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Investments (Tables)
3 Months Ended
Mar. 31, 2014
Available-for-sale Securities, Including Securities Pledged [Line Items]  
Marketable Securities
Available-for-sale and fair value option ("FVO") fixed maturities and equity securities were as follows as of March 31, 2014:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
4,991.6

 
$
315.6

 
$
44.1

 
$

 
$
5,263.1

 
$

U.S. Government agencies and authorities
610.6

 
33.7

 
0.2

 

 
644.1

 

State, municipalities and political subdivisions
276.5

 
17.5

 
0.4

 

 
293.6

 

U.S. corporate securities
36,658.8

 
2,876.3

 
361.6

 

 
39,173.5

 
11.8

 
 
 
 
 
 
 
 
 
 
 
 
Foreign securities(1):
 
 
 
 
 
 
 
 
 
 
 
Government
886.3

 
45.0

 
24.1

 

 
907.2

 

Other
14,859.9

 
1,062.2

 
88.7

 

 
15,833.4

 

Total foreign securities
15,746.2

 
1,107.2

 
112.8

 

 
16,740.6

 

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
5,319.7

 
432.7

 
41.9

 
76.2

 
5,786.7

 
0.3

Non-Agency
1,054.7

 
175.3

 
10.9

 
46.9

 
1,266.0

 
93.3

Total Residential mortgage-backed securities
6,374.4

 
608.0

 
52.8

 
123.1

 
7,052.7

 
93.6

Commercial mortgage-backed securities
3,472.8

 
323.9

 
0.6

 

 
3,796.1

 

Other asset-backed securities
1,789.4

 
81.4

 
31.4

 

 
1,839.4

 
5.0

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
69,920.3

 
5,363.6

 
603.9

 
123.1

 
74,803.1

 
110.4

Less: Securities pledged
1,230.3

 
50.4

 
9.4

 

 
1,271.3

 

Total fixed maturities
68,690.0

 
5,313.2

 
594.5

 
123.1

 
73,531.8

 
110.4

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
194.3

 
2.3

 
0.2

 

 
196.4

 

Preferred stock
50.5

 
29.7

 

 

 
80.2

 

Total equity securities
244.8

 
32.0

 
0.2

 

 
276.6

 

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
68,934.8

 
$
5,345.2

 
$
594.7

 
$
123.1

 
$
73,808.4

 
$
110.4

(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Represents Other-than-Temporary-Impairments ("OTTI") reported as a component of Other comprehensive income.

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2013:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
5,094.0

 
$
174.0

 
$
86.8

 
$

 
$
5,181.2

 
$

U.S. Government agencies and authorities
598.0

 
22.3

 
1.4

 

 
618.9

 

State, municipalities and political subdivisions
272.0

 
10.6

 
1.5

 

 
281.1

 

U.S. corporate securities
36,010.3

 
2,174.5

 
706.2

 

 
37,478.6

 
12.8

 
 
 
 
 
 
 
 
 
 
 
 
Foreign securities(1):
 
 
 
 
 
 
 
 
 
 
 
Government
1,044.0

 
49.6

 
42.2

 

 
1,051.4

 

Other
14,617.4

 
864.2

 
176.5

 

 
15,305.1

 

Total foreign securities
15,661.4

 
913.8

 
218.7

 

 
16,356.5

 

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
5,379.2

 
431.1

 
62.1

 
79.2

 
5,827.4

 
0.4

Non-Agency
1,101.1

 
166.2

 
18.3

 
47.3

 
1,296.3

 
103.2

Total Residential mortgage-backed securities
6,480.3

 
597.3

 
80.4

 
126.5

 
7,123.7

 
103.6

Commercial mortgage-backed securities
3,427.9

 
327.7

 
3.5

 

 
3,752.1

 
4.4

Other asset-backed securities
1,883.1

 
81.6

 
38.0

 

 
1,926.7

 
5.2

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
69,427.0

 
4,301.8

 
1,136.5

 
126.5

 
72,718.8

 
126.0

Less: Securities pledged
1,457.9

 
24.6

 
16.8

 

 
1,465.7

 

Total fixed maturities
67,969.1

 
4,277.2

 
1,119.7

 
126.5

 
71,253.1

 
126.0

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
214.3

 
5.1

 
0.9

 

 
218.5

 

Preferred stock
53.1

 
43.4

 
0.6

 

 
95.9

 

Total equity securities
267.4

 
48.5

 
1.5

 

 
314.4

 

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
68,236.5

 
$
4,325.7

 
$
1,121.2

 
$
126.5

 
$
71,567.5

 
$
126.0

(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Represents OTTI reported as a component of Other comprehensive income.


Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2014, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.
 
Amortized
Cost
 
Fair
Value
Due to mature:
 
 
 
One year or less
$
1,999.3

 
$
2,032.5

After one year through five years
13,858.5

 
14,748.5

After five years through ten years
21,329.9

 
22,070.1

After ten years
21,096.0

 
23,263.8

Mortgage-backed securities
9,847.2

 
10,848.8

Other asset-backed securities
1,789.4

 
1,839.4

Fixed maturities, including securities pledged
$
69,920.3

 
$
74,803.1

U.S. and Foreign Corporate Securities by Industry
The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:
 
Amortized
Cost
 
Gross
Unrealized
Capital
Gains
 
Gross
Unrealized
Capital
Losses
 
Fair
Value
March 31, 2014
 
 
 
 
 
 
 
Communications
$
3,966.9

 
$
403.4

 
$
29.2

 
$
4,341.1

Financial
6,990.9

 
675.5

 
42.7

 
7,623.7

Industrial and other companies
29,959.3

 
1,964.8

 
293.2

 
31,630.9

Utilities
9,165.5

 
778.4

 
70.8

 
9,873.1

Transportation
1,436.1

 
116.4

 
14.4

 
1,538.1

Total
$
51,518.7

 
$
3,938.5

 
$
450.3

 
$
55,006.9

 
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
 
Communications
$
4,016.2

 
$
293.0

 
$
73.4

 
$
4,235.8

Financial
6,640.7

 
566.6

 
72.6

 
7,134.7

Industrial and other companies
29,303.1

 
1,524.5

 
564.5

 
30,263.1

Utilities
9,200.6

 
570.0

 
142.2

 
9,628.4

Transportation
1,467.1

 
84.6

 
30.0

 
1,521.7

Total
$
50,627.7

 
$
3,038.7

 
$
882.7

 
$
52,783.7

Schedule of Unrealized Loss on Investments
Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of March 31, 2014:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
1,315.7

 
$
7.9

 
$
927.9

 
$
29.4

 
$
45.1

 
$
6.8

 
$
2,288.7

 
$
44.1

U.S. Government agencies and authorities
6.8

 

*
57.5

 
0.2

 

 

 
64.3

 
0.2

U.S. corporate, state and municipalities
1,316.4

 
14.2

 
5,743.4

 
247.1

 
1,112.8

 
100.7

 
8,172.6

 
362.0

Foreign
345.1

 
2.4

 
1,842.9

 
84.5

 
295.9

 
25.9

 
2,483.9

 
112.8

Residential mortgage-backed
427.1

 
2.7

 
950.4

 
27.1

 
392.2

 
23.0

 
1,769.7

 
52.8

Commercial mortgage-backed
28.6

 
0.6

 

 

 

 

 
28.6

 
0.6

Other asset-backed
146.7

 
0.7

 
45.9

 
0.4

 
288.1

 
30.3

 
480.7

 
31.4

Total
$
3,586.4

 
$
28.5

 
$
9,568.0

 
$
388.7

 
$
2,134.1

 
$
186.7

 
$
15,288.5

 
$
603.9

* Less than $0.1


Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2013:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
1,559.5

 
$
24.3

 
$
1,087.6

 
$
52.6

 
$
41.9

 
$
9.9

 
$
2,689.0

 
$
86.8

U.S. Government agencies and authorities
9.5

 

*
55.9

 
1.4

 

 

 
65.4

 
1.4

U.S. corporate, state and municipalities
3,524.9

 
78.5

 
6,893.9

 
519.6

 
821.9

 
109.6

 
11,240.7

 
707.7

Foreign
1,133.6

 
16.0

 
2,447.8

 
184.3

 
179.1

 
18.4

 
3,760.5

 
218.7

Residential mortgage-backed
919.1

 
8.3

 
1,019.6

 
40.6

 
377.9

 
31.5

 
2,316.6

 
80.4

Commercial mortgage-backed
235.8

 
3.3

 

