XML 39 R22.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
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 for the hybrid and equity securities. The changes in the net holding period gains (losses) between periods are recorded as a component of net realized gains (losses) on securities in our consolidated statements of comprehensive income.
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
March 31, 2024
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$39,823.8 $66.2 $(1,327.3)$0 $38,562.7 55.8 %
State and local government obligations2,200.7 1.5 (142.4)0 2,059.8 3.0 
Foreign government obligations16.9 0 (1.0)0 15.9 0.1 
Corporate debt securities12,821.9 45.9 (328.1)(18.4)12,521.3 18.1 
Residential mortgage-backed securities390.1 0.2 (9.2)2.0 383.1 0.6 
Commercial mortgage-backed securities4,368.6 2.5 (519.3)0 3,851.8 5.6 
Other asset-backed securities6,146.1 9.2 (93.9)(0.2)6,061.2 8.8 
Redeemable preferred stocks181.2 0 (2.0)(5.3)173.9 0.2 
Total fixed maturities65,949.3 125.5 (2,423.2)(21.9)63,629.7 92.2 
Short-term investments1,326.7 0 0 0 1,326.7 1.9 
Total available-for-sale securities67,276.0 125.5 (2,423.2)(21.9)64,956.4 94.1 
Equity securities:
Nonredeemable preferred stocks931.1 0 0 (44.4)886.7 1.3 
Common equities708.2 0 0 2,486.7 3,194.9 4.6 
Total equity securities1,639.3 0 0 2,442.3 4,081.6 5.9 
Total portfolio1
$68,915.3 $125.5 $(2,423.2)$2,420.4 $69,038.0 100.0 %
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
March 31, 2023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$28,490.9 $68.8 $(1,209.6)$0 $27,350.1 48.3 %
State and local government obligations2,222.4 0.9 (161.7)0 2,061.6 3.6 
Foreign government obligations16.9 0 (1.1)0 15.8 0.1 
Corporate debt securities11,195.8 45.6 (525.4)(34.7)10,681.3 18.8 
Residential mortgage-backed securities655.0 0.2 (16.3)(8.9)630.0 1.1 
Commercial mortgage-backed securities5,252.6 1.6 (751.2)0 4,503.0 7.9 
Other asset-backed securities5,087.8 1.8 (222.5)(1.3)4,865.8 8.6 
Redeemable preferred stocks202.5 0 (5.2)(15.7)181.6 0.3 
Total fixed maturities53,123.9 118.9 (2,893.0)(60.6)50,289.2 88.7 
Short-term investments2,524.1 0 0 0 2,524.1 4.5 
Total available-for-sale securities55,648.0 118.9 (2,893.0)(60.6)52,813.3 93.2 
Equity securities:
Nonredeemable preferred stocks1,197.7 0 0 (118.9)1,078.8 1.9 
Common equities740.5 0 0 2,053.8 2,794.3 4.9 
Total equity securities1,938.2 0 0 1,934.9 3,873.1 6.8 
Total portfolio1
$57,586.2 $118.9 $(2,893.0)$1,874.3 $56,686.4 100.0 %


($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
December 31, 2023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$37,823.2 $204.1 $(1,157.9)$0 $36,869.4 55.9 %
State and local government obligations2,338.4 2.8 (138.4)0 2,202.8 3.3 
Foreign government obligations17.3 0 (1.0)0 16.3 0.1 
Corporate debt securities11,446.0 87.2 (332.3)(17.2)11,183.7 16.9 
Residential mortgage-backed securities426.9 0.2 (10.0)0.1 417.2 0.6 
Commercial mortgage-backed securities4,535.2 2.2 (597.7)0 3,939.7 6.0 
Other asset-backed securities5,667.2 15.7 (107.1)(0.4)5,575.4 8.4 
Redeemable preferred stocks187.7 0 (2.4)(11.6)173.7 0.3 
Total fixed maturities62,441.9 312.2 (2,346.8)(29.1)60,378.2 91.5 
Short-term investments1,789.9 0 0 0 1,789.9 2.7 
Total available-for-sale securities64,231.8 312.2 (2,346.8)(29.1)62,168.1 94.2 
Equity securities:
Nonredeemable preferred stocks977.1 0 0 (75.0)902.1 1.4 
Common equities706.0 0 0 2,222.4 2,928.4 4.4 
Total equity securities1,683.1 0 0 2,147.4 3,830.5 5.8 
Total portfolio1
$65,914.9 $312.2 $(2,346.8)$2,118.3 $65,998.6 100.0 %
1 At March 31, 2024 and 2023, we had $16.2 million and $22.8 million, respectively, of net unsettled security purchase transactions included in other liabilities, compared to $45.6 million included in other assets at December 31, 2023.
