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Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Values of Securities by Security Type
At December 31, 2019 and 2018, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows:

 December 31, 2019
 Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions of dollars)
United States Government and Government Agencies and Authorities$1,246.1  $156.0  $0.4  $1,401.7  
States, Municipalities, and Political Subdivisions2,863.1  507.6  7.3  3,363.4  
Foreign Governments843.5  175.2  1.0  1,017.7  
Public Utilities6,436.7  1,303.7  8.2  7,732.2  
Mortgage/Asset-Backed Securities1,377.8  101.3  0.4  1,478.7  
All Other Corporate Bonds28,273.1  4,211.2  73.9  32,410.4  
Redeemable Preferred Stocks39.0  0.6  —  39.6  
Total Fixed Maturity Securities$41,079.3  $6,455.6  $91.2  $47,443.7  

December 31, 2018
 Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions of dollars)
United States Government and Government Agencies and Authorities$1,702.1  $123.2  $10.9  $1,814.4  
States, Municipalities, and Political Subdivisions2,121.5  307.1  4.4  2,424.2  
Foreign Governments825.8  162.7  4.8  983.7  
Public Utilities6,626.2  850.0  63.4  7,412.8  
Mortgage/Asset-Backed Securities1,523.8  67.2  8.3  1,582.7  
All Other Corporate Bonds27,436.8  1,981.6  664.4  28,754.0  
Redeemable Preferred Stocks39.0  1.1  0.2  39.9  
Total Fixed Maturity Securities$40,275.2  $3,492.9  $756.4  $43,011.7  
Length of Time Fixed Maturity Securities had been in a Gross Unrealized Loss Position
The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position.

 December 31, 2019
 Less Than 12 Months12 Months or Greater
 Fair
Value		Gross
Unrealized
Loss		Fair
Value		Gross
Unrealized
Loss
(in millions of dollars)
United States Government and Government Agencies and Authorities$110.2  $0.4  $—  $—  
States, Municipalities, and Political Subdivisions331.0  7.3  0.3  —  
Foreign Governments69.4  1.0  —  —  
Public Utilities168.3  2.6  37.0  5.6  
Mortgage/Asset-Backed Securities47.0  0.4  3.1  —  
All Other Corporate Bonds579.1  29.1  379.8  44.8  
Total Fixed Maturity Securities$1,305.0  $40.8  $420.2  $50.4  

 December 31, 2018
 Less Than 12 Months12 Months or Greater
 Fair
Value		Gross
Unrealized
Loss		Fair
Value		Gross
Unrealized
Loss
(in millions of dollars)
United States Government and Government Agencies and Authorities$68.8  $1.7  $212.5  $9.2  
States, Municipalities, and Political Subdivisions183.2  2.1  65.0  2.3  
Foreign Governments58.4  3.8  12.0  1.0  
Public Utilities740.1  31.3  325.7  32.1  
Mortgage/Asset-Backed Securities81.5  1.2  201.6  7.1  
All Other Corporate Bonds9,240.2  462.2  1,704.9  202.2  
Redeemable Preferred Stocks18.8  0.2  —  —  
Total Fixed Maturity Securities$10,391.0  $502.5  $2,521.7  $253.9  
Distribution of the Maturity Dates for Fixed Maturity Securities
The following is a distribution of the maturity dates for fixed maturity securities. The maturity dates have not been adjusted for possible calls or prepayments.

 December 31, 2019
 Total
Amortized Cost		Unrealized Gain PositionUnrealized Loss Position
 Gross GainFair ValueGross LossFair Value
(in millions of dollars)
1 year or less$821.5  $14.5  $832.6  $0.2  $3.2  
Over 1 year through 5 years6,286.2  456.5  6,423.4  41.7  277.6  
Over 5 years through 10 years13,570.8  1,688.3  14,881.3  14.6  363.2  
Over 10 years19,023.0  4,195.0  22,152.6  34.3  1,031.1  
39,701.5  6,354.3  44,289.9  90.8  1,675.1  
Mortgage/Asset-Backed Securities1,377.8  101.3  1,428.6  0.4  50.1  
Total Fixed Maturity Securities$41,079.3  $6,455.6  $45,718.5  $91.2  $1,725.2  

 December 31, 2018
 Total
Amortized Cost		Unrealized Gain PositionUnrealized Loss Position
 Gross GainFair ValueGross LossFair Value
(in millions of dollars)
1 year or less$1,073.3  $14.5  $1,020.1  $8.4  $59.3  
Over 1 year through 5 years6,267.5  300.6  5,186.9  80.2  1,301.0  
Over 5 years through 10 years12,573.4  795.0  6,812.7  303.9  6,251.8  
Over 10 years18,837.2  2,315.6  15,779.7  355.6  5,017.5  
38,751.4  3,425.7  28,799.4  748.1  12,629.6  
Mortgage/Asset-Backed Securities1,523.8  67.2  1,299.6  8.3  283.1  
Total Fixed Maturity Securities$40,275.2  $3,492.9  $30,099.0  $756.4  $12,912.7  
Distribution by External Credit Rating for Fixed Maturity Securities
The following chart depicts an analysis of our fixed maturity security portfolio between investment-grade and below-investment-grade categories as of December 31, 2019:

