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Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Values of Securities by Security Type

At December 31, 2025 and 2024, 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, 2025
	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	$	543.8	$	—	$	17.2	$	16.0	$	545.0
States, Municipalities, and Political Subdivisions	3,450.7		—		73.8		466.4		3,058.1
Foreign Governments	1,008.8		—		18.8		157.3		870.3
Public Utilities	5,048.6		—		175.4		290.1		4,933.9
Mortgage/Asset-Backed Securities2	1,187.3		—		9.3		17.3		1,179.3
All Other Corporate Bonds	23,500.0		5.9		527.5		1,559.5		22,462.1
Redeemable Preferred Stocks	8.0		—		—		0.1		7.9
Total Fixed Maturity Securities	$	34,747.2	$	5.9	$	822.0	$	2,506.7	$	33,056.6


	December 31, 2024
	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	$	544.6	$	—	$	13.9	$	28.0	$	530.5
States, Municipalities, and Political Subdivisions	3,795.6		—		65.5		569.7		3,291.4
Foreign Governments	912.1		—		9.5		153.5		768.1
Public Utilities	5,525.0		—		132.3		364.4		5,292.9
Mortgage/Asset-Backed Securities2	949.4		—		5.0		37.2		917.2
All Other Corporate Bonds	26,535.2		2.8		450.6		2,160.8		24,822.2
Redeemable Preferred Stocks	8.0		—		—		0.4		7.6
Total Fixed Maturity Securities	$	38,269.9	$	2.8	$	676.8	$	3,314.0	$	35,629.9

1Allowance for Credit Losses

2Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types

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.


	December 31, 2025
	Less Than 12 Months				12 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	$	21.8	$	0.4	$	235.6	$	15.6
States, Municipalities, and Political Subdivisions	138.2		3.6		1,922.2		462.8
Foreign Governments	264.6		5.5		318.2		151.8
Public Utilities	642.1		19.4		1,710.3		270.7
Mortgage/Asset-Backed Securities1	206.6		0.4		275.3		16.9
All Other Corporate Bonds	2,060.0		40.6		11,087.9		1,518.9
Redeemable Preferred Stocks	—		—		3.9		0.1
Total Fixed Maturity Securities	$	3,333.3	$	69.9	$	15,553.4	$	2,436.8


	December 31, 2024
	Less Than 12 Months				12 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	$	43.7	$	4.1	$	201.3	$	23.9
States, Municipalities, and Political Subdivisions	425.8		15.3		1,926.2		554.4
Foreign Governments	171.9		10.6		266.3		142.9
Public Utilities	1,281.7		48.4		1,549.5		316.0
Mortgage/Asset-Backed Securities1	199.9		8.9		285.9		28.3
All Other Corporate Bonds	4,904.4		182.5		12,209.3		1,978.3
Redeemable Preferred Stocks	3.9		0.1		3.7		0.3
Total Fixed Maturity Securities	$	7,031.3	$	269.9	$	16,442.2	$	3,044.1

1Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types

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, 2025
	Amortized Cost, Net of ACL1		Unrealized Gain Position				Unrealized Loss Position
			Gross Gain		Fair Value		Gross Loss		Fair Value
	(in millions of dollars)
1 year or less	$	1,379.9	$	3.4	$	430.5	$	5.1	$	947.7
Over 1 year through 5 years	6,484.9		159.7		3,512.5		88.9		3,043.2
Over 5 years through 10 years	7,476.9		260.3		3,873.6		336.5		3,527.1
Over 10 years	18,212.3		389.3		5,655.9		2,058.9		10,886.8
	33,554.0		812.7		13,472.5		2,489.4		18,404.8
Mortgage/Asset-Backed Securities2	1,187.3		9.3		697.4		17.3		481.9
Total Fixed Maturity Securities	$	34,741.3	$	822.0	$	14,169.9	$	2,506.7	$	18,886.7


