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Investments (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2024
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$42,063.1 $59.6 $(1,228.7)$0 $40,894.0 56.5 %
State and local government obligations2,345.6 0.7 (144.3)0 2,202.0 3.0 
Foreign government obligations16.7 0 (0.9)0 15.8 0.1 
Corporate debt securities13,260.0 33.6 (303.8)(15.2)12,974.6 17.9 
Residential mortgage-backed securities980.4 2.6 (9.4)2.1 975.7 1.3 
Commercial mortgage-backed securities4,457.2 1.9 (489.1)0 3,970.0 5.5 
Other asset-backed securities6,366.4 7.7 (89.3)(0.1)6,284.7 8.7 
Redeemable preferred stocks178.8 0 (1.9)(5.4)171.5 0.2 
Total fixed maturities69,668.2 106.1 (2,267.4)(18.6)67,488.3 93.2 
Short-term investments733.4 0 0 0 733.4 1.0 
Total available-for-sale securities70,401.6 106.1 (2,267.4)(18.6)68,221.7 94.2 
Equity securities:
Nonredeemable preferred stocks886.9 0 0 (48.7)838.2 1.2 
Common equities707.8 0 0 2,587.8 3,295.6 4.6 
Total equity securities1,594.7 0 0 2,539.1 4,133.8 5.8 
Total portfolio1
$71,996.3 $106.1 $(2,267.4)$2,520.5 $72,355.5 100.0 %
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
June 30, 2023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$33,277.1 $0.1 $(1,676.7)$0 $31,600.5 53.3 %
State and local government obligations2,336.5 0.1 (181.9)0 2,154.7 3.6 
Foreign government obligations17.2 0 (1.4)0 15.8 0.1 
Corporate debt securities10,866.4 14.4 (540.3)(35.9)10,304.6 17.4 
Residential mortgage-backed securities580.7 0.2 (13.0)(5.2)562.7 0.9 
Commercial mortgage-backed securities4,982.2 2.0 (718.7)0 4,265.5 7.2 
Other asset-backed securities5,250.6 0 (232.0)(1.0)5,017.6 8.5 
Redeemable preferred stocks174.0 0 (3.6)(13.7)156.7 0.3 
Total fixed maturities57,484.7 16.8 (3,367.6)(55.8)54,078.1 91.3 
Short-term investments1,494.3 0 0 0 1,494.3 2.5 
Total available-for-sale securities58,979.0 16.8 (3,367.6)(55.8)55,572.4 93.8 
Equity securities:
Nonredeemable preferred stocks1,107.1 0 0 (122.0)985.1 1.6 
Common equities662.0 0 0 2,046.1 2,708.1 4.6 
Total equity securities1,769.1 0 0 1,924.1 3,693.2 6.2 
Total portfolio1
$60,748.1 $16.8 $(3,367.6)$1,868.3 $59,265.6 100.0 %


($ 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 June 30, 2024 and 2023, we had $74.1 million and $248.0 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 June 30, 2024 and 2023, and December 31, 2023, included $4.1 billion, $4.3 billion, and $4.2 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions.
Hybrid Instruments Table Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value:
 June 30,
(millions)20242023Dec. 31, 2023
Fixed Maturities:
Corporate debt securities$475.5 $520.1 $531.3 
Residential mortgage-backed securities272.5 448.7 323.9 
Other asset-backed securities5.3 26.1 13.9 
Redeemable preferred stocks135.0 125.4 141.2 
Total hybrid securities$888.3 $1,120.3 $1,010.3 
Investments Classified by Contractual Maturity Date The composition of fixed maturities by maturity at June 30, 2024, was:
(millions)CostFair Value
Less than one year$7,654.0 $7,529.6 
One to five years48,100.6 46,812.9 
Five to ten years13,731.4 12,966.0 
Ten years or greater182.2 179.8 
Total$69,668.2 $67,488.3 
Schedule of Unrealized Loss on Investments The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
June 30, 2024
U.S. government obligations117 $29,776.3 $(1,228.7)17 $12,936.0 $(109.4)100 $16,840.3 $(1,119.3)
State and local government obligations336 2,078.5 (144.3)58 410.9 (2.0)278 1,667.6 (142.3)
Foreign government obligations1 15.8 (0.9)0 0 0 1 15.8 (0.9)
Corporate debt securities402 8,995.0 (303.8)150 3,307.1 (18.4)252 5,687.9 (285.4)
Residential mortgage-backed securities39 308.0 (9.4)7 244.1 (0.5)32 63.9 (8.9)
Commercial mortgage-backed securities183 3,883.2 (489.1)7 314.4 (1.3)176 3,568.8 (487.8)
Other asset-backed securities176 3,133.3 (89.3)62 1,447.0 (3.4)114 1,686.3 (85.9)
Redeemable preferred stocks3 36.6 (1.9)0 0 0 3 36.6 (1.9)
Total fixed maturities1,257 $48,226.7 $(2,267.4)301 $18,659.5 $(135.0)956 $29,567.2 $(2,132.4)
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
June 30, 2023
U.S. government obligations171 $31,496.1 $(1,676.7)51 $17,704.6 $(427.9)120 $13,791.5 $(1,248.8)
State and local government obligations346 1,998.2 (181.9)57 346.8 (5.2)289 1,651.4 (176.7)
Foreign government obligations1 15.8 (1.4)0 0 0 1 15.8 (1.4)
Corporate debt securities414 8,565.9 (540.3)109 2,397.4 (56.0)305 6,168.5 (484.3)
