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Fair Values of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
The following tables present additional information about our private equity partnerships, including commitments for additional investments which may or may not be funded:
September 30, 2022
Investment CategoryFair ValueRedemption Term / Redemption NoticeUnfunded Commitments
(in millions of dollars)(in millions of dollars)
Private Credit(a)$238.5 Not redeemable$98.8 
36.9 Initial 2 year lock on each new investment / Quarterly after 2 year lock with 90 days notice11.1 
Total Private Credit275.4 109.9 
Private Equity(b)417.6 Not redeemable387.8 
29.3Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice42.5
Total Private Equity446.9430.3
Real Assets(c)342.5 Not redeemable266.0 
59.8 Quarterly / 90 days notice— 
Total Real Assets402.3 266.0 
Total Partnerships$1,124.6 $806.2 
December 31, 2021
Investment CategoryFair ValueRedemption Term / Redemption NoticeUnfunded Commitments
(in millions of dollars)(in millions of dollars)
Private Credit(a)$240.6 Not redeemable$143.7 
38.8 Initial 2 year lock on each new investment / Quarterly after 2 year lock with 90 days notice6.8 
Total Private Credit279.4 150.5 
Private Equity(b)365.8 Not redeemable274.3 
18.8 Initial 5.5 year lock on each new investment / Quarterly after 5.5 year lock with 90 days notice50.3
Total Private Equity384.6 324.6 
Real Assets(c)256.2 Not redeemable278.1 
58.4 Quarterly / 90 days notice— 
Total Real Assets314.6 278.1 
Total Partnerships$978.6 $753.2 
Fair Values by Fair Value Hierarchy Input level The following tables present information about financial instruments measured at fair value on a recurring basis by fair value level, based on the observability of the inputs used.
 September 30, 2022
 Level 1Level 2Level 3NAVTotal
(in millions of dollars)
Assets
Fixed Maturity Securities
United States Government and Government Agencies and Authorities$81.5 $384.8 $— $— $466.3 
States, Municipalities, and Political Subdivisions18.7 3,616.6 0.2 — 3,635.5 
Foreign Governments— 789.1 20.0 — 809.1 
Public Utilities593.7 4,304.0 13.2 — 4,910.9 
Mortgage/Asset-Backed Securities— 519.1 11.2 — 530.3 
All Other Corporate Bonds8,413.6 15,255.6 123.4 — 23,792.6 
Redeemable Preferred Stocks— 3.5 — — 3.5 
Total Fixed Maturity Securities9,107.5 24,872.7 168.0 — 34,148.2 
Other Long-term Investments
Derivatives
Forwards— 7.3 — — 7.3 
Foreign Exchange Contracts— 120.8 — — 120.8 
Total Derivatives— 128.1 — — 128.1 
Perpetual Preferred and Equity Securities17.8 8.9 13.5 — 40.2 
Private Equity Partnerships— — — 1,124.6 1,124.6 
Total Other Long-term Investments17.8 137.0 13.5 1,124.6 1,292.9 
Total Financial Instrument Assets Carried at Fair Value$9,125.3 $25,009.7 $181.5 $1,124.6 $35,441.1 
Liabilities
Other Liabilities
Derivatives
Forwards $— $29.0 $— $— $29.0 
Foreign Exchange Contracts— 27.4 — — 27.4 
Embedded Derivative in Modified Coinsurance Arrangement— — 19.4 — 19.4 
Total Derivatives— 56.4 19.4 — 75.8 
Total Financial Instrument Liabilities Carried at Fair Value$— $56.4 $19.4 $— $75.8 
 December 31, 2021
 Level 1Level 2Level 3NAVTotal
(in millions of dollars)
Assets
Fixed Maturity Securities
