Investments (Tables)

6 Months Ended

Jun. 30, 2012

Available-for-sale Securities Including Securities Pledged [Line Items]

Available-for-sale and fair value option ("FVO") fixed maturities and equity securities were as follows as of June 30, 2012.



	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives⁽³⁾		Fair Value		OTTI⁽²⁾
Fixed maturities:
U.S. Treasuries	$	903.8	$	149.7	$	—	$	—	$	1,053.5	$	—
U.S. government agencies and authorities	378.9		24.5		—		—		403.4		—
State, municipalities and political subdivisions	77.2		13.3		—		—		90.5		—
U.S. corporate securities	8,692.1		922.1		23.9		—		9,590.3		—

Foreign securities⁽¹⁾:
Government	419.3		35.5		1.4		—		453.4		—
Other	4,308.2		388.5		21.6		—		4,675.1		—
Total foreign securities	4,727.5		424.0		23.0		—		5,128.5		—

Residential mortgage-backed securities:
Agency	1,513.8		202.9		4.6		37.9		1,750.0		0.6
Non-Agency	452.2		68.2		34.2		21.0		507.2		25.6
Total residential mortgage-backed securities	1,966.0		271.1		38.8		58.9		2,257.2		26.2

Commercial mortgage-backed securities	828.4		64.9		1.4		—		891.9		4.4
Other asset-backed securities	451.3		22.3		17.2		—		456.4		3.9
Total fixed maturities, including securities pledged	18,025.2		1,891.9		104.3		58.9		19,871.7		34.5
Less: securities pledged	342.2		13.5		2.1		—		353.6		—
Total fixed maturities	17,683.0		1,878.4		102.2		58.9		19,518.1		34.5
Equity securities	131.2		13.5		—		—		144.7		—
Total fixed maturities and equity securities	$	17,814.2	$	1,891.9	$	102.2	$	58.9	$	19,662.8	$	34.5
⁽¹⁾ Primarily U.S. dollar denominated.
⁽²⁾ Represents other-than-temporary impairments ("OTTI") reported as a component of Other comprehensive income.
⁽³⁾ Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2011 (As revised).



	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives⁽³⁾		Fair Value		OTTI⁽²⁾
Fixed maturities:
U.S. Treasuries	$	1,096.6	$	135.0	$	—	$	—	$	1,231.6	$	—
U.S. government agencies and authorities	379.7		31.0		—		—		410.7		—
State, municipalities and political subdivisions	95.1		10.9		—		—		106.0		—
U.S. corporate securities	8,166.9		770.8		31.1		—		8,906.6		—

Foreign securities⁽¹⁾:
Government	308.5		39.8		3.1		—		345.2		—
Other	4,352.5		328.8		38.4		—		4,642.9		—
Total foreign securities	4,661.0		368.6		41.5		—		4,988.1		—

Residential mortgage-backed securities:
Agency	1,442.0		218.7		3.4		39.4		1,696.7		0.7
Non-Agency	513.4		66.7		49.5		19.8		550.4		28.8
Total residential mortgage-backed securities	1,955.4		285.4		52.9		59.2		2,247.1		29.5

Commercial mortgage-backed securities	866.1		51.0		5.8		—		911.3		4.4
Other asset-backed securities	441.5		19.4		22.1		—		438.8		4.2
Total fixed maturities, including securities pledged	17,662.3		1,672.1		153.4		59.2		19,240.2		38.1
Less: securities pledged	572.5		22.4		1.2		—		593.7		—
Total fixed maturities	17,089.8		1,649.7		152.2		59.2		18,646.5		38.1
Equity securities	131.8		13.1		—		—		144.9		—
Total fixed maturities and equity securities	$	17,221.6	$	1,662.8	$	152.2	$	59.2	$	18,791.4	$	38.1
⁽¹⁾ Primarily U.S. dollar denominated.
⁽²⁾ Represents OTTI reported as a component of Other comprehensive income.
⁽³⁾ Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.

Investments Classifed by Contractual Maturity Date

The amortized cost and fair value of total fixed maturities, including securities pledged, as of June 30, 2012, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called, or prepaid. Mortgage-backed securities ("MBS") and other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.



	Amortized Cost		Fair Value
Due to mature:
One year or less	$	551.5	$	579.7
After one year through five years	3,910.9		4,154.1
After five years through ten years	5,291.1		5,796.3
After ten years	5,026.0		5,736.1
Mortgage-backed securities	2,794.4		3,149.1
Other asset-backed securities	451.3		456.4
Fixed maturities, including securities pledged	$	18,025.2	$	19,871.7

Schedule of Unrealized Loss on Investments

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturities, including securities pledged to creditors, by market sector and duration were as follows as of June 30, 2012 and December 31, 2011.



