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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2018
Notes to Financial Statements [Abstract] |
Nature and Amount of Collateral Received From and Posted To Our Derivative Counterparties | The table below summarizes the nature and amount of collateral received from and posted to our derivative counterparties.
|  | March 31, 2018 |  | December 31, 2017
|  | (in millions of dollars)
Carrying Value of Collateral Received from Counterparties |  |  |  |
Cash |  | $ | 16.2 |  |  | $ | 15.7 |
Carrying Value of Collateral Posted to Counterparties |  |  |  |
Fixed Maturity Securities |  | $ | 49.6 |  |  | $ | 46.4 |
Notional Amounts for Each Category of Derivative Activity | The table below summarizes, by notional amounts, the activity for each category of derivatives. The notional amounts represent the basis upon which our counterparty pay and receive amounts are calculated.
| Swaps |  |  |  |
| Receive Variable/Pay Fixed |  | Receive Fixed/Pay Fixed |  | Receive Fixed/Pay Variable |  | Credit Default |  | Forwards |  | Total
| (in millions of dollars)
Balance at December 31, 2016 | $ | 105.5 |  |  | $ | 616.5 |  |  | $ | 250.0 |  |  | $ | 70.0 |  |  | $ | 10.0 |  |  | $ | 1,052.0 |
Additions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Terminations | 0.1 |  |  | 20.3 |  |  | — |  |  | — |  |  | 10.0 |  |  | 30.4 |
Balance at March 31, 2017 | $ | 105.4 |  |  | $ | 596.2 |  |  | $ | 250.0 |  |  | $ | 70.0 |  |  | $ | — |  |  | $ | 1,021.6 |
Balance at December 31, 2017 | $ | 48.0 |  |  | $ | 536.5 |  |  | $ | 250.0 |  |  | $ | 70.0 |  |  | $ | — |  |  | $ | 904.5 |
Additions | — |  |  | 19.9 |  |  | — |  |  | — |  |  | 26.8 |  |  | 46.7 |
Terminations | — |  |  | — |  |  | — |  |  | 70.0 |  |  | — |  |  | 70.0 |
Balance at March 31, 2018 | $ | 48.0 |  |  | $ | 556.4 |  |  | $ | 250.0 |  |  | $ | — |  |  | $ | 26.8 |  |  | $ | 881.2 |
Fair Value Hedges Carrying Amount of Hedged Assets and Liabilities and Cumulative Basis Adjustments | The following table summarizes the carrying amount of hedged assets and liabilities and the related cumulative basis adjustments related to our fair value hedges.
| Carrying Amount of Hedged Assets (Liabilities) |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Liabilities)
| March 31, 2018 |  | December 31, 2017 |  | March 31, 2018 |  | December 31, 2017
| (in millions of dollars)
Fixed maturity securities: |  |  |  |  |  |  |
Receive variable interest rate, pay fixed interest rate | $ | 48.1 |  |  | $ | 48.5 |  |  | $ | 0.1 |  |  | $ | 0.6 |
Receive fixed foreign currency interest, pay fixed foreign currency interest | 19.4 |  |  | — |  |  | (0.3 | ) |  | — |
Long-term Debt | (242.5 | ) |  | (244.8 | ) |  | 6.9 |  |  | 4.5 |
Location and Fair Values of Derivative Financial Instruments | The following tables summarize the location and fair values of derivative financial instruments, as reported in our consolidated balance sheets.
| March 31, 2018
| Derivative Assets |  | Derivative Liabilities
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
| (in millions of dollars)
Designated as Hedging Instruments |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |
Forwards | Other L-T Investments |  | $ | — |  |  | Other Liabilities |  | $ | 0.2 |
Foreign Exchange Contracts | Other L-T Investments |  | 21.2 |  |  | Other Liabilities |  | 17.4 |
Total Cash Flow Hedges |  |  | 21.2 |  |  |  |  | 17.6 |
Fair Value Hedges |  |  |  |  |  |  |
Interest Rate Swaps | Other L-T Investments |  | — |  |  | Other Liabilities |  | 7.0 |
Foreign Exchange Contracts | Other L-T Investments |  | 0.3 |  |  | Other Liabilities |  | — |
Total Fair Value Hedges |  |  | 0.3 |  |  |  |  | 7.0 |
Total Designated as Hedging Instruments |  |  | $ | 21.5 |  |  |  |  | $ | 24.6 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |
Foreign Exchange Contracts |  |  |  |  | Other Liabilities |  | $ | 26.8 |
Embedded Derivative in Modified Coinsurance Arrangement |  |  |  |  | Other Liabilities |  | 17.6 |
Total Not Designated as Hedging Instruments |  |  |  |  |  |  | $ | 44.4 |
| December 31, 2017
| Derivative Assets |  | Derivative Liabilities
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
| (in millions of dollars)
Designated as Hedging Instruments |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |
Foreign Exchange Contracts | Other L-T Investments |  | $ | 19.5 |  |  | Other Liabilities |  | $ | 19.4 |
Total Cash Flow Hedges |  |  | 19.5 |  |  |  |  | 19.4 |
Fair Value Hedges |  |  |  |  |  |  |
Interest Rate Swaps | Other L-T Investments |  | — |  |  | Other Liabilities |  | 5.1 |
Total Fair Value Hedges |  |  | — |  |  |  |  | 5.1 |
Total Designated as Hedging Instruments |  |  | $ | 19.5 |  |  |  |  | $ | 24.5 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |
Credit Default Swaps |  |  |  |  | Other Liabilities |  | $ | 0.2 |
Foreign Exchange Contracts |  |  |  |  | Other Liabilities |  | 27.5 |
Embedded Derivative in Modified Coinsurance Arrangement |  |  |  |  | Other Liabilities |  | 15.9 |
Total Not Designated as Hedging Instruments |  |  |  |  |  |  | $ | 43.6 |
Location of Gains and Losses of Derivative Financial Instruments Designated as Hedging Instruments, Consolidated Statements of Income | The following table summarizes the location of gains and losses of derivative financial instruments designated as hedging instruments, as reported in our consolidated statements of income.
