Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SYMETRA FINANCIAL CORPORATION | ' |
Entity Central Index Key | '0001403385 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 117,799,553 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Available-for-sale securities: | ' | ' |
Fixed maturities, at fair value (amortized cost: $22,002.1 and $21,073.4, respectively) | $23,306.50 | $23,519 |
Marketable equity securities, at fair value (cost: $87.1 and $52.0, respectively) | 87.1 | 49.6 |
Trading securities: | ' | ' |
Marketable equity securities, at fair value (cost: $449.1 and $498.2, respectively) | 509.4 | 552.7 |
Mortgage loans, net | 3,376.80 | 3,094.40 |
Policy loans | 64.2 | 65.8 |
Investments in limited partnerships (includes $35.9 and $28.6 measured at fair value, respectively) | 253.1 | 239.3 |
Other invested assets (includes $37.4 and $24.6 measured at fair value, respectively) | 44 | 35.6 |
Total investments | 27,641.10 | 27,556.40 |
Cash and cash equivalents | 121.1 | 130.8 |
Accrued investment income | 293.2 | 276.2 |
Reinsurance recoverables | 306.1 | 302.1 |
Deferred policy acquisition costs | 271.7 | 155.8 |
Receivables and other assets | 229.4 | 231.9 |
Separate account assets | 922 | 807.7 |
Total assets | 29,784.60 | 29,460.90 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' |
Funds held under deposit contracts | 24,074.70 | 23,068.50 |
Future policy benefits | 394.6 | 390.6 |
Policy and contract claims | 165.4 | 162.2 |
Other policyholders’ funds | 171.9 | 113.9 |
Notes payable | 449.5 | 449.4 |
Deferred income tax liabilities, net | 266.5 | 628.9 |
Other liabilities | 327.2 | 209.6 |
Separate account liabilities | 922 | 807.7 |
Total liabilities | 26,771.80 | 25,830.80 |
Commitments and contingencies (Note 10) | ' | ' |
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value; 750,000,000 shares authorized; 124,751,819 issued and 117,799,553 outstanding as of September 30, 2013; 119,087,667 issued and outstanding as of December 31, 2012 | 1.2 | 1.2 |
Additional paid-in capital | 1,463.90 | 1,459.30 |
Treasury stock, at cost; 6,952,266 and 0 shares as of September 30, 2013 and December 31, 2012, respectively | -93.4 | 0 |
Retained earnings | 922.1 | 798.4 |
Accumulated other comprehensive income, net of taxes | 719 | 1,371.20 |
Total stockholders’ equity | 3,012.80 | 3,630.10 |
Total liabilities and stockholders’ equity | $29,784.60 | $29,460.90 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Available-for-sale securities: | ' | ' |
Fixed maturities, at amortized cost | $22,002.10 | $21,073.40 |
Marketable equity securities, at cost | 87.1 | 52 |
Trading securities: | ' | ' |
Trading marketable equity securities, at cost | 449.1 | 498.2 |
Investments in limited partnerships at fair value | 35.9 | 28.6 |
Other invested assets at fair value | $37.40 | $24.60 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' |
Preferred stock, par value (USD per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (USD per share) | $0.01 | $0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 124,751,819 | 119,087,667 |
Common stock, shares outstanding | 117,799,553 | 119,087,667 |
Treasury stock, shares | 6,952,266 | 0 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Premiums | $156 | $154.10 | $470.40 | $451.20 |
Net investment income | 326.4 | 312.3 | 968.7 | 952 |
Policy fees, contract charges, and other | 48.3 | 47.1 | 146.7 | 142.2 |
Net realized investment gains (losses): | ' | ' | ' | ' |
Total other-than-temporary impairment losses on securities | -6.6 | -16 | -17 | -30.7 |
Less: portion recognized in other comprehensive income (loss) | 0.4 | 2.7 | 1.6 | 5.5 |
Net impairment losses recognized in earnings | -6.2 | -13.3 | -15.4 | -25.2 |
Other net realized investment gains (losses) | 1.6 | 28.8 | 26 | 60.2 |
Net realized investment gains (losses) | -4.6 | 15.5 | 10.6 | 35 |
Total revenues | 526.1 | 529 | 1,596.40 | 1,580.40 |
Benefits and expenses: | ' | ' | ' | ' |
Policyholder benefits and claims | 118.5 | 111.1 | 353.2 | 320.8 |
Interest credited | 235.3 | 235.4 | 696.3 | 695.2 |
Other underwriting and operating expenses | 90.6 | 88.9 | 274.3 | 264.5 |
Interest expense | 8.3 | 8.2 | 24.7 | 24.6 |
Amortization of deferred policy acquisition costs | 20.2 | 17.9 | 56.3 | 49.1 |
Total benefits and expenses | 472.9 | 461.5 | 1,404.80 | 1,354.20 |
Income from operations before income taxes | 53.2 | 67.5 | 191.6 | 226.2 |
Provision (benefit) for income taxes: | ' | ' | ' | ' |
Current | 11.3 | -0.3 | 46.6 | 12 |
Deferred | -3.4 | 12.6 | -11.3 | 39.8 |
Total provision for income taxes | 7.9 | 12.3 | 35.3 | 51.8 |
Net income | $45.30 | $55.20 | $156.30 | $174.40 |
Net income per common share: | ' | ' | ' | ' |
Basic (USD per share) | $0.38 | $0.40 | $1.21 | $1.26 |
Diluted (USD per share) | $0.38 | $0.40 | $1.21 | $1.26 |
Weighted-average number of common shares outstanding: | ' | ' | ' | ' |
Basic (shares) | 117,802 | 138,091 | 129,574 | 137,986 |
Diluted (shares) | 117,804 | 138,094 | 129,579 | 137,990 |
Cash dividends declared per common share (USD per share) | $0.09 | $0.07 | $0.25 | $0.21 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $45.30 | $55.20 | $156.30 | $174.40 |
Other comprehensive income (loss), net of taxes and reclassification adjustments: | ' | ' | ' | ' |
Changes in unrealized gains (losses) on available-for-sale securities (net of taxes of $(26.0), $130.6, $(392.0) and $233.9) | -48.2 | 242.6 | -727.9 | 434.5 |
Other-than-temporary impairments on fixed maturities not related to credit losses (net of taxes of $(0.1), $(0.9), $(0.5) and $(1.9)) | -0.3 | -1.8 | -1.1 | -3.6 |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and deferred sales inducements (net of taxes of $1.2, $(13.5), $48.4 and $(30.0)) | 2.1 | -25.1 | 89.8 | -55.7 |
Impact of cash flow hedges (net of taxes of $(9.3), $0.3, $(7.0) and $0.9) | -17.2 | 0.6 | -13 | 1.8 |
Other comprehensive income (loss) | -63.6 | 216.3 | -652.2 | 377 |
Total comprehensive income (loss) | ($18.30) | $271.50 | ($495.90) | $551.40 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Changes in unrealized gains (losses) on available-for-sale securities, tax | ($26) | $130.60 | ($392) | $233.90 |
Other-than-temporary impairments on fixed maturities not related to credit losses, tax | -0.1 | -0.9 | -0.5 | -1.9 |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and deferred sales inducements, tax | 1.2 | -13.5 | 48.4 | -30 |
Impact of cash flow hedges, tax | ($9.30) | $0.30 | ($7) | $0.90 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Millions | ||||||
Beginning Balance at Dec. 31, 2011 | $3,114.90 | $1.20 | $1,454.60 | $0 | $631.80 | $1,027.30 |
Net income | 174.4 | 0 | 0 | 0 | 174.4 | 0 |
Other comprehensive income (loss) | 377 | 0 | 0 | 0 | 0 | 377 |
Stock-based compensation | 3.9 | 0 | 3.9 | 0 | 0 | 0 |
Dividends declared | -29 | 0 | 0 | 0 | -29 | 0 |
Ending Balance at Sep. 30, 2012 | 3,641.20 | 1.2 | 1,458.50 | 0 | 777.2 | 1,404.30 |
Beginning Balance at Dec. 31, 2012 | 3,630.10 | 1.2 | 1,459.30 | 0 | 798.4 | 1,371.20 |
Net income | 156.3 | 0 | 0 | 0 | 156.3 | 0 |
Other comprehensive income (loss) | -652.2 | 0 | 0 | 0 | 0 | -652.2 |
Stock-based compensation | 4.6 | 0 | 4.6 | 0 | 0 | 0 |
Common stock repurchased | -93.4 | 0 | 0 | -93.4 | 0 | 0 |
Dividends declared | -32.6 | 0 | 0 | 0 | -32.6 | 0 |
Ending Balance at Sep. 30, 2013 | $3,012.80 | $1.20 | $1,463.90 | ($93.40) | $922.10 | $719 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $156.30 | $174.40 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Net realized investment (gains) losses | -10.6 | -35 |
Accretion and amortization of invested assets, net | 43.2 | 36.3 |
Accrued interest on fixed maturities | -10.8 | -14.2 |
Amortization and depreciation | 21.8 | 20.2 |
Deferred income tax provision (benefit) | -11.3 | 39.8 |
Interest credited on deposit contracts | 696.3 | 695.2 |
Mortality and expense charges and administrative fees | -90.9 | -86.5 |
Changes in: | ' | ' |
Accrued investment income | -17 | -4.1 |
Deferred policy acquisition costs, net | -22.2 | -1.1 |
Future policy benefits | 4 | -0.7 |
Policy and contract claims | 3.2 | -11.2 |
Current income taxes | 39.5 | -39.7 |
Other assets and liabilities | 0.5 | -30.1 |
Other, net | 4.5 | 2.6 |
Total adjustments | 650.2 | 571.5 |
Net cash provided by (used in) operating activities | 806.5 | 745.9 |
Purchases of: | ' | ' |
Fixed maturities and marketable equity securities | -3,582.10 | -2,786.80 |
Other invested assets and investments in limited partnerships | -47.3 | -72.9 |
Issuances of mortgage loans | -473.6 | -586.3 |
Maturities, calls, paydowns, and other repayments | 1,417.80 | 1,245.40 |
Sales of: | ' | ' |
Fixed maturities and marketable equity securities | 1,359.50 | 1,415.80 |
Other invested assets and investments in limited partnerships | 16.4 | 14 |
Repayments of mortgage loans | 188.3 | 148.8 |
Other, net | 7.1 | 3.9 |
Net cash provided by (used in) investing activities | -1,113.90 | -618.1 |
Policyholder account balances: | ' | ' |
Deposits | 1,746 | 1,205.30 |
Withdrawals | -1,287.60 | -1,308.60 |
Cash dividends paid on common stock | -32.6 | -29 |
Common stock repurchased | -93.4 | 0 |
Other, net | -34.7 | 0.6 |
Net cash provided by (used in) financing activities | 297.7 | -131.7 |
Net increase (decrease) in cash and cash equivalents | -9.7 | -3.9 |
Cash and cash equivalents at beginning of period | 130.8 | 242.3 |
Cash and cash equivalents at end of period | 121.1 | 238.4 |
Non-cash transactions during the period: | ' | ' |
Fixed maturities exchanges | 232 | 88.3 |
Investments in limited partnerships and capital obligations incurred | $22.70 | $6.30 |
Description_Of_Business
Description Of Business | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description Of Business | ' |
1. Description of Business | |
Symetra Financial Corporation is a Delaware corporation that, through its subsidiaries, offers products and services that serve the retirement, employee benefits and life insurance markets. These products and services are marketed through financial institutions, benefits consultants, and independent agents and advisors in all states and the District of Columbia. The Company’s principal products include fixed and variable deferred annuities, single premium immediate annuities, medical stop-loss insurance, individual life insurance and institutional life insurance including bank-owned life insurance (BOLI). The Company also services its block of structured settlement annuities. The accompanying interim condensed financial statements include, on a consolidated basis, the accounts of Symetra Financial Corporation and its subsidiaries, which are wholly-owned and collectively referred to as “Symetra” or “the Company.” |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Basis of Presentation and Use of Estimates | |
The interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP), including the rules and regulations of the Securities and Exchange Commission (SEC). The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that may affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. These interim condensed consolidated financial statements are unaudited and in management’s opinion include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair presentation. All significant intercompany transactions and balances have been eliminated. Certain reclassifications have been made to prior year financial information for it to conform to the current period presentation. | |
These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Financial results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the twelve months ended December 31, 2013. | |
Adoption of New Accounting Pronouncements | |
ASU 2011-11, Disclosures about Offsetting Assets and Liabilities and ASU 2013-01, Scope Clarification of Disclosures about Offsetting Assets and Liabilities | |
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210) — Disclosures about Offsetting Assets and Liabilities. This ASU requires the Company to disclose information about financial assets and liabilities that are offset or have the potential to be offset, along with the related contractual arrangements, to enable users to understand the effect of such arrangements on its balance sheets. The ASU requires the Company to disclose information on both a gross and net basis about instruments and transactions within the scope of this standard. | |
In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210) – Scope Clarification of Disclosures about Offsetting Assets and Liabilities. This ASU limits the scope requirements of ASU 2011-11 to derivatives, repurchase agreements, reverse repurchase agreements, and securities borrowing and lending transactions. The Company prospectively adopted ASU 2011-11 and 2013-01 on January 1, 2013 and included the disclosures in Note 4. | |
ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This ASU supersedes the presentation requirements in ASU 2011-05, Presentation of Comprehensive Income, and ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This ASU requires the Company to present, either on the face of the financial statements or in the notes to the consolidated financial statements, the effect of significant reclassifications out of accumulated other comprehensive income (AOCI) by the respective line item on the statements of income. This ASU does not change the requirement to present other comprehensive income by component in the consolidated financial statements. The Company prospectively adopted this standard on January 1, 2013 and included the disclosures in Note 8. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
3. Earnings Per Share | ||||||||||||||||
Basic earnings per share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Diluted earnings per share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period, adjusted for the potential issuance of common stock, if dilutive. | ||||||||||||||||
On June 20, 2013, the Company issued 5.298 common shares to settle all of its outstanding warrants with wholly-owned subsidiaries of White Mountains Insurance Group, Ltd. and Berkshire Hathaway, Inc., both related parties. The number of shares issued in the cashless exercise was determined based on the fair value of the warrants on the settlement date. These warrants were exercisable for 18.976 common shares, and were considered participating securities because the terms of the agreements entitled the holders to receive any dividends declared on the common stock concurrently with the holders of outstanding shares of common stock, on a one-to-one basis. As a result, for the portion of the period the warrants were outstanding, they were included in weighted-average common shares outstanding for basic and diluted earnings per share, using the two-class method. | ||||||||||||||||
The Company has issued equity instruments to employees that are considered in the computation of earnings per share, including restricted stock, stock options and shares issued under the employee stock purchase plan. The restricted stock is considered a participating security because the holders are entitled to receive any dividends declared on the common stock concurrently with the holders of outstanding shares of common stock, on a one-to-one basis. Participating restricted stock is included in basic and diluted earnings per share based on the application of the two-class method. Estimated shares to be issued under the employee stock purchase plan are included in diluted earnings per share based on the application of the treasury stock method. Excluded from the computation of diluted earnings per share were 2.650 stock options for the three and nine months ended September 30, 2013, and 2.650 stock options for the three and nine months ended September 30, 2012 because they were anti-dilutive. | ||||||||||||||||
The following table presents information relating to the Company’s calculations of basic and diluted earnings per share: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 45.3 | $ | 55.2 | $ | 156.3 | $ | 174.4 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average common shares outstanding - basic | 117.802 | 138.091 | 129.574 | 137.986 | ||||||||||||
Add: dilutive effect of certain equity instruments | 0.002 | 0.003 | 0.005 | 0.004 | ||||||||||||
