Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Item Number | Page Number | |||||||
1. | ||||||||
2. | ||||||||
3. | ||||||||
4. | ||||||||
1. | ||||||||
1A. | ||||||||
2. | ||||||||
6. | ||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(in millions, except number of shares and per share amounts) | |||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Fixed maturity securities available for sale, at fair value (net of allowances for credit losses of $ | $ | $ | |||||||||
Equity securities at fair value | |||||||||||
Commercial mortgage loans on real estate, at amortized cost (net of allowances for credit losses of $ | |||||||||||
Short-term investments | |||||||||||
Other investments (net of allowances for credit losses of $ | |||||||||||
Total investments | |||||||||||
Cash and cash equivalents | |||||||||||
Premiums and accounts receivable (net of allowances for credit losses of $ | |||||||||||
Reinsurance recoverables (net of allowances for credit losses of $ | |||||||||||
Accrued investment income | |||||||||||
Deferred acquisition costs | |||||||||||
Property and equipment, net | |||||||||||
Goodwill | |||||||||||
Value of business acquired | |||||||||||
Other intangible assets, net | |||||||||||
Other assets (net of allowances for credit losses of $ | |||||||||||
Assets held in separate accounts | |||||||||||
Assets held for sale (Note 4) | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Future policy benefits and expenses | $ | $ | |||||||||
Unearned premiums | |||||||||||
Claims and benefits payable | |||||||||||
Commissions payable | |||||||||||
Reinsurance balances payable | |||||||||||
Funds held under reinsurance | |||||||||||
Accounts payable and other liabilities | |||||||||||
Debt | |||||||||||
Liabilities related to separate accounts | |||||||||||
Liabilities held for sale (Note 4) | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 16) | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income | |||||||||||
Treasury stock, at cost; | ( | ( | |||||||||
Total Assurant, Inc. stockholders’ equity | |||||||||||
Non-controlling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in millions, except number of shares and per share amounts) | |||||||||||
Revenues | |||||||||||
Net earned premiums | $ | $ | |||||||||
Fees and other income | |||||||||||
Net investment income | |||||||||||
Net realized gains (losses) on investments (including $ | ( | ||||||||||
Total revenues | |||||||||||
Benefits, losses and expenses | |||||||||||
Policyholder benefits | |||||||||||
Amortization of deferred acquisition costs and value of business acquired | |||||||||||
Underwriting, general and administrative expenses | |||||||||||
Interest expense | |||||||||||
Total benefits, losses and expenses | |||||||||||
Income from continuing operations before income tax expense (benefit) | |||||||||||
Income tax expense (benefit) | ( | ||||||||||
Net income from continuing operations | |||||||||||
Net income from discontinued operations (Note 4) | |||||||||||
Net income | |||||||||||
Less: Net loss (income) attributable to non-controlling interests | ( | ||||||||||
Net income attributable to stockholders | |||||||||||
Less: Preferred stock dividends | ( | ( | |||||||||
Net income attributable to common stockholders | $ | $ | |||||||||
Earnings Per Common Share | |||||||||||
Basic | |||||||||||
Net income from continuing operations | $ | $ | |||||||||
Net income from discontinued operations | $ | $ | |||||||||
Net income attributable to common stockholders | $ | $ | |||||||||
Diluted | |||||||||||
Net income from continuing operations | $ | $ | |||||||||
Net income from discontinued operations | $ | $ | |||||||||
Net income attributable to common stockholders | $ | $ | |||||||||
Share Data | |||||||||||
Weighted average common shares outstanding used in basic per common share calculations | |||||||||||
Plus: Dilutive securities | |||||||||||
Weighted average common shares outstanding used in diluted per common share calculations |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Net income | $ | $ | |||||||||
Other comprehensive (loss) income: | |||||||||||
Change in unrealized gains on investments, net of taxes of $ | ( | ( | |||||||||
Change in unrealized gains on derivative transactions, net of taxes of $ | ( | ( | |||||||||
Change in non-credit related impairment losses, net of taxes of $ | ( | ( | |||||||||
Change in foreign currency translation, net of taxes of $ | ( | ||||||||||
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $ | ( | ||||||||||
Total other comprehensive loss | ( | ( | |||||||||
Total comprehensive loss | ( | ( | |||||||||
Less: Comprehensive loss (income) attributable to non-controlling interests | ( | ||||||||||
Total comprehensive loss attributable to stockholders | $ | ( | $ | ( |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Non-controlling Interests | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||
Stock plan issuances | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock plan compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Preferred stock conversion | ( | ( | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends ($ | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Change in equity of non-controlling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | $ |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Non-controlling Interests | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||
— | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Stock plan issuances | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock plan compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($ | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Acquisition of common stock | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Change in equity of non-controlling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | $ | $ | ( | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Operating activities | |||||||||||
Net income attributable to stockholders | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Noncash revenues, expenses, gains and losses included in net income from continuing operations: | |||||||||||
Deferred tax expense | |||||||||||
Depreciation and amortization | |||||||||||
Net realized (gains) losses on investments, including impairment losses | ( | ||||||||||
Stock based compensation expense | |||||||||||
Iké related charges, net of derivative gains | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Change in insurance policy reserves and expenses | |||||||||||
Change in premiums and accounts receivable | ( | ||||||||||
Change in commissions payable | ( | ( | |||||||||
Change in reinsurance recoverable | ( | ||||||||||
Change in reinsurance balance payable | ( | ||||||||||
Change in funds withheld under reinsurance | |||||||||||
Change in deferred acquisition costs and value of business acquired | ( | ( | |||||||||
Change in taxes payable (receivable) | ( | ||||||||||
Change in other assets and other liabilities | ( | ( | |||||||||
Other | ( | ||||||||||
Net cash provided by operating activities - discontinued operations | |||||||||||
Net cash used in operating activities | ( | ( | |||||||||
Investing activities | |||||||||||
Sales of: | |||||||||||
Fixed maturity securities available for sale | |||||||||||
Equity securities | |||||||||||
Other invested assets | |||||||||||
Maturities, calls, prepayments, and scheduled redemption of: | |||||||||||
Fixed maturity securities available for sale | |||||||||||
Commercial mortgage loans on real estate | |||||||||||
Purchases of: | |||||||||||
Fixed maturity securities available for sale | ( | ( | |||||||||
Equity securities | ( | ( | |||||||||
Commercial mortgage loans on real estate | ( | ||||||||||
Other invested assets | ( | ( | |||||||||
Property and equipment and other | ( | ( | |||||||||
Subsidiaries, net of cash transferred | ( | ||||||||||
Consolidated investment entities (1): | |||||||||||
Purchases of investments | ( | ||||||||||
Sale of investments | |||||||||||
Change in short-term investments | |||||||||||
Other | |||||||||||
Net cash used in investing activities - discontinued operations | ( | ( |
Net cash provided by investing activities | |||||||||||
Financing activities | |||||||||||
Repayment of debt | ( | ||||||||||
Repayment of debt for consolidated investment entities (1) | ( | ||||||||||
Borrowings under unsecured revolving credit facility | |||||||||||
Acquisition of common stock | ( | ( | |||||||||
Common stock dividends paid | ( | ( | |||||||||
Preferred stock dividends paid | ( | ( | |||||||||
Employee stock purchases and withholdings | ( | ( | |||||||||
Net cash provided by (used in) financing activities - discontinued operations | |||||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Effect of exchange rate changes on cash and cash equivalents - continuing operations | ( | ||||||||||
Effect of exchange rate changes on cash and cash equivalents - discontinued operations | ( | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Change in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | |||||||||||
Less: Cash and cash equivalents of discontinued operations at end of period | |||||||||||
Cash and cash equivalents of continuing operations at end of period | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Fixed maturity securities available for sale, at fair value | $ | $ | |||||||||
Equity securities at fair value | |||||||||||
Commercial mortgage loans on real estate, at amortized cost | |||||||||||
Short-term investments | |||||||||||
Other investments | |||||||||||
Total investments | |||||||||||
Cash and cash equivalents | |||||||||||
Premiums and accounts receivable | |||||||||||
Reinsurance recoverables | |||||||||||
Accrued investment income | |||||||||||
Deferred acquisition costs | |||||||||||
Property and equipment, net | |||||||||||
Value of business acquired | |||||||||||
Other assets | |||||||||||
Assets held in separate accounts | |||||||||||
Total assets held for sale | $ | $ | |||||||||
Liabilities | |||||||||||
Future policy benefits and expenses | $ | $ | |||||||||
Unearned premiums | |||||||||||
Claims and benefits payable | |||||||||||
Commissions payable | |||||||||||
Reinsurance balances payable | |||||||||||
Accounts payable and other liabilities | |||||||||||
Liabilities related to separate accounts | |||||||||||
Total liabilities held for sale | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues | |||||||||||
Net earned premiums | $ | $ | |||||||||
Fees and other income | |||||||||||
Net investment income | |||||||||||
Net realized losses on investments | ( | ( | |||||||||
Total revenues | |||||||||||
Benefits, losses and expenses | |||||||||||
Policyholder benefits | |||||||||||
Amortization of deferred acquisition costs and value of business acquired | |||||||||||
Underwriting, general and administrative expenses | |||||||||||
Total benefits, losses and expenses | |||||||||||
Income from discontinued operations before income taxes | |||||||||||
(Benefit) provision for income taxes | ( | ||||||||||
Net income from discontinued operations | $ | $ |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Global Lifestyle | Global Housing | Corporate and Other | Consolidated | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Net earned premiums | $ | $ | $ | $ | |||||||||||||||||||
Fees and other income | |||||||||||||||||||||||
Net investment income | |||||||||||||||||||||||
Net realized gains on investments | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Benefits, losses and expenses | |||||||||||||||||||||||
Policyholder benefits | |||||||||||||||||||||||
Amortization of deferred acquisition costs and value of business acquired | |||||||||||||||||||||||
Underwriting, general and administrative expenses | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Total benefits, losses and expenses | |||||||||||||||||||||||
Segment income (loss) from continuing operations before provision (benefit) for income tax | ( | ||||||||||||||||||||||
Provision (benefit) for income taxes | ( | ||||||||||||||||||||||
Segment net income (loss) from continuing operations | $ | $ | $ | ( | |||||||||||||||||||
Net income from discontinued operations | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Less: Net loss attributable to non-controlling interests | |||||||||||||||||||||||
Net income attributable to stockholders | |||||||||||||||||||||||
Less: Preferred stock dividends | ( | ||||||||||||||||||||||
Net income attributable to common stockholders | $ | ||||||||||||||||||||||
As of March 31, 2021 | |||||||||||||||||||||||
Segment assets: | $ | $ | $ | $ |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
Global Lifestyle | Global Housing | Corporate and Other | Consolidated | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Net earned premiums | $ | $ | $ | $ | |||||||||||||||||||
Fees and other income | |||||||||||||||||||||||
Net investment income | |||||||||||||||||||||||
Net realized losses on investments | ( | ( | |||||||||||||||||||||
Total revenues | ( | ||||||||||||||||||||||
Benefits, losses and expenses | |||||||||||||||||||||||
Policyholder benefits | |||||||||||||||||||||||
Amortization of deferred acquisition costs and value of business acquired | |||||||||||||||||||||||
Underwriting, general and administrative expenses | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Total benefits, losses and expenses | |||||||||||||||||||||||
Segment income (loss) from continuing operations before provision (benefit) for income taxes | ( | ||||||||||||||||||||||
Provision (benefit) for income taxes | ( | ( | |||||||||||||||||||||
Segment net income (loss) from continuing operations | $ | $ | $ | ( | |||||||||||||||||||
Net income from discontinued operations | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Less: Net income attributable to non-controlling interest | ( | ||||||||||||||||||||||
Net income attributable to stockholders | |||||||||||||||||||||||
Less: Preferred stock dividends | ( | ||||||||||||||||||||||
Net income attributable to common stockholders | $ |
March 31, 2021 | |||||||||||||||||||||||||||||
Cost or Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||
U.S. government and government agencies and authorities | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
States, municipalities and political subdivisions | ( | ||||||||||||||||||||||||||||
Foreign governments | ( | ||||||||||||||||||||||||||||
Asset-backed | ( | ||||||||||||||||||||||||||||
Commercial mortgage-backed | ( | ||||||||||||||||||||||||||||
Residential mortgage-backed | ( | ||||||||||||||||||||||||||||
U.S. corporate | ( | ( | |||||||||||||||||||||||||||
Foreign corporate | ( | ||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | ( | $ | $ | ( | $ |
December 31, 2020 | |||||||||||||||||||||||||||||
Cost or Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||
U.S. government and government agencies and authorities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
States, municipalities and political subdivisions | ( | ||||||||||||||||||||||||||||
Foreign governments | ( | ||||||||||||||||||||||||||||
Asset-backed | ( | ||||||||||||||||||||||||||||
Commercial mortgage-backed | ( | ||||||||||||||||||||||||||||
Residential mortgage-backed | ( | ||||||||||||||||||||||||||||
U.S. corporate | ( | ( | |||||||||||||||||||||||||||
Foreign corporate | ( | ||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | ( | $ | $ | ( | $ |
Cost or Amortized Cost | Fair Value | ||||||||||
Due in one year or less | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Total | |||||||||||
Asset-backed | |||||||||||
Commercial mortgage-backed | |||||||||||
Residential mortgage-backed | |||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net realized gains (losses) related to sales and other: | |||||||||||
Fixed maturity securities | $ | $ | |||||||||
Equity securities (1) | ( | ( | |||||||||
Commercial mortgage loans on real estate | ( | ||||||||||
Other investments | |||||||||||
Consolidated investment entities (2) | ( | ||||||||||
Total net realized gains (losses) related to sales and other | ( | ||||||||||
Net realized losses related to impairments: | |||||||||||
Fixed maturity securities | ( | ||||||||||
Other investments (1) | ( | ( | |||||||||
Total net realized losses related to impairments | ( | ( | |||||||||
Total net realized gains (losses) | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net losses recognized on equity securities | $ | ( | $ | ( | |||||||
Less: Net realized gains related to sales of equity securities | |||||||||||
Total net unrealized losses on equity securities held | $ | ( | $ | ( |
March 31, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
U.S. government and government agencies and authorities | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
States, municipalities and political subdivisions | ( | ( | |||||||||||||||||||||||||||||||||
Foreign governments | ( | ( | |||||||||||||||||||||||||||||||||
Asset-backed | ( | ( | ( | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed | ( | ( | ( | ||||||||||||||||||||||||||||||||
Residential mortgage-backed | ( | ( | ( | ||||||||||||||||||||||||||||||||
U.S. corporate | ( | ( | ( | ||||||||||||||||||||||||||||||||
Foreign corporate | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
Foreign governments | ( | ( | |||||||||||||||||||||||||||||||||
Asset-backed | ( | ( | ( | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed | ( | ( | ( | ||||||||||||||||||||||||||||||||
Residential mortgage-backed | ( | ( | ( | ||||||||||||||||||||||||||||||||
U.S. corporate | ( | ( | ( | ||||||||||||||||||||||||||||||||
Foreign corporate | ( | ( | |||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | ( | $ | $ | ( | $ | $ | ( |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | % of Total | ||||||||||||||||||||||||||||||||||||||||
Loan to value ratios (1): | |||||||||||||||||||||||||||||||||||||||||||||||
70% and less | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||
71% to 80% | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||
81% to 95% | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||
Greater than 95% | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | % |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | % of Total | ||||||||||||||||||||||||||||||||||||||||
Debt service coverage ratios (2): | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 2.0 | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||
1.5 to 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1.0 to 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Less than 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | % |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | % of Total | ||||||||||||||||||||||||||||||||||||||||
Loan to value ratios (1): | |||||||||||||||||||||||||||||||||||||||||||||||
70% and less | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||
