Investments (Tables)

3 Months Ended

Mar. 31, 2014

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

Marketable Securities

Available-for-sale and fair value option ("FVO") fixed maturities and equity securities were as follows as of March 31, 2014:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		OTTI(3)
Fixed maturities:
U.S. Treasuries	$	622.4	$	60.6	$	1.9	$	—	$	681.1	$	—
U.S. Government agencies and authorities	237.0		2.7		—		—		239.7		—
State, municipalities and political subdivisions	77.2		9.3		—		—		86.5		—
U.S. corporate securities	10,381.3		756.9		107.3		—		11,030.9		1.8
Foreign securities:(1)
Government	363.0		23.6		9.4		—		377.2		—
Other	5,217.9		340.6		45.7		—		5,512.8		—
Total foreign securities	5,580.9		364.2		55.1		—		5,890.0		—
Residential mortgage-backed securities:
Agency	1,635.9		123.3		11.9		16.3		1,763.6		0.2
Non-Agency	265.6		57.5		2.6		12.2		332.7		13.1
Total Residential mortgage-backed securities	1,901.5		180.8		14.5		28.5		2,096.3		13.3
Commercial mortgage-backed securities	655.4		68.2		0.1		—		723.5		—
Other asset-backed securities	448.4		16.4		2.9		—		461.9		3.1
Total fixed maturities, including securities pledged	19,904.1		1,459.1		181.8		28.5		21,209.9		18.2
Less: Securities pledged	204.6		9.8		2.6		—		211.8		—
Total fixed maturities	19,699.5		1,449.3		179.2		28.5		20,998.1		18.2
Equity securities	111.1		15.9		—		—		127.0		—
Total fixed maturities and equity securities investments	$	19,810.6	$	1,465.2	$	179.2	$	28.5	$	21,125.1	$	18.2

⁽¹⁾ Primarily U.S. dollar denominated.

⁽²⁾ 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.

⁽³⁾ Represents Other-than Temporary-Impairments ("OTTI") reported as a component of Other comprehensive income.

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2013:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		OTTI(3)
Fixed maturities:
U.S. Treasuries	$	636.5	$	36.5	$	2.9	$	—	$	670.1	$	—
U.S. Government agencies and authorities	237.1		5.0		—		—		242.1		—
State, municipalities and political subdivisions	77.2		5.9		0.1		—		83.0		—
U.S. corporate securities	10,326.0		581.0		238.8		—		10,668.2		1.9
Foreign securities(1):
Government	422.9		25.2		16.5		—		431.6		—
Other	5,149.6		272.9		83.5		—		5,339.0		—
Total foreign securities	5,572.5		298.1		100.0		—		5,770.6		—
Residential mortgage-backed securities:
Agency	1,638.2		121.9		17.9		16.9		1,759.1		0.2
Non-Agency	278.1		55.2		4.8		12.1		340.6		15.1
Total Residential mortgage-backed securities	1,916.3		177.1		22.7		29.0		2,099.7		15.3
Commercial mortgage-backed securities	624.5		68.1		0.9		—		691.7		4.4
Other asset-backed securities	465.8		18.0		3.4		—		480.4		3.2
Total fixed maturities, including securities pledged	19,855.9		1,189.7		368.8		29.0		20,705.8		24.8
Less: Securities pledged	137.9		5.9		3.7		—		140.1		—
Total fixed maturities	19,718.0		1,183.8		365.1		29.0		20,565.7		24.8
Equity securities	119.4		15.8		0.3		—		134.9		—
Total fixed maturities and equity securities investments	$	19,837.4	$	1,199.6	$	365.4	$	29.0	$	20,700.6	$	24.8

⁽¹⁾ Primarily U.S. dollar denominated.

⁽²⁾ 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.

⁽³⁾ Represents OTTI reported as a component of Other comprehensive income.

