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Debt Securities (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt Securities, Classified as Available-For-Sale | nvestments in debt securities, classified as available-for-sale, are as follows:
|  | Amortized |  |  | Gross unrealized |  |  | Estimated |
(in millions) |  | cost |  |  | Gains |  |  | Losses |  |  | fair value |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 171.2 |  |  | $ | 1.1 |  |  | $ | (2.1 | ) |  | $ | 170.2 |
Municipal bonds |  |  | 946.6 |  |  |  | 4.6 |  |  |  | (74.5 | ) |  |  | 876.7 |
Foreign government bonds |  |  | 229.8 |  |  |  | 1.5 |  |  |  | (5.8 | ) |  |  | 225.5 |
Governmental agency bonds |  |  | 214.1 |  |  |  | 0.2 |  |  |  | (8.0 | ) |  |  | 206.3 |
Governmental agency mortgage-backed securities |  |  | 5,265.4 |  |  |  | 17.9 |  |  |  | (245.4 | ) |  |  | 5,037.9 |
U.S. corporate debt securities |  |  | 1,016.2 |  |  |  | 12.3 |  |  |  | (18.5 | ) |  |  | 1,010.0 |
Foreign corporate debt securities |  |  | 490.9 |  |  |  | 8.6 |  |  |  | (7.2 | ) |  |  | 492.3 |
|  | $ | 8,334.2 |  |  | $ | 46.2 |  |  | $ | (361.5 | ) |  | $ | 8,018.9 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 180.7 |  |  | $ | 0.1 |  |  | $ | (5.2 | ) |  | $ | 175.6 |
Municipal bonds |  |  | 844.9 |  |  |  | 5.3 |  |  |  | (73.7 | ) |  |  | 776.5 |
Foreign government bonds |  |  | 217.1 |  |  |  | 1.6 |  |  |  | (7.1 | ) |  |  | 211.6 |
Governmental agency bonds |  |  | 203.8 |  |  |  | — |  |  |  | (14.0 | ) |  |  | 189.8 |
Governmental agency mortgage-backed securities |  |  | 4,844.4 |  |  |  | 1.7 |  |  |  | (343.8 | ) |  |  | 4,502.3 |
U.S. corporate debt securities |  |  | 948.4 |  |  |  | 5.6 |  |  |  | (28.4 | ) |  |  | 925.6 |
Foreign corporate debt securities |  |  | 491.6 |  |  |  | 5.3 |  |  |  | (12.4 | ) |  |  | 484.5 |
|  | $ | 7,730.9 |  |  | $ | 19.6 |  |  | $ | (484.6 | ) |  | $ | 7,265.9 |
Sales of debt securities resulted in realized gains of $1.4 million and $2.5 million, realized losses of $6.8 million and $9.4 million and proceeds of $240.2 million and $507.0 million for the three and six months ended June 30, 2025, respectively. Sales of debt securities resulted in realized gains of $0.3 million and $1.1 million, realized losses of $1.3 million and $5.5 million and proceeds of $137.4 million and $361.9 million for the three and six months ended June 30, 2024, respectively.
Gross Unrealized Losses on Investments in Debt Securities | Investments in debt securities in an unrealized loss position, and their respective length of time in such position, are as follows:
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
(in millions) |  | Estimated fair value |  |  | Unrealized losses |  |  | Estimated fair value |  |  | Unrealized losses |  |  | Estimated fair value |  |  | Unrealized losses |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 9.4 |  |  | $ | (0.2 | ) |  | $ | 41.8 |  |  | $ | (1.9 | ) |  | $ | 51.2 |  |  | $ | (2.1 | )
Municipal bonds |  |  | 228.1 |  |  |  | (9.5 | ) |  |  | 391.6 |  |  |  | (65.0 | ) |  |  | 619.7 |  |  |  | (74.5 | )
Foreign government bonds |  |  | 29.7 |  |  |  | — |  |  |  | 62.1 |  |  |  | (5.8 | ) |  |  | 91.8 |  |  |  | (5.8 | )
Governmental agency bonds |  |  | 104.1 |  |  |  | (0.4 | ) |  |  | 37.2 |  |  |  | (7.6 | ) |  |  | 141.3 |  |  |  | (8.0 | )
Governmental agency mortgage-backed securities |  |  | 2,290.7 |  |  |  | (47.0 | ) |  |  | 1,246.4 |  |  |  | (198.4 | ) |  |  | 3,537.1 |  |  |  | (245.4 | )
U.S. corporate debt securities |  |  | 258.6 |  |  |  | (2.9 | ) |  |  | 105.6 |  |  |  | (15.6 | ) |  |  | 364.2 |  |  |  | (18.5 | )