The total fair value of the portfolio at March 31, 2024 and 2023, and December 31, 2023, included $3.2 billion, $4.1 billion, and $4.2 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions.
Hybrid Instruments Table Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value:
 March 31,
(millions)20242023Dec. 31, 2023
Fixed Maturities:
Corporate debt securities$507.1 $548.6 $531.3 
Residential mortgage-backed securities300.0 482.1 323.9 
Other asset-backed securities9.5 33.8 13.9 
Redeemable preferred stocks141.0 132.8 141.2 
Total hybrid securities$957.6 $1,197.3 $1,010.3 
Investments Classified by Contractual Maturity Date The composition of fixed maturities by maturity at March 31, 2024, was:
(millions)CostFair Value
Less than one year$7,227.5 $7,084.8 
One to five years45,277.4 43,850.9 
Five to ten years13,394.2 12,645.2 
Ten years or greater50.2 48.8 
Total$65,949.3 $63,629.7 
Schedule of Unrealized Loss on Investments The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
March 31, 2024
U.S. government obligations139 $32,968.1 $(1,327.3)37 $21,634.6 $(295.1)102 $11,333.5 $(1,032.2)
State and local government obligations330 1,922.7 (142.4)41 250.7 (1.8)289 1,672.0 (140.6)
Foreign government obligations1 15.9 (1.0)0 0 0 1 15.9 (1.0)
Corporate debt securities363 8,094.3 (328.1)106 2,369.6 (20.6)257 5,724.7 (307.5)
Residential mortgage-backed securities35 78.0 (9.2)1 0 0 34 78.0 (9.2)
Commercial mortgage-backed securities181 3,741.7 (519.3)4 190.5 (1.8)177 3,551.2 (517.5)
Other asset-backed securities193 3,259.5 (93.9)59 1,303.5 (2.3)134 1,956.0 (91.6)
Redeemable preferred stocks3 32.9 (2.0)0 0 0 3 32.9 (2.0)
Total fixed maturities1,245 $50,113.1 $(2,423.2)248 $25,748.9 $(321.6)997 $24,364.2 $(2,101.6)
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
March 31, 2023
U.S. government obligations148 $19,446.8 $(1,209.6)40 $5,938.5 $(127.5)108 $13,508.3 $(1,082.1)
State and local government obligations343 1,943.6 (161.7)72 350.7 (7.4)271 1,592.9 (154.3)
Foreign government obligations1 15.8 (1.1)0 0 0 1 15.8 (1.1)
Corporate debt securities390 8,129.9 (525.4)93 2,239.3 (75.5)297 5,890.6 (449.9)
Residential mortgage-backed securities43 141.7 (16.3)13 10.0 (0.4)30 131.7 (15.9)
Commercial mortgage-backed securities220 4,484.5 (751.2)11 53.4 (1.5)209 4,431.1 (749.7)
Other asset-backed securities267 4,391.9 (222.5)61 884.8 (6.2)206 3,507.1 (216.3)
Redeemable preferred stocks4 48.8 (5.2)1 10.6 (1.4)3 38.2 (3.8)
Total fixed maturities1,416 $38,603.0 $(2,893.0)291 $9,487.3 $(219.9)1,125 $29,115.7 $(2,673.1)

 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
December 31, 2023
U.S. government obligations147 $28,225.0 $(1,157.9)25 $11,890.0 $(100.0)122 $16,335.0 $(1,057.9)
State and local government obligations324 1,846.2 (138.4)31 169.9 (0.9)293 1,676.3 (137.5)
Foreign government obligations1 16.3 (1.0)0 0 0 1 16.3 (1.0)
Corporate debt securities313 6,642.4 (332.3)26 617.2 (14.7)287 6,025.2 (317.6)
Residential mortgage-backed securities39 88.4 (10.0)2 0.4 0 37 88.0 (10.0)
Commercial mortgage-backed securities189 3,912.2 (597.7)1 30.7 (2.5)188 3,881.5 (595.2)
Other asset-backed securities207 3,299.1 (107.1)41 639.4 (1.2)166 2,659.7 (105.9)
Redeemable preferred stocks3 32.5 (2.4)0 0 0 3 32.5 (2.4)
Total fixed maturities1,223 $44,062.1 $(2,346.8)126 $13,347.6 $(119.3)1,097 $30,714.5 $(2,227.5)
