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v3.19.3.a.u2

Investments (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items] |
Schedule of Unrealized Loss on Investments | An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2019 is presented below.
DOLLARS IN MILLIONS |  | Less Than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and Government Agencies and Authorities |  | $ | 118.5 |  |  | $ | (1.3 | ) |  | $ | 5.1 |  |  | $ | — |  |  | $ | 123.6 |  |  | $ | (1.3 | )
States and Political Subdivisions |  | 63.0 |  |  | (0.7 | ) |  | 5.4 |  |  | (0.4 | ) |  | 68.4 |  |  | (1.1 | )
Foreign Governments |  | 1.0 |  |  | (0.3 | ) |  | 3.1 |  |  | (1.3 | ) |  | 4.1 |  |  | (1.6 | )
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 160.0 |  |  | (2.1 | ) |  | 70.7 |  |  | (5.0 | ) |  | 230.7 |  |  | (7.1 | )
Redeemable Preferred Stocks |  | 5.5 |  |  | (0.1 | ) |  | — |  |  | — |  |  | 5.5 |  |  | (0.1 | )
Collateralized Loan Obligations |  | 95.5 |  |  | (1.9 | ) |  | 355.6 |  |  | (6.6 | ) |  | 451.1 |  |  | (8.5 | )
Other Mortgage- and Asset-backed |  | 72.8 |  |  | (1.1 | ) |  | — |  |  | — |  |  | 72.8 |  |  | (1.1 | )
Total Fixed Maturities |  | 516.3 |  |  | (7.5 | ) |  | 439.9 |  |  | (13.3 | ) |  | 956.2 |  |  | (20.8 | )
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2018 is presented below.
DOLLARS IN MILLIONS |  | Less Than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and Government Agencies and Authorities |  | $ | 401.1 |  |  | $ | (7.6 | ) |  | $ | 79.0 |  |  | $ | (7.4 | ) |  | $ | 480.1 |  |  | $ | (15.0 | )
States and Political Subdivisions |  | 299.4 |  |  | (5.0 | ) |  | 102.6 |  |  | (3.6 | ) |  | 402.0 |  |  | (8.6 | )
Foreign Governments |  | 4.9 |  |  | (0.6 | ) |  | — |  |  | — |  |  | 4.9 |  |  | (0.6 | )
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 1,326.0 |  |  | (38.2 | ) |  | 116.8 |  |  | (10.9 | ) |  | 1,442.8 |  |  | (49.1 | )
Collateralized Loan Obligations |  | 439.2 |  |  | (13.2 | ) |  | — |  |  | — |  |  | 439.2 |  |  | (13.2 | )
Other Mortgage- and Asset-backed |  | 0.2 |  |  | — |  |  | 4.5 |  |  | (0.1 | ) |  | 4.7 |  |  | (0.1 | )
Total Fixed Maturities |  | $ | 2,470.8 |  |  | $ | (64.6 | ) |  | $ | 302.9 |  |  | $ | (22.0 | ) |  | $ | 2,773.7 |  |  | $ | (86.6 | )
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table sets forth the pre-tax amount of other-than-temporary impairments (“OTTI”) credit losses, recognized in Retained Earnings for Investments in Fixed Maturities held by the Company as of the beginning and end of the periods presented for which a portion of the OTTI loss related to factors other than credit has been recognized in AOCI, and the corresponding changes in such amounts.
