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Investments (Tables)
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt and Equity Securities Reconciliation The following tables present the composition of our investment portfolio by major security type, consistent with our classification of how we manage, monitor, and measure the portfolio. Our securities are reported in our consolidated balance sheets at fair value. The changes in fair value for our fixed-maturity securities (other than hybrid securities) are reported as a component of accumulated other comprehensive income, net of deferred income taxes, in our consolidated balance sheets. The net holding period gains (losses) reported below represent the inception-to-date changes in fair value of the securities. The changes in the net holding period gains (losses) between periods for the hybrid securities and equity securities are recorded as a component of net realized gains (losses) on securities in our consolidated statements of comprehensive income.
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
March 31, 2021
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$16,002.7 $181.7 $(111.0)$0 $16,073.4 33.9 %
State and local government obligations2,574.8 65.3 (16.0)0 2,624.1 5.6 
Corporate debt securities10,095.2 368.1 (24.0)(3.1)10,436.2 22.0 
Residential mortgage-backed securities548.3 5.7 (0.8)0 553.2 1.2 
Commercial mortgage-backed securities5,868.3 68.8 (45.1)0 5,892.0 12.4 
Other asset-backed securities3,293.5 30.6 (0.7)0 3,323.4 7.0 
Redeemable preferred stocks181.2 2.9 (2.0)7.4 189.5 0.4 
Total fixed maturities38,564.0 723.1 (199.6)4.3 39,091.8 82.5 
Short-term investments2,243.1 0 0 0 2,243.1 4.7 
       Total available-for-sale securities40,807.1 723.1 (199.6)4.3 41,334.9 87.2 
Equity securities:
Nonredeemable preferred stocks1,453.9 0 0 53.3 1,507.2 3.2 
Common equities1,204.5 0 0 3,354.0 4,558.5 9.6 
       Total equity securities2,658.4 0 0 3,407.3 6,065.7 12.8 
  Total portfolio1
$43,465.5 $723.1 $(199.6)$3,411.6 $47,400.6 100.0 %
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
March 31, 2020
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$10,841.2 $654.5 $0 $0 $11,495.7 28.5 %
State and local government obligations2,243.9 64.8 (4.5)0 2,304.2 5.7 
Corporate debt securities9,452.9 160.8 (120.1)(1.7)9,491.9 23.5 
Residential mortgage-backed securities574.3 1.5 (19.2)0 556.6 1.4 
Commercial mortgage-backed securities5,822.4 30.2 (188.3)0 5,664.3 14.0 
Other asset-backed securities4,674.9 4.3 (40.0)(0.1)4,639.1 11.5 
Redeemable preferred stocks151.5 0 (5.1)(21.6)124.8 0.3 
Total fixed maturities33,761.1 916.1 (377.2)(23.4)34,276.6 84.9 
Short-term investments2,524.2 0 0 0 2,524.2 6.3 
       Total available-for-sale securities36,285.3 916.1 (377.2)(23.4)36,800.8 91.2 
Equity securities:
Nonredeemable preferred stocks1,017.5 0 0 (84.1)933.4 2.3 
Common equities1,113.2 0 0 1,494.9 2,608.1 6.5 
       Total equity securities2,130.7 0 0 1,410.8 3,541.5 8.8 
  Total portfolio1
$38,416.0 $916.1 $(377.2)$1,387.4 $40,342.3 100.0 %
 
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
December 31, 2020
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$12,437.9 $305.8 $(3.7)$0 $12,740.0 26.8 %
State and local government obligations3,099.4 123.1 (0.7)0 3,221.8 6.8 
Corporate debt securities9,579.7 601.7 (0.1)3.9 10,185.2 21.4 
Residential mortgage-backed securities503.3 7.1 (0.9)0 509.5 1.1 
Commercial mortgage-backed securities6,042.6 142.5 (10.0)0 6,175.1 13.0 
Other asset-backed securities3,745.0 40.1 (0.5)0 3,784.6 7.9 
Redeemable preferred stocks181.2 3.6 (1.4)11.3 194.7 0.4 
Total fixed maturities35,589.1 1,223.9 (17.3)15.2 36,810.9 77.4 
Short-term investments5,218.5 0 0 0 5,218.5 11.0 
       Total available-for-sale securities40,807.6 1,223.9 (17.3)15.2 42,029.4 88.4 
Equity securities:
Nonredeemable preferred stocks1,358.7 0 0 89.2 1,447.9 3.1 
Common equities1,187.3 0 0 2,865.7 4,053.0 8.5 
       Total equity securities2,546.0 0 0 2,954.9 5,500.9 11.6 
  Total portfolio1
$43,353.6 $1,223.9 $(17.3)$2,970.1 $47,530.3 100.0 %
1Our portfolio reflects the effect of net unsettled security transactions; at March 31, 2021, we had $363.1 million in other liabilities, compared to $598.0 million and $95.5 million at March 31, 2020 and December 31, 2020, respectively.
