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Investments (Tables)
 3 Months Ended
Mar. 31, 2020
Investments [Abstract]  
Amortized Cost and Estimated Fair Values Of Fixed Maturities 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:
 
 
 
 
 
 
 
March 31, 2020:
 
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
 
U.S. & Canadian Governments
$
1,752.3

 
$
108.1

 
$
—

 
$
1,860.4

Corporate
6,656.8

 
135.1

 
157.0

 
6,634.9

 
$
8,409.1

 
$
243.3

 
$
157.0

 
$
8,495.4

 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
Tax-exempt
$
1,015.8

 
$
32.7

 
$
—

 
$
1,048.5

 
 
 
 
 
 
 
 
December 31, 2019:
 
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
 
U.S. & Canadian Governments
$
1,842.3

 
$
36.9

 
$
.4

 
$
1,878.8

Corporate
6,694.9

 
225.5

 
2.8

 
6,917.6

 
$
8,537.3

 
$
262.5

 
$
3.3

 
$
8,796.5

 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
Tax-exempt
$
1,021.7

 
$
36.5

 
$
—

 
$
1,058.2
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 March 31, 2020:
 
 
 
Available for sale:
 
 
 
Due in one year or less
$
1,029.6

 
$
1,027.7

Due after one year through five years
4,914.0

 
4,961.4

Due after five years through ten years
2,423.3

 
2,465.1

Due after ten years
42.1

 
41.1

 
$
8,409.1

 
$
8,495.4

 
 
 
 
Held to maturity:
 
 
 
Due in one year or less
$
1.0

 
$
1.0

Due after one year through five years
459.4

 
469.6

Due after five years through ten years
555.3

 
577.5

Due after ten years
—

 
—

 
$
1,015.8

 
$
1,048.5
Debt Securities, Credit Quality Indicator [Table Text Block]
Fixed Maturity Securities Stratified by Credit Quality (a):
 
All Fixed Maturity Securities
 
Held to Maturity
 
March 31,
 
December 31,
 
March 31,
 
December 31,
 
2020
 
2019
 
2020
 
2019
Aaa
23.7
%
 
23.9
%
 
39.5
%
 
39.5
%
Aa
12.9

 
13.1

 
52.5

 
52.5

A
32.1

 
32.6

 
8.0

 
8.0

Baa
26.6

 
26.1

 
—

 
—

Total investment grade
95.3

 
95.7

 
100.0

 
100.0

All other (b)
4.7

 
4.3

 
—

 
—

Total
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%

__________

(a)
Credit quality ratings referred to herein are a blend of those assigned by the major credit rating agencies for U.S. and Canadian Governments, Agencies, Corporates and Municipal issuers.
(b)
"All other" includes non-investment grade or non-rated issuers.
Gross Unrealized Losses and Fair Value, Aggregated
The following tables reflect the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual available for sale and held to maturity fixed maturity securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
 
Fair
Value
 
Unrealized Losses
March 31, 2020:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Maturity Securities:
 
 
 
 
 
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
 
 
 
 
 
  U.S. & Canadian Governments
$
12.8

 
$
—

 
$
—

 
$
—

 
$
12.9

 
$
—

  Corporate
2,253.5

 
148.1

 
27.6

 
8.9

 
2,281.2

 
157.0

 
$
2,266.4

 
$
148.1

 
$
27.6

 
$
8.9

 
$
2,294.1

 
$
157.0

 
 
 
 
 
 
 
 
 
 
 
 
Number of available for sale
 
 
 
 
 
 
 
 
 
 
 
securities in unrealized
 
 
 
 
 
 
 
 
 
 
 
loss position
 
 
459

 
 
 
26

 
 
 
485

 
 
 
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
 
 
  Tax-exempt
$
6.5

 
$
—

 
$
21.5

 
$
—

 
$
28.1

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Number of held to maturity
 
 
 
 
 
 
 
 
 
 
 
securities in unrealized
 
 
 
 
 
 
 
 
 
 
 
loss position
 
 
3

 
 
 
8

 
 
 
11

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Maturity Securities:
 
 
 
 
 
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
 
 
 
 
 
  U.S. & Canadian Governments
$
217.2

 
$
.3

 
$
53.0

 
$
.1

 
$
270.3

 
$
.4

  Corporate
176.4

 
1.9

 
54.3

 
.8

 
230.7

 
2.8

 
$
393.7

 
$
2.3

 
$
107.4

 
$
1.0

 
$
501.1

 
$
3.3

 
 