	December 31, 2024
	Amortized Cost, Net of ACL1		Unrealized Gain Position				Unrealized Loss Position
			Gross Gain		Fair Value		Gross Loss		Fair Value
	(in millions of dollars)
1 year or less	$	1,484.1	$	4.1	$	432.4	$	6.2	$	1,049.6
Over 1 year through 5 years	7,688.2		123.5		2,840.8		196.6		4,774.3
Over 5 years through 10 years	8,404.6		236.4		3,486.1		565.5		4,589.4
Over 10 years	19,740.8		307.8		4,965.7		2,508.5		12,574.4
	37,317.7		671.8		11,725.0		3,276.8		22,987.7
Mortgage/Asset-Backed Securities2	949.4		5.0		431.4		37.2		485.8
Total Fixed Maturity Securities	$	38,267.1	$	676.8	$	12,156.4	$	3,314.0	$	23,473.5

1 Allowance for Credit Losses

2Includes credit-tranched securities collateralized by loan obligations, auto loans, and other asset types

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, 2025:


					Gross Unrealized Loss
	Fair Value		Gross Unrealized Gain		Amount		Percent of Total Gross Unrealized Loss
	(in millions of dollars)
Investment-Grade	$	31,848.0	$	793.9	$	2,458.0	98.1	%
Below-Investment-Grade	1,208.6		28.1		48.7		1.9
Total Fixed Maturity Securities	$	33,056.6	$	822.0	$	2,506.7	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 all other corporate bonds during the years ended December 31, 2025 and December 31, 2024.


	Year Ended December 31
	2025		2024
	(in millions of dollars)
Balance, beginning of period	$	2.8	$	2.2

Credit losses on securities for which credit losses were not previously recorded	10.5		2.8

Change in allowance on securities with allowance recorded in previous period	4.5		0.2

Change in allowance on securities sold or otherwise disposed during the period	(11.9)		(2.4)


Balance, end of period	$	5.9	$	2.8

Mortgage Loans by Property Type and Geographic Region

The carrying amount of mortgage loans by property type and geographic region are presented below.



	December 31
	2025				2024
	(in millions of dollars)
	Carrying		Percent of		Carrying		Percent of
	Amount		Total		Amount		Total
Property Type
Apartment	$	642.5	30.5	%	$	658.2	29.6	%
Industrial	659.0		31.2		690.4		31.0
Office	313.3		14.9		338.4		15.2
Retail	467.0		22.1		496.2		22.3
Other	27.7		1.3		41.3		1.9
Total	$	2,109.5	100.0	%	$	2,224.5	100.0	%


Region
New England	$	49.9	2.4	%	$	52.6	2.4	%
Mid-Atlantic	159.9		7.6		167.2		7.5
East North Central	275.3		13.1		297.2		13.4
West North Central	135.9		6.4		151.1		6.8
South Atlantic	497.2		23.5		532.5		23.9
East South Central	96.7		4.6		95.1		4.3
West South Central	190.5		9.0		193.6		8.7
Mountain	255.3		12.1		278.7		12.5
Pacific	448.8		21.3		456.5		20.5
Total	$	2,109.5	100.0	%	$	2,224.5	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:


	December 31
	2025				2024
	(in millions of dollars)
	Carrying Amount		Percent of Total		Carrying Amount		Percent of Total
Internal Mortgage Rating
AA	$	125.6	6.0	%	$	117.8	5.3	%
A	1,053.4		49.9		1,099.1		49.4
BBB	804.0		38.1		915.5		41.2
BB	120.5		5.7		85.0		3.8

B	6.0		0.3		7.1		0.3
Total	$	2,109.5	100.0	%	$	2,224.5	100.0	%


Loan-to-Value Ratio1
<= 65%	$	1,701.2	80.6	%	$	1,639.6	73.8	%
> 65% <= 75%	164.3		7.8		367.6		16.5
> 75% <= 85%	162.6		7.7		152.3		6.8
> 85%	81.4		3.9		65.0		2.9
Total	$	2,109.5	100.0	%	$	2,224.5	100.0	%

