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Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt and Equity Securities Reconciliation

The following tables present the composition of our investment portfolio by major security type. Our securities are reported in our consolidated balance sheets at fair value. The changes in fair value for our fixed-maturity securities (other than hybrid securities) are reported as a component of accumulated other comprehensive income (loss), net of deferred income taxes, in our consolidated

balance sheets. The net holding period gains (losses) reported below represent the inception-to-date changes in fair value for the hybrid and equity securities. The changes in the net holding period gains (losses) between periods are recorded as a component of net realized gains (losses) on securities in our consolidated statements of comprehensive income.

($ in millions)			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Net Holding Period Gains (Losses)						Fair Value						% of Total Fair Value
September 30, 2023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations			$	36,392.2					$	0					$	(2,098.4)					$	0					$	34,293.8					55.4		%
State and local government obligations			2,257.6						0						(203.3)						0						2,054.3						3.3
Foreign government obligations			16.9						0						(1.5)						0						15.4						0.1
Corporate debt securities			10,880.8						1.3						(591.8)						(36.1)						10,254.2						16.6
Residential mortgage-backed securities			530.4						0.2						(13.0)						(1.8)						515.8						0.8
Commercial mortgage-backed securities			4,699.5						2.1						(723.9)						0						3,977.7						6.4
Other asset-backed securities			5,524.2						0.1						(210.1)						(0.6)						5,313.6						8.6
Redeemable preferred stocks			189.0						0						(4.3)						(17.6)						167.1						0.3
Total fixed maturities			60,490.6						3.7						(3,846.3)						(56.1)						56,591.9						91.5
Short-term investments			1,795.2						0						0						0						1,795.2						2.9
Total available-for-sale securities			62,285.8						3.7						(3,846.3)						(56.1)						58,387.1						94.4
Equity securities:
Nonredeemable preferred stocks			976.9						0						0						(108.0)						868.9						1.4
Common equities			662.6						0						0						1,951.9						2,614.5						4.2
Total equity securities			1,639.5						0						0						1,843.9						3,483.4						5.6
Total portfolio1			$	63,925.3					$	3.7					$	(3,846.3)					$	1,787.8					$	61,870.5					100.0		%

($ in millions)			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Net Holding Period Gains (Losses)						Fair Value						% of Total Fair Value
September 30, 2022
Available-for-sale securities:
Fixed maturities:
U.S. government obligations			$	24,260.9					$	0					$	(1,855.4)					$	0					$	22,405.5					42.8		%
State and local government obligations			2,140.9						0						(215.4)						0						1,925.5						3.7
Foreign government obligations			16.7						0						(1.4)						0						15.3						0.1
Corporate debt securities			10,119.8						0						(832.5)						(58.9)						9,228.4						17.6
Residential mortgage-backed securities			754.2						0.4						(16.5)						(15.1)						723.0						1.4
Commercial mortgage-backed securities			5,833.9						1.4						(747.4)						0						5,087.9						9.7
Other asset-backed securities			4,876.7						0						(268.9)						(1.9)						4,605.9						8.8
Redeemable preferred stocks			202.6						0						(5.6)						(15.4)						181.6						0.3
Total fixed maturities			48,205.7						1.8						(3,943.1)						(91.3)						44,173.1						84.4
Short-term investments			4,237.6						0						0						0						4,237.6						8.1
Total available-for-sale securities			52,443.3						1.8						(3,943.1)						(91.3)						48,410.7						92.5
Equity securities:
Nonredeemable preferred stocks			1,417.6						0						0						(163.2)						1,254.4						2.4
Common equities			803.7						0						0						1,861.6						2,665.3						5.1
Total equity securities			2,221.3						0						0						1,698.4						3,919.7						7.5
Total portfolio1			$	54,664.6					$	1.8					$	(3,943.1)					$	1,607.1					$	52,330.4					100.0		%