71% to 80% | % | ||||||||||||||||||||||||||||||||||||||||||||||
81% to 95% | % | ||||||||||||||||||||||||||||||||||||||||||||||
Greater than 95% | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | % |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | % of Total | ||||||||||||||||||||||||||||||||||||||||
Debt service coverage ratios (2): | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 2.0 | $ | $ | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||||||
1.5 to 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
1.0 to 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Less than 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | % |
March 31, 2021 | ||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||
U.S. government and government agencies and authorities | $ | $ | $ | $ | ||||||||||||||||||||||
States, municipalities and political subdivisions | ||||||||||||||||||||||||||
Foreign governments | ||||||||||||||||||||||||||
Asset-backed | ||||||||||||||||||||||||||
Commercial mortgage-backed | ||||||||||||||||||||||||||
Residential mortgage-backed | ||||||||||||||||||||||||||
U.S. corporate | ||||||||||||||||||||||||||
Foreign corporate | ||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||||
Common stocks | ||||||||||||||||||||||||||
Non-redeemable preferred stocks | ||||||||||||||||||||||||||
Short-term investments | (2) | |||||||||||||||||||||||||
Other investments | (1) | (3) | ||||||||||||||||||||||||
Cash equivalents | (2) | (3) | ||||||||||||||||||||||||
Other assets | (4) | |||||||||||||||||||||||||
Assets held in separate accounts | (1) | (3) | ||||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | ||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||
Other liabilities | $ | $ | (1) | $ | $ | (5) | ||||||||||||||||||||
Liabilities related to separate accounts | (1) | (3) | ||||||||||||||||||||||||
Total financial liabilities | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||
U.S. government and government agencies and authorities | $ | $ | $ | $ | ||||||||||||||||||||||
States, municipalities and political subdivisions | ||||||||||||||||||||||||||
Foreign governments | ||||||||||||||||||||||||||
Asset-backed | ||||||||||||||||||||||||||
Commercial mortgage-backed | ||||||||||||||||||||||||||
Residential mortgage-backed | ||||||||||||||||||||||||||
U.S. corporate | ||||||||||||||||||||||||||
Foreign corporate | ||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||||
Common stocks | ||||||||||||||||||||||||||
Non-redeemable preferred stocks | ||||||||||||||||||||||||||
Short-term investments | (2) | |||||||||||||||||||||||||
Other investments | (1) | (3) | ||||||||||||||||||||||||
Cash equivalents | (2) | (3) | ||||||||||||||||||||||||
Assets held in separate accounts | (1) | (3) | ||||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | ||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||
Other liabilities | $ | $ | (1) | $ | (4) | $ | (5) | |||||||||||||||||||
Liabilities related to separate accounts | (1) | (3) | ||||||||||||||||||||||||
Total financial liabilities | $ | $ | $ | $ |
March 31, 2021 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
Commercial mortgage loans on real estate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Funds withheld under reinsurance | |||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||
Total financial liabilities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Carrying Value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
Commercial mortgage loans on real estate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Funds withheld under reinsurance | |||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||
Total financial liabilities | $ | $ | $ | $ | $ |
For the Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Claims and benefits payable, at beginning of period | $ | $ | |||||||||
Less: Reinsurance ceded and other | ( | ( | |||||||||
Net claims and benefits payable, at beginning of period | |||||||||||
Incurred losses and loss adjustment expenses related to: | |||||||||||
Current year | |||||||||||
Prior years | ( | ( | |||||||||
Total incurred losses and loss adjustment expenses | |||||||||||
Paid losses and loss adjustment expenses related to: | |||||||||||
Current year | |||||||||||
Prior years | |||||||||||
Total paid losses and loss adjustment expenses | |||||||||||
Net claims and benefits payable, at end of period | |||||||||||
Plus: Reinsurance ceded and other (1) | |||||||||||
Claims and benefits payable, at end of period (1) | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Principal Amount | Carrying Value | Principal Amount | Carrying Value | ||||||||||||||||||||
Floating Rate Senior Notes due March 2021 (1) | $ | $ | $ | $ | |||||||||||||||||||
Total Debt | $ | $ |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Net unrealized gains on investments | Net unrealized gains on derivative transactions | Credit related impairment | Non-credit related impairment | Unamortized net losses on Pension Plans | Accumulated other comprehensive income | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Change in accumulated other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | ( | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Net unrealized gains on investments | Net unrealized gains on derivative transactions | Credit related impairment | Non-credit related impairment | Unamortized net (losses) gains on Pension Plans (1) | Accumulated other comprehensive income | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | ( | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Change in accumulated other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | ( | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the statement where net income is presented | ||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Net unrealized (gains) losses on investments | $ | ( | $ | ( | Net realized gains (losses) on investments | |||||||||||||||
Provision for income taxes | ||||||||||||||||||||
$ | ( | $ | ( | Net of tax | ||||||||||||||||
Net unrealized gains on derivative transactions | $ | ( | $ | ( | Interest expense | |||||||||||||||
Provision for income taxes | ||||||||||||||||||||
$ | ( | $ | ( | Net of tax | ||||||||||||||||
Amortization of pension and postretirement unrecognized net periodic benefit cost: | ||||||||||||||||||||
Amortization of net loss | $ | $ | (1) | |||||||||||||||||
Amortization of prior service credit | ( | ( | (1) | |||||||||||||||||
( | ||||||||||||||||||||
( | Provision for income taxes | |||||||||||||||||||
$ | ( | $ | Net of tax | |||||||||||||||||
Total reclassifications for the period | $ | ( | $ | ( | Net of tax | |||||||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
RSU compensation expense | $ | $ | |||||||||
Income tax benefit | ( | ( | |||||||||
RSU compensation expense, net of tax | $ | $ | |||||||||
RSUs granted | |||||||||||
Weighted average grant date fair value per unit | $ | $ | |||||||||
Total fair value of vested RSUs | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
PSU compensation expense | $ | $ | |||||||||
Income tax benefit | ( | ( | |||||||||
PSU compensation expense, net of tax | $ | $ | |||||||||
PSUs granted | |||||||||||
Weighted average grant date fair value per unit | $ | $ | |||||||||
Total fair value of vested PSUs | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Numerator | |||||||||||
Net income from continuing operations | $ | $ | |||||||||
Less: Net loss (income) attributable to non-controlling interest | ( | ||||||||||
Net income from continuing operations attributable to stockholders | |||||||||||
Less: Preferred stock dividends | ( | ( | |||||||||
Net income from continuing operations attributable to common stockholders | |||||||||||
Less: Common stock dividends paid | ( | ( | |||||||||
Undistributed earnings | $ | $ | |||||||||
Net income from continuing operations attributable to common stockholders | $ | $ | |||||||||
Add: Net income from discontinued operations | |||||||||||
Net income attributable to common stockholders | $ | $ | |||||||||
Denominator | |||||||||||
Weighted average common shares outstanding used in basic per common share calculations | |||||||||||
Incremental common shares from: | |||||||||||
PSUs | |||||||||||
ESPP | |||||||||||
MCPS | |||||||||||
Weighted average common shares outstanding used in diluted per common share calculations | |||||||||||
Earnings per common share - Basic | |||||||||||
Distributed earnings | $ | $ | |||||||||
Undistributed earnings | |||||||||||
Net income from continuing operations | |||||||||||
Net income from discontinued operations | |||||||||||
Net income attributable to common stockholders | $ | $ | |||||||||
Earnings per common share - Diluted | |||||||||||
Distributed earnings | $ | $ | |||||||||
Undistributed earnings | |||||||||||
Net income from continuing operations | |||||||||||
Net income from discontinued operations | |||||||||||
Net income attributable to common stockholders | $ | $ |
Qualified Pension Benefits | Unfunded Non-qualified Pension Benefits | Retirement Health Benefits | |||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | For the Three Months Ended March 31, | For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of prior service credit | ( | ( | |||||||||||||||||||||||||||||||||
Amortization of net loss (gain) | ( | ||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues: | |||||||||||
Net earned premiums | $ | 2,105.6 | $ | 2,065.5 | |||||||
Fees and other income | 249.9 | 383.6 | |||||||||
Net investment income | 76.3 | 83.6 | |||||||||
Net realized gains (losses) on investments | 0.8 | (84.0) | |||||||||
Total revenues | 2,432.6 | 2,448.7 | |||||||||
Benefits, losses and expenses: | |||||||||||
Policyholder benefits | 528.7 | 535.2 | |||||||||
Amortization of deferred acquisition costs and value of business acquired | 946.7 | 895.3 | |||||||||
Underwriting, general and administrative expenses | 735.7 | 892.6 | |||||||||
Interest expense | 28.4 | 25.5 | |||||||||
Total benefits, losses and expenses | 2,239.5 | 2,348.6 | |||||||||
Income before provision for income taxes | 193.1 | 100.1 | |||||||||
Provision (benefit) for income taxes | 44.6 | (48.5) | |||||||||
Net income from continuing operations | 148.5 | 148.6 | |||||||||
Net income from discontinued operations | 14.3 | 7.2 | |||||||||
Net income | 162.8 | 155.8 | |||||||||
Less: Net loss (income) attributable to non-controlling interest | 0.2 | (1.1) | |||||||||
Net income attributable to stockholders | 163.0 | 154.7 | |||||||||
Less: Preferred stock dividends | (4.7) | (4.7) | |||||||||
Net income attributable to common stockholders | $ | 158.3 | $ | 150.0 |
For the Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues: | |||||||||||
Net earned premiums | $ | 1,648.7 | $ | 1,597.7 | |||||||
Fees and other income | 213.6 | 349.2 | |||||||||
Net investment income | 50.8 | 54.7 | |||||||||
Total revenues | 1,913.1 | 2,001.6 | |||||||||
Benefits, losses and expenses: | |||||||||||
Policyholder benefits | 327.4 | 336.2 | |||||||||
Amortization of deferred acquisition costs and value of business acquired | 889.2 | 838.4 | |||||||||
Underwriting, general and administrative expenses | 527.2 | 667.9 | |||||||||
Total benefits, losses and expenses | 1,743.8 | 1,842.5 | |||||||||
Segment income before provision for income taxes | 169.3 | 159.1 | |||||||||
Provision for income taxes | 40.2 | 38.2 | |||||||||
Segment net income | $ | 129.1 | $ | 120.9 | |||||||
Net earned premiums, fees and other income: | |||||||||||
Connected Living (mobile and service contracts) | $ | 952.4 | $ | 1,088.3 | |||||||
Global Automotive | 812.4 | 753.1 | |||||||||
Global Financial Services and Other | 97.5 | 105.5 | |||||||||
Total | $ | 1,862.3 | $ | 1,946.9 | |||||||
Net earned premiums, fees and other income: | |||||||||||
Domestic | $ | 1,380.6 | $ | 1,434.5 | |||||||
International | 481.7 | 512.4 | |||||||||
Total | $ | 1,862.3 | $ | 1,946.9 |
For the Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues: | |||||||||||
Net earned premiums | $ | 456.9 | $ | 467.8 | |||||||
Fees and other income | 36.1 | 32.6 | |||||||||
Net investment income | 19.4 | 22.0 | |||||||||
Total revenues | 512.4 | 522.4 | |||||||||
Benefits, losses and expenses: | |||||||||||
Policyholder benefits | 201.3 | 198.7 | |||||||||
Amortization of deferred acquisition costs and value of business acquired | 57.5 | 56.9 | |||||||||
Underwriting, general and administrative expenses | 168.8 | 173.3 | |||||||||
Total benefits, losses and expenses | 427.6 | 428.9 | |||||||||
Segment income before provision for income taxes | 84.8 | 93.5 | |||||||||
Provision for income taxes | 17.4 | 19.3 | |||||||||
Segment net income | $ | 67.4 | $ | 74.2 | |||||||
Net earned premiums, fees and other income: | |||||||||||
Lender-placed Insurance | $ | 260.4 | $ | 264.3 | |||||||
Multifamily Housing | 117.3 | 109.0 | |||||||||
Specialty and Other | 115.3 | 127.1 | |||||||||
Total | $ | 493.0 | $ | 500.4 |
For the Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues: | |||||||||||
Fees and other income | $ | 0.2 | $ | 1.8 | |||||||
Net investment income | 6.1 | 6.9 | |||||||||
Net realized gains (losses) on investments | 0.8 | (84.0) | |||||||||
Total revenues | 7.1 | (75.3) | |||||||||
Benefits, losses and expenses: | |||||||||||
Policyholder benefits | — | 0.3 | |||||||||
General and administrative expenses | 39.7 | 51.4 | |||||||||
Interest expense | 28.4 | 25.5 | |||||||||
Total benefits, losses and expenses | 68.1 | 77.2 | |||||||||
Segment loss before benefit for income taxes | (61.0) | (152.5) | |||||||||
Benefit for income taxes | (13.0) | (106.0) | |||||||||
Segment net loss from continuing operations | $ | (48.0) | $ | (46.5) |
For the Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues: | |||||||||||
Net earned premiums | $ | 17.7 | $ | 18.3 | |||||||
Fees and other income | 37.5 | 37.5 | |||||||||
Net investment income | 72.0 | 72.4 | |||||||||
Net realized losses on investments | (1.1) | (11.3) | |||||||||
Total revenues | 126.1 | 116.9 | |||||||||
Benefits, losses and expenses: | |||||||||||
Policyholder benefits | 74.0 | 72.0 | |||||||||
Amortization of deferred acquisition costs and value of business acquired | 19.2 | 18.9 | |||||||||
Underwriting, general and administrative expenses | 21.8 | 16.9 | |||||||||
Total benefits, losses and expenses | 115.0 | 107.8 | |||||||||
Income before (benefit) provision for income taxes | 11.1 | 9.1 | |||||||||
(Benefit) provision for income taxes | (3.2) | 1.9 | |||||||||
Net income from discontinued operations | $ | 14.3 | $ | 7.2 |
Fair value as of | |||||||||||||||||||||||
Fixed Maturity Securities by Credit Quality | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||
Aaa / Aa / A | $ | 3,850.0 | 58.5 | % | $ | 4,051.3 | 59.5 | % | |||||||||||||||
Baa | 2,279.1 | 34.7 | % | 2,288.1 | 33.6 | % | |||||||||||||||||
Ba | 342.9 | 5.2 | % | 384.4 | 5.6 | % | |||||||||||||||||
B and lower | 103.9 | 1.6 | % | 91.7 | 1.3 | % | |||||||||||||||||
Total | $ | 6,575.9 | 100.0 | % | $ | 6,815.5 | 100.0 | % |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Fixed maturity securities | $ | 57.4 | $ | 57.8 | |||||||
Equity securities | 3.6 | 3.6 | |||||||||
Commercial mortgage loans on real estate | 1.3 | 1.9 | |||||||||
Short-term investments | 0.8 | 2.7 | |||||||||
Other investments | 14.7 | 3.3 | |||||||||
Cash and cash equivalents | 1.6 | 7.0 | |||||||||
Revenue from consolidated investment entities (1) | — | 31.9 | |||||||||
Total investment income | 79.4 | 108.2 | |||||||||
Investment expenses | (3.1) | (7.2) | |||||||||
Expenses from consolidated investment entities (1) | — | (17.4) | |||||||||
Net investment income | $ | 76.3 | $ | 83.6 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Investment income from direct investments in: | |||||||||||
Real estate fund (1) | $ | — | $ | 8.2 | |||||||
CLO entities | — | 4.7 | |||||||||
Investment management fees | — | 1.6 | |||||||||
Net investment income from consolidated investment entities | $ | — | $ | 14.5 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Principal Amount | Carrying Value | Principal Amount | Carrying Value | ||||||||||||||||||||
Floating Rate Senior Notes due March 2021 (1) | $ | — | $ | — | $ | 50.0 | $ | 50.0 | |||||||||||||||
4.00% Senior Notes due March 2023 | 350.0 | 349.0 | 350.0 | 348.9 | |||||||||||||||||||
4.20% Senior Notes due September 2023 | 300.0 | 298.5 | 300.0 | 298.4 | |||||||||||||||||||
4.90% Senior Notes due March 2028 | 300.0 | 297.2 | 300.0 | 297.2 | |||||||||||||||||||
3.70% Senior Notes due February 2030 | 350.0 | 347.1 | 350.0 | 347.0 | |||||||||||||||||||
6.75% Senior Notes due February 2034 | 275.0 | 272.3 | 275.0 | 272.3 | |||||||||||||||||||
7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 (2) | 400.0 | 395.6 | 400.0 | 395.4 | |||||||||||||||||||
5.25% Subordinated Notes due January 2061 | 250.0 | 244.0 | 250.0 | 243.7 | |||||||||||||||||||
Total Debt | $ | 2,203.7 | $ | 2,252.9 |
Rating Agencies | ||||||||||||||||||||
Rating Levels | Moody’s (1) | S&P (1) | Interest Rate Increase (2) | |||||||||||||||||
1 | Ba1 | BB+ | 25 basis points | |||||||||||||||||
2 | Ba2 | BB | 50 basis points | |||||||||||||||||
3 | Ba3 | BB- | 75 basis points | |||||||||||||||||
4 | B1 or below | B+ or below | 100 basis points |
For the Three Months Ended March 31, | |||||||||||
Net cash provided by (used in): | 2021 | 2020 | |||||||||
Operating activities - continuing operations | $ | (454.0) | $ | (167.5) | |||||||
Operating activities - discontinued operations | 35.3 | 43.8 | |||||||||
Operating activities | (418.7) | (123.7) | |||||||||
Investing activities - continuing operations | 63.2 | 237.7 | |||||||||
Investing activities - discontinued operations | (48.7) | (55.8) | |||||||||
Investing activities | 14.5 | 181.9 | |||||||||
Financing activities - continuing operations | (153.0) | 91.4 | |||||||||
Financing activities - discontinued operations | — | — | |||||||||
Financing activities | (153.0) | 91.4 | |||||||||
Effect of exchange rate changes on cash and cash equivalents - continuing operations | — | (16.4) | |||||||||
Effect of exchange rate changes on cash and cash equivalents - discontinued operations | 0.2 | (0.4) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0.2 | (16.8) | |||||||||
Net change in cash | $ | (557.0) | $ | 132.8 |
For the Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Interest paid on debt | $ | 50.5 | $ | 50.8 | |||||||
Common stock dividends | 38.2 | 38.0 | |||||||||
Preferred stock dividends | 4.7 | 4.7 | |||||||||
Total | $ | 93.4 | $ | 93.5 |
(In millions, except number of shares and per share amounts) | |||||||||||||||||||||||
Period in 2021 | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs (1) | Approximate Dollar Value of Shares that May Yet be Purchased Under the Programs (1) | |||||||||||||||||||
