
	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	498.0	$	35.7	$	(1.3)	$	—	$	532.4
States and Political Subdivisions	1,538.6		140.9		(11.6)		—		1,667.9
Foreign Governments	6.3		—		(1.2)		(0.3)		4.8
Corporate Securities:
Bonds and Notes	3,886.3		419.2		(30.4)		(4.3)		4,270.8
Redeemable Preferred Stocks	7.0		0.1		(0.1)		—		7.0
Collateralized Loan Obligations	791.0		2.4		(10.5)		—		782.9
Other Mortgage- and Asset-backed	202.4		11.3		(0.1)		—		213.6
Investments in Fixed Maturities	$	6,929.6	$	609.6	$	(55.2)	$	(4.6)	$	7,479.4


	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			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

Other Receivables included $23.7 million and $5.1 million of unsettled sales of Investments in Fixed Maturities at March 31, 2021 and December 31, 2020, respectively. Accrued Expenses and Other Liabilities included unsettled purchases of Investments in Fixed Maturities of $54.7 million and $4.3 million at March 31, 2021 and December 31, 2020, respectively.


(Dollars in Millions)	Amortized Cost		Fair Value
Due in One Year or Less	$	81.4	$	84.6
Due after One Year to Five Years	1,049.7		1,111.0
Due after Five Years to Ten Years	1,570.2		1,691.0
Due after Ten Years	2,878.0		3,219.5
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date	1,350.3		1,373.3
Investments in Fixed Maturities	$	6,929.6	$	7,479.4

The expected maturities of the Company’s Investments in Fixed Maturities may differ from the contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

Investments in Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date at March 31, 2021 consisted of securities issued by the Government National Mortgage Association with a fair value of $361.3 million, securities issued by the Federal National Mortgage Association with a fair value of $4.8 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $11.7 million and securities of other non-governmental issuers with a fair value of $995.5 million.


	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	$	21.0	$	(1.3)	$	0.1	$	—	$	21.1	$	(1.3)
States and Political Subdivisions	335.7		(11.6)		0.7		—		336.4		(11.6)
Foreign Governments	0.2		(0.1)		2.2		(1.1)		2.4		(1.2)
Corporate Securities:
Bonds and Notes	559.1		(25.8)		59.6		(4.6)		618.7		(30.4)
Redeemable Preferred Stocks	5.4		(0.1)		—		—		5.4		(0.1)
Collateralized Loan Obligations	42.1		(0.2)		320.8		(10.3)		362.9		(10.5)
Other Mortgage- and Asset-backed	17.3		(0.1)		0.1		—		17.4		(0.1)
Total Fixed Maturities	$	980.8	$	(39.2)	$	383.5	$	(16.0)	$	1,364.3	$	(55.2)

Investment-grade fixed maturity investments comprised $39.8 million and below-investment-grade fixed maturity investments comprised $15.4 million of the unrealized losses on investments in fixed maturities at March 31, 2021. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 9% of the amortized cost basis of the investment.


	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	$	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)

Investment-grade fixed maturity investments comprised $8.0 million and below-investment-grade fixed maturity investments comprised $23.7 million of the unrealized losses on investments in fixed maturities at December 31, 2020. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 11% of the amortized cost basis of the investment.

At March 31, 2021 and December 31, 2020, the Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before an anticipated recovery of value. The Company evaluated these investments for credit losses at March 31, 2021 and December 31, 2020. The Company considers many factors in evaluating whether the unrealized losses were credit related including, but not limited to, the extent to which the fair value has been less than amortized cost, conditions related to the security, industry, or geographic area, payment structure of the investment and the likelihood of the issuer’s ability to make contractual cashflows, defaults or other collectability concerns related to the issuer, changes in the ratings assigned by a rating agency, and other credit enhancements that affect the investment’s expected performance. The Company determined that the unrealized losses on these securities were due to non-credit related factors at the evaluation date.


