INVESTMENTS IN VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of impact on balance sheet of consolidating variable interest entities

The following table provides supplemental information about the assets and liabilities of the VIEs which have been consolidated (dollars in millions):

	December 31, 2016
	VIEs		Eliminations			Net effect on consolidated balance sheet
Assets:
Investments held by variable interest entities	$	1,724.3	$	—		$	1,724.3
Notes receivable of VIEs held by insurance subsidiaries	—		(204.2		)	(204.2		)
Cash and cash equivalents held by variable interest entities	189.3		—			189.3
Accrued investment income	3.0		(.1		)	2.9
Income tax assets, net	6.4		(1.3		)	5.1
Other assets	13.1		(1.8		)	11.3
Total assets	$	1,936.1	$	(207.4	)	$	1,728.7
Liabilities:
Other liabilities	$	81.8	$	(6.4	)	$	75.4
Borrowings related to variable interest entities	1,662.8		—			1,662.8
Notes payable of VIEs held by insurance subsidiaries	203.3		(203.3		)	—
Total liabilities	$	1,947.9	$	(209.7	)	$	1,738.2

	December 31, 2015
	VIEs		Eliminations			Net effect on consolidated balance sheet
Assets:
Investments held by variable interest entities	$	1,633.6	$	—		$	1,633.6
Notes receivable of VIEs held by insurance subsidiaries	—		(204.3		)	(204.3		)
Cash and cash equivalents held by variable interest entities	364.4		—			364.4
Accrued investment income	3.3		—			3.3
Income tax assets, net	26.0		(1.9		)	24.1
Other assets	1.4		(1.5		)	(.1		)
Total assets	$	2,028.7	$	(207.7	)	$	1,821.0
Liabilities:
Other liabilities	$	196.6	$	(7.2	)	$	189.4
Borrowings related to variable interest entities	1,676.4		—			1,676.4
Notes payable of VIEs held by insurance subsidiaries	204.0		(204.0		)	—
Total liabilities	$	2,077.0	$	(211.2	)	$	1,865.8

Supplemental information, revenues and expenses of variable interest entities

The following table provides supplemental information about the revenues and expenses of the VIEs which have been consolidated in accordance with authoritative guidance, after giving effect to the elimination of our investment in the VIEs and investment management fees earned by a subsidiary of the Company (dollars in millions):

	2016			2015			2014
Revenues:
Net investment income – policyholder and reinsurer accounts and other special-purpose portfolios	$	78.9		$	62.1		$	47.2
Fee revenue and other income	6.4			1.6			1.1
Total revenues	85.3			63.7			48.3
Expenses:
Interest expense	53.1			38.8			30.1
Other operating expenses	1.5			2.0			1.2
Total expenses	54.6			40.8			31.3
Income before net realized investment losses and income taxes	30.7			22.9			17.0
Net realized investment losses	(20.4		)	(6.4		)	(2.2		)
Income before income taxes	$	10.3		$	16.5		$	14.8

Summary of variable interest entities by contractual maturity

The following table sets forth the amortized cost and estimated fair value of the investments held by the VIEs 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.

	Amortized cost		Estimated fair value
	(Dollars in millions)
Due in one year or less	$	20.5	$	20.0
Due after one year through five years	846.5		853.1
Due after five years through ten years	841.6		851.2
Total	$	1,708.6	$	1,724.3

The following table sets forth the amortized cost and estimated fair value of those investments held by the VIEs 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.

	Amortized cost		Estimated fair value
	(Dollars in millions)
Due in one year or less	$	10.5	$	9.9
Due after one year through five years	175.2		172.5
Due after five years through ten years	55.8		55.3
Total	$	241.5	$	237.7