 

 
6.2

 
0.2

 
242.0

 
3.5

Other asset-backed
150.6

 
0.9

 
105.5

 
1.5

 
299.3

 
35.6

 
555.4

 
38.0

Total
$
7,533.0

 
$
131.3

 
$
11,610.3

 
$
800.0

 
$
1,726.3

 
$
205.2

 
$
20,869.6

 
$
1,136.5

* Less than $0.1

Schedule of Loan-to-Value, Credit Enhancement and Fixed Floating Rates for RMBS and Other ABS in a Gross Unrealized Loss Position
The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for residential mortgage-backed securities ("RMBS") and Other ABS in a gross unrealized loss position as of the dates indicated:
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
March 31, 2014
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
38.9

 
$
2.6

 
$
4.2

 
$
0.6

Non-agency RMBS 90% - 100%
80.5

 
7.1

 
5.1

 
1.6

Non-agency RMBS 80% - 90%
99.9

 
4.8

 
9.1

 
1.2

Non-agency RMBS < 80%
281.0

 
6.8

 
15.7

 
2.1

Agency RMBS
1,605.8

 
4.5

 
39.3

 
2.6

Other ABS (Non-RMBS)
200.6

 
2.1

 
2.2

 
0.5

Total RMBS and Other ABS
$
2,306.7

 
$
27.9

 
$
75.6

 
$
8.6

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
March 31, 2014
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS 10% +
$
387.3

 
$
17.9

 
$
27.8

 
$
4.4

Non-agency RMBS 5% - 10%
20.6

 

 
0.7

 

Non-agency RMBS 0% - 5%
34.1

 

 
1.0

 

Non-agency RMBS 0%
58.3

 
3.4

 
4.6

 
1.1

Agency RMBS
1,605.8

 
4.5

 
39.3

 
2.6

Other ABS (Non-RMBS)
200.6

 
2.1

 
2.2

 
0.5

Total RMBS and Other ABS
$
2,306.7

 
$
27.9

 
$
75.6

 
$
8.6

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
March 31, 2014
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
1,317.3

 
$
4.2

 
$
36.3

 
$
1.4

Floating Rate
989.4

 
23.7

 
39.3

 
7.2

Total
$
2,306.7

 
$
27.9

 
$
75.6

 
$
8.6

(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
75.7

 
$
36.4

 
$
2.9

 
$
8.3

Non-agency RMBS 90% - 100%
156.8

 
24.1

 
8.6

 
5.7

Non-agency RMBS 80% - 90%
151.3

 
5.9

 
8.4

 
1.7

Non-agency RMBS < 80%
284.7

 
8.0

 
15.5

 
2.2

Agency RMBS
2,008.9

 
11.3

 
57.9

 
4.2

Other ABS (Non-RMBS)
225.2

 
2.1

 
2.5

 
0.5

Total RMBS and Other ABS
$
2,902.6

 
$
87.8

 
$
95.8

 
$
22.6

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
Non-agency RMBS 10% +
$
407.1

 
$
47.7

 
$
27.6

 
$
11.1

Non-agency RMBS 5% - 10%
43.9

 
0.8

 
1.2

 
0.2

Non-agency RMBS 0% - 5%
90.4

 
3.9

 
1.9

 
0.8

Non-agency RMBS 0%
127.1

 
22.0

 
4.7

 
5.8

Agency RMBS
2,008.9

 
11.3

 
57.9

 
4.2

Other ABS (Non-RMBS)
225.2

 
2.1

 
2.5

 
0.5

Total RMBS and Other ABS
$
2,902.6

 
$
87.8

 
$
95.8

 
$
22.6

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
1,723.7

 
$
4.4

 
$
50.5

 
$
1.6

Floating Rate
1,178.9

 
83.4

 
45.3

 
21.0

Total
$
2,902.6

 
$
87.8

 
$
95.8

 
$
22.6

(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.
Schedule of Mortgage Loans Real Estate and Valuation Allowance
The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated:
 
March 31, 2014
 
December 31, 2013
Collective valuation allowance for losses, balance at January 1
$
3.8