United States Government and Government Agencies and Authorities$— $580.1 $— $— $580.1 
States, Municipalities, and Political Subdivisions— 4,714.1 13.4 — 4,727.5 
Foreign Governments— 1,125.8 20.8 — 1,146.6 
Public Utilities230.8 6,140.7 44.5 — 6,416.0 
Mortgage/Asset-Backed Securities— 451.1 187.2 — 638.3 
All Other Corporate Bonds3,288.7 25,673.2 861.5 — 29,823.4 
Redeemable Preferred Stocks— 4.1 — — 4.1 
Total Fixed Maturity Securities3,519.5 38,689.1 1,127.4 — 43,336.0 
Other Long-term Investments
Derivatives
Foreign Exchange Contracts— 39.5 — — 39.5 
Total Derivatives— 39.5 — — 39.5 
Perpetual Preferred and Equity Securities27.9 5.8 — 33.7 
Private Equity Partnerships— — — 978.6 978.6 
Total Other Long-term Investments— 67.4 5.8 978.6 1,051.8 
Total Financial Instrument Assets Carried at Fair Value$3,519.5 $38,756.5 $1,133.2 $978.6 $44,387.8 
Liabilities
Other Liabilities
Derivatives
Foreign Exchange Contracts$— $35.0 $— $— $35.0 
Embedded Derivative in Modified Coinsurance Arrangement— — 30.1 — 30.1 
Total Derivatives— 35.0 30.1 — 65.1 
Total Financial Instrument Liabilities Carried at Fair Value$— $35.0 $30.1 $— $65.1 
Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs
Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows:
 Three Months Ended September 30, 2022
 Fair Value Beginning of PeriodTotal Realized
and Unrealized
Investment Gains (Losses) in		  Level 3 TransfersFair Value End of PeriodChange in Unrealized Gain (Loss) on Securities Held at the End of Period included in
 EarningsOCIPurchasesSales/MaturitiesIntoOut ofOCIEarnings
(in millions of dollars)
Fixed Maturity Securities
States, Municipalities, and Political Subdivisions$— $— $(0.1)$— $— $0.3 $— $0.2 $(0.1)$— 
Foreign Governments20.2 — (0.2)— — — — 20.0 (0.2)— 
Public Utilities13.6 (0.4)— — — — — 13.2 — (0.4)
Mortgage/Asset-Backed Securities11.6 — 0.6 — (0.3)0.2 (0.9)11.2 0.6 — 
All Other Corporate Bonds103.5 — (5.4)1.3 (13.0)57.9 (20.9)123.4 (5.4)— 
Total Fixed Maturity Securities148.9 (0.4)(5.1)1.3 (13.3)58.4 (21.8)168.0 (5.1)(0.4)
Perpetual Preferred and Equity Securities
10.9 (0.1)— 2.7 — — — 13.5 — (0.1)
Embedded Derivative in Modified Coinsurance Arrangement(34.3)14.9 — — — — — (19.4)— 14.9 
 Three Months Ended September 30, 2021
 Fair Value Beginning of PeriodTotal Realized and Unrealized Investment Gains (Losses) in  Level 3 TransfersFair Value End of PeriodChange in Unrealized Gain (Loss) on Securities Held at the End of Period included in
 EarningsOCIPurchasesSales/MaturitiesIntoOut ofOCIEarnings
(in millions of dollars)
Fixed Maturity Securities
Foreign Governments$21.5 $— $(0.4)$— $— $— $— $21.1 $(0.3)$— 
Public Utilities104.5 — (0.4)— — — (59.5)44.6 (0.4)— 
Mortgage/Asset-Backed Securities14.9 — (17.1)— (2.0)48.3 (10.2)33.9 (17.1)— 
All Other Corporate Bonds401.0 — (6.0)50.0 (4.4)256.0 (82.0)614.6 (6.0)— 
Total Fixed Maturity Securities541.9 — (23.9)50.0 (6.4)304.3 (151.7)714.2 (23.8)— 
Perpetual Preferred and Equity Securities
5.5 0.1 — — — — — 5.6 — 0.1 
Embedded Derivative in Modified Coinsurance Arrangement(21.2)2.6 — — — — — (18.6)— 2.6 
 Nine Months Ended September 30, 2022
 Fair Value Beginning of YearTotal Realized
and Unrealized
Investment Gains (Losses) in		  Level 3 TransfersFair Value End of PeriodChange in Unrealized Gain (Loss) on Securities Held at the End of Period included in