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2014, 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	$	756.1	$	770.2
After one year through five years	3,922.9		4,205.4
After five years through ten years	6,371.6		6,651.7
After ten years	5,848.2		6,300.9
Mortgage-backed securities	2,556.9		2,819.8
Other asset-backed securities	448.4		461.9
Fixed maturities, including securities pledged	$	19,904.1	$	21,209.9

U.S. and Foreign Corporate Securities by Industry

The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Fair Value
March 31, 2014
Communications	$	1,278.4	$	107.9	$	13.9	$	1,372.4
Financial	2,235.6		202.8		10.5		2,427.9
Industrial and other companies	8,989.1		541.6		108.0		9,422.7
Transportation	420.2		30.2		3.4		447.0
Utilities	2,675.9		215.0		17.2		2,873.7
Total	$	15,599.2	$	1,097.5	$	153.0	$	16,543.7
December 31, 2013
Communications	$	1,315.9	$	81.5	$	36.8	$	1,360.6
Financial	2,114.7		166.9		20.2		2,261.4
Industrial and other companies	8,878.5		423.5		213.1		9,088.9
Transportation	440.0		22.5		9.9		452.6
Utilities	2,726.5		159.5		42.3		2,843.7
Total	$	15,475.6	$	853.9	$	322.3	$	16,007.2

Schedule of Unrealized Loss on Investments

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of March 31, 2014:

	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
U.S. Treasuries	$	125.4	$	1.2		$	34.3	$	0.7	$	—	$	—	$	159.7	$	1.9
U.S. government, agencies and authorities	2.4		—		*	—		—		—		—		2.4		—		*
U.S. corporate, state and municipalities	319.5		3.5			1,969.3		81.1		281.8		22.7		2,570.6		107.3
Foreign	115.0		1.2			780.1		39.6		157.5		14.3		1,052.6		55.1
Residential mortgage-backed	157.6		0.9			197.0		8.6		98.8		5.0		453.4		14.5
Commercial mortgage-backed	4.8		0.1			—		—		—		—		4.8		0.1
Other asset-backed	36.8		0.2			30.4		0.1		25.1		2.6		92.3		2.9
Total	$	761.5	$	7.1		$	3,011.1	$	130.1	$	563.2	$	44.6	$	4,335.8	$	181.8
*Less than $0.1.

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2013:

	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
U.S. Treasuries	$	124.4	$	2.1	$	34.2	$	0.8	$	—	$	—	$	158.6	$	2.9
U.S. corporate, state and municipalities	1,002.8		22.9		2,413.2		183.8		236.9		32.2		3,652.9		238.9
Foreign	448.8		5.7		1,063.9		86.4		76.2		7.9		1,588.9		100.0
Residential mortgage-backed	262.3		2.9		212.9		12.0		105.8		7.8		581.0		22.7
Commercial mortgage-backed	77.9		0.9		—		—		—		—		77.9		0.9
Other asset-backed	38.9		0.2		30.3		0.2		26.0		3.0		95.2		3.4
Total	$	1,955.1	$	34.7	$	3,754.5	$	283.2	$	444.9	$	50.9	$	6,154.5	$	368.8

Schedule of Mortgage Loans Real Estate and Valuation Allowance

The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated:

	March 31, 2014		December 31, 2013
Collective valuation allowance for losses, balance at January 1	$	1.2	$	1.3
Addition to (reduction of) allowance for losses	—		(0.1		)
Collective valuation allowance for losses, end of period	$	1.2	$	1.2

The following table summarizes the Company's investment in mortgage loans as of the dates indicated:

	March 31, 2014			December 31, 2013
Commercial mortgage loans	$	3,378.2		$	3,397.3
Collective valuation allowance	(1.2		)	(1.2		)
Total net commercial mortgage loans	$	3,377.0		$	3,396.1

Impaired Financing Receivables

The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:

	March 31, 2014		December 31, 2013
Impaired loans with allowances for losses	$	—	$	—
Impaired loans without allowances for losses	42.8		42.9
Subtotal	42.8		42.9
Less: Allowances for losses on impaired loans	—		—
Impaired loans, net	$	42.8	$	42.9
Unpaid principal balance of impaired loans	$	44.3	$	44.4

The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Impaired loans, average investment during the period (amortized cost)	$	42.8	$	5.7
Interest income recognized on impaired loans, on an accrual basis	0.6		0.1
Interest income recognized on impaired loans, on a cash basis	0.4		0.1
Interest income recognized on troubled debt restructured loans, on an accrual basis	0.5		—

Troubled Debt Restructurings on Financing Receivables

The following table presents information on restructured loans as of the dates indicated:

	March 31, 2014		December 31, 2013
Troubled debt restructured loans	$	37.5	$	37.5

Loans Receivable, Grouped by Loan to Value and Debt Service Coverage Ratio

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above.

