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Investments (Tables)
9 Months Ended
Sep. 30, 2017
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 September 30, 2017:
 
Amortized
Cost
 
Gross
Unrealized
Capital
Gains
 
Gross
Unrealized
Capital
Losses
 
Embedded Derivatives(2)
 
Fair
Value
 
OTTI(3)(4)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
586.5

 
$
107.2

 
$
0.3

 
$

 
$
693.4

 
$

U.S. Government agencies and authorities
3.5

 

 

 

 
3.5

 

State, municipalities and political subdivisions
843.0

 
32.0

 
4.9

 

 
870.1

 

U.S. corporate public securities
8,734.7

 
741.9

 
22.5

 

 
9,454.1

 

U.S. corporate private securities
3,341.3

 
141.8

 
40.3

 

 
3,442.8

 

Foreign corporate public securities and foreign governments(1)
2,616.3

 
188.9

 
10.8

 

 
2,794.4

 

Foreign corporate private securities(1)
3,179.9

 
161.4

 
13.0

 

 
3,328.3

 

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
2,009.2

 
73.1

 
13.1

 
7.1

 
2,076.3

 

Non-Agency
601.1

 
50.7

 
1.7

 
6.9

 
657.0

 
4.4

Total Residential mortgage-backed securities
2,610.3

 
123.8

 
14.8

 
14.0

 
2,733.3

 
4.4

Commercial mortgage-backed securities
1,365.4

 
39.3

 
6.7

 

 
1,398.0

 

Other asset-backed securities
568.2

 
10.8

 
0.6

 

 
578.4

 
1.9

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
23,849.1

 
1,547.1

 
113.9

 
14.0

 
25,296.3

 
6.3

Less: Securities pledged
944.4

 
88.3

 
8.3

 

 
1,024.4

 

Total fixed maturities
22,904.7

 
1,458.8

 
105.6

 
14.0

 
24,271.9

 
6.3

Equity securities
69.2

 
15.8

 

 

 
85.0

 

Total fixed maturities and equity securities investments
$
22,973.9

 
$
1,474.6

 
$
105.6

 
$
14.0

 
$
24,356.9

 
$
6.3

(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).
(4) Amount excludes $190.2 of net unrealized gains on impaired available-for-sale securities.

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2016:
 
Amortized
Cost
 
Gross
Unrealized
Capital
Gains
 
Gross
Unrealized
Capital
Losses
 
Embedded Derivatives(2)
 
Fair
Value
 
OTTI(3)(4)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
692.8

 
$
95.9

 
$
1.7

 
$

 
$
787.0

 
$

U.S. Government agencies and authorities
3.8

 

 

 

 
3.8

 

State, municipalities and political subdivisions
794.7

 
16.3

 
15.6

 

 
795.4

 

U.S. corporate public securities
9,511.1

 
533.3

 
72.0

 

 
9,972.4

 
1.3

U.S. corporate private securities
2,950.9

 
89.4

 
79.7

 

 
2,960.6

 

Foreign corporate public securities and foreign governments(1)
2,801.4

 
120.6

 
37.6

 

 
2,884.4

 

Foreign corporate private securities(1)
2,822.0

 
113.9

 
25.9

 

 
2,910.0

 

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
2,356.7

 
81.4

 
27.0

 
9.3

 
2,420.4

 

Non-Agency
313.8

 
47.6

 
2.0

 
8.2

 
367.6

 
4.8

Total Residential mortgage-backed securities
2,670.5

 
129.0

 
29.0

 
17.5

 
2,788.0

 
4.8

Commercial mortgage-backed securities
1,301.2

 
33.2

 
16.7

 

 
1,317.7

 

Other asset-backed securities
466.4

 
10.6

 
1.3

 

 
475.7

 
2.1

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
24,014.8

 
1,142.2

 
279.5

 
17.5

 
24,895.0

 
8.2

Less: Securities pledged
692.8

 
81.9

 
6.8

 

 
767.9

 

Total fixed maturities
23,322.0

 
1,060.3

 
272.7

 
17.5

 
24,127.1

 
8.2

Equity securities
67.1

 
15.2

 

 

 
82.3

 

Total fixed maturities and equity securities investments
$
23,389.1

 
$
1,075.5

 
$
272.7

 
$
17.5

 
$
24,209.4

 
$
8.2

(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 OTTI reported as a component of Other comprehensive income (loss).
(4) Amount excludes $176.3 of net unrealized gains on impaired available-for-sale securities.


Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2017, 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
$
756.4

 
$
769.3

After one year through five years
4,729.8

 
4,958.4

After five years through ten years
6,057.2

 
6,293.7

After ten years
7,761.8

 
8,565.2

Mortgage-backed securities
3,975.7

 
4,131.3

Other asset-backed securities
568.2

 
578.4

Fixed maturities, including securities pledged
$
23,849.1

 
$
25,296.3

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
September 30, 2017
 
 
 
 
 
 
 
Communications
$
1,169.9

 
$
111.4

 
$
2.9

 
$
1,278.4

Financial
2,794.5

 
188.4

 
2.5

 
2,980.4

Industrial and other companies
8,234.7

 
525.5

 
28.9

 
8,731.3

Energy
2,008.0

 
142.7

 
36.2

 
2,114.5

Utilities
2,656.9

 
194.3

 
13.0

 
2,838.2

Transportation
688.6

 
47.1

 
1.4

 
734.3

Total
$
17,552.6

 
$
1,209.4

 
$
84.9

 
$
18,677.1

 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
Communications
$
1,222.6

 
$
85.3

 
$
10.2

 
$
1,297.7

Financial
2,850.4

 
146.7

 
14.1

 
2,983.0

Industrial and other companies
8,479.5

 
346.4

 
98.9

 
8,727.0

Energy
2,144.8

 
104.9

 
48.8

 
2,200.9

Utilities
2,436.2

 
130.1

 
31.3

 
2,535.0

Transportation
617.7

 
25.7

 
5.6

 
637.8

Total
$
17,751.2

 
$
839.1

 
$
208.9

 
$
18,381.4

Schedule of Securities Borrowed Under Securities Lending Transactions
The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated:
 
September 30, 2017 (1)(2)
 
December 31, 2016 (1)(2)
U.S. Treasuries
$
143.1

 
$
303.6

U.S. corporate public securities
619.8

 
179.6

Equity Securities

 
0.4

Short-term Investments
4.1

 
1.0

Foreign corporate public securities and foreign governments
162.8

 
79.6

Payables under securities loan agreements
$
929.8

 
$
564.2


(1) As of September 30, 2017 and December 31, 2016, borrowings under securities lending transactions include cash collateral of $858.3 and $248.4, 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 September 30, 2017:
 
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
$
25.6

 
$

*
$
31.2

 
$
0.2

 
$
9.4

 
$
0.1

 
$
66.2

 
$
0.3

State, municipalities and political subdivisions
64.4

 
0.6

 
70.6

 
2.4

 
39.2

 
1.9

 
174.2

 
4.9

U.S. corporate public securities
380.3

 
4.0

 
176.7

 
6.5

 
184.2

 
12.0

 
741.2

 
22.5

U.S. corporate private securities
231.4

 
2.0

 
373.9

 
12.0

 
164.1

 
26.3

 
769.4

 
40.3

Foreign corporate public securities and foreign governments
88.5

 
0.6

 
31.3

 
1.6

 
80.0

 
8.6

 
199.8

 
10.8

Foreign corporate private securities
182.8

 
5.1

 
87.1

 
2.7

 
98.6

 
5.2

 
368.5

 
13.0

Residential mortgage-backed
232.3

 
1.8

 
327.8

 
6.4

 
205.7

 
6.6

 
765.8

 
14.8

Commercial mortgage-backed
361.4

 
3.3

 
78.6

 
3.4

 

