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Separate Account Balances (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Summary of separate account assets by investment category (Table)


		June 30, 2024			December 31, 2023

		(in millions)
Fixed maturities:
U.S. government and agencies		$	7,121.7		$	6,948.6
Non-U.S. governments			1,424.4			1,258.6
States and political subdivisions			185.5			205.1
Corporate			6,297.6			6,102.9
Residential mortgage-backed pass-through securities			3,693.0			4,096.2
Commercial mortgage-backed securities			235.0			221.1
Other debt obligations			608.1			505.8
Total fixed maturities			19,565.3			19,338.3
Equity securities			103,511.9			98,884.9
Real estate			439.0			494.6
Other investments			8,643.6			8,997.9
Cash and cash equivalents			3,746.1			3,162.3
Other assets			1,155.9			763.7
Total separate account assets per consolidated statements of financial position		$	137,061.8		$	131,641.7


		December 31, 2023			December 31, 2022

		(in millions)
Fixed maturities:
U.S. government and agencies		$	6,948.6		$	7,065.0
Non-U.S. governments			1,258.6			1,338.4
States and political subdivisions			205.1			211.7
Corporate			6,102.9			5,689.8
Residential mortgage-backed pass-through securities			4,096.2			3,853.2
Commercial mortgage-backed securities			221.1			206.2
Other debt obligations			505.8			218.0
Total fixed maturities			19,338.3			18,582.3
Equity securities			98,884.9			87,052.5
Real estate			494.6			610.6
Other investments			8,997.9			9,761.9
Cash and cash equivalents			3,162.3			3,233.1
Other assets			763.7			1,039.2
Total separate account assets per consolidated statements of financial position		$	131,641.7		$	120,279.6

Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)


		June 30, 2024			December 31, 2023

		(in millions)
Retirement and Income Solutions:
Group retirement contracts		$	122,733.7		$	117,518.5
Individual variable annuities			9,037.8			9,131.9
Total Retirement and Income Solutions			131,771.5			126,650.4
Benefits and Protection - Life Insurance:
Universal life			5,290.3			4,991.3
Total separate account liabilities per consolidated statements of financial position		$	137,061.8		$	131,641.7


		December 31, 2023			December 31, 2022

		(in millions)
Retirement and Income Solutions:
Group retirement contracts		$	117,518.5		$	107,240.1
Individual variable annuities			9,131.9			8,659.0
Total Retirement and Income Solutions			126,650.4			115,899.1
Benefits and Protection - Life Insurance:
Universal life			4,991.3			4,380.5
Total separate account liabilities per consolidated statements of financial position		$	131,641.7		$	120,279.6

Retirement and Income Solutions

Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)


		For the six months ended						For the year ended
		June 30, 2024						December 31, 2023
		Group			Individual			Group			Individual
		retirement			variable			retirement			variable
		contracts			annuities			contracts			annuities

		(in millions)
Balance at beginning of period		$	117,518.5		$	9,131.9		$	107,240.1		$	8,659.0
Premiums and deposits (1)			7,262.6			160.8			11,379.0			328.5
Policy charges			(169.4)			(101.3)			(366.0)			(204.5)
Surrenders, withdrawals and benefit payments (1)			(9,056.6)			(783.4)			(13,916.8)			(1,018.2)
Investment performance			7,931.8			649.4			15,820.7			1,315.1
Net transfers (to) from general account (1)			(1,001.3)			2.9			(2,461.1)			30.4
Other (2)			248.1			(22.5)			(177.4)			21.6
Balance at end of period		$	122,733.7		$	9,037.8		$	117,518.5		$	9,131.9

Cash surrender value (3)		$	121,457.3		$	8,918.7		$	116,522.1		$	9,011.5

(1)	Within the policyholder account balances rollforwards in Note 7, Contractholder Funds, amounts in these lines for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in net transfers from (to) separate account.

(2)	Includes amounts to be settled between the separate account and general account due to the timing of trade settlements as of the reporting date.

(3)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.


		For the year ended						For the year ended
		December 31, 2023						December 31, 2022
		Group			Individual			Group			Individual
		retirement			variable			retirement			variable
		contracts			annuities			contracts			annuities

		(in millions)
Balance at beginning of period		$	107,240.1		$	8,659.0		$	131,188.6		$	11,000.0
Premiums and deposits ⁽¹⁾			11,379.0			328.5			14,859.3			354.1
Policy charges			(366.0)			(204.5)			(383.7)			(211.1)
Surrenders, withdrawals and benefit payments ⁽¹⁾			(13,916.8)			(1,018.2)			(14,479.4)			(790.1)
Investment performance			15,820.7			1,315.1			(20,641.3)			(1,723.3)
Net transfers (to) from general account ⁽¹⁾			(2,461.1)			30.4			(2,571.7)			29.4
Other ⁽²⁾			(177.4)			21.6			(731.7)			—
Balance at end of period		$	117,518.5		$	9,131.9		$	107,240.1		$	8,659.0

Cash surrender value ⁽³⁾		$	116,522.1		$	9,011.5		$	106,125.7		$	8,538.7

(1)	Within the policyholder account balances rollforwards in Note 10, Contractholder Funds, amounts in these lines for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in net transfers from (to) separate account.

(2)	Includes amounts to be settled between the separate account and general account due to the timing of trade settlements as of the reporting date.

(3)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.

Benefits and Protection | Life Insurance | Universal life

Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)


		For the six months ended			For the year ended
		June 30, 2024			December 31, 2023

		(in millions)
Balance at beginning of period		$	4,991.3		$	4,380.5
Premiums and deposits			131.2			232.8
Policy charges			(50.0)			(100.0)
Surrenders, withdrawals and benefit payments			(221.5)			(302.4)
Investment performance			429.9			773.6
Net transfers (to) from general account			9.4			6.8
Balance at end of period		$	5,290.3		$	4,991.3

Cash surrender value (1)		$	5,347.6		$	5,062.4

(1)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. Certain products include surrender value enhancement riders that result in cash surrender values greater than account balances.


		For the year ended			For the year ended
		December 31, 2023			December 31, 2022

		(in millions)
Balance at beginning of period		$	4,380.5		$	5,340.4
Premiums and deposits			232.8			276.3
Policy charges			(100.0)			(97.5)
Surrenders, withdrawals and benefit payments			(302.4)			(181.6)
Investment performance			773.6			(952.1)
Net transfers (to) from general account			6.8			(5.0)
Balance at end of period		$	4,991.3		$	4,380.5

Cash surrender value ⁽¹⁾		$	5,062.4		$	4,452.9

(1)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. Certain products include surrender value enhancement riders that result in cash surrender values greater than account balances.