Revenues from Contracts with Customers (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the six months ended June 30,
	2024		2023
	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions	$	324.0	$	269.8
Benefits and Protection:
Specialty Benefits		6.2		6.4
Life Insurance		44.0		34.7
Total Benefits and Protection		50.2		41.1
Corporate		(0.5)		(0.4)
Total segment revenue from contracts with customers		373.7		310.5
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		734.7		733.2
Pre-tax other adjustments (2)		38.4		39.9
Total fees and other revenues per consolidated statements of operations	$	1,146.8	$	1,083.6

(1) Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards.

(2) Pre-tax other adjustments relate to revenues from exited business, certain variable annuity fees and market value adjustments to fee revenues.

	For the year ended December 31,
	2023		2022		2021
	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions	$	556.3	$	533.6	$	409.2
Benefits and Protection:
Specialty Benefits		12.7		12.3		12.0
Life Insurance		73.1		64.4		60.2
Eliminations		—		—		(0.1)
Total Benefits and Protection		85.8		76.7		72.1
Corporate		(0.8)		(0.9)		(1.0)
Total segment revenue from contracts with customers		641.3		609.4		480.3
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		1,482.9		1,469.5		2,148.0
Pre-tax other adjustments (2)		80.5		89.2		79.9
Total fees and other revenues per consolidated statements of operations	$	2,204.7	$	2,168.1	$	2,708.2

(1) Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards.

(2) Pre-tax other adjustments relate to revenues from exited business, certain variable annuity fees and market value adjustments to fee revenues.

Retirement and Income Solutions

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the six months ended June 30,
	2024		2023
	(in millions)
Administrative service fee revenue	$	316.3	$	261.8
Deposit account fee revenue		6.1		5.7
Commission income		1.6		0.8
Other fee revenue		—		1.5
Total revenues from contracts with customers		324.0		269.8
Fees and other revenues not within the scope of revenue recognition guidance		554.8		556.4
Total fees and other revenues		878.8		826.2
Premiums and other considerations		1,765.0		1,202.0
Net investment income		1,375.9		1,261.6
Total operating revenues	$	4,019.7	$	3,289.8

	For the year ended December 31,
	2023		2022		2021
	(in millions)
Administrative service fee revenue	$	539.5	$	519.2	$	395.8
Deposit account fee revenue		11.3		10.2		9.2
Commission income		1.9		1.2		0.7
Other fee revenue		3.6		3.0		3.5
Total revenues from contracts with customers		556.3		533.6		409.2
Fees and other revenues not within the scope of revenue recognition guidance		1,118.7		1,114.0		1,226.9
Total fees and other revenues		1,675.0		1,647.6		1,636.1
Premiums and other considerations		2,935.0		1,959.7		1,883.6
Net investment income		2,584.7		2,274.1		2,728.8
Total operating revenues	$	7,194.7	$	5,881.4	$	6,248.5

Benefits and Protection | Specialty Benefits

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the six months ended June 30,
	2024		2023
	(in millions)
Specialty Benefits:
Administrative service fees	$	6.2	$	6.4
Total revenues from contracts with customers		6.2		6.4
Fees and other revenues not within the scope of revenue recognition guidance		8.9		9.1
Total fees and other revenues		15.1		15.5
Premiums and other considerations		1,598.0		1,475.3
Net investment income		91.7		82.0
Total operating revenues	$	1,704.8	$	1,572.8
	For the six months ended June 30,
	2024		2023
	(in millions)
Life Insurance:
Administrative service fees	$	17.5	$	14.3
Commission income		26.5		20.4
Total revenues from contracts with customers		44.0		34.7
Fees and other revenues not within the scope of revenue recognition guidance		166.7		160.7
Total fees and other revenues		210.7		195.4
Premiums and other considerations		129.8		257.7
Net investment income		201.0		199.4
Total operating revenues	$	541.5	$	652.5