January 1 - January 31 | 95,000 | $ | 136.96 | 95,000 | $ | 773.5 | |||||||||||||||||
February 1 - February 29 | 98,000 | 129.10 | 98,000 | 760.8 | |||||||||||||||||||
March 1 - March 31 | 115,000 | 137.58 | 115,000 | 745.0 | |||||||||||||||||||
Total | 308,000 | $ | 134.69 | 308,000 | $ | 745.0 |
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Equity, (v) the Consolidated Statements of Cash Flows and (vi) Notes to the Consolidated Financial Statements. | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
ASSURANT, INC. | ||||||||
By: | /s/ ALAN B. COLBERG | |||||||
Name: | Alan B. Colberg | |||||||
Title: | President and Chief Executive Officer | |||||||
By: | /s/ RICHARD S. DZIADZIO | |||||||
Name: | Richard S. Dziadzio | |||||||
Title: | Executive Vice President and Chief Financial Officer |
Targeted Percentile Rank | Percentage of Applicable Restricted Stock Units that Vest | ||||
90th Percentile and Above | 200% | ||||
75th Percentile | 150% | ||||
50th Percentile | 100% | ||||
25th Percentile | 50% | ||||
Below 25th Percentile | 0% |
If to the Participant: | |||||
At the most recent address | |||||
on file at the Company. | |||||
If to the Company: | |||||
Assurant, Inc. | |||||
28 Liberty Street, 41st Floor | |||||
New York, New York 10005 | |||||
Attention: Secretary |
Participant: | |||||
Date: | |||||
Assurant, Inc.: | |||||
By: | |||||
Name: | |||||
Title: | |||||
Date: |
/s/ Alan B. Colberg | |||||
Alan B. Colberg President, Chief Executive Officer and Director |
/s/ Richard S. Dziadzio | |||||
Richard S. Dziadzio Executive Vice President and Chief Financial Officer |
/s/ Alan B. Colberg | |||||
Alan B. Colberg President, Chief Executive Officer and Director |
/s/ Richard S. Dziadzio | |||||
Richard S. Dziadzio Executive Vice President and Chief Financial Officer |
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Fixed maturity securities available for sale, amortized cost | $ 6,206.8 | |
Commercial mortgage loans on real estate, allowances for expected credit losses | 1.2 | $ 1.6 |
Other investments, allowances for credit losses | 1.4 | 1.4 |
Premiums and accounts receivable, allowances for expected credit losses | 12.2 | 13.3 |
Reinsurance recoverables, allowances for expected credit losses | 22.8 | 24.6 |
Other assets, allowances for credit losses | $ 1.8 | $ 1.8 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, shares, issued (in shares) | 62,947,351 | 62,967,808 |
Common stock, shares outstanding (in shares) | 60,651,262 | 57,967,808 |
Treasury stock, at cost (in shares) | 2,296,089 | 5,000,000 |
Fixed maturity securities | ||
Fixed maturity securities available for sale, allowances for credit losses | $ 1.2 | $ 1.2 |
Fixed maturity securities available for sale, amortized cost | $ 6,206.8 | $ 6,245.8 |
Series D Preferred Stock | ||
Share interest rate | 6.50% | 6.50% |
Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized (in shares) | 0 | 2,875,000 |
Preferred stock, shares issued (in shares) | 0 | 2,875,000 |
Preferred stock, shares outstanding (in shares) | 0 | 2,875,000 |
Consolidated Statements of Operations (unaudited) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Revenues | ||
Net earned premiums | $ 2,105.6 | $ 2,065.5 |
Fees and other income | 249.9 | 383.6 |
Net investment income | 76.3 | 83.6 |
Net realized gains (losses) on investments (including $1.0 and $5.3 of impairment losses for the three months ended March 31, 2021 and 2020, respectively) | 0.8 | (84.0) |
Total revenues | 2,432.6 | 2,448.7 |
Benefits, losses and expenses | ||
Policyholder benefits | 528.7 | 535.2 |
Amortization of deferred acquisition costs and value of business acquired | 946.7 | 895.3 |
Underwriting, general and administrative expenses | 735.7 | 892.6 |
Interest expense | 28.4 | 25.5 |
Total benefits, losses and expenses | 2,239.5 | 2,348.6 |
Income from continuing operations before income tax expense (benefit) | 193.1 | 100.1 |
Income tax expense (benefit) | 44.6 | (48.5) |
Net income from continuing operations | 148.5 | 148.6 |
Net income from discontinued operations (Note 4) | 14.3 | 7.2 |
Net income | 162.8 | 155.8 |
Less: Net loss (income) attributable to non-controlling interests | 0.2 | (1.1) |
Net income attributable to stockholders | 163.0 | 154.7 |
Less: Preferred stock dividends | (4.7) | (4.7) |
Net income attributable to common stockholders | $ 158.3 | $ 150.0 |
Basic | ||
Net income from continuing operations (in dollars per share) | $ 2.43 | $ 2.36 |
Net income from discontinued operations (in dollars per share) | 0.24 | 0.12 |
Net income attributable to common stockholders (in dollars per share) | 2.67 | 2.48 |
Diluted | ||
Net income from continuing operations (in dollars per share) | 2.41 | 2.32 |
Net income from discontinued operations (in dollars per share) | 0.23 | 0.11 |
Net income attributable to common stockholders (in dollars per share) | $ 2.64 | $ 2.43 |
Share Data | ||
Weighted average common shares outstanding used in basic per common share calculations (in shares) | 59,192,880 | 60,602,911 |
Plus: Dilutive securities (in shares) | 2,590,512 | 3,024,015 |
Weighted average common shares outstanding used in diluted per common share calculations (in shares) | 61,783,392 | 63,626,926 |
Consolidated Statements of Operations (unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Statement [Abstract] | ||
Impairment loss | $ 1.0 | $ 5.3 |
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 162.8 | $ 155.8 | ||
Other comprehensive (loss) income: | ||||
Change in unrealized gains on investments, net of taxes of $58.6 and $85.1 for the three months ended March 31, 2021 and 2020, respectively | (209.5) | (302.1) | ||
Change in unrealized gains on derivative transactions, net of taxes of $0.2 for each of the three months ended March 31, 2021 and 2020 | (0.6) | (0.6) | ||
Change in non-credit related impairment losses, net of taxes of $0.2 and $0.7 for the three months ended March 31, 2021 and 2020, respectively | (0.8) | (2.7) | ||
Change in foreign currency translation, net of taxes of $2.1 and $9.7 for the three months ended March 31, 2021 and 2020, respectively | 7.2 | (66.7) | ||
Change in pension and postretirement unrecognized net periodic benefit cost, net of taxes of $0.5, $(0.1), ($12.6) and $(0.1) for the three and six months ended June 30, 2020 and 2019, respectively | [1] | (1.6) | 49.0 | |
Total other comprehensive loss | (205.3) | (323.1) | ||
Total comprehensive loss | (42.5) | (167.3) | ||
Less: Comprehensive loss (income) attributable to non-controlling interests | 0.2 | (1.1) | ||
Total comprehensive loss attributable to stockholders | $ (42.3) | $ (168.4) | ||
|
Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Change in unrealized gains on securities, tax | $ 58.6 | $ 85.1 |
Change in unrealized gains on derivative transactions, tax | 0.2 | 0.2 |
Change in non-credit related impairment losses, tax | 0.2 | 0.7 |
Change in foreign currency transaction, tax | 2.1 | 9.7 |
Change in pension and postretirement unrecognized net periodic benefit cost, tax | $ 0.5 | $ (13.0) |
Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Millions |
Total |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Non-controlling Interests |
Cumulative Effect, Period of Adoption, Adjustment |
[1] |
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
|
[1] | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2019 | $ 5,682.1 | $ 2.9 | $ 1.6 | $ 4,537.7 | $ 5,966.4 | $ 411.5 | $ (5,267.3) | $ 29.3 | $ (20.4) | $ (20.4) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Stock plan issuances | 3.9 | 3.9 | ||||||||||||
Stock plan compensation expense | 11.5 | 11.5 | ||||||||||||
Common stock dividends | (38.0) | (38.0) | ||||||||||||
Acquisition of common stock | (69.8) | (12.5) | (57.3) | |||||||||||
Net income (loss) | 155.8 | 154.7 | 1.1 | |||||||||||
Preferred stock dividends | (4.7) | (4.7) | 0.0 | |||||||||||
Change in equity of non-controlling interests | (11.1) | 3.1 | (14.2) | |||||||||||
Other comprehensive income | $ (323.1) | (323.1) | ||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||
Ending balance at Mar. 31, 2020 | $ 5,386.2 | 2.9 | 1.6 | 4,540.6 | 6,061.1 | 88.4 | (5,324.6) | 16.2 | ||||||
Beginning balance at Dec. 31, 2020 | 5,954.8 | 2.9 | 0.6 | 1,956.8 | 3,548.7 | 709.8 | (267.4) | 3.4 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Stock plan issuances | 5.4 | 5.4 | ||||||||||||
Stock plan compensation expense | 13.2 | 13.2 | ||||||||||||
Common stock dividends | (38.2) | (38.2) | ||||||||||||
Acquisition of common stock | (62.6) | (29.3) | (33.3) | 0.0 | ||||||||||
Net income (loss) | 162.8 | 163.0 | (0.2) | |||||||||||
Preferred stock conversion | (2.9) | 0.1 | (141.8) | 144.6 | ||||||||||
Preferred stock dividends | (4.7) | (4.7) | ||||||||||||
Change in equity of non-controlling interests | 0.2 | 0.0 | 0.2 | |||||||||||
Other comprehensive income | (205.3) | (205.3) | ||||||||||||
Ending balance at Mar. 31, 2021 | $ 5,825.6 | $ 0.0 | $ 0.7 | $ 1,804.3 | $ 3,635.5 | $ 504.5 | $ (122.8) | $ 3.4 | ||||||
|
Consolidated Statements of Changes in Equity (unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends (usd per share) | $ 0.66 | $ 0.63 |
Preferred stock dividends (usd per share) | $ 1.63 | $ 1.63 |
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|||
Statement of Cash Flows [Abstract] | ||||
Net income attributable to stockholders | $ 163.0 | $ 154.7 | ||
Noncash revenues, expenses, gains and losses included in net income from continuing operations: | ||||
Deferred tax expense | 19.2 | 120.0 | ||
Depreciation and amortization | 41.4 | 32.5 | ||
Net realized (gains) losses on investments, including impairment losses | (0.8) | 84.0 | ||
Stock based compensation expense | 13.2 | 11.5 | ||
Ike related charges, net of derivative gains | 0.0 | 1.4 | ||
Changes in operating assets and liabilities: | ||||
Change in insurance policy reserves and expenses | 4.9 | 24.5 | ||
Change in premiums and accounts receivable | (385.0) | 47.6 | ||
Change in commissions payable | (142.6) | (108.6) | ||
Change in reinsurance recoverable | 69.9 | (9.5) | ||
Change in reinsurance balance payable | 64.0 | (7.7) | ||
Change in funds withheld under reinsurance | 0.6 | 34.5 | ||
Change in deferred acquisition costs and value of business acquired | (111.4) | (95.2) | ||
Change in taxes payable (receivable) | 6.5 | (190.4) | ||
Change in other assets and other liabilities | (187.9) | (289.4) | ||
Other | (9.0) | 22.6 | ||
Net cash provided by operating activities - discontinued operations | 35.3 | 43.8 | ||
Net cash used in operating activities | (418.7) | (123.7) | ||
Sales of: | ||||
Fixed maturity securities available for sale | 215.5 | 199.4 | ||
Equity securities | 3.4 | 1.7 | ||
Other invested assets | 25.8 | 30.9 | ||
Maturities, calls, prepayments, and scheduled redemption of: | ||||
Fixed maturity securities available for sale | 239.0 | 160.7 | ||
Commercial mortgage loans on real estate | 4.2 | 3.1 | ||
Purchases of: | ||||
Fixed maturity securities available for sale | (390.6) | (297.1) | ||
Equity securities | (10.3) | (12.2) | ||
Commercial mortgage loans on real estate | (10.0) | 0.0 | ||
Other invested assets | (12.2) | (5.7) | ||
Property and equipment and other | (39.6) | (20.3) | ||
Subsidiaries, net of cash transferred | (4.1) | 0.0 | ||
Consolidated investment entities | ||||
Purchases of investments | [1] | 0.0 | (258.7) | |
Sale of investments | [1] | 0.0 | 310.3 | |
Change in short-term investments | 41.6 | 125.3 | ||
Other | 0.5 | 0.3 | ||
Net cash used in investing activities - discontinued operations | (48.7) | (55.8) | ||
Net cash provided by investing activities | 14.5 | 181.9 | ||
Financing activities | ||||
Repayment of debt | (50.0) | 0.0 | ||
Repayment of debt for consolidated investment entities | [1] | 0.0 | (0.7) | |
Borrowings under unsecured revolving credit facility | 0.0 | 200.0 | ||
Acquisition of common stock | (42.0) | (56.6) | ||
Common stock dividends paid | (38.2) | (38.0) | ||
Preferred stock dividends paid | (4.7) | (4.7) | ||
Employee stock purchases and withholdings | (18.1) | (8.6) | ||
Net cash provided by (used in) financing activities - discontinued operations | 0.0 | 0.0 | ||
Net cash (used in) provided by financing activities | (153.0) | 91.4 | ||
Effect of exchange rate changes on cash and cash equivalents - continuing operations | 0.0 | (16.4) | ||
Effect of exchange rate changes on cash and cash equivalents - discontinued operations | 0.2 | (0.4) | ||
Effect of exchange rate changes on cash and cash equivalents | 0.2 | (16.8) | ||
Change in cash and cash equivalents | (557.0) | 132.8 | ||
Cash and cash equivalents at beginning of period | 2,228.6 | 1,867.1 | ||
Cash and cash equivalents at end of period | 1,671.6 | 1,999.9 | ||
Less: Cash and cash equivalents of discontinued operations at end of period | 20.3 | 3.8 | ||
Cash and cash equivalents of continuing operations at end of period | $ 1,651.3 | $ 1,996.1 | ||
|
Nature of Operations |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Assurant, Inc. (the “Company”) is a global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. The Company partners with leading brands to develop innovative products and services and to deliver enhanced customer experience. The Company operates in North America, Latin America, Europe and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. Through its Global Lifestyle segment, the Company provides mobile device solutions and extended service products and related services for consumer electronics and appliances (referred to as “Connected Living”); vehicle protection and related services (referred to as “Global Automotive”); and credit and other insurance products (referred to as “Global Financial Services and Other”). Through its Global Housing segment, the Company provides lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”). The businesses previously reported as the Global Preneed segment, through which the Company provides pre-funded funeral insurance, final need insurance and related services, as well as certain businesses previously disposed of through reinsurance, which were previously reported in the Corporate and Other segment, have been classified as held for sale. Refer to Note 4 for additional information on the pending sale.The Company’s common stock is traded on the New York Stock Exchange under the symbol “AIZ”. |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. The interim financial data as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 is unaudited. In the opinion of management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation, including the impacts of held for sale and discontinued operations as further summarized in Note 4. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
|
Recent Accounting Pronouncements |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted Simplifying the Accounting for Income Taxes: In December 2019, the Financial Accounting Standards Board (“FASB”) issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplify areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The standard was adopted by the Company beginning on January 1, 2021 with no material impact on its financial position or results of operations. Not Yet Adopted Targeted improvements to the accounting for long-duration contracts: In August 2018, the FASB issued guidance that provides targeted improvements to the accounting for long-duration contracts. The guidance includes the following primary changes: assumptions supporting benefit reserves will no longer be locked-in but must be updated at least annually with the impact of changes to the liability reflected in earnings (except for discount rates); the discount rate assumptions will be based on the upper-medium grade (low credit risk) fixed-income instrument yield instead of the earnings rate of invested assets; the discount rate must be evaluated at each reporting date and the impact of changes to the liability estimate as a result of updating the discount rate assumption is required to be recognized in other comprehensive income; the provision for adverse deviation is eliminated; and premium deficiency testing is eliminated. Other noteworthy changes include the following: differing models for amortizing deferred acquisition costs will become uniform for all long-duration contracts based on a constant rate over the expected term of the related in-force contracts; all market risk benefits associated with deposit contracts must be reported at fair value with changes reflected in income except for changes related to credit risk which will be recognized in other comprehensive income; and disclosures will be expanded to include disaggregated roll forwards of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions and methods used in measurement. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. Generally, the amendments are applied retrospectively as of the beginning of the earliest period presented with two transition options available for changing the assumptions. The Company is evaluating the requirements of this guidance and the potential impact on the Company’s financial position and results of operations. Facilitation of the Effects of Reference Rate Reform on Financial Reporting: In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The relief is applicable only to legacy contracts if the amendments made to the agreements are solely for reference rate reform activities. The provisions must be applied consistently for all relevant transactions other than derivatives, which may be applied at a hedging relationship level. The guidance is effective upon issuance. The guidance on contract modifications is applied prospectively from any date beginning March 12, 2020. Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have been completed. As certain published LIBOR periods are expected to be discontinued after 2021, the Company is evaluating the provisions of this new accounting guidance and the impact to debt, investments and derivatives that have references to LIBOR and the subsequent transition to alternative reference rates. Improvements to Convertible Instruments and Contracts in an Entity’s Own Equity: In August 2020, the FASB issued guidance that simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more contracts in an entity’s own equity to qualify for it. The guidance also simplifies the diluted earnings per common share (“EPS”) calculation in the areas of convertible instruments and instruments that qualify for the derivatives scope exception for contracts in an entity’s own equity to address accounting for the guidance changes to the classification, recognition and measurement. This guidance will be effective for the Company beginning January 1, 2022. Early adoption is permitted. The Company is evaluating the requirements of this guidance and the potential impact on its financial position and results of operations.
