Reinsurance (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Reinsurance

Schedule of information pertaining to effects of reinsurance on premiums and other considerations and policy and contract benefits (Table)

	For the six months ended June 30,
	2024		2023
	(in millions)
Premiums and other considerations:
Direct	$	3,594.5	$	2,912.3
Assumed		263.2		256.0
Ceded		(377.8)		(240.5)
Net premiums and other considerations	$	3,479.9	$	2,927.8
Benefits, claims and settlement expenses:
Direct	$	4,528.3	$	3,687.6
Assumed		505.6		412.7
Ceded		(1,273.1)		(751.9)
Net benefits, claims and settlement expenses	$	3,760.8	$	3,348.4
LFPB remeasurement (gain) loss:
Direct	$	23.7	$	12.1
Assumed		8.8		12.0
Ceded		408.6		(29.2)
Net LFPB remeasurement (gain) loss	$	441.1	$	(5.1)

(1) Includes the one-time impact of YRT reinsurance transactions in 2024.

	For the year ended December 31,
	2023		2022		2021
	(in millions)
Premiums and other considerations:
Direct	$	6,423.8	$	5,216.5	$	4,869.7
Assumed		517.0		503.5		494.3
Ceded		(544.1)		(455.7)		(650.0)
Net premiums and other considerations	$	6,396.7	$	5,264.3	$	4,714.0
Benefits, claims and settlement expenses:
Direct	$	8,022.0	$	6,579.3	$	6,460.7
Assumed		853.7		772.1		727.8
Ceded		(1,649.5)		(1,468.7)		(571.0)
Net benefits, claims and settlement expenses	$	7,226.2	$	5,882.7	$	6,617.5
Liability for future policy benefits remeasurement (gain) loss:
Direct	$	466.9	$	(166.5)	$	(12.4)
Assumed		269.6		(8.3)		10.9
Ceded		(789.0)		(85.0)		1.9
Net liability for future policy benefits remeasurement (gain) loss	$	(52.5)	$	(259.8)	$	0.4

Schedule of information pertaining to cost of reinsurance asset and liability included on the consolidated statements of financial position (Table)

	June 30, 2024		December 31, 2023
	(in millions)
Cost of reinsurance asset	$	3,479.2	$	3,529.7
Cost of reinsurance liability	$	1,083.2	$	673.3

	December 31, 2023		December 31, 2022
	(in millions)
Cost of reinsurance asset	$	3,529.7	$	3,339.1
Cost of reinsurance liability	$	673.3	$	479.8

Schedule of assets held in support of reserves associated with coinsurance with funds withheld agreement (Table)

	June 30, 2024		December 31, 2023
	(in millions)
Fixed maturities, available-for-sale	$	17,594.7	$	19,220.7
Fixed maturities, trading		300.7		316.8
Equity securities		0.3		0.3
Mortgage loans		2,788.9		2,826.0
Other investments		1,039.7		621.4
Cash and cash equivalents		960.2		942.0
Accrued interest income		218.6		231.7
Net other liabilities		(166.0)		(201.9)
Net assets	$	22,737.1	$	23,957.0

	December 31, 2023		December 31, 2022
	(in millions)
Fixed maturities, available-for-sale	$	19,220.7	$	15,693.5
Fixed maturities, trading		316.8		100.8
Equity securities		0.3		11.0
Mortgage loans		2,826.0		2,810.8
Other investments		621.4		179.8
Cash and cash equivalents		942.0		1,762.9
Accrued interest income		231.7		178.7
Net other liabilities		(201.9)		(33.6)
Net assets	$	23,957.0	$	20,703.9

Schedule of components of net investment income on the funds withheld assets that were passed to coinsurer (Table)

	For the year ended December 31,
	2023		2022
	(in millions)
Fixed maturities, available-for-sale	$	906.9	$	745.9
Fixed maturities, trading		11.9		2.0
Equity securities		0.2		0.6
Mortgage loans		125.2		98.4
Cash and cash equivalents		58.9		18.2
Other		64.0		4.8
Total		1,167.0		869.9
Investment expenses		24.7		20.5
Net investment income	$	1,142.3	$	849.4

Schedule of components of net realized gains (losses) on the funds withheld assets that were passed to coinsurer (Table)

	For the six months ended June 30,
	2024		2023
	(in millions)
Fixed maturities, available-for-sale	$	(42.1)	$	(123.6)
Fixed maturities, trading		—		(0.1)
Equity securities		—		(1.2)
Mortgage loans		—		(9.2)
Derivatives		1.8		5.4
Net realized capital losses	$	(40.3)	$	(128.7)

	For the year ended December 31,
	2023		2022
	(in millions)
Fixed maturities, available-for-sale	$	(230.9)	$	(235.5)
Fixed maturities, trading		(0.1)		(6.4)
Equity securities		(1.2)		(2.4)
Mortgage loans		(34.1)		(24.8)
Derivatives		7.2		2.7
Other		—		3.3
Net realized capital losses	$	(259.1)	$	(263.1)