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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