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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$37,823.2 $204.1 $(1,157.9)$0 $36,869.4 55.9 %
State and local government obligations2,338.4 2.8 (138.4)0 2,202.8 3.3 
Foreign government obligations17.3 0 (1.0)0 16.3 0.1 
Corporate debt securities11,446.0 87.2 (332.3)(17.2)11,183.7 16.9 
Residential mortgage-backed securities426.9 0.2 (10.0)0.1 417.2 0.6 
Commercial mortgage-backed securities4,535.2 2.2 (597.7)0 3,939.7 6.0 
Other asset-backed securities5,667.2 15.7 (107.1)(0.4)5,575.4 8.4 
Redeemable preferred stocks187.7 0 (2.4)(11.6)173.7 0.3 
Total fixed maturities62,441.9 312.2 (2,346.8)(29.1)60,378.2 91.5 
Short-term investments1,789.9 0 0 0 1,789.9 2.7 
    Total available-for-sale securities64,231.8 312.2 (2,346.8)(29.1)62,168.1 94.2 
Equity securities:
Nonredeemable preferred stocks977.1 0 0 (75.0)902.1 1.4 
Common equities706.0 0 0 2,222.4 2,928.4 4.4 
    Total equity securities1,683.1 0 0 2,147.4 3,830.5 5.8 
Total portfolio1
$65,914.9 $312.2 $(2,346.8)$2,118.3 $65,998.6 100.0 %
($ 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 %
1 At December 31, 2023 and 2022, we had $45.6 million and $34.4 million, respectively, of net unsettled security transactions included in other assets.
The total fair value of the portfolio at December 31, 2023 and 2022, included $4.2 billion and $4.4 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)20232022
Fixed Maturities:
Corporate debt securities$531.3 $535.4 
Residential mortgage-backed securities323.9 509.6 
Other asset-backed securities13.9 42.0 
Redeemable preferred stocks141.2 134.7 
Total hybrid securities$1,010.3 $1,221.7 
Composition of Fixed Maturities by Maturity The composition of fixed maturities by maturity at December 31, 2023, was:
(millions)CostFair Value
Less than one year$9,782.8 $9,566.2 
One to five years37,948.6 36,796.2 
Five to ten years14,637.1 13,942.5 
Ten years or greater73.4 73.3 
Total$62,441.9 $60,378.2 
Gross Unrealized Losses by Major Security The following tables show the composition of gross unrealized losses by major security type and by the length of time that individual securities have been in a continuous unrealized loss position:
 Total No. of Sec.Total
Fair
Value		Gross Unrealized LossesLess than 12 Months12 Months or Greater
($ in millions)No. of Sec.Fair
Value		Gross Unrealized LossesNo. of Sec.Fair
 Value		Gross Unrealized Losses
December 31, 2023
U.S. government obligations147 $28,225.0 $(1,157.9)25 $11,890.0 $(100.0)122 $16,335.0 $(1,057.9)
State and local government obligations324 1,846.2 (138.4)31 169.9 (0.9)293 1,676.3 (137.5)
Foreign government obligations1 16.3 (1.0)0 0 0 1 16.3 (1.0)
Corporate debt securities313 6,642.4 (332.3)26 617.2 (14.7)287 6,025.2 (317.6)
Residential mortgage-backed securities39 88.4 (10.0)2 0.4 0 37 88.0 (10.0)
Commercial mortgage-backed securities189 3,912.2 (597.7)1 30.7 (2.5)188 3,881.5 (595.2)
Other asset-backed securities207 3,299.1 (107.1)41 639.4 (1.2)166 2,659.7 (105.9)
Redeemable preferred stocks3 32.5 (2.4)0 0 0 3 32.5 (2.4)
Total fixed maturities1,223 $44,062.1 $(2,346.8)126 $13,347.6 $(119.3)1,097 $30,714.5 $(2,227.5)
 
 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, 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)
Components of Net Realized Gains (Losses) The components of net realized gains (losses) for the years ended December 31, were:
 
(millions)202320222021
Gross realized gains on security sales
Available-for-sale securities:
U.S. government obligations$12.1 $10.8 $105.8 
State and local government obligations0 0 51.2 
Corporate and other debt securities1.0 8.7 104.0 
