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Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Values of Securities by Security Type
At September 30, 2023 and December 31, 2022, 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:
 September 30, 2023
 
Amortized
Cost, Gross of ACL1
ACL1
Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions of dollars)
United States Government and Government Agencies and Authorities $605.2 $— $7.9 $38.1 $575.0 
States, Municipalities, and Political Subdivisions4,066.9 — 49.8 725.6 3,391.1 
Foreign Governments945.7 — 12.8 138.9 819.6 
Public Utilities5,410.5 — 67.7 517.0 4,961.2 
Mortgage/Asset-Backed Securities655.0 — 4.1 54.2 604.9 
All Other Corporate Bonds26,537.0 — 282.4 3,104.0 23,715.4 
Redeemable Preferred Stocks4.0 — — 0.5 3.5 
Total Fixed Maturity Securities$38,224.3 $— $424.7 $4,578.3 $34,070.7 

December 31, 2022
 
Amortized
Cost, Gross of ACL1
ACL1
Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions of dollars)
United States Government and Government Agencies and Authorities$503.8 $— $20.3 $25.9 $498.2 
States, Municipalities, and Political Subdivisions4,006.0 — 87.1 635.9 3,457.2 
Foreign Governments908.1 — 34.9 115.9 827.1 
Public Utilities5,170.9 — 141.0 355.0 4,956.9 
Mortgage/Asset-Backed Securities592.1 — 8.2 27.0 573.3 
All Other Corporate Bonds26,640.3 — 452.1 2,567.8 24,524.6 
Redeemable Preferred Stocks4.0 — — 0.5 3.5 
Total Fixed Maturity Securities$37,825.2 $— $743.6 $3,728.0 $34,840.8 

1 Allowance for Credit Losses
Schedule of Unrealized Loss on Investments
The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position.

 September 30, 2023
 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$245.5 $8.8 $186.2 $29.3 
States, Municipalities, and Political Subdivisions670.3 35.5 1,851.7 690.1 
Foreign Governments152.4 30.8 224.2 108.1 
Public Utilities1,914.7 105.6 1,611.2 411.4 
Mortgage/Asset-Backed Securities189.8 13.2 301.0 41.0 
All Other Corporate Bonds5,012.4 327.8 13,492.9 2,776.2 
Redeemable Preferred Stocks— — 3.5 0.5 
Total Fixed Maturity Securities$8,185.1 $521.7 $17,670.7 $4,056.6 

 December 31, 2022
 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$246.6 $22.6 $12.2 $3.3 
States, Municipalities, and Political Subdivisions1,920.1 476.1 346.6 159.8 
Foreign Governments160.1 47.9 176.9 68.0 
Public Utilities2,242.2 252.0 255.2 103.0 
Mortgage/Asset-Backed Securities386.6 27.0 0.1 — 
All Other Corporate Bonds15,865.6 1,799.7 2,194.1 768.1 
Redeemable Preferred Stocks3.5 0.5 — — 
Total Fixed Maturity Securities$20,824.7 $2,625.8 $2,985.1 $1,102.2 
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.
 September 30, 2023
 
Amortized Cost, Net of ACL1
Unrealized Gain PositionUnrealized Loss Position
 Gross GainFair ValueGross LossFair Value
(in millions of dollars)
1 year or less$945.9 $1.3 $352.8 $5.0 $589.4 
Over 1 year through 5 years7,541.9 67.7 1,988.1 311.5 5,310.0 
Over 5 years through 10 years9,393.8 187.5 2,879.0 955.4 5,746.9 
Over 10 years19,687.7 164.1 2,880.9 3,252.2 13,718.7 
37,569.3 420.6 8,100.8 4,524.1 25,365.0 
Mortgage/Asset-Backed Securities655.0 4.1 114.1 54.2 490.8 
Total Fixed Maturity Securities$38,224.3 $424.7 $8,214.9 $4,578.3 $25,855.8 
 December 31, 2022
 
Amortized Cost, Net of ACL1
Unrealized Gain PositionUnrealized Loss Position
 Gross GainFair ValueGross LossFair Value
(in millions of dollars)
1 year or less$1,133.5 $2.9 $339.1 $5.7 $791.6 
Over 1 year through 5 years7,090.8 86.7 1,953.2 238.4 4,985.9 
Over 5 years through 10 years10,096.7 294.8 3,538.9 863.8 5,988.8 
Over 10 years18,912.1 351.0 5,013.2 2,593.1 11,656.8 
37,233.1 735.4 10,844.4 3,701.0 23,423.1 
Mortgage/Asset-Backed Securities592.1 8.2 186.6 27.0 386.7 
Total Fixed Maturity Securities$37,825.2 $743.6 $11,031.0 $3,728.0 $23,809.8 
1 Allowance for Credit Losses
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 September 30, 2023:
Gross Unrealized Loss
Fair ValueGross Unrealized GainAmountPercent of Total Gross Unrealized Loss
(in millions of dollars)
Investment-Grade$32,659.4 $420.6 $4,404.0 96.2 %
Below-Investment-Grade1,411.3 4.1 174.3 3.8 
Total Fixed Maturity Securities$34,070.7 $424.7 $4,578.3 100.0 %
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities, which were classified as "public utilities" during the three and nine months ended September 30, 2022.
Three Months Ended September 30
20232022
(in millions of dollars)
Balance, beginning of period$— $4.1 
Change in allowance on securities with allowance recorded in previous period— 0.5 
Balance, end of period$— $4.6 