Weighted-average common shares outstanding - diluted | 117.804 | 138.094 | 129.579 | 137.99 | ||||||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.4 | $ | 1.21 | $ | 1.26 | ||||||||
Diluted | $ | 0.38 | $ | 0.4 | $ | 1.21 | $ | 1.26 | ||||||||
Investments
Investments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
4. Investments | ||||||||||||||||||||||||
The following tables summarize the Company’s available-for-sale fixed maturities and marketable equity securities. The other-than-temporary impairments (OTTI) in AOCI represent the amount of cumulative non-credit OTTI losses recorded in AOCI for securities that also had a credit-related impairment. | ||||||||||||||||||||||||
Cost or | Gross | Gross | Fair Value | OTTI in | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | AOCI | |||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 508.9 | $ | 5.6 | $ | (3.8 | ) | $ | 510.7 | $ | — | |||||||||||||
State and political subdivisions | 741.8 | 24 | (11.3 | ) | 754.5 | — | ||||||||||||||||||
Corporate securities | 16,138.80 | 1,198.80 | (171.9 | ) | 17,165.70 | (14.4 | ) | |||||||||||||||||
Residential mortgage-backed securities | 2,671.40 | 146.8 | (21.7 | ) | 2,796.50 | (5.0 | ) | |||||||||||||||||
Commercial mortgage-backed securities | 1,440.50 | 105.7 | (10.1 | ) | 1,536.10 | — | ||||||||||||||||||
Other debt obligations | 500.7 | 44.4 | (2.1 | ) | 543 | — | ||||||||||||||||||
Total fixed maturities | 22,002.10 | 1,525.30 | (220.9 | ) | 23,306.50 | (19.4 | ) | |||||||||||||||||
Marketable equity securities, available-for-sale | 87.1 | 0.7 | (0.7 | ) | 87.1 | — | ||||||||||||||||||
Total | $ | 22,089.20 | $ | 1,526.00 | $ | (221.6 | ) | $ | 23,393.60 | $ | (19.4 | ) | ||||||||||||
Cost or | Gross | Gross | Fair Value | OTTI in | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | AOCI | |||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 307.6 | $ | 4.8 | $ | (0.9 | ) | $ | 311.5 | $ | (0.1 | ) | ||||||||||||
State and political subdivisions | 737.9 | 39.5 | (0.9 | ) | 776.5 | (0.1 | ) | |||||||||||||||||
Corporate securities | 15,280.40 | 1,972.60 | (51.4 | ) | 17,201.60 | (18.4 | ) | |||||||||||||||||
Residential mortgage-backed securities | 2,755.50 | 254.1 | (1.8 | ) | 3,007.80 | (10.2 | ) | |||||||||||||||||
Commercial mortgage-backed securities | 1,538.20 | 170.4 | (0.9 | ) | 1,707.70 | (1.3 | ) | |||||||||||||||||
Other debt obligations | 453.8 | 60.9 | (0.8 | ) | 513.9 | — | ||||||||||||||||||
Total fixed maturities | 21,073.40 | 2,502.30 | (56.7 | ) | 23,519.00 | (30.1 | ) | |||||||||||||||||
Marketable equity securities, available-for-sale | 52 | — | (2.4 | ) | 49.6 | — | ||||||||||||||||||
Total | $ | 21,125.40 | $ | 2,502.30 | $ | (59.1 | ) | $ | 23,568.60 | $ | (30.1 | ) | ||||||||||||
The following tables summarize gross unrealized losses and fair values of the Company’s available-for-sale investments. The tables are aggregated by investment category and present separately those securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more. | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | |||||||||||||||||||||||
Fair | Gross | # of | Fair | Gross | # of | |||||||||||||||||||
Value | Unrealized | Securities | Value | Unrealized | Securities | |||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 81.7 | $ | (3.8 | ) | 6 | $ | — | $ | — | — | |||||||||||||
State and political subdivisions | 221.5 | (10.9 | ) | 38 | 6.4 | (0.4 | ) | 3 | ||||||||||||||||
Corporate securities | 2,944.00 | (126.9 | ) | 252 | 158.3 | (45.0 | ) | 30 | ||||||||||||||||
Residential mortgage-backed securities | 479 | (20.5 | ) | 71 | 22.4 | (1.2 | ) | 20 | ||||||||||||||||
Commercial mortgage-backed securities | 183.9 | (9.2 | ) | 14 | 17.2 | (0.9 | ) | 10 | ||||||||||||||||
Other debt obligations | 69.7 | (2.0 | ) | 12 | 2.4 | (0.1 | ) | 4 | ||||||||||||||||
Total fixed maturities | 3,979.80 | (173.3 | ) | 393 | 206.7 | (47.6 | ) | 67 | ||||||||||||||||
Marketable equity securities, available-for-sale | 47.4 | (0.7 | ) | 39 | — | — | — | |||||||||||||||||
Total | $ | 4,027.20 | $ | (174.0 | ) | $ | 432 | $ | 206.7 | $ | (47.6 | ) | $ | 67 | ||||||||||
Less Than 12 Months | 12 Months or More | |||||||||||||||||||||||
Fair | Gross | # of | Fair | Gross | # of | |||||||||||||||||||
Value | Unrealized | Securities | Value | Unrealized | Securities | |||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 205.7 | $ | (0.9 | ) | 1 | $ | — | $ | — | — | |||||||||||||
State and political subdivisions | 42.5 | (0.3 | ) | 11 | 35.6 | (0.6 | ) | 4 | ||||||||||||||||
Corporate securities | 342.9 | (5.8 | ) | 63 | 316 | (45.6 | ) | 65 | ||||||||||||||||
Residential mortgage-backed securities | 73.9 | (0.5 | ) | 15 | 38 | (1.3 | ) | 24 | ||||||||||||||||
Commercial mortgage-backed securities | 9.9 | — | 6 | 30.5 | (0.9 | ) | 11 | |||||||||||||||||
Other debt obligations | 38.9 | (0.6 | ) | 4 | 4 | (0.2 | ) | 4 | ||||||||||||||||
Total fixed maturities | 713.8 | (8.1 | ) | 100 | 424.1 | (48.6 | ) | 108 | ||||||||||||||||
Marketable equity securities, available-for-sale | 20.1 | (0.8 | ) | 2 | 29.5 | (1.6 | ) | 2 | ||||||||||||||||
Total | $ | 733.9 | $ | (8.9 | ) | $ | 102 | $ | 453.6 | $ | (50.2 | ) | $ | 110 | ||||||||||
Based on National Association of Insurance Commissioners (NAIC) ratings as of September 30, 2013 and December 31, 2012, the Company held below-investment-grade fixed maturities with fair values of $1,218.0 and $1,279.2, respectively, and amortized costs of $1,193.8 and $1,241.3, respectively. These holdings amounted to 5.2% and 5.4% of the Company’s investments in fixed maturities at fair value as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||
The following table summarizes the amortized cost and fair value of fixed maturities as of September 30, 2013, by contractual years to maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
One year or less | $ | 605.7 | $ | 618 | ||||||||||||||||||||
Over one year through five years | 4,391.30 | 4,733.60 | ||||||||||||||||||||||
Over five years through ten years | 8,311.30 | 8,666.70 | ||||||||||||||||||||||
Over ten years | 4,118.90 | 4,456.20 | ||||||||||||||||||||||
Residential mortgage-backed securities | 2,671.40 | 2,796.50 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 1,440.50 | 1,536.10 | ||||||||||||||||||||||
Other asset-backed securities | 463 | 499.4 | ||||||||||||||||||||||
Total fixed maturities | $ | 22,002.10 | $ | 23,306.50 | ||||||||||||||||||||
The following table summarizes the Company’s net investment income: | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Fixed maturities | $ | 283.4 | $ | 276.9 | $ | 840.5 | $ | 842.6 | ||||||||||||||||
Marketable equity securities, available-for-sale | 0.6 | 0.6 | 2.3 | 2.3 | ||||||||||||||||||||
Marketable equity securities, trading | 3.3 | 3.3 | 9.6 | 8.9 | ||||||||||||||||||||
Mortgage loans | 48.7 | 43.9 | 140.7 | 126.5 | ||||||||||||||||||||
Policy loans | 0.8 | 1 | 2.7 | 2.9 | ||||||||||||||||||||
Investments in limited partnerships | (4.2 | ) | (7.7 | ) | (9.7 | ) | (16.0 | ) | ||||||||||||||||
Other | 1.5 | 1.8 | 5.7 | 5.7 | ||||||||||||||||||||
Total investment income | 334.1 | 319.8 | 991.8 | 972.9 | ||||||||||||||||||||
Investment expenses | (7.7 | ) | (7.5 | ) | (23.1 | ) | (20.9 | ) | ||||||||||||||||
Net investment income | $ | 326.4 | $ | 312.3 | $ | 968.7 | $ | 952 | ||||||||||||||||
The following table summarizes the Company’s net realized investment gains (losses): | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
Gross gains on sales | $ | 2.4 | $ | 7.4 | $ | 8 | $ | 40.4 | ||||||||||||||||
Gross losses on sales | (7.4 | ) | (6.4 | ) | (17.4 | ) | (14.3 | ) | ||||||||||||||||
Net impairment losses recognized in earnings | (6.2 | ) | (13.3 | ) | (15.4 | ) | (25.2 | ) | ||||||||||||||||
Other (1) | 0.5 | 2.3 | (3.9 | ) | 3.5 | |||||||||||||||||||
Total fixed maturities | (10.7 | ) | (10.0 | ) | (28.7 | ) | 4.4 | |||||||||||||||||
Marketable equity securities, trading (2) | 12 | 25 | 43.3 | 33.6 | ||||||||||||||||||||
Other | (7.0 | ) | (0.1 | ) | (5.7 | ) | (3.6 | ) | ||||||||||||||||
Deferred policy acquisition costs and deferred sales inducement adjustment | 1.1 | 0.6 | 1.7 | 0.6 | ||||||||||||||||||||
Net realized investment gains (losses) | $ | (4.6 | ) | $ | 15.5 | $ | 10.6 | $ | 35 | |||||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | This includes net gains (losses) on calls and redemptions, and changes in the fair value of the Company’s convertible securities held as of period end totaling $1.2 and $(0.4) for the three months ended September 30, 2013 and 2012, respectively, and $(0.8) and $(0.1) for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||
-2 | This includes net gains (losses) on changes in the fair value of trading securities held as of period end totaling $6.6 and $25.2 for the three months ended September 30, 2013 and 2012, respectively, and $17.8 and $33.2 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||
Other-Than-Temporary Impairments | ||||||||||||||||||||||||
The Company’s review of investment securities for OTTI includes both quantitative and qualitative criteria. Quantitative criteria include the length of time and amount that each security is in an unrealized loss position (i.e., is underwater) and, for fixed maturities, whether expected future cash flows indicate that a credit loss exists. | ||||||||||||||||||||||||
While all securities are monitored for impairment, the Company’s experience indicates that securities for which the cost or amortized cost exceeds fair value by less than 20% do not typically represent a significant risk of impairment and, often, fair values recover over time as the factors that caused the declines improve. If the estimated fair value has declined and remained below cost or amortized cost by 20% or more for at least six months, the Company further analyzes the decrease in fair value to determine whether it is an other-than-temporary decline. To make this determination for each security, the Company considers, among other factors: | ||||||||||||||||||||||||
• | Extent and duration of the decline in fair value below cost or amortized cost; | |||||||||||||||||||||||
• | The financial condition and near-term prospects of the issuer of the security, including any specific events that may affect its operations, earnings potential or compliance with terms and covenants of the security; | |||||||||||||||||||||||
• | Changes in the financial condition of the security’s underlying collateral; | |||||||||||||||||||||||
• | Any downgrades of the security by a rating agency; | |||||||||||||||||||||||
• | Nonpayment of scheduled interest, or the reduction or elimination of dividends; | |||||||||||||||||||||||
• | Other indications that a credit loss has occurred; and | |||||||||||||||||||||||
• | For fixed maturities, the Company’s intent to sell or whether it is more likely than not the Company will be required to sell the fixed maturity prior to recovery of its amortized cost, considering any regulatory developments, prepayment or call notifications and the Company’s liquidity needs. | |||||||||||||||||||||||
For fixed maturities, the Company concludes that an OTTI has occurred if a security is underwater and there is an intent to sell the security or if the present value of expected cash flows is less than the amortized cost of the security (i.e., a credit loss exists). In order to determine the amount of the credit loss, the Company calculates the recovery value by discounting its estimate of future cash flows from the security. The discount rate is the original effective yield for corporate securities or current effective yield for mortgage-backed and other structured securities. | ||||||||||||||||||||||||
Determination of Credit-Related OTTI on Corporate Securities | ||||||||||||||||||||||||
To determine the recovery value for a corporate security, the Company performs an analysis including, but not limited to, the following: | ||||||||||||||||||||||||
• | Expected cash flows of the issuer; | |||||||||||||||||||||||
• | Fundamentals of the industry in which the issuer operates; | |||||||||||||||||||||||
• | Fundamentals of the issuer to determine what the Company would recover if the issuer were to file for bankruptcy; | |||||||||||||||||||||||
• | Expectations regarding defaults and recovery rates; | |||||||||||||||||||||||
• | Changes to the rating of the security by a rating agency; and | |||||||||||||||||||||||
• | Additional available market information. | |||||||||||||||||||||||
Determination of Credit-Related OTTI on Structured Securities | ||||||||||||||||||||||||
To determine the recovery value for a structured security, including residential mortgage-, commercial mortgage- and other asset-backed securities, the Company performs an analysis including, but not limited to, the following: | ||||||||||||||||||||||||
• | Expected cash flows from the security, including potential variability of prepayments; | |||||||||||||||||||||||
• | Creditworthiness; | |||||||||||||||||||||||
• | Delinquency ratios and loan-to-value ratios on the underlying collateral; | |||||||||||||||||||||||
• | Average cumulative collateral values, vintage year and level of subordination; and | |||||||||||||||||||||||
• | Susceptibility to prepayment and anti-selection due to changes in the interest rate environment. | |||||||||||||||||||||||
The following table presents the severity and duration of the gross unrealized losses on the Company’s underwater available-for-sale fixed maturities, after the recognition of OTTI: | ||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||
Underwater by 20% or more: | ||||||||||||||||||||||||
Less than 6 consecutive months | $ | 88.4 | $ | (27.7 | ) | $ | 20 | $ | (5.3 | ) | ||||||||||||||
6 consecutive months or more | 7.1 | (12.5 | ) | 49.6 | (21.7 | ) | ||||||||||||||||||
Total underwater by 20% or more | 95.5 | (40.2 | ) | 69.6 | (27.0 | ) | ||||||||||||||||||
All other underwater fixed maturities | 4,091.00 | (180.7 | ) | 1,068.30 | (29.7 | ) | ||||||||||||||||||
Total underwater fixed maturities | $ | 4,186.50 | $ | (220.9 | ) | $ | 1,137.90 | $ | (56.7 | ) | ||||||||||||||
There were no marketable equity securities recorded as available-for-sale that were underwater by 20% or more as of September 30, 2013 or December 31, 2012. | ||||||||||||||||||||||||
The Company reviewed its available-for-sale investments with unrealized losses as of September 30, 2013 in accordance with its impairment policy and determined, after the recognition of OTTI, that the remaining declines in fair value were temporary. The Company did not intend to sell its underwater securities, and it was not more likely than not that the Company will be required to sell the securities before recovery of cost or amortized cost. For fixed maturities, this conclusion is supported by the Company’s spread analyses, cash flow modeling and expected continuation of contractually required principal and interest payments. | ||||||||||||||||||||||||
Changes in the amount of credit-related OTTI recognized in net income where the portion related to other factors was recognized in other comprehensive income (loss) (OCI) were as follows: | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Balance, beginning of period | $ | 33.4 | $ | 32.2 | $ | 36.2 | $ | 32.5 | ||||||||||||||||
Increases recognized in the current period: | ||||||||||||||||||||||||
For which an OTTI was not previously recognized | 2.7 | 7.6 | 3 | 8.5 | ||||||||||||||||||||
For which an OTTI was previously recognized | 1.3 | 0.4 | 2.1 | 1.7 | ||||||||||||||||||||
Decreases attributable to: | ||||||||||||||||||||||||
Securities sold or paid down during the period | (12.7 | ) | (2.3 | ) | (16.6 | ) | (4.8 | ) | ||||||||||||||||
Previously recognized credit losses on securities impaired during the period due to a change in intent to sell (1) | — | (1.5 | ) | — | (1.5 | ) | ||||||||||||||||||
Balance, end of period | $ | 24.7 | $ | 36.4 | $ | 24.7 | $ | 36.4 | ||||||||||||||||
_________________ | ||||||||||||||||||||||||
-1 | Represents circumstances where the Company determined in the period that it intended to sell the security prior to recovery of its amortized cost. | |||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||
Derivative Exposure | ||||||||||||||||||||||||
