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Fair Values of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
The following tables present additional information about our private equity partnerships, including commitments for additional investments which may or may not be funded:

December 31, 2019
Investment CategoryFair ValueRedemption Term / Redemption NoticeUnfunded Commitments
(in millions of dollars)(in millions of dollars)
Private Credit(a)$223.6  Not redeemable$152.6  
39.6  Initial 2 year lock on each new investment / Quarterly after 2 year lock with 90 days notice0.1  
Total Private Credit263.2  152.7  
Private Equity(b)149.3  Not redeemable166.8  
Real Assets(c)173.8  Not redeemable130.6  
30.4  Quarterly / 90 days notice25.0  
Total Real Assets204.2  155.6  
Total Partnerships$616.7  $475.1  


December 31, 2018
Investment CategoryFair ValueRedemption Term / Redemption NoticeUnfunded Commitments
(in millions of dollars)(in millions of dollars)
Private Credit(a)$168.6  Not redeemable$99.5  
25.7  Initial 2 year lock on each new investment / Quarterly after 2 year lock with 90 days notice10.3  
Total Private Credit194.3  109.8  
Private Equity(b)128.3  Not redeemable169.5  
Real Assets(c)131.0  Not redeemable106.0  
30.2  Quarterly / 90 days notice—  
Total Real Assets161.2  106.0  
Total Partnerships$483.8  $385.3  
(a)Private Credit - The limited partnerships described in this category employ various investment strategies, generally providing direct lending or other forms of debt financing including first-lien, second-lien, mezzanine, and subordinated loans. The limited partnerships have credit exposure to corporates, physical assets, and/or financial assets within a variety of industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail) in North America and, to a lesser extent, outside of North America.  As of December 31, 2019, the estimated remaining life of the investments that do not allow for redemptions is approximately 43 percent in the next 3 years, 25 percent during the period from 3 to 5 years, 30 percent during the period from 5 to 10 years, and 2 percent during the period from 10 to 15 years.

(b)Private Equity - The limited partnerships described in this category employ various strategies generally investing in controlling or minority control equity positions directly in companies and/or assets across various industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail), primarily in private markets within North America and, to a lesser extent, outside of North America.  As of December 31, 2019, the estimated remaining life of the investments that do not allow for redemptions is approximately 34 percent in the next 3 years, 21 percent during the period from 3 to 5 years, 42 percent during the period from 5 to 10 years, and 3 percent during the period from 10 to 15 years.

(c)Real Assets - The limited partnerships described in this category employ various strategies, which include investing in the equity and/or debt financing of physical assets, including infrastructure (energy, power, water/wastewater, communications), transportation (including airports, ports, toll roads, aircraft, railcars) and real estate in North America, Europe, South America, and Asia.  As of December 31, 2019, the estimated remaining life of the investments that do not allow for redemptions is approximately 1 percent in the next 3 years, 20 percent during period from 3 to 5 years, 70 percent during the period from 5 to 10 years, and 9 percent during the period from 10 to 15 years.
Fair Values by Fair Value Hierarchy Input Level
The following tables present information about financial instruments measured at fair value on a recurring basis by fair value level, based on the observability of the inputs used:

