ACCOUNTING FOR DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Our freestanding and embedded derivatives, none of which are designated as hedging instruments, are held at fair value and are summarized as follows (dollars in millions):



	Fair value
	June 30, 2015			December 31, 2014
Assets:
Other invested assets:
Fixed index call options	$	63.8		$	107.2
Interest rate futures	(.1		)	(.2		)
Reinsurance receivables	(2.3		)	2.0
Total assets	$	61.4		$	109.0
Liabilities:
Future policy benefits:
Fixed index products	$	1,074.0		$	1,081.5
Total liabilities	$	1,074.0		$	1,081.5

Schedule pre-tax gains (losses) recognized in net income for derivative instruments

The following table provides the pre-tax gains (losses) recognized in net income for derivative instruments, which are not designated as hedges for the periods indicated (dollars in millions):



	Three months ended						Six months ended
	June 30,						June 30,
	2015			2014			2015			2014
Net investment income from policyholder and reinsurer accounts and other special-purpose portfolios:
Fixed index call options	$	(5.9	)	$	31.3		$	(8.0	)	$	36.7
Embedded derivative related to reinsurance contract	—			.2			—			(1.4		)
Total	(5.9		)	31.5			(8.0		)	35.3
Net realized gains (losses):
Interest rate futures	.1			(1.9		)	(1.6		)	(4.6		)
Embedded derivative related to modified coinsurance agreement	(5.7		)	—			(4.3		)	—
Total	(5.6		)	(1.9		)	(5.9		)	(4.6		)
Insurance policy benefits:
Embedded derivative related to fixed index annuities	35.3			(10.8		)	17.5			(26.8		)
Total	$	23.8		$	18.8		$	3.6		$	3.9

Derivatives with master netting arrangements

The following table summarizes information related to derivatives and repurchase agreements with master netting arrangements or collateral as of June 30, 2015 and December 31, 2014 (dollars in millions):



									Gross amounts not offset in the balance sheet
		Gross amounts recognized			Gross amounts offset in the balance sheet		Net amounts of assets presented in the balance sheet		Financial instruments		Cash collateral received		Net amount
June 30, 2015:
	Fixed index call options	$	63.8		$	—	$	63.8	$	—	$	—	$	63.8
	Interest rate futures	(.1		)	.8		.7		—		—		.7
	Repurchase agreements (a)	20.4			—		20.4		20.4		—		—
December 31, 2014:
	Fixed index call options	107.2			—		107.2		—		—		107.2
	Interest rate futures	(.2		)	1.5		1.3		—		—		1.3
	Repurchase agreements (a)	20.4			—		20.4		20.4		—		—

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(a)	As of June 30, 2015 and December 31, 2014, these agreements were collateralized by investment securities with a fair value of $25.4 million and $25.3 million, respectively.