($ in millions)			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Net Holding Period Gains (Losses)						Fair Value						% of Total Fair Value
December 31, 2022
Available-for-sale securities:
Fixed maturities:
U.S. government obligations			$	26,770.7					$	1.4					$	(1,604.7)					$	0					$	25,167.4					47.0		%
State and local government obligations			2,180.0						0						(202.9)						0						1,977.1						3.7
Foreign government obligations			16.8						0						(1.3)						0						15.5						0.1
Corporate debt securities			10,125.8						9.8						(676.1)						(46.8)						9,412.7						17.6
Residential mortgage-backed securities			696.1						0.3						(17.5)						(12.1)						666.8						1.2
Commercial mortgage-backed securities			5,446.0						1.5						(784.0)						0						4,663.5						8.7
Other asset-backed securities			4,826.0						0.9						(260.5)						(1.8)						4,564.6						8.5
Redeemable preferred stocks			202.6						0						(4.5)						(13.8)						184.3						0.3
Total fixed maturities			50,264.0						13.9						(3,551.5)						(74.5)						46,651.9						87.1
Short-term investments			2,861.7						0						0						0						2,861.7						5.4
Total available-for-sale securities			53,125.7						13.9						(3,551.5)						(74.5)						49,513.6						92.5
Equity securities:
Nonredeemable preferred stocks			1,364.2						0						0						(151.0)						1,213.2						2.3
Common equities			826.1						0						0						1,995.4						2,821.5						5.2
Total equity securities			2,190.3						0						0						1,844.4						4,034.7						7.5
Total portfolio1			$	55,316.0					$	13.9					$	(3,551.5)					$	1,769.9					$	53,548.3					100.0		%

1 At September 30, 2023 and 2022, we had $167.3 million and $74.7 million, respectively, of net unsettled security purchase transactions included in other liabilities, compared to $34.4 million included in other assets at December 31, 2022.

The total fair value of the portfolio at September 30, 2023 and 2022, and December 31, 2022, included $4.1 billion, $4.2 billion, and $4.4 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions.

Hybrid Instruments Table

Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value:

			September 30,
(millions)			2023						2022						Dec. 31, 2022
Fixed Maturities:
Corporate debt securities			$	511.1					$	500.4					$	535.4
Residential mortgage-backed securities			410.8						550.8						509.6
Other asset-backed securities			19.4						51.4						42.0
Redeemable preferred stocks			136.4						133.0						134.7
Total hybrid securities			$	1,077.7					$	1,235.6					$	1,221.7

Investments Classified by Contractual Maturity Date

The composition of fixed maturities by maturity at September 30, 2023, was:

(millions)			Cost						Fair Value
Less than one year			$	9,639.9					$	9,387.8
One to five years			37,572.4						35,419.0
Five to ten years			13,197.7						11,710.3
Ten years or greater			80.6						74.8
Total			$	60,490.6					$	56,591.9

Schedule of Unrealized Loss on Investments

The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:

			Total No. of Sec.			Total Fair Value			Gross Unrealized Losses			Less than 12 Months															12 Months or Greater
($ in millions)												No. of Sec.			Fair Value			Unrealized Losses									No. of Sec.			Fair  Value			Unrealized Losses
September 30, 2023
U.S. government obligations			173			$	34,293.8		$	(2,098.4)		37			$	16,686.2		$	(557.6)								136			$	17,607.6		$	(1,540.8)
State and local government obligations			356			2,033.9			(203.3)			46			359.6			(7.6)									310			1,674.3			(195.7)
Foreign government obligations			1			15.4			(1.5)			0			0			0									1			15.4			(1.5)
Corporate debt securities			467			9,490.0			(591.8)			164			3,380.4			(94.1)									303			6,109.6			(497.7)
Residential mortgage-backed securities			40			99.9			(13.0)			2			0.4			0									38			99.5			(13.0)
Commercial mortgage-backed securities			196			3,960.8			(723.9)			0			0			0									196			3,960.8			(723.9)
Other asset-backed securities			295			5,001.8			(210.1)			104			2,056.9			(8.8)									191			2,944.9			(201.3)
Redeemable preferred stocks			3			30.6			(4.3)			0			0			0									3			30.6			(4.3)
Total fixed maturities			1,531			$	54,926.2		$	(3,846.3)		353			$	22,483.5		$	(668.1)								1,178			$	32,442.7		$	(3,178.2)

