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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Schedule of fixed maturities for available for sale and equity securities
At December 31, 2016, the amortized cost, gross unrealized gains and losses, estimated fair value and other-than-temporary impairments in accumulated other comprehensive income of fixed maturities, available for sale, and equity securities were as follows (dollars in millions):

 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Estimated
fair
value
 
Other-than-temporary impairments included in accumulated other comprehensive income
Investment grade (a):
 
 
 
 
 
 
 
 
 
Corporate securities
$
11,582.6

 
$
1,073.9

 
$
(99.8
)
 
$
12,556.7

 
$
—

United States Treasury securities and obligations of United States government corporations and agencies
143.8

 
20.5

 
—

 
164.3

 
—

States and political subdivisions
1,798.2

 
186.7

 
(7.9
)
 
1,977.0

 
—

Debt securities issued by foreign governments
37.1

 
.2

 
(.4
)
 
36.9

 
—

Asset-backed securities
1,169.6

 
29.2

 
(8.7
)
 
1,190.1

 
—

Collateralized debt obligations
227.5

 
1.0

 
(.3
)
 
228.2

 
—

Commercial mortgage-backed securities
1,467.2

 
32.9

 
(26.6
)
 
1,473.5

 
—

Mortgage pass-through securities
2.3

 
.2

 
—

 
2.5

 
—

Collateralized mortgage obligations
304.8

 
14.6

 
(.2
)
 
319.2

 
—

Total investment grade fixed maturities, available for sale
16,733.1

 
1,359.2

 
(143.9
)
 
17,948.4

 
—

Below-investment grade (a) (b):
 

 
 

 
 

 
 

 
 
Corporate securities
967.3

 
26.1

 
(39.2
)
 
954.2

 
(3.6
)
States and political subdivisions
13.6

 
—

 
(1.7
)
 
11.9

 
(3.0
)
Asset-backed securities
1,471.9

 
55.1

 
(6.8
)
 
1,520.2

 
—

Collateralized debt obligations
2.5

 
—

 
—

 
2.5

 
—

Commercial mortgage-backed securities
63.8

 
.2

 
(1.3
)
 
62.7

 
—

Collateralized mortgage obligations
550.9

 
46.8

 
(1.4
)
 
596.3

 
(1.4
)
Total below-investment grade fixed maturities, available for sale
3,070.0

 
128.2

 
(50.4
)
 
3,147.8

 
(8.0
)
Total fixed maturities, available for sale
$
19,803.1

 
$
1,487.4

 
$
(194.3
)
 
$
21,096.2

 
$
(8.0
)
Equity securities
$
580.7

 
$
11.5

 
$
(8.0
)
 
$
584.2

 
 
_______________
(a)
Investment ratings – Investment ratings are assigned the second lowest rating by Nationally Recognized Statistical Rating Organizations ("NRSROs") (Moody's Investor Services, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch")), or if not rated by such firms, the rating assigned by the National Association of Insurance Commissioners (the "NAIC").  NAIC designations of "1" or "2" include fixed maturities generally rated investment grade (rated "Baa3" or higher by Moody's or rated "BBB-" or higher by S&P and Fitch).  NAIC designations of "3" through "6" are referred to as below-investment grade (which generally are rated "Ba1" or lower by Moody's or rated "BB+" or lower by S&P and Fitch).  References to investment grade or below-investment grade throughout our consolidated financial statements are determined as described above.
(b)
Certain structured securities rated below-investment grade by NRSROs may be assigned a NAIC 1 or NAIC 2 designation based on the cost basis of the security relative to estimated recoverable amounts as determined by the NAIC. Refer to the table below for a summary of our fixed maturity securities, available for sale, by NAIC designations.
Schedule of NAIC designations and NRSRO equivalent ratings
The following summarizes the NAIC designations and NRSRO equivalent ratings:

NAIC Designation
 
NRSRO Equivalent Rating
1
 
AAA/AA/A
2
 
BBB
3
 
BB
4
 
B
5
 
CCC and lower
6
 
In or near default
Summary of fixed maturity securities available for sale
A summary of our fixed maturity securities, available for sale, by NAIC designations (or for fixed maturity securities held by non-regulated entities, based on NRSRO ratings) as of December 31, 2016 is as follows (dollars in millions):