The following table presents the LTV ratios as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Loan-to-Value Ratio:
0% - 50%	$	440.6	$	495.7
50% - 60%	920.9		894.5
60% - 70%	1,891.2		1,879.5
70% - 80%	113.1		114.9
80% and above	12.4		12.7
Total Commercial mortgage loans	$	3,378.2	$	3,397.3

⁽¹⁾ Balances do not include allowance for mortgage loan credit losses.

The following table presents the DSC ratios as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Debt Service Coverage Ratio:
Greater than 1.5x	$	2,377.1	$	2,388.5
1.25x - 1.5x	541.2		542.4
1.0x - 1.25x	274.9		275.8
Less than 1.0x	184.9		190.5
Commercial mortgage loans secured by land or construction loans	0.1		0.1
Total Commercial mortgage loans	$	3,378.2	$	3,397.3

⁽¹⁾ Balances do not include allowance for mortgage loan credit losses.

Mortgage Loans by Geographic Location of Collateral

Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:

	March 31, 2014(1)				December 31, 2013(1)
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Commercial Mortgage Loans by U.S. Region:
Pacific	$	774.1	22.9	%	$	752.8	22.3	%
South Atlantic	718.1		21.3	%	707.8		20.8	%
West South Central	464.2		13.7	%	467.1		13.7	%
Middle Atlantic	412.0		12.2	%	411.4		12.1	%
East North Central	386.8		11.5	%	383.1		11.3	%
Mountain	259.9		7.7	%	263.9		7.8	%
West North Central	231.0		6.8	%	224.9		6.6	%
East South Central	69.0		2.0	%	69.6		2.0	%
New England	63.1		1.9	%	116.7		3.4	%
Total Commercial mortgage loans	$	3,378.2	100.0	%	$	3,397.3	100.0	%

⁽¹⁾ Balances do not include allowance for mortgage loan credit losses.

	March 31, 2014(1)				December 31, 2013(1)
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Commercial Mortgage Loans by Property Type:
Retail	$	1,084.2	32.1	%	$	1,082.1	31.9	%
Industrial	966.1		28.6	%	972.6		28.6	%
Apartments	458.1		13.5	%	445.2		13.1	%
Office	416.9		12.3	%	462.1		13.6	%
Hotel/Motel	147.5		4.4	%	182.8		5.4	%
Mixed Use	133.8		4.0	%	70.9		2.1	%
Other	171.6		5.1	%	181.6		5.3	%
Total Commercial mortgage loans	$	3,378.2	100.0	%	$	3,397.3	100.0	%

Mortgage Loans by Property Type of Collateral

	March 31, 2014(1)				December 31, 2013(1)
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Commercial Mortgage Loans by Property Type:
Retail	$	1,084.2	32.1	%	$	1,082.1	31.9	%
Industrial	966.1		28.6	%	972.6		28.6	%
Apartments	458.1		13.5	%	445.2		13.1	%
Office	416.9		12.3	%	462.1		13.6	%
Hotel/Motel	147.5		4.4	%	182.8		5.4	%
Mixed Use	133.8		4.0	%	70.9		2.1	%
Other	171.6		5.1	%	181.6		5.3	%
Total Commercial mortgage loans	$	3,378.2	100.0	%	$	3,397.3	100.0	%

⁽¹⁾ Balances do not include allowance for mortgage loan credit losses.

Mortgage Loans by Year of Origination

The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Year of Origination:
2014	$	72.4	$	—
2013	780.5		785.2
2012	903.2		908.1
2011	780.0		792.8
2010	116.8		121.1
2009	68.1		68.4
2008 and prior	657.2		721.7
Total Commercial mortgage loans	$	3,378.2	$	3,397.3

⁽¹⁾ Balances do not include allowance for mortgage loan credit losses.

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following tables identify the Company's credit-related and intent-related impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:

	Three Months Ended March 31,
	2014				2013
	Impairment			No. of Securities	Impairment		No. of Securities
U.S. corporate	$	0.1		1	$	—	—
Residential mortgage-backed	0.7			11	0.5		20
Commercial mortgage-backed	0.1			2	0.1		2
Other asset-backed	—		*	1	—		—
Total	$	0.9		15	$	0.6	22
*Less than $0.1.