Residential mortgage-backed securities0.9 0.7 0.3 
Commercial mortgage-backed securities0 0 41.9 
Other asset-backed securities0 0.2 1.2 
Redeemable preferred stocks0 0 1.5 
Total available-for-sale securities14.0 20.4 305.9 
Equity securities:
Nonredeemable preferred stocks0.3 17.6 28.0 
Common equities381.0 846.1 369.6 
Total equity securities381.3 863.7 397.6 
Subtotal gross realized gains on security sales395.3 884.1 703.5 
Gross realized losses on security sales
Available-for-sale securities:
U.S. government obligations(64.6)(433.3)(52.0)
State and local government obligations0 (1.0)(3.4)
Foreign government obligations0 0 (0.1)
Corporate and other debt securities(85.7)(88.3)(8.3)
Residential mortgage-backed securities0 0 (1.1)
Commercial mortgage-backed securities(106.8)(72.4)(1.9)
Other asset-backed securities(5.6)(4.4)(0.6)
Short-term investments(0.4)(0.4)0 
Total available-for-sale securities(263.1)(599.8)(67.4)
Equity securities:
Nonredeemable preferred stocks(118.3)(9.8)(1.7)
Common equities(21.8)(78.0)(20.1)
Total equity securities(140.1)(87.8)(21.8)
Subtotal gross realized losses on security sales(403.2)(687.6)(89.2)
Net realized gains (losses) on security sales
Available-for-sale securities:
U.S. government obligations(52.5)(422.5)53.8 
State and local government obligations0 (1.0)47.8 
Foreign government obligations0 0 (0.1)
Corporate and other debt securities(84.7)(79.6)95.7 
Residential mortgage-backed securities0.9 0.7 (0.8)
Commercial mortgage-backed securities(106.8)(72.4)40.0 
Other asset-backed securities(5.6)(4.2)0.6 
Redeemable preferred stocks0 0 1.5 
Short-term investments(0.4)(0.4)0 
Total available-for-sale securities(249.1)(579.4)238.5 
Equity securities:
Nonredeemable preferred stocks(118.0)7.8 26.3 
Common equities359.2 768.1 349.5 
Total equity securities241.2 775.9 375.8 
Subtotal net realized gains (losses) on security sales(7.9)196.5 614.3 
Other assets
Gain21.6 0 0 
Impairment(9.0)(8.6)(5.0)
Subtotal net realized gains (losses) on other assets12.6(8.6)(5.0)
Net holding period gains (losses)
Hybrid securities45.4 (82.0)(7.7)
Equity securities303.0 (2,018.1)907.6 
Subtotal net holding period gains (losses)348.4 (2,100.1)899.9 
Total net realized gains (losses) on securities$353.1 $(1,912.2)$1,509.2 
Components of Equity Realized Gains (Losses) December 31:
(millions)202320222021
Total net gains (losses) recognized during the period on equity securities$544.2 $(1,242.2)$1,283.4 
Less: Net gains (losses) recognized on equity securities sold during the period241.2 775.9 375.8 
Net holding period gains (losses) recognized during the period on equity securities held at period end$303.0 $(2,018.1)$907.6 
Components of Net Investment Income The components of net investment income for the years ended December 31, were:
(millions)202320222021
Available-for-sale securities:
Fixed maturities:
U.S. government obligations$864.0 $339.1 $149.5 
State and local government obligations47.6 39.7 44.1 
Foreign government obligations0.2 0.2 0.1 
Corporate debt securities365.4 288.8 301.1 
Residential mortgage-backed securities28.7 31.6 11.9 
Commercial mortgage-backed securities196.1 190.6 143.0 
Other asset-backed securities192.5 174.6 64.1 
Redeemable preferred stocks11.1 11.4 9.5 
Total fixed maturities1,705.6 1,076.0 723.3 
Short-term investments92.4 53.6 3.1 
Total available-for-sale securities1,798.0 1,129.6 726.4 
Equity securities:
Nonredeemable preferred stocks51.4 70.2 70.3 
Common equities42.4 60.5 64.2 
Total equity securities93.8 130.7 134.5 
Investment income1,891.8 1,260.3 860.9 
Investment expenses(26.2)(24.3)(25.5)
Net investment income$1,865.6 $1,236.0 $835.4