The total fair value of the portfolio at March 31, 2021 and 2020, and December 31, 2020, included $3.7 billion, $2.6 billion, and $6.2 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions. During the first quarter 2021, we used a portion of these investments to pay our fourth quarter and annual 2020 common share dividends.
Hybrid Instruments Table Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value:
 March 31,
(millions)20212020December 31, 2020
Fixed Maturities:
State and local government obligations$0 $3.4 $0 
Corporate debt securities295.0 116.5 188.4 
Residential mortgage-backed securities35.0 0 0 
Other asset-backed securities31.9 2.2 34.8 
Redeemable preferred stocks127.5 68.4 131.4 
Total hybrid securities$489.4 $190.5 $354.6 
Investments Classified by Contractual Maturity Date The composition of fixed maturities by maturity at March 31, 2021, was:
(millions)CostFair Value
Less than one year$4,918.5 $4,940.6 
One to five years24,370.8 24,814.6 
Five to ten years9,214.5 9,277.3 
Ten years or greater60.2 59.3 
Total$38,564.0 $39,091.8 
Schedule of Unrealized Loss on Investments The following tables show the composition of gross unrealized losses, for which no credit related impairment has been recognized, by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
March 31, 2021
U.S. government obligations36 $8,612.2 $(111.0)35 $8,598.6 $(109.7)1 $13.6 $(1.3)
State and local government obligations92 816.0 (16.0)92 816.0 (16.0)0 0 0 
Corporate debt securities79 1,751.4 (24.0)76 1,698.4 (23.9)3 53.0 (0.1)
Residential mortgage-backed securities21 123.4 (0.8)6 94.4 (0.2)15 29.0 (0.6)
Commercial mortgage-backed securities95 2,542.2 (45.1)77 2,023.9 (41.7)18 518.3 (3.4)
Other asset-backed securities43 505.8 (0.7)36 477.6 (0.5)7 28.2 (0.2)
Redeemable preferred stocks1 10.5 (2.0)0 0 0 1 10.5 (2.0)
Total fixed maturities367 $14,361.5 $(199.6)322 $13,708.9 $(192.0)45 $652.6 $(7.6)

 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
March 31, 2020
U.S. government obligations1 $100.3 $0 1 $100.3 $0 0 $0 $0 
State and local government obligations89 528.4 (4.5)78 507.7 (4.4)11 20.7 (0.1)
Corporate debt securities233 4,205.6 (120.1)233 4,205.6 (120.1)0 0 0 
Residential mortgage-backed securities70 532.5 (19.2)46 425.0 (11.9)24 107.5 (7.3)
Commercial mortgage-backed securities204 4,441.5 (188.3)187 4,109.2 (173.8)17 332.3 (14.5)
Other asset-backed securities216 3,558.1 (40.0)201 3,514.2 (39.0)15 43.9 (1.0)
Redeemable preferred stocks4 56.3 (5.1)3 45.2 (3.8)1 11.1 (1.3)
Total fixed maturities817 $13,422.7 $(377.2)749 $12,907.2 $(353.0)68 $515.5 $(24.2)

 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
December 31, 2020
U.S. government obligations9 $1,511.0 $(3.7)9 $1,511.0 $(3.7)0 $0 $0 
State and local government obligations30 208.7 (0.7)30 208.7 (0.7)0 0 0 
Corporate debt securities7 129.4 (0.1)7 129.4 (0.1)0 0 0 
Residential mortgage-backed securities21 44.4 (0.9)0 0 0 21 44.4 (0.9)
Commercial mortgage-backed securities43 893.3 (10.0)9 93.6 (0.3)34 799.7 (9.7)
Other asset-backed securities22 183.7 (0.5)9 74.4 (0.1)13 109.3 (0.4)
Redeemable preferred stocks1 11.0 (1.4)0 0 0 1 11.0 (1.4)
Total fixed maturities133 $2,981.5 $(17.3)64 $2,017.1 $(4.9)69 $964.4 $(12.4)
Realized Gain (Loss) on Investments The components of net realized gains (losses) for the three months ended March 31, were:
 Three Months
(millions)20212020
Gross realized gains on security sales
Available-for-sale securities:
U.S. government obligations$66.6 $251.1 
State and local government obligations30.2 2.0 
Corporate and other debt securities20.7 32.4 
Commercial mortgage-backed securities29.8 6.1 
Other asset-backed securities0.7 0 
Total available-for-sale securities148.0 291.6 
Equity securities:
Nonredeemable preferred stocks17.3 19.6 
Common equities1.1 66.0 
Total equity securities18.4 85.6 
   Subtotal gross realized gains on security sales166.4 377.2 
Gross realized losses on security sales
Available-for-sale securities:
U.S. government obligations(19.6)(2.7)
State and local government obligations(0.2)0 
Corporate and other debt securities(2.1)(1.0)
Commercial mortgage-backed securities(0.6)0 
Other asset-backed securities(0.1)0 
Total available-for-sale securities(22.6)(3.7)
Equity securities:
Nonredeemable preferred stocks0 (4.4)
Common equities0 (53.9)
Total equity securities0 (58.3)
   Subtotal gross realized losses on security sales(22.6)(62.0)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government obligations47.0 248.4 
State and local government obligations30.0 2.0 
Corporate and other debt securities18.6 31.4 
Commercial mortgage-backed securities29.2 6.1 
Other asset-backed securities0.6 0 
Total available-for-sale securities125.4 287.9 
Equity securities:
Nonredeemable preferred stocks17.3 15.2 
Common equities1.1 12.1 
Total equity securities18.4 27.3 
  Subtotal net realized gains (losses) on security sales143.8 315.2 
Net holding period gains (losses)
Hybrid securities(10.9)(31.2)
Equity securities452.4 (837.6)
  Subtotal net holding period gains (losses)441.5 (868.8)
     Total net realized gains (losses) on securities$585.3 $(553.6)
Components of Equity Realized Gains (Losses)
The following table reflects our holding period realized gains (losses) on equity securities recognized for the three months ended March 31, 2021 and 2020, for equity securities held at the respective quarter end:
Three Months
(millions)20212020
Total net gains (losses) recognized during the period on equity securities$470.8 $(810.3)
Less: Net gains (losses) recognized on equity securities sold during the period18.4 27.3 
Net holding period gains (losses) recognized during the period on equity securities held at period end$452.4 $(837.6)
Components of Net Investment Income The components of net investment income for the three months ended March 31, were: 
Three Months
(millions)20212020
Available-for-sale securities:
   Fixed maturities:
U.S. government obligations$30.4 $62.6 
State and local government obligations13.4 9.6 
Corporate debt securities85.2 58.0 
Residential mortgage-backed securities3.4 4.2 
Commercial mortgage-backed securities35.8 34.3 
Other asset-backed securities15.9 29.2 
Redeemable preferred stocks2.5 7.9 
Total fixed maturities186.6 205.8 
   Short-term investments1.5 7.0 
    Total available-for-sale securities188.1 212.8 
Equity securities:
Nonredeemable preferred stocks17.9 13.8 
Common equities14.2 14.6 
    Total equity securities32.1 28.4 
           Investment income220.2 241.2 
           Investment expenses(5.6)(5.3)
         Net investment income$214.6 $235.9