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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 236.6 $ 4,679.5 $ 1,316.1
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized capital (gains) losses [1] 154.7 (83.3) (112.1)
Net realized capital losses on funds withheld assets [1] (161.8) (749.4)  
Change in fair value of funds withheld embedded derivative 1,326.7 (3,652.8) (0.0)
Depreciation and amortization expense 151.2 175.1 149.5
Amortization of deferred acquisition costs and contract costs 396.3 393.3 379.5
Additions to deferred acquisition costs and contract costs (384.9) (393.2) (471.9)
Amortization of reinsurance loss 20.4 19.3 23.0
Market risk benefit remeasurement (gain) loss 33.7 131.2 114.1
Stock-based compensation 25.1 22.1 25.2
Income from equity method investments, net of dividends received (27.5) (42.9) (54.2)
Changes in:      
Accrued investment income (45.5) (50.1) 9.3
Net cash flows for trading securities and equity securities with operating intent (60.0) (389.0) (7.9)
Premiums due and other receivables (205.8) (3,259.3) 7.3
Contractholder and policyholder liabilities and dividends 3,513.3 2,071.0 1,798.1
Current and deferred income taxes (benefits) (191.2) 893.6 125.1
Real estate acquired through operating activities (130.8) (164.4) (73.7)
Real estate sold through operating activities 164.8   1.4
Funds withheld, net of reinsurance recoverable and deposit receivable (338.3) 2,904.5 (130.4)
Other assets and liabilities 176.1 417.2 18.2
Other 255.9 548.4 428.2
Net adjustments 4,672.4 (1,208.7) 2,228.7
Net cash provided by operating activities 4,909.0 3,470.8 3,544.8
Investing activities      
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases (10,704.4) (18,288.2) (15,068.4)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales 4,871.3 12,685.1 1,701.7
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities 4,957.2 6,566.9 10,475.1
Mortgage loans acquired or originated (1,998.7) (3,633.2) (5,016.8)
Mortgage loans sold or repaid 2,011.4 2,513.2 2,626.6
Real estate acquired (187.5) (245.2) (281.4)
Real estate sold 130.8 373.9 133.7
Net purchases of property and equipment (41.1) (68.4) (91.9)
Net change in other investments (781.8) (218.1) (149.4)
Net cash used in investing activities (1,742.8) (314.0) (5,670.8)
Financing activities      
Payments for financing element derivatives (42.1) (50.6) (39.9)
Purchase of subsidiary shares from noncontrolling interest   (6.7) (16.6)
Dividends paid to parent (1,200.0) (1,425.0) (1,250.0)
Distributions to parent (39.0) (30.3) (16.3)
Issuance of long-term debt   15.4  
Principal repayments of long-term debt (64.0) (2.1) (1.8)
Investment contract deposits 8,152.2 6,881.3 8,868.3
Investment contract withdrawals (9,326.3) (7,524.6) (8,760.5)
Net increase (decrease) in banking operation deposits (338.6) 1,086.3 2,922.9
Other 0.3 0.2  
Net cash used in financing activities (2,857.5) (1,056.1) 1,706.1
Net increase (decrease) in cash and cash equivalents 308.7 2,100.7 (419.9)
Cash and cash equivalents at beginning of period 3,329.3 1,228.6 1,648.5
Cash and cash equivalents at end of period 3,638.0 3,329.3 1,228.6
Supplemental information:      
Cash paid for interest 1.3 2.6 2.2
Cash paid for income taxes 63.4 43.5 46.3
Asset changes resulting from deconsolidation of residential whole loan securitizations:      
Decrease in mortgage loans (389.7) (220.7)  
Increase in fixed maturities, available-for-sale 286.2 167.6  
Increase in fixed maturities, trading $ 10.8    
Assets transferred in kind for settlement to reinsurer   $ (428.5)  
Changes from re-designation of other postretirement employee benefits ("OPEB") plan assets to cover non-retiree benefits:      
Increases in equity securities re-designated from funded status of OPEB plan     548.1
Increases in other investments re-designated from funded status of OPEB plan     117.5
Decrease in tax receivable re-designated from funded status of OPEB plan     (9.1)
Decrease in accumulated other comprehensive income ("AOCI") due to reclassifying excess assets out of funded status of OPEB plan     9.1
Decrease in other assets due to reclassifying excess assets out of funded status of OPEB plan     (665.6)
Assets received in kind from pension risk transfer transactions     $ 109.5
[1] Includes realized and unrealized gains (losses). See Note 5, Investments, for further details.