Gross Unrealized Loss
Fair ValueGross Unrealized GainAmountPercent of Total Gross Unrealized Loss
(in millions of dollars)
Investment-Grade$44,255.2  $6,270.8  $23.5  25.8 %
Below-Investment-Grade3,188.5  184.8  67.7  74.2  
Total Fixed Maturity Securities$47,443.7  $6,455.6  $91.2  100.0 %
Low Income Housing Tax Credits
The Company invests in tax credit partnerships primarily for the receipt of income tax credits and tax benefits derived from passive losses on the investments. Amounts recognized in the consolidated statements of income are as follows:

Year Ended December 31
201920182017
(in millions of dollars)
Income Tax Credits$37.8  $41.4  $41.8  
Amortization, Net of Tax(25.2) (28.1) (23.2) 
Income Tax Benefit$12.6  $13.3  $18.6  
Mortgage Loans by Property Type and Geographic Region
Mortgage loans by property type and geographic region are presented below.

December 31  
20192018
(in millions of dollars)
CarryingPercent ofCarryingPercent of
AmountTotalAmountTotal
Property Type
     Apartment$608.8  25.4 %$491.0  21.4 %
     Industrial623.6  26.0  635.6  27.7  
     Office549.3  22.9  604.2  26.3  
     Retail567.5  23.7  519.5  22.6  
Other47.8  2.0  44.7  2.0  
Total$2,397.0  100.0 %$2,295.0  100.0 %

Region
     New England$28.9  1.2 %$45.9  2.0 %
     Mid-Atlantic184.5  7.7  160.6  7.0  
     East North Central329.2  13.7  354.4  15.4  
     West North Central215.4  9.0  190.3  8.3  
     South Atlantic509.2  21.2  485.2  21.1  
     East South Central114.3  4.8  105.5  4.6  
     West South Central246.6  10.3  240.6  10.5  
     Mountain268.2  11.2  242.7  10.6  
     Pacific500.7  20.9  469.8  20.5  
Total$2,397.0  100.0 %$2,295.0  100.0 %
Mortgage Loans by Credit Quality Indicators
Mortgage loans, sorted by the applicable credit quality indicators, are as follows:

December 31
20192018
(in millions of dollars)
Internal Rating
     A$485.6  $477.5  
     BBB1,911.4  1,814.1  
     BB—  3.4  
Total$2,397.0  $2,295.0  

Loan-to-Value Ratio
     <= 65%$1,215.1  $1,204.8  
     > 65% <= 75%1,053.0  1,049.1  
     > 75% <= 85%91.4  11.8  
     > 85%37.5  29.3  
Total$2,397.0  $2,295.0  
Remaining Contractual Maturity of Securities Lending Agreements
The remaining contractual maturities of our securities lending agreements disaggregated by class of collateral pledged are as follows:
December 31
20192018
Overnight and Continuous
(in millions of dollars)
Borrowings
All Other Corporate Bonds$—  $0.1  
Gross Amount of Recognized Liability for Securities Lending Transactions—  0.1  
Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein$—  $—  
Federal Home Loan Bank Common Stock Carrying Amounts, Amounts Posted, and Advances Received [Table Text Block] The carrying value of common stock owned, collateral posted, and advances received are as follows:
December 31
20192018
(in millions of dollars)
Carrying Value of FHLB Common Stock$18.5  $24.1  
Advances from FHLB$—  $104.0  
Carrying Value of Collateral Posted to FHLB
Fixed Maturity Securities$182.1  $219.8  
Commercial Mortgage Loans164.4  179.9  
Total Carrying Value of Collateral Posted to FHLB$346.5  $399.7  
Schedule of Financial Instrument and Derivative Offsetting
Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties.
December 31, 2019
Gross Amount  Gross Amount Not  
of Recognized  Gross Amount  Net Amount  Offset in Balance Sheet  
Financial  Offset in  Presented in  Financial  Cash  Net  
InstrumentsBalance SheetBalance SheetInstrumentsCollateralAmount
(in millions of dollars) 
Financial Assets:
Derivatives$27.5  $—  $27.5  $(4.0) $(23.5) $—  
Securities Lending176.4  —  176.4  (176.4) —  —  
Total$203.9  $—  $203.9  $(180.4) $(23.5) $—  
Financial Liabilities:
Derivatives$34.6  $—  $34.6  $(31.3) $—  $3.3  