The following table sets forth the fair value of the Company’s derivative instruments. Derivative contracts in an asset position are included in other invested assets, derivative contracts in a liability position are included in other liabilities, and embedded derivative liabilities are included in funds held under deposit contracts on the consolidated balance sheets. The Company does not offset recognized collateral amounts pledged or received against the fair value amounts recognized for derivative contracts. | ||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||
Notional | Assets | Liabilities | Notional | Assets | Liabilities | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Interest rate swaps | $ | 97.1 | $ | 5.7 | $ | — | $ | 97.1 | $ | 9.8 | $ | — | ||||||||||||
Foreign currency swaps | 362.4 | — | 20.4 | 112.8 | — | 4.3 | ||||||||||||||||||
Total qualifying derivatives | $ | 459.5 | $ | 5.7 | $ | 20.4 | $ | 209.9 | $ | 9.8 | $ | 4.3 | ||||||||||||
Non-qualifying derivatives | ||||||||||||||||||||||||
Equity index options | $ | 815.7 | $ | 25.3 | $ | 1.3 | $ | 213.7 | $ | 5 | $ | — | ||||||||||||
Foreign currency forwards | 2.7 | — | — | 125.2 | 0.5 | 0.7 | ||||||||||||||||||
Embedded derivatives | — | — | 59.1 | — | — | 14.1 | ||||||||||||||||||
Other derivatives | 14.8 | 0.7 | — | 13.4 | 0.8 | — | ||||||||||||||||||
Total non-qualifying derivatives | 833.2 | 26 | 60.4 | 352.3 | 6.3 | 14.8 | ||||||||||||||||||
Total derivatives | $ | 1,292.70 | $ | 31.7 | $ | 80.8 | $ | 562.2 | $ | 16.1 | $ | 19.1 | ||||||||||||
Collateral Arrangements and Offsetting of Financial Instruments | ||||||||||||||||||||||||
The Company’s derivative contracts are typically governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement, except for foreign currency forwards which do not require an ISDA. For each ISDA, the Company and the counterparty have also entered into a credit support annex (“CSA”) to reduce the risk of counterparty default in derivative transactions by requiring the posting of cash collateral or other financial assets. The CSA requires either party to post collateral when net exposures from all derivative contracts between the parties exceed pre-determined contractual thresholds, which vary by counterparty. The amount of net exposure is the difference between the derivative contract’s fair value and the fair value of the collateral held for such agreements with each counterparty. Collateral amounts required to be posted or received are determined daily based on the net exposure with each counterparty under a master netting agreement. | ||||||||||||||||||||||||
The Company recognizes cash collateral received in cash and cash equivalents and the obligation to return cash collateral in other liabilities on the consolidated balance sheets. Non-cash collateral received is not recognized on the consolidated balance sheets. In the event of default, the counterparty relinquishes claim to the assets pledged as collateral, and the Company recognizes the collateral as its own asset recorded at fair value, or, in the case of cash collateral, derecognizes its obligation to return collateral. | ||||||||||||||||||||||||
The following tables present the potential effect of netting arrangements by counterparty on the Company’s consolidated balance sheets: | ||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Gross Amount Not Offset in the Balance Sheets | ||||||||||||||||||||||||
Amount Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | (Received) Posted | ||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
A | $ | 4.5 | $ | — | $ | (2.4 | ) | $ | 2.1 | |||||||||||||||
B | 10.6 | — | (1.8 | ) | 8.8 | |||||||||||||||||||
C | 8.6 | — | (8.6 | ) | — | |||||||||||||||||||
Other | 8 | — | (3.8 | ) | 4.2 | |||||||||||||||||||
Total derivative assets | $ | 31.7 | $ | — | $ | (16.6 | ) | $ | 15.1 | |||||||||||||||
Gross Amount Not Offset in the Balance Sheets | ||||||||||||||||||||||||
Amount Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | Received (Posted) | ||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
A | $ | 3.8 | $ | — | $ | — | $ | 3.8 | ||||||||||||||||
B | 12.2 | — | (0.2 | ) | 12 | |||||||||||||||||||
Other | 5.7 | — | (1.3 | ) | 4.4 | |||||||||||||||||||
Total derivative liabilities (1) | $ | 21.7 | $ | — | $ | (1.5 | ) | $ | 20.2 | |||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Excludes $59.1 of embedded derivatives which have no counterparty. | |||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Gross Amount Not Offset in the Balance Sheets | ||||||||||||||||||||||||
Amount Presented in the | Financial Instruments | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | (Received) Posted | |||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
A | $ | 5.6 | $ | — | $ | (5.6 | ) | $ | — | |||||||||||||||
B | 4.1 | — | (1.6 | ) | 2.5 | |||||||||||||||||||
Other | 6.4 | — | (5.3 | ) | 1.1 | |||||||||||||||||||
Total derivative assets | $ | 16.1 | $ | — | $ | (12.5 | ) | $ | 3.6 | |||||||||||||||
The following table presents the amount of gain (loss) recognized in OCI on derivatives that qualify as cash flow hedges: | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Interest rate swaps | $ | 0.7 | $ | 1.4 | $ | (2.3 | ) | $ | 4.2 | |||||||||||||||
Foreign currency swaps | (27.2 | ) | — | (15.7 | ) | — | ||||||||||||||||||
Total | $ | (26.5 | ) | $ | 1.4 | $ | (18.0 | ) | $ | 4.2 | ||||||||||||||
See Note 8 for amounts reclassified out of AOCI into net income for the three and nine months ended September 30, 2013 and 2012. The Company expects to reclassify net gains of $2.1 from AOCI into net income in the next 12 months, which includes both discontinued hedges and periodic settlements of active hedges. Actual amounts may vary from this estimate as a result of market conditions. | ||||||||||||||||||||||||
As of September 30, 2013, the maximum term over which the Company is hedging its exposure to the variability in future cash flows is approximately eleven years. The Company recorded no ineffectiveness for cash flow hedging relationships for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||||||
The following table shows the effect of non-qualifying derivatives on the consolidated income statements, which is recorded in net realized investment gains (losses): | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Equity index options | $ | 3.3 | $ | 1.4 | $ | 7.4 | $ | 1.5 | ||||||||||||||||
Foreign currency forwards | — | (0.2 | ) | 1.3 | (0.2 | ) | ||||||||||||||||||
Embedded derivatives | (6.9 | ) | (0.8 | ) | (9.4 | ) | (1.3 | ) | ||||||||||||||||
Other derivatives | — | (0.4 | ) | (0.4 | ) | (0.4 | ) | |||||||||||||||||
Total | $ | (3.6 | ) | $ | — | $ | (1.1 | ) | $ | (0.4 | ) | |||||||||||||
Mortgage_Loans
Mortgage Loans | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | |||||||||||||||
Mortgage Loans | ' | |||||||||||||||
5. Mortgage Loans | ||||||||||||||||
The Company originates and manages a portfolio of mortgage loans which are secured by first-mortgage liens on income-producing commercial real estate, primarily in the retail, industrial and office building sectors. Loans are underwritten using standards based on loan-to-value (LTV) ratios and debt-service coverage ratios (DSCR) as well as detailed market, property and borrower analyses. The Company’s mortgage loan portfolio is considered a single portfolio segment and class of financing receivables, which is consistent with how the Company assesses and monitors the risk and performance of the portfolio. A large majority of these loans have personal guarantees, and all mortgaged properties are inspected annually. The Company’s mortgage loan portfolio is generally diversified by geographic region, loan size and scheduled maturity. As of September 30, 2013, 29.1% of the Company’s commercial mortgage loans were located in California, primarily in the Los Angeles area, 11.5% were located in Texas and 9.3% were located in Washington. | ||||||||||||||||
Allowance for Mortgage Loans | ||||||||||||||||
The allowance for losses on mortgage loans provides for the risk of credit loss inherent in the lending process. The allowance includes a portfolio reserve for probable losses incurred but not specifically identified and, as needed, specific reserves for impaired loans. The allowance for losses on mortgage loans is evaluated at each reporting period and adjustments are recorded when appropriate. To assist in its evaluation of the allowance for loan losses, the Company utilizes the following credit quality indicators to categorize its loans as lower, medium or higher risk: | ||||||||||||||||
• | Lower Risk Loans – Loans with an LTV ratio of less than 65%, and a DSCR of greater than 1.50. | |||||||||||||||
• | Medium Risk Loans – Loans that have an LTV ratio of less than 65% but a DSCR below 1.50, or loans with an LTV ratio between 65% and 80%, and a DSCR of greater than 1.50. | |||||||||||||||
• | Higher Risk Loans – Loans with an LTV ratio greater than 80%, or loans which have an LTV ratio between 65% and 80%, and a DSCR of less than 1.50. | |||||||||||||||
Loans are specifically evaluated for impairment if the Company considers it probable that amounts due according to the terms of the loan agreement will not be collected, or the loan is modified in a troubled debt restructuring. The Company establishes specific reserves for these loans when the fair value is less than its carrying value. | ||||||||||||||||
The following table sets forth the Company’s mortgage loans by risk category: | ||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
Carrying | % of Total | Carrying | % of Total | |||||||||||||
Value | Value | |||||||||||||||
Lower risk | $ | 2,083.50 | 61.7 | % | $ | 1,858.40 | 60 | % | ||||||||
Medium risk | 787.4 | 23.3 | % | 664.1 | 21.5 | % | ||||||||||
Higher risk | 506 | 15 | % | 573.9 | 18.5 | % | ||||||||||
Credit quality indicator total | 3,376.90 | 100 | % | 3,096.40 | 100 | % | ||||||||||
Loans specifically evaluated for impairment (1) | 6 | 4.8 | ||||||||||||||
Other (2) | (6.1 | ) | (6.8 | ) | ||||||||||||
Total | $ | 3,376.80 | $ | 3,094.40 | ||||||||||||
________________ | ||||||||||||||||
-1 | As of September 30, 2013 and December 31, 2012, reserve amounts of $0.2 and $0.0, respectively, were held for loans specifically evaluated for impairment. | |||||||||||||||
-2 | Includes the allowance for loan losses and deferred fees and costs. | |||||||||||||||
In developing its portfolio reserve for incurred but not specifically identified losses, the Company evaluates loans by risk category and considers its past loan experience, commercial real estate market conditions, and third party data for expected losses on loans with similar LTV ratios and DSCRs. Each loan’s LTV ratio and DSCR is updated annually, primarily during the third quarter. In developing its provision for specifically identified loans, a market valuation on the collateral is performed to determine if a reserve is necessary. | ||||||||||||||||
The following table summarizes the activity in the Company’s allowance for mortgage loan losses, which includes portfolio and specific reserves: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Allowance at beginning of period | $ | 8.1 | $ | 9 | $ | 7.9 | $ | 7.4 | ||||||||
Provision for specific loans | — | — | 0.2 | 1.9 | ||||||||||||
Provision for loans not specifically identified | — | 0.1 | — | 0.8 | ||||||||||||
Charge-offs | — | (1.2 | ) | — | (2.2 | ) | ||||||||||
Allowance at end of period | $ | 8.1 | $ | 7.9 | $ | 8.1 | $ | 7.9 | ||||||||
Non-performing loans, defined generally as those in default, close to being in default or more than 90 days past due, are placed on non-accrual status. As of September 30, 2013, no loans were considered non-performing. As of December 31, 2012, one loan with an outstanding principal balance of $3.7 was considered non-performing and included in the assessment of the provision for specific loans. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||||||||||||||||||||||||||
6. Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||
The Company determines the fair value of its financial instruments based on the fair value hierarchy, which favors the use of observable inputs over the use of unobservable inputs when measuring fair value. The Company has categorized its financial instruments into the three-level hierarchy, which 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 level to which a fair value measurement falls is assigned based on the lowest-level input that is significant to the measurement. The fair value measurements for the Company’s financial instruments are categorized as follows: | ||||||||||||||||||||||||||||||||||||
• | Level 1 — Unadjusted quoted prices in active markets for identical instruments. This category primarily consists of exchange-traded marketable equity securities and mutual fund investments. | |||||||||||||||||||||||||||||||||||
• | Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable. This category includes those financial instruments that are valued using industry-standard pricing methodologies or models. All significant inputs are observable or derived from observable information in the marketplace. Financial instruments in this category primarily include corporate fixed maturities and mortgage-backed securities. | |||||||||||||||||||||||||||||||||||
• | Level 3 — Fair value estimates whose significant inputs are unobservable. This includes financial instruments for which fair value is estimated based on industry-standard pricing methodologies and internally developed models utilizing significant inputs not based on or corroborated by readily available market information. In limited circumstances, this may also utilize estimates based on non-binding broker quotes. This category primarily consists of funds held under deposit contracts and mortgage loans. | |||||||||||||||||||||||||||||||||||
The following tables present the fair value of the Company’s financial instruments classified by the valuation hierarchy described above. The financial instruments are separated between those measured at fair value on a recurring basis and those not carried at fair value, but for which disclosure of fair value is required. | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||||
Measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 510.7 | $ | 510.7 | $ | — | $ | 510.7 | $ | — | ||||||||||||||||||||||||||
State and political subdivisions | 754.5 | 754.5 | — | 754.5 | — | |||||||||||||||||||||||||||||||
Corporate securities | 17,165.70 | 17,165.70 | — | 17,067.60 | 98.1 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 2,796.50 | 2,796.50 | — | 2,796.30 | 0.2 | |||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,536.10 | 1,536.10 | — | 1,504.80 | 31.3 | |||||||||||||||||||||||||||||||
Other debt obligations | 543 | 543 | — | 470.3 | 72.7 | |||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 23,306.50 | 23,306.50 | — | 23,104.20 | 202.3 | |||||||||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 87.1 | 87.1 | 30 | 57.1 | — | |||||||||||||||||||||||||||||||
Marketable equity securities, trading | 509.4 | 509.4 | 509.1 | — | 0.3 | |||||||||||||||||||||||||||||||
Investments in limited partnerships, private equity funds | 35.9 | 35.9 | — | — | 35.9 | |||||||||||||||||||||||||||||||
Other invested assets | 37.4 | 37.4 | 2.5 | 6.5 | 28.4 | |||||||||||||||||||||||||||||||
Total investments carried at fair value | 23,976.30 | 23,976.30 | 541.6 | 23,167.80 | 266.9 | |||||||||||||||||||||||||||||||
Separate account assets | 922 | 922 | 922 | — | — | |||||||||||||||||||||||||||||||
Total assets at fair value | $ | 24,898.30 | $ | 24,898.30 | $ | 1,463.60 | $ | 23,167.80 | $ | 266.9 | ||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 59.1 | 59.1 | — | — | 59.1 | |||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 59.1 | $ | 59.1 | $ | — | $ | — | $ | 59.1 | ||||||||||||||||||||||||||
Carrying | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||||
Subject to fair value disclosure requirements: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 3,376.80 | $ | 3,525.30 | $ | — | $ | — | $ | 3,525.30 | ||||||||||||||||||||||||||
