Non-Credit Component of Other-Than- Temporary Impairments Recognized in AOCI | |||||||||||||||||||||||
Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | ||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
United States Government securities | $ | 300.8 | $ | 2.5 | $ | (3.4 | ) | $ | — | $ | 299.9 | $ | — | ||||||||||
Government sponsored securities | 174.4 | 0.4 | (1.3 | ) | — | 173.5 | — | ||||||||||||||||
States, municipalities and political subdivisions, tax-exempt | 5,899.5 | 202.9 | (90.1 | ) | (9.6 | ) | 6,002.7 | (0.6 | ) | ||||||||||||||
Corporate securities | 7,614.1 | 205.2 | (95.2 | ) | (15.5 | ) | 7,708.6 | (0.1 | ) | ||||||||||||||
Options embedded in convertible securities | 89.2 | — | — | — | 89.2 | — | |||||||||||||||||
Residential mortgage-backed securities | 2,269.4 | 48.0 | (41.4 | ) | (7.1 | ) | 2,268.9 | — | |||||||||||||||
Commercial mortgage-backed securities | 479.0 | 10.5 | (2.6 | ) | (0.3 | ) | 486.6 | — | |||||||||||||||
Other debt securities | 456.2 | 5.8 | (2.5 | ) | (0.8 | ) | 458.7 | (0.1 | ) | ||||||||||||||
Total fixed maturity securities | 17,282.6 | 475.3 | (236.5 | ) | (33.3 | ) | 17,488.1 | $ | (0.8 | ) | |||||||||||||
Equity securities | 1,195.9 | 578.9 | (8.0 | ) | — | 1,766.8 | |||||||||||||||||
Total investments, available-for-sale | $ | 18,478.5 | $ | 1,054.2 | $ | (244.5 | ) | $ | (33.3 | ) | $ | 19,254.9 | |||||||||||
December 31, 2012 | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
United States Government securities | $ | 330.3 | $ | 13.1 | $ | (0.2 | ) | $ | — | $ | 343.2 | $ | — | ||||||||||
Government sponsored securities | 153.6 | 2.6 | — | — | 156.2 | — | |||||||||||||||||
States, municipalities and political subdivisions, tax-exempt | 5,501.3 | 388.2 | (5.7 | ) | (1.6 | ) | 5,882.2 | — | |||||||||||||||
Corporate securities | 7,642.0 | 387.0 | (17.0 | ) | (8.0 | ) | 8,004.0 | (1.7 | ) | ||||||||||||||
Options embedded in convertible securities | 67.2 | — | — | — | 67.2 | — | |||||||||||||||||
Residential mortgage-backed securities | 2,204.7 | 103.1 | (1.1 | ) | (1.9 | ) | 2,304.8 | (0.4 | ) | ||||||||||||||
Commercial mortgage-backed securities | 323.2 | 22.5 | — | — | 345.7 | — | |||||||||||||||||
Other debt securities | 236.8 | 7.6 | (0.2 | ) | (3.1 | ) | 241.1 | (1.3 | ) | ||||||||||||||
Total fixed maturity securities | 16,459.1 | 924.1 | (24.2 | ) | (14.6 | ) | 17,344.4 | $ | (3.4 | ) | |||||||||||||
Equity securities | 897.0 | 358.0 | (12.5 | ) | — | 1,242.5 | |||||||||||||||||
Total investments, available-for-sale | $ | 17,356.1 | $ | 1,282.1 | $ | (36.7 | ) | $ | (14.6 | ) | $ | 18,586.9 |
Less than 12 Months | 12 Months or Greater | ||||||||||||||||||||
Number of Securities | Estimated Fair Value | Gross Unrealized Loss | Number of Securities | Estimated Fair Value | Gross Unrealized Loss | ||||||||||||||||
(Securities are whole amounts) | |||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||
United States Government securities | 27 | $ | 179.2 | $ | (3.4 | ) | — | $ | — | $ | — | ||||||||||
Government sponsored securities | 22 | 73.4 | (1.3 | ) | — | — | — | ||||||||||||||
States, municipalities and political subdivisions, tax-exempt | 806 | 2,070.9 | (90.1 | ) | 42 | 82.4 | (9.6 | ) | |||||||||||||
Corporate securities | 1,448 | 2,586.6 | (95.2 | ) | 107 | 81.3 | (15.5 | ) | |||||||||||||
Residential mortgage-backed securities | 605 | 1,243.0 | (41.4 | ) | 80 | 116.2 | (7.1 | ) | |||||||||||||
Commercial mortgage-backed securities | 52 | 177.7 | (2.6 | ) | 4 | 5.6 | (0.3 | ) | |||||||||||||
Other debt securities | 65 | 185.3 | (2.5 | ) | 17 | 16.2 | (0.8 | ) | |||||||||||||
Total fixed maturity securities | 3,025 | 6,516.1 | (236.5 | ) | 250 | 301.7 | (33.3 | ) | |||||||||||||
Equity securities | 426 | 120.8 | (8.0 | ) | — | — | — | ||||||||||||||
Total fixed maturity and equity securities | 3,451 | $ | 6,636.9 | $ | (244.5 | ) | 250 | $ | 301.7 | $ | (33.3 | ) | |||||||||
