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v3.22.2.2

Investments (Tables) | 9 Months Ended
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Sep. 30, 2022
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 September 30, 2022 by contractual maturity were:
(Dollars in Millions) |  | Amortized Cost |  | Fair Value
Due in One Year or Less |  | $ | 192.3 |  |  | $ | 188.5 |
Due after One Year to Five Years |  | 937.6 |  |  | 893.3 |
Due after Five Years to Ten Years |  | 1,339.7 |  |  | 1,156.2 |
Due after Ten Years |  | 3,407.5 |  |  | 2,797.4 |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date |  | 1,819.3 |  |  | 1,643.7 |
Investments in Fixed Maturities (1) |  | $ | 7,696.4 |  |  | $ | 6,679.1 |
(1) Includes securities classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information.
Schedule of Unrealized Loss on Investments | An aging of unrealized losses on the Company’s Investments in Fixed Maturities at September 30, 2022 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 |  | $ | 427.0 |  |  | $ | (79.0) |  |  | $ | 33.3 |  |  | $ | (8.2) |  |  | $ | 460.3 |  |  | $ | (87.2) |
States and Political Subdivisions |  | 1,095.5 |  |  | (221.7) |  |  | 123.5 |  |  | (44.7) |  |  | 1,219.0 |  |  | (266.4) |
Foreign Governments |  | 1.9 |  |  | (0.1) |  |  | 1.8 |  |  | (1.0) |  |  | 3.7 |  |  | (1.1) |
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 2,903.1 |  |  | (507.2) |  |  | 250.5 |  |  | (68.6) |  |  | 3,153.6 |  |  | (575.8) |
Redeemable Preferred Stocks |  | 7.7 |  |  | (1.0) |  |  | — |  |  | — |  |  | 7.7 |  |  | (1.0) |
Collateralized Loan Obligations |  | 689.2 |  |  | (38.4) |  |  | 261.4 |  |  | (15.9) |  |  | 950.6 |  |  | (54.3) |
Other Mortgage- and Asset-backed |  | 228.3 |  |  | (32.4) |  |  | 61.2 |  |  | (13.1) |  |  | 289.5 |  |  | (45.5) |
Total Fixed Maturities (1) |  | $ | 5,352.7 |  |  | $ | (879.8) |  |  | $ | 731.7 |  |  | $ | (151.5) |  |  | $ | 6,084.4 |  |  | $ | (1,031.3) |
(1) Includes securities classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information.
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2021 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 |  | $ | 168.7 |  |  | $ | (1.8) |  |  | $ | 1.2 |  |  | $ | (0.1) |  |  | $ | 169.9 |  |  | $ | (1.9) |
States and Political Subdivisions |  | 385.0 |  |  | (6.9) |  |  | 1.5 |  |  | (0.1) |  |  | 386.5 |  |  | (7.0) |
Foreign Governments |  | 2.2 |  |  | (0.6) |  |  | 2.6 |  |  | (0.6) |  |  | 4.8 |  |  | (1.2) |
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 596.8 |  |  | (13.1) |  |  | 49.3 |  |  | (2.9) |  |  | 646.1 |  |  | (16.0) |
Redeemable Preferred Stocks |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |
Collateralized Loan Obligations |  | 250.9 |  |  | (2.6) |  |  | 192.6 |  |  | (2.2) |  |  | 443.5 |  |  | (4.8) |
Other Mortgage- and Asset-backed |  | 100.1 |  |  | (1.8) |  |  | — |  |  | — |  |  | 100.1 |  |  | (1.8) |
Total Fixed Maturities |  | $ | 1,503.8 |  |  | $ | (26.8) |  |  | $ | 247.2 |  |  | $ | (5.9) |  |  | $ | 1,751.0 |  |  | $ | (32.7) |
Schedule of Other Investments | The carrying values of the Company’s Other Investments at September 30, 2022 and December 31, 2021 were:
(Dollars in Millions) |  | Sep 30, 2022 |  | Dec 31, 2021
Equity Securities at Modified Cost |  | $ | 37.0 |  |  | $ | 32.3 |
Convertible Securities at Fair Value |  | 42.6 |  |  | 46.4 |
Real Estate at Depreciated Cost |  | 94.3 |  |  | 94.0 |
Mortgage Loans |  | 98.7 |  |  | 96.8 |
Other |  | 1.6 |  |  | 0.5 |
Total |  | $ | 274.2 |  |  | $ | 270.0 |
Investment Income | Net Investment Income for the nine and three months ended September 30, 2022 and 2021 was:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2022 |  | Sep 30, 2021 |  | Sep 30, 2022 |  | Sep 30, 2021
Investment Income: |  |  |  |  |  |  |  |
Interest on Fixed Income Securities |  | $ | 218.4 |  |  | $ | 207.1 |  |  | $ | 76.9 |  |  | $ | 68.4 |
