The amortized cost and estimated fair values of the Company’s Investments in Fixed Maturities at March 31, 2023 were:


	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	633.6	$	3.4	$	(73.0)	$	—	$	564.0
States and Political Subdivisions	1,794.8		23.1		(194.2)		(0.8)		1,622.9
Foreign Governments	4.8		—		(0.8)		—		4.0
Corporate Securities:
Bonds and Notes	4,097.0		31.4		(418.5)		(6.6)		3,703.3
Redeemable Preferred Stocks	9.0		—		(1.0)		—		8.0
Collateralized Loan Obligations	1,033.0		0.1		(51.2)		—		981.9
Other Mortgage- and Asset-backed	351.4		0.3		(46.4)		—		305.3
Investments in Fixed Maturities	$	7,923.6	$	58.3	$	(785.1)	$	(7.4)	$	7,189.4


	Amortized Cost		Gross Unrealized				Allowance for Expected Credit Losses		Fair Value
(Dollars in Millions)			Gains		Losses
U.S. Government and Government Agencies and Authorities	$	612.5	$	1.3	$	(85.8)	$	—	$	528.0
States and Political Subdivisions	1,797.6		10.3		(238.3)		(0.7)		1,568.9
Foreign Governments	5.0		—		(0.9)		—		4.1
Corporate Securities:
Bonds and Notes	4,030.3		17.7		(499.7)		(8.9)		3,539.4
Redeemable Preferred Stocks	9.0		—		(1.0)		—		8.0
Collateralized Loan Obligations	1,014.7		—		(60.8)		—		953.9
Other Mortgage- and Asset-backed	342.7		0.1		(50.3)		—		292.5
Investments in Fixed Maturities	$	7,811.8	$	29.4	$	(936.8)	$	(9.6)	$	6,894.8

Other Receivables included $11.4 million and $5.8 million of unsettled sales of Investments in Fixed Maturities at March 31, 2023 and December 31, 2022, respectively. Accrued Expenses and Other Liabilities included unsettled purchases of Investments in Fixed Maturities of $3.7 million and $25.9 million at March 31, 2023 and December 31, 2022, respectively.


(Dollars in Millions)	Amortized Cost		Fair Value
Due in One Year or Less	$	152.7	$	144.4
Due after One Year to Five Years	1,000.6		969.2
Due after Five Years to Ten Years	1,193.0		1,058.3
Due after Ten Years	3,705.0		3,305.5
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date	1,872.3		1,712.0
Investments in Fixed Maturities	$	7,923.6	$	7,189.4

Investments in Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date at March 31, 2023 consisted of securities issued by the Government National Mortgage Association with a fair value of $259.6 million, securities issued by the Federal National Mortgage Association with a fair value of $97.5 million, securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $67.9 million, and securities issued by other non-governmental issuers with a fair value of $1,287.0 million.


	Less Than 12 Months				12 Months or Longer				Total
(Dollars in Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	123.6	$	(7.3)	$	330.9	$	(65.7)	$	454.5	$	(73.0)
States and Political Subdivisions	332.1		(17.5)		724.1		(176.7)		1,056.2		(194.2)
Foreign Governments	0.6		—		2.4		(0.8)		3.0		(0.8)
Corporate Securities:
Bonds and Notes	1,811.8		(132.9)		1,312.7		(285.6)		3,124.5		(418.5)
Redeemable Preferred Stocks	3.0		(0.2)		4.7		(0.8)		7.7		(1.0)
Collateralized Loan Obligations	278.5		(11.9)		694.2		(39.3)		972.7		(51.2)
Other Mortgage- and Asset-backed	105.6		(8.5)		189.6		(37.9)		295.2		(46.4)
Total Fixed Maturities	$	2,655.2	$	(178.3)	$	3,258.6	$	(606.8)	$	5,913.8	$	(785.1)

Investment-grade fixed maturity investments comprised $753.7 million and below-investment-grade Fixed Maturity Investments comprised $31.4 million of the unrealized losses on investments in fixed maturities at March 31, 2023. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 11.3% of the amortized cost basis of the investment.


	Less Than 12 Months				12 Months or Longer				Total
(Dollars in Millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	337.3	$	(49.3)	$	126.5	$	(36.5)	$	463.8	$	(85.8)
States and Political Subdivisions	854.7		(140.6)		276.8		(97.7)		1,131.5		(238.3)
Foreign Governments	0.1		—		2.6		(0.9)		2.7		(0.9)
Corporate Securities:
Bonds and Notes	2,730.6		(373.9)		424.4		(125.8)		3,155.0		(499.7)
Redeemable Preferred Stocks	7.7		(1.0)		—		—		7.7		(1.0)
Collateralized Loan Obligations	568.2		(34.2)		373.9		(26.6)		942.1		(60.8)
Other Mortgage- and Asset-backed	205.4		(28.9)		79.5		(21.4)		284.9		(50.3)
Total Fixed Maturities	$	4,704.0	$	(627.9)	$	1,283.7	$	(308.9)	$	5,987.7	$	(936.8)

Investment-grade fixed maturity investments comprised $904.0 million and below-investment-grade Fixed Maturity Investments comprised $32.8 million of the unrealized losses on Investments in Fixed Maturities at December 31, 2022. For below-investment-grade fixed maturity investments in an unrealized loss position, the unrealized loss amount, on average, was approximately 11% of the amortized cost basis of the investment.