 
 
 
 
 
 
 
 
 
 
Number of available for sale
 
 
 
 
 
 
 
 
 
 
 
securities in unrealized
 
 
 
 
 
 
 
 
 
 
 
loss position
 
 
54

 
 
 
47

 
 
 
101

 
 
 
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
 
 
  Tax-exempt
$
—

 
$
—

 
$
21.7

 
$
—

 
$
21.7

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
Number of held to maturity
 
 
 
 
 
 
 
 
 
 
 
securities in unrealized
 
 
 
 
 
 
 
 
 
 
 
loss position
 
 
—

 
 
 
8

 
 
 
8
Equity Securities Reflecting Reported Cost
 
Equity Securities
 

Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
March 31, 2020
$
3,236.3

 
$
420.1

 
$
441.5

 
$
3,214.9

December 31, 2019
$
3,089.1

 
$
968.0

 
$
26.6

 
$
4,030.5
Fair Value, Assets Measured on Recurring Basis The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
 
 
Fair Value Measurements
As of March 31, 2020:
 
Level 1
 
Level 2
 
Level 3
 
Total
Available for sale:
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
U.S. & Canadian Governments
 
$
1,079.9

 
$
780.5

 
$
—

 
$
1,860.4

Corporate
 
—

 
6,624.4

 
10.5

 
6,634.9

Short-term investments
 
493.9

 
—

 
—

 
493.9

Held to maturity:
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
Tax-exempt
 
—

 
1,048.5

 
—

 
1,048.5

Equity securities
 
$
3,213.1

 
$
—

 
$
1.8

 
$
3,214.9

 
 
 
 
 
 
 
 
 
As of December 31, 2019:
 
 
 
 
 
 
 
 
Available for sale:
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
U.S. & Canadian Governments
 
$
1,068.1

 
$
810.7

 
$
—

 
$
1,878.8

Corporate
 
—

 
6,907.1

 
10.5

 
6,917.6

Short-term investments
 
484.3

 
—

 
—

 
484.3

Held to maturity:
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
Tax-exempt
 
—

 
1,058.2

 
—

 
1,058.2

Equity securities
 
$
4,028.7

 
$
—

 
$
1.7

 
$
4,030.5
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
 
March 31,
 
2020
 
2019
Investment income:
 
 
 
Fixed maturity securities
$
74.5

 
$
74.6

Equity securities
38.1

 
35.0

Short-term investments
1.9

 
2.4

Other sources
1.1

 
1.6

Gross investment income
115.8

 
113.8

Investment expenses (a)
1.6

 
1.7

Net investment income
$
114.1

 
$
112.1

 
 
 
 
Investment gains (losses):
 
 
 
From actual transactions:
 
 
 
Fixed maturity securities:
 
 
 
Gains
$
.9

 
$
—

Losses
(.5
)
 
(.9
)
Net
.3

 
(.9
)
Equity securities:
 
 
 
Gains
19.4

 
41.1

Losses
(1.2
)
 
(27.9
)
Net
18.2

 
13.2

Other investments, net
—

 
—

Total from actual transactions
18.5

 
12.3

From impairments
—

 
—

From unrealized changes in fair value of equity securities
(962.7
)
 
355.6

Total realized and unrealized investment gains (losses)
(944.1
)
 
368.0

Current and deferred income taxes (credits)(b)
(198.5
)
 
77.4

Net of tax realized and unrealized investment gains (losses)
$
(745.6
)
 
$
290.6

 
 
 
 
Changes in unrealized investment gains (losses)
 
 
 
reflected directly in shareholders' equity:
 
 
 
Fixed maturity securities
$
(172.8
)
 
$
174.3

Less: Deferred income taxes (credits)
(36.2
)
 
36.8

 
(136.6
)
 
137.5

 
 
 
 
Other investments
(.7
)
 
.9

Less: Deferred income taxes (credits)
(.1
)
 
.1

 
(.5
)
 
.7

Net changes in unrealized investment gains (losses),
 
 
 
net of tax
$
(137.1
)
 
$
138.3

__________

(a)
Investment expenses largely consist of personnel costs and investment management and custody service fees.
(b)
Reflects primarily the combination of fully taxable investment gains or losses.