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Investments (Tables)
6 Months Ended
Jun. 30, 2016
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 June 30, 2016:
 
Amortized
Cost
 
Gross
Unrealized
Capital
Gains
 
Gross
Unrealized
Capital
Losses
 
Embedded Derivatives(2)
 
Fair
Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
644.8

 
$
173.4

 
$

 
$

 
$
818.2

 
$

U.S. Government agencies and authorities
4.0

 
0.2

 

 

 
4.2

 

State, municipalities and political subdivisions
702.1

 
64.5

 
0.3

 

 
766.3

 

U.S. corporate public securities
9,393.1

 
897.9

 
40.0

 

 
10,251.0

 
1.3

U.S. corporate private securities
2,439.0

 
176.2

 
31.5

 

 
2,583.7

 

Foreign corporate public securities and foreign governments(1)
2,754.2

 
186.9

 
54.9

 

 
2,886.2

 

Foreign corporate private securities(1)
2,690.0

 
191.4

 
6.6

 

 
2,874.8

 

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
2,178.1

 
121.7

 
3.1

 
13.0

 
2,309.7

 

Non-Agency
299.6

 
50.6

 
2.8

 
10.7

 
358.1

 
5.9

Total Residential mortgage-backed securities
2,477.7

 
172.3

 
5.9

 
23.7

 
2,667.8

 
5.9

Commercial mortgage-backed securities
1,282.3

 
118.7

 
0.1

 

 
1,400.9

 
6.7

Other asset-backed securities
266.8

 
12.3

 
1.3

 

 
277.8

 
2.2

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
22,654.0

 
1,993.8

 
140.6

 
23.7

 
24,530.9

 
16.1

Less: Securities pledged
571.4

 
113.7

 
4.7

 

 
680.4

 

Total fixed maturities
22,082.6

 
1,880.1

 
135.9

 
23.7

 
23,850.5

 
16.1

Equity securities
68.0

 
15.9

 

 

 
83.9

 

Total fixed maturities and equity securities investments
$
22,150.6

 
$
1,896.0

 
$
135.9

 
$
23.7

 
$
23,934.4

 
$
16.1

(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 (loss).
Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2015:
 
Amortized
Cost
 
Gross
Unrealized
Capital
Gains
 
Gross
Unrealized
Capital
Losses
 
Embedded Derivatives(2)
 
Fair
Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
616.6

 
$
105.1

 
$
0.3

 
$

 
$
721.4

 
$

U.S. Government agencies and authorities
4.3

 

 

 

 
4.3

 

State, municipalities and political subdivisions
589.9

 
13.8

 
7.9

 

 
595.8

 

U.S. corporate public securities
9,472.4

 
384.9

 
256.8

 

 
9,600.5

 
1.4

U.S. corporate private securities
2,336.0

 
86.3

 
62.4

 

 
2,359.9

 

Foreign corporate public securities and foreign governments(1)
2,868.7

 
95.0

 
151.5

 

 
2,812.2

 

Foreign corporate private securities(1)
2,678.8

 
96.1

 
63.5

 

 
2,711.4

 

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
1,579.5

 
105.3

 
4.8

 
12.8

 
1,692.8

 

Non-Agency
181.6

 
46.3

 
2.1

 
10.6

 
236.4

 
6.4

Total Residential mortgage-backed securities
1,761.1

 
151.6

 
6.9

 
23.4

 
1,929.2

 
6.4

Commercial mortgage-backed securities
1,228.9

 
49.5

 
3.5

 

 
1,274.9

 
6.7

Other asset-backed securities
240.7

 
9.9

 
1.4

 

 
249.2

 
2.4

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
21,797.4

 
992.2

 
554.2

 
23.4

 
22,258.8

 
16.9

Less: Securities pledged
252.3

 
16.0

 
19.1

 

 
249.2

 

Total fixed maturities
21,545.1

 
976.2

 
535.1

 
23.4

 
22,009.6

 
16.9

Equity securities
116.7

 
14.6

 

 

 
131.3

 

Total fixed maturities and equity securities investments
$
21,661.8

 
$
990.8

 
$
535.1

 
$
23.4

 
$
22,140.9

 
$
16.9

(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 (loss).

Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2016, 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
$
672.2

 
$
680.6

After one year through five years
4,757.0

 
5,055.6

After five years through ten years
6,106.3

 
6,494.4

After ten years
7,091.7

 
7,953.8

Mortgage-backed securities
3,760.0

 
4,068.7

Other asset-backed securities
266.8

 
277.8

Fixed maturities, including securities pledged
$
22,654.0

 
$
24,530.9

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
June 30, 2016
 
 
 
 
 
 
 
Communications
$
1,209.9

 
$
133.3

 
$
5.1

 
$
1,338.1

Financial
2,598.5

 
230.3

 
3.2

 
2,825.6

Industrial and other companies
8,153.5

 
643.3

 
31.9

 
8,764.9

Energy
2,177.1

 
118.0

 
83.7

 
2,211.4

Utilities
2,232.1

 
248.0

 
4.8

 
2,475.3

Transportation
570.5

 
51.5

 
1.8

 
620.2

Total
$
16,941.6

 
$
1,424.4

 
$
130.5

 
$
18,235.5

 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
Communications
$
1,218.8

 
$
67.1

 
$
28.6

 
$
1,257.3

Financial
2,651.5

 
146.8

 
13.1

 
2,785.2

Industrial and other companies
7,778.2

 
267.7

 
180.7

 
7,865.2

Energy
2,655.2

 
26.1

 
261.8

 
2,419.5

Utilities
2,150.7

 
122.1

 
21.8

 
2,251.0

Transportation
560.6

 
14.0

 
13.8

 
560.8

Total
$
17,015.0

 
$
643.8

 
$
519.8

 
$
17,139.0

Schedule of Securities Borrowed Under Securities Lending Transactions [Table Text Block]
The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated:
 
June 30, 2016 (1)
 
December 31, 2015
U.S. Treasuries
$
171.3

 
$

U.S. corporate public securities
187.7

 
111.7

Foreign corporate public securities and foreign governments
132.7

 
74.2

Payables under securities loan agreements
$
491.7

 
$
185.9


(1) Borrowings under securities lending transactions include both cash and non-cash collateral of $205.3 and $286.4, respectively.
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 June 30, 2016:
 
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
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

State, municipalities and political subdivisions
1.1

 

*

 

 
5.3

 
0.3

 
6.4

 
0.3

U.S. corporate public securities
75.7

 
1.4

 
108.6

 
4.2

 
440.3

 
34.4

 
624.6

 
40.0

U.S. corporate private securities
26.4

 
0.3

 
14.1

 
0.5

 
132.4

 
30.7

 
172.9

 
31.5

Foreign corporate public securities and foreign governments
13.0

 
0.6

 
46.6

 
2.7

 
299.5

 
51.6

 
359.1

 
54.9

Foreign corporate private securities
0.4

 

*
37.9

 
3.4

 
50.6

 
3.2

 
88.9

 
6.6

Residential mortgage-backed
226.4

 
1.8

 
16.5

 
1.3

 
53.0

 
2.8

 
295.9

 
5.9

Commercial mortgage-backed
13.1

 

*
17.3

 
0.1

 

 

 
30.4

 
0.1

Other asset-backed
1.3

 

*
11.2

 

*
12.9

 
1.3

 
25.4

 
1.3

Total
$
357.4

 
$
4.1

 
$
252.2

 
$
12.2

 
$
994.0

 
$
124.3

 
$
1,603.6

 
$
140.6

*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, 2015:

 
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
$
69.4

 
$
0.3

 
$

 
$

 
$

 
$

 
$
69.4

 
$
0.3

State, municipalities and political subdivisions
191.3

 
2.2

 
150.3

 
5.7

 

 