 

 
440.0

 
6.7

Other asset-backed
95.0

 
0.3

 
22.4

 
0.2

 
20.9

 
0.1

 
138.3

 
0.6

Total
$
1,661.7

 
$
17.7

 
$
1,199.6

 
$
35.4

 
$
802.1

 
$
60.8

 
$
3,663.4

 
$
113.9

* 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, 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
$
134.4

 
$
1.7

 
$

 
$

 
$

 
$

 
$
134.4

 
$
1.7

State, municipalities and political subdivisions
426.6

 
14.9

 

 

 
4.9

 
0.7

 
431.5

 
15.6

U.S. corporate public securities
2,107.1

 
53.2

 
2.5

 
0.2

 
179.7

 
18.6

 
2,289.3

 
72.0

U.S. corporate private securities
1,011.2

 
48.2

 
21.7

 
1.0

 
131.5

 
30.5

 
1,164.4

 
79.7

Foreign corporate public securities and foreign governments
678.4

 
20.4

 
1.2

 
0.1

 
132.5

 
17.1

 
812.1

 
37.6

Foreign corporate private securities
599.7

 
22.8

 

 

 
44.8

 
3.1

 
644.5

 
25.9

Residential mortgage-backed
881.2

 
23.5

 
109.0

 
2.7

 
54.5

 
2.8

 
1,044.7

 
29.0

Commercial mortgage-backed
414.3

 
16.7

 
4.9

 

*
6.3

 

*
425.5

 
16.7

Other asset-backed
146.9

 
0.3

 
0.9

 

*
17.3

 
1.0

 
165.1

 
1.3

Total
$
6,399.8

 
$
201.7

 
$
140.2

 
$
4.0

 
$
571.5

 
$
73.8

 
$
7,111.5

 
$
279.5

*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:
 
September 30, 2017
 
December 31, 2016
 
Impaired
 
Non Impaired
 
Total
 
Impaired
 
Non Impaired
 
Total
Commercial mortgage loans
$
4.3

 
$
4,864.2

 
$
4,868.5

 
$
4.6

 
$
4,251.0

 
$
4,255.6

Collective valuation allowance for losses
N/A

 
(0.9
)
 
(0.9
)
 
N/A

 
(1.1
)
 
(1.1
)
Total net commercial mortgage loans
$
4.3

 
$
4,863.3

 
$
4,867.6

 
$
4.6

 
$
4,249.9

 
$
4,254.5

N/A- Not Applicable

Allowance for Credit Losses on Financing Receivables
The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:
 
September 30, 2017
 
December 31, 2016
Collective valuation allowance for losses, balance at January 1
$
1.1

 
$
1.2

Addition to (reduction of) allowance for losses
(0.2
)
 
(0.1
)
Collective valuation allowance for losses, end of period
$
0.9

 
$
1.1


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 September 30,
 
2017
 
2016
Impaired loans, average investment during the period (amortized cost)(1)
$
4.4

 
$
4.7

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

 
0.1

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

 
0.1

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

 

(1)Includes amounts for Troubled debt restructured loans.
 
 
 
 
Nine Months Ended September 30,
 
2017
 
2016
Impaired loans, average investment during the period (amortized cost)(1)
$
4.5

 
$
7.7

Interest income recognized on impaired loans, on an accrual basis(1)
0.3

 
0.3

Interest income recognized on impaired loans, on a cash basis(1)
0.3

 
0.3

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

 

(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:
 
September 30, 2017
 
December 31, 2016
Impaired loans without allowances for losses
$
4.3

 
$
4.6

Less: Allowances for losses on impaired loans

 

Impaired loans, net
$
4.3

 
$
4.6

Unpaid principal balance of impaired loans
$
5.8

 
$
6.1


Loans Receivable, Grouped by Loan to Value and Debt Service Coverage Ratio
The following table presents the LTV ratios as of the dates indicated:
 
