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Investments (Tables)
 9 Months Ended
Sep. 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
September 30, 2024
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$44,231.3 $771.4 $(574.2)$0 $44,428.5 56.0 %
State and local government obligations2,681.0 10.7 (90.3)0 2,601.4 3.3 
Foreign government obligations16.9 0 (0.5)0 16.4 0 
Corporate and other debt securities14,969.8 221.9 (155.3)(0.9)15,035.5 18.9 
Residential mortgage-backed securities1,403.5 24.8 (6.4)2.0 1,423.9 1.8 
Commercial mortgage-backed securities4,664.4 4.1 (376.9)0 4,291.6 5.4 
Other asset-backed securities6,628.3 39.4 (53.8)0 6,613.9 8.3 
Total fixed maturities74,595.2 1,072.3 (1,257.4)1.1 74,411.2 93.7 
Short-term investments756.5 0 0 0 756.5 1.0 
Total available-for-sale securities75,351.7 1,072.3 (1,257.4)1.1 75,167.7 94.7 
Equity securities:
Nonredeemable preferred stocks759.7 0 0 (24.7)735.0 0.9 
Common equities733.5 0 0 2,763.5 3,497.0 4.4 
Total equity securities1,493.2 0 0 2,738.8 4,232.0 5.3 
Total portfolio1
$76,844.9 $1,072.3 $(1,257.4)$2,739.9 $79,399.7 100.0 %
($ in millions)CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Holding
Period
Gains
(Losses)		Fair
Value		% of
Total
Fair
Value
September 30, 2023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$36,392.2 $0 $(2,098.4)$0 $34,293.8 55.4 %
State and local government obligations2,257.6 0 (203.3)0 2,054.3 3.3 
Foreign government obligations16.9 0 (1.5)0 15.4 0.1 
Corporate and other debt securities11,069.8 1.3 (596.1)(53.7)10,421.3 16.9 
Residential mortgage-backed securities530.4 0.2 (13.0)(1.8)515.8 0.8 
Commercial mortgage-backed securities4,699.5 2.1 (723.9)0 3,977.7 6.4 
Other asset-backed securities5,524.2 0.1 (210.1)(0.6)5,313.6 8.6 
Total fixed maturities60,490.6 3.7 (3,846.3)(56.1)56,591.9 91.5 
Short-term investments1,795.2 0 0 0 1,795.2 2.9 
Total available-for-sale securities62,285.8 3.7 (3,846.3)(56.1)58,387.1 94.4 
Equity securities:
Nonredeemable preferred stocks976.9 0 0 (108.0)868.9 1.4 
Common equities662.6 0 0 1,951.9 2,614.5 4.2 
Total equity securities1,639.5 0 0 1,843.9 3,483.4 5.6 
Total portfolio1
$63,925.3 $3.7 $(3,846.3)$1,787.8 $61,870.5 100.0 %
($ 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 and other debt securities11,633.7 87.2 (334.7)(28.8)11,357.4 17.2 
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 
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 September 30, 2024 and 2023, we had $468.5 million and $167.3 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 both September 30, 2024 and 2023 included $4.1 billion of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions, compared to $4.2 billion at December 31, 2023.
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:
 September 30,
(millions)20242023December 31, 2023
Fixed Maturities:
Corporate and other debt securities$637.3 $647.5 $672.5 
Residential mortgage-backed securities369.0 410.8 323.9 
Other asset-backed securities2.6 19.4 13.9 
Total hybrid securities$1,008.9 $1,077.7 $1,010.3 
Investments Classified by Contractual Maturity Date The composition of fixed maturities by maturity at September 30, 2024, was:
(millions)CostFair Value
Less than one year$7,895.5 $7,852.8 
One to five years53,339.8 53,341.8 
Five to ten years13,103.1 12,954.6 
Ten years or greater256.8 262.0 
Total$74,595.2 $74,411.2 
Schedule of Unrealized Loss on Investments The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
September 30, 2024
U.S. government obligations86 $12,919.6 $(574.2)3 $2,069.3 $(2.9)83 $10,850.3 $(571.3)
State and local government obligations302 1,778.8 (90.3)44 207.8 (0.2)258 1,571.0 (90.1)
Foreign government obligations1 16.4 (0.5)0 0 0 1 16.4 (0.5)
Corporate and other debt securities224 5,250.6 (155.3)14 426.1 (1.9)210 4,824.5 (153.4)
Residential mortgage-backed securities33 244.2 (6.4)4 185.0 (0.2)29 59.2 (6.2)
Commercial mortgage-backed securities177 3,749.9 (376.9)5 169.8 (0.3)172 3,580.1 (376.6)
Other asset-backed securities80 1,530.5 (53.8)16 352.5 (0.1)64 1,178.0 (53.7)
Total fixed maturities903 $25,490.0 $(1,257.4)86 $3,410.5 $(5.6)817 $22,079.5 $(1,251.8)
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
September 30, 2023
U.S. government obligations173 $34,293.8 $(2,098.4)37 $16,686.2 $(557.6)136 $17,607.6 $(1,540.8)
State and local government obligations356 2,033.9 (203.3)46 359.6 (7.6)310 1,674.3 (195.7)
Foreign government obligations1 15.4 (1.5)0 0 0 1 15.4 (1.5)
Corporate and other debt securities470 9,520.6 (596.1)164 3,380.4 (94.1)306 6,140.2 (502.0)