1 Loan-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 December 31, 2025 and 2024:


	December 31, 2025
	Prior to 2021		2021		2022		2023		2024		2025		Total
	(in millions of dollars)
Internal Mortgage Rating
AA	$	100.1	$	25.6	$	—	$	—	$	—	$	—	$	125.7
A	794.0		144.9		23.6		9.5		6.4		77.2		1,055.6
BBB	482.4		131.2		61.8		56.7		39.4		36.4		807.9
BB	81.7		19.9		—		—		—		20.4		122.0
B	14.2		—		—		—		—		—		14.2
Total Amortized Cost	1,472.4		321.6		85.4		66.2		45.8		134.0		2,125.4
Allowance for credit losses	(13.5)		(0.9)		(0.3)		(0.4)		(0.2)		(0.6)		(15.9)
Carrying Amount	$	1,458.9	$	320.7	$	85.1	$	65.8	$	45.6	$	133.4	$	2,109.5

Loan-to-Value Ratio1
<=65%	$	1,264.1	$	238.9	$	63.0	$	38.5	$	11.6	$	89.4	$	1,705.5
>65<=75%	59.8		10.7		8.4		27.7		34.2		24.2		165.0
>75%<=85%	115.5		35.0		14.0		—		—		—		164.5
>85%	33.0		37.0		—		—		—		20.4		90.4
Total Amortized Cost	1,472.4		321.6		85.4		66.2		45.8		134.0		2,125.4
Allowance for credit losses	(13.5)		(0.9)		(0.3)		(0.4)		(0.2)		(0.6)		(15.9)
Carrying Amount	$	1,458.9	$	320.7	$	85.1	$	65.8	$	45.6	$	133.4	$	2,109.5

1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property


	December 31, 2024
	Prior to 2020		2020		2021		2022		2023		2024		Total
	(in millions of dollars)
Internal Mortgage Rating
AA	$	111.5	$	—	$	6.4	$	—	$	—	$	—	$	117.9
A	780.5		99.6		169.1		24.6		9.5		18.0		1,101.3
BBB	561.7		55.1		155.1		63.0		57.3		28.2		920.4
BB	86.8		—		—		—		—		—		86.8
B	14.2		—		—		—		—		—		14.2
Total Amortized Cost	1,554.7		154.7		330.6		87.6		66.8		46.2		2,240.6
Allowance for credit losses	(13.7)		(0.5)		(1.0)		(0.3)		(0.4)		(0.2)		(16.1)
Carrying Amount	$	1,541.0	$	154.2	$	329.6	$	87.3	$	66.4	$	46.0	$	2,224.5

Loan-to-Value Ratio1
<=65%	$	1,229.6	$	112.9	$	210.0	$	40.8	$	38.7	$	11.7	$	1,643.7
>65<=75%	154.1		33.7		72.1		46.8		28.1		34.5		369.3
>75%<=85%	126.4		8.1		20.1		—		—		—		154.6
>85%	44.6		—		28.4		—		—		—		73.0
Total Amortized Cost	1,554.7		154.7		330.6		87.6		66.8		46.2		2,240.6
Allowance for credit losses	(13.7)		(0.5)		(1.0)		(0.3)		(0.4)		(0.2)		(16.1)
Carrying Amount	$	1,541.0	$	154.2	$	329.6	$	87.3	$	66.4	$	46.0	$	2,224.5

1 Loan-to-Value Ratio utilizes the most recent internal valuation of the property

Financing Receivable, Allowance for Credit Loss

The following tables present a rollforward of allowance for expected credit losses by loan-to-value ratio for the years ended December 31, 2025 and 2024:


	Year Ended December 31, 2025
	Beginning of Period		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio1
<=65%	$	4.2	$	0.1	$	—	$	—	$	4.3
>65<=75%	1.7		(1.0)		—		—		0.7
>75%<=85%	2.2		0.5		(0.8)		—		1.9
>85%	8.0		1.0		—		—		9.0
Total	$	16.1	$	0.6	$	(0.8)	$	—	$	15.9