	For the year ended December 31,
	2023		2022		2021
	(in millions)
Specialty Benefits:
Administrative service fees	$	12.7	$	12.3	$	12.0
Total revenues from contracts with customers		12.7		12.3		12.0
Fees and other revenues not within the scope of revenue recognition guidance		18.2		18.5		19.0
Total fees and other revenues		30.9		30.8		31.0
Premiums and other considerations		3,020.9		2,771.2		2,496.6
Net investment income		174.3		179.6		179.2
Total operating revenues	$	3,226.1	$	2,981.6	$	2,706.8
	For the year ended December 31,
	2023		2022		2021
	(in millions)
Life Insurance:
Administrative service fees	$	30.3	$	26.9	$	26.3
Commission income		42.8		37.5		33.9
Total revenues from contracts with customers		73.1		64.4		60.2
Fees and other revenues not within the scope of revenue recognition guidance		332.6		321.0		884.5
Total fees and other revenues		405.7		385.4		944.7
Premiums and other considerations		461.6		535.8		333.9
Net investment income		397.8		392.6		794.2
Total operating revenues	$	1,265.1	$	1,313.8	$	2,072.8

Benefits and Protection | Life Insurance

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the six months ended June 30,
	2024		2023
	(in millions)
Specialty Benefits:
Administrative service fees	$	6.2	$	6.4
Total revenues from contracts with customers		6.2		6.4
Fees and other revenues not within the scope of revenue recognition guidance		8.9		9.1
Total fees and other revenues		15.1		15.5
Premiums and other considerations		1,598.0		1,475.3
Net investment income		91.7		82.0
Total operating revenues	$	1,704.8	$	1,572.8
	For the six months ended June 30,
	2024		2023
	(in millions)
Life Insurance:
Administrative service fees	$	17.5	$	14.3
Commission income		26.5		20.4
Total revenues from contracts with customers		44.0		34.7
Fees and other revenues not within the scope of revenue recognition guidance		166.7		160.7
Total fees and other revenues		210.7		195.4
Premiums and other considerations		129.8		257.7
Net investment income		201.0		199.4
Total operating revenues	$	541.5	$	652.5

	For the year ended December 31,
	2023		2022		2021
	(in millions)
Specialty Benefits:
Administrative service fees	$	12.7	$	12.3	$	12.0
Total revenues from contracts with customers		12.7		12.3		12.0
Fees and other revenues not within the scope of revenue recognition guidance		18.2		18.5		19.0
Total fees and other revenues		30.9		30.8		31.0
Premiums and other considerations		3,020.9		2,771.2		2,496.6
Net investment income		174.3		179.6		179.2
Total operating revenues	$	3,226.1	$	2,981.6	$	2,706.8
	For the year ended December 31,
	2023		2022		2021
	(in millions)
Life Insurance:
Administrative service fees	$	30.3	$	26.9	$	26.3
Commission income		42.8		37.5		33.9
Total revenues from contracts with customers		73.1		64.4		60.2
Fees and other revenues not within the scope of revenue recognition guidance		332.6		321.0		884.5
Total fees and other revenues		405.7		385.4		944.7
Premiums and other considerations		461.6		535.8		333.9
Net investment income		397.8		392.6		794.2
Total operating revenues	$	1,265.1	$	1,313.8	$	2,072.8

Corporate

Revenues from Contracts with Customers

Disaggregation of Revenues from Contracts with Customers (Table)

	For the six months ended June 30,
	2024		2023
	(in millions)
Eliminations	$	(0.5)	$	(0.4)
Total revenues from contracts with customers		(0.5)		(0.4)
Fees and other revenues not within the scope of revenue recognition guidance		4.3		7.0
Total fees and other revenues		3.8		6.6
Premiums and other considerations		(1.3)		(1.3)
Net investment income		36.3		47.0
Total operating revenues	$	38.8	$	52.3

	For the year ended December 31,
	2023		2022		2021
	(in millions)
Eliminations	$	(0.8)	$	(0.9)	$	(1.0)
Total revenues from contracts with customers		(0.8)		(0.9)		(1.0)
Fees and other revenues not within the scope of revenue recognition guidance		13.4		16.0		17.6
Total fees and other revenues		12.6		15.1		16.6
Premiums and other considerations		(7.3)		(2.2)		—
Net investment income		115.0		47.8		50.9
Total operating revenues	$	120.3	$	60.7	$	67.5