|
Business Held for Sale and Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Held for Sale and Discontinued Operations | Business Held for Sale and Discontinued Operations In March 2021, the Company entered into a definitive agreement to sell the legal entities which comprise the businesses previously reported as the Global Preneed segment and certain businesses previously disposed of through reinsurance, which were previously reported in the Corporate and Other segment (collectively, the “disposal business”) to CUNA Mutual Group (“CUNA”) for total cash consideration of $1.25 billion, subject to certain purchase price adjustments at closing. The transaction is expected to close by the end of the third quarter of 2021, subject to regulatory approvals and other customary closing conditions. The estimated carrying value of the disposal business is subject to adjustment in future quarters until closing, and may be influenced by various factors including the following: •The performance of the disposal business, including the impact of discount, interest, mortality and reinsurance rates; and •Changes in the terms of the agreement with CUNA, including as a result of any subsequent negotiations, any necessary changes to obtain regulatory approval or any changes due to unanticipated developments. The Company reports a business as held for sale when management has received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the ensuing year and certain other specified criteria are met. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less costs to sell, which is required to be remeasured each reporting period. If the carrying amount of the business exceeds its estimated fair value, which is based on the estimated sales price of the transaction, less costs to sell, a loss is recognized. Depreciation is not recorded on assets of a business classified as held for sale. The Company reports the results of operations of a business as discontinued operations if (i) the business is classified as held for sale; (ii) the business represents a strategic shift that will have a major impact on the Company’s operations and financial results; (iii) the operations and cash flows of the business have been or will be eliminated from the ongoing operations of the Company as a result of the disposal transaction and (iv) the Company will not have any significant continuing involvement in the operations of the business after the disposal transaction. The results of discontinued operations are reported in net income from discontinued operations in the consolidated statements of operations for all periods presented, commencing in the period in which the business is either disposed of or is classified as held for sale, including any gain or loss recognized on closing or adjustment of the carrying amount to fair value less costs to sell. Assets and liabilities related to a business classified as held for sale which also meets the criteria for discontinued operations are segregated in the consolidated balance sheets for the current and prior periods presented. The Company has determined that the disposal business meets the criteria to be classified as held for sale and that the sale represents a strategic shift that will have a major impact on the Company’s operations and financial results. Accordingly, the results of operations of the disposal business are presented as net income from discontinued operations in the consolidated statements of operations and segregated in the consolidated statement of cash flows for all periods presented, and the assets and liabilities for the disposal business have been classified as held for sale and segregated for all periods presented in the consolidated balance sheets. The following table presents the major classes of assets and liabilities held for sale included in the consolidated balance sheets.
The following table summarizes the components of net income from discontinued operations included in the consolidated statements of operations:
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Segment Information | Segment Information As of March 31, 2021, the Company had three reportable segments, excluding discontinued operations described above, which are defined based on the manner in which the Company’s chief operating decision maker, the Chief Executive Officer (“CEO”), reviews the business to assess performance and allocate resources, and which align to the nature of the products and services offered: •Global Lifestyle; •Global Housing; and •Corporate and Other: includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments (which includes unrealized gains (losses) on equity securities and changes in fair value of direct investments in collateralized loan obligations), interest income earned from short-term investments held, income (expenses) primarily related to the Company’s frozen benefit plans, amounts related to businesses previously disposed of through reinsurance and the run-off of the Assurant Health business. Corporate and Other also includes goodwill impairments, the foreign currency gains (losses) from remeasurement of monetary assets and liabilities, changes in the fair value of derivative instruments and other expenses related to merger and acquisition activities, as well as other highly variable or unusual items other than reportable catastrophes (reportable catastrophe losses, net of reinsurance and client profit sharing adjustments, and including reinstatement and other premiums). The following tables summarize selected financial information by segment:
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Contract Revenues |
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Revenue from Contract with Customer [Abstract] | |
Contract Revenues | Contract Revenues The Company partners with clients to provide consumers a diverse range of protection products and services. The Company’s revenues from protection products are accounted for as insurance contracts and are recognized over the term of the insurance protection provided. Revenues from service contracts and sales of products are recognized as the contractual performance obligations are satisfied or the products are delivered. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for performing the services or transferring products. If payments are received before the related revenue is recognized, the amount is recorded as unearned revenue or advance payment liabilities, until the performance obligations are satisfied or the products are transferred. The disaggregated revenues from service contracts included in fees and other income on the consolidated statements of operations are $164.9 million and $299.1 million for Global Lifestyle and $24.5 million and $22.1 million for Global Housing for the three months ended March 31, 2021 and 2020, respectively. Global Lifestyle In the Company’s Global Lifestyle segment, revenues from service contracts and sales of products are primarily from the Company’s Connected Living business. Through partnerships with mobile carriers, the Company provides administrative services related to its mobile device protection products, including program design and marketing strategy, risk management, data analytics, customer support and claims handling, supply chain and service delivery, repair and logistics, and device disposition. Administrative fees are generally billed monthly based on the volume of services provided during the billing period (for example, based on the number of mobile subscribers) with payment due within a short-term period. Each service or bundle of services, depending on the contract, is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer. The Company also repairs, refurbishes and then sells mobile and other electronic devices, on behalf of its clients, for a bundled per unit fee. The entire processing of the device is considered one performance obligation with a standalone selling price and thus, the per unit fee is recognized when the products are sold. Payments are generally due prior to shipment or within a short-term period. Global Housing In the Company’s Global Housing segment, revenues from service contracts and sales of products are primarily from the Company’s Lender-placed Insurance business. Under the Company’s Lender-placed Insurance business, the Company provides loan and claim payment tracking services for lenders. The Company generally invoices its customers weekly or monthly based on the volume of services provided during the billing period with payment due within a short-term period. Each service is an individual performance obligation with a standalone selling price. The Company recognizes revenue as it invoices, which corresponds to the value transferred to the customer. Contract Balances The receivables and unearned revenue under these contracts were $219.9 million and $91.6 million, respectively, as of March 31, 2021, and $257.9 million and $89.8 million, respectively, as of December 31, 2020. These balances are included in premiums and accounts receivable and accounts payable and other liabilities, respectively, in the consolidated balance sheets. Revenue from service contracts and sales of products recognized during the three months ended March 31, 2021 and 2020 that was included in unearned revenue as of December 31, 2020 and 2019 was $11.7 million and $20.2 million, respectively. In certain circumstances, the Company defers upfront commissions and other costs in connection with client contracts in excess of one year where the Company can demonstrate future economic benefit. For these contracts, expense is recognized as revenues are earned. The Company periodically assesses recoverability based on the performance of the related contracts. As of March 31, 2021 and December 31, 2020, the Company had approximately $10.9 million and $13.8 million, respectively, of such intangible assets attributed to service contracts that will be expensed over the term of the client contracts.
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Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:
The Company’s state, municipality and political subdivision holdings are highly diversified across the U.S., with no individual state, municipality or political subdivision exposure (including both general obligation and revenue securities) exceeding 0.4% of the overall investment portfolio as of March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, the securities included general obligation and revenue bonds issued by states, cities, counties, school districts and similar issuers, including $39.5 million and $39.6 million, respectively, of advance refunded or escrowed-to-maturity bonds (collectively referred to as “pre-refunded revenue bonds”), which are bonds for which an irrevocable trust has been established to fund the remaining payments of principal and interest. As of March 31, 2021 and December 31, 2020, revenue bonds accounted for 61% and 60% of the holdings, respectively. Excluding pre-refunded revenue bonds, the activities supporting the income streams of the Company’s revenue bonds are across a broad range of sectors, primarily water, airport and marina, specifically pledged tax revenues, leases, colleges and universities and other miscellaneous sources such as bond banks, finance authorities and appropriations. The Company’s investments in foreign government fixed maturity securities are held mainly in countries and currencies where the Company has policyholder liabilities, to facilitate matching of assets to the related liabilities. As of March 31, 2021, approximately 25%, 21% and 16% of the foreign government securities were held in Canadian government/provincials and the governments of Brazil and Mexico, respectively. As of December 31, 2020, approximately 26%, 24% and 16% of the foreign government securities were held in Brazil, Canadian government/provincials and Mexico, respectively. No other country represented more than 10% and 8% of the Company’s foreign government securities as of March 31, 2021 and December 31, 2020, respectively. The Company had European investment exposure in its corporate fixed maturity securities of $617.2 million with a net unrealized gain of $21.6 million as of March 31, 2021 and $589.5 million with a net unrealized gain of $41.8 million as of December 31, 2020. Approximately 34% and 29% of the corporate fixed maturity European exposure was held in the financial industry as of March 31, 2021 and December 31, 2020, respectively. The Company’s largest European country exposure (the United Kingdom) represented approximately 6% of the fair value of the Company’s corporate fixed maturity securities as of March 31, 2021 and December 31, 2020. The Company’s international investments are managed as part of the overall portfolio with the same approach to risk management and focus on diversification. The Company had exposure to the energy sector in its corporate fixed maturity securities of $290.0 million with a net unrealized gain of $19.5 million as of March 31, 2021 and $319.4 million with a net unrealized gain of $23.0 million as of December 31, 2020. Approximately 82% and 81% of the energy exposure is rated as investment grade as of March 31, 2021 and December 31, 2020, respectively. The cost or amortized cost and fair value of fixed maturity securities as of March 31, 2021 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
The following table sets forth the net realized gains (losses), including impairment, recognized in the consolidated statements of operations for the periods indicated:
(1)Three months ended March 31, 2021 and 2020 includes $2.1 million and $2.2 million, respectively, of net gains on equity investment holdings accounted for under the measurement alternative. The carrying value of equity investments accounted for under the measurement alternative was $103.3 million and $96.0 million as of March 31, 2021 and 2020, respectively. These investments are included within other investments on the consolidated balance sheets. For the three months ended March 31, 2021 and 2020, there were impairments of $1.0 million and $4.2 million, respectively. For the three months ended March 31, 2021 and 2020, the cumulative carry value fair value increases were $37.1 million and $26.8 million, respectively. For the three months ended March 31, 2021 and 2020, the cumulative impairment losses were $19.6 million and $5.6 million, respectively. (2)Consists of net realized losses from the change in fair value of the Company’s direct investment in collateralized loan obligations (“CLOs”). The following table sets forth the portion of unrealized gains (losses) related to equity securities for the periods indicated:
The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of March 31, 2021 and December 31, 2020 were as follows:
Total gross unrealized losses represented approximately 4% and 2% of the aggregate fair value of the related securities as of March 31, 2021 and December 31, 2020, respectively. Approximately 92% and 60% of these gross unrealized losses had been in a continuous loss position for less than twelve months as of March 31, 2021 and December 31, 2020, respectively. The total gross unrealized losses are comprised of 619 and 180 individual securities as of March 31, 2021 and December 31, 2020, respectively. In accordance with its policy, the Company concluded that for these securities, the gross unrealized losses as of March 31, 2021 and December 31, 2020 were related to non-credit factors and therefore, did not recognize credit-related losses during the three months ended March 31, 2021. Additionally, the Company currently does not intend to and is not required to sell these investments prior to an anticipated recovery in value. The Company has entered into commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the U.S. and Canada. As of March 31, 2021, approximately 53% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, Texas and Oregon. Although the Company has a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of its debtors to repay their loans. The outstanding balance of commercial mortgage loans range in size from $0.2 million to $9.9 million as of March 31, 2021 and from $0.1 million to $9.9 million as of December 31, 2020. Credit quality indicators for commercial mortgage loans are loan-to-value and debt-service coverage ratios. The loan-to-value ratio compares the principal amount of the loan to the fair value of the underlying property collateralizing the loan, and is commonly expressed as a percentage. The debt-service coverage ratio compares a property’s net operating income to its debt-service payments and is commonly expressed as a ratio. The loan-to-value and debt-service coverage ratios are generally updated annually in the fourth quarter. The following table presents the amortized cost basis of commercial mortgage loans, excluding the allowance for credit losses, by origination year for certain key credit quality indicators at March 31, 2021 and December 31, 2020.
(1)Loan-to-value ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually. (2)Debt-service coverage ratio calculated using most recent reported operating results from property operators divided by annual debt service coverage.
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Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities Disclosures The fair value measurements and disclosures guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has categorized its recurring fair value basis financial assets and liabilities into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and takes into account factors specific to the asset or liability. The levels of the fair value hierarchy are described below: •Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access. •Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices that are observable in the marketplace for the asset or liability. The observable inputs are used in valuation models to calculate the fair value for the asset or liability. •Level 3 inputs are unobservable but are significant to the fair value measurement for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan, a modified coinsurance arrangement and other derivatives. Other liabilities are comprised of investments in the AIP, contingent considerations related to business combinations and other derivatives. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties.
(1)Primarily includes mutual funds and related obligations. (2)Primarily includes money market funds. (3)Primarily includes fixed maturity securities and related obligations. (4)Primarily includes derivatives. (5)Includes contingent consideration liabilities and other derivatives. The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:
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Reserves |
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Reserves | Reserves Reserve Roll Forward The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves. Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively. The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.
(1)Includes reinsurance recoverables and claims and benefits payable of $66.1 million and $72.8 million as of March 31, 2021 and 2020, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program. The Company experienced favorable development in both periods presented in the roll forward table above. Global Lifestyle contributed $30.6 million and $29.7 million to the net favorable development during the three months ended March 31, 2021 and 2020, respectively. The net favorable development in both years was attributable to nearly all lines of business across most of the Company’s regions with a concentration on more recent accident years and based on emerging evaluations regarding loss experience each period. Many of these contracts and products contain retrospective commission (profit sharing) provisions that would result in offsetting increases or decreases in expense dependent on if the development was favorable or unfavorable. Global Housing contributed $12.6 million and $9.9 million of net favorable development for the three months ended March 31, 2021 and 2020, respectively. The net favorable development in both years was primarily attributable to Lender-placed Insurance products from the most recent accident years due to lower than expected non-catastrophe claim frequency. All others contributed $3.0 million and $5.4 million on net favorable development for the three months ended March 31, 2021 and 2020, respectively.
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following table shows the principal amount and carrying value of the Company’s outstanding debt, less unamortized discount and issuance costs as applicable, as of March 31, 2021 and December 31, 2020:
(1)The outstanding aggregate principal amount was repaid in January 2021. Prior to repayment, these senior notes bore floating interest at a rate equal to three-month LIBOR plus 1.25% per annum. (2)Bears a 7.00% annual interest rate to March 2028 and an annual interest rate equal to three-month LIBOR plus 4.135% thereafter. Credit Facility The Company has a senior unsecured $450.0 million revolving credit agreement (the “Credit Facility”) with a syndicate of banks arranged by JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association (the “Lenders”). The Credit Facility provides for revolving loans and the issuance of multi-bank, syndicated letters of credit and letters of credit from a sole issuing bank in an aggregate amount of $450.0 million, which may be increased up to $575.0 million. The Credit Facility is available until December 2022, provided the Company is in compliance with all covenants. The Credit Facility has a sub-limit for letters of credit issued thereunder of $50.0 million. The proceeds from these loans may be used for the Company’s commercial paper program or for general corporate purposes. As of March 31, 2021, no borrowings were outstanding under the Credit Facility, and $445.5 million was available under the Credit Facility due to $4.5 million of letters of credit outstanding. Interest Rate Derivatives In March 2018, the Company exercised a series of derivative transactions it had entered into in 2017 to hedge the interest rate risk related to expected borrowing to finance the acquisition of TWG Holdings Limited and its subsidiaries. The Company determined that the derivatives qualified for hedge accounting as effective cash flow hedges and recognized a deferred gain of $26.7 million upon settlement that was reported through other comprehensive income. The deferred gain is being recognized as a reduction in interest expense related to the 4.20% senior notes due 2023, the 4.90% senior notes due 2028 and the 7.00% fixed-to-floating rate subordinated notes due 2048, in each case on an effective yield basis. The amortization of the deferred gain for the three months ended March 31, 2021 and 2020 was $0.7 million. The remaining deferred gain as of March 31, 2021 was $17.9 million.