Investments in limited partnerships, tax credit investments | 217.2 | 199.9 | — | 199.9 | — | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 121.1 | 121.1 | 121.1 | — | — | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Funds held under deposit contracts (1): | ||||||||||||||||||||||||||||||||||||
Deferred annuities | $ | 11,533.70 | $ | 11,508.20 | $ | — | $ | — | $ | 11,508.20 | ||||||||||||||||||||||||||
Income annuities | 6,499.90 | 7,660.20 | — | — | 7,660.20 | |||||||||||||||||||||||||||||||
Notes payable: | ||||||||||||||||||||||||||||||||||||
Capital Efficient Notes (CENts) | 149.9 | 153.2 | — | — | 153.2 | |||||||||||||||||||||||||||||||
Senior notes | 299.6 | 322 | — | — | 322 | |||||||||||||||||||||||||||||||
_______________________ | ||||||||||||||||||||||||||||||||||||
-1 | The carrying value of this balance excludes $6,041.1 of liabilities related to insurance contracts and embedded derivatives. | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||||
Measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 311.5 | $ | 311.5 | $ | — | $ | 311.5 | $ | — | ||||||||||||||||||||||||||
State and political subdivisions | 776.5 | 776.5 | — | 776.5 | — | |||||||||||||||||||||||||||||||
Corporate securities | 17,201.60 | 17,201.60 | — | 17,162.70 | 38.9 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 3,007.80 | 3,007.80 | — | 3,007.80 | — | |||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,707.70 | 1,707.70 | — | 1,688.90 | 18.8 | |||||||||||||||||||||||||||||||
Other debt obligations | 513.9 | 513.9 | — | 440.9 | 73 | |||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 23,519.00 | 23,519.00 | — | 23,388.30 | 130.7 | |||||||||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 49.6 | 49.6 | 0.5 | 44.1 | 5 | |||||||||||||||||||||||||||||||
Marketable equity securities, trading | 552.7 | 552.7 | 552.5 | — | 0.2 | |||||||||||||||||||||||||||||||
Investments in limited partnerships, private equity funds | 28.6 | 28.6 | — | — | 28.6 | |||||||||||||||||||||||||||||||
Other invested assets | 24.6 | 24.6 | 3.8 | 13 | 7.8 | |||||||||||||||||||||||||||||||
Total investments carried at fair value | 24,174.50 | 24,174.50 | 556.8 | 23,445.40 | 172.3 | |||||||||||||||||||||||||||||||
Separate account assets | 807.7 | 807.7 | 807.7 | — | — | |||||||||||||||||||||||||||||||
Total assets at fair value | $ | 24,982.20 | $ | 24,982.20 | $ | 1,364.50 | $ | 23,445.40 | $ | 172.3 | ||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 14.1 | 14.1 | — | — | 14.1 | |||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 14.1 | $ | 14.1 | $ | — | $ | — | $ | 14.1 | ||||||||||||||||||||||||||
Carrying | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||||
Subject to fair value disclosure requirements: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 3,094.40 | $ | 3,370.50 | $ | — | $ | — | $ | 3,370.50 | ||||||||||||||||||||||||||
Investments in limited partnerships, tax credit investments | 210.7 | 208.3 | — | 208.3 | — | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 130.8 | 130.8 | 130.8 | — | — | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Funds held under deposit contracts (1): | ||||||||||||||||||||||||||||||||||||
Deferred annuities | $ | 10,583.50 | $ | 10,610.90 | $ | — | $ | — | $ | 10,610.90 | ||||||||||||||||||||||||||
Income annuities | 6,585.90 | 8,386.30 | — | — | 8,386.30 | |||||||||||||||||||||||||||||||
Notes payable: | ||||||||||||||||||||||||||||||||||||
Capital Efficient Notes (CENts) | 149.9 | 154.8 | — | — | 154.8 | |||||||||||||||||||||||||||||||
Senior notes | 299.5 | 324.5 | — | — | 324.5 | |||||||||||||||||||||||||||||||
_________________ | ||||||||||||||||||||||||||||||||||||
-1 | The carrying value of this balance excludes $5,899.1 of liabilities related to insurance contracts and embedded derivatives. | |||||||||||||||||||||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||||||
Fixed Maturities | ||||||||||||||||||||||||||||||||||||
The vast majority of the Company’s fixed maturities have been classified as Level 2 measurements. To make this assessment, the Company determines whether the market for a security is active and if significant pricing inputs are observable. The Company predominantly utilizes third party independent pricing services to assist management in determining the fair value of its fixed maturity securities. As of September 30, 2013 and December 31, 2012, respectively, pricing services provided prices for 96.3% and 96.2% of the Company’s fixed maturities. | ||||||||||||||||||||||||||||||||||||
The Company analyzes the prices received from the pricing services to ensure they represent a reasonable estimate of fair value, including analytical reviews of prices between reporting periods. The Company also performs procedures to gain assurance on the overall reasonableness and consistent use of inputs, valuation methodologies and compliance with fair value accounting standards. This includes an annual review of pricing methodologies and inputs by asset class and performing periodic due diligence procedures, including quarterly deep-dive analyses, monthly price fluctuation analyses, and corroboration of prices by obtaining secondary pricing quotes for selected securities. Based upon its analyses, the Company has not adjusted prices obtained from the pricing services. | ||||||||||||||||||||||||||||||||||||
The pricing services provide prices where observable inputs are available, utilizing evaluated pricing models that vary by asset class. If sufficient objectively verifiable information about a security’s valuation is not available, the pricing services will not provide a valuation for the security. In these situations, the security’s fair value is determined using internal pricing models. | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013, the Company had $670.5 or 2.9%, of its fixed maturities invested in private placement securities. The use of significant observable inputs in determining the fair value of the Company’s investments in private placement securities resulted in the classification of $652.5, or 97.3%, as Level 2 measurements as of September 30, 2013. As of December 31, 2012, the Company had $819.6, or 3.5%, of its fixed maturities invested in private placement securities, of which $787.3, or 96.1%, were classified as Level 2 measurements. | ||||||||||||||||||||||||||||||||||||
Corporate Securities | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the fair value of the Company’s corporate securities classified as Level 2 measurements was $17,067.6 and $17,162.7, respectively. The following table presents additional information about the composition of the Level 2 corporate securities: | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Amount | % of Total | # of Securities | Amount | % of Total | # of Securities | |||||||||||||||||||||||||||||||
Significant security sectors: | ||||||||||||||||||||||||||||||||||||
Industrials | $ | 3,222.60 | 18.9 | % | 215 | $ | 3,312.10 | 19.3 | % | 218 | ||||||||||||||||||||||||||
Consumer staples | 2,670.20 | 15.6 | 157 | 2,785.10 | 16.2 | 157 | ||||||||||||||||||||||||||||||
Consumer discretionary | 2,157.60 | 12.6 | 178 | 2,113.20 | 12.3 | 167 | ||||||||||||||||||||||||||||||
Utilities | 1,837.00 | 10.8 | 144 | 1,904.80 | 11.1 | 149 | ||||||||||||||||||||||||||||||
Weighted-average coupon rate | 5.67 | % | 5.88 | % | ||||||||||||||||||||||||||||||||
Weighted-average remaining years to contractual maturity | 9.8 | 10.3 | ||||||||||||||||||||||||||||||||||
The majority of corporate securities classified as Level 2 measurements are priced by independent pricing services utilizing evaluated pricing models. Because many corporate securities do not trade on a daily basis, evaluated pricing models apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to prepare valuations. The significant inputs for security evaluations include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and other reference data, including market research publications. | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, $539.1, or 3.2%, and $675.1, or 3.9%, respectively, of Level 2 corporate securities were privately placed. These securities were valued using a matrix pricing approach. The significant inputs to the measurement are the base credit spread, treasury yield and expected future cash flows of the security, which are all observable inputs. The base spread is determined based on trades of similar publicly-traded securities, and the expected future cash flows are based on the contractual terms of the security. The valuation approach also incorporates an illiquidity spread, determined based on premiums demanded by investors for privately placed securities. The illiquidity spread is an unobservable input, which ranges from 0 to 25 basis points and is based on the credit quality of the security. The illiquidity spread does not significantly impact the resulting valuation. | ||||||||||||||||||||||||||||||||||||
Residential Mortgage-backed Securities | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the fair value of the Company’s residential mortgage-backed securities (RMBS) classified as Level 2 measurements was $2,796.3 and $3,007.8, respectively. These securities were primarily fixed-rate, with a weighted-average coupon rate of 4.45% and 4.67% as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Level 2 RMBS securities are priced by pricing services that utilize evaluated pricing models. Because many RMBS do not trade on a daily basis, evaluated pricing models apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. The significant observable inputs for security evaluations include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and other reference data, including market research publications. In addition, the pricing services use models and processes to develop prepayment and interest rate scenarios. The pricing services monitor market indicators, industry and economic events, and their models take into account market convention. | ||||||||||||||||||||||||||||||||||||
Agency securities comprised 88.9% and 89.4% of the Company’s Level 2 RMBS as of September 30, 2013 and December 31, 2012, respectively. The following table presents additional information about the composition of the Level 2 non-agency RMBS securities: | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Fair Value | % of Total | Fair Value | % of Total | |||||||||||||||||||||||||||||||||
Highest rating agency rating: | ||||||||||||||||||||||||||||||||||||
AAA | $ | 40.8 | 13.2 | % | $ | 23.6 | 7.4 | % | ||||||||||||||||||||||||||||
AA through BBB | 92.7 | 30 | 94.1 | 29.5 | ||||||||||||||||||||||||||||||||
BB & below | 175.7 | 56.8 | 201.8 | 63.1 | ||||||||||||||||||||||||||||||||
Total non-agency RMBS | $ | 309.2 | 100 | % | $ | 319.5 | 100 | % | ||||||||||||||||||||||||||||
Non-agency RMBS with super senior subordination | $ | 188.5 | 61 | % | $ | 202.7 | 63.4 | % | ||||||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company’s non-agency Level 2 RMBS had a weighted-average credit enhancement of 8.8% and 8.4%, respectively. As of September 30, 2013 and December 31, 2012, $114.7 and $127.7, or 37.1% and 40.0%, respectively, of the Company’s non-agency Level 2 RMBS had an origination or vintage year of 2004 and prior. The underlying collateral in years prior to 2005 is considered higher quality as underwriting standards were more stringent. | ||||||||||||||||||||||||||||||||||||
Commercial Mortgage-backed Securities | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the fair value of the Company’s commercial mortgage-backed securities (CMBS) classified as Level 2 measurements was $1,504.8 and $1,688.9, respectively. The weighted-average coupon rate on these securities was 4.93% and 5.03% as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Level 2 CMBS securities are priced by pricing services that utilize evaluated pricing models. Because many CMBS do not trade on a daily basis, evaluated pricing models apply available information through processes, such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. The significant observable inputs for security evaluations include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, new issues, monthly payment information and other reference data, including market research publications. | ||||||||||||||||||||||||||||||||||||
The Company’s Level 2 CMBS securities were primarily non-agency securities, which comprised 81.3% and 78.4% of Level 2 CMBS as of September 30, 2013 and December 31, 2012, respectively. The non-agency Level 2 CMBS had an estimated weighted-average credit enhancement of 31.0% and 29.9% as of September 30, 2013 and December 31, 2012, respectively, and 97.2% and 96.6% were in the most senior tranche as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||||||
The following table presents additional information about the composition of the underlying collateral of Level 2 non-agency CMBS securities: | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
% of Total | % of Total | |||||||||||||||||||||||||||||||||||
Significant underlying collateral locations: | ||||||||||||||||||||||||||||||||||||
New York | 21.9 | % | 20.1 | % | ||||||||||||||||||||||||||||||||
California | 12.4 | 12 | ||||||||||||||||||||||||||||||||||
Texas | 7.6 | 7.5 | ||||||||||||||||||||||||||||||||||
Significant underlying collateral property types: | ||||||||||||||||||||||||||||||||||||
Office buildings | 33.2 | % | 31.9 | % | ||||||||||||||||||||||||||||||||
Retail shopping centers | 30.9 | 32.4 | ||||||||||||||||||||||||||||||||||
Marketable Equity Securities | ||||||||||||||||||||||||||||||||||||
Marketable equity securities are investments in common stock, including real estate investment trusts (REITs), certain nonredeemable preferred stocks and investments in mutual funds. The securities primarily consist of investments in publicly traded companies. When the fair values of the Company’s marketable equity securities are based on quoted market prices in active markets for identical assets, they are classified as Level 1 measurements. The fair values of nonredeemable preferred stocks are valued by pricing services utilizing evaluated pricing models and are classified as Level 2 measurements. These valuations are created based on benchmark curves using industry standard inputs and exchange prices of underlying securities and common stock of the same issuer. | ||||||||||||||||||||||||||||||||||||
Investments in Limited Partnerships | ||||||||||||||||||||||||||||||||||||
Investments in limited partnerships recorded at fair value are investments in private equity funds. The Company utilizes the fair value option for these investments, regardless of ownership percentage, to standardize the related accounting and reporting. The fair value is approximated based upon the Company’s proportionate interest in the underlying partnership or fund’s net asset values (NAV). The Company is generally unable to liquidate these investments during the term of the partnership or fund, which range from five to fifteen years. As such, the Company classifies these securities as Level 3 measurements. | ||||||||||||||||||||||||||||||||||||
Separate Accounts | ||||||||||||||||||||||||||||||||||||
Separate account assets are primarily invested in mutual funds with published NAVs, which are classified as Level 1 measurements. | ||||||||||||||||||||||||||||||||||||
Embedded Derivatives | ||||||||||||||||||||||||||||||||||||
Embedded derivatives relate to the Company’s fixed indexed annuity (FIA) product, which credits interest to the policyholder’s account balance based on increases in equity or commodity indices. The fair value of the embedded derivative reflects the excess of the projected benefits (based on the indexed fund value) over the projected benefits (based on the guaranteed fund value). The excess benefits are projected using best estimates for surrenders, mortality and indexed fund interest, and discounted at a risk-free rate plus a spread for nonperformance risk. Because the estimates utilize significant unobservable inputs, the Company classifies the embedded derivative as a Level 3 measurement. | ||||||||||||||||||||||||||||||||||||
