Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Three Months | Six Months | ||||||||||||||||||||||
Periods Ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
(millions — except per share amounts) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Net premiums earned | $ | $ | $ | $ | |||||||||||||||||||
Investment income | |||||||||||||||||||||||
Net realized gains (losses) on securities: | |||||||||||||||||||||||
Net realized gains (losses) on security sales | |||||||||||||||||||||||
Net holding period gains (losses) on securities | ( | ( | |||||||||||||||||||||
Net impairment losses recognized in earnings | ( | ( | ( | ( | |||||||||||||||||||
Total net realized gains (losses) on securities | ( | ( | |||||||||||||||||||||
Fees and other revenues | |||||||||||||||||||||||
Service revenues | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Losses and loss adjustment expenses | |||||||||||||||||||||||
Policy acquisition costs | |||||||||||||||||||||||
Other underwriting expenses | |||||||||||||||||||||||
Investment expenses | |||||||||||||||||||||||
Service expenses | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Goodwill impairment1 | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Net Income (Loss) | |||||||||||||||||||||||
Income (loss) before income taxes | ( | ( | |||||||||||||||||||||
Provision (benefit) for income taxes | ( | ( | |||||||||||||||||||||
Net income (loss) | ( | ( | |||||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Changes in: | |||||||||||||||||||||||
Total net unrealized gains (losses) on fixed-maturity securities | ( | ( | ( | ||||||||||||||||||||
Net unrealized losses on forecasted transactions | |||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Computation of Earnings Per Common Share | |||||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Less: Preferred share dividends | |||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Average common shares outstanding - Basic | |||||||||||||||||||||||
Net effect of dilutive stock-based compensation | |||||||||||||||||||||||
Total average equivalent common shares - Diluted | |||||||||||||||||||||||
Basic: Earnings per common share | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Diluted: Earnings per common share | $ | ( | $ | $ | ( | $ | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
(millions — except per share amounts) | 2022 | 2021 | 2021 | ||||||||||||||
Assets | |||||||||||||||||
Available-for-sale securities, at fair value: | |||||||||||||||||
Fixed maturities (amortized cost: $ | $ | $ | $ | ||||||||||||||
Short-term investments (amortized cost: $ | |||||||||||||||||
Total available-for-sale securities | |||||||||||||||||
Equity securities, at fair value: | |||||||||||||||||
Nonredeemable preferred stocks (cost: $ | |||||||||||||||||
Common equities (cost: $ | |||||||||||||||||
Total equity securities | |||||||||||||||||
Total investments | |||||||||||||||||
Cash and cash equivalents | |||||||||||||||||
Restricted cash and cash equivalents | |||||||||||||||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | |||||||||||||||||
Accrued investment income | |||||||||||||||||
Premiums receivable, net of allowance for credit losses of $ | |||||||||||||||||
Reinsurance recoverables | |||||||||||||||||
Prepaid reinsurance premiums | |||||||||||||||||
Deferred acquisition costs | |||||||||||||||||
Property and equipment, net of accumulated depreciation of $ | |||||||||||||||||
Goodwill | |||||||||||||||||
Intangible assets, net of accumulated amortization of $ | |||||||||||||||||
Net federal deferred income taxes | |||||||||||||||||
Other assets | |||||||||||||||||
Total assets | $ | $ | $ | ||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||
Unearned premiums | $ | $ | $ | ||||||||||||||
Loss and loss adjustment expense reserves | |||||||||||||||||
Net federal deferred income taxes | |||||||||||||||||
Accounts payable, accrued expenses, and other liabilities | |||||||||||||||||
Debt1 | |||||||||||||||||
Total liabilities | |||||||||||||||||
Serial Preferred Shares (authorized | |||||||||||||||||
Serial Preferred Shares, Series B, | |||||||||||||||||
Common shares, $ | |||||||||||||||||
Paid-in capital | |||||||||||||||||
Retained earnings | |||||||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||||||
Net unrealized gains (losses) on fixed-maturity securities | ( | ||||||||||||||||
Net unrealized losses on forecasted transactions | ( | ( | ( | ||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ||||||||||||||
Total accumulated other comprehensive income (loss) | ( | ||||||||||||||||
Total shareholders’ equity | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | $ | $ |
Three Months | Six Months | ||||||||||||||||||||||
Periods Ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
(millions — except per share amounts) | |||||||||||||||||||||||
Serial Preferred Shares, | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Common Shares, $ | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Treasury shares purchased | ( | ( | ( | ||||||||||||||||||||
Net restricted equity awards issued/vested | |||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Paid-In Capital | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Amortization of equity-based compensation | |||||||||||||||||||||||
Treasury shares purchased | ( | ( | ( | ( | |||||||||||||||||||
Net restricted equity awards issued/vested | ( | ( | ( | ||||||||||||||||||||
Reinvested dividends on restricted stock units | |||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Net income (loss) | ( | ( | |||||||||||||||||||||
Treasury shares purchased | ( | ( | ( | ( | |||||||||||||||||||
Cash dividends declared on common shares ($ | ( | ( | ( | ( | |||||||||||||||||||
Reinvested dividends on restricted stock units | ( | ( | ( | ( | |||||||||||||||||||
Other, net | ( | ||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Balance, beginning of period | ( | ||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Balance, end of period | ( | ( | |||||||||||||||||||||
Total shareholders’ equity | $ | $ | $ | $ |
Six Months Ended June 30, | 2022 | 2021 | |||||||||
(millions) | |||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income (loss) | $ | ( | $ | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation | |||||||||||
Amortization of intangible assets | |||||||||||
Net amortization of fixed-income securities | |||||||||||
Amortization of equity-based compensation | |||||||||||
Net realized (gains) losses on securities | ( | ||||||||||
Net (gains) losses on disposition of property and equipment | |||||||||||
Goodwill impairment | |||||||||||
Changes in: | |||||||||||
Premiums receivable | ( | ( | |||||||||
Reinsurance recoverables | ( | ||||||||||
Prepaid reinsurance premiums | ( | ( | |||||||||
Deferred acquisition costs | ( | ( | |||||||||
Income taxes | ( | ( | |||||||||
Unearned premiums | |||||||||||
Loss and loss adjustment expense reserves | |||||||||||
Accounts payable, accrued expenses, and other liabilities | |||||||||||
Other, net | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows From Investing Activities | |||||||||||
Purchases: | |||||||||||
Fixed maturities | ( | ( | |||||||||
Equity securities | ( | ( | |||||||||
Sales: | |||||||||||
Fixed maturities | |||||||||||
Equity securities | |||||||||||
Maturities, paydowns, calls, and other: | |||||||||||
Fixed maturities | |||||||||||
Equity securities | |||||||||||
Net (purchases) sales of short-term investments | ( | ||||||||||
Net unsettled security transactions | ( | ||||||||||
Acquisition of Protective Insurance Corporation, net of cash, cash equivalents, and restricted cash acquired | ( | ||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Sales of property and equipment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash Flows From Financing Activities | |||||||||||
Dividends paid to common shareholders | ( | ( | |||||||||
Dividends paid to preferred shareholders | ( | ( | |||||||||
Acquisition of treasury shares for restricted stock tax liabilities | ( | ( | |||||||||
Acquisition of treasury shares acquired in open market | ( | ||||||||||
Net proceeds from debt issuances | |||||||||||
Payment of acquired company debt | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | |||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 | |||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents – June 30 | $ | $ |
Three Months | Six Months | ||||||||||||||||
Periods Ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
(millions) | |||||||||||||||||
Allowance for credit losses, beginning of period | $ | $ | $ | $ | |||||||||||||
Allowance acquired during period1 | |||||||||||||||||
Increase in allowance2 | |||||||||||||||||
Write-offs3 | ( | ( | ( | ( | |||||||||||||
Allowance for credit losses, end of period | $ | $ | $ | $ |
($ in millions) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Net Holding Period Gains (Losses) | Fair Value | % of Total Fair Value | |||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||||||||||||
U.S. government obligations | $ | $ | $ | ( | $ | $ | % | ||||||||||||||||||||||||||||
State and local government obligations | ( | ||||||||||||||||||||||||||||||||||
Foreign government obligations | ( | ||||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ||||||||||||||||||||||||||||||||||
Other asset-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Redeemable preferred stocks | ( | ( | |||||||||||||||||||||||||||||||||
Total fixed maturities | ( | ( | |||||||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||||||||
Total available-for-sale securities | ( | ( | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Nonredeemable preferred stocks | ( | ||||||||||||||||||||||||||||||||||
Common equities | |||||||||||||||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||||||||||||||
Total portfolio1 | $ | $ | $ | ( | $ | $ | % |
($ in millions) | Cost | Gross 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 | $ | $ | $ | ( | $ | $ | % | ||||||||||||||||||||||||||||
State and local government obligations | ( | ||||||||||||||||||||||||||||||||||
Foreign government obligations | |||||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ||||||||||||||||||||||||||||||||||
Other asset-backed securities | ( | ||||||||||||||||||||||||||||||||||
Redeemable preferred stocks | ( | ||||||||||||||||||||||||||||||||||
Total fixed maturities | ( | ||||||||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||||||||
Total available-for-sale securities | ( | ||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Nonredeemable preferred stocks | |||||||||||||||||||||||||||||||||||
Common equities | |||||||||||||||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||||||||||||||
Total portfolio1 | $ | $ | $ | ( | $ | $ | % |
($ in millions) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Net Holding Period Gains (Losses) | Fair Value | % of Total Fair Value | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||||||||||||
U.S. government obligations | $ | $ | $ | ( | $ | $ | % | ||||||||||||||||||||||||||||
State and local government obligations | ( | ||||||||||||||||||||||||||||||||||
Foreign government obligations | |||||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ||||||||||||||||||||||||||||||||||
Other asset-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Redeemable preferred stocks | ( | ||||||||||||||||||||||||||||||||||
Total fixed maturities | ( | ||||||||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||||||||
Total available-for-sale securities | ( | ||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||
Nonredeemable preferred stocks | |||||||||||||||||||||||||||||||||||
Common equities | |||||||||||||||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||||||||||||||
Total portfolio1 | $ | $ | $ | ( | $ | $ | % |
June 30, | |||||||||||||||||
(millions) | 2022 | 2021 | December 31, 2021 | ||||||||||||||
Fixed Maturities: | |||||||||||||||||
Corporate debt securities | $ | $ | $ | ||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||
Other asset-backed securities | |||||||||||||||||
Redeemable preferred stocks | |||||||||||||||||
Total hybrid securities | $ | $ | $ |
(millions) | Cost | Fair Value | |||||||||
Less than one year | $ | $ | |||||||||
One to five years | |||||||||||
Five to ten years | |||||||||||
Ten years or greater | |||||||||||
Total | $ | $ |
Total No. of Sec. | Total Fair Value | Gross Unrealized Losses | Less than 12 Months | 12 Months or Greater | ||||||||||||||||||||||||||||
($ in millions) | No. of Sec. | Fair Value | Unrealized Losses | No. of Sec. | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||
U.S. government obligations | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||
State and local government obligations | ( | ( | ( | |||||||||||||||||||||||||||||
Foreign government obligations | ( | ( | ||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | ( | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||
Other asset-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||
Redeemable preferred stocks | ( | ( | ( | |||||||||||||||||||||||||||||
Total fixed maturities | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Total No. of Sec. | Total Fair Value | Gross Unrealized Losses | Less than 12 Months | 12 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 obligations | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||
State and local government obligations | ( | ( | ( | |||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | ( | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||
Other asset-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||
Redeemable preferred stocks | ( | ( | ||||||||||||||||||||||||||||||
Total fixed maturities | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Total No. of Sec. | Total Fair Value | Gross Unrealized Losses | Less than 12 Months | 12 Months or Greater | ||||||||||||||||||||||||||||
($ in millions) | No. of Sec. | Fair Value | Unrealized Losses | No. of Sec. | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
U.S. government obligations | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||
State and local government obligations | ( | ( | ( | |||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | ( | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||
Other asset-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||
Redeemable preferred stocks | ( | ( | ||||||||||||||||||||||||||||||
Total fixed maturities | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Three Months | Six Months | ||||||||||||||||||||||
(millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Gross realized gains on security sales | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
U.S. government obligations | $ | $ | $ | $ | |||||||||||||||||||
State and local government obligations | |||||||||||||||||||||||
Corporate and other debt securities | |||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||
Other asset-backed securities | |||||||||||||||||||||||
Redeemable preferred stocks | |||||||||||||||||||||||
Total available-for-sale securities | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Nonredeemable preferred stocks | |||||||||||||||||||||||
Common equities | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Subtotal gross realized gains on security sales | |||||||||||||||||||||||
Gross realized losses on security sales | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
U.S. government obligations | ( | ( | ( | ( | |||||||||||||||||||
State and local government obligations | ( | ( | ( | ||||||||||||||||||||
Corporate and other debt securities | ( | ( | ( | ( | |||||||||||||||||||
Commercial mortgage-backed securities | ( | ( | ( | ( | |||||||||||||||||||
Other asset-backed securities | ( | ( | ( | ( | |||||||||||||||||||
Short-term investments | ( | ( | |||||||||||||||||||||
Total available-for-sale securities | ( | ( | ( | ( | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Nonredeemable preferred stocks | ( | ( | ( | ( | |||||||||||||||||||
Common equities | ( | ( | ( | ( | |||||||||||||||||||
Total equity securities | ( | ( | ( | ( | |||||||||||||||||||
Subtotal gross realized losses on security sales | ( | ( | ( | ( | |||||||||||||||||||
Net realized gains (losses) on security sales | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
U.S. government obligations | ( | ( | |||||||||||||||||||||
State and local government obligations | ( | ||||||||||||||||||||||
Corporate and other debt securities | ( | ( | |||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ( | |||||||||||||||||||||
Other asset-backed securities | ( | ( | ( | ||||||||||||||||||||
Redeemable preferred stocks | |||||||||||||||||||||||
Short-term investments | ( | ( | |||||||||||||||||||||
Total available-for-sale securities | ( | ( | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Nonredeemable preferred stocks | |||||||||||||||||||||||
Common equities | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Subtotal net realized gains (losses) on security sales | |||||||||||||||||||||||
Net holding period gains (losses) | |||||||||||||||||||||||
Hybrid securities | ( | ( | ( | ||||||||||||||||||||
Equity securities | ( | ( | |||||||||||||||||||||
Subtotal net holding period gains (losses) | ( | ( | |||||||||||||||||||||
Other asset impairment | ( | ( | ( | ( | |||||||||||||||||||
Total net realized gains (losses) on securities | $ | ( | $ | $ | ( | $ |
Three Months | Six Months | ||||||||||||||||
(millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Total net gains (losses) recognized during the period on equity securities | $ | ( | $ | $ | ( | $ | |||||||||||
Less: Net gains (losses) recognized on equity securities sold during the period | |||||||||||||||||
Net holding period gains (losses) recognized during the period on equity securities held at period end | $ | ( | $ | $ | ( | $ |
Three Months | Six Months | ||||||||||||||||
(millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Fixed maturities: | |||||||||||||||||
U.S. government obligations | $ | $ | $ | $ | |||||||||||||
State and local government obligations | |||||||||||||||||
Foreign government obligations | |||||||||||||||||
Corporate debt securities | |||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||
Other asset-backed securities | |||||||||||||||||
Redeemable preferred stocks | |||||||||||||||||
Total fixed maturities | |||||||||||||||||
Short-term investments | |||||||||||||||||
Total available-for-sale securities | |||||||||||||||||
Equity securities: | |||||||||||||||||
Nonredeemable preferred stocks | |||||||||||||||||
Common equities | |||||||||||||||||
Total equity securities | |||||||||||||||||
Investment income | |||||||||||||||||
Investment expenses | ( | ( | ( | ( | |||||||||||||
Net investment income | $ | $ | $ | $ |
Fair Value | |||||||||||||||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | Cost | ||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||||||
U.S. government obligations | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
State and local government obligations | |||||||||||||||||||||||||||||
Foreign government obligations | |||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||||||||
Other asset-backed | |||||||||||||||||||||||||||||
Subtotal asset-backed securities | |||||||||||||||||||||||||||||
Redeemable preferred stocks: | |||||||||||||||||||||||||||||
Financials | |||||||||||||||||||||||||||||
Utilities | |||||||||||||||||||||||||||||
Industrials | |||||||||||||||||||||||||||||
Subtotal redeemable preferred stocks | |||||||||||||||||||||||||||||
Total fixed maturities | |||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||
Total available-for-sale securities | |||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
Nonredeemable preferred stocks: | |||||||||||||||||||||||||||||
Financials | |||||||||||||||||||||||||||||
Utilities | |||||||||||||||||||||||||||||
Industrials | |||||||||||||||||||||||||||||
Subtotal nonredeemable preferred stocks | |||||||||||||||||||||||||||||
Common equities: | |||||||||||||||||||||||||||||
Common stocks | |||||||||||||||||||||||||||||
Other risk investments | |||||||||||||||||||||||||||||
Subtotal common equities | |||||||||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||||||||
Total portfolio | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Debt | $ | $ | $ | $ | $ |
Fair Value | |||||||||||||||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | Cost | ||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||||||
U.S. government obligations | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
State and local government obligations | |||||||||||||||||||||||||||||
Foreign government obligations | |||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||||||||
Other asset-backed | |||||||||||||||||||||||||||||
Subtotal asset-backed securities | |||||||||||||||||||||||||||||
Redeemable preferred stocks: | |||||||||||||||||||||||||||||
Financials | |||||||||||||||||||||||||||||
Utilities | |||||||||||||||||||||||||||||
Industrials | |||||||||||||||||||||||||||||
Subtotal redeemable preferred stocks | |||||||||||||||||||||||||||||
Total fixed maturities | |||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||
Total available-for-sale securities | |||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
Nonredeemable preferred stocks: | |||||||||||||||||||||||||||||
Financials | |||||||||||||||||||||||||||||
Utilities | |||||||||||||||||||||||||||||
Industrials | |||||||||||||||||||||||||||||
Subtotal nonredeemable preferred stocks | |||||||||||||||||||||||||||||
Common equities: | |||||||||||||||||||||||||||||
Common stocks | |||||||||||||||||||||||||||||
Other risk investments | |||||||||||||||||||||||||||||