Foreign corporate debt securities |  |  | 96.7 |  |  |  | (0.6 | ) |  |  | 87.9 |  |  |  | (6.6 | ) |  |  | 184.6 |  |  |  | (7.2 | )
|  | $ | 3,017.3 |  |  | $ | (60.6 | ) |  | $ | 1,972.6 |  |  | $ | (300.9 | ) |  | $ | 4,989.9 |  |  | $ | (361.5 | )
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 81.8 |  |  | $ | (1.8 | ) |  | $ | 52.9 |  |  | $ | (3.4 | ) |  | $ | 134.7 |  |  | $ | (5.2 | )
Municipal bonds |  |  | 248.3 |  |  |  | (4.4 | ) |  |  | 417.0 |  |  |  | (69.3 | ) |  |  | 665.3 |  |  |  | (73.7 | )
Foreign government bonds |  |  | 29.8 |  |  |  | (0.2 | ) |  |  | 72.7 |  |  |  | (6.9 | ) |  |  | 102.5 |  |  |  | (7.1 | )
Governmental agency bonds |  |  | 144.4 |  |  |  | (5.3 | ) |  |  | 37.9 |  |  |  | (8.7 | ) |  |  | 182.3 |  |  |  | (14.0 | )
Governmental agency mortgage-backed securities |  |  | 2,977.2 |  |  |  | (98.4 | ) |  |  | 1,290.4 |  |  |  | (245.4 | ) |  |  | 4,267.6 |  |  |  | (343.8 | )
U.S. corporate debt securities |  |  | 435.2 |  |  |  | (9.6 | ) |  |  | 117.5 |  |  |  | (18.8 | ) |  |  | 552.7 |  |  |  | (28.4 | )
Foreign corporate debt securities |  |  | 159.4 |  |  |  | (3.2 | ) |  |  | 110.5 |  |  |  | (9.2 | ) |  |  | 269.9 |  |  |  | (12.4 | )
|  | $ | 4,076.1 |  |  | $ | (122.9 | ) |  | $ | 2,098.9 |  |  | $ | (361.7 | ) |  | $ | 6,175.0 |  |  | $ | (484.6 | )
Investments in Debt Securities by Contractual Maturity | Investments in debt securities at June 30, 2025, by contractual maturities, are as follows:
(in millions) |  | Due in one year or less |  |  | Due after one through five years |  |  | Due after five through ten years |  |  | Due after ten years |  |  | Total |
U.S. Treasury bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 33.1 |  |  | $ | 107.8 |  |  | $ | 5.4 |  |  | $ | 24.9 |  |  | $ | 171.2 |
Estimated fair value |  | $ | 32.9 |  |  | $ | 107.4 |  |  | $ | 5.3 |  |  | $ | 24.6 |  |  | $ | 170.2 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 7.2 |  |  |  | 94.3 |  |  |  | 359.3 |  |  |  | 485.8 |  |  |  | 946.6 |
Estimated fair value |  |  | 7.2 |  |  |  | 91.9 |  |  |  | 331.0 |  |  |  | 446.6 |  |  |  | 876.7 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 16.4 |  |  |  | 164.4 |  |  |  | 45.3 |  |  |  | 3.7 |  |  |  | 229.8 |
Estimated fair value |  |  | 16.4 |  |  |  | 163.1 |  |  |  | 43.3 |  |  |  | 2.7 |  |  |  | 225.5 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 1.2 |  |  |  | 1.4 |  |  |  | 168.8 |  |  |  | 42.7 |  |  |  | 214.1 |
Estimated fair value |  |  | 1.2 |  |  |  | 1.4 |  |  |  | 168.6 |  |  |  | 35.1 |  |  |  | 206.3 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 12.0 |  |  |  | 558.2 |  |  |  | 354.5 |  |  |  | 91.5 |  |  |  | 1,016.2 |
Estimated fair value |  |  | 11.9 |  |  |  | 560.8 |  |  |  | 356.0 |  |  |  | 81.3 |  |  |  | 1,010.0 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 19.4 |  |  |  | 318.4 |  |  |  | 123.3 |  |  |  | 29.8 |  |  |  | 490.9 |
Estimated fair value |  |  | 19.4 |  |  |  | 321.4 |  |  |  | 124.3 |  |  |  | 27.2 |  |  |  | 492.3 |
Total debt securities (excluding mortgage-backed securities) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 89.3 |  |  | $ | 1,244.5 |  |  | $ | 1,056.6 |  |  | $ | 678.4 |  |  | $ | 3,068.8 |
Estimated fair value |  | $ | 89.0 |  |  | $ | 1,246.0 |  |  | $ | 1,028.5 |  |  | $ | 617.5 |  |  | $ | 2,981.0 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,265.4 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,037.9 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,334.2 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,018.9 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at June 30, 2025, by credit rating, is as follows:
|  | A- or higher |  |  | BBB+ to BBB- |  |  | Non-Investment Grade |  |  | Total |
(dollars in millions) |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |
U.S. Treasury bonds |  | $ | 170.2 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 170.2 |
Municipal bonds |  |  | 856.7 |  |  |  | 97.8 |  |  |  | 19.7 |  |  |  | 2.2 |  |  |  | 0.3 |  |  |  | — |  |  |  | 876.7 |
Foreign government bonds |  |  | 220.3 |  |  |  | 97.7 |  |  |  | 4.5 |  |  |  | 2.0 |  |  |  | 0.7 |  |  |  | 0.3 |  |  |  | 225.5 |
Governmental agency bonds |  |  | 206.3 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 206.3 |
Governmental agency mortgage- backed securities |  |  | 5,037.9 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,037.9 |
U.S. corporate debt securities |  |  | 526.1 |  |  |  | 52.0 |  |  |  | 312.6 |  |  |  | 31.0 |  |  |  | 171.3 |  |  |  | 17.0 |  |  |  | 1,010.0 |
Foreign corporate debt securities |  |  | 253.5 |  |  |  | 51.5 |  |  |  | 196.6 |  |  |  | 39.9 |  |  |  | 42.2 |  |  |  | 8.6 |  |  |  | 492.3 |
|  | $ | 7,271.0 |  |  |  | 90.6 | % |  | $ | 533.4 |  |  |  | 6.7 | % |  | $ | 214.5 |  |  |  | 2.7 | % |  | $ | 8,018.9 |
Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies | The composition of the debt securities portfolio in an unrealized loss position at June 30, 2025, by credit rating, is as follows:
|  | A- or higher |  |  | BBB+ to BBB- |  |  | Non-Investment Grade |  |  | Total |
(dollars in millions) |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |
U.S. Treasury bonds |  | $ | 51.2 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 51.2 |
Municipal bonds |  |  | 604.8 |  |  |  | 97.6 |  |  |  | 14.6 |  |  |  | 2.4 |  |  |  | 0.3 |  |  |  | — |  |  |  | 619.7 |
Foreign government bonds |  |  | 89.6 |  |  |  | 97.6 |  |  |  | 1.5 |  |  |  | 1.6 |  |  |  | 0.7 |  |  |  | 0.8 |  |  |  | 91.8 |
Governmental agency bonds |  |  | 141.3 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 141.3 |
Governmental agency mortgage- backed securities |  |  | 3,537.1 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,537.1 |
U.S. corporate debt securities |  |  | 196.4 |  |  |  | 53.9 |  |  |  | 131.0 |  |  |  | 36.0 |  |  |  | 36.8 |  |  |  | 10.1 |  |  |  | 364.2 |
Foreign corporate debt securities |  |  | 114.8 |  |  |  | 62.1 |  |  |  | 56.6 |  |  |  | 30.7 |  |  |  | 13.2 |  |  |  | 7.2 |  |  |  | 184.6 |
|  | $ | 4,735.2 |  |  |  | 94.9 | % |  | $ | 203.7 |  |  |  | 4.1 | % |  | $ | 51.0 |  |  |  | 1.0 | % |  | $ | 4,989.9 |

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- Definition Tabular disclosure of the fair value of debt securities portfolio and in an unrealized loss position by credit quality indicator. The credit quality indicator is a statistic about the credit quality of investments. Examples include, but not limited to, credit-rating-agency ratings, an entity's internal credit risk grades, collateral, collection experience and other internal metrics. + References No definition available. + Details
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- Definition Tabular disclosure of the fair value of debt securities by credit quality indicator. The credit quality indicator is a statistic about the credit quality of investments. Examples include, but not limited to, credit-rating-agency ratings, an entity's internal credit risk grades, collateral, collection experience and other internal metrics. + References No definition available. + Details
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- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
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