Other Financial Instruments Subject to Fair Value Disclosure Requirements | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents consist of demand bank deposits and short-term highly liquid investments with original maturities of three months or less at the time of purchase. Cash equivalents are reported at cost, which approximates fair value, and were $94.6 and $121.9 as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||||||
The fair value of the Company’s mortgage loans are measured by discounting the projected future cash flows using the current rate at which the loans would be made to borrowers with similar credit ratings and for the same maturities. | ||||||||||||||||||||||||||||||||||||
The fair value of the Company’s investments in limited partnerships associated with tax credit investments are estimated based on the discounted cash flows over the remaining life of the tax credits, using the original internal rate of return for each investment. | ||||||||||||||||||||||||||||||||||||
The fair values of funds held under deposit contracts related to investment-type contracts are estimated based on the present value of the discounted cash flows. Cash flows were projected using best estimates for lapses, mortality and expenses, and discounted at a risk-free rate plus a nonperformance risk spread. | ||||||||||||||||||||||||||||||||||||
The fair values of the Company’s notes payable are based on nonbinding quotes provided by third-parties. The fair value measurement assumes that liabilities were transferred to a market participant of equal credit standing and without consideration for any optional redemption features. | ||||||||||||||||||||||||||||||||||||
Rollforward of Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
The following tables present additional information about financial instruments measured at fair value on a recurring basis and for which the Company has utilized significant unobservable inputs (Level 3) to determine fair value for the three and nine months ended September 30, 2013: | ||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2013 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of September 30, 2013 | ||||||||||||||||||||||||||||
and | and | In and/or | Income(4) | Comprehensive | Gains | |||||||||||||||||||||||||||||||
issues (1) | settlements(1) | (Out) of | Income (Loss) | (Losses)(4) | ||||||||||||||||||||||||||||||||
Level 3(2) | ||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
Corporate securities | $ | 27.5 | $ | 69 | $ | — | $ | 4 | $ | (0.2 | ) | $ | — | $ | (2.2 | ) | $ | — | $ | 98.1 | ||||||||||||||||
Residential mortgage-backed securities | 26 | — | — | (25.8 | ) | (0.1 | ) | — | 0.1 | — | 0.2 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | 6.5 | 24.7 | — | — | (0.3 | ) | — | 0.4 | — | 31.3 | ||||||||||||||||||||||||||
Other debt obligations | 73.8 | — | — | — | 0.2 | — | (1.3 | ) | — | 72.7 | ||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 133.8 | 93.7 | — | (21.8 | ) | (0.4 | ) | — | (3.0 | ) | — | 202.3 | ||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 6.2 | — | — | (6.2 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Marketable equity securities, trading | 0.3 | — | — | — | — | — | — | — | 0.3 | |||||||||||||||||||||||||||
Investments in limited partnerships | 34.7 | 0.8 | — | — | (0.4 | ) | 4.5 | — | (3.7 | ) | 35.9 | |||||||||||||||||||||||||
Other invested assets | 18.9 | 7.2 | — | — | (1.4 | ) | 3.8 | — | (0.1 | ) | 28.4 | |||||||||||||||||||||||||
Total Level 3 assets | $ | 193.9 | $ | 101.7 | $ | — | $ | (28.0 | ) | $ | (2.2 | ) | $ | 8.3 | $ | (3.0 | ) | $ | (3.8 | ) | $ | 266.9 | ||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 34.1 | 18.2 | (0.1 | ) | — | (0.3 | ) | 7.2 | — | — | 59.1 | |||||||||||||||||||||||||
Total Level 3 liabilities | $ | 34.1 | $ | 18.2 | $ | (0.1 | ) | $ | — | $ | (0.3 | ) | $ | 7.2 | $ | — | $ | — | $ | 59.1 | ||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2013 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of September 30, 2013 | ||||||||||||||||||||||||||||
and | and | In and/or | Income(4) | Comprehensive | Gains | |||||||||||||||||||||||||||||||
issues(1) | settlements(1) | (Out) of | Income (Loss) | (Losses)(4) | ||||||||||||||||||||||||||||||||
Level 3(2) | ||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
Corporate securities | $ | 38.9 | $ | 69 | $ | — | $ | 6.2 | $ | (13.5 | ) | $ | — | $ | (2.4 | ) | $ | (0.1 | ) | $ | 98.1 | |||||||||||||||
Residential mortgage-backed securities | — | — | — | 0.2 | (0.1 | ) | — | 0.1 | — | 0.2 | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 18.8 | 24.7 | — | — | (12.1 | ) | — | (0.1 | ) | — | 31.3 | |||||||||||||||||||||||||
Other debt obligations | 73 | 5.5 | — | — | 0.1 | — | (5.9 | ) | — | 72.7 | ||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 130.7 | 99.2 | — | 6.4 | (25.6 | ) | — | (8.3 | ) | (0.1 | ) | 202.3 | ||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 5 | — | — | (5.0 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Marketable equity securities, trading | 0.2 | — | — | — | — | 0.1 | — | — | 0.3 | |||||||||||||||||||||||||||
Investments in limited partnerships | 28.6 | 6.6 | — | — | (4.3 | ) | 7.7 | — | (2.7 | ) | 35.9 | |||||||||||||||||||||||||
Other invested assets | 7.8 | 16.4 | — | — | (3.9 | ) | 7.2 | — | 0.9 | 28.4 | ||||||||||||||||||||||||||
Total Level 3 assets | $ | 172.3 | $ | 122.2 | $ | — | $ | 1.4 | $ | (33.8 | ) | $ | 15 | $ | (8.3 | ) | $ | (1.9 | ) | $ | 266.9 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 14.1 | 35.7 | (0.1 | ) | — | — | 9.4 | — | — | 59.1 | ||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 14.1 | $ | 35.7 | $ | (0.1 | ) | $ | — | $ | — | $ | 9.4 | $ | — | $ | — | $ | 59.1 | |||||||||||||||||
_______________ | ||||||||||||||||||||||||||||||||||||
-1 | Issues and settlements are related to the Company’s embedded derivative liabilities. | |||||||||||||||||||||||||||||||||||
-2 | Transfers into and/or out of Level 3 are reported at the value as of the beginning of the period in which the transfer occurs. Gross transfers into Level 3 were $6.4 and $6.9 for the three and nine months ended September 30, 2013, respectively. Gross transfers out of Level 3 were $34.4 and $5.5 for the three and nine months ended September 30, 2013, respectively. | |||||||||||||||||||||||||||||||||||
-3 | Other is comprised of transactions such as pay downs, calls, amortization and redemptions. | |||||||||||||||||||||||||||||||||||
-4 | Realized and unrealized gains and losses for investments in limited partnerships are included in net investment income. All other realized and unrealized gains and losses recognized in net income are included in net realized investment gains (losses). | |||||||||||||||||||||||||||||||||||
The following tables present additional information about financial instruments measured at fair value on a recurring basis and for which the Company has utilized significant unobservable inputs (Level 3) to determine fair value for the three and nine months ended September 30, 2012: | ||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2012 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of September 30, 2012 | ||||||||||||||||||||||||||||
and | and | In and/or | Income(4) | Comprehensive | Gains | |||||||||||||||||||||||||||||||
issues(1) | settlements(1) | (Out) of | Income (Loss) | (Losses)(4) | ||||||||||||||||||||||||||||||||
Level 3(2) | ||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
Corporate securities | $ | 75.2 | $ | 6.9 | $ | (11.9 | ) | $ | (20.1 | ) | $ | — | $ | (1.3 | ) | $ | 1.2 | $ | 0.1 | $ | 50.1 | |||||||||||||||
Residential mortgage-backed securities | 16.7 | — | — | (16.7 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 15.1 | — | — | 5.7 | (1.3 | ) | — | (0.1 | ) | — | 19.4 | |||||||||||||||||||||||||
Other debt obligations | 43.8 | — | — | 28 | (0.1 | ) | — | 1.2 | — | 72.9 | ||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 150.8 | 6.9 | (11.9 | ) | (3.1 | ) | (1.4 | ) | (1.3 | ) | 2.3 | 0.1 | 142.4 | |||||||||||||||||||||||
Marketable equity securities, available-for-sale | 5 | — | — | — | — | — | — | — | 5 | |||||||||||||||||||||||||||
Marketable equity securities, trading | 0.2 | — | — | — | — | — | — | — | 0.2 | |||||||||||||||||||||||||||
Investments in limited partnerships | 27.9 | 2.8 | — | — | (1.6 | ) | (0.1 | ) | — | — | 29 | |||||||||||||||||||||||||
Other invested assets | 9.1 | 0.6 | (0.2 | ) | — | — | 1 | — | 0.1 | 10.6 | ||||||||||||||||||||||||||
Total Level 3 assets | $ | 193 | $ | 10.3 | $ | (12.1 | ) | $ | (3.1 | ) | $ | (3.0 | ) | $ | (0.4 | ) | $ | 2.3 | $ | 0.2 | $ | 187.2 | ||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 7.2 | 1.9 | — | — | — | 0.8 | — | — | 9.9 | |||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 7.2 | $ | 1.9 | $ | — | $ | — | $ | — | $ | 0.8 | $ | — | $ | — | $ | 9.9 | ||||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2012 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of September 30, 2012 | ||||||||||||||||||||||||||||
and | and | In and/or | Income(4) | Comprehensive | Gains | |||||||||||||||||||||||||||||||
issues(1) | settlements(1) | (Out) of | Income | (Losses)(4) | ||||||||||||||||||||||||||||||||
Level 3(2) | ||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
Corporate securities | $ | 91.4 | $ | 6.9 | $ | (11.9 | ) | $ | (38.6 | ) | $ | (1.0 | ) | $ | (1.0 | ) | $ | 4.4 | $ | (0.1 | ) | $ | 50.1 | |||||||||||||
Residential mortgage-backed securities | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial mortgage-backed securities | 15.9 | — | — | 6.3 | (4.2 | ) | — | 1.4 | — | 19.4 | ||||||||||||||||||||||||||
Other debt obligations | 79.9 | — | — | 13.9 | (25.1 | ) | — | 3.7 | 0.5 | 72.9 | ||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 187.2 | 6.9 | (11.9 | ) | (18.4 | ) | (30.3 | ) | (1.0 | ) | 9.5 | 0.4 | 142.4 | |||||||||||||||||||||||
Marketable equity securities, available-for-sale | 5 | — | — | — | — | — | — | — | 5 | |||||||||||||||||||||||||||
Marketable equity securities, trading | 0.6 | — | — | (0.4 | ) | — | — | — | — | 0.2 | ||||||||||||||||||||||||||
Investments in limited partnerships | 27.8 | 8.5 | — | — | (7.8 | ) | (0.8 | ) | — | 1.3 | 29 | |||||||||||||||||||||||||
Other invested assets | 4.8 | 3.7 | (0.3 | ) | — | 1 | 1.4 | — | — | 10.6 | ||||||||||||||||||||||||||
Total Level 3 assets | $ | 225.4 | $ | 19.1 | $ | (12.2 | ) | $ | (18.8 | ) | $ | (37.1 | ) | $ | (0.4 | ) | $ | 9.5 | $ | 1.7 | $ | 187.2 | ||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 2.4 | 6.5 | (0.3 | ) | — | — | 1.3 | — | — | 9.9 | ||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 2.4 | $ | 6.5 | $ | (0.3 | ) | $ | — | $ | — | $ | 1.3 | $ | — | $ | — | $ | 9.9 | |||||||||||||||||
_______________ | ||||||||||||||||||||||||||||||||||||
-1 | Issues and settlements are related to the Company’s embedded derivative liabilities. | |||||||||||||||||||||||||||||||||||
-2 | Transfers into and/or out of Level 3 are reported at the value as of the beginning of the period in which the transfer occurs. Gross transfers into Level 3 were $33.7 and $50.9 for the three and nine months ended September 30, 2012, respectively. Gross transfers out of Level 3 were $36.8 and $69.7 for the three and nine months ended September 30, 2012, respectively. Transfers out included certain privately placed fixed maturities for which there was a change in valuation methodology during the first quarter 2012 to a method that uses significant observable inputs. | |||||||||||||||||||||||||||||||||||
-3 | Other is comprised of transactions such as pay downs, calls, amortization and redemptions. | |||||||||||||||||||||||||||||||||||
-4 | Realized and unrealized gains and losses for investments in limited partnerships are included in net investment income. All other realized and unrealized gains and losses recognized in net income are included in net realized investment gains (losses). |
Deferred_Policy_Acquisition_Co
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Deferred Policy Acquisition Cost Deferred Sales Inducement [Abstract] | ' | |||||||||||||||
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) | ' | |||||||||||||||
7. Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) | ||||||||||||||||
The following table provides a reconciliation of the beginning and ending balance for DAC: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Unamortized balance at beginning of period | $ | 373.1 | $ | 376.2 | $ | 367.9 | $ | 368.4 | ||||||||
Deferral of acquisition costs | 36.4 | 10.8 | 77.4 | 49.8 | ||||||||||||
Adjustments related to investment (gains) losses | 0.8 | 0.4 | 1.1 | 0.4 | ||||||||||||
Amortization — DAC | (14.9 | ) | (15.3 | ) | (47.8 | ) | (46.5 | ) | ||||||||
Amortization — Impact of assumption and experience unlocking | (5.3 | ) | (2.6 | ) | (8.5 | ) | (2.6 | ) | ||||||||
Unamortized balance at end of period | 390.1 | 369.5 | 390.1 | 369.5 | ||||||||||||
Accumulated effect of net unrealized investment gains | (118.4 | ) | (223.4 | ) | (118.4 | ) | (223.4 | ) | ||||||||
Balance at end of period | $ | 271.7 | $ | 146.1 | $ | 271.7 | $ | 146.1 | ||||||||
The following table provides a reconciliation of the beginning and ending balance for DSI, which is included in receivables and other assets on the consolidated balance sheets: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Unamortized balance at beginning of period | $ | 155.1 | $ | 150.5 | $ | 153.4 | $ | 142 | ||||||||
Capitalizations | 12.1 | 12.1 | 37.6 | 37.9 | ||||||||||||
Adjustments related to investment (gains) losses | 0.3 | 0.2 | 0.6 | 0.2 | ||||||||||||
Amortization — DSI | (10.1 | ) | (9.4 | ) | (31.9 | ) | (26.7 | ) | ||||||||
Amortization — Impact of assumption and experience unlocking | (3.4 | ) | (1.0 | ) | (5.7 | ) | (1.0 | ) | ||||||||
Unamortized balance at end of period | 154 | 152.4 | 154 | 152.4 | ||||||||||||
Accumulated effect of net unrealized investment gains | (84.1 | ) | (132.4 | ) | (84.1 | ) | (132.4 | ) | ||||||||
Balance at end of period | $ | 69.9 | $ | 20 | $ | 69.9 | $ | 20 | ||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||||
8. Stockholders' Equity | ||||||||||||||||||||
The following tables summarize the components of AOCI and the adjustments to OCI for amounts reclassified from AOCI into net income for the three and nine months ended September 30, 2013: | ||||||||||||||||||||
Net unrealized | OTTI on fixed | Adjustment | Net gains | Accumulated | ||||||||||||||||
gains (losses) on | maturities | for DAC | (losses) on | other | ||||||||||||||||
available-for- | not related to | and DSI (3) | cash flow | comprehensive | ||||||||||||||||
sale securities | credit losses (2) | hedges | income | |||||||||||||||||
Balance as of July 1, 2013 | $ | 926.7 | $ | (16.6 | ) | $ | (133.7 | ) | $ | 6.2 | $ | 782.6 | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | (60.3 | ) | (0.3 | ) | 2.8 | (17.1 | ) | (74.9 | ) | |||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (0.6 | ) | (0.6 | ) | |||||||||||||
Foreign currency swaps | — | — | — | 0.5 | 0.5 | |||||||||||||||
Net realized investment (gains) losses | 12.2 | 6.4 | (1.1 | ) | — | 17.5 | ||||||||||||||
Total provision (benefit) for income taxes | (4.3 | ) | (2.2 | ) | 0.4 | — | (6.1 | ) | ||||||||||||
Total reclassifications from AOCI, net of taxes | 7.9 | 4.2 | (0.7 | ) | (0.1 | ) | 11.3 | |||||||||||||
Other comprehensive income (loss) after reclassifications | (52.4 | ) | 3.9 | 2.1 | (17.2 | ) | (63.6 | ) | ||||||||||||
Balance as of September 30, 2013 | $ | 874.3 | $ | (12.7 | ) | $ | (131.6 | ) | $ | (11.0 | ) | $ | 719 | |||||||
Net unrealized | OTTI on fixed | Adjustment | Net gains | Accumulated | ||||||||||||||||
gains (losses) on | maturities | for DAC | (losses) on | other | ||||||||||||||||
available-for- | not related to | and DSI (3) | cash flow | comprehensive | ||||||||||||||||
sale securities | credit losses (2) | hedges | income | |||||||||||||||||
Balance as of January 1, 2013 | $ | 1,610.20 | $ | (19.6 | ) | $ | (221.4 | ) | $ | 2 | $ | 1,371.20 | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | (754.4 | ) | (1.1 | ) | 90.9 | (11.6 | ) | (676.2 | ) | |||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (1.7 | ) | (1.7 | ) | |||||||||||||
Foreign currency swaps | — | — | — | (0.4 | ) | (0.4 | ) | |||||||||||||
Net realized investment (gains) losses | 28.5 | 12.2 | (1.7 | ) | — | 39 | ||||||||||||||
