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Investment (Tables)
9 Months Ended
Sep. 30, 2015
Investments [Abstract]  
Amortized Costs and Fair Values of Fixed Maturity Securities Available-for-Sale
September 30, 2015
AmortizedUnrealizedUnrealizedFair
CostGainsLossesValue
(In millions)
Corporate bonds$7,014.1$292.7$(88.9)$7,217.9
U.S. government and agency bonds201.631.5---233.1
U.S. state and political subdivision bonds139.810.0(0.1)149.7
Foreign government bonds79.86.4---86.2
Mortgage/asset-backed bonds264.34.0(2.0)266.3
Total fixed maturity securities$7,699.6$344.6$(91.0)$7,953.2

December 31, 2014
AmortizedUnrealizedUnrealizedFair
CostGainsLossesValue
(In millions)
Corporate bonds$6,740.6$366.5$(37.0)$7,070.1
U.S. government and agency bonds223.235.6(0.2)258.6
U.S. state and political subdivision bonds125.810.4(0.1)136.1
Foreign government bonds58.46.5---64.9
Mortgage/asset-backed bonds242.04.1(2.1)244.0
Total fixed maturity securities$7,390.0$423.1$(39.4)$7,773.7
Schedule of Contractual Maturities of Fixed Maturity Securities Available-for-Sale
September 30, 2015December 31, 2014
AmortizedFairAmortizedFair
CostValueCostValue
(In millions)
Due in one year or less$628.7$636.7$649.0$658.0
Due after one year through five years2,895.93,017.33,060.83,215.4
Due after five years through ten years3,034.43,050.92,847.92,916.7
Due after ten years1,140.61,248.3832.3983.6
Total fixed maturity securities$7,699.6$7,953.2$7,390.0$7,773.7
Schedule of Gross Unrealized Losses and Fair Value of Investments
September 30, 2015
TotalLess than 12 months12 or more months
NumberAmountNumberAmountNumberAmount
(Dollars in millions)
Unrealized losses:
Corporate bonds1,273$88.91,079$62.8194$26.1
U.S. state and political subdivision bonds20.120.1------
Mortgage/asset-backed bonds352.0271.380.7
Total1,310$91.01,108$64.2202$26.8
Fair market value of securities with
unrealized losses:
Corporate bonds1,273$2,146.61,079$1,874.7194$271.9
U.S. state and political subdivision bonds26.226.2------
Mortgage/asset-backed bonds35105.92782.6823.3
Total1,310$2,258.71,108$1,963.5202$295.2