NAIC designation
 
Amortized cost
 
Estimated fair value
 
Percentage of total estimated fair value
1
 
$
9,715.7

 
$
10,463.2

 
49.6
%
2
 
8,973.1

 
9,526.4

 
45.2

Total NAIC 1 and 2 (investment grade)
 
18,688.8

 
19,989.6

 
94.8

3
 
711.7

 
705.4

 
3.3

4
 
233.0

 
229.4

 
1.1

5
 
141.3

 
138.3

 
.6

6
 
28.3

 
33.5

 
.2

Total NAIC 3,4,5 and 6 (below-investment grade)
 
1,114.3

 
1,106.6

 
5.2

 
 
$
19,803.1

 
$
21,096.2

 
100.0
%
Schedule of fixed maturities for available for sale and equity securities
At December 31, 2015, the amortized cost, gross unrealized gains and losses, estimated fair value and other-than-temporary impairments in accumulated other comprehensive income of fixed maturities, available for sale, and equity securities were as follows (dollars in millions):

 
Amortized
cost
 
Gross
unrealized
gains
 
Gross
unrealized
losses
 
Estimated
fair
value
 
Other-than-temporary impairments included in accumulated other comprehensive income
Investment grade:
 
 
 
 
 
 
 
 
 
Corporate securities
$
11,477.5

 
$
929.4

 
$
(262.9
)
 
$
12,144.0

 
$
—

United States Treasury securities and obligations of United States government corporations and agencies
172.5

 
22.3

 
(.3
)
 
194.5

 
—

States and political subdivisions
1,889.6

 
208.6

 
(3.7
)
 
2,094.5

 
—

Debt securities issued by foreign governments
18.9

 
—

 
(.6
)
 
18.3

 
—

Asset-backed securities
979.8

 
22.1

 
(7.2
)
 
994.7

 
—

Collateralized debt obligations
188.5

 
.4

 
(2.2
)
 
186.7

 
—

Commercial mortgage-backed securities
1,531.7

 
41.3

 
(16.3
)
 
1,556.7

 
—

Mortgage pass-through securities
3.1

 
.3

 
—

 
3.4

 
—

Collateralized mortgage obligations
450.9

 
17.0

 
(.6
)
 
467.3

 
—

Total investment grade fixed maturities, available for sale
16,712.5

 
1,241.4

 
(293.8
)
 
17,660.1

 
—

Below-investment grade:
 

 
 

 
 

 
 

 
 
Corporate securities
798.5

 
8.3

 
(82.3
)
 
724.5

 
—

States and political subdivisions
13.6

 
—

 
(3.9
)
 
9.7

 
(3.0
)
Debt securities issued by foreign governments
2.4

 
—

 
—

 
2.4

 
—

Asset-backed securities
838.0

 
25.7

 
(6.2
)
 
857.5

 
—

Commercial mortgage-backed securities
49.9

 
—

 
(1.3
)
 
48.6

 
—

Collateralized mortgage obligations
532.1

 
49.0

 
(1.0
)
 
580.1

 
(1.9
)
Total below-investment grade fixed maturities, available for sale
2,234.5

 
83.0

 
(94.7
)
 
2,222.8

 
(4.9
)
Total fixed maturities, available for sale
$
18,947.0

 
$
1,324.4

 
$
(388.5
)
 
$
19,882.9

 
$
(4.9
)
Equity securities
$
447.4

 
$
18.4

 
$
(2.8
)
 
$
463.0

 
 
Schedule of accumulated other comprehensive income (loss)
Accumulated other comprehensive income is primarily comprised of the net effect of unrealized appreciation (depreciation) on our investments.  These amounts, included in shareholders' equity as of December 31, 2016 and 2015, were as follows (dollars in millions):

 
2016
 
2015
Net unrealized appreciation (depreciation) on fixed maturity securities, available for sale, on which an other-than-temporary impairment loss has been recognized
$
(1.1
)
 
$
1.6

Net unrealized gains on all other investments
1,311.9

 
903.4

Adjustment to present value of future profits (a)
(106.2
)
 
(121.2
)
Adjustment to deferred acquisition costs
(223.5
)
 
(133.3
)
Adjustment to insurance liabilities
(13.5
)
 
(14.6
)
Unrecognized net loss related to deferred compensation plan
—

 
(8.6
)
Deferred income tax liabilities
(345.2
)
 
(224.5
)
Accumulated other comprehensive income
$
622.4

 
$
402.8

________
(a)
The present value of future profits is the value assigned to the right to receive future cash flows from contracts existing at September 10, 2003, the date our Predecessor emerged from bankruptcy.
Schedule of investments classified by contractual maturity date
The following table sets forth the amortized cost and estimated fair value of fixed maturities, available for sale, at December 31, 2016, by contractual maturity.  Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.  Structured securities (such as asset-backed securities, collateralized debt obligations, commercial mortgage-backed securities, mortgage pass-through securities and collateralized mortgage obligations, collectively referred to as "structured securities") frequently include provisions for periodic principal payments and permit periodic unscheduled payments.