Total provision (benefit) for income taxes | (10.0 | ) | (4.2 | ) | 0.6 | 0.7 | (12.9 | ) | ||||||||||||
Total reclassifications from AOCI, net of taxes | 18.5 | 8 | (1.1 | ) | (1.4 | ) | 24 | |||||||||||||
Other comprehensive income (loss) after reclassifications | (735.9 | ) | 6.9 | 89.8 | (13.0 | ) | (652.2 | ) | ||||||||||||
Balance as of September 30, 2013 | $ | 874.3 | $ | (12.7 | ) | $ | (131.6 | ) | $ | (11.0 | ) | $ | 719 | |||||||
___________________ | ||||||||||||||||||||
-1 | Other comprehensive income (loss) before reclassifications is net of taxes of $(32.5), $(0.1), $1.6, $(9.3) and $(40.3), respectively, for the three months ended September 30, 2013, and net of taxes of $(406.2), $(0.5), $49.0, $(6.3) and $(364.0), respectively, for the nine months ended September 30, 2013. | |||||||||||||||||||
-2 | Reclassification adjustments of OTTI on fixed maturities not related to credit losses are included in changes in unrealized gains and losses on available-for-sale securities within the consolidated statements of comprehensive income (loss). | |||||||||||||||||||
-3 | See Note 7 for the adjustment for the accumulated effect of net unrealized investment gains separately presented for DAC and DSI. | |||||||||||||||||||
The following tables summarize the components of AOCI and the adjustments to OCI for amounts reclassified from AOCI into net income for the three and nine months ended September 30, 2012: | ||||||||||||||||||||
Net unrealized | OTTI on fixed | Adjustment | Net gains | Accumulated | ||||||||||||||||
gains (losses) on | maturities not | for DAC | (losses) on | other | ||||||||||||||||
available-for- | related to | and | cash flow | comprehensive | ||||||||||||||||
sale securities | credit losses (2) | DSI (3) | hedges | income | ||||||||||||||||
Balance as of July 1, 2012 | $ | 1,414.40 | $ | (24.9 | ) | $ | (206.2 | ) | $ | 4.7 | $ | 1,188.00 | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | 230.6 | (1.8 | ) | (24.7 | ) | 1 | 205.1 | |||||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||||||
Net realized investment (gains) losses | 9.3 | 9.3 | (0.6 | ) | — | 18 | ||||||||||||||
Total provision (benefit) for income taxes | (3.3 | ) | (3.3 | ) | 0.2 | 0.1 | (6.3 | ) | ||||||||||||
Total reclassifications from AOCI, net of taxes | 6 | 6 | (0.4 | ) | (0.4 | ) | 11.2 | |||||||||||||
Other comprehensive income (loss) after reclassifications | 236.6 | 4.2 | (25.1 | ) | 0.6 | 216.3 | ||||||||||||||
Balance as of September 30, 2012 | $ | 1,651.00 | $ | (20.7 | ) | $ | (231.3 | ) | $ | 5.3 | $ | 1,404.30 | ||||||||
Net unrealized | OTTI on fixed | Adjustment | Net gains | Accumulated | ||||||||||||||||
gains (losses) on | maturities not | for DAC | (losses) on | other | ||||||||||||||||
available-for- | related to | and | cash flow | comprehensive | ||||||||||||||||
sale securities | credit losses (2) | DSI (3) | hedges | income | ||||||||||||||||
Balance as of January 1, 2012 | $ | 1,236.60 | $ | (37.2 | ) | $ | (175.6 | ) | $ | 3.5 | $ | 1,027.30 | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | 417.1 | (3.6 | ) | (55.3 | ) | 2.8 | 361 | |||||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (1.5 | ) | (1.5 | ) | |||||||||||||
Net realized investment (gains) losses | (4.1 | ) | 30.9 | (0.6 | ) | — | 26.2 | |||||||||||||
Total provision (benefit) for income taxes | 1.4 | (10.8 | ) | 0.2 | 0.5 | (8.7 | ) | |||||||||||||
Total reclassifications from AOCI, net of taxes | (2.7 | ) | 20.1 | (0.4 | ) | (1.0 | ) | 16 | ||||||||||||
Other comprehensive income (loss) after reclassifications | 414.4 | 16.5 | (55.7 | ) | 1.8 | 377 | ||||||||||||||
Balance as of September 30, 2012 | $ | 1,651.00 | $ | (20.7 | ) | $ | (231.3 | ) | $ | 5.3 | $ | 1,404.30 | ||||||||
___________________ | ||||||||||||||||||||
-1 | Other comprehensive income (loss) before reclassifications is net of taxes of $124.0, $(0.9), $(13.3), $0.4 and $110.2, respectively, for the three months ended September 30, 2012, and net of taxes of $224.5, $(1.9), $(29.8), $1.4 and $194.2, respectively, for the nine months ended September 30, 2012. | |||||||||||||||||||
-2 | Reclassification adjustments of OTTI on fixed maturities not related to credit losses are included in changes in unrealized gains and losses on available- for-sale securities within the consolidated statements of comprehensive income (loss). | |||||||||||||||||||
-3 | See Note 7 for the adjustment for the accumulated effect of net unrealized investment gains separately presented for DAC and DSI. | |||||||||||||||||||
The following table provides a reconciliation of changes in outstanding shares of common stock: | ||||||||||||||||||||
Common Shares | ||||||||||||||||||||
Balance as of January 1, 2012 | 118.637 | |||||||||||||||||||
Restricted stock issued, net | 0.379 | |||||||||||||||||||
Employee stock purchase plan shares issued | 0.142 | |||||||||||||||||||
Common stock repurchased (1) | (0.070 | ) | ||||||||||||||||||
Balance as of December 31, 2012 | 119.088 | |||||||||||||||||||
Balance as of January 1, 2013 | 119.088 | |||||||||||||||||||
Common stock issued (2) | 5.3 | |||||||||||||||||||
Restricted stock issued, net | 0.261 | |||||||||||||||||||
Employee stock purchase plan shares issued | 0.106 | |||||||||||||||||||
Common stock repurchased (1) | (6.955 | ) | ||||||||||||||||||
Balance as of September 30, 2013 | 117.8 | |||||||||||||||||||
_____________________ | ||||||||||||||||||||
-1 | Represents shares of common stock repurchased pursuant to the Company’s stock repurchase program that began in 2013, which are held in treasury, as well as shares repurchased and subsequently retired to satisfy employee income tax withholding pursuant to the Company’s Equity Plan. | |||||||||||||||||||
-2 | Includes 5.298 shares of common stock issued from the settlement of warrants. See Note 3 for further discussion. | |||||||||||||||||||
On February 1, 2013, the Company’s board of directors authorized the repurchase, at management’s discretion, of up to 10.000 shares of the Company’s outstanding common stock. The authorization was increased to 16.000 shares on May 21, 2013. The Company has repurchased 6.952 shares under the program as of September 30, 2013 This includes 6.090 shares purchased on May 17, 2013 from a related party in a privately negotiated transaction for a total of $81.8. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock-Based Compensation | ' | ||||||
9. Stock-Based Compensation | |||||||
The following table summarizes the Company’s restricted stock activity for the nine months ended September 30, 2013: | |||||||
Number of | Weighted- | ||||||
Shares | Average Fair | ||||||
Value | |||||||
Outstanding as of January 1, 2013 | 0.649 | $ | 11.5 | ||||
Shares granted | 0.29 | 13.45 | |||||
Shares vested | (0.010 | ) | 11.91 | ||||
Shares forfeited | (0.029 | ) | 11.61 | ||||
Outstanding as of September 30, 2013 | 0.9 | $ | 12.12 | ||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
10. Commitments and Contingencies | |
Litigation | |
Because of the nature of its business, the Company is subject to legal actions filed or threatened in the ordinary course of its business operations. The Company does not expect that any such litigation, pending or threatened, as of September 30, 2013, will have a material adverse effect on its consolidated financial condition, future operating results or liquidity. | |
Other Commitments and Contingencies | |
As of September 30, 2013, the Company had no material changes to its commitments or contingencies since December 31, 2012. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
11. Segment Information | ||||||||||||||||||||||||
The Company offers a broad range of products and services that include retirement, group health and employee benefits products and life insurance. These operations are managed separately as three divisions, consisting of four business segments based on product groupings, and a fifth reportable segment consisting primarily of unallocated corporate items and surplus investment income. The five segments are Benefits, Deferred Annuities, Income Annuities, Individual Life and Other. | ||||||||||||||||||||||||
The following tables present selected financial information by segment and reconcile segment pre-tax adjusted operating income (loss) to amounts reported in the consolidated statements of income. | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 147.4 | $ | — | $ | — | $ | 8.6 | $ | — | $ | 156 | ||||||||||||
Net investment income | 5.2 | 145 | 98.4 | 72.6 | 5.2 | 326.4 | ||||||||||||||||||
Policy fees, contract charges, and other | 3.5 | 5.8 | 0.2 | 34.1 | 4.7 | 48.3 | ||||||||||||||||||
Net realized gains (losses) – FIA | — | 0.9 | — | — | — | 0.9 | ||||||||||||||||||
Total operating revenues | 156.1 | 151.7 | 98.6 | 115.3 | 9.9 | 531.6 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 99.2 | 0.2 | — | 19.1 | — | 118.5 | ||||||||||||||||||
Interest credited | — | 86.6 | 85.7 | 63.4 | (0.4 | ) | 235.3 | |||||||||||||||||
Other underwriting and operating expenses | 41.7 | 23.3 | 4.9 | 15.4 | 5.3 | 90.6 | ||||||||||||||||||
Interest expense | — | — | — | — | 8.3 | 8.3 | ||||||||||||||||||
Amortization of DAC | — | 17.7 | 0.9 | 1.6 | — | 20.2 | ||||||||||||||||||
Total benefits and expenses | 140.9 | 127.8 | 91.5 | 99.5 | 13.2 | 472.9 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 15.2 | $ | 23.9 | $ | 7.1 | $ | 15.8 | $ | (3.3 | ) | $ | 58.7 | |||||||||||
Operating revenues | $ | 156.1 | $ | 151.7 | $ | 98.6 | $ | 115.3 | $ | 9.9 | $ | 531.6 | ||||||||||||
Add: Net realized investment gains (losses), excluding FIA | — | (9.8 | ) | 9.8 | (3.0 | ) | (2.5 | ) | (5.5 | ) | ||||||||||||||
Total revenues | 156.1 | 141.9 | 108.4 | 112.3 | 7.4 | 526.1 | ||||||||||||||||||
Total benefits and expenses | 140.9 | 127.8 | 91.5 | 99.5 | 13.2 | 472.9 | ||||||||||||||||||
Income (loss) from operations before income taxes | $ | 15.2 | $ | 14.1 | $ | 16.9 | $ | 12.8 | $ | (5.8 | ) | $ | 53.2 | |||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 144.9 | $ | — | $ | — | $ | 9.2 | $ | — | $ | 154.1 | ||||||||||||
Net investment income | 5.5 | 135.6 | 100.9 | 71.1 | (0.8 | ) | 312.3 | |||||||||||||||||
Policy fees, contract charges, and other | 1.9 | 5.1 | 1.7 | 32.7 | 5.7 | 47.1 | ||||||||||||||||||
Net realized gains (losses) – FIA | — | 1.1 | — | — | — | 1.1 | ||||||||||||||||||
Total operating revenues | 152.3 | 141.8 | 102.6 | 113 | 4.9 | 514.6 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 94.9 | — | — | 16.2 | — | 111.1 | ||||||||||||||||||
Interest credited | — | 85.2 | 87.7 | 62.9 | (0.4 | ) | 235.4 | |||||||||||||||||
Other underwriting and operating expenses | 40.7 | 19.5 | 5.4 | 16.2 | 7.1 | 88.9 | ||||||||||||||||||
Interest expense | — | — | — | — | 8.2 | 8.2 | ||||||||||||||||||
Amortization of DAC | — | 13.1 | 0.9 | 3.9 | — | 17.9 | ||||||||||||||||||
Total benefits and expenses | 135.6 | 117.8 | 94 | 99.2 | 14.9 | 461.5 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 16.7 | $ | 24 | $ | 8.6 | $ | 13.8 | $ | (10.0 | ) | $ | 53.1 | |||||||||||
Operating revenues | $ | 152.3 | $ | 141.8 | $ | 102.6 | $ | 113 | $ | 4.9 | $ | 514.6 | ||||||||||||
Add: Net realized investment gains (losses), excluding FIA | — | 2.4 | 7.5 | (3.4 | ) | 7.9 | 14.4 | |||||||||||||||||
Total revenues | 152.3 | 144.2 | 110.1 | 109.6 | 12.8 | 529 | ||||||||||||||||||
Total benefits and expenses | 135.6 | 117.8 | 94 | 99.2 | 14.9 | 461.5 | ||||||||||||||||||
Income (loss) from operations before income taxes | $ | 16.7 | $ | 26.4 | $ | 16.1 | $ | 10.4 | $ | (2.1 | ) | $ | 67.5 | |||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 444 | $ | — | $ | — | $ | 26.4 | $ | — | $ | 470.4 | ||||||||||||
Net investment income | 15.5 | 424.4 | 299 | 211.5 | 18.3 | 968.7 | ||||||||||||||||||
Policy fees, contract charges, and other | 10.4 | 16.9 | 2.3 | 101.1 | 16 | 146.7 | ||||||||||||||||||
Net realized gains (losses) – FIA | — | 2 | — | — | — | 2 | ||||||||||||||||||
Total operating revenues | 469.9 | 443.3 | 301.3 | 339 | 34.3 | 1,587.80 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 299.1 | 0.4 | — | 53.7 | — | 353.2 | ||||||||||||||||||
Interest credited | — | 250.3 | 256.9 | 190.4 | (1.3 | ) | 696.3 | |||||||||||||||||
Other underwriting and operating expenses | 125.8 | 64.6 | 15.7 | 47.9 | 20.3 | 274.3 | ||||||||||||||||||
Interest expense | — | — | — | — | 24.7 | 24.7 | ||||||||||||||||||
Amortization of DAC | — | 48 | 2.8 | 5.5 | — | 56.3 | ||||||||||||||||||
Total benefits and expenses | 424.9 | 363.3 | 275.4 | 297.5 | 43.7 | 1,404.80 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 45 | $ | 80 | $ | 25.9 | $ | 41.5 | $ | (9.4 | ) | $ | 183 | |||||||||||
Operating revenues | $ | 469.9 | $ | 443.3 | $ | 301.3 | $ | 339 | $ | 34.3 | $ | 1,587.80 | ||||||||||||
Add: Net realized investment gains (losses), excluding FIA | — | (7.7 | ) | 23.4 | (7.0 | ) | (0.1 | ) | 8.6 | |||||||||||||||
Total revenues | 469.9 | 435.6 | 324.7 | 332 | 34.2 | 1,596.40 | ||||||||||||||||||
Total benefits and expenses | 424.9 | 363.3 | 275.4 | 297.5 | 43.7 | 1,404.80 | ||||||||||||||||||
Income from operations before income taxes | $ | 45 | $ | 72.3 | $ | 49.3 | $ | 34.5 | $ | (9.5 | ) | $ | 191.6 | |||||||||||
As of September 30, 2013: | ||||||||||||||||||||||||
Total assets | $ | 160.5 | $ | 13,533.20 | $ | 7,278.70 | $ | 6,482.60 | $ | 2,329.60 | $ | 29,784.60 | ||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 423.3 | $ | — | $ | — | $ | 27.9 | $ | — | $ | 451.2 | ||||||||||||
Net investment income | 16.2 | 405.2 | 309.5 | 214.5 | 6.6 | 952 | ||||||||||||||||||
Policy fees, contract charges, and other | 8.4 | 15.3 | 4.9 | 97 | 16.6 | 142.2 | ||||||||||||||||||
Net realized gains (losses) – FIA | — | 1.1 | — | — | — | 1.1 | ||||||||||||||||||
Total operating revenues | 447.9 | 421.6 | 314.4 | 339.4 | 23.2 | 1,546.50 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 271.8 | — | — | 49 | — | 320.8 | ||||||||||||||||||
Interest credited | — | 248.2 | 255.1 | 193.4 | (1.5 | ) | 695.2 | |||||||||||||||||
Other underwriting and operating expenses | 118 | 59.7 | 17 | 48.9 | 20.9 | 264.5 | ||||||||||||||||||
Interest expense | — | — | — | — | 24.6 | 24.6 | ||||||||||||||||||
Amortization of DAC | — | 40.1 | 2.4 | 6.6 | — | 49.1 | ||||||||||||||||||
Total benefits and expenses | 389.8 | 348 | 274.5 | 297.9 | 44 | 1,354.20 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 58.1 | $ | 73.6 | $ | 39.9 | $ | 41.5 | $ | (20.8 | ) | $ | 192.3 | |||||||||||
Operating revenues | $ | 447.9 | $ | 421.6 | $ | 314.4 | $ | 339.4 | $ | 23.2 | $ | 1,546.50 | ||||||||||||
Add: Net realized investment gains (losses), excluding FIA | — | 4.1 | 7.9 | (2.6 | ) | 24.5 | 33.9 | |||||||||||||||||
Total revenues | 447.9 | 425.7 | 322.3 | 336.8 | 47.7 | 1,580.40 | ||||||||||||||||||
Total benefits and expenses | 389.8 | 348 | 274.5 | 297.9 | 44 | 1,354.20 | ||||||||||||||||||
Income (loss) from operations before income taxes | $ | 58.1 | $ | 77.7 | $ | 47.8 | $ | 38.9 | $ | 3.7 | $ | 226.2 | ||||||||||||
As of September 30, 2012: | ||||||||||||||||||||||||
Total assets | $ | 185.2 | $ | 12,518.60 | $ | 7,669.20 | $ | 6,622.10 | $ | 2,502.60 | $ | 29,497.70 | ||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
12. Subsequent Events | |
On November 5, 2013, the Company declared a dividend of $0.09 per common share, or approximately $10.6 in total, to shareholders of record on November 19, 2013. The dividend will be paid on or about December 6, 2013. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Use of Estimates, Policy | ' | |
The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that may affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. These interim condensed consolidated financial statements are unaudited and in management’s opinion include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair presentation. | ||
Reclassification, Policy | ' | |
Certain reclassifications have been made to prior year financial information for it to conform to the current period presentation. | ||
New Accounting Pronouncements Adopted, Policy | ' | |
Adoption of New Accounting Pronouncements | ||
ASU 2011-11, Disclosures about Offsetting Assets and Liabilities and ASU 2013-01, Scope Clarification of Disclosures about Offsetting Assets and Liabilities | ||
