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INVESTMENTS (TABLES)
 6 Months Ended
Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Schedule of accumulated other comprehensive income (loss)

Accumulated other comprehensive income is primarily comprised of the net effect of unrealized appreciation (depreciation) on our investments.  These amounts, included in shareholders' equity as of June 30, 2014 and December 31, 2013, were as follows (dollars in millions):

 
June 30,
2014
 
December 31,
2013
Net unrealized appreciation (depreciation) on fixed maturity securities, available for sale, on which an other-than-temporary impairment loss has been recognized
$
8.5

 
$
6.5

Net unrealized gains on all other investments
2,157.8

 
1,322.6

Adjustment to present value of future profits (a)
(157.6
)
 
(47.7
)
Adjustment to deferred acquisition costs
(395.5
)
 
(137.0
)
Adjustment to insurance liabilities
(168.1
)
 
—

Unrecognized net loss related to deferred compensation plan
(6.4
)
 
(7.1
)
Deferred income tax liabilities
(512.6
)
 
(405.5
)
Accumulated other comprehensive income
$
926.1

 
$
731.8

________
(a)
The present value of future profits is the value assigned to the right to receive future cash flows from contracts existing at September 10, 2003 (the date Conseco, Inc., an Indiana corporation (our "Predecessor"), emerged from bankruptcy.
Schedule of fixed maturities for available for sale and equity securities
At June 30, 2014, the amortized cost, gross unrealized gains and losses, estimated fair value, other-than-temporary impairments in accumulated other comprehensive income of fixed maturities, available for sale, were as follows (dollars in millions):
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
 
Other-than-temporary impairments included in accumulated other comprehensive income
Corporate securities
$
12,217.4

 
$
1,688.0

 
$
(23.8
)
 
$
13,881.6

 
$
—

United States Treasury securities and obligations of United States government corporations and agencies
149.6

 
10.7

 
(.2
)
 
160.1

 
—

States and political subdivisions
1,944.3

 
212.9

 
(6.3
)
 
2,150.9

 
—

Asset-backed securities
1,244.5

 
84.2

 
(2.6
)
 
1,326.1

 
—

Collateralized debt obligations
319.9

 
5.2

 
(.9
)
 
324.2

 
—

Commercial mortgage-backed securities
1,173.9

 
92.5

 
(.2
)
 
1,266.2

 
—

Mortgage pass-through securities
8.4

 
.5

 
—

 
8.9

 
—

Collateralized mortgage obligations
1,325.8

 
90.7

 
(.9
)
 
1,415.6

 
(3.7
)
Total fixed maturities, available for sale
$
18,383.8

 
$
2,184.7

 
$
(34.9
)
 
$
20,533.6

 
$
(3.7
)
Fixed maturities of CLIC being sold
$
3,470.7

 
$
—

 
$
—

 
$
3,470.7

 
$
—
Schedule of investments classified by contractual maturity date
In addition, structured securities (such as asset-backed securities, collateralized debt obligations, commercial mortgage-backed securities, mortgage pass-through securities and collateralized mortgage obligations, collectively referred to as "structured securities") frequently include provisions for periodic principal payments and permit periodic unscheduled payments.

 
Amortized
cost
 
Estimated
fair
value
 
(Dollars in millions)
Due in one year or less
$
164.7

 
$
169.5

Due after one year through five years
1,762.1

 
1,957.6

Due after five years through ten years
2,906.4

 
3,192.2

Due after ten years
9,478.1

 
10,873.3

Subtotal
14,311.3

 
16,192.6

Structured securities
4,072.5

 
4,341.0

Total fixed maturities, available for sale
$
18,383.8

 
$
20,533.6
Schedule of realized gain (loss) on investments
The following table sets forth the net realized investment gains (losses) for the periods indicated (dollars in millions):

 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2014
 
2013
 
2014
 
2013
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Gross realized gains on sale
$
4.9

 
$
10.8

 
$
46.4

 
$
27.4

Gross realized losses on sale
(3.0
)
 
(1.4
)
 
(8.5
)
 
(3.4
)
Impairments:
 
 
 
 
 
 
 
Total other-than-temporary impairment losses
—

 
—

 
—

 
—

Other-than-temporary impairment losses recognized in accumulated other comprehensive income
—

 
—

 
—

 
—

Net impairment losses recognized
—

 
—

 
—

 
—

Net realized investment gains from fixed maturities
1.9

 
9.4

 
37.9

 
24.0

Equity securities
7.9

 
—

 
7.9

 
—

Commercial mortgage loans
1.1

 
—

 
1.1

 
.7

Impairments of mortgage loans and other investments
—

 
(.6
)
 
(11.9
)
 
(.6
)
Other
1.5

 
(5.6
)
 