 
Amortized
cost
 
Estimated
fair
value
 
(Dollars in millions)
Due in one year or less
$
354.7

 
$
359.8

Due after one year through five years
2,243.8

 
2,399.5

Due after five years through ten years
1,549.1

 
1,620.8

Due after ten years
10,395.0

 
11,320.9

Subtotal
14,542.6

 
15,701.0

Structured securities
5,260.5

 
5,395.2

Total fixed maturities, available for sale
$
19,803.1

 
$
21,096.2
Schedule of investment income
Net investment income consisted of the following (dollars in millions):

 
2016
 
2015
 
2014
General account assets:
 
 
 
 
 
Fixed maturities
$
1,081.4

 
$
1,090.1

 
$
1,175.8

Equity securities
21.5

 
18.3

 
13.9

Mortgage loans
91.0

 
91.4

 
104.2

Policy loans
7.3

 
7.3

 
11.0

Other invested assets
24.3

 
17.4

 
17.1

Cash and cash equivalents
2.0

 
.8

 
.6

Policyholder and reinsurer accounts and other special-purpose portfolios:
 
 
 
 
 
Trading securities (a)
12.2

 
10.7

 
14.8

Options related to fixed index products:
 
 
 
 
 
Option income (loss)
(40.1
)
 
36.5

 
118.9

Change in value of options
69.3

 
(72.7
)
 
(49.4
)
Other special-purpose portfolios
79.7

 
55.5

 
42.1

Gross investment income
1,348.6

 
1,255.3

 
1,449.0

Less investment expenses
23.4

 
21.7

 
21.6

Net investment income
$
1,325.2

 
$
1,233.6

 
$
1,427.4

_________________
(a)
Changes in the estimated fair value for trading securities still held as of the end of the respective years and included in net investment income were $(.2) million, $.4 million and $3.4 million for the years ended December 31, 2016, 2015 and 2014, respectively.
Schedule of realized gain (loss) on investments
The following table sets forth the net realized investment gains (losses) for the periods indicated (dollars in millions):

 
2016
 
2015
 
2014
Fixed maturity securities, available for sale:
 
 
 
 
 
Gross realized gains on sale
$
137.7

 
$
95.7

 
$
64.4

Gross realized losses on sale
(95.2
)
 
(88.4
)
 
(13.0
)
Impairments:
 
 
 
 
 
Total other-than-temporary impairment losses
(15.2
)
 
(17.9
)
 
—

Other-than-temporary impairment losses recognized in accumulated other comprehensive income
3.6

 
3.0

 
—

Net impairment losses recognized
(11.6
)
 
(14.9
)
 
—

Net realized investment gains (losses) from fixed maturities
30.9

 
(7.6
)
 
51.4

Equity securities
20.9

 
3.7

 
10.1

Commercial mortgage loans
—

 
(2.3
)
 
(.1
)
Impairments on preferred stock and other investments
(20.7
)
 
(25.0
)
 
(27.3
)
Gain (loss) on dissolution of variable interest entities
(7.3
)
 
11.3

 
—

Other (a)
(15.5
)
 
(16.7
)
 
2.6

Net realized investment gains (losses)
$
8.3

 
$
(36.6
)
 
$
36.7


_________________
(a)
Changes in the estimated fair value of trading securities that we have elected the fair value option (and still held as of the end of the respective periods) were $(.5) million, $(9.2) million and $7.8 million for the years ended December 31, 2016, 2015 and 2014, respectively.
Schedule of credit losses recognized in earnings
The following table summarizes the amount of credit losses recognized in earnings on fixed maturity securities, available for sale, held at the beginning of the period, for which a portion of the other-than-temporary impairment was also recognized in accumulated other comprehensive income for years ended December 31, 2016, 2015 and 2014 (dollars in millions):