 December 31, 2019
 Level 1Level 2Level 3NAVTotal
(in millions of dollars)
Assets
Fixed Maturity Securities
United States Government and Government Agencies and Authorities$412.8  $988.9  $—  $—  $1,401.7  
States, Municipalities, and Political Subdivisions—  3,321.6  41.8  —  3,363.4  
Foreign Governments—  995.9  21.8  —  1,017.7  
Public Utilities171.1  7,546.5  14.6  —  7,732.2  
Mortgage/Asset-Backed Securities—  1,444.6  34.1  —  1,478.7  
All Other Corporate Bonds4,114.4  27,695.5  600.5  —  32,410.4  
Redeemable Preferred Stocks—  39.6  —  —  39.6  
Total Fixed Maturity Securities4,698.3  42,032.6  712.8  —  47,443.7  
Other Long-term Investments
Derivatives
Foreign Exchange Contracts—  27.0  —  —  27.0  
       Credit Default Swaps—  0.5  —  —  0.5  
Total Derivatives—  27.5  —  —  27.5  
Equity Securities—  28.0  4.6  —  32.6  
Private Equity Partnerships—  —  —  616.7  616.7  
Total Other Long-term Investments—  55.5  4.6  616.7  676.8  
Total Financial Instrument Assets Carried at Fair Value$4,698.3  $42,088.1  $717.4  $616.7  $48,120.5  
Liabilities
Other Liabilities
Derivatives
Interest Rate Swaps$—  $0.6  $—  $—  $0.6  
Foreign Exchange Contracts—  34.0  —  —  34.0  
Embedded Derivative in Modified Coinsurance Arrangement—  —  22.8  —  22.8  
Total Derivatives—  34.6  22.8  —  57.4  
Total Financial Instrument Liabilities Carried at Fair Value$—  $34.6  $22.8  $—  $57.4  
 December 31, 2018
 Level 1Level 2Level 3NAVTotal
(in millions of dollars)
Assets
Fixed Maturity Securities
United States Government and Government Agencies and Authorities$513.4  $1,301.0  $—  $—  $1,814.4  
States, Municipalities, and Political Subdivisions—  2,424.2  —  —  2,424.2  
Foreign Governments—  952.3  31.4  —  983.7  
Public Utilities286.4  7,041.7  84.7  —  7,412.8  
Mortgage/Asset-Backed Securities—  1,582.7  —  —  1,582.7  
All Other Corporate Bonds4,232.1  23,026.1  1,495.8  —  28,754.0  
Redeemable Preferred Stocks—  18.8  21.1  —  39.9  
Total Fixed Maturity Securities5,031.9  36,346.8  1,633.0  —  43,011.7  
Other Long-term Investments
Derivatives
Foreign Exchange Contracts—  30.4  —  —  30.4  
Credit Default Swaps—  0.5  —  —  0.5  
Total Derivatives—  30.9  —  —  30.9  
Equity Securities—  24.6  4.6  —  29.2  
Private Equity Partnerships—  —  —  483.8  483.8  
Total Other Long-term Investments—  55.5  4.6  483.8  543.9  
Total Financial Instrument Assets Carried at Fair Value$5,031.9  $36,402.3  $1,637.6  $483.8  $43,555.6  
Liabilities
Other Liabilities
Derivatives
Interest Rate Swaps$—  $5.2  $—  $—  $5.2  
Foreign Exchange Contracts—  32.8  —  —  32.8  
Embedded Derivative in Modified Coinsurance Arrangement—  —  31.1  —  31.1  
Total Derivatives—  38.0  31.1  —  69.1  
Total Financial Instrument Liabilities Carried at Fair Value$—  $38.0  $31.1  $—  $69.1  
Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs
Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows:

 Year Ended December 31, 2019
  Total Realized and
Unrealized Investment
Gains (Losses) Included in		     
 Fair Value Beginning
of Year		EarningsOther
Comprehensive
Income or Loss		PurchasesSalesLevel 3 TransfersFair Value End of
Year
 IntoOut of
(in millions of dollars)
Fixed Maturity Securities
States, Municipalities, and Political Subdivisions$—  $—  $2.8  $13.3  $—  $25.7  $—  $41.8  
Foreign Governments31.4  —  0.6  —  (10.2) —  —  21.8  
Public Utilities84.7  —  0.8  —  —  6.0  (76.9) 14.6  
Mortgage/Asset-Backed Securities—  —  (2.7) —  —  36.8  —  34.1  
All Other Corporate Bonds1,495.8  —  (3.1) 93.0  (86.0) 190.6  (1,089.8) 600.5  
Redeemable Preferred Stocks21.1  —  —  —  —  —  (21.1) —  
Total Fixed Maturity Securities1,633.0  —  (1.6) 106.3  (96.2) 259.1  (1,187.8) 712.8  
Equity Securities4.6  —  —  —  —  —  —  4.6  
Embedded Derivative in Modified Coinsurance Arrangement(31.1) 8.3  —  —  —  —  —  (22.8) 
 Year Ended December 31, 2018
  Total Realized and
Unrealized Investment
Gains (Losses) Included in		     
 Fair Value Beginning
of Year		EarningsOther
Comprehensive
Income or Loss		PurchasesSalesLevel 3 TransfersFair Value End of
Year
 IntoOut of
(in millions of dollars)
Fixed Maturity Securities
Foreign Governments$—  $—  $(1.4) $—  $—  $32.8  $—  $31.4  
Public Utilities207.7  —  (2.3) —  —  39.0  (159.7) 84.7  
All Other Corporate Bonds1,150.1  5.8  (118.1) 95.1  (148.7) 968.6  (457.0) 1,495.8  
Redeemable Preferred Stocks22.8  —  (1.7) —  —  —  —  21.1  
Total Fixed Maturity Securities1,380.6  5.8  (123.5) 95.1  (148.7) 1,040.4  (616.7) 1,633.0  
Equity Securities1.1  —  —  3.5  —  —  —  4.6  
Embedded Derivative in Modified Coinsurance Arrangement(15.9) (15.2) —  —  —  —  —  (31.1) 
Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses only for the time during which the applicable financial instruments were classified as Level 3. The transfers between levels resulted primarily from a change in observability of three inputs used to determine fair values of the securities transferred: (1) transactional data for new issuance and secondary trades, (2) broker/dealer quotes and pricing, primarily related to changes in the level of activity in the market and whether the market was considered orderly, and (3) comparable bond metrics from which to perform an analysis. For fair value measurements of financial instruments that were transferred either into or out of Level 3, we reflect the transfers using the fair value at the beginning of the period. We believe this allows for greater transparency, as all changes in fair value that arise during the reporting period of the transfer are disclosed as a component of our Level 3 reconciliation. Gains (losses) which are included in earnings and are attributable to the change in fair value of assets or liabilities valued using significant unobservable inputs and still held at each year end were $8.3 million and $(15.2) million for the years ended December 31, 2019 and 2018, respectively. These amounts relate entirely to the change in fair value of an embedded derivative in a modified coinsurance arrangement and are reported as a component of realized investment gains and losses.
Quantitative Information Regarding Significant Unobservable Inputs
The table below provides quantitative information regarding the significant unobservable inputs used in Level 3 fair value measurements derived from internal models. Certain securities classified as Level 3 are excluded from the table below due to limitations in our ability to obtain the underlying inputs used by external pricing sources.