 
$
3.9

Addition to (reduction of) allowance for losses
(0.4
)
 
(0.1
)
Collective valuation allowance for losses, end of period
$
3.4

 
$
3.8

The following table summarizes the Company's investment in mortgage loans as of the dates indicated:
 
March 31, 2014
 
December 31, 2013
Commercial mortgage loans
$
9,261.5

 
$
9,316.0

Collective valuation allowance
(3.4
)
 
(3.8
)
Total net commercial mortgage loans
$
9,258.1

 
$
9,312.2

Impaired Financing Receivables
The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:
 
March 31, 2014
 
December 31, 2013
Impaired loans with allowances for losses
$

 
$

Impaired loans without allowances for losses
94.2

 
94.3

Subtotal
94.2

 
94.3

Less: Allowances for losses on impaired loans

 

Impaired loans, net
$
94.2

 
$
94.3

Unpaid principal balance of impaired loans
$
96.6

 
$
96.7

Past Due Financing Receivables, Impaired Financing Receivables, Troubled Debt Restructurings on Financing Receivables, and Loans in Foreclosure
The following table presents information on impaired loans, restructured loans, loans 90 days or more past due and loans in foreclosure as of the dates indicated:
 
March 31, 2014
 
December 31, 2013
Troubled debt restructured loans
$
86.6

 
$
86.6

Loans 90 days or more past due, interest no longer accruing, at amortized cost

 
5.1

Loans in foreclosure, at amortized cost

 

Unpaid principal balance of loans 90 days or more past due, interest no longer accruing

 
5.1

Interest Income Recognized on Impaired and Restructured Loans
The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:
 
Three Months Ended March 31,
 
2014
 
2013
Impaired loans, average investment during the period (amortized cost) (1)
$
94.2

 
$
16.9

Interest income recognized on impaired loans, on an accrual basis (1)
1.3

 
0.2

Interest income recognized on impaired loans, on a cash basis (1)
1.0

 
0.2

Interest income recognized on troubled debt restructured loans, on an accrual basis
1.2

 


(1) Includes amounts for Troubled debt restructured loans.

Loans Receivable, Grouped by Loan to Value and Debt Service Coverage Ratio
The following table presents the LTV ratios as of the dates indicated:
 
March 31, 2014 (1)
 
December 31, 2013(1)
Loan-to-Value Ratio:
 
 
 
0% - 50%
$
1,604.3

 
$
1,782.6

50% - 60%
2,484.6

 
2,390.0

60% - 70%
4,708.8

 
4,668.3

70% - 80%
445.1

 
455.8

80% and above
18.7

 
19.3

Total Commercial mortgage loans
$
9,261.5

 
$
9,316.0

(1) Balances do not include allowance for mortgage loan credit losses.

The following table presents the DSC ratios as of the dates indicated:
 
March 31, 2014 (1)
 
December 31, 2013(1)
Debt Service Coverage Ratio:
 
 
 
Greater than 1.5x
$
6,333.1

 
$
6,346.5

1.25x - 1.5x
1,515.3

 
1,520.9

1.0x - 1.25x
973.2

 
980.6

Less than 1.0x
439.7

 
467.8

Commercial mortgage loans secured by land or construction loans
0.2

 
0.2

Total Commercial mortgage loans
$
9,261.5

 
$
9,316.0

(1) Balances do not include allowance for mortgage loan credit losses.

Mortgage Loans by Geographic Location of Collateral
Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:
 
March 31, 2014 (1)
 
December 31, 2013(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by U.S. Region:
 
 
 
 
 
 
 
Pacific
$
2,369.2

 
25.6
%
 
$
2,281.8

 
24.5
%
South Atlantic
1,964.6

 
21.2
%
 
1,936.0

 
20.8
%
Middle Atlantic
1,113.2

 
12.0
%
 
1,112.0

 
11.9
%
West South Central
1,112.7

 
12.0
%
 
1,122.3

 
12.0
%
East North Central
1,055.6

 
11.4
%
 
1,037.5

 
11.1
%
Mountain
771.7

 
8.3
%
 
790.4

 
8.5
%
West North Central
525.6

 
5.7
%
 
517.2

 
5.6
%
East South Central
198.7

 
2.2
%
 
200.7

 
2.2
%
New England
150.2

 
1.6
%
 
318.1

 
3.4
%
Total Commercial mortgage loans
$
9,261.5

 
100.0
%
 
$
9,316.0

 
100.0
%
(1) Balances do not include allowance for mortgage loan credit losses.

