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Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Portfolio by Major Security Type
The following tables present the composition of our investment portfolio by major security type. Our securities are reported in our consolidated balance sheets at fair value. The changes in fair value for our fixed-maturity securities (other than hybrid securities) are reported as a component of accumulated other comprehensive income (loss), net of deferred income taxes, in our consolidated
balance sheets. The net holding period gains (losses) reported below represent the inception-to-date changes in fair value for the hybrid and equity securities. The changes in the net holding period gains (losses) between periods are recorded as a component of net realized gains (losses) on securities in our consolidated statements of comprehensive income.
($ in millions)CostGross Unrealized GainsGross Unrealized LossesNet Holding Period Gains (Losses)Fair Value% of Total Fair Value
December 31, 2022
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$26,770.7 $1.4 $(1,604.7)$0 $25,167.4 47.0 %
State and local government obligations2,180.0 0 (202.9)0 1,977.1 3.7 
Foreign government obligations16.8 0 (1.3)0 15.5 0.1 
Corporate debt securities10,125.8 9.8 (676.1)(46.8)9,412.7 17.6 
Residential mortgage-backed securities696.1 0.3 (17.5)(12.1)666.8 1.2 
Commercial mortgage-backed securities5,446.0 1.5 (784.0)0 4,663.5 8.7 
Other asset-backed securities4,826.0 0.9 (260.5)(1.8)4,564.6 8.5 
Redeemable preferred stocks202.6 0 (4.5)(13.8)184.3 0.3 
Total fixed maturities50,264.0 13.9 (3,551.5)(74.5)46,651.9 87.1 
Short-term investments2,861.7 0 0 0 2,861.7 5.4 
    Total available-for-sale securities53,125.7 13.9 (3,551.5)(74.5)49,513.6 92.5 
Equity securities:
Nonredeemable preferred stocks1,364.2 0 0 (151.0)1,213.2 2.3 
Common equities826.1 0 0 1,995.4 2,821.5 5.2 
    Total equity securities2,190.3 0 0 1,844.4 4,034.7 7.5 
Total portfolio1
$55,316.0 $13.9 $(3,551.5)$1,769.9 $53,548.3 100.0 %
($ in millions)CostGross Unrealized GainsGross Unrealized LossesNet Holding Period Gains (Losses)Fair Value% of Total Fair Value
December 31, 2021
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$18,586.1 $92.9 $(190.8)$0 $18,488.2 35.9 %
State and local government obligations2,162.6 36.7 (14.0)0 2,185.3 4.2 
Foreign government obligations17.9 0 0 0 17.9 0.1 
Corporate debt securities10,526.2 202.6 (33.4)(3.3)10,692.1 20.7 
Residential mortgage-backed securities787.7 2.3 (0.6)0.6 790.0 1.5 
Commercial mortgage-backed securities6,561.0 38.9 (64.3)0 6,535.6 12.7 
Other asset-backed securities4,981.8 13.3 (12.4)(0.4)4,982.3 9.7 
Redeemable preferred stocks170.9 0.7 (0.5)10.6 181.7 0.4 
Total fixed maturities43,794.2 387.4 (316.0)7.5 43,873.1 85.2 
Short-term investments942.6 0 0 0 942.6 1.8 
Total available-for-sale securities44,736.8 387.4 (316.0)7.5 44,815.7 87.0 
Equity securities:
Nonredeemable preferred stocks1,571.8 0 0 68.1 1,639.9 3.2 
Common equities1,264.1 0 0 3,794.4 5,058.5 9.8 
    Total equity securities2,835.9 0 0 3,862.5 6,698.4 13.0 
Total portfolio1
$47,572.7 $387.4 $(316.0)$3,870.0 $51,514.1 100.0 %
1 At December 31, 2022, we had $34.4 million of net unsettled security transactions included in other assets, compared to $143.4 million included in other liabilities at December 31, 2021.