.8

 
(5.6
)
Net realized investment gains
$
12.4

 
$
3.2

 
$
35.8

 
$
18.5
Schedule of credit losses recognized in earnings
The following table summarizes the amount of credit losses recognized in earnings on fixed maturity securities, available for sale, held at the beginning of the period, for which a portion of the other-than-temporary impairment was also recognized in accumulated other comprehensive income for the three and six months ended June 30, 2014, and 2013 (dollars in millions):

 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2014
 
2013
 
2014
 
2013
Credit losses on fixed maturity securities, available for sale, beginning of period
$
(1.3
)
 
$
(1.5
)
 
$
(1.3
)
 
$
(1.6
)
Add:  credit losses on other-than-temporary impairments not previously recognized
—

 
—

 
—

 
—

Less:  credit losses on securities sold
.1

 
—

 
.1

 
.1

Less:  credit losses on securities impaired due to intent to sell (a)
—

 
—

 
—

 
—

Add:  credit losses on previously impaired securities
—

 
—

 
—

 
—

Less:  increases in cash flows expected on previously impaired securities
—

 
—

 
—

 
—

Credit losses on fixed maturity securities, available for sale, end of period
$
(1.2
)
 
$
(1.5
)
 
$
(1.2
)
 
$
(1.5
)
__________
(a)
Represents securities for which the amount previously recognized in accumulated other comprehensive income was recognized in earnings because we intend to sell the security or we more likely than not will be required to sell the security before recovery of its amortized cost basis.
Schedule of unrealized loss on investments
The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at June 30, 2014 (dollars in millions):

 
 
Less than 12 months
 
12 months or greater
 
Total
Description of securities
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
United States Treasury securities and obligations of United States government corporations and agencies
 
$
—

 
$
—

 
$
18.4

 
$
(.2
)
 
$
18.4

 
$
(.2
)
States and political subdivisions
 
15.6

 
(.6
)
 
124.1

 
(5.7
)
 
139.7

 
(6.3
)
Corporate securities
 
173.3

 
(1.1
)
 
423.2

 
(22.7
)
 
596.5

 
(23.8
)
Asset-backed securities
 
76.9

 
(.5
)
 
91.5

 
(2.1
)
 
168.4

 
(2.6
)
Collateralized debt obligations
 
64.2

 
(.7
)
 
11.7

 
(.2
)
 
75.9

 
(.9
)
Commercial mortgage-backed securities
 
14.8

 
—

 
19.2

 
(.2
)
 
34.0

 
(.2
)
Mortgage pass-through securities
 
1.2

 
—

 
.8

 
—

 
2.0

 
—

Collateralized mortgage obligations
 
82.4

 
(.4
)
 
20.6

 
(.5
)
 
103.0

 
(.9
)
Total fixed maturities, available for sale
 
$
428.4

 
$
(3.3
)
 
$
709.5

 
$
(31.6
)
 
$
1,137.9

 
$
(34.9
)
Preferred stock
 
$
34.3

 
$
(.4
)
 
$
20.3

 
$
(.9
)
 
$
54.6

 
$
(1.3
)

The following table summarizes the gross unrealized losses and fair values of our investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that such securities have been in a continuous unrealized loss position, at December 31, 2013 (dollars in millions):

 
 
Less than 12 months
 
12 months or greater
 
Total
Description of securities
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
United States Treasury securities and obligations of United States government corporations and agencies
 
$
23.8

 
$
(.6
)
 
$
—

 
$
—

 
$
23.8

 
$
(.6
)
States and political subdivisions
 
473.6

 
(30.3
)
 
79.2

 
(8.7
)
 
552.8

 
(39.0
)
Corporate securities
 
2,406.1

 
(132.8
)
 
170.3

 
(20.8
)
 
2,576.4

 
(153.6
)
Asset-backed securities
 
308.4

 
(6.5
)
 
32.5

 
(.7
)
 
340.9

 
(7.2
)
Collateralized debt obligations
 
46.7

 
(.5
)
 
—

 
—

 
46.7

 
(.5
)
Commercial mortgage-backed securities
 
161.8

 
(5.8
)
 
—

 
—

 
161.8

 
(5.8
)
Mortgage pass-through securities
 
1.6

 
—

 
1.6

 
—

 
3.2

 
—

Collateralized mortgage obligations
 
121.8

 
(1.6
)
 
2.2

 
—

 
124.0

 
(1.6
)
Total fixed maturities, available for sale
 
$
3,543.8

 
$
(178.1
)
 
$
285.8

 
$
(30.2
)
 
$
3,829.6

 
$
(208.3
)
Preferred stock
 
$
26.8

 
$
(4.9
)
 
$
—

 
$
—

 
$
26.8

 
$
(4.9
)