 
341.6

 
7.9

U.S. corporate public securities
1,764.0

 
67.6

 
1,708.3

 
136.4

 
209.6

 
52.8

 
3,681.9

 
256.8

U.S. corporate private securities
373.2

 
10.9

 
410.5

 
43.8

 
35.8

 
7.7

 
819.5

 
62.4

Foreign corporate public securities and foreign governments
670.0

 
33.8

 
485.8

 
55.8

 
195.7

 
61.9

 
1,351.5

 
151.5

Foreign corporate private securities
546.0

 
42.1

 
213.3

 
16.5

 
19.6

 
4.9

 
778.9

 
63.5

Residential mortgage-backed
116.5

 
1.7

 
42.3

 
0.9

 
128.4

 
4.3

 
287.2

 
6.9

Commercial mortgage-backed
156.9

 
1.4

 
78.8

 
2.1

 

 

 
235.7

 
3.5

Other asset-backed
22.6

 
0.1

 
0.4

 

*
13.7

 
1.3

 
36.7

 
1.4

Total
$
3,909.9

 
$
160.1

 
$
3,089.7

 
$
261.2

 
$
602.8

 
$
132.9

 
$
7,602.4

 
$
554.2

*Less than $0.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Schedule of Mortgage Loans Real Estate and Valuation Allowance
The following table summarizes the Company's investment in mortgage loans as of the dates indicated:
 
June 30, 2016
 
December 31, 2015
 
Impaired
 
Non Impaired
 
Total
 
Impaired
 
Non Impaired
 
Total
Commercial mortgage loans
$
4.7

 
$
4,025.4

 
$
4,030.1

 
$
10.7

 
$
3,719.6

 
$
3,730.3

Collective valuation allowance for losses
N/A

 
(1.0
)
 
(1.0
)
 
N/A

 
(1.2
)
 
(1.2
)
Total net commercial mortgage loans
$
4.7

 
$
4,024.4

 
$
4,029.1

 
$
10.7

 
$
3,718.4

 
$
3,729.1

N/A- Not Applicable

The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:
 
June 30, 2016
 
December 31, 2015
Collective valuation allowance for losses, balance at January 1
$
1.2

 
$
1.1

Addition to (reduction of) allowance for losses
(0.2
)
 
0.1

Collective valuation allowance for losses, end of period
$
1.0

 
$
1.2


Impaired Financing Receivables
The following tables present 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 June 30,
 
2016
 
2015
Impaired loans, average investment during the period (amortized cost)(1)
$
4.7

 
$
20.7

Interest income recognized on impaired loans, on an accrual basis(1)
0.1

 
0.3

Interest income recognized on impaired loans, on a cash basis(1)
0.1

 
0.3

Interest income recognized on troubled debt restructured loans, on an accrual basis

 
0.2

(1)Includes amounts for Troubled debt restructured loans.
 
 
 
 
Six Months Ended June 30,
 
2016
 
2015
Impaired loans, average investment during the period (amortized cost)(1)
$
7.7

 
$
26.5

Interest income recognized on impaired loans, on an accrual basis(1)
0.2

 
0.7

Interest income recognized on impaired loans, on a cash basis(1)
0.2

 
0.8

Interest income recognized on troubled debt restructured loans, on an accrual basis

 
0.5

(1)Includes amounts for Troubled debt restructured loans.

The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:
 
June 30, 2016
 
December 31, 2015
Impaired loans without allowances for losses
$
4.7

 
$
10.7

Less: Allowances for losses on impaired loans

 

Impaired loans, net
$
4.7

 
$
10.7

Unpaid principal balance of impaired loans
$
6.2

 
$
12.2


Troubled Debt Restructurings on Financing Receivables
The following table presents information on restructured loans as of the dates indicated:
 
June 30, 2016
 
December 31, 2015
Troubled debt restructured loans
$

 
$
5.9


Loans Receivable, Grouped by Loan to Value and Debt Service Coverage Ratio
The following table presents the LTV ratios as of the dates indicated:
 
June 30, 2016 (1)
 
December 31, 2015 (1)
Loan-to-Value Ratio:
 
 
 
0% - 50%
$
363.3

 
$
395.1

>50% - 60%
1,045.1

 
969.4

>60% - 70%
2,381.9

 
2,158.2

>70% - 80%
237.4

 
204.8

>80% and above
2.4

 
2.8

Total Commercial mortgage loans
$
4,030.1

 
$
3,730.3

(1) Balances do not include collective valuation allowance for losses.

