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v3.23.2

Investments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items] |
Investments Classified by Contractual Maturity Date | The amortized cost and fair values of the Company’s Investments in Fixed Maturities at June 30, 2023 by contractual maturity were:
(Dollars in Millions) |  | Amortized Cost |  | Fair Value
Due in One Year or Less |  | $ | 196.0 |  |  | $ | 187.3 |
Due after One Year to Five Years |  | 918.7 |  |  | 879.2 |
Due after Five Years to Ten Years |  | 1,111.6 |  |  | 960.4 |
Due after Ten Years |  | 3,664.7 |  |  | 3,217.4 |
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date |  | 1,870.7 |  |  | 1,699.5 |
Investments in Fixed Maturities |  | $ | 7,761.7 |  |  | $ | 6,943.8 |
Schedule of Unrealized Loss on Investments | An aging of unrealized losses on the Company’s Investments in Fixed Maturities at June 30, 2023 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 |  | $ | 127.6 |  |  | $ | (5.0) |  |  | $ | 365.3 |  |  | $ | (78.7) |  |  | $ | 492.9 |  |  | $ | (83.7) |
States and Political Subdivisions |  | 235.1 |  |  | (8.6) |  |  | 843.1 |  |  | (198.7) |  |  | 1,078.2 |  |  | (207.3) |
Foreign Governments |  | 0.9 |  |  | — |  |  | 2.2 |  |  | (0.8) |  |  | 3.1 |  |  | (0.8) |
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 1,163.4 |  |  | (59.3) |  |  | 2,045.4 |  |  | (406.3) |  |  | 3,208.8 |  |  | (465.6) |
Redeemable Preferred Stocks |  | — |  |  | — |  |  | 7.6 |  |  | (1.1) |  |  | 7.6 |  |  | (1.1) |
Collateralized Loan Obligations |  | 47.4 |  |  | (0.6) |  |  | 884.1 |  |  | (45.3) |  |  | 931.5 |  |  | (45.9) |
Other Mortgage- and Asset-backed |  | 22.7 |  |  | (0.3) |  |  | 277.9 |  |  | (52.5) |  |  | 300.6 |  |  | (52.8) |
Total Fixed Maturities |  | $ | 1,597.1 |  |  | $ | (73.8) |  |  | $ | 4,425.6 |  |  | $ | (783.4) |  |  | $ | 6,022.7 |  |  | $ | (857.2) |
An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 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 |  | $ | 337.3 |  |  | $ | (49.3) |  |  | $ | 126.5 |  |  | $ | (36.5) |  |  | $ | 463.8 |  |  | $ | (85.8) |
States and Political Subdivisions |  | 854.7 |  |  | (140.6) |  |  | 276.8 |  |  | (97.7) |  |  | 1,131.5 |  |  | (238.3) |
Foreign Governments |  | 0.1 |  |  | — |  |  | 2.6 |  |  | (0.9) |  |  | 2.7 |  |  | (0.9) |
Corporate Securities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 2,730.6 |  |  | (373.9) |  |  | 424.4 |  |  | (125.8) |  |  | 3,155.0 |  |  | (499.7) |
Redeemable Preferred Stocks |  | 7.7 |  |  | (1.0) |  |  | — |  |  | — |  |  | 7.7 |  |  | (1.0) |
Collateralized Loan Obligations |  | 568.2 |  |  | (34.2) |  |  | 373.9 |  |  | (26.6) |  |  | 942.1 |  |  | (60.8) |
Other Mortgage- and Asset-backed |  | 205.4 |  |  | (28.9) |  |  | 79.5 |  |  | (21.4) |  |  | 284.9 |  |  | (50.3) |
Total Fixed Maturities |  | $ | 4,704.0 |  |  | $ | (627.9) |  |  | $ | 1,283.7 |  |  | $ | (308.9) |  |  | $ | 5,987.7 |  |  | $ | (936.8) |
Schedule of Other Investments | The carrying values of the Company’s Other Investments at June 30, 2023 and December 31, 2022 were:
(Dollars in Millions) |  | Jun 30, 2023 |  | Dec 31, 2022
Equity Securities at Modified Cost |  | $ | 34.7 |  |  | $ | 38.4 |
Convertible Securities at Fair Value |  | 46.2 |  |  | 43.3 |
Real Estate at Depreciated Cost |  | 96.0 |  |  | 93.6 |
Mortgage Loans |  | 92.6 |  |  | 91.1 |
Other |  | 6.1 |  |  | 3.5 |
Total |  | $ | 275.6 |  |  | $ | 269.9 |
Investment Income | Net Investment Income for the six and three months ended June 30, 2023 and 2022 was:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Jun 30, 2023 |  | Jun 30, 2022 |  | Jun 30, 2023 |  | Jun 30, 2022
Investment Income: |  |  |  |  |  |  |  |
Interest on Fixed Income Securities |  | $ | 173.3 |  |  | $ | 141.5 |  |  | $ | 87.1 |  |  | $ | 72.8 |
