Investments (Tables)

6 Months Ended

Jun. 30, 2012

Investments [Abstract]

Amortized Cost and Estimated Fair Values Of Fixed Maturities

The amortized cost and estimated fair values by type and contractual maturity of fixed maturity securities are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed Maturity Securities by Type:
June 30, 2012:
U.S. & Canadian Governments	$	1,042.0	$	72.2	$	.1	$	1,114.1
Tax-exempt	498.9		17.6		—		516.5
Corporate	6,296.8		463.4		3.8		6,756.4
	$	7,837.8	$	553.4	$	4.0	$	8,387.1
December 31, 2011:
U.S. & Canadian Governments	$	1,104.0	$	78.3	$	.1	$	1,182.1
Tax-exempt	597.1		23.4		—		620.5
Corporate	6,183.5		414.1		7.0		6,590.5
	$	7,884.6	$	515.9	$	7.2	$	8,393.2

Amortized Cost and Estimated Fair Values Of Fixed Maturities By Contractual Maturities

	Amortized Cost		Estimated Fair Value
Fixed Maturity Securities Stratified by Contractual Maturity at June 30, 2012:
Due in one year or less	$	1,030.0	$	1,046.9
Due after one year through five years	3,405.9		3,599.4
Due after five years through ten years	3,169.2		3,492.3
Due after ten years	232.5		248.5
	$	7,837.8	$	8,387.1

Equity Securities Reflecting Reported Adjusted Cost, Net Of OTTI

A summary of the Company's equity securities reflecting reported adjusted cost, net of OTTI adjustments totaling $138.5 at June 30, 2012 and December 31, 2011 follows:

	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity Securities:
June 30, 2012	$	341.4	$	286.2	$	—	$	627.7
December 31, 2011	$	341.9	$	243.5	$	4.6	$	580.8

Gross Unrealized Losses and Fair Value, Aggregated

The following table reflects the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:

	12 Months or Less				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2012:
Fixed Maturity Securities:
U.S. & Canadian Governments	$	32.4	$	.1	$	—	$	—	$	32.4	$	.1
Tax-exempt	2.4		—		—		—		2.4		—
Corporate	269.4		2.5		12.3		1.3		281.8		3.8
Subtotal	304.3		2.6		12.3		1.3		316.7		4.0
Equity Securities	4.5		—		—		—		4.5		—
Total	$	308.9	$	2.7	$	12.3	$	1.3	$	321.2	$	4.0
December 31, 2011:
Fixed Maturity Securities:
U.S. & Canadian Governments	$	35.5	$	.1	$	—	$	—	$	35.5	$	.1
Tax-exempt	2.1		—		.6		—		2.7		—
Corporate	402.9		6.7		1.7		.2		404.7		7.0
Subtotal	440.6		7.0		2.3		.2		443.0		7.2
Equity Securities	98.4		4.5		—		—		98.5		4.6
Total	$	539.1	$	11.5	$	2.4	$	.3	$	541.5	$	11.9

Fair Value, Assets Measured on Recurring Basis

The following tables show a summary of assets measured at fair value segregated among the various input levels described above:

Fair value measurements as of June 30, 2012:	Level 1		Level 2		Level 3		Total
Available for sale:
Fixed maturity securities:
U.S. & Canadian Governments	$	393.2	$	720.8	$	—	$	1,114.1
Tax-exempt	—		516.5		—		516.5
Corporate	—		6,725.8		30.6		6,756.4
Equity securities	624.8		—		2.8		627.7
Short-term investments	$	1,203.5	$	—	$	5.0	$	1,208.5
Fair value measurements as of December 31, 2011:
Available for sale:
Fixed maturity securities:
U.S. & Canadian Governments	$	389.8	$	792.2	$	—	$	1,182.1
Tax-exempt	—		620.5		—		620.5
Corporate	—		6,560.0		30.5		6,590.5
Equity securities	579.0		—		1.8		580.8
Short-term investments	$	1,471.1	$	—	$	5.0	$	1,476.2

Investment Income

The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.

	Quarters Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012		2011
Investment income from:
Fixed maturity securities	$	81.9		$	90.6		$	164.8	$	179.7
Equity securities	2.6			2.5			5.1		4.9
Short-term investments	.4			.3			1.0		.8
Other sources	1.3			1.3			2.4		2.4
Gross investment income	86.4			94.9			173.4		188.0
Investment expenses (a)	1.3			1.7			2.5		3.3
Net investment income	$	85.0		$	93.1		$	170.9	$	184.6
Realized gains (losses) on:
Fixed maturity securities:
Gains	$	16.9		$	3.9		$	18.6	$	11.6
Losses	—			(.3		)	—		(1.4		)
Net	16.9			3.6			18.6		10.1
Equity securities & other long-term investments	5.0			(6.6		)	6.3		(6.6		)
Total	22.0			(2.9		)	24.9		3.5
Income taxes (credits)(b)	7.7			(1.0		)	8.7		1.2
Net realized gains (losses)	$	14.3		$	(1.9	)	$	16.2	$	2.2
Changes in unrealized investment gains (losses) on:
Fixed maturity securities	$	45.7		$	88.0		$	41.1	$	57.7
Less: Deferred income taxes (credits)	15.9			30.7			14.3		20.2
Net changes in unrealized investment gains (losses)	$	29.8		$	57.2		$	26.8	$	37.5
Equity securities & other long-term investments	$	(17.1	)	$	(38.5	)	$	44.9	$	(43.6	)
Less: Deferred income taxes (credits)	(5.9		)	(13.4		)	15.6		(15.3		)
Net changes in unrealized investment gains (losses)	$	(11.1	)	$	(25.0	)	$	29.2	$	(28.2	)

__________

(a) Investment expenses consist of personnel costs and investment management and custody service fees, as well as interest incurred on funds held of $.5 for both quarters ended June 30, 2012 and 2011, and $1.0 and $.9 for the six months ended June 30, 2012 and 2011, respectively.

(b) Reflects primarily the combination of fully taxable realized investment gains or losses and judgments about the recoverability of deferred tax assets.