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INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of accumulated other comprehensive income (loss) These amounts, included in shareholders' equity as of September 30, 2019 and December 31, 2018, were as follows (dollars in millions):

 
September 30,
2019
 
December 31,
2018
Net unrealized appreciation (depreciation) on fixed maturity securities, available for sale, on which an other-than-temporary impairment loss has been recognized
$
9.2

 
$
1.2

Net unrealized gains on all other fixed maturity securities, available for sale
2,254.0

 
271.3

Adjustment to present value of future profits (a)
(22.2
)
 
(4.5
)
Adjustment to deferred acquisition costs
(299.1
)
 
(38.3
)
Adjustment to insurance liabilities
(98.9
)
 
(2.5
)
Deferred income tax liabilities
(400.1
)
 
(49.5
)
Accumulated other comprehensive income
$
1,442.9

 
$
177.7

________
(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, emerged from bankruptcy.
Schedule of fixed maturities for available for sale securities
At September 30, 2019, 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
$
11,445.0

 
$
1,603.4

 
$
(14.0
)
 
$
13,034.4

 
$
—

United States Treasury securities and obligations of United States government corporations and agencies
156.3

 
54.9

 
—

 
211.2

 
—

States and political subdivisions
1,859.2

 
300.0

 
—

 
2,159.2

 
—

Debt securities issued by foreign governments
76.5

 
13.2

 
—

 
89.7

 
—

Asset-backed securities
2,437.5

 
176.4

 
(1.7
)
 
2,612.2

 
—

Collateralized debt obligations
372.2

 
.2

 
(2.1
)
 
370.3

 
—

Commercial mortgage-backed securities
1,718.7

 
99.2

 
(4.3
)
 
1,813.6

 
—

Mortgage pass-through securities
1.3

 
.1

 
—

 
1.4

 
—

Collateralized mortgage obligations
734.9

 
62.6

 
(.3
)
 
797.2

 
(.5
)
Total fixed maturities, available for sale
$
18,801.6

 
$
2,310.0

 
$
(22.4
)
 
$
21,089.2

 
$
(.5
)


At December 31, 2018, 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
$
11,168.5

 
$
404.7

 
$
(370.2
)
 
$
11,203.0

 
$
—

United States Treasury securities and obligations of United States government corporations and agencies
152.9

 
22.1

 
(.2
)
 
174.8

 
—

States and political subdivisions
1,725.8

 
144.6

 
(2.6
)
 
1,867.8

 
—

Debt securities issued by foreign governments
60.3

 
.9

 
(1.7
)
 
59.5

 
—

Asset-backed securities
2,552.1

 
130.3

 
(7.6
)
 
2,674.8

 
—

Collateralized debt obligations
338.0

 
—

 
(15.2
)
 
322.8

 
—

Commercial mortgage-backed securities
1,522.9

 
16.8

 
(21.7
)
 
1,518.0

 
—

Mortgage pass-through securities
1.5

 
.1

 
—

 
1.6

 
—

Collateralized mortgage obligations
585.8

 
43.7

 
(4.1
)
 
625.4

 
(.5
)
Total fixed maturities, available for sale
$
18,107.8

 
$
763.2

 
$
(423.3
)
 
$
18,447.7

 
$
(.5
)
Schedule of investments classified by contractual maturity date
The following table sets forth the amortized cost and estimated fair value of fixed maturities, available for sale, at September 30, 2019, by contractual maturity.  Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.  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
$
376.7

 
$
381.2

Due after one year through five years
1,079.1

 
1,127.0

Due after five years through ten years
1,432.3

 
1,535.1

Due after ten years
10,648.9

 
12,451.2

Subtotal
13,537.0

 
15,494.5

Structured securities
5,264.6

 
5,594.7

Total fixed maturities, available for sale
$
18,801.6

 
$
21,089.2



The following table sets forth the amortized cost and estimated fair value of fixed maturities, available for sale, at December 31, 2018, by contractual maturity.

