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Investments (Tables)
 12 Months Ended
Dec. 31, 2017
Investments [Abstract]  
Current And Long-Term Investments, Available-For-Sale
A summary of current and long-term investments, available-for-sale, at December 31, 2017 and 2016 is as follows:
 
 
 
 
 
 
 
 
 
Non-Credit
Component of
OTTIs Recognized in
Accumulated Other Comprehensive Loss
 
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross Unrealized Losses
 
Estimated
Fair Value
 
 
 
 
Less than
12 Months
 
12 Months
or Greater
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
United States Government securities
$
649.0

 
$
2.2

 
$
(5.0
)
 
$
(0.7
)
 
$
645.5

 
$
—

Government sponsored securities
90.3

 
0.3

 
(0.1
)
 
(0.4
)
 
90.1

 
—

States, municipalities and political subdivisions, tax-exempt
5,854.6

 
192.6

 
(5.0
)
 
(7.3
)
 
6,034.9

 
—

Corporate securities
7,362.8

 
165.8

 
(30.2
)
 
(12.6
)
 
7,485.8

 
(0.3
)
Residential mortgage-backed securities
2,520.0

 
38.5

 
(8.0
)
 
(11.6
)
 
2,538.9

 
—

Commercial mortgage-backed securities
80.1

 
0.7

 
(0.1
)
 
(2.0
)
 
78.7

 
—

Other securities
1,053.7

 
14.4

 
(2.4
)
 
(1.5
)
 
1,064.2

 
—

Total fixed maturity securities
17,610.5

 
414.5

 
(50.8
)
 
(36.1
)
 
17,938.1

 
$
(0.3
)
Equity securities
3,124.8

 
525.2

 
(18.0
)
 
—

 
3,632.0

 
 
Total investments, available-for-sale
$
20,735.3

 
$
939.7

 
$
(68.8
)
 
$
(36.1
)
 
$
21,570.1

 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
United States Government securities
$
561.7

 
$
2.5

 
$
(5.7
)
 
$
—

 
$
558.5

 
$
—

Government sponsored securities
40.1

 
0.3

 
(0.3
)
 
(0.1
)
 
40.0

 
—

States, municipalities and political subdivisions, tax-exempt
6,024.6

 
139.1

 
(55.2
)
 
(3.2
)
 
6,105.3

 
(3.8
)
Corporate securities
8,011.7

 
159.5

 
(49.5
)
 
(27.1
)
 
8,094.6

 
(3.4
)
Residential mortgage-backed securities
1,916.9

 
32.3

 
(15.3
)
 
(4.6
)
 
1,929.3

 
—

Commercial mortgage-backed securities
216.8

 
1.2

 
(0.3
)
 
(3.4
)
 
214.3

 
—

Other securities
744.6

 
6.4

 
(1.5
)
 
(4.0
)
 
745.5

 
—

Total fixed maturity securities
17,516.4

 
341.3

 
(127.8
)
 
(42.4
)
 
17,687.5

 
$
(7.2
)
Equity securities
1,103.3

 
407.3

 
(10.7
)
 
—

 
1,499.9

 
 
Total investments, available-for-sale
$
18,619.7

 
$
748.6

 
$
(138.5
)
 
$
(42.4
)
 
$
19,187.4

 
 
Aggregate Fair Value And Gross Unrealized Loss Of Fixed Maturity Securities And Equity Securities In An Unrealized Loss Position
For available-for-sale securities in an unrealized loss position at December 31, 2017 and 2016, the following table summarizes the aggregate fair values and gross unrealized losses by length of time those securities have continuously been in an unrealized loss position.
 
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, 2017
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
United States Government securities
36

 
$
450.4

 
$
(5.0
)
 
11

 
$
56.1

 
$
(0.7
)
Government sponsored securities
12

 
16.3

 
(0.1
)
 
16

 
14.8

 
(0.4
)
States, municipalities and political subdivisions, tax-exempt
414

 
641.4

 
(5.0
)
 
189

 
355.5

 
(7.3
)
Corporate securities
1,081

 
2,200.1

 
(30.2
)
 
279

 
329.7

 
(12.6
)
Residential mortgage-backed securities
445

 
1,050.3

 
(8.0
)
 
287

 
478.0

 
(11.6
)
Commercial mortgage-backed securities
7

 
13.7

 
(0.1
)
 
12

 
27.2

 
(2.0
)
Other securities
132

 
406.1

 
(2.4
)
 
20

 
35.8

 
(1.5
)
Total fixed maturity securities
2,127

 
4,778.3

 
(50.8
)
 
814

 
1,297.1

 
(36.1
)
Equity securities
386

 
1,070.5

 
(18.0
)
 
—

 
—

 
—

Total fixed maturity and equity securities
2,513

 
$
5,848.8

 
$
(68.8
)
 
814

 
$
1,297.1

 
$
(36.1
)
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
United States Government securities
51

 
$
359.9

 
$
(5.7
)
 
—

 
$
—

 
$
—

Government sponsored securities
18

 
26.4

 
(0.3
)
 
1

 
1.0

 
(0.1
)
States, municipalities and political subdivisions, tax-exempt
1,022

 
1,849.0

 
(55.2
)
 
28

 
60.7

 
(3.2
)
Corporate securities
1,272

 
2,640.6

 
(49.5
)
 
