Investments (Tables)

6 Months Ended

Jun. 30, 2023

Debt Securities, Available-for-sale [Line Items]

Investments Classified by Contractual Maturity Date

The amortized cost and fair values of the Company’s Investments in Fixed Maturities at June 30, 2023 by contractual maturity were:

(Dollars in Millions)	Amortized Cost		Fair Value
Due in One Year or Less	$	196.0	$	187.3
Due after One Year to Five Years	918.7		879.2
Due after Five Years to Ten Years	1,111.6		960.4
Due after Ten Years	3,664.7		3,217.4
Mortgage- and Asset-backed Securities Not Due at a Single Maturity Date	1,870.7		1,699.5
Investments in Fixed Maturities	$	7,761.7	$	6,943.8

Schedule of Unrealized Loss on Investments

An aging of unrealized losses on the Company’s Investments in Fixed Maturities at June 30, 2023 is presented below.

	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	$	127.6	$	(5.0)	$	365.3	$	(78.7)	$	492.9	$	(83.7)
States and Political Subdivisions	235.1		(8.6)		843.1		(198.7)		1,078.2		(207.3)
Foreign Governments	0.9		—		2.2		(0.8)		3.1		(0.8)
Corporate Securities:
Bonds and Notes	1,163.4		(59.3)		2,045.4		(406.3)		3,208.8		(465.6)
Redeemable Preferred Stocks	—		—		7.6		(1.1)		7.6		(1.1)
Collateralized Loan Obligations	47.4		(0.6)		884.1		(45.3)		931.5		(45.9)
Other Mortgage- and Asset-backed	22.7		(0.3)		277.9		(52.5)		300.6		(52.8)
Total Fixed Maturities	$	1,597.1	$	(73.8)	$	4,425.6	$	(783.4)	$	6,022.7	$	(857.2)

An aging of unrealized losses on the Company’s Investments in Fixed Maturities at December 31, 2022 is presented below.

	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)

Schedule of Other Investments

The carrying values of the Company’s Other Investments at June 30, 2023 and December 31, 2022 were:

(Dollars in Millions)	Jun 30, 2023		Dec 31, 2022
Equity Securities at Modified Cost	$	34.7	$	38.4
Convertible Securities at Fair Value	46.2		43.3
Real Estate at Depreciated Cost	96.0		93.6
Mortgage Loans	92.6		91.1
Other	6.1		3.5
Total	$	275.6	$	269.9

Investment Income

Net Investment Income for the six and three months ended June 30, 2023 and 2022 was:

	Six Months Ended				Three Months Ended
(Dollars in Millions)	Jun 30, 2023		Jun 30, 2022		Jun 30, 2023		Jun 30, 2022
Investment Income:
Interest on Fixed Income Securities	$	173.3	$	141.5	$	87.1	$	72.8
Dividends on Equity Securities Excluding Alternative Investments	2.2		3.2		1.2		1.7
Alternative Investments:
Equity Method Limited Liability Investments	3.9		28.6		2.8		15.3
Limited Liability Investments Included in Equity Securities	8.9		26.1		6.3		18.5
Total Alternative Investments	12.8		54.7		9.1		33.8
Short-term Investments	5.9		0.3		3.6		0.2
Loans to Policyholders	10.5		10.8		5.1		5.3
Real Estate	4.3		4.5		1.9		2.3
Company-Owned Life Insurance	16.2		18.1		7.4		9.8
Other	8.3		3.4		5.3		1.7
Total Investment Income	233.5		236.5		120.7		127.6
Investment Expenses:
Real Estate	4.3		3.5		2.2		1.0
Other Investment Expenses	21.1		14.5		12.2		8.1
Total Investment Expenses	25.4		18.0		14.4		9.1
Net Investment Income	$	208.1	$	218.5	$	106.3	$	118.5

Schedule of Realized Gain (Loss)

Gross gains and losses on sales of investments in fixed maturities for the six and three months ended June 30, 2023 and 2022 were:

	Six Months Ended				Three Months Ended
(Dollars in Millions)	Jun 30, 2023		Jun 30, 2022		Jun 30, 2023		Jun 30, 2022
Fixed Maturities:
Gains on Sales	$	1.5	$	13.8	$	0.4	$	13.4
Losses on Sales	(9.3)		(3.6)		(6.0)		(2.8)
(Losses) Gains on Hedging Activity	(0.3)		0.3		(8.7)		0.3

Investments in Fixed Maturities

Debt Securities, Available-for-sale [Line Items]

Schedule of Available-for-sale Securities Reconciliation

The amortized cost and fair values of the Company’s Investments in Fixed Maturities at June 30, 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	$	627.8	$	1.4	$	(83.7)	$	—	$	545.5
States and Political Subdivisions	1,646.8		21.9		(207.3)		(0.4)		1,461.0
Foreign Governments	4.8		—		(0.8)		—		4.0
Corporate Securities:
Bonds and Notes	4,083.2		22.5		(465.6)		(6.7)		3,633.4
Redeemable Preferred Stocks	9.0		—		(1.1)		—		7.9
Collateralized Loan Obligations	1,032.7		0.4		(45.9)		—		987.2
Other Mortgage- and Asset-backed	357.4		0.2		(52.8)		—		304.8
Investments in Fixed Maturities	$	7,761.7	$	46.4	$	(857.2)	$	(7.1)	$	6,943.8

The amortized cost and fair values of the Company’s Investments in Fixed Maturities at December 31, 2022 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	$	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