December 31, 2014
TotalLess than 12 months12 or more months
NumberAmountNumberAmountNumberAmount
(Dollars in millions)
Unrealized losses:
Corporate bonds956$37.0653$19.9303$17.1
U.S. government and agency bonds50.2------50.2
U.S. state and political subdivision bonds40.1------40.1
Mortgage/asset-backed bonds392.1301.490.7
Total1,004$39.4683$21.3321$18.1
Fair market value of securities with
unrealized losses:
Corporate bonds956$1,646.0653$1,074.9303$571.1
U.S. government and agency bonds56.4------56.4
U.S. state and political subdivision bonds46.9------46.9
Mortgage/asset-backed bonds39117.23087.3929.9
Total1,004$1,776.5683$1,162.2321$614.3
Commercial Mortgage Loan Portfolio by Property Type, by Geographic Region within the U.S. and by U.S. State
September 30, 2015December 31, 2014
AmountPercentAmountPercent
(Dollars in millions)
Property type:
Retail$2,714.248.9%$2,627.149.4%
Office1,059.319.11,013.419.1
Industrial1,041.418.81,001.518.8
Commercial211.03.8213.64.0
Hotel/motel204.53.7165.73.1
Apartment and other316.95.7299.85.6
Total commercial mortgage loans, net$5,547.3100.0%$5,321.1100.0%
Geographic region*:
Pacific$1,977.135.6%$1,914.636.0%
South Atlantic1,093.419.71,065.520.0
West South Central730.613.2676.912.7
Mountain644.811.6606.511.4
East North Central487.48.8466.08.8
Middle Atlantic243.14.4215.34.0
East South Central195.33.5188.73.6
West North Central131.32.4140.12.6
New England44.30.847.50.9
Total commercial mortgage loans, net$5,547.3100.0%$5,321.1100.0%
U.S. state:
California$1,455.526.2%$1,434.227.0%
Texas682.312.3623.411.7
Florida323.35.8309.45.8
Georgia301.35.4306.65.8
Other states2,784.950.32,647.549.7
Total commercial mortgage loans, net$5,547.3100.0%$5,321.1100.0%
Changes in Commercial Mortgage Loan Loss Allowance
Three Months EndedNine Months Ended
September 30,September 30,
2015 2014 2015 2014
(In millions)
Commercial mortgage loan loss allowance:
Beginning balance$35.5$44.4$40.0$43.6
Provision change (gain) loss(1.9)5.9(4.1)8.1
Charge-offs(0.3)(8.8)(2.6)(10.2)
Ending balance$33.3$41.5$33.3$41.5
Specific loan loss allowance$23.3$24.6$23.3$24.6
General loan loss allowance10.016.910.016.9
Total commercial mortgage loan loss allowance$33.3$41.5$33.3$41.5
Schedule of Recorded Investment in Commercial Mortgage Loans
September 30,December 31,
2015 2014
(In millions)
Commercial mortgage loans collectively evaluated for impairment$5,484.1$5,255.2
Commercial mortgage loans individually evaluated for impairment96.5105.9
Commercial mortgage loan loss allowance(33.3)(40.0)
Total commercial mortgage loans, net$5,547.3$5,321.1
Performing and Nonperforming Commercial Mortgage Loans by Property Type
September 30, 2015
Hotel/Apartment
RetailOfficeIndustrialCommercialMoteland OtherTotal
(In millions)
Performing commercial mortgage loans$2,713.7$1,059.3$1,040.9$211.0$204.5$316.9$5,546.3
Nonperforming commercial mortgage loans0.5---0.5---------1.0
Total commercial mortgage loans$2,714.2$1,059.3$1,041.4$211.0$204.5$316.9$5,547.3

December 31, 2014
Hotel/Apartment
RetailOfficeIndustrialCommercialMoteland OtherTotal
(In millions)
Performing commercial mortgage loans$2,622.4$1,012.7$1,001.4$213.6$165.7$299.1$5,314.9
Nonperforming commercial mortgage loans4.70.70.1------0.76.2
Total commercial mortgage loans$2,627.1$1,013.4$1,001.5$213.6$165.7$299.8$5,321.1
Impaired Commercial Mortgage Loans Identified in Management's Specific Review of Probable Loan Losses and the Related Allowance
September 30, 2015
UnpaidAmount on
RecordedPrincipalRelated Nonaccrual
InvestmentBalanceAllowanceStatus
(In millions)
Impaired commercial mortgage loans:
Without specific loan loss allowance:
Retail$21.5$21.5$---$0.3
Industrial0.90.9------
Commercial0.50.5------
Office0.10.1------
Total impaired commercial mortgage loans without specific
loan loss allowance23.023.0---0.3
With specific loan loss allowance:
Retail53.053.012.81.2
Commercial8.48.46.80.5
Office7.67.61.7---
Industrial4.54.52.00.4
Total impaired commercial mortgage loans with specific
loan loss allowance73.573.523.32.1
Total impaired commercial mortgage loans$96.5$96.5$23.3$2.4

December 31, 2014
UnpaidAmount on
RecordedPrincipalRelated Nonaccrual
InvestmentBalanceAllowanceStatus
(In millions)
Impaired commercial mortgage loans:
Without specific loan loss allowance:
Retail$25.0$25.0$---$10.5
Office1.61.6------
Commercial2.32.3---0.5
Apartment and other2.82.8------
Total impaired commercial mortgage loans without specific
loan loss allowance31.731.7---11.0
With specific loan loss allowance:
Retail52.252.212.37.7
Office8.68.62.9---
Industrial4.64.61.60.1
Commercial8.58.57.00.6
Apartment and other0.30.3------
Total impaired commercial mortgage loans with specific
loan loss allowance74.274.223.88.4
Total impaired commercial mortgage loans$105.9$105.9$23.8$19.4
Troubled Debt Restructurings on Financing Receivables [Table Text Block]
Three Months Ended September 30, 2015Nine Months Ended September 30, 2015
Pre-Post-Pre-Post-
RestructuringRestructuringRestructuringRestructuring
NumberRecorded Recorded NumberRecorded Recorded
of LoansInvestmentInvestmentof LoansInvestmentInvestment
(Dollars in millions)
Troubled debt restructurings:
Retail---$---$---3$1.5$1.5
Office---------21.11.2
Total troubled debt restructurings---$---$---5$2.6$2.7