December 31, 2012 | |||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||
United States Government securities | 17 | $ | 48.5 | $ | (0.2 | ) | — | $ | — | $ | — | ||||||||||
States, municipalities and political subdivisions, tax-exempt | 184 | 420.1 | (5.7 | ) | 1 | 46.9 | (1.6 | ) | |||||||||||||
Corporate securities | 457 | 1,066.5 | (17.0 | ) | 74 | 52.6 | (8.0 | ) | |||||||||||||
Residential mortgage-backed securities | 79 | 211.0 | (1.1 | ) | 44 | 25.5 | (1.9 | ) | |||||||||||||
Commercial mortgage-backed securities | 4 | 10.1 | — | 3 | 4.1 | — | |||||||||||||||
Other debt securities | 7 | 5.4 | (0.2 | ) | 21 | 28.9 | (3.1 | ) | |||||||||||||
Total fixed maturity securities | 748 | 1,761.6 | (24.2 | ) | 143 | 158.0 | (14.6 | ) | |||||||||||||
Equity securities | 961 | 149.6 | (12.5 | ) | — | — | — | ||||||||||||||
Total fixed maturity and equity securities | 1,709 | $ | 1,911.2 | $ | (36.7 | ) | 143 | $ | 158.0 | $ | (14.6 | ) |
Amortized Cost | Estimated Fair Value | ||||||
Due in one year or less | $ | 423.9 | $ | 426.3 | |||
Due after one year through five years | 4,580.5 | 4,712.1 | |||||
Due after five years through ten years | 5,105.4 | 5,196.6 | |||||
Due after ten years | 4,424.4 | 4,397.6 | |||||
Mortgage-backed securities | 2,748.4 | 2,755.5 | |||||
Total available-for-sale fixed maturity securities | $ | 17,282.6 | $ | 17,488.1 |
2013 | 2012 | 2011 | |||||||||
Fixed maturity securities | $ | 638.9 | $ | 671.2 | $ | 692.4 | |||||
Equity securities | 45.9 | 38.4 | 34.0 | ||||||||
Cash and cash equivalents | 1.0 | 2.5 | 3.7 | ||||||||
Other | 19.8 | 16.2 | 2.4 | ||||||||
Investment income | 705.6 | 728.3 | 732.5 | ||||||||
Investment expense | (46.5 | ) | (42.2 | ) | (28.8 | ) | |||||
Net investment income | $ | 659.1 | $ | 686.1 | $ | 703.7 |
2013 | 2012 | 2011 | |||||||||
Net realized gains (losses) on investments: | |||||||||||
Fixed maturity securities: | |||||||||||
Gross realized gains from sales | $ | 225.9 | $ | 401.0 | $ | 289.2 | |||||
Gross realized losses from sales | (125.7 | ) | (54.8 | ) | (65.1 | ) | |||||
Net realized gains from sales of fixed maturity securities | 100.2 | 346.2 | 224.1 | ||||||||
Equity securities: | |||||||||||
Gross realized gains from sales | 224.1 | 82.0 | 75.4 | ||||||||
Gross realized losses from sales | (100.5 | ) | (93.8 | ) | (68.0 | ) | |||||
Net realized gains (losses) from sales of equity securities | 123.6 | (11.8 | ) | 7.4 | |||||||
Other realized gains on investments | 48.1 | 0.5 | 3.6 | ||||||||
Net realized gains on investments | 271.9 | 334.9 | 235.1 | ||||||||
Other-than-temporary impairment losses recognized in income: | |||||||||||
Fixed maturity securities | (42.5 | ) | (11.8 | ) | (24.2 | ) | |||||
Equity securities | (13.9 | ) | (17.5 | ) | (27.9 | ) | |||||
Other invested assets, long-term | (42.5 | ) | (8.5 | ) | (41.2 | ) | |||||
Other-than-temporary impairment losses recognized in income | (98.9 | ) | (37.8 | ) | (93.3 | ) | |||||
Change in net unrealized (losses) gains on investments: | |||||||||||
Fixed maturity securities | (679.8 | ) | 199.8 | 155.9 | |||||||
Equity securities | 225.4 | 94.7 | (124.6 | ) | |||||||
Total change in net unrealized (losses) gains on investments | (454.4 | ) | 294.5 | 31.3 | |||||||
Deferred income tax benefit (expense) | 159.7 | (104.6 | ) | (10.7 | ) | ||||||
Net change in net unrealized (losses) gains on investments | (294.7 | ) | 189.9 | 20.6 | |||||||
Net realized gains on investments, other-than-temporary impairment losses recognized in income and net change in net unrealized (losses) gains on investments | $ | (121.7 | ) | $ | 487.0 | $ | 162.4 |
2013 | 2012 | 2011 | |||||||||
Proceeds | $ | 13,662.8 | $ | 15,915.6 | $ | 12,654.3 | |||||
Gross realized gains | 498.1 | 483.5 | 368.2 | ||||||||
Gross realized losses | (226.2 | ) | (148.6 | ) | (133.1 | ) |