	Six Months or Less Below Amortized Cost				More Than Six Months and Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost				Total
	Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
2012
U.S. Treasuries	$	209.1	$	—	$	—	$	—	$	—	$	—	$	209.1	$	—
U.S. corporate, state and municipalities	418.0		10.4		108.7		5.1		46.5		8.4		573.2		23.9
Foreign	291.4		8.1		83.9		3.9		77.7		11.0		453.0		23.0
Residential mortgage-backed	49.1		2.6		25.3		0.7		210.2		35.5		284.6		38.8
Commercial mortgage-backed	41.5		0.4		—		—		30.5		1.0		72.0		1.4
Other asset-backed	5.1		0.1		5.3		0.1		49.6		17.0		60.0		17.2
Total	$	1,014.2	$	21.6	$	223.2	$	9.8	$	414.5	$	72.9	$	1,651.9	$	104.3

2011
U.S. Treasuries	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
U.S. corporate, state and municipalities	595.1		22.8		46.5		3.0		52.9		5.3		694.5		31.1
Foreign	435.3		19.1		49.9		4.6		169.5		17.8		654.7		41.5
Residential mortgage-backed	49.4		1.6		97.0		5.2		175.4		46.1		321.8		52.9
Commercial mortgage-backed	28.3		1.8		69.0		2.5		8.9		1.5		106.2		5.8
Other asset-backed	32.6		0.2		4.9		1.3		44.1		20.6		81.6		22.1
Total	$	1,140.7	$	45.5	$	267.3	$	16.6	$	450.8	$	91.3	$	1,858.8	$	153.4

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]

The following tables identify the Company’s credit-related and intent-related other-than-temporary impairments included in the Condensed Consolidated Statements of Operations, excluding noncredit impairments included in Other comprehensive income, by type for the three and six months ended June 30, 2012 and 2011.



	Three Months Ended June 30,
	2012			2011
	Impairment		No. of Securities	Impairment		No. of Securities
U.S. corporate	$	0.2	1	$	0.3	1
Foreign⁽¹⁾	0.4		2	0.2		2
Residential mortgage-backed	0.9		24	3.0		18
Commercial mortgage-backed	—		—	8.1		3
Other asset-backed	0.2		2	6.2		26
Total	$	1.7	29	$	17.8	50
⁽¹⁾ Primarily U.S. dollar denominated.

	Six Months Ended June 30,
	2012			2011
	Impairment		No. of Securities	Impairment		No. of Securities
U.S. corporate	$	0.2	1	$	3.9	2
Foreign⁽¹⁾	0.8		3	3.3		11
Residential mortgage-backed	1.6		28	3.3		23
Commercial mortgage-backed	—		—	8.1		3
Other asset-backed	0.4		3	19.4		47
Total	$	3.0	35	$	38.0	86
⁽¹⁾ Primarily U.S. dollar denominated.

Net Investment Income

Net investment income for the three and six months ended June 30, 2012 and 2011.



	Three Months Ended June 30,
	2012			2011
Fixed maturities	$	303.7		$	316.0
Equity securities, available-for-sale	3.0			4.8
Mortgage loans on real estate	37.5			29.1
Policy loans	3.3			3.3
Short-term investments and cash equivalents	0.3			0.4
Other	(24.2		)	37.8
Gross investment income	323.6			391.4
Less: investment expenses	(11.7		)	(10.7		)
Net investment income	$	311.9		$	380.7

	Six Months Ended June 30,
	2012			2011
Fixed maturities	$	608.0		$	612.6
Equity securities, available-for-sale	4.1			8.5
Mortgage loans on real estate	71.1			55.6
Policy loans	6.6			6.5
Short-term investments and cash equivalents	0.5			0.7
Other	(3.4		)	61.3
Gross investment income	686.9			745.2
Less: investment expenses	(23.0		)	(21.5		)
Net investment income	$	663.9		$	723.7

Realized Gain (Loss) on Investments

Net realized capital gains (losses) were as follows for the three and six months ended June 30, 2012 and 2011.



	Three Months Ended June 30,
	2012			2011
Fixed maturities, available-for-sale, including securities pledged	$	17.8		$	40.8
Fixed maturities, at fair value using the fair value option	(3.4		)	(0.3		)
Equity securities, available-for-sale	—			1.2
Derivatives	39.3			(30.7		)
Embedded derivatives - fixed maturities	4.6			5.7
Embedded derivatives - product guarantees	(59.5		)	(6.6		)
Other investments	—			5.8
Net realized capital gains (losses)	$	(1.2	)	$	15.9

After-tax net realized capital gains (losses)	$	(6.8	)	$	20.9

	Six Months Ended June 30,
	2012			2011
Fixed maturities, available-for-sale, including securities pledged	$	57.3		$	72.2
Fixed maturities, at fair value using the fair value option	(46.3		)	(3.7		)
Equity securities, available-for-sale	—			2.8
Derivatives	26.2			(39.9		)
Embedded derivatives - fixed maturities	(0.2		)	(1.6		)
Embedded derivatives - product guarantees	89.5			(3.1		)
Other investments	(0.4		)	8.8
Net realized capital gains (losses)	$	126.1		$	35.5

After-tax net realized capital gains (losses)	$	72.0		$	10.2

Gain (Loss) on Investments

Proceeds from the sale of fixed maturities and equity securities and the related gross realized gains and losses were as follows for the six months ended June 30, 2012 and 2011.



