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Investments (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2021
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$19,339.3 $171.3 $(72.9)$0 $19,437.7 38.1 %
State and local government obligations2,379.1 64.7 (3.3)0 2,440.5 4.8 
Corporate debt securities10,327.5 372.1 (9.9)1.2 10,690.9 21.0 
Residential mortgage-backed securities666.9 4.6 (1.1)0.9 671.3 1.3 
Commercial mortgage-backed securities5,628.2 91.4 (11.5)0 5,708.1 11.2 
Other asset-backed securities3,865.9 34.6 (1.5)0 3,899.0 7.7 
Redeemable preferred stocks171.1 1.7 (1.4)12.1 183.5 0.4 
Total fixed maturities42,378.0 740.4 (101.6)14.2 43,031.0 84.5 
Short-term investments1,710.6 0 0 0 1,710.6 3.3 
       Total available-for-sale securities44,088.6 740.4 (101.6)14.2 44,741.6 87.8 
Equity securities:
Nonredeemable preferred stocks1,536.2 0 0 126.1 1,662.3 3.3 
Common equities1,213.4 0 0 3,325.5 4,538.9 8.9 
       Total equity securities2,749.6 0 0 3,451.6 6,201.2 12.2 
  Total portfolio1
$46,838.2 $740.4 $(101.6)$3,465.8 $50,942.8 100.0 %
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
June 30, 2020
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$8,814.5 $463.4 $(0.1)$0 $9,277.8 21.2 %
State and local government obligations3,426.0 148.9 (0.6)0 3,574.3 8.2 
Corporate debt securities10,493.2 571.4 (3.4)1.3 11,062.5 25.3 
Residential mortgage-backed securities541.0 5.4 (3.4)0 543.0 1.2 
Commercial mortgage-backed securities5,728.5 89.1 (55.8)0 5,761.8 13.2 
Other asset-backed securities4,313.3 45.3 (3.7)0 4,354.9 9.9 
Redeemable preferred stocks151.4 2.0 (1.4)0.1 152.1 0.3 
Total fixed maturities33,467.9 1,325.5 (68.4)1.4 34,726.4 79.3 
Short-term investments4,700.5 0 0 0 4,700.5 10.8 
       Total available-for-sale securities38,168.4 1,325.5 (68.4)1.4 39,426.9 90.1 
Equity securities:
Nonredeemable preferred stocks1,205.4 0 0 (24.8)1,180.6 2.7 
Common equities1,128.8 0 0 2,041.6 3,170.4 7.2 
       Total equity securities2,334.2 0 0 2,016.8 4,351.0 9.9 
  Total portfolio1
$40,502.6 $1,325.5 $(68.4)$2,018.2 $43,777.9 100.0 %
 
($ 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 June 30, 2021, we had $412.1 million in other liabilities, compared to $277.9 million and $95.5 million at June 30, 2020 and December 31, 2020, respectively.
The total fair value of the portfolio at June 30, 2021 and 2020, and December 31, 2020, included $3.3 billion, $2.3 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 six months of 2021, we used a portion of these investments to pay our common share dividends and repurchase common shares.
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:
 June 30,
(millions)20212020December 31, 2020
Fixed Maturities:
State and local government obligations$0 $3.4 $0 
Corporate debt securities296.7 84.3 188.4 
Residential mortgage-backed securities163.1 0 0 
Other asset-backed securities66.9 2.2 34.8 
Redeemable preferred stocks132.2 90.2 131.4 
Total hybrid securities$658.9 $180.1 $354.6 
Investments Classified by Contractual Maturity Date The composition of fixed maturities by maturity at June 30, 2021, was:
(millions)CostFair Value
Less than one year$4,964.2 $4,985.6 
One to five years27,027.8 27,458.0 
Five to ten years10,125.0 10,323.1 
Ten years or greater261.0 264.3 
Total$42,378.0 $43,031.0 
Schedule of Unrealized Loss on Investments The following tables show the composition of gross unrealized losses, for which no credit related impairment has been recognized, by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
June 30, 2021
U.S. government obligations59 $10,629.4 $(72.9)55 $10,162.4 $(66.8)4 $467.0 $(6.1)
State and local government obligations81 436.2 (3.3)72 400.0 (2.6)9 36.2 (0.7)
Corporate debt securities292 1,142.5 (9.9)288 1,065.2 (9.5)4 77.3 (0.4)
Residential mortgage-backed securities77 192.2 (1.1)64 172.4 (0.7)13 19.8 (0.4)
Commercial mortgage-backed securities68 1,272.0 (11.5)61 1,006.9 (10.5)7 265.1 (1.0)
Other asset-backed securities119 1,073.6 (1.5)113 1,043.7 (1.3)6 29.9 (0.2)
Redeemable preferred stocks1 11.1 (1.4)0 0 0 1 11.1 (1.4)
Total fixed maturities697 $14,757.0 $(101.6)653 $13,850.6 $(91.4)44 $906.4 $(10.2)