Net Investment Income

The following table summarizes Net investment income for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Fixed maturities	$	300.8	$	307.6
Equity securities, available-for-sale	2.1		0.9
Mortgage loans on real estate	40.1		36.6
Policy loans	3.3		3.2
Short-term investments and cash equivalents	0.1		0.2
Other	9.9		11.7
Gross investment income	356.3		360.2
Less: Investment expenses	12.7		12.0
Net investment income	$	343.6	$	348.2

Realized Gain (Loss) on Investments

Net realized capital gains (losses) were as follows for the periods indicated:

	Three Months Ended March 31,
	2014			2013
Fixed maturities, available-for-sale, including securities pledged	$	3.5		$	(0.2	)
Fixed maturities, at fair value option	(12.6		)	(38.9		)
Equity securities, available-for-sale	1.0			—
Derivatives	(17.5		)	(19.9		)
Embedded derivative - fixed maturities	(0.5		)	(5.4		)
Embedded derivative - product guarantees	(17.8		)	24.3
Net realized capital gains (losses)	$	(43.9	)	$	(40.1	)
After-tax net realized capital gains (losses)	$	(28.5	)	$	(26.1	)

Gain (Loss) on Investments

Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before tax were as follows for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Proceeds on sales	$	471.0	$	836.2
Gross gains	12.3		7.3
Gross losses	9.9		5.8

Intent related impairment

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

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following tables summarize these intent impairments, which are also recognized in earnings, by type for the periods indicated:

	Three Months Ended March 31,
	2014			2013
	Impairment		No. of Securities	Impairment		No. of Securities
U.S. corporate	$	—	—	$	—	—
Residential mortgage-backed	—		—	—		—
Commercial mortgage-backed	0.1		2	0.1		2
Other asset-backed	—		—	—		—
Total	$	0.1	2	$	0.1	2

Credit related impairment

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

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following tables identify the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Balance at January 1	$	19.6	$	20.0
Additional credit impairments:
On securities not previously impaired	0.7		0.2
On securities previously impaired	0.1		0.4
Reductions:
Securities sold, matured, prepaid or paid down	0.8		0.8
Balance at March 31	$	19.6	$	19.8

Duration

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, 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 as of the dates indicated:

	Amortized Cost				Unrealized Capital Losses				Number of Securities
	< 20%		> 20%		< 20%		> 20%		< 20%	> 20%
March 31, 2014
Six months or less below amortized cost	$	853.5	$	4.1	$	18.8	$	1.0	151	2
More than six months and twelve months or less below amortized cost	3,134.7		—		128.0		—		398	—
More than twelve months below amortized cost	521.1		4.2		32.9		1.1		147	4
Total	$	4,509.3	$	8.3	$	179.7	$	2.1	696	6
December 31, 2013
Six months or less below amortized cost	$	2,054.4	$	24.1	$	45.3	$	5.3	322	7
More than six months and twelve months or less below amortized cost	3,991.4		23.5		272.6		5.8		502	3
More than twelve months below amortized cost	420.4		9.5		37.3		2.5		137	8
Total	$	6,466.2	$	57.1	$	355.2	$	13.6	961	18

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, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:

	Amortized Cost				Unrealized Capital Losses					Number of Securities
	< 20%		> 20%		< 20%			> 20%		< 20%	> 20%
March 31, 2014
U.S. Treasuries	$	161.6	$	—	$	1.9		$	—	4	—
U.S. government, agencies and authorities	2.4		—		—		*	—		1	—
U.S. corporate, state and municipalities	2,673.9		4.0		106.3			1.0		349	2
Foreign	1,107.7		—		55.1			—		162	—
Residential mortgage-backed	467.2		0.7		14.3			0.2		154	1
Commercial mortgage-backed	4.9		—		0.1			—		3	—
Other asset-backed	91.6		3.6		2.0			0.9		23	3
Total	$	4,509.3	$	8.3	$	179.7		$	2.1	696	6
*Less than $0.1.
December 31, 2013
U.S. Treasuries	$	161.5	$	—	$	2.9		$	—	4	—
U.S. corporate, state and municipalities	3,869.0		22.8		233.2			5.7		519	2
Foreign	1,665.8		23.1		95.0			5.0		239	5
Residential mortgage-backed	596.9		6.8		21.0			1.7		162	7
Commercial mortgage-backed	78.8		—		0.9			—		12	—
Other asset-backed	94.2		4.4		2.2			1.2		25	4
Total	$	6,466.2	$	57.1	$	355.2		$	13.6	961	18