	Foreign Governments		Corporate Bonds and Notes		Total
(Dollars in Millions)
Beginning of the Period	$	0.3	$	3.0	$	3.3
Additions for Securities for which No Previous Expected Credit Losses were Recognized	—		1.3		1.3
Reduction Due to Sales	—		(0.3)		(0.3)
Net Increase (Decrease) in Allowance on Previously Impaired Securities	0.2		0.3		0.5
Write-offs Charged Against Allowance	(0.2)		—		(0.2)
End of the Period	$	0.3	$	4.3	$	4.6


	Foreign Governments		Corporate Bonds and Notes		Total
(Dollars in Millions)
Beginning of the Year	$	—	$	—	$	—

Additions for Securities for which No Previous Expected Credit Losses were Recognized	1.1		3.5		4.6
Reduction Due to Sales	—		—		—
Net Increase (Decrease) in Allowance on Previously Impaired Securities	—		—		—
Write-offs Charged Against Allowance	—		—		—
End of the Period	$	1.1	$	3.5	$	4.6

Investments in Equity Securities at Fair Value were $897.4 million and $858.5 million at March 31, 2021 and December 31, 2020, respectively. Net unrealized gains arising during the three months ended March 31, 2021 and recognized in earnings, related to such investments still held as of March 31, 2021, were $56.5 million.

For Equity Securities at Modified Cost, the Company performs a qualitative impairment analysis on a quarterly basis consisting of various factors such as earnings performance, current market conditions, changes in credit ratings, changes in the regulatory environment and other factors. If the qualitative analysis identifies the presence of impairment indicators, the Company estimates the fair value of the investment. If the estimated fair value is below the carrying value, the Company records an impairment in the Condensed Consolidated Statement of Income to reduce the carrying value to the estimated fair value. When the Company identifies observable transactions of the same or similar securities to those held by the Company, the Company increases or decreases the carrying value to the observable transaction price. The Company did not recognize any increases in

the carrying value due to observable transactions for the three months ended March 31, 2021. The Company recognized an impairment of $0.8 million on Equity Securities at Modified Cost for the three months ended March 31, 2021 as a result of the Company’s qualitative impairment analysis. The Company has recognized $0.5 million of cumulative decreases in the carrying value due to observable transactions, no cumulative increases in the carrying value due to observable transactions and $6.7 million of cumulative impairments on Equity Securities at Modified Cost held as of March 31, 2021.

Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting. The Company’s investments in Equity Method Limited Liability Investments are generally of a passive nature in that the Company does not take an active role in the management of the investment entity.

The Company’s maximum exposure to loss at March 31, 2021 is limited to the total carrying value of $219.2 million. In addition, the Company had outstanding commitments totaling approximately $94.6 million to fund Equity Method Limited Liability Investments at March 31, 2021. At March 31, 2021, 4.3% of Equity Method Limited Liability Investments were reported without a reporting lag. Of the total carrying value, 11.0% was reported with a one month lag and the remainder was reported with more than a one month lag.

Alternative Energy Partnership Investments include partnerships formed to invest in newly installed residential solar leases and power purchase agreements. As a result of this investment, the Company has the right to certain investment tax credits and tax depreciation benefits, and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers for a fixed period of time. The Hypothetical Liquidation at Book Value (“HLBV”) equity method of accounting is used for the Company’s investments in Alternative Energy Partnership Investments.

The Company’s maximum exposure to loss at March 31, 2021 is limited to the total carrying value of $54.4 million. In addition, the Company had outstanding commitments totaling approximately $31.5 million to fund Alternative Energy Partnership Investments at March 31, 2021. Alternative Energy Partnership Investments are reported on a three month lag.


(Dollars in Millions)	Mar 31, 2021		Dec 31, 2020
Company-owned Life Insurance	$	429.5	$	327.4
Loans to Policyholders at Unpaid Principal	295.1		297.9
Real Estate at Depreciated Cost	98.0		98.7

Mortgage Loans and Other	74.2		55.0
Total	$	896.8	$	779.0


	Three Months Ended
(Dollars in Millions)	Mar 31, 2021		Mar 31, 2020
Investment Income (Loss):
Interest on Fixed Income Securities	$	69.0	$	71.0
Dividends on Equity Securities Excluding Alternative Investments	2.1		4.3
Alternative Investments:
Equity Method Limited Liability Investments	22.5		1.8

Limited Liability Investments Included in Equity Securities	4.5		3.8
Total Alternative Investments	27.0		5.6
Short-term Investments	1.2		1.6
Loans to Policyholders	5.5		5.6
Real Estate	2.4		2.5
Other	4.7		4.2
Total Investment Income	111.9		94.8
Investment Expenses:
Real Estate	2.1		2.6
Other Investment Expenses	6.7		6.6
Total Investment Expenses	8.8		9.2
Net Investment Income	$	103.1	$	85.6