 
Year ended
 
December 31,
 
2016
 
2015
 
2014
Credit losses on fixed maturity securities, available for sale, beginning of period
$
(2.6
)
 
$
(1.0
)
 
$
(1.3
)
Add:  credit losses on other-than-temporary impairments not previously recognized
(3.0
)
 
(2.0
)
 
—

Less:  credit losses on securities sold
.1

 
.4

 
.3

Less:  credit losses on securities impaired due to intent to sell (a)
—

 
—

 
—

Add:  credit losses on previously impaired securities
—

 
—

 
—

Less:  increases in cash flows expected on previously impaired securities
—

 
—

 
—

Credit losses on fixed maturity securities, available for sale, end of period
$
(5.5
)
 
$
(2.6
)
 
$
(1.0
)
__________
(a)
Represents securities for which the amount previously recognized in accumulated other comprehensive income was recognized in earnings because we intend to sell the security or we more likely than not will be required to sell the security before recovery of its amortized cost basis.
Schedule of investments with unrealized losses classified by contractual maturity date
The following table sets forth the amortized cost and estimated fair value of those fixed maturities, available for sale, with unrealized losses at December 31, 2016, by contractual maturity.  Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.  Structured securities frequently include provisions for periodic principal payments and permit periodic unscheduled payments.

 
Amortized
cost
 
Estimated
fair
value
 
(Dollars in millions)
Due in one year or less
$
35.7

 
$
35.0

Due after one year through five years
150.4

 
145.9

Due after five years through ten years
389.3

 
370.9

Due after ten years
2,262.3

 
2,136.9

Subtotal
2,837.7

 
2,688.7

Structured securities
1,857.2

 
1,811.9

Total
$
4,694.9

 
$
4,500.6
Schedule of investments in our portfolio rated below-investment grade which have been continuously in an unrealized loss position
The following summarizes the investments in our portfolio rated below-investment grade which have been continuously in an unrealized loss position exceeding 20 percent of the cost basis for the period indicated as of December 31, 2016 (dollars in millions):

 
Number
of issuers
 
Cost
basis
 
Unrealized
loss
 
Estimated
fair value
Less than 6 months
4
 
$
53.8

 
$
(12.1
)
 
$
41.7

Greater than 12 months
1
 
.7

 
(.2
)
 
.5

 
 
 
$
54.5

 
$
(12.3
)
 
$
42.2


The following summarizes the investments sold at a loss during 2016 which had been continuously in an unrealized loss position exceeding 20 percent of the amortized cost basis prior to the sale for the period indicated (dollars in millions):

 
 
 
At date of sale
 
Number
of issuers
 
Amortized cost
 
Fair value
Less than 6 months prior to sale
19
 
$
119.3

 
$
79.2

Greater than or equal to 6 months and less than 12 months prior to sale
7
 
76.4

 
45.6

 
26
 
$
195.7

 
$
124.8
Schedule of unrealized loss on investments
The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at December 31, 2016 (dollars in millions):

 
 
Less than 12 months
 
12 months or greater
 
Total
Description of securities
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
United States Treasury securities and obligations of United States government corporations and agencies
 
$
8.0

 
$
—

 
$
—

 
$
—

 
$
8.0

 
$
—

States and political subdivisions
 
176.3

 
(7.8
)
 
18.3

 
(1.8
)
 
194.6

 
(9.6
)
Debt securities issued by foreign governments
 
18.9

 
(.4
)
 
—

 
—

 
18.9

 
(.4
)
Corporate securities
 
1,907.6

 
(75.5
)
 
559.6

 
(63.5
)
 
2,467.2

 
(139.0
)
Asset-backed securities
 
692.9

 
(8.5
)
 
262.5

 
(7.0
)
 
955.4

 
(15.5
)
Collateralized debt obligations
 
38.3

 
(.1
)
 
30.8

 
(.2
)
 
69.1

 
(.3
)
Commercial mortgage-backed securities
 
525.2

 
(16.6
)
 
154.0

 
(11.3
)
 
679.2

 
(27.9
)
Collateralized mortgage obligations
 
73.6

 
(.6
)
 
34.6

 
(1.0
)
 
108.2

 
(1.6
)
Total fixed maturities, available for sale
 
$
3,440.8

 
$
(109.5
)
 
$
1,059.8

 
$
(84.8
)
 
$
4,500.6

 
$
(194.3
)
Equity securities
 
$
239.4

 
$
(8.0
)
 