Nine Months Ended September 30
20232022
(in millions of dollars)
Balance, beginning of period$— $— 
Credit losses on securities for which credit losses were not previously recorded— 4.6 
Balance, end of period$— $4.6 
Mortgage Loans by Property Type and Geographic Region
The carrying amount of mortgage loans by property type and geographic region are presented below.
September 30, 2023December 31, 2022
(in millions of dollars)
Carrying AmountPercent of TotalCarrying AmountPercent of Total
Property Type
Apartment$674.8 29.1 %$688.6 28.3 %
Industrial715.5 30.8 745.3 30.6 
Office384.1 16.5 423.0 17.4 
Retail504.1 21.7 534.5 21.9 
Other43.0 1.9 44.0 1.8 
Total$2,321.5 100.0 %$2,435.4 100.0 %
Region
New England$55.7 2.4 %$52.4 2.2 %
Mid-Atlantic156.8 6.8 192.4 7.9 
East North Central300.2 12.9 313.0 12.9 
West North Central171.2 7.4 181.4 7.4 
South Atlantic553.6 23.8 539.3 22.1 
East South Central98.8 4.3 101.8 4.2 
West South Central202.7 8.7 212.6 8.7 
Mountain284.8 12.3 298.7 12.3 
Pacific497.7 21.4 543.8 22.3 
Total$2,321.5 100.0 %$2,435.4 100.0 %
Schedule of Participating Mortgage Loans by Internal Credit Rating and Loan to Value
The following tables present information about mortgage loans by the applicable internal quality indicators:
September 30, 2023December 31, 2022
(in millions of dollars)
Carrying AmountPercent of TotalCarrying AmountPercent of Total
Internal Mortgage Rating
AA$85.9 3.7 %$92.3 3.8 %
A885.4 38.1 843.9 34.6 
BBB1,309.1 56.4 1,458.0 59.9 
BB41.1 1.8 41.2 1.7 
Total$2,321.5 100.0 %$2,435.4 100.0 %
Loan-to-Value Ratio1
<= 65%$1,351.8 58.3 %$1,389.6 57.0 %
> 65% <= 75%762.4 32.8 937.2 38.5 
> 75% <= 85%137.9 5.9 75.0 3.1 
> 85%69.4 3.0 33.6 1.4 
Total$2,321.5 100.0 %$2,435.4 100.0 %

1Loan-to-Value Ratio utilizes the most recent internal valuation of the property
Mortgage Loans by Credit Quality Indicators The following tables present the amortized cost of our mortgage loans by year of origination and internal quality indicators at September 30, 2023 and December 31, 2022, respectively:
September 30, 2023
Prior to 201920192020202120222023Total
(in millions of dollars)
Internal Mortgage Rating
AA$75.0 $11.0 $— $— $— $— $86.0 
A585.1 101.0 71.3 90.9 23.4 15.5 887.2 
BBB657.6 226.3 95.3 259.4 64.5 13.0 1,316.1 
BB42.4 — — — — — 42.4 
Total Amortized Cost1,360.1 338.3 166.6 350.3 87.9 28.5 2,331.7 
Allowance for credit losses(6.6)(1.3)(0.6)(1.0)(0.6)(0.1)(10.2)
Carrying Amount$1,353.5 $337.0 $166.0 $349.3 $87.3 $28.4 $2,321.5 
Loan-to-Value Ratio1
<=65%$882.6 $199.0 $110.8 $146.2 $16.4 $— $1,355.0 
>65<=75%308.1 139.3 47.5 172.0 71.5 28.5 766.9 
>75%<=85%98.3 — 8.3 32.1 — — 138.7 
>85%71.1 — — — — — 71.1 
Total Amortized Cost1,360.1 338.3 166.6 350.3 87.9 28.5 2,331.7 
Allowance for credit losses(6.6)(1.3)(0.6)(1.0)(0.6)(0.1)(10.2)
Carrying Amount$1,353.5 $337.0 $166.0 $349.3 $87.3 $28.4 $2,321.5 
1Loan-to-Value Ratio utilizes the most recent internal valuation of the property
December 31, 2022
Prior to 201820182019202020212022Total
(in millions of dollars)
Internal Mortgage Rating
AA$53.8 $27.5 $11.1 $— $— $— $92.4 
A485.0 123.3 96.8 35.9 80.6 24.0 845.6 
BBB534.0 219.8 236.9 134.0 275.8 64.6 1,465.1 
BB35.7 5.9 — — — — 41.6 
Total Amortized Cost1,108.5 376.5 344.8 169.9 356.4 88.6 2,444.7 
Allowance for credit losses(4.3)(1.8)(1.3)(0.6)(0.8)(0.5)(9.3)
Carrying Amount$1,104.2 $374.7 $343.5 $169.3 $355.6 $88.1 $2,435.4 
Loan-to-Value Ratio1
<=65%$782.6 $189.0 $193.9 $81.3 $128.9 $16.9 $1,392.6 
>65<=75%230.2 181.6 150.9 80.1 227.5 71.7 942.0 
>75%<=85%67.5 — — 8.5 — — 76.0 
>85%28.2 5.9 — — — — 34.1 
Total Amortized Cost1,108.5 376.5 344.8 169.9 356.4 88.6 2,444.7 
Allowance for credit losses(4.3)(1.8)(1.3)(0.6)(0.8)(0.5)(9.3)
Carrying Amount$1,104.2 $374.7 $343.5 $169.3 $355.6 $88.1 $2,435.4 