Subtotal common equities | |||||||||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||||||||
Total portfolio | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Debt | $ | $ | $ | $ | $ |
Fair Value | |||||||||||||||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | Cost | ||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||||||
U.S. government obligations | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
State and local government obligations | |||||||||||||||||||||||||||||
Foreign government obligations | |||||||||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||||||||
Other asset-backed | |||||||||||||||||||||||||||||
Subtotal asset-backed securities | |||||||||||||||||||||||||||||
Redeemable preferred stocks: | |||||||||||||||||||||||||||||
Financials | |||||||||||||||||||||||||||||
Utilities | |||||||||||||||||||||||||||||
Industrials | |||||||||||||||||||||||||||||
Subtotal redeemable preferred stocks | |||||||||||||||||||||||||||||
Total fixed maturities | |||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||
Total available-for-sale securities | |||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
Nonredeemable preferred stocks: | |||||||||||||||||||||||||||||
Financials | |||||||||||||||||||||||||||||
Utilities | |||||||||||||||||||||||||||||
Industrials | |||||||||||||||||||||||||||||
Subtotal nonredeemable preferred stocks | |||||||||||||||||||||||||||||
Common equities: | |||||||||||||||||||||||||||||
Common stocks | |||||||||||||||||||||||||||||
Other risk investments | |||||||||||||||||||||||||||||
Subtotal common equities | |||||||||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||||||||
Total portfolio | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Debt | $ | $ | $ | $ | $ |
Level 3 Fair Value | ||||||||||||||||||||||||||
(millions) | Fair Value at March 31, 2022 | Calls/ Maturities/ Paydowns/Other | Purchases | Sales | Net Realized (Gain)/Loss on Sales | Change in Valuation | Net Transfers In (Out) | Fair Value at June 30, 2022 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Nonredeemable preferred stocks: | ||||||||||||||||||||||||||
Financials | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Industrials | ( | |||||||||||||||||||||||||
Common equities: | ||||||||||||||||||||||||||
Other risk investments | ( | |||||||||||||||||||||||||
Total Level 3 securities | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||
Level 3 Fair Value | ||||||||||||||||||||||||||
(millions) | Fair Value at March 31, 2021 | Calls/ Maturities/ Paydowns/Other | Purchases | Sales | Net Realized (Gain)/Loss on Sales | Change in Valuation | Net Transfers In (Out) | Fair Value at June 30, 2021 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Nonredeemable preferred stocks: | ||||||||||||||||||||||||||
Financials | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Industrials | ( | ( | ||||||||||||||||||||||||
Common equities: | ||||||||||||||||||||||||||
Common stocks | ||||||||||||||||||||||||||
Other risk investments | ||||||||||||||||||||||||||
Total Level 3 securities | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||
Level 3 Fair Value | ||||||||||||||||||||||||||
(millions) | Fair Value at Dec. 31, 2021 | Calls/ Maturities/ Paydowns/Other | Purchases | Sales | Net Realized (Gain)/Loss on Sales | Change in Valuation | Net Transfers In (Out) | Fair Value at June 30, 2022 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Nonredeemable preferred stocks: | ||||||||||||||||||||||||||
Financials | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||
Industrials | ( | ( | ||||||||||||||||||||||||
Common equities: | ||||||||||||||||||||||||||
Other risk investments | ||||||||||||||||||||||||||
Total Level 3 securities | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||
Level 3 Fair Value | ||||||||||||||||||||||||||
(millions) | Fair Value at Dec. 31, 2020 | Calls/ Maturities/ Paydowns/Other | Purchases | Sales | Net Realized (Gain)/Loss on Sales | Change in Valuation | Net Transfers In (Out) | Fair Value at June 30, 2021 | ||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Nonredeemable preferred stocks: | ||||||||||||||||||||||||||
Financials | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Industrials | ( | ( | ||||||||||||||||||||||||
Common equities: | ||||||||||||||||||||||||||
Common stocks | ||||||||||||||||||||||||||
Other risk investments | ||||||||||||||||||||||||||
Total Level 3 securities | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
($ in millions) | Fair Value at June 30, 2022 | Valuation Technique | Unobservable Input | Range of Input Values Increase (Decrease) | Weighted Average Increase (Decrease) | ||||||||||||
Equity securities: | |||||||||||||||||
Nonredeemable preferred stocks | $ | Market comparables | Weighted average market capitalization price change % | ( | ( | % | |||||||||||
Subtotal Level 3 securities | |||||||||||||||||
Pricing exemption securities | |||||||||||||||||
Total Level 3 securities | $ |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
($ in millions) | Fair Value at June 30, 2021 | Valuation Technique | Unobservable Input | Range of Input Values Increase (Decrease) | Weighted Average Increase (Decrease) | ||||||||||||
Equity securities: | |||||||||||||||||
Nonredeemable preferred stocks | $ | Market comparables | Weighted average market capitalization price change % | ( | % | ||||||||||||
Common stocks | Market comparables | Weighted average market capitalization price change % | ( | % | |||||||||||||
Subtotal Level 3 securities | |||||||||||||||||
Pricing exemption securities | |||||||||||||||||
Total Level 3 securities | $ |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
($ in millions) | Fair Value at Dec. 31, 2021 | Valuation Technique | Unobservable Input | Range of Input Values Increase (Decrease) | Weighted Average Increase (Decrease) | ||||||||||||
Equity securities: | |||||||||||||||||
Nonredeemable preferred stocks | $ | Market comparables | Weighted average market capitalization price change % | ( | ( | ||||||||||||
Subtotal Level 3 securities | |||||||||||||||||
Pricing exemption securities | |||||||||||||||||
Total Level 3 securities | $ |
June 30, 2022 | June 30, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||
(millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
6 5/8% Senior Notes due 2029 (issued: $ | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
June 30, | |||||||||||
(millions) | 2022 | 2021 | |||||||||
Balance at January 1 | $ | $ | |||||||||
Less reinsurance recoverables on unpaid losses | |||||||||||
Net balance at January 1 | |||||||||||
Net loss and loss adjustment expense reserves acquired1 | |||||||||||
Total beginning reserves | |||||||||||
Incurred related to: | |||||||||||
Current year | |||||||||||
Prior years | |||||||||||
Total incurred | |||||||||||
Paid related to: | |||||||||||
Current year | |||||||||||
Prior years | |||||||||||
Total paid | |||||||||||
Net balance at June 30 | |||||||||||
Plus reinsurance recoverables on unpaid losses | |||||||||||
Balance at June 30 | $ | $ |
Six Months Ended June 30, | |||||||||||
(millions) | 2022 | 2021 | |||||||||
Common share dividends1 | $ | $ | |||||||||
Operating lease liabilities2 |
Six Months Ended June 30, | |||||||||||
(millions) | 2022 | 2021 | |||||||||
Income taxes | $ | $ | |||||||||
Interest | |||||||||||
Operating lease liabilities |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(millions) | Revenues | Pretax Profit (Loss) | Revenues | Pretax Profit (Loss) | Revenues | Pretax Profit (Loss) | Revenues | Pretax Profit (Loss) | |||||||||||||||||||||||||||||||||||||||
Personal Lines | |||||||||||||||||||||||||||||||||||||||||||||||
Agency | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Direct | |||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Lines1 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Lines | |||||||||||||||||||||||||||||||||||||||||||||||
Property2 | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other indemnity3 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total underwriting operations | |||||||||||||||||||||||||||||||||||||||||||||||
Fees and other revenues4 | NA | NA | NA | NA | |||||||||||||||||||||||||||||||||||||||||||
Service businesses | |||||||||||||||||||||||||||||||||||||||||||||||
Investments5 | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | NA | ( | NA | ( | NA | ( | NA | ( | |||||||||||||||||||||||||||||||||||||||
Property - Goodwill impairment2 | NA | ( | NA | NA | ( | NA | |||||||||||||||||||||||||||||||||||||||||
Consolidated total | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Under-writing Margin | Combined Ratio | Under-writing Margin | Combined Ratio | Under-writing Margin | Combined Ratio | Under-writing Margin | Combined Ratio | ||||||||||||||||||||||||||||||||||||||||
Personal Lines | |||||||||||||||||||||||||||||||||||||||||||||||
Agency | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Direct | |||||||||||||||||||||||||||||||||||||||||||||||
Total Personal Lines | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Lines | |||||||||||||||||||||||||||||||||||||||||||||||
Property1 | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total underwriting operations |
(millions, except per share amounts) | Amount | ||||||||||
Declared | Payable | Per Share | Accrued/Paid1 | ||||||||
Common - Quarterly Dividends: | |||||||||||
May 2022 | July 2022 | $ | $ | ||||||||
March 2022 | April 2022 | ||||||||||
December 2021 | January 2022 | ||||||||||
May 2021 | July 2021 | ||||||||||
March 2021 | April 2021 | ||||||||||
December 2020 | January 2021 | ||||||||||
Common - Annual Variable Dividends: | |||||||||||
December 2020 | January 2021 | ||||||||||
Preferred Dividends: | |||||||||||
December 2021 | March 2022 | ||||||||||
December 2020 | March 2021 | ||||||||||
Components of Changes in Accumulated Other Comprehensive Income (after tax) | ||||||||||||||||||||
(millions) | Pretax total accumulated other comprehensive income (loss) | Total tax (provision) benefit | After tax total accumulated other comprehensive income (loss) | Total net unrealized gains (losses) on securities | Net unrealized gains (losses) on forecasted transactions | Foreign currency translation adjustment | ||||||||||||||
Balance at March 31, 2022 | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||
Investment securities | ( | ( | ( | |||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | |||||||||||||||||
Total other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | ||||||||||||||||
Less: Reclassification adjustment for amounts realized in net income by income statement line item: | ||||||||||||||||||||
Net realized gains (losses) on securities | ( | ( | ( | |||||||||||||||||
Interest expense | ||||||||||||||||||||
Total reclassification adjustment for amounts realized in net income | ( | ( | ( | |||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | ( | ||||||||||||||||
Balance at June 30, 2022 | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||
Components of Changes in Accumulated Other Comprehensive Income (after tax) | ||||||||||||||||||||
(millions) | Pretax total accumulated other comprehensive income (loss) | Total tax (provision) benefit | After tax total accumulated other comprehensive income (loss) | Total net unrealized gains (losses) on securities | Net unrealized gains (losses) on forecasted transactions | Foreign currency translation adjustment | ||||||||||||||
Balance at March 31, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||
Investment securities | ( | |||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | |||||||||||||||||
Total other comprehensive income (loss) before reclassifications | ( | ( | ||||||||||||||||||
Less: Reclassification adjustment for amounts realized in net income by income statement line item: | ||||||||||||||||||||
Net realized gains (losses) on securities | ( | |||||||||||||||||||
Interest expense | ( | ( | ( | |||||||||||||||||
Total reclassification adjustment for amounts realized in net income | ( | ( | ||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ||||||||||||||||||
Balance at June 30, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||
Components of Changes in Accumulated Other Comprehensive Income (after tax) | ||||||||||||||||||||
(millions) | Pretax total accumulated other comprehensive income (loss) | Total tax (provision) benefit | After tax total accumulated other comprehensive income (loss) | Total net unrealized gains (losses) on securities | Net unrealized gains (losses) on forecasted transactions | Foreign currency translation adjustment | ||||||||||||||
Balance at December 31, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||
Investment securities | ( | ( | ( | |||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | |||||||||||||||||
Total other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | ||||||||||||||||
Less: Reclassification adjustment for amounts realized in net income by income statement line item: | ||||||||||||||||||||
Net realized gains (losses) on securities | ( | ( | ( | |||||||||||||||||
Interest expense | ( | ( | ( | |||||||||||||||||
Total reclassification adjustment for amounts realized in net income | ( | ( | ( | ( | ||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | ( | ||||||||||||||||
Balance at June 30, 2022 | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||
Components of Changes in Accumulated Other Comprehensive Income (after tax) | ||||||||||||||||||||
(millions) | Pretax total accumulated other comprehensive income (loss) | Total tax (provision) benefit | After tax total accumulated other comprehensive income (loss) | Total net unrealized gains (losses) on securities | Net unrealized gains (losses) on forecasted transactions | Foreign currency translation adjustment | ||||||||||||||
Balance at December 31, 2020 | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||||||||||
Investment securities | ( | ( | ( | |||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | |||||||||||||||||
Total other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | ||||||||||||||||
Less: Reclassification adjustment for amounts realized in net income by income statement line item: | ||||||||||||||||||||
Net realized gains (losses) on securities | ( | |||||||||||||||||||
Interest expense | ( | ( | ( | |||||||||||||||||
Total reclassification adjustment for amounts realized in net income | ( | ( | ||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | ( | ||||||||||||||||
Balance at June 30, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | ( |
(millions) | June 30, 2022 | June 30, 2021 | December 31, 2021 | ||||||||||||||
Intangible assets subject to amortization | $ | $ | $ | ||||||||||||||
Indefinite-lived intangible assets1 | |||||||||||||||||
Total | $ | $ | $ |
(millions) | June 30, 2022 | June 30, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||||||
Category | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||
Policies in force | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Agency relationships | |||||||||||||||||||||||||||||||||||
Software rights | |||||||||||||||||||||||||||||||||||
Trade name | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Personal Lines | |||||||||||||||||||||||
Agency | 36 | % | 38 | % | 35 | % | 38 | % | |||||||||||||||
Direct | 40 | 40 | 40 | 41 | |||||||||||||||||||
Total Personal Lines1 | 76 | 78 | 75 | 79 | |||||||||||||||||||
Commercial Lines | 19 | 17 | 20 | 16 | |||||||||||||||||||
Property | 5 | 5 | 5 | 5 | |||||||||||||||||||
Total underwriting operations | 100 | % | 100 | % | 100 | % | 100 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Underwriting Profit (Loss) | Underwriting Profit (Loss) | Underwriting Profit (Loss) | Underwriting Profit (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | $ | Margin | $ | Margin | $ | Margin | $ | Margin | |||||||||||||||||||||||||||||||||||||||
Personal Lines | |||||||||||||||||||||||||||||||||||||||||||||||
Agency | $ | 260.3 | 6.0 | % | $ | 207.5 | 4.9 | % | $ | 548.9 | 6.3 | % | $ | 755.0 | 9.1 | % | |||||||||||||||||||||||||||||||
Direct | 198.4 | 4.0 | 128.4 | 2.8 | 348.8 | 3.6 | 543.0 | 6.0 | |||||||||||||||||||||||||||||||||||||||
Total Personal Lines | 458.7 | 4.9 | 335.9 | 3.8 | 897.7 | 4.9 | 1,298.0 | 7.5 | |||||||||||||||||||||||||||||||||||||||
Commercial Lines | 243.0 | 10.5 | 130.1 | 8.0 | 445.4 | 10.1 | 358.6 | 11.8 | |||||||||||||||||||||||||||||||||||||||
Property1 | (156.9) | (27.5) | (83.3) | (16.6) | (148.6) | (13.2) | (154.0) | (15.8) | |||||||||||||||||||||||||||||||||||||||
Other indemnity2 | (6.3) | NM | 0.1 | NM | (7.2) | NM | 0.1 | NM | |||||||||||||||||||||||||||||||||||||||
Total underwriting operations | $ | 538.5 | 4.4 | % | $ | 382.8 | 3.5 | % | $ | 1,187.3 | 5.0 | % | $ | 1,502.7 | 7.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
Underwriting Performance1 | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||
Personal Lines – Agency | |||||||||||||||||||||||||||||||||||
Loss & loss adjustment expense ratio | 77.3 | 76.5 | 0.8 | 76.3 | 72.2 | 4.1 | |||||||||||||||||||||||||||||
Underwriting expense ratio | 16.7 | 18.6 | (1.9) | 17.4 | 18.7 | (1.3) | |||||||||||||||||||||||||||||
Combined ratio | 94.0 | 95.1 | (1.1) | 93.7 | 90.9 | 2.8 | |||||||||||||||||||||||||||||
Personal Lines – Direct | |||||||||||||||||||||||||||||||||||
Loss & loss adjustment expense ratio | 77.9 | 77.0 | 0.9 | 77.5 | 72.8 | 4.7 | |||||||||||||||||||||||||||||
Underwriting expense ratio | 18.1 | 20.2 | (2.1) | 18.9 | 21.2 | (2.3) | |||||||||||||||||||||||||||||
Combined ratio | 96.0 | 97.2 | (1.2) | 96.4 | 94.0 | 2.4 | |||||||||||||||||||||||||||||
Total Personal Lines | |||||||||||||||||||||||||||||||||||
Loss & loss adjustment expense ratio | 77.7 | 76.8 | 0.9 | 76.9 | 72.5 | 4.4 | |||||||||||||||||||||||||||||
Underwriting expense ratio | 17.4 | 19.4 | (2.0) | 18.2 | 20.0 | (1.8) | |||||||||||||||||||||||||||||
Combined ratio | 95.1 | 96.2 | (1.1) | 95.1 | 92.5 | 2.6 | |||||||||||||||||||||||||||||
Commercial Lines | |||||||||||||||||||||||||||||||||||
Loss & loss adjustment expense ratio | 70.4 | 71.8 | (1.4) | 70.6 | 67.9 | 2.7 | |||||||||||||||||||||||||||||
Underwriting expense ratio | 19.1 | 20.2 | (1.1) | 19.3 | 20.3 | (1.0) | |||||||||||||||||||||||||||||
Combined ratio | 89.5 | 92.0 | (2.5) | 89.9 | 88.2 | 1.7 | |||||||||||||||||||||||||||||
Property | |||||||||||||||||||||||||||||||||||
Loss & loss adjustment expense ratio | 101.7 | 87.5 | 14.2 | 86.4 | 86.2 | 0.2 | |||||||||||||||||||||||||||||
Underwriting expense ratio2 | 25.8 | 29.1 | (3.3) | 26.8 | 29.6 | (2.8) | |||||||||||||||||||||||||||||
Combined ratio2 | 127.5 | 116.6 | 10.9 | 113.2 | 115.8 | (2.6) | |||||||||||||||||||||||||||||
Total Underwriting Operations | |||||||||||||||||||||||||||||||||||
Loss & loss adjustment expense ratio | 77.4 | 76.5 | 0.9 | 76.2 | 72.5 | 3.7 | |||||||||||||||||||||||||||||
Underwriting expense ratio | 18.2 | 20.0 | (1.8) | 18.8 | 20.5 | (1.7) | |||||||||||||||||||||||||||||
Combined ratio | 95.6 | 96.5 | (0.9) | 95.0 | 93.0 | 2.0 | |||||||||||||||||||||||||||||
Accident year – Loss & loss adjustment expense ratio3 | 77.8 | 75.8 | 2.0 | 75.6 | 71.6 | 4.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Change in net loss and LAE reserves | $ | 1,131.6 | $ | 1,603.1 | $ | 1,696.9 | $ | 2,230.6 | |||||||||||||||
Paid losses and LAE | 8,289.5 | 6,803.3 | 16,582.6 | 13,286.3 | |||||||||||||||||||
Total incurred losses and LAE | $ | 9,421.1 | $ | 8,406.4 | $ | 18,279.5 | $ | 15,516.9 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | $ | Point | $ | Point | $ | Point | $ | Point | |||||||||||||||||||||||||||||||||||||||
Personal Lines | $ | 285.2 | 3.1 | $ | 211.8 | 2.4 | $ | 329.7 | 1.8 | $ | 276.9 | 1.6 | |||||||||||||||||||||||||||||||||||
Commercial Lines | 9.6 | 0.4 | 6.6 | 0.4 | 12.4 | 0.3 | 8.4 | 0.3 | |||||||||||||||||||||||||||||||||||||||
Property | 233.5 | 40.9 | 128.0 | 25.5 | 332.8 | 29.5 | 272.6 | 28.0 | |||||||||||||||||||||||||||||||||||||||
Total net catastrophe losses incurred | $ | 528.3 | 4.3 | $ | 346.4 | 3.2 | $ | 674.9 | 2.8 | $ | 557.9 | 2.6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
($ in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
ACTUARIAL ADJUSTMENTS | |||||||||||||||||||||||
Reserve decrease (increase) | |||||||||||||||||||||||
Prior accident years | $ | (65.5) | $ | (22.1) | $ | (50.4) | $ | (44.2) | |||||||||||||||
Current accident year | (14.4) | 15.5 | (53.2) | 18.4 | |||||||||||||||||||
Calendar year actuarial adjustments | $ | (79.9) | $ | (6.6) | $ | (103.6) | $ | (25.8) | |||||||||||||||
PRIOR ACCIDENT YEARS DEVELOPMENT | |||||||||||||||||||||||
Favorable (unfavorable) | |||||||||||||||||||||||
Actuarial adjustments | $ | (65.5) | $ | (22.1) | $ | (50.4) | $ | (44.2) | |||||||||||||||
All other development | 111.4 | (50.5) | (94.5) | (152.8) | |||||||||||||||||||
Total development | $ | 45.9 | $ | (72.6) | $ | (144.9) | $ | (197.0) | |||||||||||||||
(Increase) decrease to calendar year combined ratio | 0.4 | pts. | (0.7) | pts. | (0.6) | pts. | (0.9) | pts. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
($ in millions) | 2022 | 2021 | % Growth | 2022 | 2021 | % Growth | |||||||||||||||||||||||||||||
NET PREMIUMS WRITTEN | |||||||||||||||||||||||||||||||||||
Personal Lines | |||||||||||||||||||||||||||||||||||
Agency | $ | 4,493.6 | $ | 4,326.1 | 4 | % | $ | 9,010.0 | $ | 8,784.8 | 3 | % | |||||||||||||||||||||||
Direct | 4,978.9 | 4,574.1 | 9 | 10,181.4 | 9,576.8 | 6 | |||||||||||||||||||||||||||||
Total Personal Lines | 9,472.5 | 8,900.2 | 6 | 19,191.4 | 18,361.6 | 5 | |||||||||||||||||||||||||||||
Commercial Lines | 2,308.8 | 1,986.3 | 16 | 5,234.5 | 3,780.4 | 38 | |||||||||||||||||||||||||||||
