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v3.20.4

Investments (Tables) | 12 Months Ended
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Dec. 31, 2020
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, 2020 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 |  | $ | 10.5 |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | — |  |  | $ | 10.5 |  |  | $ | (0.1) |
States and Political Subdivisions |  | 23.3 |  |  | (0.2) |  |  | — |  |  | — |  |  | 23.3 |  |  | (0.2) |
Foreign Governments |  | 0.5 |  |  | (0.1) |  |  | 2.6 |  |  | (1.0) |  |  | 3.1 |  |  | (1.1) |
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 132.9 |  |  | (7.5) |  |  | 46.1 |  |  | (3.1) |  |  | 179.0 |  |  | (10.6) |
Collateralized Loan Obligations |  | 145.2 |  |  | (3.8) |  |  | 371.4 |  |  | (15.9) |  |  | 516.6 |  |  | (19.7) |
Other Mortgage- and Asset-backed |  | 6.3 |  |  | — |  |  | — |  |  | — |  |  | 6.3 |  |  | — |
Total Fixed Maturities |  | $ | 318.7 |  |  | $ | (11.7) |  |  | $ | 420.1 |  |  | $ | (20.0) |  |  | $ | 738.8 |  |  | $ | (31.7) |
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) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The components of Impairment Losses reported in the Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018 were:
DOLLARS IN MILLIONS |  | 2020 |  | 2019 |  | 2018
Fixed Maturities |  | $ | (16.7) |  |  | $ | (13.3) |  |  | $ | (2.0) |
Equity Securities |  | (2.8) |  |  | (0.5) |  |  | (2.5) |
Impairment Losses |  | $ | (19.5) |  |  | $ | (13.8) |  |  | $ | (4.5) |
Schedule of Other Investments | The carrying values of the Company’s Other Investments at December 31, 2020 and 2019 were:
DOLLARS IN MILLIONS |  | 2020 |  | 2019
Company-owned Life Insurance |  | $ | 327.4 |  |  | $ | 217.0 |
Loans to Policyholders at Unpaid Principal |  | 297.9 |  |  | 305.6 |
Real Estate at Depreciated Cost |  | 98.7 |  |  | 111.4 |
Mortgage Loans and Other |  | 55.0 |  |  | 27.5 |
Total |  | $ | 779.0 |  |  | $ | 661.5 |
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, 2020 were:
DOLLARS IN MILLIONS |  | Amortized Cost |  | Gross Unrealized |  | Allowance for Expected Credit Losses |  | Fair Value
Gains |  | Losses |  |
U.S. Government and Government Agencies and Authorities |  | $ | 536.5 |  |  | $ | 48.9 |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | 585.3 |
States and Political Subdivisions |  | 1,404.3 |  |  | 185.4 |  |  | (0.2) |  |  | — |  |  | 1,589.5 |
Foreign Governments |  | 6.6 |  |  | — |  |  | (1.1) |  |  | (0.3) |  |  | 5.2 |
Corporate Securities: |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,749.5 |  |  | 689.5 |  |  | (10.6) |  |  | (3.0) |  |  | 4,425.4 |
Redeemable Preferred Stocks |  | 7.0 |  |  | 0.5 |  |  | — |  |  | — |  |  | 7.5 |
Collateralized Loan Obligations |  | 785.1 |  |  | 2.3 |  |  | (19.7) |  |  | — |  |  | 767.7 |
Other Mortgage- and Asset-backed |  | 203.7 |  |  | 21.6 |  |  | — |  |  | — |  |  | 225.3 |
Investments in Fixed Maturities |  | $ | 6,692.7 |  |  | $ | 948.2 |  |  | $ | (31.7) |  |  | $ | (3.3) |  |  | $ | 7,605.9 |
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 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2020 by contractual maturity were:
DOLLARS IN MILLIONS |  | Amortized Cost |  | Fair Value
Due in One Year or Less |  | $ | 98.6 |  |  | $ | 101.3 |
Due after One Year to Five Years |  | 1,107.3 |  |  | 1,182.9 |
Due after Five Years to Ten Years |  | 1,525.1 |  |  | 1,720.0 |
Due after Ten Years |  | 2,567.8 |  |  | 3,177.7 |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date |  | 1,393.9 |  |  | 1,424.0 |
Investments in Fixed Maturities |  | $ | 6,692.7 |  |  | $ | 7,605.9 |

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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27340-111563 + Details
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