DOLLARS IN MILLIONS |  | 2019 |  | 2018 |  | 2017
Cumulative Balance of Pre-tax Credit Losses Recognized in Retained Earnings at Beginning of Year |  | $ | 1.1 |  |  | $ | 1.6 |  |  | $ | 1.4 |
Pre-tax Credit Losses on Fixed Maturities without Pre-tax Credit Losses Included in Cumulative Balance at Beginning of Year |  | 0.2 |  |  | — |  |  | 1.2 |
Reductions for Change in Impairment Status: |  |  |  |  |  |
From Status of Credit Loss to Status of Intent-to-sell or Required-to-sell |  | — |  |  | (0.5 | ) |  | (0.7 | )
Reductions for Investments Sold During Year |  | (0.1 | ) |  | — |  |  | (0.3 | )
Cumulative Balance of Pre-tax Credit Losses Recognized in Retained Earnings at End of Year |  | $ | 1.2 |  |  | $ | 1.1 |  |  | $ | 1.6 |
The components of Net Impairment Losses Recognized in Earnings reported in the Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017 were:
DOLLARS IN MILLIONS |  | 2019 |  | 2018 |  | 2017
Fixed Maturities |  | $ | (13.3 | ) |  | $ | (2.0 | ) |  | $ | (12.1 | )
Equity Securities |  | (0.5 | ) |  | (2.5 | ) |  | (2.2 | )
Net Impairment Losses Recognized in Earnings |  | $ | (13.8 | ) |  | $ | (4.5 | ) |  | $ | (14.3 | )
Schedule of Other Investments | The carrying values of the Company’s Other Investments at December 31, 2019 and 2018 were:
DOLLARS IN MILLIONS |  | 2019 |  | 2018
Loans to Policyholders at Unpaid Principal |  | $ | 305.6 |  |  | $ | 300.6 |
Real Estate at Depreciated Cost |  | 111.4 |  |  | 114.2 |
Mortgage Loans at Amortized Cost |  | 27.5 |  |  | — |
Total |  | $ | 444.5 |  |  | $ | 414.8 |
Investments in Fixed Maturities |
Debt Securities, Available-for-sale [Line Items] |
Schedule of Available-for-sale Securities Reconciliation | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2018 were:
|  | Amortized Cost |  | Gross Unrealized |  | Fair Value
DOLLARS IN MILLIONS |  | Gains |  | Losses |
U.S. Government and Government Agencies and Authorities |  | $ | 865.9 |  |  | $ | 14.8 |  |  | $ | (15.0 | ) |  | $ | 865.7 |
States and Political Subdivisions |  | 1,553.7 |  |  | 74.0 |  |  | (8.6 | ) |  | 1,619.1 |
Foreign Governments |  | 6.5 |  |  | — |  |  | (0.6 | ) |  | 5.9 |
Corporate Securities: |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,307.8 |  |  | 135.1 |  |  | (49.1 | ) |  | 3,393.8 |
Collateralized Loan Obligations |  | 535.7 |  |  | 1.5 |  |  | (13.2 | ) |  | 524.0 |
Other Mortgage- and Asset-backed |  | 14.9 |  |  | 0.9 |  |  | (0.1 | ) |  | 15.7 |
Investments in Fixed Maturities |  | $ | 6,284.5 |  |  | $ | 226.3 |  |  | $ | (86.6 | ) |  | $ | 6,424.2 |
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2019 were:
DOLLARS IN MILLIONS |  | Amortized Cost |  | Gross Unrealized |  | Fair Value
Gains |  | Losses |
U.S. Government and Government Agencies and Authorities |  | $ | 784.7 |  |  | $ | 32.5 |  |  | $ | (1.3 | ) |  | $ | 815.9 |
States and Political Subdivisions |  | 1,386.4 |  |  | 130.5 |  |  | (1.1 | ) |  | 1,515.8 |
Foreign Governments |  | 17.2 |  |  | 1.2 |  |  | (1.6 | ) |  | 16.8 |
Corporate Securities: |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,465.0 |  |  | 401.8 |  |  | (7.1 | ) |  | 3,859.7 |
Redeemable Preferred Stocks |  | 6.8 |  |  | — |  |  | (0.1 | ) |  | 6.7 |
Collateralized Loan Obligations |  | 624.6 |  |  | 2.1 |  |  | (8.5 | ) |  | 618.2 |
Other Mortgage- and Asset-backed |  | 88.0 |  |  | 2.1 |  |  | (1.1 | ) |  | 89.0 |
Investments in Fixed Maturities |  | $ | 6,372.7 |  |  | $ | 570.2 |  |  | $ | (20.8 | ) |  | $ | 6,922.1 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2019 by contractual maturity were:
DOLLARS IN MILLIONS |  | Amortized Cost |  | Fair Value
Due in One Year or Less |  | $ | 82.5 |  |  | $ | 85.1 |
Due after One Year to Five Years |  | 882.3 |  |  | 909.2 |
Due after Five Years to Ten Years |  | 1,581.7 |  |  | 1,708.9 |
Due after Ten Years |  | 2,535.3 |  |  | 2,916.6 |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date |  | 1,290.9 |  |  | 1,302.3 |
Investments in Fixed Maturities |  | $ | 6,372.7 |  |  | $ | 6,922.1 |

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