	States and Political Subdivisions		Corporate Bonds and Notes		Total
(Dollars in Millions)
Beginning of the Year	$	0.7	$	8.9	$	9.6
Additions for Securities for which No Previous Expected Credit Losses were Recognized	—		0.3		0.3
Reduction Due to Sales	—		(1.9)		(1.9)
Net Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized	0.1		(0.7)		(0.6)
Write-offs Charged Against Allowance	—		—		—
End of the Period	$	0.8	$	6.6	$	7.4


	Corporate Bonds and Notes		Total
(Dollars in Millions)
Beginning of the Year	$	7.5	$	7.5
Additions for Securities for which No Previous Expected Credit Losses were Recognized	3.8		3.8

Net Increase in Allowance on Securities for which Expected Credit Losses were Previously Recognized	1.3		1.3
Write-offs Charged Against Allowance	(3.5)		(3.5)
End of the Period	$	9.1	$	9.1

Investments in Equity Securities at Fair Value were $243.6 million and $243.2 million at March 31, 2023 and December 31, 2022, respectively. Net unrealized gains arising during the three months ended March 31, 2023 and recognized in earnings, related to such investments still held as of March 31, 2023, were $4.4 million.

There were no unsettled purchases of Investments in Equity Securities at Fair Value at March 31, 2023. There were no unsettled purchases of Investments in Equity Securities at Fair Value at December 31, 2022. There were no unsettled sales of Investments in Equity Securities at Fair Value at March 31, 2023 and December 31, 2022, respectively.

Equity Method Limited Liability Investments include investments in limited liability investment companies and limited partnerships in which the Company’s interests are not deemed minor and are accounted for under the equity method of accounting. The Company’s investments in Equity Method Limited Liability Investments are generally of a passive nature in that the Company does not take an active role in the management of the investment entity.

The Company’s maximum exposure to loss at March 31, 2023 is limited to the total carrying value of $218.7 million. In addition, the Company had outstanding commitments totaling approximately $96.4 million to fund Equity Method Limited Liability Investments at March 31, 2023. At March 31, 2023, 2.0% of Equity Method Limited Liability Investments were reported without a reporting lag. Of the total carrying value, 5.6% was reported with a one month lag and the remainder was reported with more than a one month lag.

There were no unsettled purchases of Equity Method Limited Liability Investments at March 31, 2023 and December 31, 2022, respectively. There were $29.9 million and $35.2 million unsettled sales of Equity Method Limited Liability Investments at March 31, 2023 and December 31, 2022, respectively. Unsettled sales of Equity Method Limited Liability Investments are carried within Other Receivables on the Condensed Consolidated Balance Sheets.

Alternative Energy Partnership Investments include partnerships formed to invest in newly installed residential solar leases and power purchase agreements. As a result of this investment, the Company has the right to certain investment tax credits and tax depreciation benefits, and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers for a fixed period of time. The Hypothetical Liquidation Book Value (“HLBV”) equity method of accounting is used for the Company’s investments in Alternative Energy Partnership Investments.

The Company’s maximum exposure to loss at March 31, 2023 is limited to the total carrying value of $17.0 million. The Company had no outstanding commitments to fund Alternative Energy Partnership Investments as of March 31, 2023. Alternative Energy Partnership Investments are reported on a three month lag.

Loans to Policyholders represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in Net Investment Income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

The Company performs a qualitative impairment analysis on a quarterly basis consisting of various factors such as earnings performance, current market conditions, changes in credit ratings, changes in the regulatory environment and other factors. If the qualitative analysis identifies the presence of impairment indicators, the Company estimates the fair value of the investment. If the estimated fair value is below the carrying value, the Company records an impairment in the Condensed Consolidated Statements of Loss to reduce the carrying value to the estimated fair value. When the Company identifies observable transactions of the same or similar securities to those held by the Company, the Company increases or decreases the carrying value to the observable transaction price. The Company did not recognize any changes in carrying value due to observable transactions for the three months ended March 31, 2023. The Company did not recognize any impairment on Equity Securities at Modified Cost for three months ended March 31, 2023 as a result of the Company’s impairment analysis. The Company recognized no cumulative increases or decreases in the carrying value due to observable transactions and $9.6 million of cumulative impairments on Equity Securities at Modified Cost held as of March 31, 2023.


	Three Months Ended
(Dollars in Millions)	Mar 31, 2023		Mar 31, 2022
Investment Income:
Interest on Fixed Income Securities	$	86.2	$	68.7
Dividends on Equity Securities Excluding Alternative Investments	1.0		1.5
Alternative Investments:
Equity Method Limited Liability Investments	1.1		13.3

Limited Liability Investments Included in Equity Securities	2.6		7.6
Total Alternative Investments	3.7		20.9
Short-term Investments	2.3		0.1
Loans to Policyholders	5.4		5.5
Real Estate	2.4		2.2
Company-Owned Life Insurance	8.8		8.3
Other	3.0		1.7
Total Investment Income	112.8		108.9
Investment Expenses:
Real Estate	2.1		2.5
Other Investment Expenses	8.9		6.4
Total Investment Expenses	11.0		8.9
Net Investment Income	$	101.8	$	100.0