The following table presents the DSC ratios as of the dates indicated:
 
June 30, 2016 (1)
 
December 31, 2015 (1)
Debt Service Coverage Ratio:
 
 
 
Greater than 1.5x
$
3,259.5

 
$
2,957.7

>1.25x - 1.5x
564.3

 
494.5

>1.0x - 1.25x
166.0

 
208.6

Less than 1.0x
25.8

 
38.6

Commercial mortgage loans secured by land or construction loans
14.5

 
30.9

Total Commercial mortgage loans
$
4,030.1

 
$
3,730.3

(1) Balances do not include collective valuation allowance for 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:
 
June 30, 2016 (1)
 
December 31, 2015 (1)
 
Gross
Carrying Value
 
% of
Total
 
Gross
Carrying Value
 
% of
Total
Commercial Mortgage Loans by U.S. Region:
 
 
 
 
 
 
 
Pacific
$
931.8

 
23.1
%
 
$
867.5

 
23.3
%
South Atlantic
912.6

 
22.7
%
 
857.3

 
23.0
%
Middle Atlantic
674.3

 
16.7
%
 
556.1

 
14.9
%
West South Central
407.9

 
10.1
%
 
414.8

 
11.1
%
Mountain
315.7

 
7.9
%
 
304.1

 
8.2
%
East North Central
428.3

 
10.6
%
 
380.8

 
10.2
%
New England
74.9

 
1.9
%
 
81.4

 
2.2
%
West North Central
222.9

 
5.5
%
 
208.6

 
5.6
%
East South Central
61.7

 
1.5
%
 
59.7

 
1.5
%
Total Commercial mortgage loans
$
4,030.1

 
100.0
%
 
$
3,730.3

 
100.0
%
(1) Balances do not include collective valuation allowance for losses.
Mortgage Loans by Property Type of Collateral
 
June 30, 2016 (1)
 
December 31, 2015 (1)
 
Gross
Carrying Value
 
% of
Total
 
Gross
Carrying Value
 
% of
Total
Commercial Mortgage Loans by Property Type:
 
 
 
 
 
 
 
Retail
$
1,301.4

 
32.3
%
 
$
1,330.8

 
35.7
%
Industrial
887.6

 
22.0
%
 
741.3

 
19.9
%
Apartments
735.4

 
18.2
%
 
630.4

 
16.9
%
Office
671.4

 
16.7
%
 
586.3

 
15.7
%
Hotel/Motel
174.7

 
4.3
%
 
177.6

 
4.7
%
Mixed Use
50.5

 
1.3
%
 
47.1

 
1.3
%
Other
209.1

 
5.2
%
 
216.8

 
5.8
%
Total Commercial mortgage loans
$
4,030.1

 
100.0
%
 
$
3,730.3

 
100.0
%

(1) Balances do not include collective valuation allowance for 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:
 
June 30, 2016 (1)
 
December 31, 2015 (1)
Year of Origination:
 
 
 
2016
$
513.6

 
$

2015
739.8

 
745.3

2014
556.1

 
558.0

2013
697.1

 
709.2

2012
704.6

 
748.2

2011
466.8

 
553.2

2010 and prior
352.1

 
416.4

Total Commercial mortgage loans
$
4,030.1

 
$
3,730.3

(1) Balances do not include collective valuation allowance for 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 June 30,
 
2016
 
2015
 
Impairment
 
No. of Securities
 
Impairment
 
No. of Securities
U.S. corporate public securities
$

 

 
$

 

Foreign corporate public securities and foreign governments(1)
0.4

 
1

 
1.8

 
2

Foreign corporate private securities(1)
0.1

 
1

 
0.5

 
1

Residential mortgage-backed
0.6

 
13

 
0.1

 
16

Total
$
1.1

 
15

 
$
2.4

 
19

(1) Primarily U.S. dollar denominated.
 