Mortgage Loans by Property Type of Collateral
 
March 31, 2014 (1)
 
December 31, 2013(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by Property Type:
 
 
 
 
 
 
 
Retail
$
2,951.0

 
31.9
%
 
$
2,936.9

 
31.5
%
Industrial
2,818.6

 
30.4
%
 
2,848.0

 
30.6
%
Apartments
1,348.7

 
14.6
%
 
1,296.1

 
13.9
%
Office
1,089.0

 
11.7
%
 
1,242.2

 
13.3
%
Hotel/Motel
382.1

 
4.1
%
 
430.6

 
4.6
%
Mixed Use
305.8

 
3.3
%
 
184.1

 
2.0
%
Other
366.3

 
4.0
%
 
378.1

 
4.1
%
Total Commercial mortgage loans
$
9,261.5

 
100.0
%
 
$
9,316.0

 
100.0
%
(1) Balances do not include allowance for mortgage loan credit losses.

Mortgage Loans by Year of Origination
The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated:
 
March 31, 2014 (1)
 
December 31, 2013(1)
Year of Origination:
 
 
 
2014
$
252.9

 
$

2013
2,187.0

 
2,199.8

2012
1,731.5

 
1,743.3

2011
1,804.9

 
1,835.9

2010
394.4

 
409.8

2009
148.9

 
149.5

2008 and prior
2,741.9

 
2,977.7

Total Commercial mortgage loans
$
9,261.5

 
$
9,316.0

(1) Balances do not include allowance for mortgage loan credit losses.

Other than Temporary Impairment, Credit Losses Recognized in Earnings
The following table identifies the Company's credit-related and intent-related impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:
 
Three Months Ended March 31,
 
2014
 
2013
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
0.4

 
1

 
$

 

Residential mortgage-backed
1.6

 
37

 
3.6

 
74

Commercial mortgage-backed
0.2

 
2

 
0.1

 
2

Other asset-backed
0.1

 
2

 
7.3

 
2

Equity
1.0

 
2

 

 

Total
$
3.3

 
44

 
$
11.0

 
78


Net Investment Income
The following table summarizes Net investment income for the periods indicated:
 
Three Months Ended March 31,
 
2014
 
2013
Fixed maturities
$
984.8

 
$
1,012.6

Equity securities, available-for-sale
3.8

 
2.6

Mortgage loans on real estate
115.3

 
118.2

Policy loans
28.0

 
29.9

Short-term investments and cash equivalents
0.8

 
0.9

Other
14.1

 
35.9

Gross investment income
1,146.8

 
1,200.1

Less: investment expenses
1.2

 
1.4

Net investment income
$
1,145.6

 
$
1,198.7

Realized Gain (Loss) on Investments

Net realized capital gains (losses) were as follows for the periods indicated:
 
Three Months Ended March 31,
 
2014
 
2013
Fixed maturities, available-for-sale, including securities pledged
$
13.7

 
$
9.4

Fixed maturities, at fair value option
(18.9
)
 
(107.6
)
Equity securities, available-for-sale
17.1

 
0.2

Derivatives
53.8

 
(1,099.7
)
Embedded derivative - fixed maturities
(3.3
)
 
(23.3
)
Embedded derivative - product guarantees
(255.1
)
 
346.3

Other investments
2.1

 
(0.1
)
Net realized capital gains (losses)
$
(190.6
)
 
$
(874.8
)
After-tax net realized capital gains (losses)
$
(118.3
)
 
$
(568.7
)

Gain (Loss) on Investments

Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
 
Three Months Ended March 31,
 
2014
 
2013
Proceeds on sales
$
1,494.9

 
$
3,212.7

Gross gains
39.7

 
42.0

Gross losses
19.8

 
14.4

Past Due Financing Receivables [Table Text Block]
The following table presents the aging of past due mortgage loans at carrying value as of the dates indicated:
($ in millions) 
30 days or less past due
 