$
—

 
$
—

 
$
239.4

 
$
(8.0
)

The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at December 31, 2015 (dollars in millions):

 
 
Less than 12 months
 
12 months or greater
 
Total
Description of securities
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
United States Treasury securities and obligations of United States government corporations and agencies
 
$
43.6

 
$
(.3
)
 
$
—

 
$
—

 
$
43.6

 
$
(.3
)
States and political subdivisions
 
156.8

 
(4.1
)
 
14.8

 
(3.5
)
 
171.6

 
(7.6
)
Debt securities issued by foreign governments
 
20.7

 
(.6
)
 
—

 
—

 
20.7

 
(.6
)
Corporate securities
 
2,913.6

 
(255.7
)
 
278.9

 
(89.5
)
 
3,192.5

 
(345.2
)
Asset-backed securities
 
930.3

 
(11.7
)
 
98.4

 
(1.7
)
 
1,028.7

 
(13.4
)
Collateralized debt obligations
 
96.2

 
(1.8
)
 
36.3

 
(.4
)
 
132.5

 
(2.2
)
Commercial mortgage-backed securities
 
556.0

 
(16.1
)
 
25.7

 
(1.5
)
 
581.7

 
(17.6
)
Mortgage pass-through securities
 
—

 
—

 
.1

 
—

 
.1

 
—

Collateralized mortgage obligations
 
97.8

 
(1.0
)
 
40.8

 
(.6
)
 
138.6

 
(1.6
)
Total fixed maturities, available for sale
 
$
4,815.0

 
$
(291.3
)
 
$
495.0

 
$
(97.2
)
 
$
5,310.0

 
$
(388.5
)
Equity securities
 
$
140.1

 
$
(2.4
)
 
$
2.4

 
$
(.4
)
 
$
142.5

 
$
(2.8
)
Schedule of structured securities
The following table sets forth the par value, amortized cost and estimated fair value of structured securities, summarized by interest rates on the underlying collateral, at December 31, 2016 (dollars in millions):

 
Par
value
 
Amortized
cost
 
Estimated
fair value
Below 4 percent
$
1,993.9

 
$
1,523.5

 
$
1,535.4

4 percent – 5 percent
1,757.6

 
1,592.5

 
1,624.7

5 percent – 6 percent
1,772.2

 
1,602.2

 
1,666.7

6 percent – 7 percent
388.1

 
348.0

 
364.5

7 percent – 8 percent
55.8

 
56.2

 
65.6

8 percent and above
138.7

 
138.1

 
138.3

Total structured securities
$
6,106.3

 
$
5,260.5

 
$
5,395.2


The amortized cost and estimated fair value of structured securities at December 31, 2016, summarized by type of security, were as follows (dollars in millions):

 
 
 
Estimated fair value
Type
Amortized
cost
 
Amount
 
Percent
of fixed
maturities
Pass-throughs, sequential and equivalent securities
$
664.8

 
$
710.6

 
3.4
%
Planned amortization classes, target amortization classes and accretion-directed bonds
142.5

 
156.4

 
.7

Commercial mortgage-backed securities
1,531.0

 
1,536.2

 
7.3

Asset-backed securities
2,641.5

 
2,710.3

 
12.9

Collateralized debt obligations
230.0

 
230.7

 
1.1

Other
50.7

 
51.0

 
.2

Total structured securities
$
5,260.5

 
$
5,395.2

 
25.6
%
Summary of weighted average loan-to-value ratio for outstanding mortgage loans
The following table provides the carrying value and estimated fair value of our outstanding mortgage loans and the underlying collateral as of December 31, 2016 (dollars in millions):

 
 
 
Estimated fair
value
Loan-to-value ratio (a)
Carrying value
 
Mortgage loans
 
Collateral
Less than 60%
$
976.5

 
$
1,004.2

 
$
2,393.0

60% to 70%
394.7

 
396.7

 
596.2

Greater than 70% to 80%
282.3

 
286.2

 
385.1

Greater than 80% to 90%
75.3

 
74.0

 
89.5

Greater than 90%
39.2

 
39.0

 
42.0

Total
$
1,768.0

 
$
1,800.1

 
$
3,505.8

________________
(a)
Loan-to-value ratios are calculated as the ratio of:  (i) the carrying value of the commercial mortgage loans; to (ii) the estimated fair value of the underlying collateral.