September 30, 2017 (1)
 
December 31, 2016 (1)
Loan-to-Value Ratio:
 
 
 
0% - 50%
$
257.3

 
$
369.1

>50% - 60%
1,130.6

 
1,078.9

>60% - 70%
3,171.6

 
2,574.1

>70% - 80%
285.9

 
230.8

>80% and above
23.1

 
2.7

Total Commercial mortgage loans
$
4,868.5

 
$
4,255.6

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

The following table presents the DSC ratios as of the dates indicated:
 
September 30, 2017 (1)
 
December 31, 2016 (1)
Debt Service Coverage Ratio:
 
 
 
Greater than 1.5x
$
3,852.1

 
$
3,427.6

>1.25x - 1.5x
343.7

 
415.2

>1.0x - 1.25x
585.7

 
340.7

Less than 1.0x
55.1

 
46.7

Commercial mortgage loans secured by land or construction loans
31.9

 
25.4

Total Commercial mortgage loans
$
4,868.5

 
$
4,255.6

(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:
 
September 30, 2017 (1)
 
December 31, 2016 (1)
 
Gross
Carrying Value
 
% of
Total
 
Gross
Carrying Value
 
% of
Total
Commercial Mortgage Loans by U.S. Region:
 
 
 
 
 
 
 
Pacific
$
989.6

 
20.3
%
 
$
968.8

 
22.9
%
South Atlantic
1,000.4

 
20.5
%
 
956.3

 
22.5
%
Middle Atlantic
1,091.8

 
22.5
%
 
710.1

 
16.7
%
West South Central
502.6

 
10.3
%
 
431.9

 
10.1
%
Mountain
453.7

 
9.3
%
 
370.7

 
8.7
%
East North Central
465.3

 
9.6
%
 
447.8

 
10.5
%
New England
79.2

 
1.6
%
 
81.1

 
1.9
%
West North Central
222.7

 
4.6
%
 
223.2

 
5.2
%
East South Central
63.2

 
1.3
%
 
65.7

 
1.5
%
Total Commercial mortgage loans
$
4,868.5

 
100.0
%
 
$
4,255.6

 
100.0
%
(1) Balances do not include collective valuation allowance for losses.
Mortgage Loans by Property Type of Collateral
 
September 30, 2017 (1)
 
December 31, 2016 (1)
 
Gross
Carrying Value
 
% of
Total
 
Gross
Carrying Value
 
% of
Total
Commercial Mortgage Loans by Property Type:
 
 
 
 
 
 
 
Retail
$
1,407.4

 
28.9
%
 
$
1,358.9

 
31.9
%
Industrial
1,330.0

 
27.3
%
 
960.7

 
22.6
%
Apartments
865.5

 
17.8
%
 
793.5

 
18.6
%
Office
843.5

 
17.3
%
 
711.0

 
16.7
%
Hotel/Motel
171.6

 
3.5
%
 
170.2

 
4.0
%
Mixed Use
52.8

 
1.1
%
 
49.9

 
1.2
%
Other
197.7

 
4.1
%
 
211.4

 
5.0
%
Total Commercial mortgage loans
$
4,868.5

 
100.0
%
 
$
4,255.6

 
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:
 
September 30, 2017 (1)
 
December 31, 2016 (1)
Year of Origination:
 
 
 
2017
$
917.4

 
$

2016
877.9

 
874.3

2015
710.9

 
729.1

2014
542.2

 
548.0

2013
661.0

 
685.1

2012
536.0

 
681.1

2011 and prior
623.1

 
738.0

Total Commercial mortgage loans
$
4,868.5

 
$
4,255.6

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

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 September 30,
 
2017
 
2016
 
Impairment
 
No. of Securities
 
Impairment
 
No. of Securities
U.S. corporate public securities
$

 

 
$
3.7

 
1

Foreign corporate public securities and foreign governments(1)