 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
June 30, 2020
U.S. government obligations4 $120.6 $(0.1)4 $120.6 $(0.1)0 $0 $0 
State and local government obligations17 135.0 (0.6)16 131.2 (0.6)1 3.8 0 
Corporate debt securities21 292.8 (3.4)21 292.8 (3.4)0 0 0 
Residential mortgage-backed securities40 188.2 (3.4)21 93.7 (1.7)19 94.5 (1.7)
Commercial mortgage-backed securities113 2,536.6 (55.8)91 2,106.6 (48.3)22 430.0 (7.5)
Other asset-backed securities29 331.7 (3.7)21 299.0 (3.4)8 32.7 (0.3)
Redeemable preferred stocks1 11.0 (1.4)0 0 0 1 11.0 (1.4)
Total fixed maturities225 $3,615.9 $(68.4)174 $3,043.9 $(57.5)51 $572.0 $(10.9)

 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 and six months ended June 30, were:
 Three MonthsSix Months
(millions)2021202020212020
Gross realized gains on security sales
Available-for-sale securities:
U.S. government obligations$11.3 $224.5 $77.9 $475.6 
State and local government obligations14.1 13.0 44.3 15.0 
Corporate and other debt securities40.1 34.3 60.8 66.7 
Residential mortgage-backed securities0.3 0 0.3 0 
Commercial mortgage-backed securities9.5 4.3 39.3 10.4 
Other asset-backed securities0 0 0.7 0 
Redeemable preferred stocks1.5 0 1.5 0 
Total available-for-sale securities76.8 276.1 224.8 567.7 
Equity securities:
Nonredeemable preferred stocks6.4 0.1 23.7 19.7 
Common equities345.0 9.1 346.1 75.1 
Total equity securities351.4 9.2 369.8 94.8 
   Subtotal gross realized gains on security sales428.2 285.3 594.6 662.5 
Gross realized losses on security sales
Available-for-sale securities:
U.S. government obligations(6.9)(0.6)(26.5)(3.3)
State and local government obligations(2.8)0 (3.0)0 
Corporate and other debt securities(3.3)(5.5)(5.4)(6.5)
Commercial mortgage-backed securities(0.5)(9.8)(1.1)(9.8)
Other asset-backed securities(0.3)0 (0.4)0 
Total available-for-sale securities(13.8)(15.9)(36.4)(19.6)
Equity securities:
Nonredeemable preferred stocks(0.4)(3.0)(0.4)(7.4)
Common equities(3.9)(6.4)(3.9)(60.3)
Total equity securities(4.3)(9.4)(4.3)(67.7)
   Subtotal gross realized losses on security sales(18.1)(25.3)(40.7)(87.3)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government obligations4.4 223.9 51.4 472.3 
State and local government obligations11.3 13.0 41.3 15.0 
Corporate and other debt securities36.8 28.8 55.4 60.2 
Residential mortgage-backed securities0.3 0 0.3 0 
Commercial mortgage-backed securities9.0 (5.5)38.2 0.6 
Other asset-backed securities(0.3)0 0.3 0 
Redeemable preferred stocks1.5 0 1.5 0 
Total available-for-sale securities63.0 260.2 188.4 548.1 
Equity securities:
Nonredeemable preferred stocks6.0 (2.9)23.3 12.3 
Common equities341.1 2.7 342.2 14.8 
Total equity securities347.1 (0.2)365.5 27.1 
  Subtotal net realized gains (losses) on security sales410.1 260.0 553.9 575.2 
Net holding period gains (losses)
Hybrid securities9.9 24.8 (1.0)(6.4)
Equity securities44.3 606.0 496.7 (231.6)
  Subtotal net holding period gains (losses)54.2 630.8 495.7 (238.0)
Other asset impairment(2.5)0 (2.5)0 
     Total net realized gains (losses) on securities$461.8 $890.8 $1,047.1 $337.2 
Components of Equity Realized Gains (Losses)
The following table reflects our holding period realized gains (losses) on equity securities recognized for the three and six months ended June 30, 2021 and 2020, for equity securities held at the respective quarter end:
Three MonthsSix Months
(millions)2021202020212020
Total net gains (losses) recognized during the period on equity securities$391.4 $605.8 $862.2 $(204.5)
Less: Net gains (losses) recognized on equity securities sold during the period347.1 (0.2)365.5 27.1 
Net holding period gains (losses) recognized during the period on equity securities held at period end$44.3 $606.0 $496.7 $(231.6)
Components of Net Investment Income The components of net investment income for the three and six months ended June 30, were: 
Three MonthsSix Months
(millions)2021202020212020
Available-for-sale securities:
   Fixed maturities:
U.S. government obligations$37.4 $35.7 $67.8 $98.3 
State and local government obligations11.5 16.1 24.9 25.7 
Corporate debt securities73.2 76.6 158.4 134.6 
Residential mortgage-backed securities2.8 3.8 6.2 8.0 
Commercial mortgage-backed securities34.4 42.6 70.2 76.9 
Other asset-backed securities15.1 24.8 31.0 54.0 
Redeemable preferred stocks2.3 2.1 4.8 10.0 
Total fixed maturities176.7 201.7 363.3 407.5 
   Short-term investments0.7 13.7 2.2 20.7 
    Total available-for-sale securities177.4 215.4 365.5 428.2 
Equity securities:
Nonredeemable preferred stocks17.3 14.7 35.2 28.5 
Common equities16.0 13.7 30.2 28.3 
    Total equity securities33.3 28.4 65.4 56.8 
           Investment income210.7 243.8 430.9 485.0 
           Investment expenses(6.3)(4.5)(11.9)(9.8)
         Net investment income$204.4 $239.3 $419.0 $475.2