Residential mortgage-backed securities40 99.9 (13.0)2 0.4 0 38 99.5 (13.0)
Commercial mortgage-backed securities196 3,960.8 (723.9)0 0 0 196 3,960.8 (723.9)
Other asset-backed securities295 5,001.8 (210.1)104 2,056.9 (8.8)191 2,944.9 (201.3)
Total fixed maturities1,531 $54,926.2 $(3,846.3)353 $22,483.5 $(668.1)1,178 $32,442.7 $(3,178.2)
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Unrealized
Losses		No. of Sec.Fair
 Value		Unrealized
Losses
December 31, 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 and other debt securities316 6,674.9 (334.7)26 617.2 (14.7)290 6,057.7 (320.0)
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)
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 nine months ended September 30, were:
 Three MonthsNine Months
(millions)2024202320242023
Gross realized gains on security sales
Available-for-sale securities:
U.S. government obligations$43.1 $0.2 $44.4 $4.2 
State and local government obligations0 0 0.3 0 
Corporate and other debt securities2.0 0.7 5.6 0.8 
Residential mortgage-backed securities0 0 1.1 0 
Other asset-backed securities0 0 0.1 0 
Total available-for-sale securities45.1 0.9 51.5 5.0 
Equity securities:
Nonredeemable preferred stocks0 0 0 0.3 
Common equities14.1 0.3 25.3 354.2 
Total equity securities14.1 0.3 25.3 354.5 
Subtotal gross realized gains on security sales59.2 1.2 76.8 359.5 
Gross realized losses on security sales
Available-for-sale securities:
U.S. government obligations(1.4)(14.6)(328.6)(27.2)
State and local government obligations(1.3)0 (1.4)0 
Corporate and other debt securities(5.3)(19.1)(42.8)(69.3)
Commercial mortgage-backed securities0 (20.6)(15.0)(100.6)
Other asset-backed securities0 (5.2)(0.1)(5.6)
Short-term investments0 0 0 (0.4)
Total available-for-sale securities(8.0)(59.5)(387.9)(203.1)
Equity securities:
Nonredeemable preferred stocks(7.8)(7.4)(18.3)(117.6)
Common equities(11.7)(8.9)(11.8)(21.8)
Total equity securities(19.5)(16.3)(30.1)(139.4)
Subtotal gross realized losses on security sales(27.5)(75.8)(418.0)(342.5)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government obligations41.7 (14.4)(284.2)(23.0)
State and local government obligations(1.3)0 (1.1)0 
Corporate and other debt securities(3.3)(18.4)(37.2)(68.5)
Residential mortgage-backed securities0 0 1.1 0 
Commercial mortgage-backed securities0 (20.6)(15.0)(100.6)
Other asset-backed securities0 (5.2)0 (5.6)
Short-term investments0 0 0 (0.4)
Total available-for-sale securities37.1 (58.6)(336.4)(198.1)
Equity securities:
Nonredeemable preferred stocks(7.8)(7.4)(18.3)(117.3)
Common equities2.4 (8.6)13.5 332.4 
Total equity securities(5.4)(16.0)(4.8)215.1 
Subtotal net realized gains (losses) on security sales31.7 (74.6)(341.2)17.0 
Other assets
Gain36.3 8.4 36.3 21.6 
Impairment0 (2.3)0 (6.8)
Subtotal net realized gains (losses) on other assets36.3 6.1 36.3 14.8 
Net holding period gains (losses)
Hybrid securities19.7 (0.3)30.2 18.4 
Equity securities199.7 (80.2)591.4 (0.5)
Subtotal net holding period gains (losses)219.4 (80.5)621.6 17.9 
Total net realized gains (losses) on securities$287.4 $(149.0)$316.7 $49.7 
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 MonthsNine Months
(millions)2024202320242023
Total net gains (losses) recognized during the period on equity securities$194.3 $(96.2)$586.6 $214.6 
Less: Net gains (losses) recognized on equity securities sold during the period(5.4)(16.0)(4.8)215.1 
Net holding period gains (losses) recognized during the period on equity securities held at period end$199.7 $(80.2)$591.4 $(0.5)
Components of Net Investment Income The components of net investment income for the three and nine months ended September 30, were: 
Three MonthsNine Months
(millions)2024202320242023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$396.0 $237.0 $1,064.2 $591.7 
State and local government obligations16.2 12.3 42.0 34.5 
Foreign government obligations0.1 0.1 0.2 0.2 
Corporate and other debt securities155.0 97.4 416.9 270.1 
Residential mortgage-backed securities13.8 7.6 27.2 22.6 
Commercial mortgage-backed securities48.7 48.7 141.2 147.9 
Other asset-backed securities83.1 62.9 242.6 173.0 
Total fixed maturities712.9 466.0 1,934.3 1,240.0 
Short-term investments9.2 21.6 45.3 71.1 
Total available-for-sale securities722.1 487.6 1,979.6 1,311.1 
Equity securities:
Nonredeemable preferred stocks9.2 11.9 30.6 40.3 
Common equities8.2 10.7 31.9 32.9 
Total equity securities17.4 22.6 62.5 73.2 
Investment income739.5 510.2 2,042.1 1,384.3 
Investment expenses(7.2)(7.2)(20.2)(18.8)
Net investment income$732.3 $503.0 $2,021.9 $1,365.5