Realized Gain (Loss) on Investments The components of net realized gains (losses) for the three months ended March 31, were:
 Three Months
(millions)20242023
Gross realized gains on security sales
Available-for-sale securities:
U.S. government obligations$0 $3.8 
State and local government obligations0.3 0 
Corporate debt securities2.9 0.1 
Total available-for-sale securities3.2 3.9 
Equity securities:
Nonredeemable preferred stocks0 0.1 
Common equities11.2 132.0 
Total equity securities11.2 132.1 
Subtotal gross realized gains on security sales14.4 136.0 
Gross realized losses on security sales
Available-for-sale securities:
U.S. government obligations(135.3)(11.5)
State and local government obligations(0.1)0 
Corporate debt securities(14.8)(20.4)
Commercial mortgage-backed securities(4.3)(34.5)
Other asset-backed securities(0.1)(0.2)
Redeemable preferred stocks(0.3)0 
Short-term investments0 (0.1)
Total available-for-sale securities(154.9)(66.7)
Equity securities:
Nonredeemable preferred stocks(5.9)(101.0)
Common equities(0.1)(11.8)
Total equity securities(6.0)(112.8)
Subtotal gross realized losses on security sales(160.9)(179.5)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government obligations(135.3)(7.7)
State and local government obligations0.2 0 
Corporate debt securities(11.9)(20.3)
Commercial mortgage-backed securities(4.3)(34.5)
Other asset-backed securities(0.1)(0.2)
Redeemable preferred stocks(0.3)0 
Short-term investments0 (0.1)
Total available-for-sale securities(151.7)(62.8)
Equity securities:
Nonredeemable preferred stocks(5.9)(100.9)
Common equities11.1 120.2 
Total equity securities5.2 19.3 
Subtotal net realized gains (losses) on security sales(146.5)(43.5)
Other assets
Gain0 13.2 
Impairment0 (2.3)
Subtotal net realized gains (losses) on other assets0 10.9 
Net holding period gains (losses)
Hybrid securities7.2 13.9 
Equity securities294.9 90.5 
Subtotal net holding period gains (losses)302.1 104.4 
Total net realized gains (losses) on securities$155.6 $71.8 
Components of Equity Realized Gains (Losses)
The following table reflects our holding period realized gains (losses) recognized on equity securities held at the respective periods ended March 31:
Three Months
(millions)20242023
Total net gains (losses) recognized during the period on equity securities$300.1 $109.8 
Less: Net gains (losses) recognized on equity securities sold during the period5.2 19.3 
Net holding period gains (losses) recognized during the period on equity securities held at period end$294.9 $90.5 
Components of Net Investment Income The components of net investment income for the three months ended March 31, were: 
Three Months
(millions)20242023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$306.9 $163.2 
State and local government obligations12.4 10.6 
Foreign government obligations0.1 0.1 
Corporate debt securities121.5 83.6 
Residential mortgage-backed securities5.4 9.2 
Commercial mortgage-backed securities46.4 50.0 
Other asset-backed securities78.2 48.5 
Redeemable preferred stocks2.9 2.9 
Total fixed maturities573.8 368.1 
Short-term investments18.9 24.7 
Total available-for-sale securities592.7 392.8 
Equity securities:
Nonredeemable preferred stocks11.0 15.1 
Common equities13.9 11.7 
Total equity securities24.9 26.8 
Investment income617.6 419.6 
Investment expenses(5.7)(5.5)
Net investment income$611.9 $414.1