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Accumulated Other Comprehensive Income |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Certain amounts included in the consolidated statements of comprehensive income are net of reclassification adjustments. The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated:
(1)The Retirement Health Benefits plan was amended in February 2020, which resulted in a prior service credit recognized in other comprehensive income that will be recognized in income over the remaining period of the plan. Refer to Note 15 for additional information. The following tables summarize the reclassifications out of accumulated other comprehensive income (“AOCI”) for the periods indicated:
(1)These AOCI components are included in the computation of net periodic pension cost. See Note 15 for additional information.
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Stock Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Stock Based Compensation Under the Assurant, Inc. 2017 Long-Term Equity Incentive Plan (the “ALTEIP”), as amended in May 2019, the Company is authorized to issue up to 1,588,797 new shares of the Company’s common stock to employees, officers and non-employee directors. Under the ALTEIP, the Company may grant awards based on shares of its common stock, including stock options, stock appreciation rights, restricted stock (including performance shares), unrestricted stock, restricted stock units (“RSUs”), performance share units (“PSUs”) and dividend equivalents. All share-based grants are awarded under the ALTEIP. Restricted Stock Units The following table shows a summary of RSU activity during the three months ended March 31, 2021 and 2020:
As of March 31, 2021, there was $37.0 million of unrecognized compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 1.4 years. Performance Share Units The following table shows a summary of PSU activity during the three months ended March 31, 2021 and 2020:
As of March 31, 2021, there was $42.3 million of unrecognized compensation cost related to outstanding PSUs. That cost is expected to be recognized over a weighted-average period of 1.2 years. The fair value of PSUs with market conditions was estimated as of the date of grant using a Monte Carlo simulation model, which utilizes multiple variables that determine the probability of satisfying the market condition stipulated in the award. Expected volatilities for awards issued during the three months ended March 31, 2021 and 2020 were based on the historical stock prices of the Company’s stock and peer group. The expected term for grants issued during the three months ended March 31, 2021 and 2020 was assumed to equal the average of the vesting period of the PSUs. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant.
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Equity Transactions |
3 Months Ended |
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Mar. 31, 2021 | |
Class of Stock Disclosures [Abstract] | |
Equity Transactions | Equity Transactions Stock Repurchase During the three months ended March 31, 2021 and 2020, the Company repurchased 308,000 and 480,967 shares of the Company’s outstanding common stock at a cost of $41.5 million and $57.3 million, exclusive of commissions, respectively, leaving $745.0 million aggregate cost at purchase remaining unused under the existing repurchase authorizations as of March 31, 2021. The timing and the amount of future repurchases will depend on market conditions, the Company’s financial condition, results of operations and liquidity and other factors. Mandatory Convertible Preferred Stock (“MCPS”) In March 2018, the Company issued 2,875,000 shares of the MCPS, with a par value of $1.00 per share, at a public offering price of $100.00 per share. The net proceeds from the sale of the MCPS was $276.4 million after deducting the underwriting discounts and offering expenses. Each outstanding share of MCPS converted in March 2021 into 0.9405 of common shares, or 2,703,911 common shares in total plus an immaterial amount of cash in lieu of fractional shares. The Company used a portion of its treasury stock for the common shares, using the average cost method to account for the reissuance of such shares. Dividends on the MCPS were payable on a cumulative basis when, as and if declared, at an annual rate of 6.50% of the liquidation preference of $100.00 per share. The Company paid preferred stock dividends of $4.7 million in each of the three months ended March 31, 2021 and 2020.
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Earnings Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common ShareThe following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of PSUs and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method; and (2) common shares issuable upon the conversion of the MCPS using the if-converted method. Refer to Notes 12 and 13 for further information regarding potential common stock issuances. The outstanding RSUs have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
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Retirement and Other Employee Benefits |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement and Other Employee Benefits | Retirement and Other Employee BenefitsThe Company and its subsidiaries participate in a non-contributory, qualified defined benefit pension plan (“Assurant Pension Plan”) covering substantially all employees prior to closing to new hires on January 1, 2014. The Company also has various non-contributory, non-qualified supplemental plans covering certain employees, including the Assurant Executive Pension Plan and the Assurant Supplemental Executive Retirement Plan. The qualified and non-qualified plans are referred to as “Pension Benefits” unless otherwise noted. In addition, the Company provides certain life and health care benefits (“Retirement Health Benefits”) for retired employees and their dependents. The Pension Benefits and Retirement Health Benefits (together, the “Plans”) were frozen on March 1, 2016. In February 2020, the Company amended the Retirement Health Benefits to terminate effective December 31, 2024 (the “Termination Date”). Benefits will be paid up to the Termination Date. The Retirement Health Benefits obligations were re-measured using a discount rate of 1.55%, selected based on a cash flow analysis using a bond yield curve as of February 29, 2020, and the fair market value of the Retirement Health Benefits assets as of February 29, 2020. The remeasurement resulted in a reduction to the Retirement Health Benefits obligations of $65.6 million and a corresponding prior service credit in AOCI, which will be reclassified from AOCI as it is amortized in the net periodic benefit cost over the remaining period until the Termination Date. The following tables present the components of net periodic benefit cost for the Plans for the three months ended March 31, 2021 and 2020:
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Letters of Credit In the normal course of business, letters of credit are issued primarily to support reinsurance arrangements in which the Company is the reinsurer. These letters of credit are supported by commitments under which the Company is required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. The Company had $7.2 million and $7.6 million of letters of credit outstanding as of March 31, 2021 and December 31, 2020, respectively. Legal and Regulatory Matters The Company is involved in a variety of litigation and legal and regulatory proceedings relating to its current and past business operations and, from time to time, it may become involved in other such actions. The Company continues to defend itself vigorously in these proceedings. The Company has participated and may participate in settlements on terms that the Company considers reasonable. The Company has established an accrued liability for certain legal and regulatory proceedings. The possible loss or range of loss resulting from such litigation and regulatory proceedings, if any, in excess of the amounts accrued is inherently unpredictable and uncertain. Consequently, no estimate can be made of any possible loss or range of loss in excess of the accrual. Although the Company cannot predict the outcome of any pending legal or regulatory proceeding, or the potential losses, fines, penalties or equitable relief, if any, that may result, it is possible that such outcome could have a material adverse effect on the Company’s consolidated results of operations or cash flows for an individual reporting period. However, on the basis of currently available information, management does not believe that the pending matters are likely to have a material adverse effect, individually or in the aggregate, on the Company’s financial condition.
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Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. The interim financial data as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 is unaudited. In the opinion of management, the interim data includes all adjustments necessary for a fair statement of the results for the interim periods. The unaudited interim Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation, including the impacts of held for sale and discontinued operations as further summarized in Note 4. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted Simplifying the Accounting for Income Taxes: In December 2019, the Financial Accounting Standards Board (“FASB”) issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplify areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The standard was adopted by the Company beginning on January 1, 2021 with no material impact on its financial position or results of operations. Not Yet Adopted Targeted improvements to the accounting for long-duration contracts: In August 2018, the FASB issued guidance that provides targeted improvements to the accounting for long-duration contracts. The guidance includes the following primary changes: assumptions supporting benefit reserves will no longer be locked-in but must be updated at least annually with the impact of changes to the liability reflected in earnings (except for discount rates); the discount rate assumptions will be based on the upper-medium grade (low credit risk) fixed-income instrument yield instead of the earnings rate of invested assets; the discount rate must be evaluated at each reporting date and the impact of changes to the liability estimate as a result of updating the discount rate assumption is required to be recognized in other comprehensive income; the provision for adverse deviation is eliminated; and premium deficiency testing is eliminated. Other noteworthy changes include the following: differing models for amortizing deferred acquisition costs will become uniform for all long-duration contracts based on a constant rate over the expected term of the related in-force contracts; all market risk benefits associated with deposit contracts must be reported at fair value with changes reflected in income except for changes related to credit risk which will be recognized in other comprehensive income; and disclosures will be expanded to include disaggregated roll forwards of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions and methods used in measurement. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. Generally, the amendments are applied retrospectively as of the beginning of the earliest period presented with two transition options available for changing the assumptions. The Company is evaluating the requirements of this guidance and the potential impact on the Company’s financial position and results of operations. Facilitation of the Effects of Reference Rate Reform on Financial Reporting: In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The relief is applicable only to legacy contracts if the amendments made to the agreements are solely for reference rate reform activities. The provisions must be applied consistently for all relevant transactions other than derivatives, which may be applied at a hedging relationship level. The guidance is effective upon issuance. The guidance on contract modifications is applied prospectively from any date beginning March 12, 2020. Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to have been completed. As certain published LIBOR periods are expected to be discontinued after 2021, the Company is evaluating the provisions of this new accounting guidance and the impact to debt, investments and derivatives that have references to LIBOR and the subsequent transition to alternative reference rates. Improvements to Convertible Instruments and Contracts in an Entity’s Own Equity: In August 2020, the FASB issued guidance that simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The guidance removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more contracts in an entity’s own equity to qualify for it. The guidance also simplifies the diluted earnings per common share (“EPS”) calculation in the areas of convertible instruments and instruments that qualify for the derivatives scope exception for contracts in an entity’s own equity to address accounting for the guidance changes to the classification, recognition and measurement. This guidance will be effective for the Company beginning January 1, 2022. Early adoption is permitted. The Company is evaluating the requirements of this guidance and the potential impact on its financial position and results of operations.
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Business Held for Sale and Discontinued Operations | The Company reports a business as held for sale when management has received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the ensuing year and certain other specified criteria are met. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less costs to sell, which is required to be remeasured each reporting period. If the carrying amount of the business exceeds its estimated fair value, which is based on the estimated sales price of the transaction, less costs to sell, a loss is recognized. Depreciation is not recorded on assets of a business classified as held for sale. The Company reports the results of operations of a business as discontinued operations if (i) the business is classified as held for sale; (ii) the business represents a strategic shift that will have a major impact on the Company’s operations and financial results; (iii) the operations and cash flows of the business have been or will be eliminated from the ongoing operations of the Company as a result of the disposal transaction and (iv) the Company will not have any significant continuing involvement in the operations of the business after the disposal transaction. The results of discontinued operations are reported in net income from discontinued operations in the consolidated statements of operations for all periods presented, commencing in the period in which the business is either disposed of or is classified as held for sale, including any gain or loss recognized on closing or adjustment of the carrying amount to fair value less costs to sell. Assets and liabilities related to a business classified as held for sale which also meets the criteria for discontinued operations are segregated in the consolidated balance sheets for the current and prior periods presented.
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Business Held for Sale and Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | The following table presents the major classes of assets and liabilities held for sale included in the consolidated balance sheets.
The following table summarizes the components of net income from discontinued operations included in the consolidated statements of operations:
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Segment Information (Tables) |
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Financial Information by Segment | The following tables summarize selected financial information by segment:
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Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and OTTI | The following tables show the cost or amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair value of the Company’s fixed maturity securities as of the dates indicated:
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Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity | The cost or amortized cost and fair value of fixed maturity securities as of March 31, 2021 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
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Net Realized Gains (Losses), Including Other-Than-Temporary Impairments | The following table sets forth the net realized gains (losses), including impairment, recognized in the consolidated statements of operations for the periods indicated:
(1)Three months ended March 31, 2021 and 2020 includes $2.1 million and $2.2 million, respectively, of net gains on equity investment holdings accounted for under the measurement alternative. The carrying value of equity investments accounted for under the measurement alternative was $103.3 million and $96.0 million as of March 31, 2021 and 2020, respectively. These investments are included within other investments on the consolidated balance sheets. For the three months ended March 31, 2021 and 2020, there were impairments of $1.0 million and $4.2 million, respectively. For the three months ended March 31, 2021 and 2020, the cumulative carry value fair value increases were $37.1 million and $26.8 million, respectively. For the three months ended March 31, 2021 and 2020, the cumulative impairment losses were $19.6 million and $5.6 million, respectively. (2)Consists of net realized losses from the change in fair value of the Company’s direct investment in collateralized loan obligations (“CLOs”).
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Unrealized Gains on Equity Securities | The following table sets forth the portion of unrealized gains (losses) related to equity securities for the periods indicated:
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities as of March 31, 2021 and December 31, 2020 were as follows:
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Credit Quality Indicators | The following table presents the amortized cost basis of commercial mortgage loans, excluding the allowance for credit losses, by origination year for certain key credit quality indicators at March 31, 2021 and December 31, 2020.
(1)Loan-to-value ratio derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated at least annually. (2)Debt-service coverage ratio calculated using most recent reported operating results from property operators divided by annual debt service coverage.
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Fair Value Disclosures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy for Assets and Liabilities | The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. The amounts presented below for short-term investments, other investments, cash equivalents, other assets, assets held in and liabilities related to separate accounts and other liabilities differ from the amounts presented in the consolidated balance sheets because only certain investments or certain assets and liabilities within these line items are measured at estimated fair value. Other investments are comprised of investments in the Assurant Investment Plan (“AIP”), the American Security Insurance Company Investment Plan, the Assurant Deferred Compensation Plan, a modified coinsurance arrangement and other derivatives. Other liabilities are comprised of investments in the AIP, contingent considerations related to business combinations and other derivatives. The fair value amount and the majority of the associated levels presented for other investments and assets and liabilities held in separate accounts are received directly from third parties.
(1)Primarily includes mutual funds and related obligations. (2)Primarily includes money market funds. (3)Primarily includes fixed maturity securities and related obligations. (4)Primarily includes derivatives. (5)Includes contingent consideration liabilities and other derivatives.
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Carrying Value and Fair Value of the Financial Instruments that are Not recognized or are Not Carried at Fair Value | The following tables disclose the carrying value, fair value and hierarchy level of the financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of the dates indicated:
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Reserves (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance Loss Reserves [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Roll Forward of Claims and Benefits Payable | The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves. Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively. The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table shows the principal amount and carrying value of the Company’s outstanding debt, less unamortized discount and issuance costs as applicable, as of March 31, 2021 and December 31, 2020:
(1)The outstanding aggregate principal amount was repaid in January 2021. Prior to repayment, these senior notes bore floating interest at a rate equal to three-month LIBOR plus 1.25% per annum. (2)Bears a 7.00% annual interest rate to March 2028 and an annual interest rate equal to three-month LIBOR plus 4.135% thereafter.
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Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income, Net of Tax | The following tables summarize those reclassification adjustments (net of taxes) for the periods indicated:
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Reclassification out of Accumulated Other Comprehensive Income | The following tables summarize the reclassifications out of accumulated other comprehensive income (“AOCI”) for the periods indicated:
(1)These AOCI components are included in the computation of net periodic pension cost. See Note 15 for additional information.
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Stock Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Based Compensation Activity | The following table shows a summary of RSU activity during the three months ended March 31, 2021 and 2020:
The following table shows a summary of PSU activity during the three months ended March 31, 2021 and 2020:
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Earnings Per Common Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS | The following table presents net income, the weighted average common shares used in calculating basic EPS and those used in calculating diluted EPS for each period presented below. Diluted EPS reflects the incremental common shares from: (1) common shares issuable upon vesting of PSUs and the purchase of shares under the Employee Stock Purchase Plan (the “ESPP”) using the treasury stock method; and (2) common shares issuable upon the conversion of the MCPS using the if-converted method. Refer to Notes 12 and 13 for further information regarding potential common stock issuances. The outstanding RSUs have non-forfeitable rights to dividend equivalents and are therefore included in calculating basic and diluted EPS under the two-class method.