Property | 639.6 | 590.9 | 8 | 1,175.7 | 1,064.5 | 10 | |||||||||||||||||||||||||||||
Other indemnity1 | 1.2 | 2.9 | (59) | 1.5 | 2.9 | (48) | |||||||||||||||||||||||||||||
Total underwriting operations | $ | 12,422.1 | $ | 11,480.3 | 8 | % | $ | 25,603.1 | $ | 23,209.4 | 10 | % | |||||||||||||||||||||||
NET PREMIUMS EARNED | |||||||||||||||||||||||||||||||||||
Personal Lines | |||||||||||||||||||||||||||||||||||
Agency | $ | 4,366.5 | $ | 4,220.3 | 3 | % | $ | 8,689.8 | $ | 8,318.5 | 4 | % | |||||||||||||||||||||||
Direct | 4,905.9 | 4,633.9 | 6 | 9,699.5 | 9,065.6 | 7 | |||||||||||||||||||||||||||||
Total Personal Lines | 9,272.4 | 8,854.2 | 5 | 18,389.3 | 17,384.1 | 6 | |||||||||||||||||||||||||||||
Commercial Lines | 2,304.4 | 1,621.8 | 42 | 4,431.6 | 3,039.6 | 46 | |||||||||||||||||||||||||||||
Property | 570.5 | 502.3 | 14 | 1,128.6 | 974.8 | 16 | |||||||||||||||||||||||||||||
Other indemnity1 | 0.6 | 4.0 | (85) | 1.3 | 4.0 | (68) | |||||||||||||||||||||||||||||
Total underwriting operations | $ | 12,147.9 | $ | 10,982.3 | 11 | % | $ | 23,950.8 | $ | 21,402.5 | 12 | % | |||||||||||||||||||||||
1 Represents Protective Insurance’s run-off business. | |||||||||||||||||||||||||||||||||||
June 30, | |||||||||||||||||||||||||||||||||||
(thousands) | 2022 | 2021 | % Growth | ||||||||||||||||||||||||||||||||
POLICIES IN FORCE | |||||||||||||||||||||||||||||||||||
Personal Lines | |||||||||||||||||||||||||||||||||||
Agency auto | 7,619.5 | 8,014.2 | (5) | % | |||||||||||||||||||||||||||||||
Direct auto | 9,557.0 | 9,581.3 | 0 | ||||||||||||||||||||||||||||||||
Total auto | 17,176.5 | 17,595.5 | (2) | ||||||||||||||||||||||||||||||||
Special lines1 | 5,485.0 | 5,211.7 | 5 | ||||||||||||||||||||||||||||||||
Personal Lines — total | 22,661.5 | 22,807.2 | (1) | ||||||||||||||||||||||||||||||||
Commercial Lines | 1,024.6 | 916.6 | 12 | ||||||||||||||||||||||||||||||||
Property | 2,823.0 | 2,655.5 | 6 | ||||||||||||||||||||||||||||||||
Companywide total | 26,509.1 | 26,379.3 | 0 | % |
Growth Over Prior Year | |||||||||||||||||
Quarter | Year-to-date | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Applications | |||||||||||||||||
New | (13) | % | 7 | % | (18) | % | 11 | % | |||||||||
Renewal | 2 | 9 | 4 | 11 | |||||||||||||
Written premium per policy - Auto | 11 | (2) | 8 | (3) | |||||||||||||
Policy life expectancy - Auto | |||||||||||||||||
Trailing 3 months | (32) | NM | |||||||||||||||
Trailing 12 months | (11) | 3 |
Growth Over Prior Year | |||||||||||||||||
Quarter | Year-to-date | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Applications - Auto | |||||||||||||||||
New | (20) | % | 9 | % | (24) | % | 7 | % | |||||||||
Renewal | (2) | 6 | (1) | 9 | |||||||||||||
Written premium per policy - Auto | 12 | (1) | 10 | (1) | |||||||||||||
Policy life expectancy - Auto | |||||||||||||||||
Trailing 3 months | (34) | NM | |||||||||||||||
Trailing 12 months | (13) | 3 |
Growth Over Prior Year | |||||||||||||||||
Quarter | Year-to-date | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Applications - Auto | |||||||||||||||||
New | (11) | % | 10 | % | (19) | % | 13 | % | |||||||||
Renewal | 4 | 12 | 6 | 15 | |||||||||||||
Written premium per policy - Auto | 10 | (4) | 7 | (4) | |||||||||||||
Policy life expectancy - Auto | |||||||||||||||||
Trailing 3 months | (29) | NM | |||||||||||||||
Trailing 12 months | (9) | 3 |
Growth Over Prior Year | |||||||||||||||||
Quarter | Year-to-date | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Applications | |||||||||||||||||
New | (6) | % | 52 | % | 1 | % | 40 | % | |||||||||
Renewal | 15 | 8 | 14 | 10 | |||||||||||||
Written premium per policy | 14 | 20 | 17 | 16 | |||||||||||||
Policy life expectancy - Trailing 12 months | 1 | 5 |
Growth Over Prior Year | |||||||||||||||||
Quarter | Year-to-date | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Applications | |||||||||||||||||
New | (5) | % | 29 | % | (6) | % | 28 | % | |||||||||
Renewal | 8 | 8 | 9 | 10 | |||||||||||||
Written premium per policy | 4 | 0 | 4 | 0 | |||||||||||||
Policy life expectancy - Trailing 12 months | (8) | (6) |
Three Months | Six Months | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Pretax recurring investment book yield (annualized) | 2.3 | % | 1.9 | % | 2.1 | % | 2.0 | % | |||||||||||||||
FTE total return: | |||||||||||||||||||||||
Fixed-income securities | (2.4) | 1.1 | (5.9) | 0.2 | |||||||||||||||||||
Common stocks | (16.3) | 7.3 | (20.4) | 20.7 | |||||||||||||||||||
Total portfolio | (3.6) | 1.7 | (7.2) | 1.9 |
Three Months | Six Months | |||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Fixed-income securities: | ||||||||||||||||||||
U.S. Treasury Notes | (1.7) | % | 0.4 | % | (5.8) | % | (0.7) | % | ||||||||||||
Municipal bonds | (1.9) | 1.4 | (6.7) | 0.4 | ||||||||||||||||
Corporate bonds | (3.1) | 1.3 | (6.7) | (0.3) | ||||||||||||||||
Residential mortgage-backed securities | (0.6) | 0.5 | (1.5) | 0.9 | ||||||||||||||||
Commercial mortgage-backed securities | (3.6) | 1.8 | (7.7) | 1.0 | ||||||||||||||||
Other asset-backed securities | (1.2) | 0.5 | (2.7) | 0.7 | ||||||||||||||||
Preferred stocks | (8.1) | 6.2 | (10.9) | 6.1 | ||||||||||||||||
Short-term investments | 0.1 | 0 | 0.2 | 0.1 |
($ in millions) | Fair Value | % of Total Portfolio | Duration (years) | Rating1 | |||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
U.S. government obligations | $ | 18,719.2 | 36.0 | % | 3.7 | AAA | |||||||||||||||||
State and local government obligations | 2,135.4 | 4.1 | 3.7 | AA+ | |||||||||||||||||||
Foreign government obligations | 16.4 | 0.1 | 4.0 | AAA | |||||||||||||||||||
Corporate debt securities | 10,167.8 | 19.6 | 3.0 | BBB | |||||||||||||||||||
Residential mortgage-backed securities | 799.3 | 1.5 | 0.4 | A | |||||||||||||||||||
Commercial mortgage-backed securities | 6,094.6 | 11.7 | 2.7 | A+ | |||||||||||||||||||
Other asset-backed securities | 5,036.0 | 9.7 | 1.1 | AA | |||||||||||||||||||
Preferred stocks | 1,564.3 | 3.0 | 3.0 | BBB- | |||||||||||||||||||
Short-term investments | 4,611.8 | 8.9 | <0.1 | AA | |||||||||||||||||||
Total fixed-income securities | 49,144.8 | 94.6 | 2.8 | AA- | |||||||||||||||||||
Common equities | 2,784.7 | 5.4 | na | na | |||||||||||||||||||
Total portfolio2 | $ | 51,929.5 | 100.0 | % | 2.8 | AA- | |||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
U.S. government obligations | $ | 19,437.7 | 38.1 | % | 3.4 | AAA | |||||||||||||||||
State and local government obligations | 2,440.5 | 4.8 | 3.8 | AA | |||||||||||||||||||
Foreign government obligations | 12.7 | 0.1 | 1.6 | AA+ | |||||||||||||||||||
Corporate debt securities | 10,678.2 | 20.9 | 3.3 | BBB | |||||||||||||||||||
Residential mortgage-backed securities | 671.3 | 1.3 | 1.2 | AA- | |||||||||||||||||||
Commercial mortgage-backed securities | 5,708.1 | 11.2 | 3.6 | A+ | |||||||||||||||||||
Other asset-backed securities | 3,899.0 | 7.7 | 1.3 | AA | |||||||||||||||||||
Preferred stocks | 1,793.3 | 3.6 | 3.6 | BBB- | |||||||||||||||||||
Short-term investments | 1,710.6 | 3.3 | 0.1 | A+ | |||||||||||||||||||
Total fixed-income securities | 46,351.4 | 91.0 | 3.1 | AA- | |||||||||||||||||||
Common equities | 4,591.4 | 9.0 | na | na | |||||||||||||||||||
Total portfolio2 | $ | 50,942.8 | 100.0 | % | 3.1 | AA- | |||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
U.S. government obligations | $ | 18,488.2 | 35.9 | % | 3.6 | AAA | |||||||||||||||||
State and local government obligations | 2,185.3 | 4.2 | 3.6 | AA+ | |||||||||||||||||||
Foreign government obligations | 17.9 | 0.1 | 4.5 | AAA | |||||||||||||||||||
Corporate debt securities | 10,692.1 | 20.7 | 2.9 | BBB | |||||||||||||||||||
Residential mortgage-backed securities | 790.0 | 1.5 | 0.4 | A- | |||||||||||||||||||
Commercial mortgage-backed securities | 6,535.6 | 12.7 | 3.2 | A+ | |||||||||||||||||||
Other asset-backed securities | 4,982.3 | 9.7 | 1.2 | AA | |||||||||||||||||||
Preferred stocks | 1,821.6 | 3.6 | 3.6 | BBB- | |||||||||||||||||||
Short-term investments | 942.6 | 1.8 | 0.2 | AA | |||||||||||||||||||
Total fixed-income securities | 46,455.6 | 90.2 | 3.0 | AA- | |||||||||||||||||||
Common equities | 5,058.5 | 9.8 | na | na | |||||||||||||||||||
Total portfolio2 | $ | 51,514.1 | 100.0 | % | 3.0 | AA- | |||||||||||||||||
na = not applicable |
June 30, 2022 | June 30, 2021 | December 31, 2021 | ||||||||||||||||||||||||
($ in millions) | Fair Value | % of Total Portfolio | Fair Value | % of Total Portfolio | Fair Value | % of Total Portfolio | ||||||||||||||||||||
Group I securities: | ||||||||||||||||||||||||||
Non-investment-grade fixed maturities | $ | 1,648.7 | 3.2 | % | $ | 1,834.2 | 3.6 | % | $ | 2,032.4 | 3.9 | % | ||||||||||||||
Redeemable preferred stocks1 | 101.9 | 0.2 | 91.7 | 0.2 | 90.9 | 0.2 | ||||||||||||||||||||
Nonredeemable preferred stocks | 1,360.5 | 2.6 | 1,609.8 | 3.2 | 1,639.9 | 3.2 | ||||||||||||||||||||
Common equities | 2,784.7 | 5.4 | 4,591.4 | 9.0 | 5,058.5 | 9.8 | ||||||||||||||||||||
Total Group I securities | 5,895.8 | 11.4 | 8,127.1 | 16.0 | 8,821.7 | 17.1 | ||||||||||||||||||||
Group II securities: | ||||||||||||||||||||||||||
Other fixed maturities | 41,421.9 | 79.7 | 41,105.1 | 80.7 | 41,749.8 | 81.1 | ||||||||||||||||||||
Short-term investments | 4,611.8 | 8.9 | 1,710.6 | 3.3 | 942.6 | 1.8 | ||||||||||||||||||||
Total Group II securities | 46,033.7 | 88.6 | 42,815.7 | 84.0 | 42,692.4 | 82.9 | ||||||||||||||||||||
Total portfolio | $ | 51,929.5 | 100.0 | % | $ | 50,942.8 | 100.0 | % | $ | 51,514.1 | 100.0 | % |
(millions) | Gross Holding Period Gains | Gross Holding Period Losses | Net Holding Period Gains (Losses) | ||||||||
Balance at December 31, 2021 | |||||||||||
Hybrid fixed-maturity securities | $ | 13.0 | $ | (5.5) | $ | 7.5 | |||||
Equity securities | 3,877.2 | (14.7) | 3,862.5 | ||||||||
Total holding period securities | 3,890.2 | (20.2) | 3,870.0 | ||||||||
Current year change in holding period securities | |||||||||||
Hybrid fixed-maturity securities | (13.0) | (74.4) | (87.4) | ||||||||
Equity securities | (1,859.8) | (163.6) | (2,023.4) | ||||||||
Total changes in holding period securities | (1,872.8) | (238.0) | (2,110.8) | ||||||||
Balance at June 30, 2022 | |||||||||||
Hybrid fixed-maturity securities | 0 | (79.9) | (79.9) | ||||||||
Equity securities | 2,017.4 | (178.3) | 1,839.1 | ||||||||
Total holding period securities | $ | 2,017.4 | $ | (258.2) | $ | 1,759.2 |
Duration Distribution | June 30, 2022 | June 30, 2021 | December 31, 2021 | ||||||||||||||
1 year | 18.4 | % | 21.9 | % | 22.0 | % | |||||||||||
2 years | 17.9 | 18.5 | 18.8 | ||||||||||||||
3 years | 23.6 | 24.4 | 23.5 | ||||||||||||||
5 years | 20.8 | 17.1 | 17.6 | ||||||||||||||
7 years | 14.3 | 12.2 | 13.1 | ||||||||||||||
10 years | 5.0 | 5.9 | 5.0 | ||||||||||||||
Total fixed-income portfolio | 100.0 | % | 100.0 | % | 100.0 | % |
Rating | June 30, 2022 | June 30, 2021 | December 31, 2021 | ||||||||||||||
AAA | 57.7 | % | 55.8 | % | 54.7 | % | |||||||||||
AA | 8.5 | 7.5 | 8.7 | ||||||||||||||
A | 8.4 | 9.3 | 8.6 | ||||||||||||||
BBB | 21.0 | 22.1 | 21.7 | ||||||||||||||
Non-investment grade/non-rated1 | |||||||||||||||||
BB | 3.5 | 4.3 | 4.8 | ||||||||||||||
B | 0.6 | 0.5 | 1.1 | ||||||||||||||
CCC and lower | 0.1 | 0.1 | 0.1 | ||||||||||||||
Non-rated | 0.2 | 0.4 | 0.3 | ||||||||||||||
Total fixed-income portfolio | 100.0 | % | 100.0 | % | 100.0 | % |
($ in millions) | Fair Value | Duration (years) | |||||||||
U.S. Treasury Notes | |||||||||||
Less than one year | $ | 219.5 | 0.5 | ||||||||
One to two years | 4,094.7 | 1.6 | |||||||||
Two to three years | 4,102.8 | 2.5 | |||||||||
Three to five years | 5,235.1 | 4.0 | |||||||||
Five to seven years | 3,946.2 | 5.8 | |||||||||
Seven to ten years | 1,120.9 | 8.3 | |||||||||
Total U.S. Treasury Notes | $ | 18,719.2 | 3.7 | ||||||||
($ in millions) | Fair Value | Net Unrealized Gains (Losses) | % of Asset- Backed Securities | Duration (years) | Rating (at period end)1 | ||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 799.3 | $ | (10.2) | 6.7 | % | 0.4 | A | |||||||||||||||||||||
Commercial mortgage-backed securities | 6,094.6 | (644.8) | 51.1 | 2.7 | A+ | ||||||||||||||||||||||||
Other asset-backed securities | 5,036.0 | (201.6) | 42.2 | 1.1 | AA | ||||||||||||||||||||||||
Total asset-backed securities | $ | 11,929.9 | $ | (856.6) | 100.0 | % | 1.9 | AA- | |||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 671.3 | $ | 3.5 | 6.5 | % | 1.2 | AA- | |||||||||||||||||||||
Commercial mortgage-backed securities | 5,708.1 | 79.9 | 55.6 | 3.6 | A+ | ||||||||||||||||||||||||
Other asset-backed securities | 3,899.0 | 33.1 | 37.9 | 1.3 | AA | ||||||||||||||||||||||||
Total asset-backed securities | $ | 10,278.4 | $ | 116.5 | 100.0 | % | 2.6 | AA- | |||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 790.0 | $ | 1.7 | 6.4 | % | 0.4 | A- | |||||||||||||||||||||
Commercial mortgage-backed securities | 6,535.6 | (25.4) | 53.1 | 3.2 | A+ | ||||||||||||||||||||||||
Other asset-backed securities | 4,982.3 | 0.9 | 40.5 | 1.2 | AA | ||||||||||||||||||||||||
Total asset-backed securities | $ | 12,307.9 | $ | (22.8) | 100.0 | % | 2.2 | AA- |
Residential Mortgage-Backed Securities (at June 30, 2022) | |||||||||||||||||||||||
($ in millions) Rating1 | Non-Agency | Government/GSE2 | Total | % of Total | |||||||||||||||||||
AAA | $ | 138.4 | $ | 1.3 | $ | 139.7 | 17.5 | % | |||||||||||||||
AA | 34.6 | 0.4 | 35.0 | 4.4 | |||||||||||||||||||
A | 400.1 | 0 | 400.1 | 50.0 | |||||||||||||||||||
BBB | 213.0 | 0 | 213.0 | 26.6 | |||||||||||||||||||
Non-investment grade/non-rated: | |||||||||||||||||||||||
BB | 0.6 | 0 | 0.6 | 0.1 | |||||||||||||||||||
B | 0 | 0 | 0 | 0 | |||||||||||||||||||
CCC and lower | 3.2 | 0 | 3.2 | 0.4 | |||||||||||||||||||
Non-rated | 7.7 | 0 | 7.7 | 1.0 | |||||||||||||||||||
Total fair value | $ | 797.6 | $ | 1.7 | $ | 799.3 | 100.0 | % | |||||||||||||||
Increase (decrease) in value | (3.3) | % | 0.7 | % | (3.3) | % |
Commercial Mortgage-Backed Securities (at June 30, 2022) | |||||||||||||||||||||||
($ in millions) Rating1 | Multi-Borrower | Single-Borrower | Total | % of Total | |||||||||||||||||||
AAA | $ | 246.5 | $ | 1,536.0 | $ | 1,782.5 | 29.2 | % | |||||||||||||||
AA | 0 | 1,754.5 | 1,754.5 | 28.9 | |||||||||||||||||||
A | 0 | 1,034.8 | 1,034.8 | 17.0 | |||||||||||||||||||
BBB | 0 | 1,026.2 | 1,026.2 | 16.8 | |||||||||||||||||||
Non-investment grade/non-rated: | |||||||||||||||||||||||
BB | 0 | 496.4 | 496.4 | 8.1 | |||||||||||||||||||
B | 0.2 | 0 | 0.2 | 0 | |||||||||||||||||||
Total fair value | $ | 246.7 | $ | 5,847.9 | $ | 6,094.6 | 100.0 | % | |||||||||||||||
Increase (decrease) in value | (3.4) | % | (9.8) | % | (9.6) | % |
Other Asset-Backed Securities (at June 30, 2022) | ||||||||||||||||||||||||||
($ in millions) Rating | Automobile | Collateralized Loan Obligations | Student Loan | Whole Business Securitizations | Equipment | Other | Total | % of Total | ||||||||||||||||||
AAA | $ | 1,094.7 | $ | 1,207.8 | $ | 48.9 | $ | 0 | $ | 561.8 | $ | 200.3 | $ | 3,113.5 | 61.8 | % | ||||||||||
AA | 217.9 | 570.2 | 5.7 | 0 | 146.3 | 29.9 | 970.0 | 19.3 | ||||||||||||||||||
A | 17.7 | 0 | 7.7 | 0 | 107.4 | 146.0 | 278.8 | 5.5 | ||||||||||||||||||
BBB | 6.6 | 0 | 0 | 598.6 | 0 | 36.3 | 641.5 | 12.7 | ||||||||||||||||||
Non-investment grade/non-rated: | ||||||||||||||||||||||||||
BB | 0 | 0 | 0 | 0 | 0 | 32.2 | 32.2 | 0.7 | ||||||||||||||||||
Total fair value | $ | 1,336.9 | $ | 1,778.0 | $ | 62.3 | $ | 598.6 | $ | 815.5 | $ | 444.7 | $ | 5,036.0 | 100.0 | % | ||||||||||
Increase (decrease) in value | (1.6) | % | (3.3) | % | (5.0) | % | (9.8) | % | (1.9) | % | (7.6) | % | (3.9) | % |
Municipal Securities (at June 30, 2022) | |||||||||||||||||
(millions) Rating | General Obligations | Revenue Bonds | Total | ||||||||||||||
AAA | $ | 629.2 | $ | 248.4 | $ | 877.6 | |||||||||||
AA | 506.0 | 709.8 | 1,215.8 | ||||||||||||||
A | 0 | 41.1 | 41.1 | ||||||||||||||
BBB | 0 | 0.7 | 0.7 | ||||||||||||||
Non-rated | 0 | 0.2 | 0.2 | ||||||||||||||
Total | $ | 1,135.2 | $ | 1,000.2 | $ | 2,135.4 |
Corporate Securities (at June 30, 2022) | ||||||||||||||||||||||||||
(millions) Rating | Consumer | Industrial | Communication | Financial Services | Technology | Basic Materials | Energy | Total | ||||||||||||||||||
AA | $ | 22.5 | $ | 0 | $ | 0 | $ | 223.1 | $ | 13.6 | $ | 0 | $ | 43.0 | $ | 302.2 | ||||||||||
A | 325.7 | 271.4 | 203.6 | 1,093.2 | 44.8 | 114.7 | 183.5 | 2,236.9 | ||||||||||||||||||
BBB | 2,305.8 | 1,314.2 | 123.3 | 1,040.5 | 618.0 | 12.8 | 912.0 | 6,326.6 | ||||||||||||||||||
Non-investment grade/non-rated: | ||||||||||||||||||||||||||
BB | 362.7 | 195.9 | 195.1 | 96.5 | 37.7 | 30.8 | 60.0 | 978.7 | ||||||||||||||||||
B | 245.8 | 24.7 | 0 | 8.9 | 0 | 0 | 0 | 279.4 | ||||||||||||||||||
CCC and lower | 44.0 | 0 | 0 | 0 | 0 | 0 | 0 | 44.0 | ||||||||||||||||||
Total fair value | $ | 3,306.5 | $ | 1,806.2 | $ | 522.0 | $ | 2,462.2 | $ | 714.1 | $ | 158.3 | $ | 1,198.5 | $ | 10,167.8 |
Preferred Stocks (at June 30, 2022) | |||||||||||||||||||||||
Financial Services | |||||||||||||||||||||||
(millions) Rating | U.S. Banks | Foreign Banks | Insurance | Other Financial | Industrials | Utilities | Total | ||||||||||||||||
BBB | $ | 874.7 | $ | 33.6 | $ | 111.2 | $ | 37.6 | $ | 136.3 | $ | 41.7 | $ | 1,235.1 | |||||||||
Non-investment grade/non-rated: | |||||||||||||||||||||||
BB | 151.4 | 37.7 | 0 | 0 | 23.8 | 34.4 | 247.3 | ||||||||||||||||
Non-rated | 0 | 0 | 43.8 | 21.1 | 17.0 | 0 | 81.9 | ||||||||||||||||
Total fair value | $ | 1,026.1 | $ | 71.3 | $ | 155.0 | $ | 58.7 | $ | 177.1 | $ | 76.1 | $ | 1,564.3 |
($ in millions) | June 30, 2022 | June 30, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||||||
Common stocks | $ | 2,766.2 | 99.3 | % | $ | 4,579.8 | 99.7 | % | $ | 5,041.6 | 99.7 | % | |||||||||||||||||||||||
Other risk investments | 18.5 | 0.7 | 11.6 | 0.3 | 16.9 | 0.3 | |||||||||||||||||||||||||||||
Total common equities | $ | 2,784.7 | 100.0 | % | $ | 4,591.4 | 100.0 | % | $ | 5,058.5 | 100.0 | % |
ISSUER PURCHASES OF EQUITY SECURITIES | |||||||||||||||||||||||
2022 Calendar Month | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs | |||||||||||||||||||
April | 3,486 | $ | 112.36 | 1,770,572 | 23,229,428 | ||||||||||||||||||
May - prior authorization | 2,529 | 109.01 | 1,773,101 | — | |||||||||||||||||||
May - current authorization | — | — | — | 25,000,000 | |||||||||||||||||||
June | 1,169 | 117.42 | 1,169 | 24,998,831 | |||||||||||||||||||
Total | 7,184 | $ | 112.00 |
THE PROGRESSIVE CORPORATION | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | August 2, 2022 | By: /s/ John P. Sauerland | ||||||||||||
John P. Sauerland | ||||||||||||||
Vice President and Chief Financial Officer | ||||||||||||||
EXHIBIT INDEX | ||||||||||||||||||||
Exhibit No. Under Reg. S-K, Item 601 | Form 10-Q Exhibit Number | Description of Exhibit | If Incorporated by Reference, Documents with Which Exhibit was Previously Filed with SEC | |||||||||||||||||
10 | 10.1 | Current Report on Form 8-K (filed May 16, 2022; Exhibit 10 therein) | ||||||||||||||||||
10 | 10.2 | Filed herewith | ||||||||||||||||||
31 | 31.1 | Filed herewith | ||||||||||||||||||
31 | 31.2 | Filed herewith | ||||||||||||||||||
32 | 32.1 | Furnished herewith | ||||||||||||||||||
32 | 32.2 | Furnished herewith | ||||||||||||||||||
99 | 99 | Furnished herewith | ||||||||||||||||||
101 | 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | Filed herewith | |||||||||||||||||
101 | 101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith | |||||||||||||||||
101 | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | |||||||||||||||||
101 | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | |||||||||||||||||
101 | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | |||||||||||||||||
101 | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | |||||||||||||||||
104 | 104 | Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document) | Filed herewith |
[Participant] | |||||
THE PROGRESSIVE CORPORATION | |||||
By: | |||||
Daniel P. Mascaro | |||||
Vice President & Secretary |
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||
Revenues | ||||||
Net premiums earned | $ 12,147.9 | $ 10,982.3 | $ 23,950.8 | $ 21,402.5 | ||
Investment income | 292.4 | 210.7 | 534.6 | 430.9 | ||
Net realized gains (losses) on securities: | ||||||
Net realized gains (losses) on security sales | 546.6 | 410.1 | 492.1 | 553.9 | ||
Net holding period gains (losses) on securities | (1,722.2) | 54.2 | (2,110.8) | 495.7 | ||
Net impairment losses recognized in earnings | (2.1) | (2.5) | (4.3) | (2.5) | ||
Total net realized gains (losses) on securities | (1,177.7) | 461.8 | (1,623.0) | 1,047.1 | ||
Fees and other revenues | 176.5 | 176.2 | 350.5 | 341.9 | ||
Service revenues | 80.1 | 74.5 | 147.8 | 128.3 | ||
Total revenues | 11,519.2 | 11,905.5 | 23,360.7 | 23,350.7 | ||
Expenses | ||||||
Losses and loss adjustment expenses | 9,421.1 | 8,406.4 | 18,279.5 | 15,516.9 | ||
Policy acquisition costs | 933.6 | 928.8 | 1,897.0 | 1,803.2 | ||
Other underwriting expenses | 1,431.2 | 1,440.5 | 2,937.5 | 2,921.6 | ||
Investment expenses | 5.9 | 6.3 | 11.6 | 11.9 | ||
Service expenses | 75.5 | 67.9 | 138.7 | 117.2 | ||
Interest expense | 63.0 | 56.4 | 117.3 | 112.8 | ||
Goodwill impairment | [1] | 224.8 | 0.0 | 224.8 | 0.0 | |
Total expenses | 12,155.1 | 10,906.3 | 23,606.4 | 20,483.6 | ||
Net Income (Loss) | ||||||
Income (loss) before income taxes | (635.9) | 999.2 | (245.7) | 2,867.1 | ||
Provision (benefit) for income taxes | (93.0) | 209.1 | (16.7) | 597.0 | ||
Net income (loss) | (542.9) | 790.1 | (229.0) | 2,270.1 | ||
Other Comprehensive Income (Loss) | ||||||
Total net unrealized gains (losses) on fixed-maturity securities | (822.8) | 91.1 | (2,249.7) | (448.5) | ||
Net unrealized losses on forecasted transactions | 0.0 | 0.3 | 0.2 | 0.5 | ||