Six Months Ended June 30,
 
2016
 
2015
 
Impairment
 
No. of Securities
 
Impairment
 
No. of Securities
U.S. corporate public securities
$
0.1

 
1

 
$

 

Foreign corporate public securities and foreign governments(1)
7.3

 
2

 
2.3

 
2

Foreign corporate private securities(1)
0.1

 
1

 
0.5

 
1

Residential mortgage-backed
0.9

 
19

 
1.5

 
23

Total
$
8.4

 
23

 
$
4.3

 
26

(1) Primarily U.S. dollar denominated.
 
 
 
 
 
 
 

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 June 30,
 
2016
 
2015
Balance at April 1
$
19.1

 
$
21.8

Additional credit impairments:
 
 
 
On securities previously impaired
0.2

 

Reductions:
 
 
 
Increase in cash flows

 

Securities sold, matured, prepaid or paid down
0.6

 
0.4

Balance at June 30
$
18.7

 
$
21.4

 
 
Six Months Ended June 30,
 
2016
 
2015
Balance at January 1
$
19.3

 
$
22.4

Additional credit impairments:
 
 
 
On securities previously impaired
0.5

 
0.8

Reductions:
 
 
 
Increase in cash flows
0.1

 
0.1

Securities sold, matured, prepaid or paid down
1.0

 
1.7

Balance at June 30
$
18.7

 
$
21.4


The following tables summarize these intent impairments, which are also recognized in earnings, by type for the periods indicated:
 
Three Months Ended June 30,
 
2016
 
2015
 
Impairment
 
No. of Securities
 
Impairment
 
No. of Securities
Foreign corporate public securities and foreign governments(1)
$

 

 
$
0.2

 
1

Residential mortgage-backed
0.5

 
1

 

*
1

Total
$
0.5

 
1

 
$
0.2

 
2

(1) Primarily U.S. dollar denominated.
*Less than $0.1
 
Six Months Ended June 30,
 
2016
 
2015
 
Impairment
 
No. of Securities
 
Impairment
 
No. of Securities
Foreign corporate public securities and foreign governments(1)
$
6.9

 
1

 
$
0.7

 
1

Residential mortgage-backed
0.5

 
2

 
0.5

 
3

Total
$
7.4

 
3

 
$
1.2

 
4

(1) Primarily U.S. dollar denominated.

Net Investment Income
The following table summarizes Net investment income for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Fixed maturities
$
327.2

 
$
300.8

 
$
651.2

 
$
606.2

Equity securities, available-for-sale
1.4

 
(0.1
)
 
3.0

 
1.5

Mortgage loans on real estate
51.6

 
42.7

 
94.6

 
88.2

Policy loans
3.0

 
3.3

 
6.0

 
6.5

Short-term investments and cash equivalents
0.5

 
0.2

 
0.9

 
0.4

Other
4.8

 
7.0

 
3.4

 
15.3

Gross investment income
388.5

 
353.9

 
759.1

 
718.1

Less: Investment expenses
15.8

 
13.7

 
29.9

 
26.4

Net investment income
$
372.7

 
$
340.2

 
$
729.2

 
$
691.7


Realized Gain (Loss) on Investments
Net realized capital gains (losses) were as follows for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Fixed maturities, available-for-sale, including securities pledged
$
(6.4
)
 
$
(7.6
)
 
$
(47.6
)
 
$
(10.4
)
Fixed maturities, at fair value option
(24.6
)
 
(38.5
)
 