	Year Ended December 31, 2024
	Beginning of Period		Current Period Provisions		Write-Offs		Recoveries		End of Period
	(in millions of dollars)
Loan-to-Value Ratio1
<=65%	$	3.8	$	0.4	$	—	$	—	$	4.2
>65<=75%	3.8		(2.1)		—		—		1.7
>75%<=85%	1.2		8.0		(7.0)		—		2.2
>85%	1.4		6.6		—		—		8.0
Total	$	10.2	$	12.9	$	(7.0)	$	—	$	16.1

1 Loan-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 collateral pledged are as follows:


					December 31
					2025		2024
					Overnight and Continuous
					(in millions of dollars)


Borrowings
United States Government and Government Agencies and Authorities					$	0.3	$	—

Public Utilities					4.8		5.2
Short-Term Investments					0.1		1.0
All Other Corporate Bonds					70.9		56.5
Total Borrowings					$	76.1	$	62.7
Gross Amount of Recognized Liability for Securities Lending Transactions	76.1		62.7
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:


	December 31
	2025		2024
	(in millions of dollars)
Carrying Value of FHLB Common Stock	$	40.7	$	26.7
Advances from FHLB	643.8		324.2

Carrying Value of Collateral Posted to FHLB
Fixed Maturity Securities	$	752.4	$	553.6
Commercial Mortgage Loans	1,110.2		908.2
Total Carrying Value of Collateral Posted to FHLB	$	1,862.6	$	1,461.8

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, 2025
	Gross Amount						Gross Amount Not
	of Recognized		Gross Amount		Net Amount		Offset in Balance Sheet
	Financial		Offset in		Presented in		Financial		Cash		Net
	Instruments		Balance Sheet		Balance Sheet		Instruments		Collateral		Amount
	(in millions of dollars)
Financial Assets:
Derivatives	$	51.9	$	—	$	51.9	$	(51.9)	$	—	$	—
Securities Lending	106.1		—		106.1		(30.0)		(76.1)		—
Total	$	158.0	$	—	$	158.0	$	(81.9)	$	(76.1)	$	—

Financial Liabilities:
Derivatives	$	269.7	$	—	$	269.7	$	(269.3)	$	—	$	0.4
Securities Lending	76.1		—		76.1		(76.1)		—		—
Total	$	345.8	$	—	$	345.8	$	(345.4)	$	—	$	0.4


	December 31, 2024
	Gross Amount						Gross Amount Not
	of Recognized		Gross Amount		Net Amount		Offset in Balance Sheet
	Financial		Offset in		Presented in		Financial		Cash		Net
	Instruments		Balance Sheet		Balance Sheet		Instruments		Collateral		Amount
	(in millions of dollars)
Financial Assets:
Derivatives	$	79.4	$	—	$	79.4	$	(75.7)	$	(3.2)	$	0.5
Securities Lending	94.0		—		94.0		(31.3)		(62.7)		—
Total	$	173.4	$	—	$	173.4	$	(107.0)	$	(65.9)	$	0.5

Financial Liabilities:
Derivatives	$	255.7	$	—	$	255.7	$	(254.3)	$	—	$	1.4
Securities Lending	62.7		—		62.7		(62.7)		—		—
Total	$	318.4	$	—	$	318.4	$	(317.0)	$	—	$	1.4

Net Investment Income

Net investment income reported in our consolidated statements of income is presented below.


	Year Ended December 31
	2025		2024		2023
	(in millions of dollars)
Fixed Maturity Securities	$	1,781.5	$	1,860.4	$	1,853.7
Derivatives	9.2		30.7		45.1
Mortgage Loans	87.2		88.6		92.5
Policy Loans	21.9		20.9		20.8
Other Long-term Investments
Perpetual Preferred Securities	0.7		0.3		2.5
Private Equity Partnerships1	91.2		103.1		78.1
Other	28.4		12.0		9.2
Short-term Investments	113.0		90.9		68.7
Gross Investment Income	2,133.1		2,206.9		2,170.6
Less Investment Expenses	89.2		65.2		61.8
Less Investment Income on Participation Fund Account Assets	11.2		11.7		12.1