| Three Months Ended March 31
| 2018 |  | 2017
| Net Investment Income |  | Net Realized Investment Gain (Loss) |  | Interest and Debt Expense |  | Net Investment Income |  | Net Realized Investment Gain (Loss) |  | Interest and Debt Expense
| (in millions of dollars)
Total Income and Expense Presented in the Consolidated Statements of Income of Which Hedged Items are Recorded | $ | 602.3 |  |  | $ | (2.2 | ) |  | $ | 40.2 |  |  | $ | 602.4 |  |  | $ | 11.0 |  |  | $ | 39.8 |
Gain (Loss) on Cash Flow Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps: |  |  |  |  |  |  |  |  |  |  |
Hedged items | 77.8 |  |  | 0.1 |  |  | 11.4 |  |  | 81.9 |  |  | 0.2 |  |  | 11.4 |
Derivatives Designated as Hedging Instruments | 15.9 |  |  | (0.1 | ) |  | 0.6 |  |  | 14.6 |  |  | — |  |  | 0.5 |
Foreign Exchange Contracts |  |  |  |  |  |  |  |  |  |  |
Hedged items | 5.0 |  |  | — |  |  | — |  |  | 5.4 |  |  | 1.2 |  |  | — |
Derivatives Designated as Hedging Instruments | (0.3 | ) |  | — |  |  | — |  |  | (0.2 | ) |  | (1.2 | ) |  | — |
Gain (Loss) on Fair Value Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps: |  |  |  |  |  |  |  |  |  |  |
Hedged items | 0.7 |  |  | 1.9 |  |  | 3.6 |  |  | 1.4 |  |  | (0.6 | ) |  | 3.6 |
Derivatives Designated as Hedging Instruments | (0.4 | ) |  | (1.9 | ) |  | 0.1 |  |  | (1.0 | ) |  | 0.6 |  |  | (0.3 | )
Foreign Exchange Contracts |  |  |  |  |  |  |  |  |  |  |
Hedged items | 0.1 |  |  | (0.3 | ) |  | — |  |  | — |  |  | — |  |  | — |
Derivatives Designated as Hedging Instruments | — |  |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | — |
Location of Gains and Losses of Derivative Financial Instruments Designated as Hedging Instruments, Statements of Comprehensive Income | The following table summarizes the location of gains and losses of derivative financial instruments designated as cash flow hedging instruments, as reported in our consolidated statements of comprehensive income.
|  | Three Months Ended March 31
|  | 2018 |  | 2017
|  | (in millions of dollars)
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives |  |  |
Interest Rate Swaps and Forwards | $ | (0.2 | ) |  | $ | — |
Foreign Exchange Contracts | 3.8 |  |  | (4.5 | )
| Total | $ | 3.6 |  |  | $ | (4.5 | )
Gains and Losses on Derivatives Not Designated as Hedging Instruments | The following table summarizes the location of gains and losses on our derivatives not designated as hedging instruments, as reported in our consolidated statements of income.
|  | Three Months Ended March 31
|  | 2018 |  | 2017
|  | (in millions of dollars)
Net Realized Investment Gain (Loss) |  |  |
| Credit Default Swaps | $ | — |  |  | $ | (0.3 | )
| Foreign Exchange Contracts | 0.7 |  |  | 0.2 |
| Embedded Derivative in Modified Coinsurance Arrangement | (1.7 | ) |  | 8.6 |
| Total | $ | (1.0 | ) |  | $ | 8.5 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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