Dividends on Equity Securities Excluding Alternative Investments |  | 2.2 |  |  | 3.2 |  |  | 1.2 |  |  | 1.7 |
Alternative Investments: |  |  |  |  |  |  |  |
Equity Method Limited Liability Investments |  | 3.9 |  |  | 28.6 |  |  | 2.8 |  |  | 15.3 |
Limited Liability Investments Included in Equity Securities |  | 8.9 |  |  | 26.1 |  |  | 6.3 |  |  | 18.5 |
Total Alternative Investments |  | 12.8 |  |  | 54.7 |  |  | 9.1 |  |  | 33.8 |
Short-term Investments |  | 5.9 |  |  | 0.3 |  |  | 3.6 |  |  | 0.2 |
Loans to Policyholders |  | 10.5 |  |  | 10.8 |  |  | 5.1 |  |  | 5.3 |
Real Estate |  | 4.3 |  |  | 4.5 |  |  | 1.9 |  |  | 2.3 |
Company-Owned Life Insurance |  | 16.2 |  |  | 18.1 |  |  | 7.4 |  |  | 9.8 |
Other |  | 8.3 |  |  | 3.4 |  |  | 5.3 |  |  | 1.7 |
Total Investment Income |  | 233.5 |  |  | 236.5 |  |  | 120.7 |  |  | 127.6 |
Investment Expenses: |  |  |  |  |  |  |  |
Real Estate |  | 4.3 |  |  | 3.5 |  |  | 2.2 |  |  | 1.0 |
Other Investment Expenses |  | 21.1 |  |  | 14.5 |  |  | 12.2 |  |  | 8.1 |
Total Investment Expenses |  | 25.4 |  |  | 18.0 |  |  | 14.4 |  |  | 9.1 |
Net Investment Income |  | $ | 208.1 |  |  | $ | 218.5 |  |  | $ | 106.3 |  |  | $ | 118.5 |
Schedule of Realized Gain (Loss) | Gross gains and losses on sales of investments in fixed maturities for the six and three months ended June 30, 2023 and 2022 were:
|  | Six Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Jun 30, 2023 |  | Jun 30, 2022 |  | Jun 30, 2023 |  | Jun 30, 2022
Fixed Maturities: |  |  |  |  |  |  |  |
Gains on Sales |  | $ | 1.5 |  |  | $ | 13.8 |  |  | $ | 0.4 |  |  | $ | 13.4 |
Losses on Sales |  | (9.3) |  |  | (3.6) |  |  | (6.0) |  |  | (2.8) |
(Losses) Gains on Hedging Activity |  | (0.3) |  |  | 0.3 |  |  | (8.7) |  |  | 0.3 |
Investments in Fixed Maturities |
Debt Securities, Available-for-sale [Line Items] |
Schedule of Available-for-sale Securities Reconciliation | The amortized cost and fair values of the Company’s Investments in Fixed Maturities at June 30, 2023 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 |  | $ | 627.8 |  |  | $ | 1.4 |  |  | $ | (83.7) |  |  | $ | — |  |  | $ | 545.5 |
States and Political Subdivisions |  | 1,646.8 |  |  | 21.9 |  |  | (207.3) |  |  | (0.4) |  |  | 1,461.0 |
Foreign Governments |  | 4.8 |  |  | — |  |  | (0.8) |  |  | — |  |  | 4.0 |
Corporate Securities: |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 4,083.2 |  |  | 22.5 |  |  | (465.6) |  |  | (6.7) |  |  | 3,633.4 |
Redeemable Preferred Stocks |  | 9.0 |  |  | — |  |  | (1.1) |  |  | — |  |  | 7.9 |
Collateralized Loan Obligations |  | 1,032.7 |  |  | 0.4 |  |  | (45.9) |  |  | — |  |  | 987.2 |
Other Mortgage- and Asset-backed |  | 357.4 |  |  | 0.2 |  |  | (52.8) |  |  | — |  |  | 304.8 |
Investments in Fixed Maturities |  | $ | 7,761.7 |  |  | $ | 46.4 |  |  | $ | (857.2) |  |  | $ | (7.1) |  |  | $ | 6,943.8 |
The amortized cost and fair values of the Company’s Investments in Fixed Maturities at December 31, 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 |  | $ | 612.5 |  |  | $ | 1.3 |  |  | $ | (85.8) |  |  | $ | — |  |  | $ | 528.0 |
States and Political Subdivisions |  | 1,797.6 |  |  | 10.3 |  |  | (238.3) |  |  | (0.7) |  |  | 1,568.9 |
Foreign Governments |  | 5.0 |  |  | — |  |  | (0.9) |  |  | — |  |  | 4.1 |
Corporate Securities: |  |  |  |  |  |  |  |  |  |
Bonds and Notes |  | 4,030.3 |  |  | 17.7 |  |  | (499.7) |  |  | (8.9) |  |  | 3,539.4 |
Redeemable Preferred Stocks |  | 9.0 |  |  | — |  |  | (1.0) |  |  | — |  |  | 8.0 |
Collateralized Loan Obligations |  | 1,014.7 |  |  | — |  |  | (60.8) |  |  | — |  |  | 953.9 |
Other Mortgage- and Asset-backed |  | 342.7 |  |  | 0.1 |  |  | (50.3) |  |  | — |  |  | 292.5 |
Investments in Fixed Maturities |  | $ | 7,811.8 |  |  | $ | 29.4 |  |  | $ | (936.8) |  |  | $ | (9.6) |  |  | $ | 6,894.8 |

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