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Retirement and Other Employee Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The following tables present the components of net periodic benefit cost for the Plans for the three months ended March 31, 2021 and 2020:
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Nature of Operations (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
segment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 2 |
Business Held for Sale and Discontinued Operations - Narrative (Details) $ in Millions |
Sep. 30, 2021
USD ($)
|
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Global Preneed | Discontinued Operations, Held-for-sale | Forecast | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Consideration received from sale of discontinued operation | $ 1,250 |
Business Held for Sale and Discontinued Operations - Schedule of Balance Sheet (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Investments: | ||||
Fixed maturity securities, fair value | $ 6,575.9 | $ 6,815.5 | ||
Equity securities at fair value | 293.2 | 290.2 | ||
Commercial mortgage loans on real estate, at amortized cost | 147.9 | 138.3 | ||
Short-term investments | 145.3 | 292.0 | ||
Other investments | 707.7 | 686.8 | ||
Total investments | 7,870.0 | 8,222.8 | ||
Cash and cash equivalents | 1,651.3 | 2,207.6 | $ 1,996.1 | |
Premiums and accounts receivable, net | 1,924.2 | 1,548.9 | ||
Reinsurance recoverables | 6,528.1 | 6,605.4 | ||
Accrued investment income | 73.3 | 67.0 | ||
Deferred acquisition costs | 7,649.7 | 7,388.0 | ||
Property and equipment, net | 469.1 | 446.1 | ||
Value of business acquired | 988.0 | 1,152.2 | ||
Other assets | 495.4 | 496.2 | ||
Assets held in separate accounts | 11.3 | 11.5 | ||
Total assets held for sale | 44,410.6 | 44,649.9 | ||
Liabilities | ||||
Future policy benefits and expenses | 1,356.5 | 1,358.5 | ||
Unearned premiums | 17,301.0 | 17,293.1 | ||
Claims and benefits payable | 1,578.0 | 1,610.3 | $ 1,604.3 | $ 1,613.1 |
Commissions payable | 599.0 | 699.1 | ||
Reinsurance balances payable | 422.2 | 359.3 | ||
Accounts payable and other liabilities | 2,388.3 | 2,640.5 | ||
Liabilities related to separate accounts | 11.3 | 11.5 | ||
Total liabilities held for sale | 38,585.0 | 38,695.1 | ||
Global Preneed | Discontinued Operations, Held-for-sale | ||||
Investments: | ||||
Fixed maturity securities, fair value | 6,325.0 | 6,633.5 | ||
Equity securities at fair value | 111.0 | 113.9 | ||
Commercial mortgage loans on real estate, at amortized cost | 606.1 | 616.0 | ||
Short-term investments | 142.5 | 41.2 | ||
Other investments | 15.1 | 52.0 | ||
Total investments | 7,199.7 | 7,456.6 | ||
Cash and cash equivalents | 20.3 | 21.0 | ||
Premiums and accounts receivable, net | 7.3 | 7.5 | ||
Reinsurance recoverables | 3,244.0 | 3,234.5 | ||
Accrued investment income | 66.5 | 62.7 | ||
Deferred acquisition costs | 651.0 | 185.5 | ||
Property and equipment, net | 47.2 | 47.2 | ||
Value of business acquired | 4.1 | 4.3 | ||
Other assets | 21.3 | 22.6 | ||
Assets held in separate accounts | 2,230.1 | 2,176.8 | ||
Total assets held for sale | 13,491.5 | 13,218.7 | ||
Liabilities | ||||
Future policy benefits and expenses | 8,806.0 | 8,703.5 | ||
Unearned premiums | 102.1 | 14.9 | ||
Claims and benefits payable | 1,019.0 | 1,049.2 | ||
Commissions payable | 10.3 | 9.4 | ||
Reinsurance balances payable | 3.5 | 3.1 | ||
Accounts payable and other liabilities | 194.2 | 154.4 | ||
Liabilities related to separate accounts | 2,230.1 | 2,176.8 | ||
Total liabilities held for sale | $ 12,365.2 | $ 12,111.3 |
Business Held for Sale and Discontinued Operations - Schedule of Income From Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Revenues | ||
Net earned premiums | $ 2,105.6 | $ 2,065.5 |
Fees and other income | 249.9 | 383.6 |
Net investment income | 76.3 | 83.6 |
Net realized losses on investments | 0.8 | (84.0) |
Total revenues | 2,432.6 | 2,448.7 |
Benefits, losses and expenses | ||
Policyholder benefits | 528.7 | 535.2 |
Amortization of deferred acquisition costs and value of business acquired | 946.7 | 895.3 |
Underwriting, general and administrative expenses | 735.7 | 892.6 |
Total benefits, losses and expenses | 2,239.5 | 2,348.6 |
Net income from discontinued operations (Note 4) | 14.3 | 7.2 |
Global Preneed | Discontinued Operations, Held-for-sale | ||
Revenues | ||
Net earned premiums | 17.7 | 18.3 |
Fees and other income | 37.5 | 37.5 |
Net investment income | 72.0 | 72.4 |
Net realized losses on investments | (1.1) | (11.3) |
Total revenues | 126.1 | 116.9 |
Benefits, losses and expenses | ||
Policyholder benefits | 74.0 | 72.0 |
Amortization of deferred acquisition costs and value of business acquired | 19.2 | 18.9 |
Underwriting, general and administrative expenses | 21.8 | 16.9 |
Total benefits, losses and expenses | 115.0 | 107.8 |
Income from discontinued operations before income taxes | 11.1 | 9.1 |
(Benefit) provision for income taxes | (3.2) | 1.9 |
Net income from discontinued operations (Note 4) | $ 14.3 | $ 7.2 |
Segment Information - Financial Information by Segment (Details) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021
USD ($)
reportable_segment
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Segment Reporting Information [Line Items] | |||
Number of reportable segments | reportable_segment | 3 | ||
Revenues | |||
Net earned premiums | $ 2,105.6 | $ 2,065.5 | |
Fees and other income | 249.9 | 383.6 | |
Net investment income | 76.3 | 83.6 | |
Net realized gains on investments | 0.8 | (84.0) | |
Total revenues | 2,432.6 | 2,448.7 | |
Benefits, losses and expenses | |||
Policyholder benefits | 528.7 | 535.2 | |
Amortization of deferred acquisition costs and value of business acquired | 946.7 | 895.3 | |
Underwriting, general and administrative expenses | 735.7 | 892.6 | |
Interest expense | 28.4 | 25.5 | |
Total benefits, losses and expenses | 2,239.5 | 2,348.6 | |
Segment income (loss) from continuing operations before provision (benefit) for income taxes | 193.1 | 100.1 | |
Provision (benefit) for income taxes | 44.6 | (48.5) | |
Net income from continuing operations | 148.5 | 148.6 | |
Net income from discontinued operations (Note 4) | 14.3 | 7.2 | |
Net income | 162.8 | 155.8 | |
Less: Net loss (income) attributable to non-controlling interests | 0.2 | (1.1) | |
Net income attributable to stockholders | 163.0 | 154.7 | |
Less: Preferred stock dividends | (4.7) | (4.7) | |
Net income attributable to common stockholders | 158.3 | 150.0 | |
Segment assets | 44,410.6 | $ 44,649.9 | |
Global Lifestyle | |||
Revenues | |||
Net earned premiums | 1,648.7 | 1,597.7 | |
Fees and other income | 213.6 | 349.2 | |
Net investment income | 50.8 | 54.7 | |
Net realized gains on investments | 0.0 | 0.0 | |
Total revenues | 1,913.1 | 2,001.6 | |
Benefits, losses and expenses | |||
Policyholder benefits | 327.4 | 336.2 | |
Amortization of deferred acquisition costs and value of business acquired | 889.2 | 838.4 | |
Underwriting, general and administrative expenses | 527.2 | 667.9 | |
Interest expense | 0.0 | 0.0 | |
Total benefits, losses and expenses | 1,743.8 | 1,842.5 | |
Segment income (loss) from continuing operations before provision (benefit) for income taxes | 169.3 | 159.1 | |
Provision (benefit) for income taxes | 40.2 | 38.2 | |
Net income from continuing operations | 129.1 | 120.9 | |
Segment assets | 24,335.2 | ||
Global Housing | |||
Revenues | |||
Net earned premiums | 456.9 | 467.8 | |
Fees and other income | 36.1 | 32.6 | |
Net investment income | 19.4 | 22.0 | |
Net realized gains on investments | 0.0 | 0.0 | |
Total revenues | 512.4 | 522.4 | |
Benefits, losses and expenses | |||
Policyholder benefits | 201.3 | 198.7 | |
Amortization of deferred acquisition costs and value of business acquired | 57.5 | 56.9 | |
Underwriting, general and administrative expenses | 168.8 | 173.3 | |
Interest expense | 0.0 | 0.0 | |
Total benefits, losses and expenses | 427.6 | 428.9 | |
Segment income (loss) from continuing operations before provision (benefit) for income taxes | 84.8 | 93.5 | |
Provision (benefit) for income taxes | 17.4 | 19.3 | |
Net income from continuing operations | 67.4 | 74.2 | |
Segment assets | 3,892.2 | ||
Corporate and Other | |||
Revenues | |||
Net earned premiums | 0.0 | 0.0 | |
Fees and other income | 0.2 | 1.8 | |
Net investment income | 6.1 | 6.9 | |
Net realized gains on investments | 0.8 | (84.0) | |
Total revenues | 7.1 | (75.3) | |
Benefits, losses and expenses | |||
Policyholder benefits | 0.0 | 0.3 | |
Amortization of deferred acquisition costs and value of business acquired | 0.0 | 0.0 | |
Underwriting, general and administrative expenses | 39.7 | 51.4 | |
Interest expense | 28.4 | 25.5 | |
Total benefits, losses and expenses | 68.1 | 77.2 | |
Segment income (loss) from continuing operations before provision (benefit) for income taxes | (61.0) | (152.5) | |
Provision (benefit) for income taxes | (13.0) | (106.0) | |
Net income from continuing operations | (48.0) | $ (46.5) | |
Segment assets | $ 16,183.2 |
Contract Revenues - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Global Lifestyle | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated fee revenues | $ 164.9 | $ 299.1 | |
Global Housing | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated fee revenues | 24.5 | 22.1 | |
Service contracts and sales | |||
Disaggregation of Revenue [Line Items] | |||
Receivables from contracts with customers | 219.9 | $ 257.9 | |
Unearned revenue from contracts with customers | 91.6 | 89.8 | |
Contract with customer, liability, unearned revenue | 11.7 | $ 20.2 | |
Deferred upfront commissions and other costs | $ 10.9 | $ 13.8 |
Investments - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and OTTI (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available for sale, amortized cost | $ 6,206.8 | |
Fixed maturity securities, fair value | 6,575.9 | $ 6,815.5 |
Fixed maturity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available for sale, amortized cost | 6,206.8 | 6,245.8 |
Fixed maturity securities available for sale, allowances for credit losses | (1.2) | (1.2) |
Fixed maturity securities, gross unrealized gains | 416.1 | 578.2 |
Fixed maturity securities, gross unrealized losses | (45.8) | (7.3) |
Fixed maturity securities, fair value | 6,575.9 | 6,815.5 |
Fixed maturity securities | U.S. government and government agencies and authorities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available for sale, amortized cost | 72.5 | 90.4 |
Fixed maturity securities available for sale, allowances for credit losses | 0.0 | 0.0 |
Fixed maturity securities, gross unrealized gains | 2.9 | 3.7 |
Fixed maturity securities, gross unrealized losses | (0.4) | 0.0 |
Fixed maturity securities, fair value | 75.0 | 94.1 |
Fixed maturity securities | States, municipalities and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available for sale, amortized cost | 174.6 | 164.4 |
Fixed maturity securities available for sale, allowances for credit losses | 0.0 | 0.0 |
Fixed maturity securities, gross unrealized gains | 8.1 | 11.0 |
Fixed maturity securities, gross unrealized losses | (2.0) | (0.1) |
Fixed maturity securities, fair value | 180.7 | 175.3 |
Fixed maturity securities | Foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available for sale, amortized cost | 422.0 | 442.4 |
Fixed maturity securities available for sale, allowances for credit losses | 0.0 | 0.0 |
Fixed maturity securities, gross unrealized gains | 13.6 | 27.4 |
Fixed maturity securities, gross unrealized losses | (1.1) | (0.1) |
Fixed maturity securities, fair value | 434.5 | 469.7 |
Fixed maturity securities | Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available for sale, amortized cost | 268.3 | 251.9 |
Fixed maturity securities available for sale, allowances for credit losses | 0.0 | 0.0 |
Fixed maturity securities, gross unrealized gains | 13.3 | 9.4 |
Fixed maturity securities, gross unrealized losses | (0.4) | (0.8) |
Fixed maturity securities, fair value | 281.2 | 260.5 |
Fixed maturity securities | Commercial mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available for sale, amortized cost | 280.0 | 266.3 |
Fixed maturity securities available for sale, allowances for credit losses | 0.0 | 0.0 |
Fixed maturity securities, gross unrealized gains | 12.8 | 16.5 |
Fixed maturity securities, gross unrealized losses | (2.9) | (1.4) |
Fixed maturity securities, fair value | 289.9 | 281.4 |
Fixed maturity securities | Residential mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available for sale, amortized cost | 629.4 | 685.8 |
Fixed maturity securities available for sale, allowances for credit losses | 0.0 | 0.0 |
Fixed maturity securities, gross unrealized gains | 37.6 | 49.0 |
Fixed maturity securities, gross unrealized losses | (0.6) | (0.2) |
Fixed maturity securities, fair value | 666.4 | 734.6 |
Fixed maturity securities | U.S. corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available for sale, amortized cost | 3,273.8 | 3,315.6 |
Fixed maturity securities available for sale, allowances for credit losses | (1.2) | (1.2) |
Fixed maturity securities, gross unrealized gains | 271.3 | 380.6 |
Fixed maturity securities, gross unrealized losses | (26.4) | (4.4) |
Fixed maturity securities, fair value | 3,517.5 | 3,690.6 |
Fixed maturity securities | Foreign corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available for sale, amortized cost | 1,086.2 | 1,029.0 |
Fixed maturity securities available for sale, allowances for credit losses | 0.0 | 0.0 |
Fixed maturity securities, gross unrealized gains | 56.5 | 80.6 |
Fixed maturity securities, gross unrealized losses | (12.0) | (0.3) |
Fixed maturity securities, fair value | $ 1,130.7 | $ 1,109.3 |
Investments - Narrative (Details) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021
USD ($)
investment
state
|
Dec. 31, 2020
USD ($)
investment
state
|
|
Investment [Line Items] | ||
Investment in securities | $ 6,575.9 | $ 6,815.5 |
Percentage of securities representing gross unrealized losses | 4.00% | 2.00% |
Percentage of gross unrealized losses in a continuous loss position less than twelve months | 92.00% | 60.00% |
Individual securities comprising total gross unrealized losses | investment | 619 | 180 |
Percentage of residential mortgage-backed holdings exposure to sub-prime mortgage collateral | 53.00% | |
Minimum | ||
Investment [Line Items] | ||
Total | $ 0.2 | $ 0.1 |
Maximum | ||
Investment [Line Items] | ||
Total | $ 9.9 | $ 9.9 |
States, municipalities and political subdivisions | ||
Investment [Line Items] | ||
Number of individual states exceeding overall investment portfolio exposure | state | 0 | 0 |
Maximum individual state exposure | 0.40% | 0.40% |
Advance refunded or escrowed-to-maturity securities | $ 39.5 | $ 39.6 |
Percentage of revenue securities | 61.00% | 60.00% |
Europe | Corporate Fixed Maturity and Equity Securities | ||
Investment [Line Items] | ||
Investment in securities | $ 617.2 | $ 589.5 |
Unrealized gain (loss) on investments | $ 21.6 | $ 41.8 |
Geographic Concentration Risk | Investments | Canada | Foreign Government Fixed Maturity Securities | ||
Investment [Line Items] | ||
Percentage of investments held | 25.00% | 26.00% |
Geographic Concentration Risk | Investments | Brazil | Foreign Government Fixed Maturity Securities | ||
Investment [Line Items] | ||
Percentage of investments held | 21.00% | 24.00% |
Geographic Concentration Risk | Investments | Mexico | Foreign Government Fixed Maturity Securities | ||
Investment [Line Items] | ||
Percentage of investments held | 16.00% | 16.00% |
Geographic Concentration Risk | Investments | United Kingdom | Corporate Fixed Maturity and Equity Securities | ||
Investment [Line Items] | ||
Percentage of investments held | 6.00% | 6.00% |
Geographic Concentration Risk | Investments | Other Countries (more than 3%) | Foreign Government Fixed Maturity Securities | ||
Investment [Line Items] | ||
Percentage of investments held | 10.00% | 8.00% |
Financial Services Sector | Investment Sector Concentration Risk | Investments | Europe | Corporate Fixed Maturity and Equity Securities | ||
Investment [Line Items] | ||
Percentage of investments held | 34.00% | 29.00% |
Fixed maturity securities | ||
Investment [Line Items] | ||
Investment in securities | $ 6,575.9 | $ 6,815.5 |
Fixed maturity securities, gross unrealized losses | 45.8 | 7.3 |
Fixed maturity securities, gross unrealized gains | 416.1 | 578.2 |
Fixed maturity securities | States, municipalities and political subdivisions | ||
Investment [Line Items] | ||
Investment in securities | 180.7 | 175.3 |
Fixed maturity securities, gross unrealized losses | 2.0 | 0.1 |
Fixed maturity securities, gross unrealized gains | 8.1 | 11.0 |
Fixed maturity securities | Energy Sector | Corporate debt securities | ||
Investment [Line Items] | ||
Investment in securities | 290.0 | 319.4 |
Fixed maturity securities, gross unrealized losses | $ 19.5 | |
Fixed maturity securities, gross unrealized gains | $ 23.0 | |
Internal Investment Grade | Fixed maturity securities | Energy Sector | Corporate debt securities | ||
Investment [Line Items] | ||
Percentage of investments held | 82.00% | 81.00% |
Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Cost or Amortized Cost | ||
Due in one year or less, cost or amortized cost | $ 359.0 | |
Due after one year through five years, cost or amortized cost | 2,047.5 | |
Due after five years through ten years, cost or amortized cost | 1,730.5 | |
Due after ten years, cost or amortized cost | 892.1 | |
Total, cost or amortized cost | 5,029.1 | |
Fixed maturity securities, cost or amortized cost | 6,206.8 | |
Fair Value | ||
Due in one year or less, fair value | 363.5 | |
Due after one year through five years, fair value | 2,170.5 | |
Due after five years through ten years, fair value | 1,848.2 | |
Due after ten years, fair value | 956.2 | |
Total, fair value | 5,338.4 | |
Fixed maturity securities, fair value | 6,575.9 | $ 6,815.5 |
Commercial mortgage-backed | ||
Cost or Amortized Cost | ||
Cost or amortized cost | 280.0 | |