1Loan-to-Value Ratio utilizes the most recent internal valuation of the property
Financing Receivable, Allowance for Credit Loss
The following table presents a roll-forward of the allowance for expected credit losses by loan-to-value ratio for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30, 2023
Beginning of PeriodCurrent Period ProvisionsWrite-OffsRecoveriesEnd of Period
(in millions of dollars)
Loan-to-Value Ratio1
<=65%$3.3 $(0.1)$— $— $3.2 
>65<=75%4.8 (0.4)— — 4.4 
>75%<=85%0.9 — — — 0.9 
>85%2.1 (0.4)— — 1.7 
Total$11.1 $(0.9)$— $— $10.2 
Three Months Ended September 30, 2022
Beginning of PeriodCurrent Period ProvisionsWrite-OffsRecoveriesEnd of Period
(in millions of dollars)
Loan-to-Value Ratio1
<=65%$2.3 $0.2 $— $— $2.5 
>65<=75%4.8 0.4 — — 5.2 
>75%<=85%0.9 (0.2)— — 0.7 
>85%0.4 (0.1)— — 0.3 
Total$8.4 $0.3 $— $— $8.7 
Nine Months Ended September 30, 2023
Beginning of YearCurrent Period ProvisionsWrite-OffsRecoveriesEnd of Period
(in millions of dollars)
Loan-to-Value Ratio1
<=65%$3.0 $0.2 $— $— $3.2 
>65<=75%4.7 (0.3)— — 4.4 
>75%<=85%1.1 (0.2)— — 0.9 
>85%0.5 1.2 — — 1.7 
Total$9.3 $0.9 $— $— $10.2 
Nine Months Ended September 30, 2022
Beginning of YearCurrent Period ProvisionsWrite-OffsRecoveriesEnd of Period
(in millions of dollars)
Loan-to-Value Ratio1
<=65%$2.6 $(0.1)$— $— $2.5 
>65<=75%4.7 0.5 — — 5.2 
>75%<=85%0.7 — — — 0.7 
>85%0.3 — — — 0.3 
Total$8.3 $0.4 $— $— $8.7 

1Loan-to-Value Ratio utilizes the most recent internal valuation of the property
Remaining Contractual Maturity of Securities Lending Agreements The remaining contractual maturities of our securities lending agreements disaggregated by class of assets pledged are as follows:
September 30, 2023December 31, 2022
Overnight and Continuous
(in millions of dollars)
Borrowings
United States Government and Government Agencies and Authorities$— $0.3 
States, Municipalities, and Political Subdivisions— — 
Public Utilities2.2 6.3 
All Other Corporate Bonds57.4 81.9 
Total Borrowings$59.6 $88.5 
Gross Amount of Recognized Liability for Securities Lending Transactions59.6 88.5 
Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein$— $— 
Federal Home Loan Bank Common Stock Carrying Amounts, Amounts Posted, and Advances Received The carrying value of common stock owned, collateral posted, and advances received are as follows:
September 30, 2023December 31, 2022
(in millions of dollars)
Carrying Value of FHLB Common Stock$16.3 $17.1 
Advances from FHLB76.9 99.1 
Carrying Value of Collateral Posted to FHLB
Fixed Maturity Securities$536.4 $527.1 
Commercial Mortgage Loans756.8 801.9 
Total Carrying Value of Collateral Posted to FHLB$1,293.2 $1,329.0 
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.
September 30, 2023
Gross AmountGross Amount Not
of RecognizedGross AmountNet AmountOffset in Balance Sheet
FinancialOffset inPresented inFinancialCashNet
InstrumentsBalance SheetBalance SheetInstrumentsCollateralAmount
(in millions of dollars)
Financial Assets:
Derivatives$74.8 $— $74.8 $(74.7)$— $0.1 
Securities Lending68.3 — 68.3 (8.7)(59.6)— 
Total$143.1 $— $143.1 $(83.4)$(59.6)$0.1 
Financial Liabilities:
Derivatives$212.7 $— $212.7 $(212.6)$— $0.1 
Securities Lending59.6 — 59.6 (59.6)— — 
Total$272.3 $— $272.3 $(272.2)$— $0.1 