Net Investment Income	$	2,032.7	$	2,130.0	$	2,096.7

1The net unrealized gain recognized in net investment income for the year ended December 31, 2025 related to private equity partnerships still held at December 31, 2025 was $128.1 million, reduced by net management fees and partnership expenses of $(36.9) million. For the years ended December 31, 2024 and 2023, the net unrealized gain recognized in net investment income related to private equity partnerships still held at year-end was $127.1 million and $102.9 million, respectively, reduced by net management fees and partnership expenses of $(24.0) million and $(24.8) million, respectively. See Note 2 for further discussion of private equity partnerships.

Investment Gain and Loss

Investment gains and losses are as follows:


	Year Ended December 31
	2025		2024		2023
	(in millions of dollars)
Fixed Maturity Securities
Gross Gains on Sales1	$	140.9	$	1.3	$	4.4
Gross Losses on Sales1	(99.4)		(39.5)		(53.1)
Impairment Loss1	(160.9)		(2.5)		—
Change in Allowance for Credit Losses2	(3.1)		(3.0)		(2.2)
Mortgage Loans and Other Invested Assets
Gross Gains on Sales	14.4		0.5		6.0
Gross Losses on Sales	(2.1)		—		(1.0)
Impairment Loss	(5.6)		(7.0)		(3.0)
Change in Allowance for Credit Losses	0.2		(5.9)		(0.9)
Embedded Derivative in Modified Coinsurance Arrangement	6.3		13.0		12.4
All Other Derivatives	(2.9)		3.8		(0.6)
Other	0.2		9.2		—
Foreign Currency Transactions	5.4		(4.5)		2.0
Net Investment (Loss)	$	(106.6)	$	(34.6)	$	(36.0)

1Our investment gains and losses on fixed maturity securities for the year ended December 31, 2025 were driven primarily by the Closed Block long-term care and Unum US individual disability reinsurance transaction (Fortitude Re reinsurance transaction) which resulted in a net loss of $46.8 million. In addition, for the year ended December 31, 2025, we realized a $19.1 million loss on sales of fixed maturity securities relating to funding of a dividend from one of our subsidiaries.

2Includes reduction of allowance on securities sold or otherwise disposed during the period.

^[1]

Realized Investment Gains and Losses Reported in Consolidated Statements of Income

Investment gains and losses are as follows:


	Year Ended December 31
	2025		2024		2023
	(in millions of dollars)
Fixed Maturity Securities
Gross Gains on Sales1	$	140.9	$	1.3	$	4.4
Gross Losses on Sales1	(99.4)		(39.5)		(53.1)
Impairment Loss1	(160.9)		(2.5)		—
Change in Allowance for Credit Losses2	(3.1)		(3.0)		(2.2)
Mortgage Loans and Other Invested Assets
Gross Gains on Sales	14.4		0.5		6.0
Gross Losses on Sales	(2.1)		—		(1.0)
Impairment Loss	(5.6)		(7.0)		(3.0)
Change in Allowance for Credit Losses	0.2		(5.9)		(0.9)
Embedded Derivative in Modified Coinsurance Arrangement	6.3		13.0		12.4
All Other Derivatives	(2.9)		3.8		(0.6)
Other	0.2		9.2		—
Foreign Currency Transactions	5.4		(4.5)		2.0
Net Investment (Loss)	$	(106.6)	$	(34.6)	$	(36.0)

2Includes reduction of allowance on securities sold or otherwise disposed during the period.

[1]

The net unrealized gain recognized in net investment income for the year ended December 31, 2025 related to private equity partnerships still held at December 31, 2025 was $128.1 million, reduced by net management fees and partnership expenses of $(36.9) million. For the years ended December 31, 2024 and 2023, the net unrealized gain recognized in net investment income related to private equity partnerships still held at year-end was $127.1 million and $102.9 million, respectively, reduced by net management fees and partnership expenses of $(24.0) million and $(24.8) million, respectively. See Note 2 for further discussion of private equity partnerships.