Fair Value | ||
Fair value | 289.9 | |
Residential mortgage-backed | ||
Cost or Amortized Cost | ||
Cost or amortized cost | 629.4 | |
Fair Value | ||
Fair value | 666.4 | |
Asset-backed | ||
Cost or Amortized Cost | ||
Cost or amortized cost | 268.3 | |
Fair Value | ||
Fair value | $ 281.2 |
Investments - Net Realized Gains (Losses), Including Other-Than-Temporary Impairments (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Net realized gains (losses) related to sales and other: | |||
Net realized gains (losses) on investments | $ 1.8 | $ (78.7) | |
Net realized losses related to impairments: | |||
Net realized losses related to impairments | (1.0) | (5.3) | |
Total net realized gains (losses) | 0.8 | (84.0) | |
Gains on equity investment holdings accounted for under alternative measurement | 2.1 | 2.2 | |
Impairment of equity investment | 1.0 | $ 4.2 | |
Equity securities, carry value adjustment upwards | 37.1 | 26.8 | |
Impairment loss, adjustment | 19.6 | 5.6 | |
Fixed maturity securities | |||
Net realized gains (losses) related to sales and other: | |||
Net realized gains (losses) on investments | 3.0 | 3.7 | |
Net realized losses related to impairments: | |||
Net realized losses related to impairments | 0.0 | (1.1) | |
Equity securities | |||
Net realized gains (losses) related to sales and other: | |||
Net realized gains (losses) on investments | (1.7) | (34.9) | |
Net realized losses related to impairments: | |||
Equity investment holdings accounted for under the measurement alternative | 103.3 | $ 96.0 | |
Commercial mortgage loans on real estate | |||
Net realized gains (losses) related to sales and other: | |||
Net realized gains (losses) on investments | 0.3 | (0.2) | |
Other investments | |||
Net realized gains (losses) related to sales and other: | |||
Net realized gains (losses) on investments | 0.2 | 0.9 | |
Net realized losses related to impairments: | |||
Other investments | (1.0) | (4.2) | |
Consolidated investment entities | |||
Net realized gains (losses) related to sales and other: | |||
Net realized gains (losses) on investments | $ 0.0 | $ (48.2) |
Investments - Unrealized Gains on Equity Securities (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Net losses recognized on equity securities | $ (1.7) | $ (34.9) |
Less: Net realized gains related to sales of equity securities | 0.9 | 0.0 |
Total net unrealized losses on equity securities held | $ (2.6) | $ (34.9) |
Investments - Investment Category and Duration of Gross Unrealized Losses on Fixed Maturity Securities and Equity Securities (Details) - Fixed maturity securities - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, less than 12 months, fair value | $ 990.8 | $ 243.0 |
Fixed maturity securities, less than 12 months, unrealized losses | (42.2) | (4.4) |
Fixed maturity securities, 12 months or more, fair value | 70.2 | 56.0 |
Fixed maturity securities, 12 months or more, unrealized losses | (3.6) | (2.9) |
Fixed maturity securities, total, fair value | 1,061.0 | 299.0 |
Fixed maturity securities, unrealized losses | (45.8) | (7.3) |
U.S. government and government agencies and authorities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, less than 12 months, fair value | 17.9 | |
Fixed maturity securities, less than 12 months, unrealized losses | (0.4) | |
Fixed maturity securities, 12 months or more, fair value | 0.0 | |
Fixed maturity securities, 12 months or more, unrealized losses | 0.0 | |
Fixed maturity securities, total, fair value | 17.9 | |
Fixed maturity securities, unrealized losses | (0.4) | |
States, municipalities and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, less than 12 months, fair value | 72.3 | 6.1 |
Fixed maturity securities, less than 12 months, unrealized losses | (2.0) | (0.1) |
Fixed maturity securities, 12 months or more, fair value | 0.0 | 0.0 |
Fixed maturity securities, 12 months or more, unrealized losses | 0.0 | 0.0 |
Fixed maturity securities, total, fair value | 72.3 | 6.1 |
Fixed maturity securities, unrealized losses | (2.0) | (0.1) |
Foreign governments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, less than 12 months, fair value | 54.9 | 28.3 |
Fixed maturity securities, less than 12 months, unrealized losses | (1.1) | (0.1) |
Fixed maturity securities, 12 months or more, fair value | 0.0 | 0.0 |
Fixed maturity securities, 12 months or more, unrealized losses | 0.0 | 0.0 |
Fixed maturity securities, total, fair value | 54.9 | 28.3 |
Fixed maturity securities, unrealized losses | (1.1) | (0.1) |
Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, less than 12 months, fair value | 80.1 | 54.5 |
Fixed maturity securities, less than 12 months, unrealized losses | (0.2) | (0.2) |
Fixed maturity securities, 12 months or more, fair value | 33.4 | 37.4 |
Fixed maturity securities, 12 months or more, unrealized losses | (0.2) | (0.6) |
Fixed maturity securities, total, fair value | 113.5 | 91.9 |
Fixed maturity securities, unrealized losses | (0.4) | (0.8) |
Commercial mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, less than 12 months, fair value | 72.1 | 28.2 |
Fixed maturity securities, less than 12 months, unrealized losses | (2.3) | (0.7) |
Fixed maturity securities, 12 months or more, fair value | 2.9 | 3.3 |
Fixed maturity securities, 12 months or more, unrealized losses | (0.6) | (0.7) |
Fixed maturity securities, total, fair value | 75.0 | 31.5 |
Fixed maturity securities, unrealized losses | (2.9) | (1.4) |
Residential mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, less than 12 months, fair value | 36.7 | 23.9 |
Fixed maturity securities, less than 12 months, unrealized losses | (0.5) | (0.1) |
Fixed maturity securities, 12 months or more, fair value | 3.1 | 1.5 |
Fixed maturity securities, 12 months or more, unrealized losses | (0.1) | (0.1) |
Fixed maturity securities, total, fair value | 39.8 | 25.4 |
Fixed maturity securities, unrealized losses | (0.6) | (0.2) |
U.S. corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, less than 12 months, fair value | 397.8 | 71.9 |
Fixed maturity securities, less than 12 months, unrealized losses | (23.8) | (2.9) |
Fixed maturity securities, 12 months or more, fair value | 27.7 | 13.8 |
Fixed maturity securities, 12 months or more, unrealized losses | (2.6) | (1.5) |
Fixed maturity securities, total, fair value | 425.5 | 85.7 |
Fixed maturity securities, unrealized losses | (26.4) | (4.4) |
Foreign corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities, less than 12 months, fair value | 259.0 | 30.1 |
Fixed maturity securities, less than 12 months, unrealized losses | (11.9) | (0.3) |
Fixed maturity securities, 12 months or more, fair value | 3.1 | 0.0 |
Fixed maturity securities, 12 months or more, unrealized losses | (0.1) | 0.0 |
Fixed maturity securities, total, fair value | 262.1 | 30.1 |
Fixed maturity securities, unrealized losses | $ (12.0) | $ (0.3) |
Investments - Credit Quality Indicators (Details) - Commercial Portfolio Segment $ in Millions |
Mar. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
---|---|---|
Greater than 2.0 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated current year | $ 5.8 | $ 5.5 |
Financing receivable, originated year one | 5.5 | 0.0 |
Financing receivable, originated year two | 0.0 | 0.0 |
Financing receivable, originated year three | 0.0 | 4.1 |
Financing receivable, originated year four | 4.1 | 26.4 |
Prior | 81.8 | 53.3 |
Total | $ 97.2 | $ 89.3 |
% of Total | 0.653 | 0.639 |
1.5 to 2.0 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated current year | $ 2.9 | $ 0.0 |
Financing receivable, originated year one | 0.0 | 0.0 |
Financing receivable, originated year two | 0.0 | 4.8 |
Financing receivable, originated year three | 4.8 | 0.0 |
Financing receivable, originated year four | 0.0 | 2.6 |
Prior | 17.7 | 17.5 |
Total | $ 25.4 | $ 24.9 |
% of Total | 0.170 | 0.178 |
1.0 to 1.5 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated current year | $ 1.4 | $ 0.0 |
Financing receivable, originated year one | 0.0 | 0.0 |
Financing receivable, originated year two | 0.0 | 0.0 |
Financing receivable, originated year three | 0.0 | 0.0 |
Financing receivable, originated year four | 0.0 | 0.0 |
Prior | 14.6 | 15.0 |
Total | $ 16.0 | $ 15.0 |
% of Total | 0.107 | 0.107 |
Less than 1.0 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated current year | $ 0.0 | $ 0.0 |
Financing receivable, originated year one | 0.0 | 0.0 |
Financing receivable, originated year two | 0.0 | 0.0 |
Financing receivable, originated year three | 0.0 | 6.0 |
Financing receivable, originated year four | 5.9 | 0.0 |
Prior | 4.6 | 4.7 |
Total | $ 10.5 | $ 10.7 |
% of Total | 0.070 | 0.076 |
Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated current year | $ 10.1 | $ 5.5 |
Financing receivable, originated year one | 5.5 | 0.0 |
Financing receivable, originated year two | 0.0 | 4.8 |
Financing receivable, originated year three | 4.8 | 10.1 |
Financing receivable, originated year four | 10.0 | 29.0 |
Prior | 118.7 | 90.5 |
Total | $ 149.1 | $ 139.9 |
% of Total | 1.000 | 1.000 |
70% and less | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated current year | $ 5.5 | $ 2.9 |
Financing receivable, originated year one | 2.9 | 0.0 |
Financing receivable, originated year two | 0.0 | 0.0 |
Financing receivable, originated year three | 0.0 | 4.1 |
Financing receivable, originated year four | 4.1 | 29.0 |
Prior | 115.4 | 87.1 |
Total | $ 127.9 | $ 123.1 |
% of Total | 0.858 | 0.880 |
71% to 80% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated current year | $ 4.6 | $ 2.6 |
Financing receivable, originated year one | 2.6 | 0.0 |
Financing receivable, originated year two | 0.0 | 4.8 |
Financing receivable, originated year three | 4.8 | 0.0 |
Financing receivable, originated year four | 0.0 | 0.0 |
Prior | 0.0 | 0.0 |
Total | $ 12.0 | $ 7.4 |
% of Total | 0.080 | 0.053 |
81% to 95% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated current year | $ 0.0 | $ 0.0 |
Financing receivable, originated year one | 0.0 | 0.0 |
Financing receivable, originated year two | 0.0 | 0.0 |
Financing receivable, originated year three | 0.0 | 0.0 |
Financing receivable, originated year four | 0.0 | 0.0 |
Prior | 2.1 | 2.2 |
Total | $ 2.1 | $ 2.2 |
% of Total | 0.014 | 0.016 |
Greater than 95% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated current year | $ 0.0 | $ 0.0 |
Financing receivable, originated year one | 0.0 | 0.0 |
Financing receivable, originated year two | 0.0 | 0.0 |
Financing receivable, originated year three | 0.0 | 6.0 |
Financing receivable, originated year four | 5.9 | 0.0 |
Prior | 1.2 | 1.2 |
Total | $ 7.1 | $ 7.2 |
% of Total | 0.048 | 0.051 |
Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, originated current year | $ 10.1 | $ 5.5 |
Financing receivable, originated year one | 5.5 | 0.0 |
Financing receivable, originated year two | 0.0 | 4.8 |
Financing receivable, originated year three | 4.8 | 10.1 |
Financing receivable, originated year four | 10.0 | 29.0 |
Prior | 118.7 | 90.5 |
Total | $ 149.1 | $ 139.9 |
% of Total | 1.000 | 1.000 |
Fair Value Disclosures - Fair Value for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 8,100.3 | $ 9,170.5 |
Other liabilities | 75.8 | 76.1 |
Liabilities related to separate accounts | 11.2 | 11.4 |
Total financial liabilities | 87.0 | 87.5 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1,055.3 | 1,874.3 |
Other liabilities | 73.0 | 72.9 |
Liabilities related to separate accounts | 6.6 | 6.7 |
Total financial liabilities | 79.6 | 79.6 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 7,017.2 | 7,268.8 |
Other liabilities | 0.0 | 0.5 |
Liabilities related to separate accounts | 4.6 | 4.7 |
Total financial liabilities | 4.6 | 5.2 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 27.8 | 27.4 |
Other liabilities | 2.8 | 2.7 |
Liabilities related to separate accounts | 0.0 | 0.0 |
Total financial liabilities | 2.8 | 2.7 |
U.S. government and government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 75.0 | 94.1 |
U.S. government and government agencies and authorities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
U.S. government and government agencies and authorities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 75.0 | 94.1 |
U.S. government and government agencies and authorities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
States, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 180.7 | 175.3 |
States, municipalities and political subdivisions | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
States, municipalities and political subdivisions | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 180.7 | 175.3 |
States, municipalities and political subdivisions | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
Foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 434.5 | 469.7 |
Foreign governments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.5 | 0.5 |
Foreign governments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 433.6 | 468.8 |
Foreign governments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.4 | 0.4 |
Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 281.2 | 260.5 |
Asset-backed | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
Asset-backed | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 279.7 | 260.5 |
Asset-backed | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1.5 | 0.0 |
Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 289.9 | 281.4 |
Commercial mortgage-backed | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
Commercial mortgage-backed | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 281.6 | 272.7 |
Commercial mortgage-backed | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 8.3 | 8.7 |
Residential mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 666.4 | 734.6 |
Residential mortgage-backed | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
Residential mortgage-backed | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 666.4 | 734.6 |
Residential mortgage-backed | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
U.S. corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 3,517.5 | 3,690.6 |
U.S. corporate | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
U.S. corporate | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 3,506.3 | 3,678.6 |
U.S. corporate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 11.2 | 12.0 |
Foreign corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1,130.7 | 1,109.3 |
Foreign corporate | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
Foreign corporate | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1,126.9 | 1,105.4 |
Foreign corporate | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 3.8 | 3.9 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 42.1 | 42.3 |
Mutual funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 42.1 | 42.3 |
Mutual funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
Mutual funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 15.8 | 15.2 |
Common Stock | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 13.8 | 13.3 |
Common Stock | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.6 | 0.7 |
Common Stock | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1.4 | 1.2 |
Non-redeemable preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 235.3 | 232.7 |
Non-redeemable preferred stocks | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
Non-redeemable preferred stocks | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 234.2 | 231.6 |
Non-redeemable preferred stocks | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 1.1 | 1.1 |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 116.0 | 253.5 |
Short-term investments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 87.8 | 202.0 |
Short-term investments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 28.2 | 51.5 |
Short-term investments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 231.4 | 241.3 |
Other investments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 73.0 | 72.9 |
Other investments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 158.3 | 168.3 |
Other investments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.1 | 0.1 |
Cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 872.5 | 1,558.6 |
Cash equivalents | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 831.5 | 1,536.6 |
Cash equivalents | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 41.0 | 22.0 |
Cash equivalents | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | 0.0 |
Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.1 | |
Other assets | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | |
Other assets | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.1 | |
Other assets | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0.0 | |
Assets held in separate accounts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 11.2 | 11.4 |
Assets held in separate accounts | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 6.6 | 6.7 |
Assets held in separate accounts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 4.6 | 4.7 |
Assets held in separate accounts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 0.0 | $ 0.0 |
Fair Value Disclosures - Carrying Value and Fair Value of the Financial Instruments that are Not Recognized or are Not Carried at Fair Value (Details) - Recurring - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets | $ 8,100.3 | $ 9,170.5 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets | 1,055.3 | 1,874.3 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets | 7,017.2 | 7,268.8 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial assets | 27.8 | 27.4 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commercial mortgage loans on real estate | 147.9 | 138.3 |
Other investments | 50.4 | 52.1 |
Other assets | 21.9 | 23.3 |
Total financial assets | 220.2 | 213.7 |
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) | 69.6 | 70.6 |
Funds withheld under reinsurance | 359.8 | 358.6 |
Debt | 2,203.7 | 2,252.9 |