31 to 90 days past due
 
91 to 180 days past due
 
181 days or more past due
 
Total
As of March 31, 2014
$

 
$

 
$

 
$

 
$

As of December 31, 2013

 
5.1

 

 

 
5.1

Intent related impairment
 
Available-for-sale Securities, Including Securities Pledged [Line Items]  
Other than Temporary Impairment, Credit Losses Recognized in Earnings
The following tables summarize these intent impairments, which are also recognized in earnings, by type for the periods indicated:
 
Three Months Ended March 31,
 
2014
 
2013
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
Commercial mortgage-backed
$
0.2

 
2

 
$
0.1

 
2

Other asset-backed

 

 
7.3

 
2

Total
$
0.2

 
2

 
$
7.4

 
4

Credit related impairment
 
Available-for-sale Securities, Including Securities Pledged [Line Items]  
Other than Temporary Impairment, Credit Losses Recognized in Earnings
The following table identifies the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated:
 
Three Months Ended March 31,
 
2014
 
2013
Balance at January 1
$
102.8

 
$
114.7

Additional credit impairments:
 
 
 
On securities not previously impaired
1.1

 
0.2

On securities previously impaired
1.0

 
3.0

Reductions:
 
 
 
Securities intent impaired

 

Securities sold, matured, prepaid or paid down
(3.8
)
 
(5.5
)
Balance at March 31
$
101.1

 
$
112.4

Duration
 
Available-for-sale Securities, Including Securities Pledged [Line Items]  
Schedule of Unrealized Loss on Investments
Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
3,892.3

 
$
35.4

 
$
69.1

 
$
8.5

 
322

 
9

More than six months and twelve months or less below amortized cost
9,935.5

 
12.9

 
381.6

 
4.1

 
622

 
5

More than twelve months below amortized cost
2,004.7

 
11.6

 
136.9

 
3.7

 
338

 
15

Total
$
15,832.5

 
$
59.9

 
$
587.6

 
$
16.3

 
1,282

 
29

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
7,883.3

 
$
80.5

 
$
166.0

 
$
18.6

 
570

 
20

More than six months and twelve months or less below amortized cost
12,339.7

 
67.6

 
776.8

 
16.7

 
798

 
8

More than twelve months below amortized cost
1,579.2

 
55.8

 
144.5

 
13.9

 
302

 
22

Total
$
21,802.2

 
$
203.9

 
$
1,087.3

 
$
49.2

 
1,670

 
50

Market Sector (Type of Security)
 
Available-for-sale Securities, Including Securities Pledged [Line Items]  
Schedule of Unrealized Loss on Investments
Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
March 31, 2014
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
2,332.8

 
$

 
$
44.1

 
$

 
28

 

U.S. Government agencies and authorities
64.5

 

 
0.2

 

 
3

 

U.S. corporate, state and municipalities
8,506.0

 
28.6

 
355.1

 
6.9

 
520

 
3

Foreign
2,593.3

 
3.4

 
112.0

 
0.8

 
210

 
1

Residential mortgage-backed
1,814.6

 
7.9

 
49.0

 
3.8

 
416

 
15

Commercial mortgage-backed
29.2

 

*
0.6

 

*
8

 
1

Other asset-backed
492.1

 
20.0

 
26.6

 
4.8

 
97

 
9

Total
$
15,832.5

 
$
59.9

 
$
587.6

 
$
16.3

 
1,282

 
29

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
2,750.5

 
$
25.3

 
$
81.4

 
$
5.4

 
32

 
1

U.S. Government agencies and authorities
66.8

 

 
1.4

 

 
3

 

U.S. corporate, state and municipalities
11,892.6

 
55.8

 
694.2

 
13.5

 
744

 
5

Foreign
3,944.2

 
35.0

 
211.0

 
7.7

 
300

 
6

Residential mortgage-backed
2,361.4

 
35.6

 
70.2

 
10.2

 
471

 
25

Commercial mortgage-backed
245.5

 

 
3.5

 

 
16

 

Other asset-backed
541.2

 
52.2

 
25.6

 
12.4

 
104

 
13

Total
$
21,802.2

 
$
203.9

 
$
1,087.3

 
$
49.2

 
1,670

 
50


* Less than $0.1.