The total fair value of the portfolio at December 31, 2022 and 2021 included $4.4 billion and $4.2 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of any unsettled security transactions.
Hybrid Securities Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value at December 31:
(millions)20222021
Fixed Maturities:
Corporate debt securities$535.4 $479.1 
Residential mortgage-backed securities509.6 536.2 
Other asset-backed securities42.0 89.2 
Redeemable preferred stocks134.7 130.8 
Total hybrid securities$1,221.7 $1,235.3 
Composition of Fixed Maturities by Maturity The composition of fixed maturities by maturity at December 31, 2022, was:
(millions)CostFair Value
Less than one year$6,047.1 $5,871.6 
One to five years30,121.9 28,366.7 
Five to ten years14,030.8 12,357.0 
Ten years or greater64.2 56.6 
Total$50,264.0 $46,651.9 
Gross Unrealized Losses by Major Security The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
 Total No. of Sec.Total
Fair
Value		Gross Unrealized LossesLess than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Gross Unrealized LossesNo. of Sec.Fair
 Value		Gross Unrealized Losses
December 31, 2022
U.S. government obligations160 $24,802.5 $(1,604.7)90 $17,327.2 $(699.2)70 $7,475.3 $(905.5)
State and local government obligations348 1,948.8 (202.9)239 1,124.2 (76.8)109 824.6 (126.1)
Foreign government obligations1 15.5 (1.3)0 0 0 1 15.5 (1.3)
Corporate debt securities422 8,449.6 (676.1)285 5,717.6 (426.1)137 2,732.0 (250.0)
Residential mortgage-backed securities45 151.0 (17.5)27 65.1 (6.8)18 85.9 (10.7)
Commercial mortgage-backed securities226 4,651.1 (784.0)99 1,702.0 (192.1)127 2,949.1 (591.9)
Other asset-backed securities262 4,247.8 (260.5)130 2,144.8 (100.9)132 2,103.0 (159.6)
Redeemable preferred stocks4 49.6 (4.5)3 38.5 (3.1)1 11.1 (1.4)
Total fixed maturities1,468 $44,315.9 $(3,551.5)873 $28,119.4 $(1,505.0)595 $16,196.5 $(2,046.5)
 
 Total No. of Sec.Total
Fair
Value		Gross
Unrealized
Losses		Less than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Gross Unrealized
Losses		No. of Sec.Fair
Value		Gross Unrealized
Losses
December 31, 2021
U.S. government obligations92 $14,745.8 $(190.8)85 $13,790.8 $(158.5)7 $955.0 $(32.3)
State and local government obligations127 954.2 (14.0)122 927.3 (13.1)5 26.9 (0.9)
Corporate debt securities220 3,496.6 (33.4)219 3,491.7 (33.3)1 4.9 (0.1)
Residential mortgage-backed securities20 138.6 (0.6)14 135.4 (0.5)6 3.2 (0.1)
Commercial mortgage-backed securities168 4,315.4 (64.3)165 4,295.0 (63.9)3 20.4 (0.4)
Other asset-backed securities178 3,204.7 (12.4)176 3,200.6 (12.3)2 4.1 (0.1)
Redeemable preferred stocks1 12.0 (0.5)0 0 0 1 12.0 (0.5)
Total fixed maturities806 $26,867.3 $(316.0)781 $25,840.8 $(281.6)25 $1,026.5 $(34.4)
Components of Net Realized Gains (Losses) The components of net realized gains (losses) for the years ended December 31, were:
 
(millions)202220212020
Gross realized gains on security sales
Available-for-sale securities:
U.S. government obligations$10.8 $105.8 $612.5 
State and local government obligations0 51.2 102.4 
Corporate and other debt securities8.7 104.0 161.9 
Residential mortgage-backed securities0.7 0.3 0 
Commercial mortgage-backed securities0 41.9 23.7 
Other asset-backed securities0.2 1.2 0.2 
Redeemable preferred stocks0 1.5 0 
Total available-for-sale securities20.4 305.9 900.7 
Equity securities:
Nonredeemable preferred stocks17.6 28.0 24.4 
Common equities846.1 369.6 88.6 