Foreign currency translation adjustment | (0.4) | (0.5) | (0.2) | (0.5) | ||
Other comprehensive income (loss) | (823.2) | 90.9 | (2,249.7) | (448.5) | ||
Comprehensive income (loss) | (1,366.1) | 881.0 | (2,478.7) | 1,821.6 | ||
Computation of Earnings Per Common Share | ||||||
Net income (loss) | (542.9) | 790.1 | (229.0) | 2,270.1 | ||
Less: Preferred share dividends | 6.7 | 6.7 | 13.4 | 13.4 | ||
Net income (loss) available to common shareholders | $ (549.6) | $ 783.4 | $ (242.4) | $ 2,256.7 | ||
Average common shares outstanding - Basic | 584.3 | 584.6 | 584.3 | 584.7 | ||
Net effect of dilutive stock-based compensation | 2.2 | 2.2 | 2.1 | 2.1 | ||
Total average equivalent common shares - Diluted | 586.5 | 586.8 | 586.4 | 586.8 | ||
Basic: Earnings per common share | $ (0.94) | $ 1.34 | $ (0.41) | $ 3.86 | ||
Diluted: Earnings per common share | $ (0.94) | $ 1.34 | $ (0.41) | $ 3.85 | ||
|
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Fixed maturities, amortized cost | $ 46,028.8 | $ 43,794.2 | $ 42,378.0 |
Short-term investments, amortized cost | 4,611.8 | 942.6 | 1,710.6 |
Nonredeemable preferred stocks, cost | 1,522.5 | 1,571.8 | 1,511.2 |
Common equities, cost | 783.6 | 1,264.1 | 1,238.4 |
Premium Receivable, Allowance for Credit Loss | 265.8 | 280.4 | 245.2 |
Property and equipment, accumulated depreciation | 1,512.6 | 1,407.4 | 1,396.5 |
Intangible Assets, Accumulated Amortization | $ 147.7 | $ 383.8 | $ 354.6 |
Common Shares, par value (USD per share) | $ 1.00 | $ 1.00 | $ 1.00 |
Common Shares, authorized (shares) | 900,000,000.0 | 900,000,000.0 | 900,000,000.0 |
Common Shares, issued (shares) | 797,600,000 | 797,600,000 | 797,600,000 |
Common Shares, treasury shares (shares) | 212,700,000 | 213,200,000 | 212,400,000 |
Serial Preferred Stock | |||
Preferred Stock, Shares Authorized (shares) | 20,000,000.0 | 20,000,000.0 | 20,000,000.0 |
Series B Preferred Stock | Serial Preferred Stock | |||
Preferred Stock, No Par Value | $ 0 | $ 0 | $ 0 |
Preferred Stock, Liquidation Preference Per Share (USD per share) | $ 1,000 | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized (shares) | 500,000 | 500,000 | 500,000 |
Preferred Stock, Shares Issued (shares) | 500,000 | 500,000 | 500,000 |
Preferred Stock, Shares Outstanding (shares) | 500,000 | 500,000 | 500,000 |
Consolidated Statements of Changes in Shareholders' Equity Statement - USD ($) $ in Millions |
Total |
Serial Preferred Stock |
Preferred Shares, No Par Value |
Common Shares, $1.00 Par Value |
Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Series B Preferred Stock
Serial Preferred Stock
|
Voting Preference Shares |
---|---|---|---|---|---|---|---|---|---|
Common Stock, Dividends, Per Share, Declared | $ 0.20 | ||||||||
Balance, Beginning of period at Dec. 31, 2020 | $ 493.9 | $ 585.2 | $ 1,672.9 | $ 13,354.9 | $ 931.7 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | $ 2,270.1 | 2,270.1 | |||||||
Treasury shares purchased | (1.1) | (3.0) | (91.3) | ||||||
Cash dividends declared on common shares ($0.10, $0.10, $0.20, and $0.20 per share) | (116.8) | ||||||||
Reinvested dividends on restricted stock units | 0.8 | (0.8) | |||||||
Net restricted equity awards issued/vested | 1.1 | (1.1) | |||||||
Amortization of equity-based compensation | 42.7 | ||||||||
Other comprehensive income (loss) | (448.5) | (448.5) | |||||||
Other, net | (15.1) | ||||||||
Balance, End of period at Jun. 30, 2021 | $ 18,675.6 | 493.9 | 585.2 | 1,712.3 | 15,401.0 | 483.2 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | ||||||||
Balance, Beginning of period at Mar. 31, 2021 | 493.9 | 585.2 | 1,685.5 | 14,679.6 | 392.3 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | $ 790.1 | 790.1 | |||||||
Treasury shares purchased | (0.2) | (0.3) | (10.1) | ||||||
Cash dividends declared on common shares ($0.10, $0.10, $0.20, and $0.20 per share) | (58.4) | ||||||||
Reinvested dividends on restricted stock units | 0.4 | (0.4) | |||||||
Net restricted equity awards issued/vested | 0.2 | (0.2) | |||||||
Amortization of equity-based compensation | 26.9 | ||||||||
Other comprehensive income (loss) | 90.9 | 90.9 | |||||||
Other, net | 0.2 | ||||||||
Balance, End of period at Jun. 30, 2021 | $ 18,675.6 | 493.9 | 585.2 | 1,712.3 | 15,401.0 | 483.2 | |||
Preferred Stock, No Par Value | $ 0 | ||||||||
Common Shares, par value (USD per share) | $ 1.00 | ||||||||
Preferred Stock, Shares Authorized (shares) | 20,000,000.0 | 500,000 | 5,000,000.0 | ||||||
Preferred Stock, Shares Issued (shares) | 500,000 | 0 | |||||||
Preferred Stock, No Par Value | $ 0 | ||||||||
Common Shares, par value (USD per share) | 1.00 | ||||||||
Preferred Stock, Shares Authorized (shares) | 20,000,000.0 | 500,000 | |||||||
Preferred Stock, Shares Issued (shares) | 500,000 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.20 | ||||||||
Balance, Beginning of period at Dec. 31, 2021 | $ 18,231.6 | 493.9 | 584.4 | 1,772.9 | 15,339.7 | 40.7 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (229.0) | (229.0) | |||||||
Treasury shares purchased | (0.3) | (0.9) | (28.3) | ||||||
Cash dividends declared on common shares ($0.10, $0.10, $0.20, and $0.20 per share) | (116.8) | ||||||||
Reinvested dividends on restricted stock units | 0.3 | (0.3) | |||||||
Net restricted equity awards issued/vested | 0.8 | (0.8) | |||||||
Amortization of equity-based compensation | 43.7 | ||||||||
Other comprehensive income (loss) | (2,249.7) | (2,249.7) | |||||||
Other, net | 2.4 | ||||||||
Balance, End of period at Jun. 30, 2022 | $ 15,652.7 | 493.9 | 584.9 | 1,815.2 | 14,967.7 | (2,209.0) | |||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | ||||||||
Balance, Beginning of period at Mar. 31, 2022 | 493.9 | 584.9 | 1,788.6 | 15,569.6 | (1,385.8) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | $ (542.9) | (542.9) | |||||||
Treasury shares purchased | 0.0 | (0.1) | (0.7) | ||||||
Cash dividends declared on common shares ($0.10, $0.10, $0.20, and $0.20 per share) | (58.4) | ||||||||
Reinvested dividends on restricted stock units | 0.3 | (0.3) | |||||||
Net restricted equity awards issued/vested | 0.0 | 0.0 | |||||||
Amortization of equity-based compensation | 26.4 | ||||||||
Other comprehensive income (loss) | (823.2) | (823.2) | |||||||
Other, net | 0.4 | ||||||||
Balance, End of period at Jun. 30, 2022 | $ 15,652.7 | $ 493.9 | $ 584.9 | $ 1,815.2 | $ 14,967.7 | $ (2,209.0) | |||
Preferred Stock, No Par Value | $ 0 | ||||||||
Common Shares, par value (USD per share) | $ 1.00 | ||||||||
Preferred Stock, Shares Authorized (shares) | 20,000,000.0 | 500,000 | 5,000,000.0 | ||||||
Preferred Stock, Shares Issued (shares) | 500,000 | 0 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|||
Cash Flows From Operating Activities | ||||
Net income (loss) | $ (229.0) | $ 2,270.1 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation | 149.6 | 129.4 | ||
Amortization of intangible assets | 20.1 | 28.5 | ||
Net amortization of fixed-income securities | 29.2 | 62.1 | ||
Amortization of equity-based compensation | 43.7 | 42.7 | ||
Net realized (gains) losses on securities | 1,623.0 | (1,047.1) | ||
Net (gains) losses on disposition of property and equipment | 2.0 | 0.5 | ||
Goodwill impairment | [1] | 224.8 | 0.0 | |
Changes in: | ||||
Premiums receivable | (1,162.3) | (1,183.5) | ||
Reinsurance recoverables | 19.3 | (237.3) | ||
Prepaid reinsurance premiums | (6.7) | (244.6) | ||
Deferred acquisition costs | (142.8) | (123.4) | ||
Income taxes | (377.2) | (81.0) | ||
Unearned premiums | 1,659.0 | 2,051.5 | ||
Loss and loss adjustment expense reserves | 1,647.9 | 2,481.0 | ||
Accounts payable, accrued expenses, and other liabilities | 436.5 | 717.8 | ||
Other, net | (45.2) | 71.7 | ||
Net cash provided by operating activities | 3,891.9 | 4,938.4 | ||
Purchases: | ||||
Fixed maturities | (14,332.3) | (18,364.5) | ||
Equity securities | (91.1) | (416.1) | ||
Sales: | ||||
Fixed maturities | 9,378.7 | 8,703.2 | ||
Equity securities | 1,350.3 | 590.2 | ||
Maturities, paydowns, calls, and other: | ||||
Fixed maturities | 2,409.1 | 3,898.2 | ||
Equity securities | 39.3 | 67.1 | ||
Net (purchases) sales of short-term investments | (3,665.1) | 3,587.0 | ||
Net unsettled security transactions | (143.4) | 316.6 | ||
Acquisition of Protective Insurance Corporation, net of cash, cash equivalents, and restricted cash acquired | 0.0 | (313.2) | ||
Purchases of property and equipment | (136.7) | (98.5) | ||
Sales of property and equipment | 11.6 | 11.5 | ||
Net cash used in investing activities | (5,179.6) | (2,018.5) | ||
Cash Flows From Financing Activities | ||||
Dividends paid to common shareholders | (117.0) | (2,753.0) | ||
Dividends paid to preferred shareholders | (13.4) | (13.4) | ||
Acquisition of treasury shares for restricted stock tax liabilities | (29.5) | (30.4) | ||
Acquisition of treasury shares acquired in open market | 0.0 | (65.0) | ||
Net proceeds from debt issuances | 1,486.0 | 0.0 | ||
Payment of acquired company debt | 0.0 | (20.0) | ||
Net cash provided by (used in) financing activities | 1,326.1 | (2,881.8) | ||
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 38.4 | 38.1 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents – January 1 | 202.1 | 76.5 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents – June 30 | $ 240.5 | $ 114.6 | ||
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Basis of Presentation |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation — The accompanying consolidated financial statements include the accounts of The Progressive Corporation, our wholly owned insurance and non-insurance subsidiaries, and affiliates in which we have a controlling financial interest (Progressive). The consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, were necessary for a fair statement of the results for the interim periods presented. The results of operations for the period ended June 30, 2022, are not necessarily indicative of the results expected for the full year. These consolidated financial statements and the notes thereto should be read in conjunction with Progressive’s audited financial statements and accompanying notes included in Exhibit 13 to our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Annual Report to Shareholders). Insurance Premiums and Receivables We perform analyses to evaluate our premiums receivable for expected credit losses. See the 2021 Annual Report to Shareholders for a discussion on our premiums receivable allowance for credit loss policy. The following table summarizes changes in our allowance for credit loss exposure on our premiums receivable:
1 Represents the amount of the allowance acquired in the Protective Insurance Corporation and subsidiaries (Protective Insurance) acquisition. 2 Represents the incremental increase in other underwriting expenses. 3 Represents portion of allowance that is reversed when premiums receivable are written off. The year-over-year increase in the balance of the allowance for credit losses at June 30, 2022, compared to June 30, 2021, primarily reflects a higher amount of premiums receivable determined to be at risk of being uncollectible, driven by the growth in our premiums receivable balance. During the first six months of 2021, we experienced greater collections than anticipated, in part due to changes in consumer spending habits and government stimulus spending during the period, which resulted in a lower “increase in allowance” when compared to the six months ended June 30, 2022. Premiums receivable balances are written off once we have exhausted our collection efforts. We recognized higher write-offs during the six months ended June 30, 2021, reflecting the premiums receivable that were reserved during 2020, when moratoriums and billing leniency efforts were put into place during the novel coronavirus, COVID-19, pandemic, which delayed the write-off of these uncollectible balances into 2021. Property and Equipment Other assets on the consolidated balance sheets include certain long-lived assets that are considered “held for sale.” The carrying value of these held-for-sale assets was $24.9 million at June 30, 2022, $57.5 million at June 30, 2021, and $10.8 million at December 31, 2021. Goodwill and Intangible Assets In preparation of the second quarter 2022 financial statements, we evaluated goodwill for impairment using a quantitative approach given changes in circumstances that indicated that the carrying value of certain portions of goodwill may not be recoverable. See Note 12 – Goodwill and Intangible Assets for further discussion. Earnings per Common Share For the three and six months ended June 30, 2022, earnings per common share were calculated using basic average equivalent shares since diluted earnings per share would be antidilutive given the net loss reported for both periods. Amounts are reported on a diluted basis for the second quarter and first six months of 2021.
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments — The following tables present the composition of our investment portfolio by major security type. 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 (loss), 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.
Note: Included in the table above is a $52.5 million fair value ($25.0 million cost) reclassification from nonredeemable preferred stock to common equities to reflect the prior year conversion of a security and to conform to the current year classification.
1 Includes $0, $412.1 million, and $143.4 million of net unsettled security purchase transactions at June 30, 2022 and 2021, and December 31, 2021, respectively, with the offsetting payable included in other liabilities. The total fair value of the portfolio at June 30, 2022 and 2021, and December 31, 2021, included $4.9 billion, $3.3 billion, and $4.2 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions. At June 30, 2022, bonds and certificates of deposit in the principal amount of $468.9 million were on deposit to meet state insurance regulatory requirements. We did not hold any securities of any one issuer, excluding U.S. government obligations, with an aggregate cost or fair value exceeding 10% of total shareholders’ equity at June 30, 2022 or 2021, or December 31, 2021. At June 30, 2022, we did not hold any debt securities that were non-income producing during the preceding 12 months. Short-Term Investments Our short-term investments may include commercial paper and other investments that are expected to mature or are redeemable within one year. We invested in repurchase and reverse repurchase transactions during 2022 and 2021, but did not have any open positions at June 30, 2022 and 2021, or December 31, 2021. To the extent we enter into repurchase or reverse repurchase transactions, consistent with past practice, we would elect not to offset these transactions and would report them on a gross basis on our consolidated balance sheets, despite the option to elect to offset these transactions as long as they were with the same counterparty and subject to an enforceable master netting arrangement. Hybrid Securities 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:
Since the embedded derivatives (e.g., change-in-control put option, debt-to-equity conversion, or any other feature unrelated to the credit quality or risk of default of the issuer that could impact the amount or timing of our expected future cash flows) do not have observable intrinsic values, we have elected to record the changes in fair value of these securities through income as a component of net realized gains or losses. Fixed Maturities The composition of fixed maturities by maturity at June 30, 2022, was:
Asset-backed securities are classified in the maturity distribution table based upon their projected cash flows. All other securities that do not have a single maturity date are reported based upon expected average maturity. Contractual maturities may differ from expected maturities because the issuers of the securities may have the right to call or prepay obligations. Gross Unrealized Losses The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
The increase in the number of securities in an unrealized loss position since both June 30, 2021 and December 31, 2021, was primarily the result of an increase in interest rates. As of June 30, 2022, we had two corporate debt securities and one residential mortgage-backed security that had their credit ratings downgraded during the quarter, with a combined fair value of $18.3 million and an unrealized loss of $2.1 million. A review of the securities in an unrealized loss position indicated that the issuers were current with respect to their interest obligations and that there was no evidence of deterioration of the current cash flow projections that would indicate we would not receive the remaining principal at maturity. Allowance For Credit and Uncollectible Losses We are required to measure the amount of potential credit losses for all fixed-maturity securities in an unrealized loss position. We did not record any allowances for credit losses or any write-offs for amounts deemed to be uncollectible during the first six months of 2022 or 2021, and did not have a material credit loss allowance balance as of June 30, 2022 and 2021, or December 31, 2021. We considered several factors and inputs related to the individual securities as part of our analysis. The methodology and significant inputs used to measure the amount of credit losses in our portfolio included: •current performance indicators on the business model or underlying assets (e.g., delinquency rates, foreclosure rates, and default rates); •credit support (via current levels of subordination); •historical credit ratings; and •updated cash flow expectations based upon these performance indicators. In order to determine the amount of credit loss, if any, we initially reviewed securities in a loss position to determine whether it was likely that we would be required, or intended, to sell any of the securities prior to the recovery of their respective cost bases (which could be maturity). If we were likely to, or intended to, sell prior to a potential recovery, we would write off the unrealized loss. For those securities that we determined we were not likely to, or did not intend to, sell prior to a potential recovery, we calculated the net present value (NPV) of the cash flows expected (i.e., expected recovery value) using the current book yield for each security. The NPV was then compared to the security’s current amortized value to determine if a credit loss existed. In the event that the NPV was below the amortized value, and the amount was determined to be material individually, or in aggregate, a credit loss would be deemed to exist, and either an allowance for credit losses would be created, or if an allowance currently existed, either a recovery of the previous allowance, or an incremental loss, would be recorded to net realized gains (losses) on securities. As of June 30, 2022 and 2021, and December 31, 2021, we believe none of the unrealized losses relate to material credit losses on any specific securities, or in the aggregate, based on our review. We continue to expect all the securities in our portfolio to pay their principal and interest obligations. In addition, we reviewed our accrued investment income outstanding on those securities in an unrealized loss position at June 30, 2022 and 2021, and December 31, 2021, to determine if the accrued interest amounts were determined to be uncollectible. Based on our analysis, we believe the issuers have sufficient liquidity and capital reserves to meet their current interest, and future principal, obligations and, therefore, did not write off any accrued income as uncollectible at June 30, 2022 and 2021, or December 31, 2021. Realized Gains (Losses) The components of net realized gains (losses) for the three and six months ended June 30, were:
Realized gains (losses) on securities sold are computed using the first-in-first-out method. During the second quarter 2022, we sold securities in our common equity portfolio, which were in a realized gain position, as part of our plan to incrementally reduce risk in the portfolio in response to the likelihood of a more difficult economic environment over the near term. The majority of the sales in the fixed-maturity portfolio were from U.S. Treasuries, which were sold to shorten duration. The loss from the fixed-maturity sales reflects the continued rise in interest rates during the second quarter 2022, which resulted in valuation declines for most of our available-for-sale securities. The other asset impairment loss was recorded as a result of our investment in a federal new markets tax credit fund, which was entered into during the second quarter 2021, and reported in other assets in the consolidated balance sheets. The following table reflects our holding period realized gains (losses) recognized on equity securities held at the respective quarter ends:
Net Investment Income The components of net investment income for the three and six months ended June 30, were:
On a year-over-year basis, investment income (interest and dividends) increased 39% and 24% for the first three and six months of 2022, respectively, compared to the same periods last year, due to an increase in average assets resulting from premium growth, underwriting profitability, and investing the $1.5 billion of proceeds from debt issued in March 2022. The recurring investment book yield increased 19% for the second quarter 2022 and 7% for the first six months of 2022, compared to the same periods in 2021, reflecting investing new cash and cash from maturities in higher interest rate securities given the rising interest rate environment.