December 31, 2018
Gross Amount  Gross Amount Not  
of Recognized  Gross Amount  Net Amount  Offset in Balance Sheet  
Financial  Offset in  Presented in  Financial  Cash  Net  
InstrumentsBalance SheetBalance SheetInstrumentsCollateralAmount
(in millions of dollars) 
Financial Assets:
Derivatives$30.9  $—  $30.9  $(6.9) $(24.0) $—  
Securities Lending164.1  —  164.1  (164.0) (0.1) —  
Total$195.0  $—  $195.0  $(170.9) $(24.1) $—  
Financial Liabilities:
Derivatives$38.0  $—  $38.0  $(33.2) $—  $4.8  
Securities Lending0.1  —  0.1  (0.1) —  —  
Total$38.1  $—  $38.1  $(33.3) $—  $4.8  
Net Investment Income
Net Investment Income

Net investment income reported in our consolidated statements of income is as follows:
 Year Ended December 31
 201920182017
 (in millions of dollars)
Fixed Maturity Securities$2,213.6  $2,239.7  $2,271.8  
Derivatives73.4  66.1  56.4  
Mortgage Loans103.3  110.1  104.2  
Policy Loans19.9  18.6  17.9  
Other Long-term Investments
Equity Securities1
5.6  (0.2) 1.5  
Private Equity Partnerships2
31.7  36.0  25.5  
Other3.7  8.4  10.0  
Short-term Investments29.0  23.7  11.3  
Gross Investment Income2,480.2  2,502.4  2,498.6  
Less Investment Expenses32.1  35.2  32.8  
Less Investment Income on Participation Fund Account Assets12.8  13.5  14.1  
Net Investment Income$2,435.3  $2,453.7  $2,451.7  

1 The net unrealized gain recognized in net investment income for the year ended December 31, 2019 related to equity securities still held at December 31, 2019 was $3.3 million. The net unrealized loss recognized in net investment income for the year ended December 31, 2018 related to equity securities still held at December 31, 2018 was $3.9 million.

2 The net unrealized gain recognized in net investment income for the year ended December 31, 2019 related to private equity partnerships still held at December 31, 2019 was $6.8 million. The net unrealized gain recognized in net investment income for the year ended December 31, 2018 related to private equity partnerships still held at December 31, 2018 was $7.1 million.
Realized Investment Gains and Losses Reported in Consolidated Statements of Income
Realized Investment Gain and Loss

Realized investment gains and losses are as follows:
 Year Ended December 31
 201920182017
 (in millions of dollars)
Fixed Maturity Securities
Gross Gains on Sales$22.9  $9.7  $13.8  
Gross Losses on Sales(32.6) (15.2) (4.4) 
Other-Than-Temporary Impairment Loss(25.3) (17.5) (8.1) 
Mortgage Loans and Other Invested Assets
Gross Gains on Sales4.6  0.5  9.4  
Gross Losses on Sales(0.3) —  (0.2) 
Impairment Loss—  (1.4) (0.9) 
Embedded Derivative in Modified Coinsurance Arrangement8.3  (15.2) 30.8  
All Other Derivatives(0.1) 0.3  (0.1) 
Foreign Currency Transactions(0.7) (0.7) —  
Net Realized Investment Gain (Loss)$(23.2) $(39.5) $40.3  
Debt Securities, Available-for-sale
At December 31, 2019 and 2018, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows:

 December 31, 2019
 Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions of dollars)
United States Government and Government Agencies and Authorities$1,246.1  $156.0  $0.4  $1,401.7  
States, Municipalities, and Political Subdivisions2,863.1  507.6  7.3  3,363.4  
Foreign Governments843.5  175.2  1.0  1,017.7  
Public Utilities6,436.7  1,303.7  8.2  7,732.2  
Mortgage/Asset-Backed Securities1,377.8  101.3  0.4  1,478.7  
All Other Corporate Bonds28,273.1  4,211.2  73.9  32,410.4  
Redeemable Preferred Stocks39.0  0.6  —  39.6  
Total Fixed Maturity Securities$41,079.3  $6,455.6  $91.2  $47,443.7  

December 31, 2018
 Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions of dollars)
United States Government and Government Agencies and Authorities$1,702.1  $123.2  $10.9  $1,814.4  
States, Municipalities, and Political Subdivisions2,121.5  307.1  4.4  2,424.2  
Foreign Governments825.8  162.7  4.8  983.7  
Public Utilities6,626.2  850.0  63.4  7,412.8  
Mortgage/Asset-Backed Securities1,523.8  67.2  8.3  1,582.7  
All Other Corporate Bonds27,436.8  1,981.6  664.4  28,754.0  
Redeemable Preferred Stocks39.0  1.1  0.2  39.9  
Total Fixed Maturity Securities$40,275.2  $3,492.9  $756.4  $43,011.7