Total financial liabilities | 2,633.1 | 2,682.1 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commercial mortgage loans on real estate | 160.7 | 198.3 |
Other investments | 50.4 | 52.1 |
Other assets | 21.9 | 23.3 |
Total financial assets | 233.0 | 273.7 |
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) | 81.5 | 85.4 |
Funds withheld under reinsurance | 359.8 | 358.6 |
Debt | 2,455.0 | 2,540.0 |
Total financial liabilities | 2,896.3 | 2,984.0 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commercial mortgage loans on real estate | 0.0 | 0.0 |
Other investments | 14.3 | 14.4 |
Other assets | 0.0 | 0.0 |
Total financial assets | 14.3 | 14.4 |
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) | 0.0 | 0.0 |
Funds withheld under reinsurance | 359.8 | 358.6 |
Debt | 0.0 | 0.0 |
Total financial liabilities | 359.8 | 358.6 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commercial mortgage loans on real estate | 0.0 | 0.0 |
Other investments | 0.0 | 0.0 |
Other assets | 0.0 | 0.0 |
Total financial assets | 0.0 | 0.0 |
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) | 0.0 | 0.0 |
Funds withheld under reinsurance | 0.0 | 0.0 |
Debt | 2,455.0 | 2,540.0 |
Total financial liabilities | 2,455.0 | 2,540.0 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commercial mortgage loans on real estate | 160.7 | 198.3 |
Other investments | 36.1 | 37.7 |
Other assets | 21.9 | 23.3 |
Total financial assets | 218.7 | 259.3 |
Policy reserves under investment products (Individual and group annuities, subject to discretionary withdrawal) | 81.5 | 85.4 |
Funds withheld under reinsurance | 0.0 | 0.0 |
Debt | 0.0 | 0.0 |
Total financial liabilities | $ 81.5 | $ 85.4 |
Reserves - Roll Forward of Claims and Benefits Payable (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Claims and benefits payable | $ 1,610.3 | $ 1,604.3 | $ 1,578.0 | $ 1,604.3 |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Claims and benefits payable, at beginning of period | 1,610.3 | 1,613.1 | ||
Less: Reinsurance ceded and other | (849.4) | (855.1) | ||
Net claims and benefits payable, at beginning of period | 760.9 | 758.0 | ||
Incurred losses and loss adjustment expenses related to: | ||||
Current year | 574.9 | 580.2 | ||
Prior years | (46.2) | (45.0) | ||
Total incurred losses and loss adjustment expenses | 528.7 | 535.2 | ||
Paid losses and loss adjustment expenses related to: | ||||
Current year | 235.8 | 277.8 | ||
Prior years | 268.3 | 268.9 | ||
Total paid losses and loss adjustment expenses | 504.1 | 546.7 | ||
Net claims and benefits payable, at end of period | 785.5 | 746.5 | ||
Plus: Reinsurance ceded and other | 792.5 | 857.8 | ||
Claims and benefits payable, at end of period | $ 1,578.0 | $ 1,604.3 | ||
Ceded to U.S. Government | Not Rated | ||||
Paid losses and loss adjustment expenses related to: | ||||
Reinsurance recoverables | $ 66.1 | $ 72.8 |
Reserves - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Favorable (unfavorable) prior year development | $ 46.2 | $ 45.0 |
Global Lifestyle | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Favorable (unfavorable) prior year development | 30.6 | 29.7 |
Global Housing | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Favorable (unfavorable) prior year development | 12.6 | 9.9 |
Corporate and Other | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Favorable (unfavorable) prior year development | $ 3.0 | $ 5.4 |
Debt - Schedule of Debt (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | ||
Carrying Value | $ 2,203,700,000 | $ 2,252,900,000 |
Senior Notes | Floating Rate Senior Notes due March 2021 | ||
Debt Instrument [Line Items] | ||
Principal Amount | 0 | 50,000,000.0 |
Carrying Value | $ 0 | 50,000,000.0 |
Senior Notes | Floating Rate Senior Notes due March 2021 | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread | 1.25% | |
Senior Notes | 4.00% Senior Notes due March 2023 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 350,000,000.0 | 350,000,000.0 |
Carrying Value | $ 349,000,000.0 | 348,900,000 |
Interest rate | 4.00% | |
Senior Notes | 4.20% Senior Notes due September 2023 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 300,000,000.0 | 300,000,000.0 |
Carrying Value | $ 298,500,000 | 298,400,000 |
Interest rate | 4.20% | |
Senior Notes | 4.90% Senior Notes due March 2028 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 300,000,000.0 | 300,000,000.0 |
Carrying Value | $ 297,200,000 | 297,200,000 |
Interest rate | 4.90% | |
Senior Notes | 3.70% Senior Notes due February 2030 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 350,000,000.0 | 350,000,000.0 |
Carrying Value | $ 347,100,000 | 347,000,000.0 |
Interest rate | 3.70% | |
Senior Notes | 6.75% Senior Notes due February 2034 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 275,000,000.0 | 275,000,000.0 |
Carrying Value | $ 272,300,000 | 272,300,000 |
Interest rate | 6.75% | |
5.25% Subordinated Notes due 2061 | 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 400,000,000.0 | 400,000,000.0 |
Carrying Value | $ 395,600,000 | 395,400,000 |
Interest rate | 7.00% | |
5.25% Subordinated Notes due 2061 | 7.00% Fixed-to-Floating Rate Subordinated Notes due March 2048 | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread | 4.135% | |
5.25% Subordinated Notes due 2061 | 5.25% Subordinated Notes due January 2061 | ||
Debt Instrument [Line Items] | ||
Principal Amount | $ 250,000,000.0 | 250,000,000.0 |
Carrying Value | $ 244,000,000.0 | $ 243,700,000 |
Interest rate | 5.25% |
Debt - Narrative (Details) - USD ($) |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | ||||
Borrowed from credit facility | $ 2,203,700,000 | $ 2,252,900,000 | ||
Amortization of gain on swaptions | 700,000 | $ 700,000 | ||
Senior Notes | 4.20% Senior Notes due September 2023 | ||||
Debt Instrument [Line Items] | ||||
Borrowed from credit facility | $ 298,500,000 | 298,400,000 | ||
Interest rate | 4.20% | |||
Senior Notes | 4.90% Senior Notes due March 2028 | ||||
Debt Instrument [Line Items] | ||||
Borrowed from credit facility | $ 297,200,000 | $ 297,200,000 | ||
Interest rate | 4.90% | |||
Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit | $ 4,500,000 | |||
Revolving Credit Facility | Revolving Credit Facility 2017 | ||||
Debt Instrument [Line Items] | ||||
Borrowed from credit facility | 0 | |||
Revolving Credit Facility | JPMorgan Chase Bank NA And Bank of America NA | Revolving Credit Facility 2017 | ||||
Debt Instrument [Line Items] | ||||
Credit facility borrowing capacity | 450,000,000.0 | |||
Senior revolving credit facility | 575,000,000.0 | |||
Sublimit for letters of credit issued | 50,000,000.0 | |||
Line of credit facility, remaining borrowing capacity | 445,500,000 | |||
Derivative | ||||
Debt Instrument [Line Items] | ||||
Deferred gain from effective cash flow hedges | $ 26,700,000 | |||
Interest Rate Derivatives | ||||
Debt Instrument [Line Items] | ||||
Deferred gain from effective cash flow hedges | $ 17,900,000 |
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ 5,951.4 | |
Change in accumulated other comprehensive income (loss) before reclassifications | (201.0) | $ (317.8) |
Amounts reclassified from accumulated other comprehensive income (loss) | (4.3) | (5.3) |
Total other comprehensive loss | (205.3) | (323.1) |
Ending balance | 5,822.2 | |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 709.8 | 411.5 |
Total other comprehensive loss | (205.3) | (323.1) |
Ending balance | 504.5 | 88.4 |
Foreign currency translation adjustment | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (295.6) | (358.9) |
Change in accumulated other comprehensive income (loss) before reclassifications | 7.2 | (66.7) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.0 |
Total other comprehensive loss | 7.2 | (66.7) |
Ending balance | (288.4) | (425.6) |
Net unrealized gains on securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 1,080.3 | 856.5 |
Change in accumulated other comprehensive income (loss) before reclassifications | (207.1) | (297.3) |
Amounts reclassified from accumulated other comprehensive income (loss) | (2.4) | (4.8) |
Total other comprehensive loss | (209.5) | (302.1) |
Ending balance | 870.8 | 554.4 |
Net unrealized gains on derivative transactions | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 14.7 | 17.1 |
Change in accumulated other comprehensive income (loss) before reclassifications | 0.0 | 0.0 |
Amounts reclassified from accumulated other comprehensive income (loss) | (0.6) | (0.6) |
Total other comprehensive loss | (0.6) | (0.6) |
Ending balance | 14.1 | 16.5 |
Credit Related Impairments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 1.2 | 0.0 |
Change in accumulated other comprehensive income (loss) before reclassifications | 0.0 | 0.0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.0 |
Total other comprehensive loss | 0.0 | 0.0 |
Ending balance | 1.2 | 0.0 |
Non-credit related impairment | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 16.1 | 15.5 |
Change in accumulated other comprehensive income (loss) before reclassifications | (0.8) | (2.7) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.0 |
Total other comprehensive loss | (0.8) | (2.7) |
Ending balance | 15.3 | 12.8 |
Unamortized net (losses) on Pension Plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (106.9) | (118.7) |
Change in accumulated other comprehensive income (loss) before reclassifications | (0.3) | 48.9 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1.3) | 0.1 |
Total other comprehensive loss | (1.6) | 49.0 |
Ending balance | $ (108.5) | $ (69.7) |
Accumulated Other Comprehensive Income - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net realized gains (losses) on investments | $ (0.8) | $ 84.0 |
Provision for income taxes | 44.6 | (48.5) |
Net of tax | (162.8) | (155.8) |
Interest expense | 28.4 | 25.5 |
Total reclassifications for the period, net of tax | (4.3) | (5.3) |
Net unrealized (gains) losses on investments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications for the period, net of tax | (2.4) | (4.8) |
Net unrealized gains on derivative transactions | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications for the period, net of tax | (0.6) | (0.6) |
Unamortized net (losses) on Pension Plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications for the period, net of tax | (1.3) | 0.1 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications for the period, net of tax | (4.3) | (5.3) |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized (gains) losses on investments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net realized gains (losses) on investments | (3.1) | (6.1) |
Provision for income taxes | 0.7 | 1.3 |
Net of tax | (2.4) | (4.8) |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains on derivative transactions | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for income taxes | 0.1 | 0.1 |
Net of tax | (0.6) | (0.6) |
Interest expense | (0.7) | (0.7) |
Reclassification out of Accumulated Other Comprehensive Income | Unamortized net (losses) on Pension Plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (1.6) | 0.2 |
Provision for income taxes | 0.3 | (0.1) |
Total reclassifications for the period, net of tax | (1.3) | 0.1 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of net loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 1.8 | 1.3 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | $ (3.4) | $ (1.1) |
Stock Based Compensation - Long-Term Equity Incentive Plans (Details) |
May 31, 2019
shares
|
---|---|
Long-Term Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Company's common stock authorized to employees (in shares) (up to) | 1,588,797 |
Stock Based Compensation - Restricted Stock Units (Details) - Long-Term Equity Incentive Plan - Restricted Stock Units - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 6.6 | $ 6.3 |
Income tax benefit | (1.2) | (1.1) |
Compensation expense, net of tax | $ 5.4 | $ 5.2 |
RSUs granted (in shares) | 168,595 | 228,412 |
Weighted average grant date fair value per unit (in dollars per share) | $ 137.18 | $ 89.58 |
Total fair value of vested RSUs | $ 30.0 | $ 8.9 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized [Abstract] | ||
Unrecognized compensation cost | $ 37.0 | |
Unrecognized compensation cost expected to be recognized over a weighted-average period (in years) | 1 year 4 months 24 days |
Stock Based Compensation - Performance Stock Units (Details) - Long-Term Equity Incentive Plan - Performance Share Units - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 6.2 | $ 4.8 |
Income tax benefit | (0.6) | (0.5) |
Compensation expense, net of tax | $ 5.6 | $ 4.3 |
PSUs granted (in shares) | 201,462 | 302,274 |
Weighted average grant date fair value per unit (in dollars per share) | $ 147.32 | $ 87.36 |
Total fair value of vested PSUs | $ 22.5 | $ 24.4 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized [Abstract] | ||
Unrecognized compensation cost | $ 42.3 | |
Unrecognized compensation cost expected to be recognized over a weighted-average period (in years) | 1 year 2 months 12 days |
Equity Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2018 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Class of Stock [Line Items] | |||||
Stock repurchased in period (in shares) | 308,000 | 480,967 | |||
Stock repurchased in period | $ 41.5 | $ 57.3 | |||
Amount remaining under total repurchase authorization | $ 745.0 | 745.0 | |||
Preferred stock dividends | $ 4.7 | 4.7 | |||
MCPS | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued (in shares) | 0 | 2,875,000 | 0 | 2,875,000 | |
Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |
Public offering price (in dollars per share) | $ 100.00 | ||||
Issuance of mandatory convertible preferred stock, net of issuance costs | $ 276.4 | ||||
Stock conversion ratio (in shares) | 0.9405 | 0.9405 | |||
Number of shares converted (in shares) | 2,703,911 | ||||
Share interest rate | 6.50% | 6.50% | |||
Liquidation price (in dollars per share) | $ 100.00 | $ 100.00 | |||
Preferred stock dividends | $ 4.7 | $ 4.7 |
Earnings Per Common Share - Net Income, Weighted Average Common Shares Used in Calculating Basic Earnings Per Common Share and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Numerator | ||
Net income from continuing operations | $ 148.5 | $ 148.6 |
Less: Net loss (income) attributable to non-controlling interest | 0.2 | (1.1) |
Net income from continuing operations attributable to stockholders | 148.7 | 147.5 |
Less: Preferred stock dividends | (4.7) | (4.7) |
Net income from continuing operations attributable to common stockholders | 144.0 | 142.8 |
Less: Common stock dividends paid | (38.2) | (38.0) |
Undistributed earnings | 105.8 | 104.8 |
Add: Net income from discontinued operations | 14.3 | 7.2 |
Net income attributable to common stockholders | $ 158.3 | $ 150.0 |
Denominator | ||
Weighted average common shares outstanding used in basic per common share calculations (in shares) | 59,192,880 | 60,602,911 |
Incremental common shares from: | ||
Weighted average common shares outstanding used in diluted per common share calculations (in shares) | 61,783,392 | 63,626,926 |
Basic | ||
Distributed earnings (in dollars per share) | $ 0.64 | $ 0.63 |
Undistributed earnings (in dollars per share) | 1.79 | 1.73 |
Net income from continuing operations (in dollars per share) | 2.43 | 2.36 |
Net income from discontinued operations (in dollars per share) | 0.24 | 0.12 |
Net income attributable to common stockholders (in dollars per share) | 2.67 | 2.48 |
Diluted | ||
Distributed earnings (in dollars per share) | 0.62 | 0.60 |
Undistributed earning (in dollars per share) | 1.79 | 1.72 |
Net income from continuing operations (in dollars per share) | 2.41 | 2.32 |
Net income from discontinued operations (in dollars per share) | 0.23 | 0.11 |
Net income attributable to common stockholders (in dollars per share) | $ 2.64 | $ 2.43 |
PSUs | ||
Incremental common shares from: | ||
Incremental common shares (in shares) | 367,274 | 322,692 |
ESPP | ||
Incremental common shares from: | ||
Incremental common shares (in shares) | 0 | 5,148 |
MCPS | ||
Incremental common shares from: | ||
Mandatory convertible preferred stock (in shares) | 2,223,238 | 2,696,175 |
Earnings Per Common Share - Narrative (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
PSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Outstanding anti-dilutive shares excluded from computation of diluted EPS (in shares) | 18,373 | 0 |
Retirement and Other Employee Benefits - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Feb. 29, 2020 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Qualified pension benefits plan funded status | $ 45,800,000 | $ 43,200,000 | |
Funded status percentage | 106.00% | 105.00% | |
Cash contribution to qualified pension benefits plan | $ 0 | ||
Cash expected contribution to plan over remainder of fiscal year | $ 0 | ||
Retirement Health Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (as a percentage) | 1.55% | ||
Reduction in obligations | $ 65,600,000 |
Retirement and Other Employee Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Pension Plan | Qualified Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 3.5 | $ 5.1 |
Expected return on plan assets | (6.9) | (7.7) |
Amortization of prior service credit | 0.0 | 0.0 |
Amortization of net loss (gain) | 1.2 | 0.7 |
Net periodic benefit cost | (2.2) | (1.9) |
Pension Plan | Unfunded Nonqualified Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 0.3 | 0.5 |
Expected return on plan assets | 0.0 | 0.0 |
Amortization of prior service credit | 0.0 | 0.0 |
Amortization of net loss (gain) | 0.8 | 0.6 |
Net periodic benefit cost | 1.1 | 1.1 |
Retirement Health Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 0.0 | 0.4 |
Expected return on plan assets | (0.4) | (0.4) |
Amortization of prior service credit | (3.4) | (1.1) |
Amortization of net loss (gain) | (0.1) | 0.0 |
Net periodic benefit cost | $ (3.9) | $ (1.1) |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Letters of credit outstanding | $ 7.2 | $ 7.6 |
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