XML 57 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments (Tables)
9 Months Ended
Sep. 30, 2013
Investments [Abstract]  
Current And Long-Term Investments, Available-For-Sale
A summary of current and long-term investments, available-for-sale, at September 30, 2013 and December 31, 2012 is as follows:
 
 
 
 
 
 
 
 
 
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
 
 
September 30, 2013:
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
United States Government securities
$
464.0

 
$
4.1

 
$
(1.4
)
 
$

 
$
466.7

 
$

Government sponsored securities
195.2

 
0.9

 
(1.5
)
 

 
194.6

 

States, municipalities and political subdivisions, tax-exempt
6,143.2

 
234.9

 
(93.6
)
 
(1.2
)
 
6,283.3

 

Corporate securities
7,780.3

 
212.0

 
(109.3
)
 
(12.4
)
 
7,870.6

 
(0.1
)
Options embedded in convertible debt securities
81.0

 

 

 

 
81.0

 

Residential mortgage-backed securities
2,198.4

 
52.6

 
(29.4
)
 
(3.3
)
 
2,218.3

 

Commercial mortgage-backed securities
488.1

 
11.3

 
(3.4
)
 

 
496.0

 

Other debt securities
364.0

 
5.8

 
(3.2
)
 
(1.3
)
 
365.3

 
(0.8
)
Total fixed maturity securities
17,714.2

 
521.6

 
(241.8
)
 
(18.2
)
 
17,975.8

 
$
(0.9
)
Equity securities
1,050.5

 
481.4

 
(16.7
)
 

 
1,515.2

 
 
Total investments, available-for-sale
$
18,764.7

 
$
1,003.0

 
$
(258.5
)
 
$
(18.2
)
 
$
19,491.0

 
 
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 debt 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

 
 
Aggregate Fair Value And Gross Unrealized Loss Of Fixed Maturity Securities And Equity Securities In An Unrealized Loss Position
The following tables summarize for fixed maturity securities and equity securities in an unrealized loss position at September 30, 2013 and December 31, 2012, the aggregate fair value and gross unrealized loss by length of time those securities have been continuously in an unrealized loss position: 
 
Less than 12 Months
 
12 Months or Greater
(Securities are whole amounts)
Number of
Securities
 
Estimated
Fair Value
 
Gross
Unrealized
Loss
 
Number of
Securities
 
Estimated
Fair Value
 
Gross
Unrealized
Loss
September 30, 2013:
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
United States Government securities
24

 
$
119.9

 
$
(1.4
)
 

 
$

 
$

Government sponsored securities
23

 
56.6

 
(1.5
)
 

 

 

States, municipalities and political subdivisions, tax-exempt
768

 
1,979.3

 
(93.6
)
 
22

 
14.3

 
(1.2
)
Corporate securities
1,700

 
3,075.0

 
(109.3
)
 
57

 
53.0

 
(12.4
)
Residential mortgage-backed securities
434

 
921.9

 
(29.4
)
 
54

 
65.8

 
(3.3
)
Commercial mortgage-backed securities
50

 
216.8

 
(3.4
)
 
1

 
0.6

 

Other debt securities
52

 
145.7

 
(3.2
)
 
17

 
17.7

 
(1.3
)
Total fixed maturity securities
3,051

 
6,515.2

 
(241.8
)
 
151

 
151.4

 
(18.2
)
Equity securities
624

 
194.2

 
(16.7
)
 

 

 

Total fixed maturity and equity securities
3,675

 
$
6,709.4

 
$
(258.5
)
 
151

 
$
151.4

 
$
(18.2
)
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 And Fair Value Of Fixed Maturity Securities, By Contractual Maturity
The amortized cost and fair value of fixed maturity securities at September 30, 2013, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations.
 
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
429.4

 
$
448.2

Due after one year through five years
4,704.9

 
4,837.6

Due after five years through ten years
5,176.7

 
5,272.4

Due after ten years
4,716.7

 
4,703.3

Mortgage-backed securities
2,686.5

 
2,714.3

Total available-for-sale fixed maturity securities
$
17,714.2

 
$
17,975.8

Proceeds and Realized Gains Losses from Investments
Proceeds from fixed maturity and equity securities and the related gross realized gains and gross realized losses for the three and nine months ended September 30, 2013 and 2012 are as follows:
 
Three Months Ended 
 September 30
 
Nine Months Ended 
 September 30
 
2013
 
2012
 
2013
 
2012
Proceeds
$
5,411.6

 
$
3,492.3

 
$
10,821.6

 
$
10,093.5

Gross realized gains
160.4

 
109.0

 
339.3

 
364.1

Gross realized losses
(65.0
)
 
(54.4
)
 
(172.9
)
 
(132.1
)