(41.9
)
 
(52.4
)
Equity securities, available-for-sale

 
(0.3
)
 

 
(0.3
)
Derivatives
12.2

 
(73.5
)
 
75.1

 
(41.7
)
Embedded derivative - fixed maturities
(0.6
)
 
(2.5
)
 
0.3

 
(2.7
)
Guaranteed benefit derivatives
(45.1
)
 
57.5

 
(107.9
)
 
12.0

Other investments
0.3

 
(0.1
)
 
0.2

 

Net realized capital gains (losses)
$
(64.2
)
 
$
(65.0
)
 
$
(121.8
)
 
$
(95.5
)
After-tax net realized capital gains (losses)
$
(41.7
)
 
$
(42.3
)
 
$
(79.1
)
 
$
(62.1
)

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 June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Proceeds on sales
$
441.5

 
$
474.0

 
$
1,134.2

 
$
636.5

Gross gains
10.9

 
6.3

 
14.8

 
7.8

Gross losses
23.2

 
11.8

 
61.0

 
15.5

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%
June 30, 2016
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
789.6

 
$
8.7

 
$
38.3

 
$
2.2

 
157

 
12

More than six months and twelve months or less below amortized cost
187.1

 
210.5

 
7.5

 
59.5

 
53

 
15

More than twelve months below amortized cost
519.0

 
29.3

 
22.2

 
10.9

 
154

 
3

Total
$
1,495.7

 
$
248.5

 
$
68.0

 
$
72.6

 
364

 
30

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
3,980.3

 
$
747.5

 
$
141.7

 
$
211.4

 
762

 
104

More than six months and twelve months or less below amortized cost
3,001.4

 
27.6

 
156.6

 
13.4

 
485

 
2

More than twelve months below amortized cost
382.5

 
17.3

 
26.9

 
4.2

 
144

 
2

Total
$
7,364.2

 
$
792.4

 
$
325.2

 
$
229.0

 
1,391

 
108


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%
June 30, 2016
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$

 
$

 
$

 
$

 

 

State, municipalities and political subdivisions
6.7

 

 
0.3

 

 
3

 

U.S. corporate public securities
611.9

 
52.7

 
26.3

 
13.7

 
132

 
5

U.S. corporate private securities
138.0

 
66.4

 
9.5

 
22.0

 
15

 
2

Foreign corporate public securities and foreign governments
294.0

 
120.0

 
20.4

 
34.5

 
72

 
11

Foreign corporate private securities
89.0

 
6.5

 
4.9

 
1.7

 
15

 
4

Residential mortgage-backed
301.0

 
0.8

 
5.7

 
0.2

 
111

 
5

Commercial mortgage-backed
30.4

 
0.1

 
0.1

 

*
5

 
1

Other asset-backed
24.7

 
2.0

 
0.8

 
0.5

 
11

 
2

Total
$
1,495.7

 
$
248.5

 
$
68.0

 
$
72.6

 
364

 
30

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
69.7

 
$

 
$
0.3

 
$

 
14

 

State, municipalities and political subdivisions
349.5

 

 
7.9

 

 
117

 

U.S. corporate public securities
3,565.2

 
373.5

 
153.5

 
103.3

 
651

 
58

U.S. corporate private securities
791.0

 
90.9

 
34.6

 
27.8

 
87

 
4

Foreign corporate public securities and foreign governments
1,211.9

 
291.1

 
63.6

 
87.9

 
254

 
40

Foreign corporate private securities
807.3

 
35.1

 
53.9

 
9.6

 
85

 
5

Residential mortgage-backed
294.1

 

 
6.9

 

 
130

 

Commercial mortgage-backed
239.2

 

 
3.5

 

 
38

 

Other asset-backed
36.3

 
1.8

 
1.0

 
0.4

 
15

 
1

Total
$
7,364.2

 
$
792.4

 
$
325.2

 
$
229.0

 
1,391

 
108

*Less than $0.1