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v3.20.1

Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Debt Securities, Available-for-sale [Line Items] |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at March 31, 2020 by contractual maturity were:
(Dollars in Millions) |  | Amortized Cost |  | Fair Value
Due in One Year or Less |  | $ | 100.3 |  |  | $ | 98.8 |
Due after One Year to Five Years |  | 1,059.5 |  |  | 1,050.5 |
Due after Five Years to Ten Years |  | 1,515.1 |  |  | 1,586.7 |
Due after Ten Years |  | 2,592.0 |  |  | 2,919.2 |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date |  | 1,400.4 |  |  | 1,343.3 |
Investments in Fixed Maturities |  | $ | 6,667.3 |  |  | $ | 6,998.5 |
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.
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(Dollars in Millions) |  | 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 March 31, 2020 is presented below.
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(Dollars in Millions) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |
States and Political Subdivisions |  | 66.0 |  |  | (3.9 | ) |  | 1.6 |  |  | (0.2 | ) |  | 67.6 |  |  | (4.1 | )
Foreign Governments |  | 2.9 |  |  | (0.5 | ) |  | 2.1 |  |  | (0.7 | ) |  | 5.0 |  |  | (1.2 | )
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 888.0 |  |  | (68.7 | ) |  | 30.5 |  |  | (5.9 | ) |  | 918.5 |  |  | (74.6 | )
Redeemable Preferred Stocks |  | 6.7 |  |  | (0.1 | ) |  | — |  |  | — |  |  | 6.7 |  |  | (0.1 | )
Collateralized Loan Obligations |  | 308.6 |  |  | (51.0 | ) |  | 253.3 |  |  | (40.8 | ) |  | 561.9 |  |  | (91.8 | )
Other Mortgage- and Asset-backed |  | 76.8 |  |  | (8.1 | ) |  | — |  |  | — |  |  | 76.8 |  |  | (8.1 | )
Total Fixed Maturities |  | $ | 1,349.0 |  |  | $ | (132.3 | ) |  | $ | 287.5 |  |  | $ | (47.6 | ) |  | $ | 1,636.5 |  |  | $ | (179.9 | )
Allowance for Credit Losses | The following table sets forth the change in allowance for credit losses on fixed maturities available-for-sale by major security type for three months ended March 31, 2020.
|  | Foreign Governments |  | Corporate Bonds and Notes |  | Total
(Dollars in Millions)
Allowance for Credit Losses at Beginning of the Year |  | $ | — |  |  | $ | — |  |  | $ | — |
Impact of Adopting ASU 2016-13 |  | — |  |  | — |  |  | — |
Additions for Securities for which No Previous Expected Credit Losses were Recognized |  | 1.1 |  |  | 3.5 |  |  | 4.6 |
Allowance for Credit Losses at End of Period |  | $ | 1.1 |  |  | $ | 3.5 |  |  | $ | 4.6 |
Schedule of Other Investments | The carrying values of the Company’s Other Investments at March 31, 2020 and December 31, 2019 were:
(Dollars in Millions) |  | Mar 31, 2020 |  | Dec 31, 2019
Company-Owned Life Insurance |  | $ | 320.4 |  |  | $ | 217.0 |
Loans to Policyholders at Unpaid Principal |  | 307.1 |  |  | 305.6 |
Real Estate at Depreciated Cost |  | 108.6 |  |  | 111.4 |
Mortgage Loans and Other |  | 24.1 |  |  | 27.5 |
Total |  | $ | 760.2 |  |  | $ | 661.5 |
Investment Income | Net Investment Income for the three months ended March 31, 2020 and 2019 was:
|  | Three Months Ended
(Dollars in Millions) |  | Mar 31, 2020 |  | Mar 31, 2019
Investment Income: |  |  |  |
Interest on Fixed Income Securities |  | $ | 71.0 |  |  | $ | 76.4 |
Dividends on Equity Securities Excluding Alternative Investments |  | 4.3 |  |  | 2.5 |
Alternative Investments: |  |  |  |
Equity Method Limited Liability Investments |  | 1.8 |  |  | (3.6 | )
Limited Liability Investments Included in Equity Securities |  | 3.8 |  |  | 2.6 |
Total Alternative Investments |  | 5.6 |  |  | (1.0 | )
Short-term Investments |  | 1.6 |  |  | 1.8 |
Loans to Policyholders |  | 5.6 |  |  | 5.3 |
Real Estate |  | 2.5 |  |  | 2.5 |
Other |  | 4.2 |  |  | — |
Total Investment Income |  | 94.8 |  |  | 87.5 |
Investment Expenses: |  |  |  |
Real Estate |  | 2.6 |  |  | 2.4 |
Other Investment Expenses |  | 6.6 |  |  | 2.4 |
Total Investment Expenses |  | 9.2 |  |  | 4.8 |
Net Investment Income |  | $ | 85.6 |  |  | $ | 82.7 |
Schedule of Realized Gain (Loss) | Gross gains and losses on sales of investments in fixed maturities for the three months ended March 31, 2020 and 2019 were:
|  | Three Months Ended
(Dollars in Millions) |  | Mar 31, 2020 |  | Mar 31, 2019
Fixed Maturities: |  |  |  |
Gains on Sales |  | $ | 15.9 |  |  | $ | 15.1 |
Losses on Sales |  | (1.1 | ) |  | (2.6 | )
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 March 31, 2020 were:
|  | Amortized Cost |  | Gross Unrealized |  | Allowance for Expected Credit Losses |  | Fair Value
(Dollars in Millions) |  | Gains |  | Losses
U.S. Government and Government Agencies and Authorities |  | $ | 700.3 |  |  | $ | 60.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 760.6 |
States and Political Subdivisions |  | 1,400.1 |  |  | 133.0 |  |  | (4.1 | ) |  | — |  |  | 1,529.0 |
Foreign Governments |  | 7.3 |  |  | — |  |  | (1.2 | ) |  | (1.1 | ) |  | 5.0 |
Corporate Securities: |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,697.7 |  |  | 314.4 |  |  | (74.6 | ) |  | (3.5 | ) |  | 3,934.0 |
Redeemable Preferred Stocks |  | 6.8 |  |  | — |  |  | (0.1 | ) |  | — |  |  | 6.7 |
Collateralized Loan Obligations |  | 684.5 |  |  | 0.8 |  |  | (91.8 | ) |  | — |  |  | 593.5 |
Other Mortgage- and Asset-backed |  | 170.6 |  |  | 7.2 |  |  | (8.1 | ) |  | — |  |  | 169.7 |
Investments in Fixed Maturities |  | $ | 6,667.3 |  |  | $ | 515.7 |  |  | $ | (179.9 | ) |  | $ | (4.6 | ) |  | $ | 6,998.5 |
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2019 were:
|  | Amortized Cost |  | Gross Unrealized |  | Fair Value
(Dollars in Millions) |  | 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 |

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