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value — We have categorized our financial instruments, based on the degree of subjectivity inherent in the method by which they are valued, into a fair value hierarchy of three levels, as follows: •Level 1: Inputs are unadjusted, quoted prices in active markets for identical instruments at the measurement date (e.g., U.S. government obligations, which are continually priced on a daily basis, active exchange-traded equity securities, and certain short-term securities). •Level 2: Inputs (other than quoted prices included within Level 1) that are observable for the instrument either directly or indirectly (e.g., certain corporate and municipal bonds and certain preferred stocks). This includes: (i) quoted prices for similar instruments in active markets, (ii) quoted prices for identical or similar instruments in markets that are not active, (iii) inputs other than quoted prices that are observable for the instruments, and (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. •Level 3: Inputs that are unobservable. Unobservable inputs reflect our subjective evaluation about the assumptions market participants would use in pricing the financial instrument (e.g., certain structured securities and privately held investments). Determining the fair value of the investment portfolio is the responsibility of management. As part of the responsibility, we evaluate whether a market is distressed or inactive in determining the fair value for our portfolio. We review certain market level inputs to evaluate whether sufficient activity, volume, and new issuances exist to create an active market. Based on this evaluation, we concluded that there was sufficient activity related to the sectors and securities for which we obtained valuations. The composition of the investment portfolio by major security type and our outstanding debt was:
Our portfolio valuations, excluding short-term investments, classified as either Level 1 or Level 2 in the above tables are priced exclusively by external sources, including pricing vendors, dealers/market makers, and exchange-quoted prices. Our short-term investments classified as Level 1 are highly liquid, actively marketed, and have a very short duration, primarily 90 days or less to redemption. These securities are held at their original cost, adjusted for any accretion of discount, since that value very closely approximates what an active market participant would be willing to pay for such securities. The remainder of our short-term investments are classified as Level 2 and are not priced externally since these securities continually trade at par value. These securities are classified as Level 2 since they are primarily longer-dated securities issued by municipalities that contain either liquidity facilities or mandatory put features within one year. At June 30, 2022, vendor-quoted prices represented 87% of our Level 1 classifications (excluding short-term investments), compared to 81% and 79% at June 30, 2021 and December 31, 2021, respectively. The securities quoted by vendors in Level 1 primarily represent our holdings in U.S. Treasury Notes, which are frequently traded, and the quotes are considered similar to exchange-traded quotes. The balance of our Level 1 pricing comes from quotes obtained directly from trades made on active exchanges. At both June 30, 2022 and December 31, 2021, vendor-quoted prices comprised 98% of our Level 2 classifications (excluding short-term investments and common stock), while dealer-quoted prices represented the remaining 2%, compared to 99% and 1% at June 30, 2021. In our process for selecting a source (e.g., dealer or pricing service) to provide pricing for securities in our portfolio, we reviewed documentation from the sources that detailed the pricing techniques and methodologies used by these sources and determined if their policies adequately considered market activity, either based on specific transactions for the particular security type or based on modeling of securities with similar credit quality, duration, yield, and structure that were recently transacted. Once a source is chosen, we continue to monitor any changes or modifications to their processes by reviewing their documentation on internal controls for pricing and market reviews. We review quality control measures of our sources as they become available to determine if any significant changes have occurred from period to period that might indicate issues or concerns regarding their evaluation or market coverage. As part of our pricing procedures, we obtain quotes from more than one source to help us fully evaluate the market price of securities. However, our internal pricing policy is to use a consistent source for individual securities in order to maintain the integrity of our valuation process. Quotes obtained from the sources are not considered binding offers to transact. Under our policy, when a review of the valuation received from our selected source appears to be outside of what is considered market level activity (which is defined as trading at spreads or yields significantly different than those of comparable securities or outside the general sector level movement without a reasonable explanation), we may use an alternate source’s price. To the extent we determine that it may be prudent to substitute one source’s price for another, we will contact the initial source to obtain an understanding of the factors that may be contributing to the significant price variance. To allow us to determine if our initial source is providing a price that is outside of a reasonable range, we review our portfolio pricing on a weekly basis. When necessary, we challenge prices from our sources when a price provided does not match our expectations based on our evaluation of market trends and activity. Initially, we perform a review of our portfolio by sector to identify securities whose prices appear outside of a reasonable range. We then perform a more detailed review of fair values for securities disclosed as Level 2. We review dealer bids and quotes for these and/or similar securities to determine the market level context for our valuations. We then evaluate inputs relevant for each class of securities disclosed in the preceding hierarchy tables. For our structured debt securities, including commercial, residential, and other asset-backed securities, we evaluate available market-related data for these and similar securities related to collateral, delinquencies, and defaults for historical trends and reasonably estimable projections, as well as historical prepayment rates and current prepayment assumptions and cash flow estimates. We further stratify each class of our structured debt securities into more finite sectors (e.g., planned amortization class, first pay, second pay, senior, subordinated, etc.) and use duration, credit quality, and coupon to determine if the fair value is appropriate. For our corporate debt and preferred stock (redeemable and nonredeemable) portfolios, as well as the notes issued by The Progressive Corporation (see Note 4 – Debt), we review securities by duration, coupon, and credit quality, as well as changes in interest rate and credit spread movements within that stratification. The review also includes recent trades, including: volume traded at various levels that establish a market; issuer specific fundamentals; and industry specific economic news as it comes to light. For our municipal securities (e.g., general obligations, revenue, and housing), we stratify the portfolio to evaluate securities by type, coupon, credit quality, and duration to review price changes relative to credit spread and interest rate changes. Additionally, we look to economic data as it relates to geographic location as an indication of price-to-call or maturity predictors. For municipal housing securities, we look to changes in cash flow projections, both historical and reasonably estimable projections, to understand yield changes and their effect on valuation. Lastly, for our short-term securities, we look at acquisition price relative to the coupon or yield. Since our short-term securities are typically 90 days or less to maturity, with the majority listed in Level 2 being 30 days or less to redemption, we believe that acquisition price is the best estimate of fair value. We also review data assumptions as supplied by our sources to determine if that data is relevant to current market conditions. In addition, we independently review each sector for transaction volumes, new issuances, and changes in spreads, as well as the overall movement of interest rates along the yield curve to determine if sufficient activity and liquidity exists to provide a credible source for our market valuations. During each valuation period, we create internal estimations of portfolio valuation (performance returns), based on current market-related activity (i.e., interest rate and credit spread movements and other credit-related factors) within each major sector of our portfolio. We compare our internally generated portfolio results with those generated based on quotes we receive externally and research material valuation differences. We compare our results to index returns for each major sector adjusting for duration and credit quality differences to better understand our portfolio’s results. Additionally, we review on a monthly basis our external sales transactions and compare the actual final market sales prices to previous market valuation prices. This review provides us further validation that our pricing sources are providing market level prices, since we are able to explain significant price changes (i.e., greater than 2%) as known events occur in the marketplace and affect a particular security’s price at sale. This analysis provides us with additional comfort regarding the source’s process, the quality of its review, and its willingness to improve its analysis based on feedback from clients. We believe this effort helps ensure that we are reporting the most representative fair values for our securities. After all the valuations are received and our review of Level 2 securities is complete, if the inputs used by vendors are determined to not contain sufficient observable market information, we will reclassify the affected securities to Level 3. Except as described below, our Level 3 securities are priced externally; however, due to several factors (e.g., nature of the securities, level of activity, and lack of similar securities trading to obtain observable market level inputs), these valuations are more subjective in nature. To the extent we receive prices from external sources (e.g., broker, valuation firm) for the Level 3 securities, we review those prices for reasonableness using internally developed assumptions and then compare our derived prices to the prices received from the external sources. Based on our review, all prices received from external sources remained unadjusted. If we do not receive prices from an external source, we perform an internal fair value comparison, which includes a review and analysis of market-comparable securities, to determine if fair value changes are needed. Based on this analysis, certain private equity investments included in the Level 3 category remain valued at cost or were priced using a recent transaction as the basis for fair value. At least annually, these private equity investments are priced by an external source. Our Level 3 other risk investments include securities accounted for under the equity method of accounting and, therefore, are not subject to fair value reporting. Since these securities represent less than 0.1% of our total portfolio, we will continue to include them in our Level 3 disclosures and report the activity from these investments as “other” changes in the summary of changes in fair value table and categorize these securities as “pricing exemption securities” in the quantitative information table. During 2021, we reclassified a Level 3 nonredeemable preferred stock held at December 31, 2020 to a Level 3 common stock to reflect that the security had converted during 2020. The security was transferred to Level 2 at December 31, 2021. At June 30, 2022 and 2021, and December 31, 2021, we did not have any securities in our fixed-maturity portfolio listed as Level 3. Other than goodwill, during the second quarter and first six months of 2022 and 2021, there were no material assets or liabilities measured at fair value on a nonrecurring basis. During the second quarter 2022, we determined that the fair value of the goodwill related to our ARX Holding Corp. (ARX) reporting unit was less than the carrying value and we wrote down $224.8 million of our total goodwill asset. See Note 12 – Goodwill and Intangible Assets for further discussion. Due to the relative size of the Level 3 securities’ fair values compared to the total portfolio’s fair value, any changes in pricing methodology would not have a significant change in valuation that would materially impact net or comprehensive income. The following tables provide a summary of changes in fair value associated with Level 3 assets for the three and six months ended June 30, 2022 and 2021:
The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at June 30, 2022 and 2021, and December 31, 2021:
Note: The table was updated to agree with the current year presentation and to reflect the purchase of a nonredeemable preferred stock security in the second quarter 2020 that was subject to an automatic conversion to common stock during third quarter 2020.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt — Debt at each of the balance sheet periods consisted of:
The Progressive Corporation issued $500 million of 2.50% Senior Notes due 2027, $500 million of 3.00% Senior Notes due 2032, and $500 million of 3.70% Senior Notes due 2052 in March 2022, in an underwritten public offering. The net proceeds from the issuances, after deducting underwriters’ discounts, commissions, and other issuance costs, were approximately $1,486.0 million in aggregate. Consistent with the other senior notes issued by Progressive, interest on these notes is payable semiannually, principal is due at maturity, and the notes are redeemable, in whole or in part, at any time, subject to a treasury “make whole” provision. There was no short-term debt outstanding at June 30, 2022 and December 31, 2021. Short-term debt outstanding at June 30, 2021 consisted of the $500 million 3.75% Senior Notes that matured in August 2021. The Progressive Corporation has a line of credit with PNC Bank, National Association (PNC), in the maximum principal amount of $250 million, which has the same terms as the line of credit with PNC that expired in April 2022. See the 2021 Annual Report to Shareholders for terms of this line of credit. We had no borrowings under the line of credit during the periods presented.
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Income Taxes |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes — Deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax bases of assets and liabilities at the enacted tax rates. We review our deferred tax assets regularly for recoverability. At June 30, 2022 and 2021, and December 31, 2021, we determined that we did not need a valuation allowance on our gross deferred tax assets. Although realization of the deferred tax assets is not assured, management believes that it is more likely than not the deferred tax assets will be realized based on our expectation that we will be able to fully utilize the deductions that are ultimately recognized for tax purposes.For the six months ended June 30, 2022, there have been no material changes in our reserve for uncertain tax positions.The effective tax rate for the three and six months ended June 30, 2022, was 14.6% and 6.8%, respectively, compared to 20.9% and 20.8% for the same periods last year. Excluding the effect of the goodwill impairment, which was a one-time charge, the effective tax rate for the three and six months ended June 30, 2022, were 22.6% and 79.9%, respectively. The higher effective rates for the current quarter and year, excluding the goodwill impairment charge, are in part due to our permanent tax differences having a greater impact on the effective rate given our pretax loss, |
Loss and Loss Adjustment Expense Reserves |
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Loss and Loss Adjustment Expenses Reserves [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss and Loss Adjustment Expenses Reserves | Loss and Loss Adjustment Expense Reserves — Activity in the loss and loss adjustment expense reserves is summarized as follows:
1 Net reserves acquired in the Protective Insurance acquisition. We experienced unfavorable reserve development of $144.9 million and $197.0 million during the first six months of 2022 and 2021, respectively, which is reflected as “incurred related to prior years” in the table above. Year-to-date June 30, 2022 •Approximately $97 million of the unfavorable prior year reserve development was attributable to accident year 2021, $16 million to accident year 2020, and the remainder to accident years 2019 and prior. •Our personal auto products incurred about $45 million of unfavorable loss and loss adjustment expense (LAE) reserve development, with the Agency and Direct auto businesses each contributing about half. The unfavorable development was primarily attributable to higher than anticipated severity and frequency of auto property damage payments on previously closed claims and late reported injury claims, partially offset by more subrogation and salvage recoveries and lower loss adjustment expenses than originally anticipated. •Our Commercial Lines business experienced about $98 million of unfavorable development, primarily due to higher than anticipated severity and frequency of late reported claims. Year-to-date June 30, 2021 •Approximately $100 million of the unfavorable prior year reserve development was attributable to accident year 2019 and $114 million to 2018 and prior accident years, partially offset by favorable development attributable to accident year 2020. •Our personal auto products incurred about $111 million of unfavorable loss and LAE reserve development, with about $67 million attributable to the Agency business. The unfavorable development was primarily attributable to a higher than anticipated frequency of reopened personal injury protection (PIP) claims, primarily in Florida, and higher than anticipated bodily injury severity, partially offset by less late reported claims than anticipated for accident year 2020. •Our Commercial Lines business experienced about $73 million of unfavorable development, primarily due to increased injury severity, and the emergence of large injury claims at rates higher than originally anticipated primarily in Texas and Florida. •Our Property business experienced about $20 million of unfavorable development, primarily due to higher than anticipated severity, reopen activity in Florida, and loss adjustment expense for prior loss years. •Our special lines business experienced about $7 million of favorable development.
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Supplemental Cash Flow Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information — Cash and cash equivalents include bank demand deposits and daily overnight reverse repurchase commitments of funds held in bank demand deposit accounts by certain subsidiaries. The amount of reverse repurchase commitments, which are not considered part of the investment portfolio, held by these subsidiaries at June 30, 2022 and 2021, and December 31, 2021, were $140.6 million, $90.5 million, and $137.1 million, respectively. Restricted cash and cash equivalents include collateral held against unpaid deductibles and cash that is restricted to pay flood claims under the National Flood Insurance Program’s “Write Your Own” program, for which certain subsidiaries are administrators. Non-cash activity included the following in the respective periods:
2 From obtaining right-of-use assets. We paid the following in the respective periods:
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Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information — Our Personal Lines segment writes insurance for personal autos and recreational vehicles (our special lines products). Our Commercial Lines segment writes auto-related liability and physical damage insurance, workers’ compensation insurance primarily for the transportation industry, and business-related general liability and property insurance, predominately for small businesses. Our Property segment writes residential property insurance for homeowners, other property owners, and renters. Our service businesses provide insurance-related services, including processing Commercial Automobile Insurance Procedures/Plans (CAIP) business and serving as an agent for homeowners, general liability, and workers’ compensation insurance, among other products, through programs in our direct Personal Lines and Commercial Lines businesses. All segment revenues are generated from external customers; all intercompany transactions are eliminated in consolidation. Following are the operating results for the respective periods:
NA = Not applicable 1 Personal auto products accounted for 94% of the total Personal Lines segment net premiums earned during the three and six months ended June 30, 2022 and 2021; our special lines products (e.g., motorcycles, ATVs, RVs, watercraft, and snowmobiles) accounted for the balance of the Personal Lines net premiums earned. 2 The total pretax loss, including goodwill impairment, for the Property segment was $381.7 million and $373.4 million for the three and six months ended June 30, 2022, respectively. For the three and six months ended June 30, 2022, pretax profit (loss) also included $5.0 million and $19.1 million, respectively, of amortization expense associated with acquisition-related intangible assets attributable to our Property segment, and $14.1 million and $28.3 million for the same periods in 2021. See Note 12 – Goodwill and Intangible Assets for further discussion. 3 Primarily includes run-off business operations. 4 Pretax profit (loss) for fees and other revenues is allocated to operating segments. 5 Revenues represent recurring investment income and total net realized gains (losses) on securities; pretax profit is net of investment expense. Our management uses underwriting margin and combined ratio as primary measures of underwriting profitability. The underwriting margin is the pretax underwriting profit (loss) expressed as a percentage of net premiums earned (i.e., revenues from underwriting operations). Pretax underwriting profit (loss) is calculated as net premiums earned plus fees and other revenues, less: (i) losses and loss adjustment expenses; (ii) policy acquisition costs; and (iii) other underwriting expenses. Combined ratio is the complement of the underwriting margin. Following are the underwriting margins and combined ratios for our underwriting operations for the respective periods:
1 Included in the three and six months ended June 30, 2022, is 0.9 points and 1.7 points, respectively, of amortization expense associated with intangible assets and 2.8 points and 2.9 points, respectively, for the three and six months ended June 30, 2021.
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Dividends |
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Dividends [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends — Following is a summary of our common and preferred share dividends that were declared and/or paid during the six months ended June 30, 2022 and 2021:
1 The accrual is based on an estimate of common shares outstanding as of the record date and the common share accrual is recorded as a part of accounts payable, accrued expenses, and other liabilities on the consolidated balance sheets. See Note 14 – Dividends in our 2021 Annual Report to Shareholders for a discussion of our quarterly and annual common share dividends and our preferred share dividend policies, including a discussion of the $1.50 per common share, or $876.5 million in the aggregate, 2021 annual variable common share dividend that was declared and paid in the fourth quarter 2021.
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Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) — The components of other comprehensive income (loss), including reclassification adjustments by income statement line item, were as follows:
In an effort to manage interest rate risk, we entered into forecasted transactions on certain of Progressive’s debt issuances. We expect to reclassify $0.5 million (pretax) into interest expense during the next 12 months, related to net unrealized losses on these forecasted transactions (see Note 4 – Debt in our 2021 Annual Report to Shareholders for further discussion).
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Litigation |
6 Months Ended |
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Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation — The Progressive Corporation and/or its insurance subsidiaries are named as defendants in various lawsuits arising out of claims made under insurance policies written by our insurance subsidiaries in the ordinary course of business. We consider all legal actions relating to such claims in establishing our loss and loss adjustment expense reserves. In addition, The Progressive Corporation and/or its subsidiaries are named as defendants in a number of class action or individual lawsuits that challenge certain of the operations of the subsidiaries. These cases include and/or typically have included those alleging damages as a result of, among other things, our subsidiaries’ methods used for evaluating and paying medical or injury claims or benefits, including, but not limited to, certain bodily injury, personal injury protection, uninsured motorist/underinsured motorist (UM/UIM), and medical payment claims and for reimbursing medical costs incurred by Medicare/Medicaid beneficiaries; other claims handling procedures, including, but not limited to, challenges relating to our network of repair facilities, our methods used for estimating physical damage to vehicles for repair purposes and for evaluating the actual cash value of total loss vehicles, our payment of fees and taxes, our subrogation practices, our salvage practices, and our handling of diminution of value claims; homeowner claims handling practices and procedures; our assessment of fees related to insufficient funds or reversed payments; interpretations of the provisions of our insurance policies; our insurance product design; our premium actions in response to the COVID-19 pandemic; rating practices; certain marketing, sales, services, implementation and renewal practices and procedures, including with respect to accessibility; our usage-based insurance program; certain relationships with independent insurance agents; patent matters; alleged violation of the Telephone Consumer Protection Act; commercial disputes, including breach of contract; and certain employment practices, including claims relating to pay practices and fair employment practices, among other matters. Other insurance companies face many of these same issues. The nature and volume of litigation pending against The Progressive Corporation and/or its insurance subsidiaries is similar to that which was disclosed in Note 12 – Litigation in our 2021 Annual Report to Shareholders. We plan to contest the pending lawsuits vigorously, but may pursue settlement negotiations in some cases, as we deem appropriate. Although outcomes of pending cases are uncertain until final disposition, we establish accruals for these lawsuits when it is probable that a loss has been or will be incurred and we can reasonably estimate potential loss exposure, which may include a range of loss. As to lawsuits for which the loss is considered neither probable or estimable, or is considered probable but not estimable, we do not establish an accrual. Nevertheless, we continue to evaluate pending litigation to determine if any losses not deemed probable and estimable become so, at which point we would establish an accrual at our best estimate of the loss or range of loss. With respect to our pending lawsuits that are not related to claims under insurance policies, the accruals that we have established, if any, were not material at June 30, 2022 and 2021, or December 31, 2021, and there were no material settlements during 2021 or the first six months of 2022. For most of these lawsuits, we do not consider any losses to be both probable and estimable, and we are unable to estimate a meaningful range of loss, if any, at this time, due to the factors discussed in Note 12 – Litigation in our 2021 Annual Report to Shareholders. In the event that any one or more of these lawsuits results in a substantial judgment against us, or settlement by us, or if our accruals (if any) prove to be inadequate by a significant amount, the resulting liability could have a material adverse effect on our consolidated financial condition, cash flows, and/or results of operations. For a further discussion on our pending litigation and related reserving policies, see Note 12 – Litigation in our 2021 Annual Report to Shareholders.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The majority of the goodwill recorded as of June 30, 2022 and 2021, and December 31, 2021, related to the April 1, 2015, acquisition of a controlling interest in ARX. In connection with the preparation of our second quarter 2022 financial results, we recorded an impairment loss of $224.8 million, which is disclosed as a separate line item in our consolidated statements of comprehensive income. The impairment loss was fully allocated to our Property segment. There were no previously recorded accumulated impairment losses and there are no other accumulated goodwill impairment losses on any of the outstanding goodwill. We performed the interim test of our goodwill for impairment for the ARX reporting unit. The indicators of impairment primarily related to the magnitude of recent weather events relative to forecasted expectations, as well as other factors impacting our plans to restore our Property business to target profitability in a timely fashion and the subsequent reduced forecasted profitability of ARX. As a result, we determined it was more likely than not that the fair value of the ARX reporting unit was less than its carrying value. The quantitative goodwill impairment assessment consisted of comparing the fair value of the reporting unit to its carrying value. To determine the fair value of a reporting unit, we use a discounted cash flow model. The model uses assumptions including, but not limited to, discount rate, and forecasted growth, profitability, investment return, and capital requirements. The assumptions and estimates are consistent with those we believe other non-related marketplace participants would use and are based on management’s best estimates at the time of the analysis. The calculated fair value of the ARX reporting unit was below its carrying value at June 30, 2022, which resulted in recording a goodwill impairment. There was no indication of impairment on the remaining $227.9 million goodwill, of which 98% was attributable to our Personal Lines Agency business and related to the ARX acquisition. Intangible Assets The following table is a summary of the net carrying amount of other intangible assets:
1 Indefinite-lived intangible assets are comprised of state insurance and agent licenses. State insurance licenses were previously subject to amortization under superseded accounting guidance and have $0.6 million of accumulated amortization for all periods presented. Intangible assets subject to amortization consisted of the following:
Amortization expense was $5.5 million and $20.1 million for the three and six months ended June 30, 2022, respectively, compared to $14.3 million and $28.5 million during the same periods last year. During the first quarter 2022, the policies in force intangible asset, with a gross carrying value of $256.2 million, was fully amortized.
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New Accounting Standards |
6 Months Ended |
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Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Standards | New Accounting Standards — We did not adopt any new accounting standards during the six months ended June 30, 2022. We assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on our consolidated financial statements as well as material updates to previous assessments, if any, from our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. There were no new material accounting standards issued in the six months ended June 30, 2022, that are expected to impact The Progressive Corporation or its subsidiaries. |
Basis of Presentation (Policies) |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Earnings Per Share, Policy | For the three and six months ended June 30, 2022, earnings per common share were calculated using basic average equivalent shares since diluted earnings per share would be antidilutive given the net loss reported for both periods. Amounts are reported on a diluted basis for the second quarter and first six months of 2021. |
Basis of Presentation (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium Receivable, Allowance for Credit Loss | The following table summarizes changes in our allowance for credit loss exposure on our premiums receivable:
1 Represents the amount of the allowance acquired in the Protective Insurance Corporation and subsidiaries (Protective Insurance) acquisition. 2 Represents the incremental increase in other underwriting expenses. 3 Represents portion of allowance that is reversed when premiums receivable are written off.
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Investments (Tables) |
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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. 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 (loss), 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.
