Income from Investments (Tables)

12 Months Ended

Dec. 31, 2023

Net Investment Income for the years ended December 31, 2023, 2022 and 2021 was:


DOLLARS IN MILLIONS	2023		2022		2021
Investment Income:
Interest on Fixed Income Securities	$	346.0	$	300.1	$	277.7
Dividends on Equity Securities Excluding Alternative Investments	4.4		6.3		15.9
Alternative Investments:
Equity Method Limited Liability Investments	10.5		31.3		56.7

Limited Liability Investments Included in Equity Securities	19.0		42.1		46.9
Total Alternative Investments	29.5		73.4		103.6
Short-term Investments	18.0		3.7		1.0
Loans to Policyholders	20.9		21.5		21.7
Real Estate	8.9		10.1		9.3
Company-Owned Life Insurance	29.2		37.9		25.7
Other	12.9		7.7		6.7
Total Investment Income	469.8		460.7		461.6
Investment Expenses:
Real Estate	8.8		7.9		9.7
Other Investment Expenses	41.3		30.2		24.6
Total Investment Expenses	50.1		38.1		34.3
Net Investment Income	$	419.7	$	422.6	$	427.3

Other Receivables includes accrued investment income of $88.4 million and $94.3 million at December 31, 2023 and 2022, respectively.

Realized Gain (Loss) on Investments

The components of Net Realized (Losses) Gains on Sales of Investments for the years ended December 31, 2023, 2022 and 2021 were:


DOLLARS IN MILLIONS	2023		2022		2021
Fixed Maturities:
Gains on Sales	$	5.9	$	31.6	$	63.4
Losses on Sales	(10.9)		(31.9)		(2.1)
(Losses) Gains on Hedging Activity	(11.9)		1.7		—
Equity Securities:
Gains on Sales	0.6		9.7		4.1
Losses on Sales	(2.5)		(6.8)		(0.7)
Equity Method Limited Liability Investments:
Gains on Sales	—		—		0.4

Real Estate:
Gains on Sales	—		—		0.1
Losses on Sales	—		—		(0.4)
Other Investments:

Gains on Sales	0.2		—		—


Net Realized Investment (Losses) Gains	$	(18.6)	$	4.3	$	64.8

Gross Gains on Sales	$	6.7	$	41.3	$	68.0
Gross Losses on Sales	(13.4)		(38.7)		(3.2)
(Losses) Gains on Hedging Activity	(11.9)		1.7		—
Net Realized Investment (Losses) Gains	$	(18.6)	$	4.3	$	64.8

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The components of Impairment Losses reported in the Consolidated Statements of Loss for the years ended December 31, 2023, 2022 and 2021 were:


DOLLARS IN MILLIONS	2023		2022		2021
Fixed Maturities	$	(0.1)	$	(25.8)	$	(6.4)
Equity Securities at Modified Cost	(0.5)		—		(4.2)
Real Estate	—		—		(0.4)
Other	(0.5)		—		—
Net Impairment Losses Recognized in Earnings1	$	(1.1)	$	(25.8)	$	(11.0)

I Includes losses from intent-to-sell securities of $(2.0) million, $(23.8) million and $(6.6) million for the years ended December 31, 2023, 2022 and 2021, respectively.