 

 

 

Residential mortgage-backed

*
1

 

 

Commercial mortgage-backed

 

 

 

Total
$

 
1

 
$
3.7

 
1

(1) Primarily U.S. dollar denominated.
*Less than $0.1
 
Nine Months Ended September 30,
 
2017
 
2016
 
Impairment
 
No. of Securities
 
Impairment
 
No. of Securities
U.S. corporate public securities
$
0.1

 
1

 
$
3.7

 
1

Foreign corporate public securities and foreign governments(1)

 

 
6.9

 
1

Residential mortgage-backed
0.2

 
3

 
0.5

 
2

Commercial mortgage-backed

*
1

 

 

Total
$
0.3

 
5

 
$
11.1

 
4

(1) Primarily U.S. dollar denominated.
*Less than $0.1

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 September 30,
 
2017
 
2016
 
Impairment
 
No. of Securities
 
Impairment
 
No. of Securities
U.S. corporate public securities
$

 

 
$
3.7

 
1

Foreign corporate public securities and foreign governments(1)

 

 

 

Foreign corporate private securities(1)
0.1

 
1

 
0.6

 
1

Residential mortgage-backed
0.1

 
5

 

*
7

Commercial mortgage-backed

 

 

 

Total
$
0.2

 
6

 
$
4.3

 
9

(1) Primarily U.S. dollar denominated.
*Less than $0.1
 
Nine Months Ended September 30,
 
2017
 
2016
 
Impairment
 
No. of Securities
 
Impairment
 
No. of Securities
U.S. corporate public securities
$
0.1

 
1

 
$
3.8

 
2

Foreign corporate public securities and foreign governments(1)

 

 
7.3

 
2

Foreign corporate private securities(1)
0.1

 
1

 
0.7

 
2

Residential mortgage-backed
0.4

 
13

 
0.9

 
20

Commercial mortgage-backed

*
1

 

 

Total
$
0.6

 
16

 
$
12.7

 
26

(1) Primarily U.S. dollar denominated.
 
 
 
 
 
 
 
*Less than $0.1

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 September 30,
 
2017
 
2016
Balance at July 1
$
7.3

 
$
18.7

Additional credit impairments:
 
 
 
On securities previously impaired

 

Reductions:
 
 
 
Increase in cash flows

 
1.3

Securities sold, matured, prepaid or paid down
0.4

 
4.3

Balance at September 30
$
6.9

 
$
13.1

 
 
Nine Months Ended September 30,
 
2017
 
2016
Balance at January 1
$
9.2

 
$
19.3

Additional credit impairments:
 
 
 
On securities previously impaired

 
0.5

Reductions:
 
 
 
Increase in cash flows
0.2

 
1.4

Securities sold, matured, prepaid or paid down
2.1

 
5.3

Balance at September 30
$
6.9

 
$
13.1


Net Investment Income
The following table summarizes Net investment income for the periods indicated:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Fixed maturities
$
324.1

 
$
335.0

 
$
974.8

 
$
986.2

Equity securities, available-for-sale
1.0

 
1.1

 
3.8

 
4.1

Mortgage loans on real estate
53.2

 
49.5

 
157.0

 
144.1

Policy loans
2.4

 
3.0

 
8.2

 
9.0

Short-term investments and cash equivalents
0.2

 
0.1

 
0.7

 
1.0

Other
15.4

 
7.9

 
42.5

 
11.3

Gross investment income
396.3

 
396.6

 
1,187.0

 
1,155.7

Less: Investment expenses
17.5

 
15.9

 
51.3

 
45.8

Net investment income
$
378.8

 
$
380.7

 
$
1,135.7

 
$
1,109.9


Realized Gain (Loss) on Investments
Net realized capital gains (losses) were as follows for the periods indicated:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Fixed maturities, available-for-sale, including securities pledged
$
(2.0
)
 
$
(2.9
)
 
$
(22.7
)
 
