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Investments (Tables)
 12 Months Ended
Dec. 31, 2014
Investments [Abstract]  
Current And Long-Term Investments, Available-For-Sale
A summary of current and long-term investments, available-for-sale, at December 31, 2014 and 2013 is as follows:
 
 
 
 
 
 
 
 
 
Non-Credit
Component of
Other-Than-
Temporary
Impairments
Recognized in
AOCI
 
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross Unrealized Losses
 
Estimated
Fair Value
 
 
 
 
Less than
12 Months
 
12 Months
or Greater
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
United States Government securities
$
315.7

 
$
4.6

 
$
(0.3
)
 
$
—

 
$
320.0

 
$
—

Government sponsored securities
94.6

 
0.8

 
—

 
(0.4
)
 
95.0

 
—

States, municipalities and political subdivisions, tax-exempt
5,451.4

 
287.0

 
(1.8
)
 
(3.0
)
 
5,733.6

 
—

Corporate securities
8,335.9

 
162.9

 
(123.1
)
 
(43.2
)
 
8,332.5

 
(6.8
)
Options embedded in convertible securities
98.7

 
—

 
—

 
—

 
98.7

 
—

Residential mortgage-backed securities
2,099.7

 
68.9

 
(1.0
)
 
(8.6
)
 
2,159.0

 
—

Commercial mortgage-backed securities
504.8

 
6.1

 
(0.6
)
 
(0.4
)
 
509.9

 
—

Other debt securities
720.3

 
6.1

 
(1.7
)
 
(1.6
)
 
723.1

 
—

Total fixed maturity securities
17,621.1

 
536.4

 
(128.5
)
 
(57.2
)
 
17,971.8

 
$
(6.8
)
Equity securities
1,330.7

 
618.5

 
(11.1
)
 
—

 
1,938.1

 
 
Total investments, available-for-sale
$
18,951.8

 
$
1,154.9

 
$
(139.6
)
 
$
(57.2
)
 
$
19,909.9

 
 
December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
United States Government securities
$
300.8

 
$
2.5

 
$
(3.4
)
 
$
—

 
$
299.9

 
$
—

Government sponsored securities
174.4

 
0.4

 
(1.3
)
 
—

 
173.5

 
—

States, municipalities and political subdivisions, tax-exempt
5,899.5

 
202.9

 
(90.1
)
 
(9.6
)
 
6,002.7

 
(0.6
)
Corporate securities
7,614.1

 
205.2

 
(95.2
)
 
(15.5
)
 
7,708.6

 
(0.1
)
Options embedded in convertible securities
89.2

 
—

 
—

 
—

 
89.2

 
—

Residential mortgage-backed securities
2,269.4

 
48.0

 
(41.4
)
 
(7.1
)
 
2,268.9

 
—

Commercial mortgage-backed securities
479.0

 
10.5

 
(2.6
)
 
(0.3
)
 
486.6

 
—

Other debt securities
456.2

 
5.8

 
(2.5
)
 
(0.8
)
 
458.7

 
(0.1
)
Total fixed maturity securities
17,282.6

 
475.3

 
(236.5
)
 
(33.3
)
 
17,488.1

 
$
(0.8
)
Equity securities
1,195.9

 
578.9

 
(8.0
)
 
—

 
1,766.8

 
 
Total investments, available-for-sale
$
18,478.5

 
$
1,054.2

 
$
(244.5
)
 
$
(33.3
)
 
$
19,254.9

 
 
Aggregate Fair Value And Gross Unrealized Loss Of Fixed Maturity Securities And Equity Securities In An Unrealized Loss Position
The following tables summarize for available-for-sale fixed maturity securities and available-for-sale equity securities in an unrealized loss position at December 31, 2014 and 2013, the aggregate fair value and gross unrealized loss by length of time those securities have been continuously in an unrealized loss position.
 
Less than 12 Months
 
12 Months or Greater
 
Number of
Securities
 
Estimated
Fair Value
 
Gross
Unrealized
Loss
 
Number of
Securities
 
Estimated
Fair Value
 
Gross
Unrealized
Loss
(Securities are whole amounts)
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
United States Government securities
17

 
$
145.3

 
$
(0.3
)
 
2

 
$
0.9

 
$
—

Government sponsored securities
2

 
0.3

 
—

 
16

 
29.3

 
(0.4
)
States, municipalities and political subdivisions, tax-exempt
136

 
315.6

 
(1.8
)
 
80

 
174.3

 
(3.0
)
Corporate securities
1,802

 
3,213.3

 
(123.1
)
 
314

 
514.6

 
(43.2
)
Residential mortgage-backed securities
78

 
155.0

 
(1.0
)
 
186

 
398.3

 
(8.6
)
Commercial mortgage-backed securities
43

 
156.2

 
(0.6
)
 
10

 
33.2

 
(0.4
)
Other debt securities
79

 
270.6

 
(1.7
)
 
21

 
65.0

 
(1.6
)
Total fixed maturity securities
2,157

 
4,256.3

 
(128.5
)
 
629

 
1,215.6

 
(57.2
)
Equity securities
407

 
125.4

 
(11.1
)
 