Three Months Ended September 30, 2014Nine Months Ended September 30, 2014
Pre-Post-Pre-Post-
RestructuringRestructuringRestructuringRestructuring
NumberRecorded Recorded NumberRecorded Recorded
of LoansInvestmentInvestmentof LoansInvestmentInvestment
(Dollars in millions)
Troubled debt restructurings:
Retail33$27.5$24.934$28.3$25.6
Office10.70.710.70.7
Industrial10.40.432.12.3
Commercial---------12.72.7
Total troubled debt restructurings35$28.6$26.039$33.8$31.3
Average Recorded Investment in Impaired Commercial Mortgage Loans before Specific Allowances for Losses
Three Months EndedNine Months Ended
September 30,September 30,
2015 2014 2015 2014
(In millions)
Average recorded investment$97.5$100.5$99.8$105.5
Aging of Commercial Mortgage Loans by Property Type
September 30, 2015
Total
Greater ThanAllowanceCommercial
30 Days60 Days90 DaysTotalRelatedCurrent,Mortgage
Past DuePast DuePast DuePast Dueto Past Due NetLoans
(In millions)
Commercial mortgage loans:
Retail$1.3$---$2.4$3.7$(1.9)$2,712.4$2,714.2
Office---------------1,059.31,059.3
Industrial0.6---0.71.3(0.3)1,040.41,041.4
Commercial---------------211.0211.0
Hotel/motel---------------204.5204.5
Apartment and other---------------316.9316.9
Total commercial mortgage loans$1.9$---$3.1$5.0$(2.2)$5,544.5$5,547.3

December 31, 2014
Total
Greater ThanAllowanceCommercial
30 Days60 Days90 DaysTotalRelatedCurrent,Mortgage
Past DuePast DuePast DuePast Dueto Past DueNetLoans
(In millions)
Commercial mortgage loans:
Retail$0.2$2.0$4.8$7.0$(2.1)$2,622.2$2,627.1
Office1.9---0.82.7---1,010.71,013.4
Industrial0.5---0.30.8(0.2)1,000.91,001.5
Commercial---------------213.6213.6
Hotel/motel---------------165.7165.7
Apartment and other0.20.7---0.9---298.9299.8
Total commercial mortgage loans$2.8$2.7$5.9$11.4$(2.3)$5,312.0$5,321.1
Net Investment Income Summarized by Investment Type
Three Months EndedNine Months Ended
September 30,September 30,
2015 2014 2015 2014
(In millions)
Fixed maturity securities$77.4$73.4$229.4$221.0
Commercial mortgage loans84.683.1249.3250.1
Real estate0.80.52.30.7
S&P 500 Index options(5.4)0.9(3.8)5.3
Other0.6---0.94.4
Gross investment income158.0157.9478.1481.5
Investment expenses(4.7)(4.5)(13.5)(17.9)
Tax-advantaged investments0.4(0.8)1.7(2.3)
Net investment income$153.7$152.6$466.3$461.3
Schedule of Gross Capital Gains and Losses by Investment Type
Three Months EndedNine Months Ended
September 30,September 30,
2015 2014 2015 2014
(In millions)
Gains:
Fixed maturity securities$0.8$1.4$5.2$4.8
Commercial mortgage loans2.40.84.81.8
Real estate0.20.80.21.9
Other---0.3---0.3
Gross capital gains3.43.310.28.8
Losses:
Fixed maturity securities(5.5)(0.4)(8.5)(1.5)
Provision for commercial mortgage loan losses---(5.9)---(8.1)
Real estate(1.1)(1.7)(2.4)(3.4)
Other (1)(3.0)---(14.6)(1.1)
Gross capital losses(9.6)(8.0)(25.5)(14.1)
Net capital losses$(6.2)$(4.7)$(15.3)$(5.3)