$
(50.5
)
Fixed maturities, at fair value option
(50.8
)
 
(48.8
)
 
(147.9
)
 
(90.7
)
Derivatives
4.4

 
(5.4
)
 
10.7

 
69.7

Embedded derivatives - fixed maturities
(1.0
)
 
(1.6
)
 
(3.5
)
 
(1.3
)
Guaranteed benefit derivatives
7.2

 
4.5

 
18.2

 
(103.4
)
Other investments
(0.1
)
 
(0.1
)
 
0.1

 
0.1

Net realized capital gains (losses)
$
(42.3
)
 
$
(54.3
)
 
$
(145.1
)
 
$
(176.1
)
After-tax net realized capital gains (losses)
$
(27.5
)
 
$
(35.3
)
 
$
(94.3
)
 
$
(114.4
)

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 September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Proceeds on sales
$
551.4

 
$
386.6

 
$
2,189.3

 
$
1,520.8

Gross gains
6.3

 
2.2

 
17.0

 
17.0

Gross losses
6.3

 
2.2

 
31.0

 
63.2

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%
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
1,703.9

 
$
7.7

 
$
21.4

 
$
2.1

 
355

 
6

More than six months and twelve months or less below amortized cost
1,244.8

 
9.9

 
35.8

 
2.6

 
225

 
5

More than twelve months below amortized cost
739.1

 
71.9

 
29.9

 
22.1

 
177

 
4

Total
$
3,687.8

 
$
89.5

 
$
87.1

 
$
26.8

 
757

 
15

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
6,702.7

 
$
22.0

 
$
215.8

 
$
5.0

 
1,098

 
9

More than six months and twelve months or less below amortized cost
269.4

 
3.3

 
14.2

 
0.8

 
54

 
2

More than twelve months below amortized cost
312.8

 
80.8

 
20.7

 
23.0

 
128

 
5

Total
$
7,284.9

 
$
106.1

 
$
250.7

 
$
28.8

 
1,280

 
16


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%
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
66.5

 
$

 
$
0.3

 
$

 
18

 

State, municipalities and political subdivisions
179.1

 

 
4.9

 

 
110

 

U.S. corporate public securities
751.0

 
12.7

 
19.2

 
3.3

 
160

 
5

U.S. corporate private securities
743.3

 
66.4

 
19.5

 
20.8

 
60

 
2

Foreign corporate public securities and foreign governments
200.7

 
9.9

 
8.2

 
2.6

 
44

 
2

Foreign corporate private securities
381.5

 

*
13.0

 

*
36

 
2

Residential mortgage-backed
780.6

 

*
14.8

 

*
173

 
3

Commercial mortgage-backed
446.7

 

 
6.7

 

 
107

 

Other asset-backed
138.4

 
0.5

 
0.5

 
0.1

 
49

 
1

Total
$
3,687.8

 
$
89.5

 
$
87.1

 
$
26.8

 
757

 
15

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
136.1

 
$

 
$
1.7

 
$

 
22

 

State, municipalities and political subdivisions
447.1

 

 
15.6

 

 
187

 

U.S. corporate public securities
2,351.7

 
9.6

 
69.5

 
2.5

 
417

 
3

U.S. corporate private securities
1,162.2

 
81.9

 
56.8

 
22.9

 
108

 
3

Foreign corporate public securities and foreign governments
836.9

 
12.8

 
34.6

 
3.0

 
159

 
3

Foreign corporate private securities
670.4

 

*
25.9

 

*
64

 
2

Residential mortgage-backed
1,073.6

 
0.1

 
29.0

 

*
196

 
3

Commercial mortgage-backed
442.2

 

*
16.7

 

*
90

 
1

Other asset-backed
164.7

 
1.7

 
0.9

 
0.4

 
37

 
1

Total
$
7,284.9

 
$
106.1

 
$
250.7

 
$
28.8

 
1,280

 
16

*Less than $0.1