—

 
—

 
—

Total fixed maturity and equity securities
2,564

 
$
4,381.7

 
$
(139.6
)
 
629

 
$
1,215.6

 
$
(57.2
)
December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
United States Government securities
27

 
$
179.2

 
$
(3.4
)
 
—

 
$
—

 
$
—

Government sponsored securities
22

 
73.4

 
(1.3
)
 
—

 
—

 
—

States, municipalities and political subdivisions, tax-exempt
806

 
2,070.9

 
(90.1
)
 
42

 
82.4

 
(9.6
)
Corporate securities
1,448

 
2,586.6

 
(95.2
)
 
107

 
81.3

 
(15.5
)
Residential mortgage-backed securities
605

 
1,243.0

 
(41.4
)
 
80

 
116.2

 
(7.1
)
Commercial mortgage-backed securities
52

 
177.7

 
(2.6
)
 
4

 
5.6

 
(0.3
)
Other debt securities
65

 
185.3

 
(2.5
)
 
17

 
16.2

 
(0.8
)
Total fixed maturity securities
3,025

 
6,516.1

 
(236.5
)
 
250

 
301.7

 
(33.3
)
Equity securities
426

 
120.8

 
(8.0
)
 
—

 
—

 
—

Total fixed maturity and equity securities
3,451

 
$
6,636.9

 
$
(244.5
)
 
250

 
$
301.7

 
$
(33.3
)
Amortized Cost and Fair Value of Fixed Maturity Securities, By Contractual Maturity
The amortized cost and fair value of available-for-sale fixed maturity securities at December 31, 2014, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations.
 
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
507.3

 
$
510.8

Due after one year through five years
4,649.6

 
4,702.9

Due after five years through ten years
5,227.9

 
5,360.8

Due after ten years
4,631.8

 
4,728.4

Mortgage-backed securities
2,604.5

 
2,668.9

Total available-for-sale fixed maturity securities
$
17,621.1

 
$
17,971.8
Major Categories of Net Investment Income
The major categories of net investment income for the years ended December 31 are as follows:

2014

2013

2012
Fixed maturity securities
$
644.1


$
638.9


$
671.2

Equity securities
57.7


45.9


38.4

Cash and cash equivalents
0.8


1.0


2.5

Other
66.3


19.8


16.2

Investment income
768.9


705.6


728.3

Investment expense
(44.5
)

(46.5
)

(42.2
)
Net investment income
$
724.4


$
659.1


$
686.1
Net Realized Investment Gains/Losses and Net Change In Unrealized Appreciation/Depreciation In Investments
Net realized investment gains/losses and net change in unrealized appreciation/depreciation in investments for the years ended December 31 are as follows:
 
2014
 
2013
 
2012
Net realized gains (losses) on investments:
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
Gross realized gains from sales
$
198.2

 
$
225.9

 
$
401.0

Gross realized losses from sales
(50.6
)
 
(125.7
)
 
(54.8
)
Net realized gains from sales of fixed maturity securities
147.6

 
100.2

 
346.2

Equity securities:
 
 
 
 
 
Gross realized gains from sales
106.5

 
224.1

 
82.0

Gross realized losses from sales
(90.2
)
 
(100.5
)
 
(93.8
)
Net realized gains (losses) from sales of equity securities
16.3

 
123.6

 
(11.8
)
Other realized gains on investments
13.1

 
48.1

 
0.5

Net realized gains on investments
177.0

 
271.9

 
334.9

 
 
 
 
 
 
Other-than-temporary impairment losses recognized in income:
 
 
 
 
 
Fixed maturity securities
(22.3
)
 
(42.5
)
 
(11.8
)
Equity securities
(13.5
)
 
(13.9
)
 
(17.5
)
Other invested assets, long-term
(13.2
)
 
(42.5
)
 
(8.5
)
Other-than-temporary impairment losses recognized in income
(49.0
)
 
(98.9
)
 
(37.8
)
 
 
 
 
 
 
Change in net unrealized gains (losses) on investments:
 
 
 
 
 
Fixed maturity securities
145.2

 
(679.8
)
 
199.8

Equity securities
36.5

 
225.4

 
94.7

Total change in net unrealized gains (losses) on investments
181.7

 
(454.4
)
 
294.5

Deferred income tax (expense) benefit
(63.1
)
 
159.7

 
(104.6
)
Net change in net unrealized gains (losses) on investments
118.6

 
(294.7
)
 
189.9

 
 
 
 
 
 
Net realized gains on investments, other-than-temporary impairment losses recognized in income and net change in net unrealized gains (losses) on investments
$
246.6

 
$
(121.7
)
 
$
487.0
Proceeds and Realized Gains and Losses from Investments
Proceeds from fixed maturity securities, equity securities and other invested assets and the related gross realized gains and gross realized losses for the years ended December 31 are as follows:
 
2014
 
2013
 
2012
Proceeds
$
10,255.9

 
$
13,662.8

 
$
15,915.6

Gross realized gains
317.8

 
498.1

 
483.5

Gross realized losses
(140.8
)
 
(226.2
)
 
(148.6
)