Note: Included in the table above is a $52.5 million fair value ($25.0 million cost) reclassification from nonredeemable preferred stock to common equities to reflect the prior year conversion of a security and to conform to the current year classification.
1 Includes $0, $412.1 million, and $143.4 million of net unsettled security purchase transactions at June 30, 2022 and 2021, and December 31, 2021, respectively, with the offsetting payable included in other liabilities. The total fair value of the portfolio at June 30, 2022 and 2021, and December 31, 2021, included $4.9 billion, $3.3 billion, and $4.2 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions.
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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:
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Investments Classified by Contractual Maturity Date | The composition of fixed maturities by maturity at June 30, 2022, was:
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Schedule of Unrealized Loss on Investments | The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
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Realized Gain (Loss) on Investments | The components of net realized gains (losses) for the three and six months ended June 30, were:
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Components of Equity Realized Gains (Losses) | The following table reflects our holding period realized gains (losses) recognized on equity securities held at the respective quarter ends:
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Components of Net Investment Income | The components of net investment income for the three and six months ended June 30, were:
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Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Investment Portfolio by Major Security Type | The composition of the investment portfolio by major security type and our outstanding debt was:
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide a summary of changes in fair value associated with Level 3 assets for the three and six months ended June 30, 2022 and 2021:
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Fair Value Measurement Inputs and Valuation Techniques | The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at June 30, 2022 and 2021, and December 31, 2021:
Note: The table was updated to agree with the current year presentation and to reflect the purchase of a nonredeemable preferred stock security in the second quarter 2020 that was subject to an automatic conversion to common stock during third quarter 2020.
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Table | Debt at each of the balance sheet periods consisted of:
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Loss and Loss Adjustment Expense Reserves (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss and Loss Adjustment Expenses Reserves [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | Activity in the loss and loss adjustment expense reserves is summarized as follows:
1 Net reserves acquired in the Protective Insurance acquisition.
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Supplemental Cash Flow Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Information, Non Cash Activity | Non-cash activity included the following in the respective periods:
2 From obtaining right-of-use assets.
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Supplemental Cash Flow Information Table | We paid the following in the respective periods:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue and operating Income from Segments to Consolidated | Following are the operating results for the respective periods:
NA = Not applicable 1 Personal auto products accounted for 94% of the total Personal Lines segment net premiums earned during the three and six months ended June 30, 2022 and 2021; our special lines products (e.g., motorcycles, ATVs, RVs, watercraft, and snowmobiles) accounted for the balance of the Personal Lines net premiums earned. 2 The total pretax loss, including goodwill impairment, for the Property segment was $381.7 million and $373.4 million for the three and six months ended June 30, 2022, respectively. For the three and six months ended June 30, 2022, pretax profit (loss) also included $5.0 million and $19.1 million, respectively, of amortization expense associated with acquisition-related intangible assets attributable to our Property segment, and $14.1 million and $28.3 million for the same periods in 2021. See Note 12 – Goodwill and Intangible Assets for further discussion. 3 Primarily includes run-off business operations. 4 Pretax profit (loss) for fees and other revenues is allocated to operating segments. 5 Revenues represent recurring investment income and total net realized gains (losses) on securities; pretax profit is net of investment expense.
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Underwriting Margins and Combined Ratios for our Underwriting Operations | Following are the underwriting margins and combined ratios for our underwriting operations for the respective periods:
1 Included in the three and six months ended June 30, 2022, is 0.9 points and 1.7 points, respectively, of amortization expense associated with intangible assets and 2.8 points and 2.9 points, respectively, for the three and six months ended June 30, 2021.
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Dividends (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Following is a summary of our common and preferred share dividends that were declared and/or paid during the six months ended June 30, 2022 and 2021:
1 The accrual is based on an estimate of common shares outstanding as of the record date and the common share accrual is recorded as a part of accounts payable, accrued expenses, and other liabilities on the consolidated balance sheets.
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Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Comprehensive Income (Loss) | The components of other comprehensive income (loss), including reclassification adjustments by income statement line item, were as follows:
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Goodwill and Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets | The following table is a summary of the net carrying amount of other intangible assets:
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Intangible Assets Subject to Amortization | The following table is a summary of the net carrying amount of other intangible assets:
1 Indefinite-lived intangible assets are comprised of state insurance and agent licenses. State insurance licenses were previously subject to amortization under superseded accounting guidance and have $0.6 million of accumulated amortization for all periods presented. Intangible assets subject to amortization consisted of the following:
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Basis of Presentation - Reporting and Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Allowance for Credit Loss [Abstract] | ||||
Premium Receivable, Allowance for Credit Loss, Beginning Balance | $ 276.2 | $ 265.3 | $ 280.4 | $ 356.2 |
Allowance acquired during period | 0.0 | 3.5 | 0.0 | 3.5 |
Increase in allowance | 95.8 | 87.4 | 189.7 | 148.3 |
Write-offs | (106.2) | (111.0) | (204.3) | (262.8) |
Allowance for credit losses, end of period | $ 265.8 | $ 245.2 | $ 265.8 | $ 245.2 |
Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Assets held-for-sale | $ 24.9 | $ 10.8 | $ 57.5 |
Investments - Investment Portfolio by Major Security Type (Detail) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
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Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 50,640,600,000 | $ 44,736,800,000 | $ 44,088,600,000 |
Gross Unrealized Gains | 7,700,000 | 387,400,000 | 740,400,000 |
Gross Unrealized Losses | (2,784,100,000) | (316,000,000.0) | (101,600,000) |
Net Holding Period Gains (Losses) | (79,900,000) | 7,500,000 | 14,200,000 |
Total available-for-sale securities | $ 47,784,300,000 | $ 44,815,700,000 | $ 44,741,600,000 |
% of Total Fair Value | 92.00% | 87.00% | 87.80% |
Equity securities, at Fair Value | |||
Cost | $ 2,306,100,000 | $ 2,835,900,000 | $ 2,749,600,000 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 0 | 0 | 0 |
Net Holding Period Gains (Losses) | 1,839,100,000 | 3,862,500,000 | 3,451,600,000 |
Fair Value | $ 4,145,200,000 | $ 6,698,400,000 | $ 6,201,200,000 |
% of Total Fair Value | 8.00% | 13.00% | 12.20% |
Debt and Equity Securities, at Fair Value | |||
Cost | $ 52,946,700,000 | $ 47,572,700,000 | $ 46,838,200,000 |
Gross Unrealized Gains | 7,700,000 | 387,400,000 | 740,400,000 |
Gross Unrealized Losses | (2,784,100,000) | (316,000,000.0) | (101,600,000) |
Net Holding Period Gains (Losses) | 1,759,200,000 | 3,870,000,000 | 3,465,800,000 |
Fair Value | $ 51,929,500,000 | $ 51,514,100,000 | $ 50,942,800,000 |
% of Total Fair Value | 100.00% | 100.00% | 100.00% |
Unsettled security transactions, payable | $ 0 | $ 143,400,000 | $ 412,100,000 |
Total fair value of non-insurance subsidiary portfolio | 4,900,000,000 | 4,200,000,000 | 3,300,000,000 |
Reclassification, Equity Conversion | 52,500,000 | ||
Reclassification, Equity Conversion, Cost | 25,000,000 | ||
Nonredeemable preferred stocks | |||
Equity securities, at Fair Value | |||
Cost | 1,522,500,000 | 1,571,800,000 | 1,511,200,000 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 0 | 0 | 0 |
Net Holding Period Gains (Losses) | (162,000,000.0) | 68,100,000 | 98,600,000 |
Fair Value | $ 1,360,500,000 | $ 1,639,900,000 | $ 1,609,800,000 |
% of Total Fair Value | 2.60% | 3.20% | 3.20% |
Common equities | |||
Equity securities, at Fair Value | |||
Cost | $ 783,600,000 | $ 1,264,100,000 | $ 1,238,400,000 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 0 | 0 | 0 |
Net Holding Period Gains (Losses) | 2,001,100,000 | 3,794,400,000 | 3,353,000,000 |
Fair Value | $ 2,784,700,000 | $ 5,058,500,000 | $ 4,591,400,000 |
% of Total Fair Value | 5.40% | 9.80% | 9.00% |
Total fixed maturities | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 46,028,800,000 | $ 43,794,200,000 | $ 42,378,000,000 |
Gross Unrealized Gains | 7,700,000 | 387,400,000 | 740,400,000 |
Gross Unrealized Losses | (2,784,100,000) | (316,000,000.0) | (101,600,000) |
Net Holding Period Gains (Losses) | (79,900,000) | 7,500,000 | 14,200,000 |
Total available-for-sale securities | $ 43,172,500,000 | $ 43,873,100,000 | $ 43,031,000,000 |
% of Total Fair Value | 83.10% | 85.20% | 84.50% |
Total fixed maturities | U.S. government obligations | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 19,832,300,000 | $ 18,586,100,000 | $ 19,339,300,000 |
Gross Unrealized Gains | 3,700,000 | 92,900,000 | 171,300,000 |
Gross Unrealized Losses | (1,116,800,000) | (190,800,000) | (72,900,000) |
Net Holding Period Gains (Losses) | 0 | 0 | 0 |
Total available-for-sale securities | $ 18,719,200,000 | $ 18,488,200,000 | $ 19,437,700,000 |
% of Total Fair Value | 36.00% | 35.90% | 38.10% |
Total fixed maturities | State and local government obligations | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 2,281,900,000 | $ 2,162,600,000 | $ 2,379,100,000 |
Gross Unrealized Gains | 600,000 | 36,700,000 | 64,700,000 |
Gross Unrealized Losses | (147,100,000) | (14,000,000.0) | (3,300,000) |
Net Holding Period Gains (Losses) | 0 | 0 | 0 |
Total available-for-sale securities | $ 2,135,400,000 | $ 2,185,300,000 | $ 2,440,500,000 |
% of Total Fair Value | 4.10% | 4.20% | 4.80% |
Total fixed maturities | Foreign government obligations | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 17,700,000 | $ 17,900,000 | $ 12,700,000 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | (1,300,000) | 0 | 0 |
Net Holding Period Gains (Losses) | 0 | 0 | 0 |
Total available-for-sale securities | $ 16,400,000 | $ 17,900,000 | $ 12,700,000 |
% of Total Fair Value | 0.10% | 0.10% | 0.10% |
Total fixed maturities | Corporate debt securities | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 10,869,600,000 | $ 10,526,200,000 | $ 10,314,800,000 |
Gross Unrealized Gains | 1,600,000 | 202,600,000 | 372,100,000 |
Gross Unrealized Losses | (655,000,000.0) | (33,400,000) | (9,900,000) |
Net Holding Period Gains (Losses) | (48,400,000) | (3,300,000) | 1,200,000 |
Total available-for-sale securities | $ 10,167,800,000 | $ 10,692,100,000 | $ 10,678,200,000 |
% of Total Fair Value | 19.60% | 20.70% | 20.90% |
Total fixed maturities | Residential mortgage-backed securities | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 826,500,000 | $ 787,700,000 | $ 666,900,000 |
Gross Unrealized Gains | 500,000 | 2,300,000 | 4,600,000 |
Gross Unrealized Losses | (10,700,000) | (600,000) | (1,100,000) |
Net Holding Period Gains (Losses) | (17,000,000.0) | 600,000 | 900,000 |
Total available-for-sale securities | $ 799,300,000 | $ 790,000,000.0 | $ 671,300,000 |
% of Total Fair Value | 1.50% | 1.50% | 1.30% |
Total fixed maturities | Commercial mortgage-backed securities | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 6,739,400,000 | $ 6,561,000,000 | $ 5,628,200,000 |
Gross Unrealized Gains | 1,200,000 | 38,900,000 | 91,400,000 |
Gross Unrealized Losses | (646,000,000.0) | (64,300,000) | (11,500,000) |
Net Holding Period Gains (Losses) | 0 | 0 | 0 |
Total available-for-sale securities | $ 6,094,600,000 | $ 6,535,600,000 | $ 5,708,100,000 |
% of Total Fair Value | 11.70% | 12.70% | 11.20% |
Total fixed maturities | Other asset-backed securities | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 5,239,400,000 | $ 4,981,800,000 | $ 3,865,900,000 |
Gross Unrealized Gains | 100,000 | 13,300,000 | 34,600,000 |
Gross Unrealized Losses | (201,700,000) | (12,400,000) | (1,500,000) |
Net Holding Period Gains (Losses) | (1,800,000) | (400,000) | 0 |
Total available-for-sale securities | $ 5,036,000,000 | $ 4,982,300,000 | $ 3,899,000,000 |
% of Total Fair Value | 9.70% | 9.70% | 7.70% |
Total fixed maturities | Redeemable preferred stocks | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 222,000,000.0 | $ 170,900,000 | $ 171,100,000 |
Gross Unrealized Gains | 0 | 700,000 | 1,700,000 |
Gross Unrealized Losses | (5,500,000) | (500,000) | (1,400,000) |
Net Holding Period Gains (Losses) | (12,700,000) | 10,600,000 | 12,100,000 |
Total available-for-sale securities | $ 203,800,000 | $ 181,700,000 | $ 183,500,000 |
% of Total Fair Value | 0.40% | 0.40% | 0.40% |
Short-term investments | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 4,611,800,000 | $ 942,600,000 | $ 1,710,600,000 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 0 | 0 | 0 |
Net Holding Period Gains (Losses) | 0 | 0 | 0 |
Total available-for-sale securities | $ 4,611,800,000 | $ 942,600,000 | $ 1,710,600,000 |
% of Total Fair Value | 8.90% | 1.80% | 3.30% |
Investments - Hybrid Securities (Detail) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Hybrid Instruments [Line Items] | |||
Hybrid securities | $ 1,316.7 | $ 1,235.3 | $ 658.9 |
Corporate debt securities | |||
Hybrid Instruments [Line Items] | |||
Hybrid securities | 513.8 | 479.1 | 296.7 |
Residential mortgage-backed securities | |||
Hybrid Instruments [Line Items] | |||
Hybrid securities | 604.3 | 536.2 | 163.1 |
Other asset-backed securities | |||
Hybrid Instruments [Line Items] | |||
Hybrid securities | 62.3 | 89.2 | 66.9 |
Redeemable preferred stocks | |||
Hybrid Instruments [Line Items] | |||
Hybrid securities | $ 136.3 | $ 130.8 | $ 132.2 |
Investments - Composition of Fixed Maturities by Maturity (Detail) - Total fixed maturities $ in Millions |
Jun. 30, 2022
USD ($)
|
---|---|
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | |
Less than one year | $ 5,294.8 |
One to five years | 27,925.6 |
Five to ten years | 12,763.0 |
Ten years or greater | 45.4 |
Cost | 46,028.8 |
Fair Value | |
Less than one year | 5,210.9 |
One to five years | 26,532.2 |
Five to ten years | 11,389.5 |
Ten years or greater | 39.9 |
Fair Value | $ 43,172.5 |
Investments - Gross Unrealized losses by Major Security (Detail) $ in Millions |
Jun. 30, 2022
USD ($)
security
|
Dec. 31, 2021
USD ($)
security
|
Jun. 30, 2021
USD ($)
security
|
---|---|---|---|
Number of Securities | |||
Total | security | 1,525 | 806 | 697 |
Less than 12 Months | security | 1,407 | 781 | 653 |
12 Months or Greater | security | 118 | 25 | 44 |
Fair Value | |||
Total | $ 40,278.0 | $ 26,867.3 | $ 14,757.0 |
Less than 12 Months | 36,394.7 | 25,840.8 | 13,850.6 |
12 Months or Greater | 3,883.3 | 1,026.5 | 906.4 |
Unrealized Losses | |||
Total | (2,784.1) | (316.0) | (101.6) |
Less than 12 Months | (2,384.7) | (281.6) | (91.4) |
12 Months or Greater | $ (399.4) | $ (34.4) | $ (10.2) |
U.S. government obligations | |||
Number of Securities | |||
Total | security | 140 | 92 | 59 |
Less than 12 Months | security | 114 | 85 | 55 |
12 Months or Greater | security | 26 | 7 | 4 |
Fair Value | |||
Total | $ 17,907.2 | $ 14,745.8 | $ 10,629.4 |
Less than 12 Months | 15,254.3 | 13,790.8 | 10,162.4 |
12 Months or Greater | 2,652.9 | 955.0 | 467.0 |
Unrealized Losses | |||
Total | (1,116.8) | (190.8) | (72.9) |
Less than 12 Months | (874.0) | (158.5) | (66.8) |
12 Months or Greater | $ (242.8) | $ (32.3) | $ (6.1) |
State and local government obligations | |||
Number of Securities | |||
Total | security | 331 | 127 | 81 |
Less than 12 Months | security | 318 | 122 | 72 |
12 Months or Greater | security | 13 | 5 | 9 |
Fair Value | |||
Total | $ 1,954.9 | $ 954.2 | $ 436.2 |
Less than 12 Months | 1,816.1 | 927.3 | 400.0 |
12 Months or Greater | 138.8 | 26.9 | 36.2 |
Unrealized Losses | |||
Total | (147.1) | (14.0) | (3.3) |
Less than 12 Months | (126.1) | (13.1) | (2.6) |
12 Months or Greater | $ (21.0) | $ (0.9) | $ (0.7) |
Foreign government obligations | |||
Number of Securities | |||
Total | security | 1 | ||
Less than 12 Months | security | 1 | ||
12 Months or Greater | security | 0 | ||
Fair Value | |||
Total | $ 16.4 | ||
Less than 12 Months | 16.4 | ||
12 Months or Greater | 0.0 | ||
Unrealized Losses | |||
Total | (1.3) | ||
Less than 12 Months | (1.3) | ||
12 Months or Greater | $ 0.0 | ||
Corporate debt securities | |||
Number of Securities | |||
Total | security | 466 | 220 | 292 |
Less than 12 Months | security | 435 | 219 | 288 |
12 Months or Greater | security | 31 | 1 | 4 |
Fair Value | |||
Total | $ 9,174.2 | $ 3,496.6 | $ 1,142.5 |
Less than 12 Months | 8,843.2 | 3,491.7 | 1,065.2 |
12 Months or Greater | 331.0 | 4.9 | 77.3 |
Unrealized Losses | |||
Total | (655.0) | (33.4) | (9.9) |
Less than 12 Months | (612.0) | (33.3) | (9.5) |
12 Months or Greater | $ (43.0) | $ (0.1) | $ (0.4) |
Residential mortgage-backed securities | |||
Number of Securities | |||
Total | security | 39 | 20 | 77 |
Less than 12 Months | security | 32 | 14 | 64 |
12 Months or Greater | security | 7 | 6 | 13 |
Fair Value | |||
Total | $ 183.7 | $ 138.6 | $ 192.2 |
Less than 12 Months | 172.1 | 135.4 | 172.4 |
12 Months or Greater | 11.6 | 3.2 | 19.8 |
Unrealized Losses | |||
Total | (10.7) | (0.6) | (1.1) |
Less than 12 Months | (8.8) | (0.5) | (0.7) |
12 Months or Greater | $ (1.9) | $ (0.1) | $ (0.4) |
Commercial mortgage-backed securities | |||
Number of Securities | |||
Total | security | 254 | 168 | 68 |
Less than 12 Months | security | 234 | 165 | 61 |
12 Months or Greater | security | 20 | 3 | 7 |
Fair Value | |||
Total | $ 6,058.4 | $ 4,315.4 | $ 1,272.0 |
Less than 12 Months | 5,624.1 | 4,295.0 | 1,006.9 |
12 Months or Greater | 434.3 | 20.4 | 265.1 |
Unrealized Losses | |||
Total | (646.0) | (64.3) | (11.5) |
Less than 12 Months | (569.8) | (63.9) | (10.5) |
12 Months or Greater | $ (76.2) | $ (0.4) | $ (1.0) |
Other asset-backed securities | |||
Number of Securities | |||
Total | security | 289 | 178 | 119 |
Less than 12 Months | security | 269 | 176 | 113 |
12 Months or Greater | security | 20 | 2 | 6 |
Fair Value | |||
Total | $ 4,915.7 | $ 3,204.7 | $ 1,073.6 |
Less than 12 Months | 4,611.8 | 3,200.6 | 1,043.7 |
12 Months or Greater | 303.9 | 4.1 | 29.9 |
Unrealized Losses | |||
Total | (201.7) | (12.4) | (1.5) |
Less than 12 Months | (188.9) | (12.3) | (1.3) |
12 Months or Greater | $ (12.8) | $ (0.1) | $ (0.2) |
Redeemable preferred stocks | |||
Number of Securities | |||
Total | security | 5 | 1 | 1 |
Less than 12 Months | security | 4 | 0 | 0 |
12 Months or Greater | security | 1 | 1 | 1 |
Fair Value | |||
Total | $ 67.5 | $ 12.0 | $ 11.1 |
Less than 12 Months | 56.7 | 0.0 | 0.0 |
12 Months or Greater | 10.8 | 12.0 | 11.1 |
Unrealized Losses | |||
Total | (5.5) | (0.5) | (1.4) |
Less than 12 Months | (3.8) | 0.0 | 0.0 |
12 Months or Greater | $ (1.7) | $ (0.5) | $ (1.4) |
Investments - Components of Net Realized Gains (Losses) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | $ 3.9 | $ 76.8 | $ 11.9 | $ 224.8 |
Equity Securities, FV-NI, Gross Realized Gains on Sales | 830.8 | 351.4 | 848.6 | 369.8 |
Debt and Equity Securities, Gross Realized Gains on Sales | 834.7 | 428.2 | 860.5 | 594.6 |
Debt Securities, Available-for-Sale, Realized Loss | (210.5) | (13.8) | (288.5) | (36.4) |
Equity Securities, FV-NI, Gross Realized Losses on Sales | (77.6) | (4.3) | (79.9) | (4.3) |
Debt and Equity Securities, Gross Realized Losses on Sales | (288.1) | (18.1) | (368.4) | (40.7) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | (206.6) | 63.0 | (276.6) | 188.4 |
Equity Securities, FV-NI, Net Realized Gain (Loss) on Sales | 753.2 | 347.1 | 768.7 | 365.5 |
Net realized gains (losses) on security sales | 546.6 | 410.1 | 492.1 | 553.9 |
Unrealized Gain (Loss) on Hybrid Instrument, Net | (48.4) | 9.9 | (87.4) | (1.0) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (1,673.8) | 44.3 | (2,023.4) | 496.7 |
Net holding period gains (losses) on securities | (1,722.2) | 54.2 | (2,110.8) | 495.7 |
Net impairment losses recognized in earnings | (2.1) | (2.5) | (4.3) | (2.5) |
Total net realized gains (losses) on securities | (1,177.7) | 461.8 | (1,623.0) | 1,047.1 |
Other Assets | ||||
Gain (Loss) on Securities [Line Items] | ||||
Net impairment losses recognized in earnings | (2.1) | (2.5) | (4.3) | (2.5) |
U.S. government obligations | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 1.3 | 11.3 | 4.6 | 77.9 |
Debt Securities, Available-for-Sale, Realized Loss | (164.3) | (6.9) | (233.5) | (26.5) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | (163.0) | 4.4 | (228.9) | 51.4 |
State and local government obligations | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 0.0 | 14.1 | 0.0 | 44.3 |
Debt Securities, Available-for-Sale, Realized Loss | 0.0 | (2.8) | (1.0) | (3.0) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | 0.0 | 11.3 | (1.0) | 41.3 |
Corporate debt securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 2.0 | 40.1 | 6.5 | 60.8 |
Debt Securities, Available-for-Sale, Realized Loss | (30.1) | (3.3) | (37.8) | (5.4) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | (28.1) | 36.8 | (31.3) | 55.4 |
Residential mortgage-backed securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 0.6 | 0.3 | 0.7 | 0.3 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | 0.6 | 0.3 | 0.7 | 0.3 |
Commercial mortgage-backed securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 0.0 | 9.5 | 0.0 | 39.3 |
Debt Securities, Available-for-Sale, Realized Loss | (13.8) | (0.5) | (13.8) | (1.1) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | (13.8) | 9.0 | (13.8) | 38.2 |
Other asset-backed securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 0.0 | 0.0 | 0.1 | 0.7 |
Debt Securities, Available-for-Sale, Realized Loss | (2.0) | (0.3) | (2.1) | (0.4) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | (2.0) | (0.3) | (2.0) | 0.3 |