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210) — Disclosures about Offsetting Assets and Liabilities. This ASU requires the Company to disclose information about financial assets and liabilities that are offset or have the potential to be offset, along with the related contractual arrangements, to enable users to understand the effect of such arrangements on its balance sheets. The ASU requires the Company to disclose information on both a gross and net basis about instruments and transactions within the scope of this standard. | ||
In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210) – Scope Clarification of Disclosures about Offsetting Assets and Liabilities. This ASU limits the scope requirements of ASU 2011-11 to derivatives, repurchase agreements, reverse repurchase agreements, and securities borrowing and lending transactions. The Company prospectively adopted ASU 2011-11 and 2013-01 on January 1, 2013 and included the disclosures in Note 4. | ||
ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This ASU supersedes the presentation requirements in ASU 2011-05, Presentation of Comprehensive Income, and ASU 2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This ASU requires the Company to present, either on the face of the financial statements or in the notes to the consolidated financial statements, the effect of significant reclassifications out of accumulated other comprehensive income (AOCI) by the respective line item on the statements of income. This ASU does not change the requirement to present other comprehensive income by component in the consolidated financial statements. The Company prospectively adopted this standard on January 1, 2013 and included the disclosures in Note 8. | ||
Earnings Per Share, Policy | ' | |
Basic earnings per share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Diluted earnings per share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period, adjusted for the potential issuance of common stock, if dilutive. | ||
On June 20, 2013, the Company issued 5.298 common shares to settle all of its outstanding warrants with wholly-owned subsidiaries of White Mountains Insurance Group, Ltd. and Berkshire Hathaway, Inc., both related parties. The number of shares issued in the cashless exercise was determined based on the fair value of the warrants on the settlement date. These warrants were exercisable for 18.976 common shares, and were considered participating securities because the terms of the agreements entitled the holders to receive any dividends declared on the common stock concurrently with the holders of outstanding shares of common stock, on a one-to-one basis. As a result, for the portion of the period the warrants were outstanding, they were included in weighted-average common shares outstanding for basic and diluted earnings per share, using the two-class method. | ||
The Company has issued equity instruments to employees that are considered in the computation of earnings per share, including restricted stock, stock options and shares issued under the employee stock purchase plan. The restricted stock is considered a participating security because the holders are entitled to receive any dividends declared on the common stock concurrently with the holders of outstanding shares of common stock, on a one-to-one basis. Participating restricted stock is included in basic and diluted earnings per share based on the application of the two-class method. Estimated shares to be issued under the employee stock purchase plan are included in diluted earnings per share based on the application of the treasury stock method. Excluded from the computation of diluted earnings per share were 2.650 stock options for the three and nine months ended September 30, 2013, and 2.650 stock options for the three and nine months ended September 30, 2012 because they were anti-dilutive. | ||
Investments, Policy | ' | |
Other-Than-Temporary Impairments | ||
The Company’s review of investment securities for OTTI includes both quantitative and qualitative criteria. Quantitative criteria include the length of time and amount that each security is in an unrealized loss position (i.e., is underwater) and, for fixed maturities, whether expected future cash flows indicate that a credit loss exists. | ||
While all securities are monitored for impairment, the Company’s experience indicates that securities for which the cost or amortized cost exceeds fair value by less than 20% do not typically represent a significant risk of impairment and, often, fair values recover over time as the factors that caused the declines improve. If the estimated fair value has declined and remained below cost or amortized cost by 20% or more for at least six months, the Company further analyzes the decrease in fair value to determine whether it is an other-than-temporary decline. To make this determination for each security, the Company considers, among other factors: | ||
• | Extent and duration of the decline in fair value below cost or amortized cost; | |
• | The financial condition and near-term prospects of the issuer of the security, including any specific events that may affect its operations, earnings potential or compliance with terms and covenants of the security; | |
• | Changes in the financial condition of the security’s underlying collateral; | |
• | Any downgrades of the security by a rating agency; | |
• | Nonpayment of scheduled interest, or the reduction or elimination of dividends; | |
• | Other indications that a credit loss has occurred; and | |
• | For fixed maturities, the Company’s intent to sell or whether it is more likely than not the Company will be required to sell the fixed maturity prior to recovery of its amortized cost, considering any regulatory developments, prepayment or call notifications and the Company’s liquidity needs. | |
For fixed maturities, the Company concludes that an OTTI has occurred if a security is underwater and there is an intent to sell the security or if the present value of expected cash flows is less than the amortized cost of the security (i.e., a credit loss exists). In order to determine the amount of the credit loss, the Company calculates the recovery value by discounting its estimate of future cash flows from the security. The discount rate is the original effective yield for corporate securities or current effective yield for mortgage-backed and other structured securities. | ||
Determination of Credit-Related OTTI on Corporate Securities | ||
To determine the recovery value for a corporate security, the Company performs an analysis including, but not limited to, the following: | ||
• | Expected cash flows of the issuer; | |
• | Fundamentals of the industry in which the issuer operates; | |
• | Fundamentals of the issuer to determine what the Company would recover if the issuer were to file for bankruptcy; | |
• | Expectations regarding defaults and recovery rates; | |
• | Changes to the rating of the security by a rating agency; and | |
• | Additional available market information. | |
Determination of Credit-Related OTTI on Structured Securities | ||
To determine the recovery value for a structured security, including residential mortgage-, commercial mortgage- and other asset-backed securities, the Company performs an analysis including, but not limited to, the following: | ||
• | Expected cash flows from the security, including potential variability of prepayments; | |
• | Creditworthiness; | |
• | Delinquency ratios and loan-to-value ratios on the underlying collateral; | |
• | Average cumulative collateral values, vintage year and level of subordination; and | |
• | Susceptibility to prepayment and anti-selection due to changes in the interest rate environment. | |
Derivatives, Offsetting Fair Value Amounts, Policy | ' | |
The Company does not offset recognized collateral amounts pledged or received against the fair value amounts recognized for derivative contracts. | ||
Loans and Leases Receivable, Allowance for Loan Losses, Policy | ' | |
The allowance for losses on mortgage loans provides for the risk of credit loss inherent in the lending process. The allowance includes a portfolio reserve for probable losses incurred but not specifically identified and, as needed, specific reserves for impaired loans. The allowance for losses on mortgage loans is evaluated at each reporting period and adjustments are recorded when appropriate. To assist in its evaluation of the allowance for loan losses, the Company utilizes the following credit quality indicators to categorize its loans as lower, medium or higher risk: | ||
• | Lower Risk Loans – Loans with an LTV ratio of less than 65%, and a DSCR of greater than 1.50. | |
• | Medium Risk Loans – Loans that have an LTV ratio of less than 65% but a DSCR below 1.50, or loans with an LTV ratio between 65% and 80%, and a DSCR of greater than 1.50. | |
• | Higher Risk Loans – Loans with an LTV ratio greater than 80%, or loans which have an LTV ratio between 65% and 80%, and a DSCR of less than 1.50. | |
Loans are specifically evaluated for impairment if the Company considers it probable that amounts due according to the terms of the loan agreement will not be collected, or the loan is modified in a troubled debt restructuring. The Company establishes specific reserves for these loans when the fair value is less than its carrying value. | ||
The Company’s mortgage loan portfolio is considered a single portfolio segment and class of financing receivables, which is consistent with how the Company assesses and monitors the risk and performance of the portfolio | ||
In developing its portfolio reserve for incurred but not specifically identified losses, the Company evaluates loans by risk category and considers its past loan experience, commercial real estate market conditions, and third party data for expected losses on loans with similar LTV ratios and DSCRs. Each loan’s LTV ratio and DSCR is updated annually, primarily during the third quarter. In developing its provision for specifically identified loans, a market valuation on the collateral is performed to determine if a reserve is necessary. | ||
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy | ' | |
Non-performing loans, defined generally as those in default, close to being in default or more than 90 days past due, are placed on non-accrual status. | ||
Fair Value of Financial Instruments, Policy | ' | |
The Company determines the fair value of its financial instruments based on the fair value hierarchy, which favors the use of observable inputs over the use of unobservable inputs when measuring fair value. The Company has categorized its financial instruments into the three-level hierarchy, which 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 level to which a fair value measurement falls is assigned based on the lowest-level input that is significant to the measurement. The fair value measurements for the Company’s financial instruments are categorized as follows: | ||
• | Level 1 — Unadjusted quoted prices in active markets for identical instruments. This category primarily consists of exchange-traded marketable equity securities and mutual fund investments. | |
• | Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable. This category includes those financial instruments that are valued using industry-standard pricing methodologies or models. All significant inputs are observable or derived from observable information in the marketplace. Financial instruments in this category primarily include corporate fixed maturities and mortgage-backed securities. | |
• | Level 3 — Fair value estimates whose significant inputs are unobservable. This includes financial instruments for which fair value is estimated based on industry-standard pricing methodologies and internally developed models utilizing significant inputs not based on or corroborated by readily available market information. In limited circumstances, this may also utilize estimates based on non-binding broker quotes. This category primarily consists of funds held under deposit contracts and mortgage loans. | |
Fair Value Transfer, Policy | ' | |
Transfers into and/or out of Level 3 are reported at the value as of the beginning of the period in which the transfer occurs. | ||
Segment Reporting, Policy | ' | |
These operations are managed separately as three divisions, consisting of four business segments based on product groupings, and a fifth reportable segment consisting primarily of unallocated corporate items and surplus investment income. The five segments are Benefits, Deferred Annuities, Income Annuities, Individual Life and Other. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule Of Earnings Per Share, Basic And Diluted | ' | |||||||||||||||
The following table presents information relating to the Company’s calculations of basic and diluted earnings per share: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 45.3 | $ | 55.2 | $ | 156.3 | $ | 174.4 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average common shares outstanding - basic | 117.802 | 138.091 | 129.574 | 137.986 | ||||||||||||
Add: dilutive effect of certain equity instruments | 0.002 | 0.003 | 0.005 | 0.004 | ||||||||||||
Weighted-average common shares outstanding - diluted | 117.804 | 138.094 | 129.579 | 137.99 | ||||||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.4 | $ | 1.21 | $ | 1.26 | ||||||||
Diluted | $ | 0.38 | $ | 0.4 | $ | 1.21 | $ | 1.26 | ||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Summary Of Available-For-Sale Fixed Maturities And Marketable Equity Securities | ' | |||||||||||||||||||||||
The following tables summarize the Company’s available-for-sale fixed maturities and marketable equity securities. The other-than-temporary impairments (OTTI) in AOCI represent the amount of cumulative non-credit OTTI losses recorded in AOCI for securities that also had a credit-related impairment. | ||||||||||||||||||||||||
Cost or | Gross | Gross | Fair Value | OTTI in | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | AOCI | |||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 508.9 | $ | 5.6 | $ | (3.8 | ) | $ | 510.7 | $ | — | |||||||||||||
State and political subdivisions | 741.8 | 24 | (11.3 | ) | 754.5 | — | ||||||||||||||||||
Corporate securities | 16,138.80 | 1,198.80 | (171.9 | ) | 17,165.70 | (14.4 | ) | |||||||||||||||||
Residential mortgage-backed securities | 2,671.40 | 146.8 | (21.7 | ) | 2,796.50 | (5.0 | ) | |||||||||||||||||
Commercial mortgage-backed securities | 1,440.50 | 105.7 | (10.1 | ) | 1,536.10 | — | ||||||||||||||||||
Other debt obligations | 500.7 | 44.4 | (2.1 | ) | 543 | — | ||||||||||||||||||
Total fixed maturities | 22,002.10 | 1,525.30 | (220.9 | ) | 23,306.50 | (19.4 | ) | |||||||||||||||||
Marketable equity securities, available-for-sale | 87.1 | 0.7 | (0.7 | ) | 87.1 | — | ||||||||||||||||||
Total | $ | 22,089.20 | $ | 1,526.00 | $ | (221.6 | ) | $ | 23,393.60 | $ | (19.4 | ) | ||||||||||||
Cost or | Gross | Gross | Fair Value | OTTI in | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | AOCI | |||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 307.6 | $ | 4.8 | $ | (0.9 | ) | $ | 311.5 | $ | (0.1 | ) | ||||||||||||
State and political subdivisions | 737.9 | 39.5 | (0.9 | ) | 776.5 | (0.1 | ) | |||||||||||||||||
Corporate securities | 15,280.40 | 1,972.60 | (51.4 | ) | 17,201.60 | (18.4 | ) | |||||||||||||||||
Residential mortgage-backed securities | 2,755.50 | 254.1 | (1.8 | ) | 3,007.80 | (10.2 | ) | |||||||||||||||||
Commercial mortgage-backed securities | 1,538.20 | 170.4 | (0.9 | ) | 1,707.70 | (1.3 | ) | |||||||||||||||||
Other debt obligations | 453.8 | 60.9 | (0.8 | ) | 513.9 | — | ||||||||||||||||||
Total fixed maturities | 21,073.40 | 2,502.30 | (56.7 | ) | 23,519.00 | (30.1 | ) | |||||||||||||||||
Marketable equity securities, available-for-sale | 52 | — | (2.4 | ) | 49.6 | — | ||||||||||||||||||
Total | $ | 21,125.40 | $ | 2,502.30 | $ | (59.1 | ) | $ | 23,568.60 | $ | (30.1 | ) | ||||||||||||
Summary Of Gross Unrealized Losses And Fair Values Of Investments Available-For-Sale | ' | |||||||||||||||||||||||