Total equity securities863.7 397.6 113.0 
Subtotal gross realized gains on security sales884.1 703.5 1,013.7 
Gross realized losses on security sales
Available-for-sale securities:
U.S. government obligations(433.3)(52.0)(9.6)
State and local government obligations(1.0)(3.4)(0.7)
Foreign government obligations0 (0.1)0 
Corporate and other debt securities(88.3)(8.3)(6.5)
Residential mortgage-backed securities0 (1.1)0 
Commercial mortgage-backed securities(72.4)(1.9)(12.8)
Other asset-backed securities(4.4)(0.6)0 
Short-term investments(0.4)0 0 
Total available-for-sale securities(599.8)(67.4)(29.6)
Equity securities:
Nonredeemable preferred stocks(9.8)(1.7)(8.7)
Common equities(78.0)(20.1)(60.7)
Total equity securities(87.8)(21.8)(69.4)
Subtotal gross realized losses on security sales(687.6)(89.2)(99.0)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government obligations(422.5)53.8 602.9 
State and local government obligations(1.0)47.8 101.7 
Foreign government obligations0 (0.1)0 
Corporate and other debt securities(79.6)95.7 155.4 
Residential mortgage-backed securities0.7 (0.8)0 
Commercial mortgage-backed securities(72.4)40.0 10.9 
Other asset-backed securities(4.2)0.6 0.2 
Redeemable preferred stocks0 1.5 0 
Short-term investments(0.4)0 0 
Total available-for-sale securities(579.4)238.5 871.1 
Equity securities:
Nonredeemable preferred stocks7.8 26.3 15.7 
Common equities768.1 349.5 27.9 
Total equity securities775.9 375.8 43.6 
Subtotal net realized gains (losses) on security sales196.5 614.3 914.7 
Net holding period gains (losses)
Hybrid securities(82.0)(7.7)7.4 
Equity securities(2,018.1)907.6 706.5 
Derivatives0 0 1.4 
Subtotal net holding period gains (losses)(2,100.1)899.9 715.3 
Other-than-temporary impairment losses
Other asset impairment(8.6)(5.0)0 
Subtotal other-than-temporary impairment losses(8.6)(5.0)0 
Total net realized gains (losses) on securities$(1,912.2)$1,509.2 $1,630.0 
Components of Equity Realized Gains (Losses)
The following table reflects our holding period realized gains (losses) recognized on equity securities held at the respective year end for the years ended December 31:
(millions)202220212020
Total net gains (losses) recognized during the period on equity securities$(1,242.2)$1,283.4 $750.1 
Less: Net gains (losses) recognized on equity securities sold during the period775.9 375.8 43.6 
Net holding period gains (losses) recognized during the period on equity securities held at period end$(2,018.1)$907.6 $706.5 
Components of Net Investment Income The components of net investment income for the years ended December 31, were:
(millions)202220212020
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$339.1 $149.5 $166.3 
State and local government obligations39.7 44.1 62.7 
Foreign government obligations0.2 0.1 0 
Corporate debt securities288.8 301.1 284.0 
Residential mortgage-backed securities31.6 11.9 11.8 
Commercial mortgage-backed securities190.6 143.0 152.9 
Other asset-backed securities174.6 64.1 96.7 
Redeemable preferred stocks11.4 9.5 14.9 
Total fixed maturities1,076.0 723.3 789.3 
Short-term investments53.6 3.1 29.0 
Total available-for-sale securities1,129.6 726.4 818.3 
Equity securities:
Nonredeemable preferred stocks70.2 70.3 60.6 
Common equities60.5 64.2 57.7 
Total equity securities130.7 134.5 118.3 
Investment income1,260.3 860.9 936.6 
Investment expenses(24.3)(25.5)(20.0)
Net investment income$1,236.0 $835.4 $916.6