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.