Redeemable preferred stocks | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 0.0 | 1.5 | 0.0 | 1.5 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | 0.0 | 1.5 | 0.0 | 1.5 |
Nonredeemable preferred stocks | ||||
Gain (Loss) on Securities [Line Items] | ||||
Equity Securities, FV-NI, Gross Realized Gains on Sales | 0.2 | 6.4 | 17.5 | 23.7 |
Equity Securities, FV-NI, Gross Realized Losses on Sales | (0.2) | (0.4) | (1.9) | (0.4) |
Equity Securities, FV-NI, Net Realized Gain (Loss) on Sales | 0.0 | 6.0 | 15.6 | 23.3 |
Common equities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Equity Securities, FV-NI, Gross Realized Gains on Sales | 830.6 | 345.0 | 831.1 | 346.1 |
Equity Securities, FV-NI, Gross Realized Losses on Sales | (77.4) | (3.9) | (78.0) | (3.9) |
Equity Securities, FV-NI, Net Realized Gain (Loss) on Sales | 753.2 | 341.1 | 753.1 | 342.2 |
Short-term investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Realized Loss | (0.3) | 0.0 | (0.3) | 0.0 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | $ (0.3) | $ 0.0 | $ (0.3) | $ 0.0 |
Investments - Components of Equity Realized Gains (Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Realized Investment Gains (Losses) | $ (920.6) | $ 391.4 | $ (1,254.7) | $ 862.2 |
Equity Securities, FV-NI, Net Realized Gain (Loss) on Sales | 753.2 | 347.1 | 768.7 | 365.5 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ (1,673.8) | $ 44.3 | $ (2,023.4) | $ 496.7 |
Investments - Components of Net Investment Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Net Investment Income [Line Items] | ||||
Gross investment income | $ 292.4 | $ 210.7 | $ 534.6 | $ 430.9 |
Investment expenses | (5.9) | (6.3) | (11.6) | (11.9) |
Net Investment Income | 286.5 | 204.4 | 523.0 | 419.0 |
Available-for-sale Securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 256.5 | 177.4 | 461.4 | 365.5 |
Total equity securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 35.9 | 33.3 | 73.2 | 65.4 |
Total equity securities | Nonredeemable preferred stocks | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 18.1 | 17.3 | 36.3 | 35.2 |
Total equity securities | Common equities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 17.8 | 16.0 | 36.9 | 30.2 |
Total fixed maturities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 252.1 | 176.7 | 456.6 | 363.3 |
Total fixed maturities | U.S. government obligations | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 67.9 | 37.4 | 119.3 | 67.8 |
Total fixed maturities | State and local government obligations | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 10.3 | 11.5 | 19.5 | 24.9 |
Total fixed maturities | Foreign government obligations | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 0.0 | 0.0 | 0.1 | 0.0 |
Total fixed maturities | Corporate debt securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 75.5 | 73.2 | 143.6 | 158.4 |
Total fixed maturities | Residential mortgage-backed securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 9.6 | 2.8 | 14.4 | 6.2 |
Total fixed maturities | Commercial mortgage-backed securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 46.5 | 34.4 | 89.8 | 70.2 |
Total fixed maturities | Other asset-backed securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 39.3 | 15.1 | 64.4 | 31.0 |
Total fixed maturities | Redeemable preferred stocks | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 3.0 | 2.3 | 5.5 | 4.8 |
Short-term investments | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | $ 4.4 | $ 0.7 | $ 4.8 | $ 2.2 |
Investments - Additional Information (Detail) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
---|---|---|---|---|---|
Mar. 31, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
security
|
Jun. 30, 2022
USD ($)
security
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Schedule of Debt and Equity Securities [Line Items] | |||||
Principal amount of bonds and certificates of deposit | $ 468,900,000 | $ 468,900,000 | |||
Securities Exceeding 10% of Shareholders' Equity | 0 | 0 | $ 0 | $ 0 | |
Non-Income Producing Securities | 0 | 0 | |||
Open reverse repurchase commitments | 0 | 0 | 0 | 0 | |
Securities Sold under Agreements to Repurchase | 0 | 0 | 0 | 0 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value, Downgraded in Period | 18,300,000 | 18,300,000 | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Downgraded in Period | 2,100,000 | 2,100,000 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | 0 | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | 0 | 0 | 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | $ 0 | $ 0 | $ 0 | ||
Percent Change in Investment Income | 39.00% | 24.00% | |||
Proceeds from Debt, Net of Issuance Costs | $ 1,486,000,000 | ||||
Percent Change in Book Yield | 19.00% | 7.00% | |||
Corporate debt securities | |||||
Schedule of Debt and Equity Securities [Line Items] | |||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions Downgraded | security | 2 | 2 | |||
Residential mortgage-backed securities | |||||
Schedule of Debt and Equity Securities [Line Items] | |||||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions Downgraded | security | 1 | 1 |
Fair Value - Composition of Investment Portfolio by Major Security Type (Detail) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | $ 51,929.5 | $ 51,514.1 | $ 50,942.8 |
Fair Value | 6,028.9 | 5,857.4 | 6,446.7 |
Available-for-sale Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 47,784.3 | 44,815.7 | 44,741.6 |
Available-for-sale Securities | Total fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 43,172.5 | 43,873.1 | 43,031.0 |
Available-for-sale Securities | Total fixed maturities | Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 31,038.8 | 31,383.5 | 32,569.1 |
Available-for-sale Securities | Total fixed maturities | Debt Securities | U.S. government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 18,719.2 | 18,488.2 | 19,437.7 |
Available-for-sale Securities | Total fixed maturities | Debt Securities | State and local government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,135.4 | 2,185.3 | 2,440.5 |
Available-for-sale Securities | Total fixed maturities | Debt Securities | Foreign government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 16.4 | 17.9 | 12.7 |
Available-for-sale Securities | Total fixed maturities | Debt Securities | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10,167.8 | 10,692.1 | 10,678.2 |
Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 11,929.9 | 12,307.9 | 10,278.4 |
Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 799.3 | 790.0 | 671.3 |
Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 6,094.6 | 6,535.6 | 5,708.1 |
Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 5,036.0 | 4,982.3 | 3,899.0 |
Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 203.8 | 181.7 | 183.5 |
Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 58.7 | 50.9 | 51.3 |
Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 8.8 | 0.0 | 0.0 |
Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 136.3 | 130.8 | 132.2 |
Available-for-sale Securities | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 4,611.8 | 942.6 | 1,710.6 |
Total equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 4,145.2 | 6,698.4 | 6,201.2 |
Total equity securities | Nonredeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,360.5 | 1,639.9 | 1,609.8 |
Total equity securities | Nonredeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,252.4 | 1,497.4 | 1,507.3 |
Total equity securities | Nonredeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 67.3 | 82.9 | 42.5 |
Total equity securities | Nonredeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 40.8 | 59.6 | 60.0 |
Total equity securities | Common equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,784.7 | 5,058.5 | 4,591.4 |
Total equity securities | Common equities | Common Stocks, excluding Other Risk | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,766.2 | 5,041.6 | 4,579.8 |
Total equity securities | Common equities | Other risk investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 18.5 | 16.9 | 11.6 |
Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 26,083.5 | 24,548.2 | 25,754.0 |
Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 23,278.9 | 19,441.3 | 21,128.3 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 18,729.1 | 18,498.9 | 19,448.5 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 18,719.2 | 18,488.2 | 19,437.7 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Debt Securities | U.S. government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 18,719.2 | 18,488.2 | 19,437.7 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Debt Securities | State and local government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Debt Securities | Foreign government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Debt Securities | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 9.9 | 10.7 | 10.8 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 9.9 | 10.7 | 10.8 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 4,549.8 | 942.4 | 1,679.8 |
Fair Value, Inputs, Level 1 | Total equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,804.6 | 5,106.9 | 4,625.7 |
Fair Value, Inputs, Level 1 | Total equity securities | Nonredeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 87.8 | 115.3 | 98.4 |
Fair Value, Inputs, Level 1 | Total equity securities | Nonredeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 87.8 | 115.3 | 98.4 |
Fair Value, Inputs, Level 1 | Total equity securities | Nonredeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Total equity securities | Nonredeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 1 | Total equity securities | Common equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,716.8 | 4,991.6 | 4,527.3 |
Fair Value, Inputs, Level 1 | Total equity securities | Common equities | Common Stocks, excluding Other Risk | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,716.8 | 4,991.6 | 4,527.3 |
Fair Value, Inputs, Level 1 | Total equity securities | Common equities | Other risk investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 25,745.6 | 26,838.2 | 25,013.9 |
Fair Value | 6,028.9 | 5,857.4 | 6,446.7 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 24,505.4 | 25,374.4 | 23,613.3 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 24,443.4 | 25,374.2 | 23,582.5 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 12,319.6 | 12,895.3 | 13,131.4 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Debt Securities | U.S. government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Debt Securities | State and local government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,135.4 | 2,185.3 | 2,440.5 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Debt Securities | Foreign government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 16.4 | 17.9 | 12.7 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Debt Securities | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10,167.8 | 10,692.1 | 10,678.2 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 11,929.9 | 12,307.9 | 10,278.4 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 799.3 | 790.0 | 671.3 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 6,094.6 | 6,535.6 | 5,708.1 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 5,036.0 | 4,982.3 | 3,899.0 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 193.9 | 171.0 | 172.7 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 58.7 | 50.9 | 51.3 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 8.8 | 0.0 | 0.0 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 126.4 | 120.1 | 121.4 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 62.0 | 0.2 | 30.8 |
Fair Value, Inputs, Level 2 | Total equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,240.2 | 1,463.8 | 1,400.6 |
Fair Value, Inputs, Level 2 | Total equity securities | Nonredeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,190.8 | 1,413.8 | 1,400.6 |
Fair Value, Inputs, Level 2 | Total equity securities | Nonredeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,099.7 | 1,305.7 | 1,332.5 |
Fair Value, Inputs, Level 2 | Total equity securities | Nonredeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 67.3 | 82.9 | 42.5 |
Fair Value, Inputs, Level 2 | Total equity securities | Nonredeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 23.8 | 25.2 | 25.6 |
Fair Value, Inputs, Level 2 | Total equity securities | Common equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 49.4 | 50.0 | 0.0 |
Fair Value, Inputs, Level 2 | Total equity securities | Common equities | Common Stocks, excluding Other Risk | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 49.4 | 50.0 | 0.0 |
Fair Value, Inputs, Level 2 | Total equity securities | Common equities | Other risk investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 100.4 | 127.7 | 174.9 |
Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Debt Securities | U.S. government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Debt Securities | State and local government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Debt Securities | Foreign government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Debt Securities | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Total equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 100.4 | 127.7 | 174.9 |
Fair Value, Inputs, Level 3 | Total equity securities | Nonredeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 81.9 | 110.8 | 110.8 |
Fair Value, Inputs, Level 3 | Total equity securities | Nonredeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 64.9 | 76.4 | 76.4 |
Fair Value, Inputs, Level 3 | Total equity securities | Nonredeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 0.0 |
Fair Value, Inputs, Level 3 | Total equity securities | Nonredeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 17.0 | 34.4 | 34.4 |
Fair Value, Inputs, Level 3 | Total equity securities | Common equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 18.5 | 16.9 | 64.1 |
Fair Value, Inputs, Level 3 | Total equity securities | Common equities | Common Stocks, excluding Other Risk | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0.0 | 0.0 | 52.5 |
Fair Value, Inputs, Level 3 | Total equity securities | Common equities | Other risk investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 18.5 | 16.9 | 11.6 |
Carrying (Reported) Amount, Fair Value Disclosure | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 52,946.7 | 47,572.7 | 46,838.2 |
Long-term Debt | 6,386.5 | 4,898.8 | 5,397.5 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 50,640.6 | 44,736.8 | 44,088.6 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 46,028.8 | 43,794.2 | 42,378.0 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 33,001.5 | 31,292.8 | 32,045.9 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Debt Securities | U.S. government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 19,832.3 | 18,586.1 | 19,339.3 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Debt Securities | State and local government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,281.9 | 2,162.6 | 2,379.1 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Debt Securities | Foreign government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 17.7 | 17.9 | 12.7 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Debt Securities | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10,869.6 | 10,526.2 | 10,314.8 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 12,805.3 | 12,330.5 | 10,161.0 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 826.5 | 787.7 | 666.9 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 6,739.4 | 6,561.0 | 5,628.2 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 5,239.4 | 4,981.8 | 3,865.9 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 222.0 | 170.9 | 171.1 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 62.5 | 50.7 | 50.9 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10.5 | 0.0 | 0.0 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 149.0 | 120.2 | 120.2 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 4,611.8 | 942.6 | 1,710.6 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,306.1 | 2,835.9 | 2,749.6 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Nonredeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,522.5 | 1,571.8 | 1,511.2 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Nonredeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,402.5 | 1,451.7 | 1,431.2 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Nonredeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 79.9 | 80.0 | 39.9 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Nonredeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 40.1 | 40.1 | 40.1 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Common equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 783.6 | 1,264.1 | 1,238.4 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Common equities | Common Stocks, excluding Other Risk | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 765.1 | 1,247.2 | 1,226.8 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Common equities | Other risk investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | $ 18.5 | $ 16.9 | $ 11.6 |
Fair Value - Summary of Changes in Fair Value Associated with Level 3 Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning balance | $ 115.4 | $ 54.8 | $ 127.7 | $ 54.8 |
Calls/ Maturities/ Paydowns | (1.6) | 8.4 | 1.1 | 8.5 |
Purchases | 0.0 | 65.2 | 0.0 | 65.2 |
Sales | 0.0 | (5.0) | (15.0) | (5.0) |
Net Realized (Gain)/Loss on Sales | 0.0 | (4.5) | (17.2) | (4.5) |
Change in Valuation | (13.4) | 56.0 | 3.8 | 55.9 |
Net Transfers In (Out) | 0.0 | 0.0 | 0.0 | 0.0 |
Fair value, ending balance | 100.4 | 174.9 | 100.4 | 174.9 |
Total equity securities | Financials | Nonredeemable preferred stocks | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning balance | 61.4 | 10.0 | 76.4 | 10.0 |
Calls/ Maturities/ Paydowns | 0.0 | 0.0 | 0.0 | 0.0 |
Purchases | 0.0 | 60.2 | 0.0 | 60.2 |
Sales | 0.0 | 0.0 | (15.0) | 0.0 |
Net Realized (Gain)/Loss on Sales | 0.0 | 0.0 | (17.2) | 0.0 |
Change in Valuation | 3.5 | 6.2 | 20.7 | 6.2 |
Net Transfers In (Out) | 0.0 | 0.0 | 0.0 | 0.0 |
Fair value, ending balance | 64.9 | 76.4 | 64.9 | 76.4 |
Total equity securities | Industrials | Nonredeemable preferred stocks | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning balance | 33.9 | 16.6 | 34.4 | 16.7 |
Calls/ Maturities/ Paydowns | 0.0 | 0.0 | (0.5) | 0.0 |
Purchases | 0.0 | 5.0 | 0.0 | 5.0 |
Sales | 0.0 | (5.0) | 0.0 | (5.0) |
Net Realized (Gain)/Loss on Sales | 0.0 | (4.5) | 0.0 | (4.5) |
Change in Valuation | (16.9) | 22.3 | (16.9) | 22.2 |
Net Transfers In (Out) | 0.0 | 0.0 | 0.0 | 0.0 |
Fair value, ending balance | 17.0 | 34.4 | 17.0 | 34.4 |
Total equity securities | Common Stocks, excluding Other Risk | Common equities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning balance | 25.0 | 25.0 | ||
Calls/ Maturities/ Paydowns | 0.0 | 0.0 | ||
Purchases | 0.0 | 0.0 | ||
Sales | 0.0 | 0.0 | ||
Net Realized (Gain)/Loss on Sales | 0.0 | 0.0 | ||
Change in Valuation | 27.5 | 27.5 | ||
Net Transfers In (Out) | 0.0 | 0.0 | ||
Fair value, ending balance | 52.5 | 52.5 | ||
Total equity securities | Other risk investments | Common equities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning balance | 20.1 | 3.2 | 16.9 | 3.1 |
Calls/ Maturities/ Paydowns | (1.6) | 8.4 | 1.6 | 8.5 |
Purchases | 0.0 | 0.0 | 0.0 | 0.0 |
Sales | 0.0 | 0.0 | 0.0 | 0.0 |
Net Realized (Gain)/Loss on Sales | 0.0 | 0.0 | 0.0 | 0.0 |
Change in Valuation | 0.0 | 0.0 | 0.0 | 0.0 |
Net Transfers In (Out) | 0.0 | 0.0 | 0.0 | 0.0 |
Fair value, ending balance | $ 18.5 | $ 11.6 | $ 18.5 | $ 11.6 |
Fair Value - Summary of Quantitative Information about Level 3 Fair Value Measurements (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 51,929.5 | $ 50,942.8 | $ 51,514.1 |
Fair Value, Inputs, Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | 100.4 | 174.9 | 127.7 |
Fair Value, Inputs, Level 3 | Total Quantitative Level Three Securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | 81.9 | 163.3 | 110.8 |
Fair Value, Inputs, Level 3 | Third Party Pricing Exemption Securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | 18.5 | 11.6 | 16.9 |
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Total Quantitative Level Three Securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 81.9 | $ 110.8 | $ 110.8 |
Fair Value Inputs, Market Cap Price Change Percentage, Weighted Average | (13.30%) | 4.20% | (7.70%) |
Fair Value Inputs, Market Cap Price Change Percentage, Range, Minimum | (47.30%) | (8.00%) | (20.20%) |
Fair Value Inputs, Market Cap Price Change Percentage, Range, Maximum | (2.20%) | 9.90% | (2.30%) |
Fair Value, Inputs, Level 3 | Common equities | Total Quantitative Level Three Securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 52.5 | ||
Fair Value Inputs, Market Cap Price Change Percentage, Weighted Average | 12.10% | ||
Fair Value Inputs, Market Cap Price Change Percentage, Range, Minimum | (12.10%) | ||
Fair Value Inputs, Market Cap Price Change Percentage, Range, Maximum | 24.50% |
Fair Value - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|||
Fair Value Measurements [Line Items] | |||||||
Investments, Fair Value | $ 51,929.5 | $ 50,942.8 | $ 51,929.5 | $ 50,942.8 | $ 51,514.1 | ||
Goodwill impairment | [1] | $ 224.8 | $ 0.0 | $ 224.8 | $ 0.0 | ||
Fair Value, Inputs, Level 1 | |||||||
Fair Value Measurements [Line Items] | |||||||
Vendor Quoted Prices, Percent of FV Hierarchy Level | 87.00% | 81.00% | 87.00% | 81.00% | 79.00% | ||
Investments, Fair Value | $ 26,083.5 | $ 25,754.0 | $ 26,083.5 | $ 25,754.0 | $ 24,548.2 | ||
Fair Value, Inputs, Level 2 | |||||||
Fair Value Measurements [Line Items] | |||||||
Vendor Quoted Prices, Percent of FV Hierarchy Level | 98.00% | 99.00% | 98.00% | 99.00% | 98.00% | ||
Dealer Quoted Prices, Percent of FV Hierarchy Level | 2.00% | 1.00% | 2.00% | 1.00% | 2.00% | ||
Investments, Fair Value | $ 25,745.6 | $ 25,013.9 | $ 25,745.6 | $ 25,013.9 | $ 26,838.2 | ||
Fair Value, Inputs, Level 3 | |||||||
Fair Value Measurements [Line Items] | |||||||
Investments, Fair Value | 100.4 | 174.9 | 100.4 | 174.9 | 127.7 | ||
Available-for-sale Securities | |||||||
Fair Value Measurements [Line Items] | |||||||
Investments, Fair Value | 47,784.3 | 44,741.6 | 47,784.3 | 44,741.6 | 44,815.7 | ||
Available-for-sale Securities | Total fixed maturities | |||||||
Fair Value Measurements [Line Items] | |||||||
Investments, Fair Value | 43,172.5 | 43,031.0 | 43,172.5 | 43,031.0 | 43,873.1 | ||
Available-for-sale Securities | Fair Value, Inputs, Level 1 | |||||||
Fair Value Measurements [Line Items] | |||||||
Investments, Fair Value | 23,278.9 | 21,128.3 | 23,278.9 | 21,128.3 | 19,441.3 | ||
Available-for-sale Securities | Fair Value, Inputs, Level 1 | Total fixed maturities | |||||||
Fair Value Measurements [Line Items] | |||||||
Investments, Fair Value | 18,729.1 | 19,448.5 | 18,729.1 | 19,448.5 | 18,498.9 | ||
Available-for-sale Securities | Fair Value, Inputs, Level 2 | |||||||
Fair Value Measurements [Line Items] | |||||||
Investments, Fair Value | 24,505.4 | 23,613.3 | 24,505.4 | 23,613.3 | 25,374.4 | ||
Available-for-sale Securities | Fair Value, Inputs, Level 2 | Total fixed maturities | |||||||
Fair Value Measurements [Line Items] | |||||||
Investments, Fair Value | 24,443.4 | 23,582.5 | 24,443.4 | 23,582.5 | 25,374.2 | ||
Available-for-sale Securities | Fair Value, Inputs, Level 3 | |||||||
Fair Value Measurements [Line Items] | |||||||
