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Investment Income and Gains and Losses (Tables)
12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Components of Net Investment Income

The components of net investment income were as follows:

YEARS ENDED DECEMBER 31

 

2025

 

 

2024

 

 

2023

 

(in millions)

 

 

 

 

 

 

 

 

 

Fixed maturities

 

$

401.4

 

 

$

324.4

 

 

$

283.2

 

Limited partnerships

 

 

27.1

 

 

 

20.6

 

 

 

30.0

 

Mortgage loans

 

 

11.2

 

 

 

14.4

 

 

 

15.8

 

Equity securities

 

 

3.6

 

 

 

3.2

 

 

 

6.4

 

Short-term and other investments

 

 

26.4

 

 

 

25.2

 

 

 

10.6

 

Gross investment income

 

 

469.7

 

 

 

387.8

 

 

 

346.0

 

Less: investment expenses

 

 

(15.3

)

 

 

(15.2

)

 

 

(13.9

)

Net investment income

 

$

454.4

 

 

$

372.6

 

 

$

332.1

 

Schedule of Net Realized and Unrealized Gains (Losses) on Investments Including Impairments

Net realized and unrealized gains (losses) on investments, including impairments, were as follows:

YEARS ENDED DECEMBER 31

 

2025

 

 

2024

 

 

2023

 

(in millions)

 

 

 

 

 

 

 

 

 

Fixed maturities

 

$

(61.8

)

 

$

(89.6

)

 

$

(20.2

)

Equity securities

 

 

19.0

 

 

 

14.2

 

 

 

(5.6

)

Mortgage loans

 

 

(2.5

)

 

 

(0.5

)

 

 

(6.9

)

Other investments

 

 

(0.7

)

 

 

0.1

 

 

 

0.2

 

Net realized and unrealized investment losses

 

$

(46.0

)

 

$

(75.8

)

 

$

(32.5

)

Schedule of Pre-tax Net Realized and Unrealized Gains (Losses) on Equity Securities

The following table provides pre-tax net realized and unrealized gains (losses) on equity securities recognized in income:

YEARS ENDED DECEMBER 31

 

2025

 

 

2024

 

 

2023

 

(in millions)

 

 

 

 

 

 

 

 

 

On securities still held

 

$

18.4

 

 

$

14.2

 

 

$

6.0

 

On securities sold during the period

 

 

0.6

 

 

 

 

 

 

(11.6

)

Total net realized and unrealized gains (losses) on equity securities recognized in income

 

$

19.0

 

 

$

14.2

 

 

$

(5.6

)

Schedule of Allowance for Credit Losses The following table provides rollforwards of the allowance for credit losses on mortgage loans:

YEARS ENDED DECEMBER 31

 

2025

 

 

2024

 

(in millions)

 

 

 

 

 

 

Allowance for credit losses as of the beginning of the period

 

$

5.7

 

 

$

10.0

 

Reductions for disposals

 

 

(0.5

)

 

 

(3.6

)

Reductions for writedowns

 

 

 

 

 

(3.0

)

Additional credit losses on investments for which an allowance was previously recognized

 

 

2.9

 

 

 

2.3

 

Allowance for credit losses as of the end of the period

 

$

8.1

 

 

$

5.7

 

 

Schedule of Realized Gain (Loss)

The proceeds from sales of available-for-sale fixed maturities, and the gross realized gains and gross realized losses on those sales, were as follows:

 

 

 

 

 

 

 

 

 

 

YEARS ENDED DECEMBER 31

 

2025

 

 

2024

 

 

2023

 

(in millions)

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

1,452.9

 

 

$

1,844.1

 

 

$

168.8

 

Gross gains

 

 

2.4

 

 

 

2.5

 

 

 

1.0

 

Gross losses

 

 

64.6

 

 

 

91.3

 

 

 

10.5