Investment Income and Gains and Losses (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Components of Net Investment Income

The components of net investment income were as follows:

YEARS ENDED DECEMBER 31	2022			2021			2020
(in millions)
Fixed maturities	$	239.3		$	216.9		$	222.5
Limited partnerships		35.7			68.2			16.7
Mortgage loans		16.1			18.0			17.5
Equity securities		12.0			15.6			14.8
Other investments		4.6			3.0			3.2
Gross investment income		307.7			321.7			274.7
Less: investment expenses		(11.4	)		(11.0	)		(9.6	)
Net investment income	$	296.3		$	310.7		$	265.1

Schedule of Net Realized and Unrealized Gains (Losses) on Investments Including Impairments

Net realized and unrealized gains (losses) on investments, including impairments, were as follows:

YEARS ENDED DECEMBER 31	2022			2021		2020
(in millions)
Equity securities	$	(63.3	)	$	119.1	$	13.4
Fixed maturities		(45.2	)		1.7		(4.2	)
Other investments		(0.3	)		1.5		2.5
Mortgage loans		2.3			0.7		(6.7	)
Net realized and unrealized investment gains	$	(106.5	)	$	123.0	$	5.0

Schedule of Pre-tax Net Realized and Unrealized Gains (Losses) on Equity Securities

The following table provides pre-tax net realized and unrealized gains (losses) on equity securities:

YEARS ENDED DECEMBER 31	2022			2021		2020
(in millions)
Net gains (losses) recognized during the period	$	(63.3	)	$	119.1	$	13.4
Less: net gains (losses) recognized on equity securities sold during the period		(42.7	)		2.2		(19.8	)
Net unrealized gains (losses) recognized during the period    on equity securities still held	$	(20.6	)	$	116.9	$	33.2

Schedule of Realized Gain (Loss)

The proceeds from sales of available-for-sale fixed maturities, and the gross realized gains and gross realized losses on those sales, were as follows:

YEARS ENDED DECEMBER 31	2022		2021		2020
(in millions)
Proceeds from sales	$	489.0	$	485.0	$	264.1
Gross gains		4.4		6.4		9.9
Gross losses		34.1		16.9		2.9