 EarningsOCIPurchasesSales/MaturitiesIntoOut ofOCIEarnings
(in millions of dollars)
Fixed Maturity Securities
States, Municipalities, and Political Subdivisions$13.4 $— $(0.1)$0.3 $— $— $(13.4)$0.2 $(0.1)$— 
Foreign Governments20.8 — (0.8)— — — — 20.0 (0.8)— 
Public Utilities44.5 (4.6)2.2 — (10.8)15.6 (33.7)13.2 2.2 (4.6)
Mortgage/Asset-Backed Securities187.2 — (1.2)9.9 (9.5)— (175.2)11.2 (1.2)— 
All Other Corporate Bonds861.5 — (29.5)8.8 (20.9)18.3 (714.8)123.4 (29.5)— 
Total Fixed Maturity Securities1,127.4 (4.6)(29.4)19.0 (41.2)33.9 (937.1)168.0 (29.4)(4.6)
Perpetual Preferred and Equity Securities
5.8 2.7 — 5.0 — — — 13.5 — 2.7 
Embedded Derivative in Modified Coinsurance Arrangement(30.1)10.7 — — — — — (19.4)— 10.7 
 Nine Months Ended September 30, 2021
 Fair Value Beginning of YearTotal Realized and Unrealized Investment Gains (Losses) in  Level 3 TransfersFair Value End of PeriodChange in Unrealized Gain (Loss) on Securities Held at the End of Period included in
 EarningsOCIPurchasesSales/MaturitiesIntoOut ofOCIEarnings
(in millions of dollars)
Fixed Maturity Securities
States, Municipalities, and Political Subdivisions$15.5 $— $— $— $— $— $(15.5)$— $— $— 
Foreign Governments21.8 — (0.7)— — — — 21.1 (0.7)— 
Public Utilities185.7 — (2.3)— (21.3)36.0 (153.5)44.6 (2.3)— 
Mortgage/Asset-Backed Securities81.3 — (37.2)— (62.0)62.1 (10.3)33.9 (37.2)— 
All Other Corporate Bonds943.1 — (19.7)133.9 (17.4)47.5 (472.8)614.6 (19.7)— 
Total Fixed Maturity Securities1,247.4 — (59.9)133.9 (100.7)145.6 (652.1)714.2 (59.9)— 
Perpetual Preferred and Equity Securities
4.7 0.1 — 0.8 — — — 5.6 — 0.1 
Embedded Derivative in Modified Coinsurance Arrangement(39.8)21.2 — — — — — (18.6)— 21.2 
Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses only for the time during which the applicable financial instruments were classified as Level 3. The transfers between levels resulted primarily from a change in observability of three inputs used to determine fair values of the securities transferred: (1) transactional data for new issuance and secondary trades, (2) broker/dealer quotes and pricing, primarily related to changes in the level of activity in the market and whether the market was considered orderly, and (3) comparable bond metrics from which to perform an analysis. For fair value measurements of financial instruments that were transferred either into or out of Level 3, we reflect the transfers using the fair value at the beginning of the period. We believe this allows for greater transparency, as all changes in fair value that arise during the reporting period of the transfer are disclosed as a component of our Level 3 reconciliation.
Quantitative Information Regarding Significant Unobservable Inputs
The table below provides quantitative information regarding the significant unobservable inputs used in Level 3 fair value measurements derived from internal models. Unobservable inputs for fixed maturity securities are weighted by the fair value of the securities. Certain securities classified as Level 3 are excluded from the table below due to limitations in our ability to obtain the underlying inputs used by external pricing sources.