			Total No. of Sec.			Total Fair Value			Gross Unrealized Losses			Less than 12 Months												12 Months or Greater
($ in millions)												No. of Sec.			Fair Value			Unrealized Losses						No. of Sec.			Fair  Value			Unrealized Losses
September 30, 2022
U.S. government obligations			157			$	22,385.4		$	(1,855.4)		103			$	16,085.8		$	(1,095.6)					54			$	6,299.6		$	(759.8)
State and local government obligations			353			1,911.0			(215.4)			292			1,363.1			(129.8)						61			547.9			(85.6)
Foreign government obligations			1			15.3			(1.4)			1			15.3			(1.4)						0			0			0
Corporate debt securities			452			8,885.6			(832.5)			391			7,875.5			(699.0)						61			1,010.1			(133.5)
Residential mortgage-backed securities			44			165.1			(16.5)			34			126.0			(11.8)						10			39.1			(4.7)
Commercial mortgage-backed securities			234			5,074.3			(747.4)			182			3,856.0			(425.4)						52			1,218.3			(322.0)
Other asset-backed securities			277			4,544.8			(268.9)			217			3,597.1			(183.4)						60			947.7			(85.5)
Redeemable preferred stocks			4			48.6			(5.6)			3			37.7			(4.0)						1			10.9			(1.6)
Total fixed maturities			1,522			$	43,030.1		$	(3,943.1)		1,223			$	32,956.5		$	(2,550.4)					299			$	10,073.6		$	(1,392.7)

			Total No. of Sec.			Total Fair Value			Gross Unrealized Losses			Less than 12 Months												12 Months or Greater
($ in millions)												No. of Sec.			Fair Value			Unrealized Losses						No. of Sec.			Fair  Value			Unrealized Losses
December 31, 2022
U.S. government obligations			160			$	24,802.5		$	(1,604.7)		90			$	17,327.2		$	(699.2)					70			$	7,475.3		$	(905.5)
State and local government obligations			348			1,948.8			(202.9)			239			1,124.2			(76.8)						109			824.6			(126.1)
Foreign government obligations			1			15.5			(1.3)			0			0			0						1			15.5			(1.3)
Corporate debt securities			422			8,449.6			(676.1)			285			5,717.6			(426.1)						137			2,732.0			(250.0)
Residential mortgage-backed securities			45			151.0			(17.5)			27			65.1			(6.8)						18			85.9			(10.7)
Commercial mortgage-backed securities			226			4,651.1			(784.0)			99			1,702.0			(192.1)						127			2,949.1			(591.9)
Other asset-backed securities			262			4,247.8			(260.5)			130			2,144.8			(100.9)						132			2,103.0			(159.6)
Redeemable preferred stocks			4			49.6			(4.5)			3			38.5			(3.1)						1			11.1			(1.4)
Total fixed maturities			1,468			$	44,315.9		$	(3,551.5)		873			$	28,119.4		$	(1,505.0)					595			$	16,196.5		$	(2,046.5)

Realized Gain (Loss) on Investments

The components of net realized gains (losses) for the three and nine months ended September 30, were:

			Three Months												Nine Months
(millions)			2023						2022						2023						2022
Gross realized gains on security sales
Available-for-sale securities:
U.S. government obligations			$	0.2					$	0					$	4.2					$	4.6
Corporate debt securities			0.7						0.3						0.8						6.8
Residential mortgage-backed securities			0						0						0						0.7
Other asset-backed securities			0						0						0						0.1
Total available-for-sale securities			0.9						0.3						5.0						12.2
Equity securities:
Nonredeemable preferred stocks			0						0.1						0.3						17.6
Common equities			0.3						1.4						354.2						832.5
Total equity securities			0.3						1.5						354.5						850.1
Subtotal gross realized gains on security sales			1.2						1.8						359.5						862.3
Gross realized losses on security sales
Available-for-sale securities:
U.S. government obligations			(14.6)						0						(27.2)						(233.5)
State and local government obligations			0						0						0						(1.0)
Corporate debt securities			(19.1)						(14.0)						(69.3)						(51.8)
Commercial mortgage-backed securities			(20.6)						(44.8)						(100.6)						(58.6)
Other asset-backed securities			(5.2)						0						(5.6)						(2.1)
Short-term investments			0						0						(0.4)						(0.3)
Total available-for-sale securities			(59.5)						(58.8)						(203.1)						(347.3)
Equity securities:
Nonredeemable preferred stocks			(7.4)						(5.1)						(117.6)						(7.0)
Common equities			(8.9)						0						(21.8)						(78.0)
Total equity securities			(16.3)						(5.1)						(139.4)						(85.0)
Subtotal gross realized losses on security sales			(75.8)						(63.9)						(342.5)						(432.3)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government obligations			(14.4)						0						(23.0)						(228.9)
State and local government obligations			0						0						0						(1.0)
Corporate debt securities			(18.4)						(13.7)						(68.5)						(45.0)
Residential mortgage-backed securities			0						0						0						0.7
Commercial mortgage-backed securities			(20.6)						(44.8)						(100.6)						(58.6)
Other asset-backed securities			(5.2)						0						(5.6)						(2.0)
Short-term investments			0						0						(0.4)						(0.3)
Total available-for-sale securities			(58.6)						(58.5)						(198.1)						(335.1)
Equity securities:
Nonredeemable preferred stocks			(7.4)						(5.0)						(117.3)						10.6
Common equities			(8.6)						1.4						332.4						754.5
Total equity securities			(16.0)						(3.6)						215.1						765.1
Subtotal net realized gains (losses) on security sales			(74.6)						(62.1)						17.0						430.0
Other assets
Gain			8.4						0						21.6						0
Impairment			(2.3)						(2.2)						(6.8)						(6.5)
Subtotal net realized gains (losses) on other assets			6.1						(2.2)						14.8						(6.5)
Net holding period gains (losses)
Hybrid securities			(0.3)						(11.4)						18.4						(98.8)
Equity securities			(80.2)						(140.7)						(0.5)						(2,164.1)
Subtotal net holding period gains (losses)			(80.5)						(152.1)						17.9						(2,262.9)
Total net realized gains (losses) on securities			$	(149.0)					$	(216.4)					$	49.7					$	(1,839.4)

Components of Equity Realized Gains (Losses)

The following table reflects our holding period realized gains (losses) recognized on equity securities held at the respective periods ended September 30:

			Three Months									Nine Months
(millions)			2023			2022						2023			2022
Total net gains (losses) recognized during the period on equity securities			$	(96.2)		$	(144.3)					$	214.6		$	(1,399.0)
Less: Net gains (losses) recognized on equity securities sold during the period			(16.0)			(3.6)						215.1			765.1
Net holding period gains (losses) recognized during the period on equity securities held at period end			$	(80.2)		$	(140.7)					$	(0.5)		$	(2,164.1)

Components of Net Investment Income

The components of net investment income for the three and nine months ended September 30, were: 

			Three Months									Nine Months
(millions)			2023			2022						2023			2022
Available-for-sale securities:
Fixed maturities:
U.S. government obligations			$	237.0		$	86.1					$	591.7		$	205.4
State and local government obligations			12.3			9.8						34.5			29.3
Foreign government obligations			0.1			0.1						0.2			0.2
Corporate debt securities			94.8			71.8						261.9			215.4
Residential mortgage-backed securities			7.6			8.8						22.6			23.2
Commercial mortgage-backed securities			48.7			48.3						147.9			138.1
Other asset-backed securities			62.9			52.1						173.0			116.5
Redeemable preferred stocks			2.6			3.0						8.2			8.5
Total fixed maturities			466.0			280.0						1,240.0			736.6
Short-term investments			21.6			24.8						71.1			29.6
Total available-for-sale securities			487.6			304.8						1,311.1			766.2
Equity securities:
Nonredeemable preferred stocks			11.9			17.3						40.3			53.6
Common equities			10.7			11.5						32.9			48.4
Total equity securities			22.6			28.8						73.2			102.0
Investment income			510.2			333.6						1,384.3			868.2
Investment expenses			(7.2)			(5.8)						(18.8)			(17.4)
Net investment income			$	503.0		$	327.8					$	1,365.5		$	850.8

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

+ Details

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Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
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Period Type:	duration