December 31, 2019
Fair ValueValuation MethodUnobservable InputRange/Weighted Average
(in millions of dollars)
Fixed Maturity Securities
All Other Corporate Bonds - Private$119.2  Market Approach
Lack of Marketability
Volatility of Credit
Market Convention

(a)
(b)
(c)

4.56% - 4.56% / 4.56%
0.35% - 17.68% / 2.2%
Priced at Par
Equity Securities - Private4.6  Market Approach
Market Convention
(c)Priced at Cost or Owner's Equity
Embedded Derivative in Modified Coinsurance Arrangement(22.8) Discounted Cash Flows
Projected Liability Cash Flows
(d)Actuarial Assumptions

December 31, 2018
Fair ValueValuation MethodUnobservable InputRange/Weighted Average
(in millions of dollars)
Fixed Maturity Securities
All Other Corporate Bonds - Private$148.5  Market Approach
Lack of Marketability
Volatility of Credit
Market Convention

(a)
(b)
(c)

0.25% - 0.25% / 0.25%
0.25% - 10.99% / 1.0%
Priced at Par
Equity Securities - Private4.6  Market ApproachMarket Convention(c)Priced at Cost or Owner's Equity
Embedded Derivative in Modified Coinsurance Arrangement(31.1) Discounted Cash FlowsProjected Liability Cash Flows(d)Actuarial Assumptions

(a)Represents basis point adjustments to apply a discount due to the illiquidity of an investment
(b)Represents basis point adjustments for credit-specific factors
(c)Represents a decision to price based on par value, cost, or owner's equity when limited data is available
(d)Represents various actuarial assumptions required to derive the liability cash flows including incidence, termination, and lapse rates
Carrying Amount and Fair Value of Financial Instruments
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
December 31, 2019
Estimated Fair Value
Level 1Level 2Level 3TotalCarrying Value
(in millions of dollars)
Assets
Mortgage Loans$—  $2,556.3  $—  $2,556.3  $2,397.0  
Policy Loans—  —  3,911.4  3,911.4  3,779.5  
Other Long-term Investments
Miscellaneous Long-term Investments—  18.5  58.4  76.9  76.9  
Total Financial Instrument Assets Not Carried at Fair Value$—  $2,574.8  $3,969.8  $6,544.6  $6,253.4  
Liabilities
Long-term Debt$1,712.8  $1,526.2  $—  $3,239.0  $2,926.9  
Other Liabilities
Unfunded Commitments—  1.9  —  1.9  1.9  
Total Financial Instrument Liabilities Not Carried at Fair Value$1,712.8  $1,528.1  $—  $3,240.9  $2,928.8  
December 31, 2018
Estimated Fair Value
Level 1Level 2Level 3TotalCarrying Value
(in millions of dollars)
Assets
Mortgage Loans$—  $2,317.4  $—  $2,317.4  $2,295.0  
Policy Loans—  —  3,831.1  3,831.1  3,729.9  
Other Long-term Investments
Miscellaneous Long-term Investments—  24.1  91.5  115.6  115.6  
Total Financial Instrument Assets Not Carried at Fair Value$—  $2,341.5  $3,922.6  $6,264.1  $6,140.5  
Liabilities
Long-term Debt$1,429.8  $1,639.4  $—  $3,069.2  $2,971.3  
Payables for Collateral on Investments
FHLB Funding Agreements—  104.0  —  104.0  104.0  
Other Liabilities
Unfunded Commitments—  2.3  —  2.3  2.3  
Total Financial Instrument Liabilities Not Carried at Fair Value$1,429.8  $1,745.7  $—  $3,175.5  $3,077.6