September 30, 2022
Fair ValueValuation MethodUnobservable InputRange/Weighted Average
(in millions of dollars)
Fixed Maturity Securities
Public Utilities$13.2 Discounted Cash Flows
Projected Liability Cash Flows
(a)
Investment Analyst Assumptions
Mortgage/Asset-Backed Securities - Private9.7 Market ApproachMarket Convention(b)Comparability Approach
All Other Corporate Bonds - Private15.9 Market Approach
Volatility of Credit
Market Convention
(d)
(e)
4.61% - 4.61% / 4.61%
Priced at Par Value
Perpetual Preferred and Equity Securities 13.5 Market Approach
Market Convention
(e)Priced at Cost, Owner's Equity, or Most Recent Round
Embedded Derivative in Modified Coinsurance Arrangement(19.4)Discounted Cash Flows
Projected Liability Cash Flows
Weighted Spread of Swap Curve
(f)
Actuarial Assumptions

0.7%
December 31, 2021
Fair ValueValuation MethodUnobservable InputRange/Weighted Average
(in millions of dollars)
Fixed Maturity Securities
All Other Corporate Bonds - Private$111.8 Market Approach
Lack of Marketability
Volatility of Credit
(c)
(d)
0.14% - 0.73% / 0.51%
6.30% - 6.30% / 6.30%
Perpetual Preferred and Equity Securities 5.8 Market ApproachMarket Convention(e)Priced at Cost or Owner's Equity
Embedded Derivative in Modified Coinsurance Arrangement(30.1)Discounted Cash Flows
Projected Liability Cash Flows
Weighted Spread of Swap Curve
(f)
Actuarial Assumptions

0.7%

(a)Represents a decision to price based on discounted expected future cash flows
(b)Represents a decision to price based on comparable underlying assets
(c)Represents basis point adjustments to apply a discount due to the illiquidity of an investment
(d)Represents basis point adjustments for credit-specific factors
(e)Represents a decision to price based on par value, cost, owner's equity, or the price of the most recent capital funding round when limited data is available
(f)Represents various actuarial assumptions required to derive the liability cash flows. Fair value of embedded derivative is most often driven by the change in the weighted average credit spread to the swap curve for the assets backing the hypothetical loan
Carrying Amount and Fair Value of Financial Instruments The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
September 30, 2022
Estimated Fair Value
Level 1Level 2Level 3TotalCarrying Value
(in millions of dollars)
Assets
Mortgage Loans$— $2,210.4 $— $2,210.4 $2,476.4 
Policy Loans— — 3,714.6 3,714.6 3,640.8 
Other Long-term Investments
Miscellaneous Long-term Investments— 17.3 3.3 20.6 20.6 
Total Financial Instrument Assets Not Carried at Fair Value$— $2,227.7 $3,717.9 $5,945.6 $6,137.8 
Liabilities
Long-term Debt$2,487.0 $552.2 $— $3,039.2 $3,429.2 
Other Liabilities
Unfunded Commitments— 0.7 — 0.7 0.7 
Payable for Collateral on FHLB Funding Agreements— 118.5 — 118.5 118.5 
Total Financial Instrument Liabilities Not Carried at Fair Value$2,487.0 $671.4 $— $3,158.4 $3,548.4 
December 31, 2021
Estimated Fair Value
Level 1Level 2Level 3TotalCarrying Value
(in millions of dollars)
Assets
Mortgage Loans$— $2,677.8 $— $2,677.8 $2,560.4 
Policy Loans— — 3,807.1 3,807.1 3,662.9 
Other Long-term Investments
Miscellaneous Long-term Investments— 22.1 9.5 31.6 31.6 
Total Financial Instrument Assets Not Carried at Fair Value$— $2,699.9 $3,816.6 $6,516.5 $6,254.9 
Liabilities
Long-term Debt$2,237.3 $1,641.8 $— $3,879.1 $3,442.2 
Other Liabilities
Unfunded Commitments— 0.7 — 0.7 0.7 
Payable for Collateral on FHLB Funding Agreements— 160.9 — 160.9 160.9 
Total Financial Instrument Liabilities Not Carried at Fair Value$2,237.3 $1,642.5 $— $3,879.8 $3,442.9