Dividends on Equity Securities Excluding Alternative Investments |  | 4.3 |  |  | 9.8 |  |  | 1.1 |  |  | 2.9 |
Alternative Investments: |  |  |  |  |  |  |  |
Equity Method Limited Liability Investments |  | 28.0 |  |  | 50.9 |  |  | (0.6) |  |  | 12.0 |
Limited Liability Investments Included in Equity Securities |  | 34.9 |  |  | 29.3 |  |  | 8.8 |  |  | 9.5 |
Total Alternative Investments |  | 62.9 |  |  | 80.2 |  |  | 8.2 |  |  | 21.5 |
Short-term Investments |  | 1.4 |  |  | 0.6 |  |  | 1.1 |  |  | 0.2 |
Loans to Policyholders |  | 16.3 |  |  | 16.3 |  |  | 5.5 |  |  | 5.4 |
Real Estate |  | 7.6 |  |  | 7.1 |  |  | 3.1 |  |  | 2.3 |
Company-Owned Life Insurance |  | 28.0 |  |  | 18.3 |  |  | 9.9 |  |  | 7.2 |
Other |  | 5.1 |  |  | 4.8 |  |  | 1.7 |  |  | 1.9 |
Total Investment Income |  | 344.0 |  |  | 344.2 |  |  | 107.5 |  |  | 109.8 |
Investment Expenses: |  |  |  |  |  |  |  |
Real Estate |  | 5.8 |  |  | 6.8 |  |  | 2.3 |  |  | 2.6 |
Other Investment Expenses |  | 21.9 |  |  | 18.5 |  |  | 7.4 |  |  | 5.3 |
Total Investment Expenses |  | 27.7 |  |  | 25.3 |  |  | 9.7 |  |  | 7.9 |
Net Investment Income |  | $ | 316.3 |  |  | $ | 318.9 |  |  | $ | 97.8 |  |  | $ | 101.9 |
Schedule of Realized Gain (Loss) | Gross gains and losses on sales of investments in fixed maturities for the nine and three months ended September 30, 2022 and 2021 were:
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2022 |  | Sep 30, 2021 |  | Sep 30, 2022 |  | Sep 30, 2021
Fixed Maturities: |  |  |  |  |  |  |  |
Gains on Sales |  | $ | 28.0 |  |  | $ | 42.7 |  |  | $ | 14.2 |  |  | $ | 10.3 |
Losses on Sales |  | (27.5) |  |  | (1.7) |  |  | (23.9) |  |  | (0.4) |
Gains (Losses) on Hedging Activity |  | — |  |  | — |  |  | (0.3) |  |  | — |
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 September 30, 2022 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 |  | $ | 612.7 |  |  | $ | 1.3 |  |  | $ | (87.2) |  |  | $ | — |  |  | $ | 526.8 |
States and Political Subdivisions |  | 1,810.0 |  |  | 8.9 |  |  | (266.4) |  |  | (0.4) |  |  | 1,552.1 |
Foreign Governments |  | 4.8 |  |  | — |  |  | (1.1) |  |  | — |  |  | 3.7 |
Corporate Securities: |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,913.9 |  |  | 10.5 |  |  | (575.8) |  |  | (7.1) |  |  | 3,341.5 |
Redeemable Preferred Stocks |  | 9.0 |  |  | — |  |  | (1.0) |  |  | — |  |  | 8.0 |
Collateralized Loan Obligations |  | 1,006.9 |  |  | — |  |  | (54.3) |  |  | — |  |  | 952.6 |
Other Mortgage- and Asset-backed |  | 339.1 |  |  | 0.8 |  |  | (45.5) |  |  | — |  |  | 294.4 |
Investments in Fixed Maturities (1) |  | $ | 7,696.4 |  |  | $ | 21.5 |  |  | $ | (1,031.3) |  |  | $ | (7.5) |  |  | $ | 6,679.1 |
(1) Includes securities classified as Held-for-Sale Assets on the Condensed Consolidated Balance Sheets. See Note 4, “Dispositions,” for more information.
The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at December 31, 2021 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 |  | $ | 610.1 |  |  | $ | 29.2 |  |  | $ | (1.9) |  |  | $ | — |  |  | $ | 637.4 |
States and Political Subdivisions |  | 1,752.5 |  |  | 144.6 |  |  | (7.0) |  |  | — |  |  | 1,890.1 |
Foreign Governments |  | 6.7 |  |  | — |  |  | (1.2) |  |  | — |  |  | 5.5 |
Corporate Securities: |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 3,929.0 |  |  | 481.4 |  |  | (16.0) |  |  | (7.5) |  |  | 4,386.9 |
Redeemable Preferred Stocks |  | 7.0 |  |  | 0.4 |  |  | — |  |  | — |  |  | 7.4 |
Collateralized Loan Obligations |  | 756.0 |  |  | 0.9 |  |  | (4.8) |  |  | — |  |  | 752.1 |
Other Mortgage- and Asset-backed |  | 296.9 |  |  | 12.4 |  |  | (1.8) |  |  | — |  |  | 307.5 |
Investments in Fixed Maturities |  | $ | 7,358.2 |  |  | $ | 668.9 |  |  | $ | (32.7) |  |  | $ | (7.5) |  |  | $ | 7,986.9 |

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