Investments, Fair Value | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
Available-for-sale Securities | Fair Value, Inputs, Level 3 | Total fixed maturities | |||||||
Fair Value Measurements [Line Items] | |||||||
Investments, Fair Value | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | ||
|
Debt - Summary of Debt (Detail) - USD ($) |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Mar. 31, 2020 |
Oct. 31, 2018 |
Mar. 31, 2018 |
Apr. 30, 2017 |
Aug. 31, 2016 |
Jan. 31, 2015 |
Apr. 30, 2014 |
Aug. 31, 2011 |
Nov. 30, 2002 |
Mar. 31, 1999 |
||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||||||||||
Fair Value | $ 6,028,900,000 | $ 5,857,400,000 | $ 6,446,700,000 | |||||||||||||
Debt, Long-term and Short-term, Combined Amount | [1] | 6,386,500,000 | 4,898,800,000 | 5,397,500,000 | ||||||||||||
3.75% Senior Notes due 2021 (issued: $500.0, August 2011) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 0 | 0 | 499,900,000 | |||||||||||||
Fair Value | 0 | 0 | 502,500,000 | |||||||||||||
Debt, stated interest rate | 3.75% | |||||||||||||||
Debt, face amount | $ 500,000,000.0 | |||||||||||||||
2.45% Senior Notes due 2027 (issued: $500.0, August 2016) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 497,900,000 | 497,700,000 | 497,500,000 | |||||||||||||
Fair Value | 471,300,000 | 517,900,000 | 529,900,000 | |||||||||||||
Debt, stated interest rate | 2.45% | |||||||||||||||
Debt, face amount | $ 500,000,000.0 | |||||||||||||||
2.50% Senior Notes due 2027 (issued: $500.0, March 2022) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 497,200,000 | 0 | 0 | |||||||||||||
Fair Value | 472,600,000 | 0 | 0 | |||||||||||||
Debt, stated interest rate | 2.50% | |||||||||||||||
Debt, face amount | $ 500,000,000.0 | |||||||||||||||
6 5/8% Senior Notes due 2029 (issued: $300.0, March 1999) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 297,300,000 | 297,200,000 | 297,000,000.0 | |||||||||||||
Fair Value | 340,600,000 | 388,200,000 | 396,100,000 | |||||||||||||
Debt, stated interest rate | 6.625% | |||||||||||||||
Debt, face amount | $ 300,000,000.0 | |||||||||||||||
4.00% Senior Notes due 2029 (issued: $550.0, October 2018) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 546,200,000 | 545,900,000 | 545,700,000 | |||||||||||||
Fair Value | 543,300,000 | 621,000,000.0 | 631,500,000 | |||||||||||||
Debt, stated interest rate | 4.00% | |||||||||||||||
Debt, face amount | $ 550,000,000.0 | |||||||||||||||
3.20% Senior Notes due 2030 (issued: $500.0, March 2020) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 496,700,000 | 496,500,000 | 496,300,000 | |||||||||||||
Fair Value | 463,000,000.0 | 536,300,000 | 549,000,000.0 | |||||||||||||
Debt, stated interest rate | 3.20% | |||||||||||||||
Debt, face amount | $ 500,000,000.0 | |||||||||||||||
3.00% Senior Notes due 2032 (issued: $500.0, March 2022) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 495,700,000 | 0 | 0 | |||||||||||||
Fair Value | 448,300,000 | 0 | 0 | |||||||||||||
Debt, stated interest rate | 3.00% | |||||||||||||||
Debt, face amount | $ 500,000,000 | |||||||||||||||
6.25% Senior Notes due 2032 (issued: $400.0, November 2002) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 396,300,000 | 396,200,000 | 396,100,000 | |||||||||||||
Fair Value | 459,200,000 | 547,900,000 | 553,700,000 | |||||||||||||
Debt, stated interest rate | 6.25% | |||||||||||||||
Debt, face amount | $ 400,000,000.0 | |||||||||||||||
4.35% Senior Notes due 2044 (issued: $350.0, April 2014) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 346,900,000 | 346,800,000 | 346,800,000 | |||||||||||||
Fair Value | 324,600,000 | 428,400,000 | 434,800,000 | |||||||||||||
Debt, stated interest rate | 4.35% | |||||||||||||||
Debt, face amount | $ 350,000,000.0 | |||||||||||||||
3.70% Senior Notes due 2045 (issued: $400.0, January 2015) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 395,700,000 | 395,600,000 | 395,600,000 | |||||||||||||
Fair Value | 332,400,000 | 447,100,000 | 458,100,000 | |||||||||||||
Debt, stated interest rate | 3.70% | |||||||||||||||
Debt, face amount | $ 400,000,000.0 | |||||||||||||||
4.125% Senior Notes due 2047 (issued: $850.0, April 2017) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 842,000,000.0 | 841,900,000 | 841,800,000 | |||||||||||||
Fair Value | 769,300,000 | 1,029,300,000 | 1,041,400,000 | |||||||||||||
Debt, stated interest rate | 4.125% | |||||||||||||||
Debt, face amount | $ 850,000,000.0 | |||||||||||||||
4.20% Senior Notes due 2048 (issued: $600.0, March 2018) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 590,300,000 | 590,200,000 | 590,100,000 | |||||||||||||
Fair Value | 550,500,000 | 741,300,000 | 747,000,000.0 | |||||||||||||
Debt, stated interest rate | 4.20% | |||||||||||||||
Debt, face amount | $ 600,000,000.0 | |||||||||||||||
3.95% Senior Notes due 2050 (issued: $500.0, March 2020) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 490,900,000 | 490,800,000 | 490,700,000 | |||||||||||||
Fair Value | 437,800,000 | 600,000,000.0 | 602,700,000 | |||||||||||||
Debt, stated interest rate | 3.95% | |||||||||||||||
Debt, face amount | $ 500,000,000.0 | |||||||||||||||
3.70% Senior Notes due 2052 (issued: $500.0, March 2022) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 493,400,000 | 0 | 0 | |||||||||||||
Fair Value | $ 416,000,000.0 | $ 0 | $ 0 | |||||||||||||
Debt, stated interest rate | 3.70% | |||||||||||||||
Debt, face amount | $ 500,000,000 | |||||||||||||||
|
Debt - Additional Information (Detail) - USD ($) |
1 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Mar. 31, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Aug. 31, 2011 |
|
Debt Instrument [Line Items] | |||||
Proceeds from Debt, Net of Issuance Costs | $ 1,486,000,000 | ||||
Long-term Debt, Current Maturities | $ 0 | $ 500,000,000 | $ 0 | ||
2.50% Senior Notes due 2027 (issued: $500.0, March 2022) | |||||
Debt Instrument [Line Items] | |||||
Debt, face amount | $ 500,000,000.0 | ||||
Debt, stated interest rate | 2.50% | ||||
3.00% Senior Notes due 2032 (issued: $500.0, March 2022) | |||||
Debt Instrument [Line Items] | |||||
Debt, face amount | $ 500,000,000 | ||||
Debt, stated interest rate | 3.00% | ||||
3.70% Senior Notes due 2052 (issued: $500.0, March 2022) | |||||
Debt Instrument [Line Items] | |||||
Debt, face amount | $ 500,000,000 | ||||
Debt, stated interest rate | 3.70% | ||||
3.75% Senior Notes due 2021 (issued: $500.0, August 2011) | |||||
Debt Instrument [Line Items] | |||||
Debt, face amount | $ 500,000,000.0 | ||||
Debt, stated interest rate | 3.75% | ||||
Discretionary Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 250,000,000 | ||||
Borrowings outstanding | $ 0 | $ 0 | $ 0 |
Income Taxes - Additional Information (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||||
Valuation allowance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent | 14.60% | 20.90% | 6.80% | 20.80% | |
Effective Income Tax Rate Reconciliation Excluding The Impact of Goodwill Impairment, Percent | 22.60% | 79.90% |
Loss and Loss Adjustment Expense Reserves (Details) - USD ($) $ in Millions |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 01, 2022 |
Jan. 01, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Loss and loss adjustment expense reserves | $ 27,812.0 | $ 23,895.6 | $ 26,164.1 | $ 20,265.8 | ||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments and Liability for Unpaid Claims and Claim Adjustment Expense, Other Reconciling Item | 4,684.6 | 4,464.9 | 4,733.6 | 3,798.2 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | $ 21,430.5 | $ 17,200.1 | 23,127.4 | 19,430.7 | $ 21,430.5 | $ 16,467.6 |
Liability for Unpaid Claims and Claims Adjustment Expense, Business Acquisitions | $ 0.0 | $ 732.5 | ||||
Current Year Claims and Claims Adjustment Expense | 18,134.6 | 15,319.9 | ||||
Prior Year Claims and Claims Adjustment Expense | 144.9 | 197.0 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 18,279.5 | 15,516.9 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 9,298.3 | 7,849.6 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 7,284.3 | 5,436.7 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 16,582.6 | 13,286.3 | ||||
Short-Duration Insurance Contract, Accident Year 2021 | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | 97.0 | |||||
Short-Duration Insurance Contract, Accident Year 2020 | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | 16.0 | |||||
Short-Duration Insurance Contract, Accident Year 2019 | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | 100.0 | |||||
Short-Duration Insurance Contract, Accident Years 2018 and Prior | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | 114.0 | |||||
Personal Lines | Personal auto business | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | 45.0 | 111.0 | ||||
Personal Lines | special lines | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | (7.0) | |||||
Commercial Lines | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | $ 98.0 | 73.0 | ||||
Property | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | 20.0 | |||||
Agency | Personal Lines | Personal auto business | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | $ 67.0 |
Supplemental Cash Flow Information (Detail) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Open reverse repurchase commitments | $ 0 | $ 0 | $ 0 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 22,500,000 | 55,900,000 | |
Income Taxes Paid | 363,200,000 | 574,100,000 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 102,600,000 | 112,000,000.0 | |
Operating Lease, Payments | 41,800,000 | 44,800,000 | |
Cash and Cash Equivalents | |||
Open reverse repurchase commitments | 140,600,000 | 90,500,000 | $ 137,100,000 |
Common equities | Quarterly dividend | |||
Dividends Payable | $ 58,500,000 | $ 58,500,000 |
Segment Information - Operating Results (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Segment Reporting Information [Line Items] | ||||
Revenues | $ 11,519.2 | $ 11,905.5 | $ 23,360.7 | $ 23,350.7 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (635.9) | 999.2 | (245.7) | 2,867.1 |
Amortization of intangible assets | 5.5 | 14.3 | 20.1 | 28.5 |
Personal Lines | Agency | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,366.5 | 4,220.3 | 8,689.8 | 8,318.5 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 260.3 | 207.5 | 548.9 | 755.0 |
Personal Lines | Direct | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,905.9 | 4,633.9 | 9,699.5 | 9,065.6 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 198.4 | 128.4 | 348.8 | 543.0 |
Operating Segments | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 12,147.9 | 10,982.3 | 23,950.8 | 21,402.5 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 538.5 | 382.8 | 1,187.3 | 1,502.7 |
Operating Segments | Personal Lines | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 9,272.4 | 8,854.2 | 18,389.3 | 17,384.1 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 458.7 | $ 335.9 | $ 897.7 | $ 1,298.0 |
Personal auto insurance percentage of the total personal lines segment net premiums earned | 94.00% | 94.00% | 94.00% | 94.00% |
Operating Segments | Commercial Lines | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 2,304.4 | $ 1,621.8 | $ 4,431.6 | $ 3,039.6 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 243.0 | 130.1 | 445.4 | 358.6 |
Operating Segments | Property | ||||
Segment Reporting Information [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (381.7) | (373.4) | ||
Operating Segments | Property | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 570.5 | 502.3 | 1,128.6 | 974.8 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (156.9) | (83.3) | (148.6) | (154.0) |
Amortization of intangible assets | 5.0 | 14.1 | 19.1 | 28.3 |
Operating Segments | Property | Property - Goodwill impairment | ||||
Segment Reporting Information [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (224.8) | 0.0 | (224.8) | 0.0 |
Operating Segments | Other Indemnity | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0.6 | 4.0 | 1.3 | 4.0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (6.3) | 0.1 | (7.2) | 0.1 |
Segment Reconciling Items | Fees and other revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 176.5 | 176.2 | 350.5 | 341.9 |
Segment Reconciling Items | Service businesses | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 80.1 | 74.5 | 147.8 | 128.3 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 4.6 | 6.6 | 9.1 | 11.1 |
Segment Reconciling Items | Investment income | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (885.3) | 672.5 | (1,088.4) | 1,478.0 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (891.2) | 666.2 | (1,100.0) | 1,466.1 |
Segment Reconciling Items | Interest expense | ||||
Segment Reporting Information [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (63.0) | $ (56.4) | $ (117.3) | $ (112.8) |
Segment Information - Underwriting Margins and Combined Ratios for our Underwriting Operations (Detail) - Underwriting operations |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Personal Lines | Agency | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | 6.00% | 4.90% | 6.30% | 9.10% |
Combined Ratio | 94.00% | 95.10% | 93.70% | 90.90% |
Personal Lines | Direct | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | 4.00% | 2.80% | 3.60% | 6.00% |
Combined Ratio | 96.00% | 97.20% | 96.40% | 94.00% |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | 4.40% | 3.50% | 5.00% | 7.00% |
Combined Ratio | 95.60% | 96.50% | 95.00% | 93.00% |
Operating Segments | Personal Lines | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | 4.90% | 3.80% | 4.90% | 7.50% |
Combined Ratio | 95.10% | 96.20% | 95.10% | 92.50% |
Operating Segments | Commercial Lines | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | 10.50% | 8.00% | 10.10% | 11.80% |
Combined Ratio | 89.50% | 92.00% | 89.90% | 88.20% |
Operating Segments | Property | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | (27.50%) | (16.60%) | (13.20%) | (15.80%) |
Combined Ratio | 127.50% | 116.60% | 113.20% | 115.80% |
Combined ratio amortization points | 0.009 | 0.028 | 0.017 | 0.029 |
Dividends (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2022 |
Apr. 30, 2022 |
Mar. 31, 2022 |
Jan. 31, 2022 |
Jul. 31, 2021 |
Apr. 30, 2021 |
Mar. 31, 2021 |
Jan. 31, 2021 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Common Stock, Dividends, Per Share, Declared | $ 0.10 | $ 0.10 | $ 0.20 | $ 0.20 | |||||||||
Payments of Ordinary Dividends, Common Stock | $ 117.0 | $ 2,753.0 | |||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 13.4 | 13.4 | |||||||||||
Quarterly dividend | |||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | ||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||
Payments of Ordinary Dividends, Common Stock | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.6 | ||||||||
Annual variable dividend | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 4.50 | $ 1.50 | |||||||||||
Payments of Ordinary Dividends, Common Stock | $ 2,635.9 | $ 876.5 | |||||||||||
Series B Preferred Stock | |||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 26.875 | $ 26.875 | |||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 13.4 | $ 13.4 | |||||||||||
Common equities | Quarterly dividend | |||||||||||||
Dividends Payable | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 |
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) Including Reclassification Adjustments by Income Statement (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||
AOCI before Tax, Attributable to Parent, beginning balance | $ (1,753.4) | $ 504.6 | $ 52.3 | $ 1,187.4 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | (1,246.7) | 174.7 | (3,098.4) | (376.7) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (0.5) | (0.6) | (0.2) | (0.6) |
OCI, before Reclassifications, before Tax, Attributable to Parent | (1,247.2) | 174.1 | (3,098.6) | (377.3) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | (205.1) | 59.4 | (250.6) | 191.1 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0.0 | (0.3) | (0.2) | (0.6) |
Total reclassification adjustment for amounts realized in net income, pre tax | (205.1) | 59.1 | (250.8) | 190.5 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (1,042.1) | 115.0 | (2,847.8) | (567.8) |
AOCI before Tax, Attributable to Parent, ending balance | (2,795.5) | 619.6 | (2,795.5) | 619.6 |
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward] | ||||
AOCI Tax, Attributable to Parent, beginning balance | 367.6 | (112.3) | (11.6) | (255.7) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 261.8 | (36.7) | 650.7 | 79.1 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Parent | (0.1) | (0.1) | 0.0 | (0.1) |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax | 261.9 | (36.6) | 650.7 | 79.2 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 43.0 | (12.5) | 52.6 | (40.2) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 0.0 | 0.0 | 0.0 | (0.1) |
Total reclassification adjustment for amounts realized in net income, Total tax (provision) benefit | 43.0 | (12.5) | 52.6 | (40.1) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 218.9 | (24.1) | 598.1 | 119.3 |
AOCI Tax, Attributable to Parent, ending balance | 586.5 | (136.4) | 586.5 | (136.4) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
After tax total accumulated other comprehensive income, beginning balance | (1,385.8) | 392.3 | 40.7 | 931.7 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (984.9) | 138.0 | (2,447.7) | (297.6) |
Foreign currency translation adjustment | (0.4) | (0.5) | (0.2) | (0.5) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (985.3) | 137.5 | (2,447.9) | (298.1) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (162.1) | 46.9 | (198.0) | 150.9 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 0.0 | (0.3) | (0.2) | (0.5) |
Total reclassification adjustment for amounts realized in net income, after tax | (162.1) | 46.6 | (198.2) | 150.4 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (823.2) | 90.9 | (2,249.7) | (448.5) |
After tax total accumulated other comprehensive income, ending balance | (2,209.0) | 483.2 | (2,209.0) | 483.2 |
Total net unrealized gains (losses) on securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
After tax total accumulated other comprehensive income, beginning balance | (1,370.7) | 407.7 | 56.2 | 947.3 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (984.9) | 138.0 | (2,447.7) | (297.6) |
Foreign currency translation adjustment | 0.0 | 0.0 | 0.0 | 0.0 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (984.9) | 138.0 | (2,447.7) | (297.6) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (162.1) | 46.9 | (198.0) | 150.9 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Total reclassification adjustment for amounts realized in net income, after tax | (162.1) | 46.9 | (198.0) | 150.9 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (822.8) | 91.1 | (2,249.7) | (448.5) |
After tax total accumulated other comprehensive income, ending balance | (2,193.5) | 498.8 | (2,193.5) | 498.8 |
Net unrealized gains (losses) on forecasted transactions | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
After tax total accumulated other comprehensive income, beginning balance | (14.7) | (15.4) | (14.9) | (15.6) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Foreign currency translation adjustment | 0.0 | 0.0 | 0.0 | 0.0 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 0.0 | (0.3) | (0.2) | (0.5) |
Total reclassification adjustment for amounts realized in net income, after tax | 0.0 | (0.3) | (0.2) | (0.5) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.0 | 0.3 | 0.2 | 0.5 |
After tax total accumulated other comprehensive income, ending balance | (14.7) | (15.1) | (14.7) | (15.1) |
Accumulated Foreign Currency Adjustment Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
After tax total accumulated other comprehensive income, beginning balance | (0.4) | 0.0 | (0.6) | 0.0 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Foreign currency translation adjustment | (0.4) | (0.5) | (0.2) | (0.5) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.4) | (0.5) | (0.2) | (0.5) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Total reclassification adjustment for amounts realized in net income, after tax | 0.0 | 0.0 | 0.0 | 0.0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.4) | (0.5) | (0.2) | (0.5) |
After tax total accumulated other comprehensive income, ending balance | $ (0.8) | $ (0.5) | $ (0.8) | $ (0.5) |
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) Including Reclassification Adjustments by Income Statement, Additional Information (Detail) $ in Millions |
Jun. 30, 2022
USD ($)
|
---|---|
Statement of Comprehensive Income [Abstract] | |
Net unrealized losses on forecasted transactions, expected to reclassify into income within the next 12 months | $ 0.5 |
Goodwill and Intangible Assets - Net Carrying Amount of Other Intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Schedule of Other Intangible Assets [Line Items] | |||
Indefinite lived intangible assets | $ 12.4 | $ 12.4 | $ 12.4 |
Total | 97.2 | 117.3 | 146.5 |
Accumulated amortization | 147.7 | 383.8 | 354.6 |
Licensing Agreements | |||
Schedule of Other Intangible Assets [Line Items] | |||
Accumulated amortization | 0.6 | 0.6 | 0.6 |
Finite-Lived Intangible Assets | |||
Schedule of Other Intangible Assets [Line Items] | |||
Intangible assets subject to amortization | 84.8 | 104.9 | 134.1 |
Accumulated amortization | $ 147.1 | $ 383.2 | $ 354.0 |
Goodwill and Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
---|---|---|---|
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization | $ 147.7 | $ 383.8 | $ 354.6 |
Policies in force | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 0.0 | 256.2 | 256.2 |
Accumulated Amortization | 0.0 | 247.1 | 228.7 |
Net Carrying Amount | 0.0 | 9.1 | 27.5 |
Agency relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 159.2 | 159.2 | 159.2 |
Accumulated Amortization | 82.5 | 76.8 | 71.1 |
Net Carrying Amount | 76.7 | 82.4 | 88.1 |
Software rights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 69.1 | 69.1 | 69.1 |
Accumulated Amortization | 62.6 | 58.3 | 54.0 |
Net Carrying Amount | 6.5 | 10.8 | 15.1 |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 3.6 | 3.6 | 3.6 |
Accumulated Amortization | 2.0 | 1.0 | 0.2 |
Net Carrying Amount | 1.6 | 2.6 | 3.4 |
Finite-Lived Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 231.9 | 488.1 | 488.1 |
Accumulated Amortization | 147.1 | 383.2 | 354.0 |
Net Carrying Amount | $ 84.8 | $ 104.9 | $ 134.1 |
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 31, 2022 |
Dec. 31, 2021 |
|||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill impairment | [1] | $ 224,800,000 | $ 0 | $ 224,800,000 | $ 0 | |||
Goodwill | 227,900,000 | 452,700,000 | 227,900,000 | 452,700,000 | $ 452,700,000 | |||
Amortization of intangible assets | 5,500,000 | 14,300,000 | 20,100,000 | 28,500,000 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | $ 0 | ||||||
Property | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill impairment | $ 224,800,000 | |||||||
Personal Lines | Agency | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill Attributable to Reporting Unit, Percent | 98.00% | 98.00% | ||||||
Policies in force | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Gross Carrying Amount | $ 0 | $ 256,200,000 | $ 0 | $ 256,200,000 | $ 256,200,000 | |||
Policies in force | Fully Amortized | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Gross Carrying Amount | $ 256,200,000 | |||||||
|
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