Residential mortgage-backed securities41 108.5 (13.0)7 2.4 (0.1)34 106.1 (12.9)
Commercial mortgage-backed securities211 4,247.9 (718.7)4 13.6 (0.1)207 4,234.3 (718.6)
Other asset-backed securities292 4,900.0 (232.0)78 1,564.7 (7.6)214 3,335.3 (224.4)
Redeemable preferred stocks3 31.3 (3.6)0 0 0 3 31.3 (3.6)
Total fixed maturities1,479 $51,363.7 $(3,367.6)306 $22,029.5 $(496.9)1,173 $29,334.2 $(2,870.7)

 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 and six months ended June 30, were:
 Three MonthsSix Months
(millions)2024202320242023
Gross realized gains on security sales
Available-for-sale securities:
U.S. government obligations$1.3 $0.2 $1.3 $4.0 
State and local government obligations0 0 0.3 0 
Corporate debt securities0.7 0 3.6 0.1 
Residential mortgage-backed securities1.1 0 1.1 0 
Other asset-backed securities0.1 0 0.1 0 
Total available-for-sale securities3.2 0.2 6.4 4.1 
Equity securities:
Nonredeemable preferred stocks0 0.2 0 0.3 
Common equities0 221.9 11.2 353.9 
Total equity securities0 222.1 11.2 354.2 
Subtotal gross realized gains on security sales3.2 222.3 17.6 358.3 
Gross realized losses on security sales
Available-for-sale securities:
U.S. government obligations(191.9)(1.1)(327.2)(12.6)
State and local government obligations0 0 (0.1)0 
Corporate debt securities(21.6)(29.8)(36.4)(50.2)
Commercial mortgage-backed securities(10.7)(45.5)(15.0)(80.0)
Other asset-backed securities0 (0.2)(0.1)(0.4)
Redeemable preferred stocks(0.8)0 (1.1)0 
Short-term investments0 (0.3)0 (0.4)
Total available-for-sale securities(225.0)(76.9)(379.9)(143.6)
Equity securities:
Nonredeemable preferred stocks(4.6)(9.2)(10.5)(110.2)
Common equities0 (1.1)(0.1)(12.9)
Total equity securities(4.6)(10.3)(10.6)(123.1)
Subtotal gross realized losses on security sales(229.6)(87.2)(390.5)(266.7)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government obligations(190.6)(0.9)(325.9)(8.6)
State and local government obligations0 0 0.2 0 
Corporate debt securities(20.9)(29.8)(32.8)(50.1)
Residential mortgage-backed securities1.1 0 1.1 0 
Commercial mortgage-backed securities(10.7)(45.5)(15.0)(80.0)
Other asset-backed securities0.1 (0.2)0 (0.4)
Redeemable preferred stocks(0.8)0 (1.1)0 
Short-term investments0 (0.3)0 (0.4)
Total available-for-sale securities(221.8)(76.7)(373.5)(139.5)
Equity securities:
Nonredeemable preferred stocks(4.6)(9.0)(10.5)(109.9)
Common equities0 220.8 11.1 341.0 
Total equity securities(4.6)211.8 0.6 231.1 
Subtotal net realized gains (losses) on security sales(226.4)135.1 (372.9)91.6 
Other assets
Gain0 0 0 13.2 
Impairment0 (2.2)0 (4.5)
Subtotal net realized gains (losses) on other assets0 (2.2)0 8.7 
Net holding period gains (losses)
Hybrid securities3.3 4.8 10.5 18.7 
Equity securities96.8 (10.8)391.7 79.7 
Subtotal net holding period gains (losses)100.1 (6.0)402.2 98.4 
Total net realized gains (losses) on securities$(126.3)$126.9 $29.3 $198.7 
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:
Three MonthsSix Months
(millions)2024202320242023
Total net gains (losses) recognized during the period on equity securities$92.2 $201.0 $392.3 $310.8 
Less: Net gains (losses) recognized on equity securities sold during the period(4.6)211.8 0.6 231.1 
Net holding period gains (losses) recognized during the period on equity securities held at period end$96.8 $(10.8)$391.7 $79.7 
Components of Net Investment Income The components of net investment income for the three and six months ended June 30, were: 
Three MonthsSix Months
(millions)2024202320242023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$361.3 $191.5 $668.2 $354.7 
State and local government obligations13.4 11.6 25.8 22.2 
Foreign government obligations0 0 0.1 0.1 
Corporate debt securities134.8 83.5 256.3 167.1 
Residential mortgage-backed securities8.0 5.8 13.4 15.0 
Commercial mortgage-backed securities46.1 49.2 92.5 99.2 
Other asset-backed securities81.3 61.6 159.5 110.1 
Redeemable preferred stocks2.7 2.7 5.6 5.6 
Total fixed maturities647.6 405.9 1,221.4 774.0 
Short-term investments17.2 24.8 36.1 49.5 
Total available-for-sale securities664.8 430.7 1,257.5 823.5 
Equity securities:
Nonredeemable preferred stocks10.4 13.3 21.4 28.4 
Common equities9.8 10.5 23.7 22.2 
Total equity securities20.2 23.8 45.1 50.6 
Investment income685.0 454.5 1,302.6 874.1 
Investment expenses(7.3)(6.1)(13.0)(11.6)
Net investment income$677.7 $448.4 $1,289.6 $862.5