December 31, 2022
Gross AmountGross Amount Not
of RecognizedGross AmountNet AmountOffset in Balance Sheet
FinancialOffset inPresented inFinancialCashNet
InstrumentsBalance SheetBalance SheetInstrumentsCollateralAmount
(in millions of dollars)
Financial Assets:
Derivatives$89.1 $— $89.1 $(38.0)$(49.4)$1.7 
Securities Lending152.4 — 152.4 (63.9)(88.5)— 
Total$241.5 $— $241.5 $(101.9)$(137.9)$1.7 
Financial Liabilities:
Derivatives$74.0 $— $74.0 $(73.2)$— $0.8 
Securities Lending88.5 — 88.5 (88.5)— — 
Total$162.5 $— $162.5 $(161.7)$— $0.8 
Net Investment Income
Net investment income reported in our consolidated statements of income is presented below.
 Three Months Ended September 30Nine Months Ended September 30
 2023202220232022
 (in millions of dollars)
Fixed Maturity Securities$457.9 $456.7 $1,383.7 $1,379.9 
Derivatives11.6 14.9 34.5 45.1 
Mortgage Loans22.9 24.7 69.8 77.6 
Policy Loans5.4 5.1 15.6 14.8 
Other Long-term Investments
Perpetual Preferred Securities1
0.4 1.1 2.2 3.2 
Private Equity Partnerships2
22.6 12.6 56.7 98.6 
Other2.6 3.6 7.1 7.4 
Short-term Investments19.1 5.9 49.4 9.2 
Gross Investment Income542.5 524.6 1,619.0 1,635.8 
Less Investment Expenses13.5 10.0 44.0 29.1 
Less Investment Income on Participation Fund Account Assets3.0 3.0 9.1 8.9 
Net Investment Income$526.0 $511.6 $1,565.9 $1,597.8 

1The net unrealized gain (loss) recognized in net investment income for the three and nine months ended September 30, 2023 related to perpetual preferred securities still held at September 30, 2023 was $(0.4) million and $0.1 million, respectively. The net unrealized gain (loss) recognized in net investment income for the three and nine months ended September 30, 2022 related to perpetual preferred securities still held at September 30, 2022 was $0.5 million and $1.5 million, respectively.

2The net unrealized gain recognized in net investment income for the three and nine months ended September 30, 2023 related to private equity partnerships still held at September 30, 2023 was $29.7 million and $72.6 million, respectively, reduced by net management fees and partnership expenses of $(7.1) million and $(15.9) million, respectively. The net unrealized gain recognized in net investment income for the three and nine months ended September 30, 2022 related to private equity partnerships still held at September 30, 2022 was $14.3 million and $106.8 million, respectively, reduced by net management fees and partnership expenses of $(1.8) million and $(8.3) million, respectively. See Note 3 for further discussion of private equity partnerships.
Investment Gains and Losses Reported in Consolidated Statements of Income
Investment gains and losses are as follows:
 Three Months Ended September 30Nine Months Ended September 30
 2023202220232022
 (in millions of dollars)
Fixed Maturity Securities
Gross Gains on Sales$0.4 $— $3.7 $0.8 
Gross Losses on Sales(37.4)(13.4)(50.7)(26.4)
Credit Losses— (0.5)— (4.6)
Mortgage Loans and Other Invested Assets
Gross Gains on Sales— — 6.0 1.4 
Gross Losses on Sales(0.9)— (1.0)— 
Impairment Loss(3.0)— (3.0)— 
Change in Allowance for Credit Losses0.9 (0.4)(0.9)(0.3)
Embedded Derivative in Modified Coinsurance Arrangement9.2 14.9 14.7 10.7 
All Other Derivatives2.0 (0.9)2.0 4.6 
Foreign Currency Transactions(2.2)(4.1)(0.8)(8.5)
Net Investment Gain (Loss)$(31.0)$(4.4)$(30.0)$(22.3)