 
Amortized
cost
 
Estimated
fair
value
 
(Dollars in millions)
Due in one year or less
$
405.6

 
$
409.8

Due after one year through five years
1,346.8

 
1,377.1

Due after five years through ten years
1,648.2

 
1,625.7

Due after ten years
9,706.9

 
9,892.5

Subtotal
13,107.5

 
13,305.1

Structured securities
5,000.3

 
5,142.6

Total fixed maturities, available for sale
$
18,107.8

 
$
18,447.7
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
 
Nine months ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Fixed maturity securities, available for sale:
 
 
 
 
 
 
 
Gross realized gains on sale
$
3.2

 
$
5.4

 
$
70.0

 
$
45.5

Gross realized losses on sale
(1.1
)
 
(11.4
)
 
(53.4
)
 
(36.9
)
Impairment losses recognized
(3.4
)
 
—

 
(5.6
)
 
—

Net realized investment gains (losses) from fixed maturities
(1.3
)
 
(6.0
)
 
11.0

 
8.6

Equity securities, including change in fair value (a)
.6

 
(3.0
)
 
11.4

 
(13.3
)
Impairments of other investments
—

 
(2.1
)
 
—

 
(2.1
)
Loss on dissolution of variable interest entity
—

 
—

 
(5.1
)
 
—

Other (a) (b)
3.0

 
42.3

 
6.4

 
33.8

Net realized investment gains (losses) before net realized gains on the transfer of assets related to reinsurance transaction
2.3

 
31.2

 
23.7

 
27.0

Net realized gains on the transfer of assets related to reinsurance transaction
—

 
363.4

 
—

 
363.4

Net realized investment gains
$
2.3

 
$
394.6

 
$
23.7

 
$
390.4


_________________
(a)
Changes in the estimated fair value of trading securities that we have elected the fair value option and equity securities (and are still held as of the end of the respective periods) were $13.5 million and $(6.0) million for the nine months ended September 30, 2019 and 2018, respectively.
(b)
In April 2016, the Company announced that it had invested in a non-controlling minority interest in Tennenbaum Capital Partners, LLC ("TCP"), a Los Angeles-based investment management firm. In August 2018, Blackrock, Inc. announced the completion of its acquisition of TCP. The sale of our interest in TCP resulted in a significant portion of the net realized gains in the third quarter of 2018.
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 nine months ended September 30, 2019 and 2018 (dollars in millions):

 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Credit losses on fixed maturity securities, available for sale, beginning of period
$
(.2
)
 
$
(.3
)
 
$
(.2
)
 
$
(2.8
)
Add: credit losses on other-than-temporary impairments not previously recognized
—

 
—

 
—

 
—

Less: credit losses on securities sold
—

 
.1

 
—

 
2.6

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
$
(.2
)
 
$
(.2
)
 
$
(.2
)
 
$
(.2
)
__________
(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 September 30, 2019 (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
Corporate securities
 
$
208.8

 
$
(4.4
)
 
$
183.5

 
$
(9.6
)
 
$
392.3

 
$
(14.0
)
United States Treasury securities and obligations of United States government corporations and agencies
 
.1

 
—

 
7.9

 
—

 
8.0

 
—

Asset-backed securities
 
87.6

 
(.2
)
 
97.6

 
(1.5
)
 
185.2

 
(1.7
)
Collateralized debt obligations
 
197.0

 
(.6
)
 
88.2

 
(1.5
)
 
285.2

 
(2.1
)
Commercial mortgage-backed securities
 
95.4

 
(.2
)
 
42.7

 
(4.1
)
 
138.1

 
(4.3
)
Collateralized mortgage obligations
 
85.4

 
(.3
)
 
1.4

 
—

 
86.8

 
(.3
)
Total fixed maturities, available for sale
 
$
674.3

 
$
(5.7
)
 
$
421.3

 
$
(16.7
)
 
$
1,095.6

 
$
(22.4
)

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, 2018 (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
Corporate securities
 
$
4,702.9

 
$
(280.9
)
 
$
805.9

 
$
(89.3
)
 
$
5,508.8

 
$
(370.2
)
United States Treasury securities and obligations of United States government corporations and agencies
 
2.0

 
—

 
19.2

 
(.2
)
 
21.2

 
(.2
)
States and political subdivisions
 
91.3

 
(1.3
)
 
33.3

 
(1.3
)
 
124.6

 
(2.6
)
Debt securities issued by foreign governments
 
16.8

 
(.7
)
 
15.1

 
(1.0
)
 
31.9

 
(1.7
)
Asset-backed securities
 
572.4

 
(3.6
)
 
238.0

 
(4.0
)
 
810.4

 
(7.6
)
Collateralized debt obligations
 
318.9

 
(15.2
)
 
—

 
—

 
318.9

 
(15.2
)
Commercial mortgage-backed securities
 
560.3

 
(6.3
)
 
281.1

 
(15.4
)
 
841.4

 
(21.7
)
Collateralized mortgage obligations
 
46.1

 
(.6
)
 
72.4

 
(3.5
)
 
118.5

 
(4.1
)
Total fixed maturities, available for sale
 
$
6,310.7

 
$
(308.6
)
 
$
1,465.0

 
$
(114.7
)
 
$
7,775.7

 
$
(423.3
)