	Six Months Ended June 30,
	2012		2011
Proceeds on sales	$	1,803.3	$	3,149.3
Gross gains	67.9		125.0
Gross losses	7.3		15.7

Intent related impairment

Available-for-sale Securities Including Securities Pledged [Line Items]

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]

The following tables summarize these intent impairments, which are also recognized in earnings, by type for the three and six months ended June 30, 2012 and 2011.



	Three Months Ended June 30,
	2012			2011
	Impairment		No. of Securities	Impairment		No. of Securities
U.S. corporate	$	0.2	1	$	0.3	1
Foreign⁽¹⁾	0.4		2	0.2		2
Residential mortgage-backed	—		—	—		—
Commercial mortgage-backed	—		—	8.1		3
Other asset-backed	—		—	5.6		24
Total	$	0.6	3	$	14.2	30
⁽¹⁾ Primarily U.S. dollar denominated.

	Six Months Ended June 30,
	2012			2011
	Impairment		No. of Securities	Impairment		No. of Securities
U.S. corporate	$	0.2	1	$	3.9	2
Foreign⁽¹⁾	0.8		3	1.2		8
Residential mortgage-backed	—		—	0.1		1
Commercial mortgage-backed	—		—	8.1		3
Other asset-backed	0.1		1	18.3		45
Total	$	1.1	5	$	31.6	59
⁽¹⁾ Primarily U.S. dollar denominated.

Credit related impairment

Available-for-sale Securities Including Securities Pledged [Line Items]

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]

The following tables identify the amount of credit impairments on fixed maturities for which a portion of the OTTI was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the three and six months ended June 30, 2012 and 2011.



	Three Months Ended June 30,
	2012			2011
Balance at April 1	$	19.5		$	52.3
Additional credit impairments:
On securities not previously impaired	1.1			0.1
On securities previously impaired	—			3.3
Reductions:
Securities intent impairments	—			(4.4		)
Securities sold, matured, prepaid or paid down	(0.6		)	(14.1		)
Balance at June 30	$	20.0		$	37.2

	Six Months Ended June 30,
	2012			2011
Balance at January 1	$	19.4		$	59.2
Additional credit impairments:
On securities not previously impaired	1.2			0.3
On securities previously impaired	0.6			3.4
Reductions:
Securities intent impairments	—			(7.7		)
Securities sold, matured, prepaid or paid down	(1.2		)	(18.0		)
Balance at June 30	$	20.0		$	37.2

Duration

Available-for-sale Securities Including Securities Pledged [Line Items]

Schedule of Unrealized Loss on Investments



	Amortized Cost				Unrealized Capital Losses				Number of Securities
	< 20%		> 20%		< 20%		> 20%		< 20%	> 20%
2012
Six months or less below amortized cost	$	1,052.0	$	25.1	$	21.0	$	9.9	173	17
More than six months and twelve months or less below amortized cost	244.6		25.9		10.3		9.6		58	11
More than twelve months below amortized cost	298.5		110.1		15.4		38.1		109	42
Total	$	1,595.1	$	161.1	$	46.7	$	57.6	340	70

2011
Six months or less below amortized cost	$	1,197.2	$	60.1	$	46.9	$	16.9	256	31
More than six months and twelve months or less below amortized cost	270.3		25.1		13.9		9.1		52	9
More than twelve months below amortized cost	355.6		103.9		26.7		39.9		129	37
Total	$	1,823.1	$	189.1	$	87.5	$	65.9	437	77

Market Sector (Type of Security)

Available-for-sale Securities Including Securities Pledged [Line Items]

Schedule of Unrealized Loss on Investments

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged to creditors, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows for June 30, 2012 and December 31, 2011.



	Amortized Cost				Unrealized Capital Losses				Number of Securities
	< 20%		> 20%		< 20%		> 20%		< 20%	> 20%
2012
U.S. Treasuries	$	209.1	$	—	$	—	$	—	3	—
U.S. corporate, state and municipalities	579.6		17.5		15.7		8.2		104	4
Foreign	449.1		26.9		14.1		8.9		70	6
Residential mortgage-backed	239.7		83.7		10.7		28.1		126	45
Commercial mortgage-backed	73.4		—		1.4		—		14	—
Other asset-backed	44.2		33.0		4.8		12.4		23	15
Total	$	1,595.1	$	161.1	$	46.7	$	57.6	340	70

2011
U.S. Treasuries	$	—	$	—	$	—	$	—	—	—
U.S. corporate, state and municipalities	717.7		7.9		28.8		2.3		119	3
Foreign	670.5		25.7		31.9		9.6		122	7
Residential mortgage-backed	276.5		98.2		19.0		33.9		119	47
Commercial mortgage-backed	110.1		1.9		5.4		0.4		16	1
Other asset-backed	48.3		55.4		2.4		19.7		61	19
Total	$	1,823.1	$	189.1	$	87.5	$	65.9	437	77

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 7, 13, 16, 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 5

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 25

-Paragraph 1

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 5

-Section M

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 21

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 12

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (c)

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (c)-(e)

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 5.M)

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+ Details

- Definition

Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

+ References+ Details

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References+ Details

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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