203

 
422.8

 
(27.1
)
Residential mortgage-backed securities
430

 
905.8

 
(15.3
)
 
114

 
136.9

 
(4.6
)
Commercial mortgage-backed securities
19

 
61.2

 
(0.3
)
 
24

 
60.8

 
(3.4
)
Other securities
66

 
144.3

 
(1.5
)
 
55

 
133.8

 
(4.0
)
Total fixed maturity securities
2,878

 
5,987.2

 
(127.8
)
 
425

 
816.0

 
(42.4
)
Equity securities
452

 
233.1

 
(10.7
)
 
—

 
—

 
—

Total fixed maturity and equity securities
3,330

 
$
6,220.3

 
$
(138.5
)
 
425

 
$
816.0

 
$
(42.4
)
Amortized Cost and Fair Value of Fixed Maturity Securities, By Contractual Maturity
The amortized cost and fair value of available-for-sale fixed maturity securities at December 31, 2017, 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
$
496.2

 
$
496.5

Due after one year through five years
4,945.2

 
5,000.1

Due after five years through ten years
5,556.4

 
5,668.0

Due after ten years
4,012.6

 
4,155.9

Mortgage-backed securities
2,600.1

 
2,617.6

Total available-for-sale fixed maturity securities
$
17,610.5

 
$
17,938.1
Major Categories of Net Investment Income
The major categories of net investment income for the years ended December 31 are as follows:

2017

2016

2015
Fixed maturity securities
$
614.2


$
673.1


$
679.0

Equity securities
116.4


61.7


61.7

Cash equivalents
24.8


3.6


0.7

Other
152.2


84.9


(22.6
)
Investment income
907.6


823.3


718.8

Investment expense
(41.1
)

(43.8
)

(41.2
)
Net investment income
$
866.5


$
779.5


$
677.6
Net Realized Investment Gains/Losses and Net Change In Unrealized Appreciation/Depreciation In Investments
Net realized investment gains/losses and the net change in unrealized appreciation/depreciation on investments for the years ended December 31 are as follows:
 
2017
 
2016
 
2015
Net realized gains (losses):
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
Gross realized gains from sales
$
136.6

 
$
209.9

 
$
135.9

Gross realized losses from sales
(54.9
)
 
(152.1
)
 
(182.1
)
Net realized gains (losses) from sales of fixed maturity securities
81.7

 
57.8

 
(46.2
)
Equity securities:
 
 
 
 
 
Gross realized gains from sales
140.1

 
205.5

 
233.4

Gross realized losses from sales
(16.9
)
 
(50.0
)
 
(45.1
)
Net realized gains from sales of equity securities
123.2

 
155.5

 
188.3

Other investments:
 
 
 
 
 
Gross realized gains from sales
0.3

 
7.2

 
5.0

Gross realized losses from sales
(4.9
)
 
(0.4
)
 
—

Net realized (losses) gains from sales of other investments
(4.6
)
 
6.8

 
5.0

Net realized gains
200.3

 
220.1

 
147.1

 
 
 
 
 
 
Other-than-temporary impairment losses recognized in income:
 
 
 
 
 
Fixed maturity securities
(3.7
)
 
(74.7
)
 
(31.2
)
Equity securities
(15.5
)
 
(22.3
)
 
(35.6
)
Other investments
(13.9
)
 
(18.4
)
 
(16.6
)
Other-than-temporary impairment losses recognized in income
(33.1
)
 
(115.4
)
 
(83.4
)
 
 
 
 
 
 
Change in net unrealized gains (losses) on investments:
 
 
 
 
 
Fixed maturity securities
156.5

 
193.3

 
(372.9
)
Equity securities
110.6

 
6.9

 
(217.7
)
Other investments
(9.8
)
 
(2.5
)
 
(4.1
)
Total change in net unrealized gains (losses) on investments
257.3

 
197.7

 
(594.7
)
Deferred income tax (expense) benefit
(84.8
)
 
(79.8
)
 
210.4

Net change in net unrealized gains (losses) on investments
172.5

 
117.9

 
(384.3
)
 
 
 
 
 
 
Net realized gains on investments, other-than-temporary impairment losses recognized in income and net change in net unrealized gains (losses) on investments
$
339.7

 
$
222.6

 
$
(320.6
)
Proceeds and Realized Gains and Losses from Investments
Proceeds from fixed maturity securities, equity securities and other invested assets and the related gross realized gains and gross realized losses for the years ended December 31 are as follows:
 
2017
 
2016
 
2015
Proceeds
$
13,460.8

 
$
11,952.3

 
$
11,779.8

Gross realized gains
277.0

 
422.6

 
374.3

Gross realized losses
(76.7
)
 
(202.5
)
 
(227.2
)
Securities Lending Programs
The remaining contractual maturity of our securities lending agreements at December 31, 2017 is as follows:
 
Overnight and Continuous
 
Less than 30 days
 
30-90 days
 
Greater Than 90 days
 
Total
Securities lending transactions
 
 
 
 
 
 
 
 
 
United States Government securities
$
16.3

 
$
—

 
$
6.1

 
$
—

 
$
22.4

Corporate securities
368.6

 
—

 
—

 
—

 
368.6

Equity securities
63.4

 
—

 
—

 
—

 
63.4

Total
$
448.3

 
$
—

 
$
6.1

 
$
—

 
$
454.4