The following tables summarize gross unrealized losses and fair values of the Company’s available-for-sale investments. The tables are aggregated by investment category and present separately those securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more. | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | |||||||||||||||||||||||
Fair | Gross | # of | Fair | Gross | # of | |||||||||||||||||||
Value | Unrealized | Securities | Value | Unrealized | Securities | |||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 81.7 | $ | (3.8 | ) | 6 | $ | — | $ | — | — | |||||||||||||
State and political subdivisions | 221.5 | (10.9 | ) | 38 | 6.4 | (0.4 | ) | 3 | ||||||||||||||||
Corporate securities | 2,944.00 | (126.9 | ) | 252 | 158.3 | (45.0 | ) | 30 | ||||||||||||||||
Residential mortgage-backed securities | 479 | (20.5 | ) | 71 | 22.4 | (1.2 | ) | 20 | ||||||||||||||||
Commercial mortgage-backed securities | 183.9 | (9.2 | ) | 14 | 17.2 | (0.9 | ) | 10 | ||||||||||||||||
Other debt obligations | 69.7 | (2.0 | ) | 12 | 2.4 | (0.1 | ) | 4 | ||||||||||||||||
Total fixed maturities | 3,979.80 | (173.3 | ) | 393 | 206.7 | (47.6 | ) | 67 | ||||||||||||||||
Marketable equity securities, available-for-sale | 47.4 | (0.7 | ) | 39 | — | — | — | |||||||||||||||||
Total | $ | 4,027.20 | $ | (174.0 | ) | $ | 432 | $ | 206.7 | $ | (47.6 | ) | $ | 67 | ||||||||||
Less Than 12 Months | 12 Months or More | |||||||||||||||||||||||
Fair | Gross | # of | Fair | Gross | # of | |||||||||||||||||||
Value | Unrealized | Securities | Value | Unrealized | Securities | |||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 205.7 | $ | (0.9 | ) | 1 | $ | — | $ | — | — | |||||||||||||
State and political subdivisions | 42.5 | (0.3 | ) | 11 | 35.6 | (0.6 | ) | 4 | ||||||||||||||||
Corporate securities | 342.9 | (5.8 | ) | 63 | 316 | (45.6 | ) | 65 | ||||||||||||||||
Residential mortgage-backed securities | 73.9 | (0.5 | ) | 15 | 38 | (1.3 | ) | 24 | ||||||||||||||||
Commercial mortgage-backed securities | 9.9 | — | 6 | 30.5 | (0.9 | ) | 11 | |||||||||||||||||
Other debt obligations | 38.9 | (0.6 | ) | 4 | 4 | (0.2 | ) | 4 | ||||||||||||||||
Total fixed maturities | 713.8 | (8.1 | ) | 100 | 424.1 | (48.6 | ) | 108 | ||||||||||||||||
Marketable equity securities, available-for-sale | 20.1 | (0.8 | ) | 2 | 29.5 | (1.6 | ) | 2 | ||||||||||||||||
Total | $ | 733.9 | $ | (8.9 | ) | $ | 102 | $ | 453.6 | $ | (50.2 | ) | $ | 110 | ||||||||||
Summary Of Contractual Years To Maturity | ' | |||||||||||||||||||||||
The following table summarizes the amortized cost and fair value of fixed maturities as of September 30, 2013, by contractual years to maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
One year or less | $ | 605.7 | $ | 618 | ||||||||||||||||||||
Over one year through five years | 4,391.30 | 4,733.60 | ||||||||||||||||||||||
Over five years through ten years | 8,311.30 | 8,666.70 | ||||||||||||||||||||||
Over ten years | 4,118.90 | 4,456.20 | ||||||||||||||||||||||
Residential mortgage-backed securities | 2,671.40 | 2,796.50 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 1,440.50 | 1,536.10 | ||||||||||||||||||||||
Other asset-backed securities | 463 | 499.4 | ||||||||||||||||||||||
Total fixed maturities | $ | 22,002.10 | $ | 23,306.50 | ||||||||||||||||||||
Summary Of Net Investment Income | ' | |||||||||||||||||||||||
The following table summarizes the Company’s net investment income: | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Fixed maturities | $ | 283.4 | $ | 276.9 | $ | 840.5 | $ | 842.6 | ||||||||||||||||
Marketable equity securities, available-for-sale | 0.6 | 0.6 | 2.3 | 2.3 | ||||||||||||||||||||
Marketable equity securities, trading | 3.3 | 3.3 | 9.6 | 8.9 | ||||||||||||||||||||
Mortgage loans | 48.7 | 43.9 | 140.7 | 126.5 | ||||||||||||||||||||
Policy loans | 0.8 | 1 | 2.7 | 2.9 | ||||||||||||||||||||
Investments in limited partnerships | (4.2 | ) | (7.7 | ) | (9.7 | ) | (16.0 | ) | ||||||||||||||||
Other | 1.5 | 1.8 | 5.7 | 5.7 | ||||||||||||||||||||
Total investment income | 334.1 | 319.8 | 991.8 | 972.9 | ||||||||||||||||||||
Investment expenses | (7.7 | ) | (7.5 | ) | (23.1 | ) | (20.9 | ) | ||||||||||||||||
Net investment income | $ | 326.4 | $ | 312.3 | $ | 968.7 | $ | 952 | ||||||||||||||||
Summary Of Net Realized Investment Gains (Losses) | ' | |||||||||||||||||||||||
The following table summarizes the Company’s net realized investment gains (losses): | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
Gross gains on sales | $ | 2.4 | $ | 7.4 | $ | 8 | $ | 40.4 | ||||||||||||||||
Gross losses on sales | (7.4 | ) | (6.4 | ) | (17.4 | ) | (14.3 | ) | ||||||||||||||||
Net impairment losses recognized in earnings | (6.2 | ) | (13.3 | ) | (15.4 | ) | (25.2 | ) | ||||||||||||||||
Other (1) | 0.5 | 2.3 | (3.9 | ) | 3.5 | |||||||||||||||||||
Total fixed maturities | (10.7 | ) | (10.0 | ) | (28.7 | ) | 4.4 | |||||||||||||||||
Marketable equity securities, trading (2) | 12 | 25 | 43.3 | 33.6 | ||||||||||||||||||||
Other | (7.0 | ) | (0.1 | ) | (5.7 | ) | (3.6 | ) | ||||||||||||||||
Deferred policy acquisition costs and deferred sales inducement adjustment | 1.1 | 0.6 | 1.7 | 0.6 | ||||||||||||||||||||
Net realized investment gains (losses) | $ | (4.6 | ) | $ | 15.5 | $ | 10.6 | $ | 35 | |||||||||||||||
____________________ | ||||||||||||||||||||||||
-1 | This includes net gains (losses) on calls and redemptions, and changes in the fair value of the Company’s convertible securities held as of period end totaling $1.2 and $(0.4) for the three months ended September 30, 2013 and 2012, respectively, and $(0.8) and $(0.1) for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||
-2 | This includes net gains (losses) on changes in the fair value of trading securities held as of period end totaling $6.6 and $25.2 for the three months ended September 30, 2013 and 2012, respectively, and $17.8 and $33.2 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||
Schedule Of Severity And Duration Of Gross Unrealized Losses On Underwater Available-For-Sale Securities | ' | |||||||||||||||||||||||
The following table presents the severity and duration of the gross unrealized losses on the Company’s underwater available-for-sale fixed maturities, after the recognition of OTTI: | ||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||
Underwater by 20% or more: | ||||||||||||||||||||||||
Less than 6 consecutive months | $ | 88.4 | $ | (27.7 | ) | $ | 20 | $ | (5.3 | ) | ||||||||||||||
6 consecutive months or more | 7.1 | (12.5 | ) | 49.6 | (21.7 | ) | ||||||||||||||||||
Total underwater by 20% or more | 95.5 | (40.2 | ) | 69.6 | (27.0 | ) | ||||||||||||||||||
All other underwater fixed maturities | 4,091.00 | (180.7 | ) | 1,068.30 | (29.7 | ) | ||||||||||||||||||
Total underwater fixed maturities | $ | 4,186.50 | $ | (220.9 | ) | $ | 1,137.90 | $ | (56.7 | ) | ||||||||||||||
Schedule Of Changes In The Amount Of Credit-Related OTTI Recognized In Net Income | ' | |||||||||||||||||||||||
Changes in the amount of credit-related OTTI recognized in net income where the portion related to other factors was recognized in other comprehensive income (loss) (OCI) were as follows: | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Balance, beginning of period | $ | 33.4 | $ | 32.2 | $ | 36.2 | $ | 32.5 | ||||||||||||||||
Increases recognized in the current period: | ||||||||||||||||||||||||
For which an OTTI was not previously recognized | 2.7 | 7.6 | 3 | 8.5 | ||||||||||||||||||||
For which an OTTI was previously recognized | 1.3 | 0.4 | 2.1 | 1.7 | ||||||||||||||||||||
Decreases attributable to: | ||||||||||||||||||||||||
Securities sold or paid down during the period | (12.7 | ) | (2.3 | ) | (16.6 | ) | (4.8 | ) | ||||||||||||||||
Previously recognized credit losses on securities impaired during the period due to a change in intent to sell (1) | — | (1.5 | ) | — | (1.5 | ) | ||||||||||||||||||
Balance, end of period | $ | 24.7 | $ | 36.4 | $ | 24.7 | $ | 36.4 | ||||||||||||||||
_________________ | ||||||||||||||||||||||||
-1 | Represents circumstances where the Company determined in the period that it intended to sell the security prior to recovery of its amortized cost. | |||||||||||||||||||||||
Schedule Of Position In Derivative Instruments | ' | |||||||||||||||||||||||
The following table sets forth the fair value of the Company’s derivative instruments. Derivative contracts in an asset position are included in other invested assets, derivative contracts in a liability position are included in other liabilities, and embedded derivative liabilities are included in funds held under deposit contracts on the consolidated balance sheets. The Company does not offset recognized collateral amounts pledged or received against the fair value amounts recognized for derivative contracts. | ||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||
Notional | Assets | Liabilities | Notional | Assets | Liabilities | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Qualifying derivatives | ||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Interest rate swaps | $ | 97.1 | $ | 5.7 | $ | — | $ | 97.1 | $ | 9.8 | $ | — | ||||||||||||
Foreign currency swaps | 362.4 | — | 20.4 | 112.8 | — | 4.3 | ||||||||||||||||||
Total qualifying derivatives | $ | 459.5 | $ | 5.7 | $ | 20.4 | $ | 209.9 | $ | 9.8 | $ | 4.3 | ||||||||||||
Non-qualifying derivatives | ||||||||||||||||||||||||
Equity index options | $ | 815.7 | $ | 25.3 | $ | 1.3 | $ | 213.7 | $ | 5 | $ | — | ||||||||||||
Foreign currency forwards | 2.7 | — | — | 125.2 | 0.5 | 0.7 | ||||||||||||||||||
Embedded derivatives | — | — | 59.1 | — | — | 14.1 | ||||||||||||||||||
Other derivatives | 14.8 | 0.7 | — | 13.4 | 0.8 | — | ||||||||||||||||||
Total non-qualifying derivatives | 833.2 | 26 | 60.4 | 352.3 | 6.3 | 14.8 | ||||||||||||||||||
Total derivatives | $ | 1,292.70 | $ | 31.7 | $ | 80.8 | $ | 562.2 | $ | 16.1 | $ | 19.1 | ||||||||||||
Schedule of Offsetting Assets | ' | |||||||||||||||||||||||
The following tables present the potential effect of netting arrangements by counterparty on the Company’s consolidated balance sheets: | ||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Gross Amount Not Offset in the Balance Sheets | ||||||||||||||||||||||||
Amount Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | (Received) Posted | ||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
A | $ | 4.5 | $ | — | $ | (2.4 | ) | $ | 2.1 | |||||||||||||||
B | 10.6 | — | (1.8 | ) | 8.8 | |||||||||||||||||||
C | 8.6 | — | (8.6 | ) | — | |||||||||||||||||||
Other | 8 | — | (3.8 | ) | 4.2 | |||||||||||||||||||
Total derivative assets | $ | 31.7 | $ | — | $ | (16.6 | ) | $ | 15.1 | |||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Gross Amount Not Offset in the Balance Sheets | ||||||||||||||||||||||||
Amount Presented in the | Financial Instruments | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | (Received) Posted | |||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
A | $ | 5.6 | $ | — | $ | (5.6 | ) | $ | — | |||||||||||||||
B | 4.1 | — | (1.6 | ) | 2.5 | |||||||||||||||||||
Other | 6.4 | — | (5.3 | ) | 1.1 | |||||||||||||||||||
Total derivative assets | $ | 16.1 | $ | — | $ | (12.5 | ) | $ | 3.6 | |||||||||||||||
Schedule of Offsetting Liabilities | ' | |||||||||||||||||||||||
Gross Amount Not Offset in the Balance Sheets | ||||||||||||||||||||||||
Amount Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | Received (Posted) | ||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
A | $ | 3.8 | $ | — | $ | — | $ | 3.8 | ||||||||||||||||
B | 12.2 | — | (0.2 | ) | 12 | |||||||||||||||||||
Other | 5.7 | — | (1.3 | ) | 4.4 | |||||||||||||||||||
Total derivative liabilities (1) | $ | 21.7 | $ | — | $ | (1.5 | ) | $ | 20.2 | |||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Excludes $59.1 of embedded derivatives which have no counterparty. | |||||||||||||||||||||||
Schedule Of Gains (Losses) On Cash Flow Hedges | ' | |||||||||||||||||||||||
The following table presents the amount of gain (loss) recognized in OCI on derivatives that qualify as cash flow hedges: | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Interest rate swaps | $ | 0.7 | $ | 1.4 | $ | (2.3 | ) | $ | 4.2 | |||||||||||||||
Foreign currency swaps | (27.2 | ) | — | (15.7 | ) | — | ||||||||||||||||||
Total | $ | (26.5 | ) | $ | 1.4 | $ | (18.0 | ) | $ | 4.2 | ||||||||||||||
Schedule Of Non-Qualifying Derivatives Gains (Losses) | ' | |||||||||||||||||||||||
The following table shows the effect of non-qualifying derivatives on the consolidated income statements, which is recorded in net realized investment gains (losses): | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Equity index options | $ | 3.3 | $ | 1.4 | $ | 7.4 | $ | 1.5 | ||||||||||||||||
Foreign currency forwards | — | (0.2 | ) | 1.3 | (0.2 | ) | ||||||||||||||||||
Embedded derivatives | (6.9 | ) | (0.8 | ) | (9.4 | ) | (1.3 | ) | ||||||||||||||||
Other derivatives | — | (0.4 | ) | (0.4 | ) | (0.4 | ) | |||||||||||||||||
Total | $ | (3.6 | ) | $ | — | $ | (1.1 | ) | $ | (0.4 | ) | |||||||||||||
Mortgage_Loans_Tables
Mortgage Loans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | |||||||||||||||
Schedule Of Mortgage Loans By Risk Category | ' | |||||||||||||||
The following table sets forth the Company’s mortgage loans by risk category: | ||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
Carrying | % of Total | Carrying | % of Total | |||||||||||||
Value | Value | |||||||||||||||
Lower risk | $ | 2,083.50 | 61.7 | % | $ | 1,858.40 | 60 | % | ||||||||
Medium risk | 787.4 | 23.3 | % | 664.1 | 21.5 | % | ||||||||||
Higher risk | 506 | 15 | % | 573.9 | 18.5 | % | ||||||||||
Credit quality indicator total | 3,376.90 | 100 | % | 3,096.40 | 100 | % | ||||||||||
Loans specifically evaluated for impairment (1) | 6 | 4.8 | ||||||||||||||
Other (2) | (6.1 | ) | (6.8 | ) | ||||||||||||
Total | $ | 3,376.80 | $ | 3,094.40 | ||||||||||||
________________ | ||||||||||||||||
-1 | As of September 30, 2013 and December 31, 2012, reserve amounts of $0.2 and $0.0, respectively, were held for loans specifically evaluated for impairment. | |||||||||||||||
-2 | Includes the allowance for loan losses and deferred fees and costs. | |||||||||||||||
Schedule Of Allowance For Mortgage Loan Losses | ' | |||||||||||||||
The following table summarizes the activity in the Company’s allowance for mortgage loan losses, which includes portfolio and specific reserves: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Allowance at beginning of period | $ | 8.1 | $ | 9 | $ | 7.9 | $ | 7.4 | ||||||||
Provision for specific loans | — | — | 0.2 | 1.9 | ||||||||||||
Provision for loans not specifically identified | — | 0.1 | — | 0.8 | ||||||||||||
Charge-offs | — | (1.2 | ) | — | (2.2 | ) | ||||||||||
Allowance at end of period | $ | 8.1 | $ | 7.9 | $ | 8.1 | $ | 7.9 | ||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Assets And Liabilities Accounted For At Fair Value On A Recurring Basis | ' | |||||||||||||||||||||||||||||||||||
The following tables present the fair value of the Company’s financial instruments classified by the valuation hierarchy described above. The financial instruments are separated between those measured at fair value on a recurring basis and those not carried at fair value, but for which disclosure of fair value is required. | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||||
Measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 510.7 | $ | 510.7 | $ | — | $ | 510.7 | $ | — | ||||||||||||||||||||||||||
State and political subdivisions | 754.5 | 754.5 | — | 754.5 | — | |||||||||||||||||||||||||||||||
Corporate securities | 17,165.70 | 17,165.70 | — | 17,067.60 | 98.1 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 2,796.50 | 2,796.50 | — | 2,796.30 | 0.2 | |||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,536.10 | 1,536.10 | — | 1,504.80 | 31.3 | |||||||||||||||||||||||||||||||
Other debt obligations | 543 | 543 | — | 470.3 | 72.7 | |||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 23,306.50 | 23,306.50 | — | 23,104.20 | 202.3 | |||||||||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 87.1 | 87.1 | 30 | 57.1 | — | |||||||||||||||||||||||||||||||
Marketable equity securities, trading | 509.4 | 509.4 | 509.1 | — | 0.3 | |||||||||||||||||||||||||||||||
Investments in limited partnerships, private equity funds | 35.9 | 35.9 | — | — | 35.9 | |||||||||||||||||||||||||||||||
Other invested assets | 37.4 | 37.4 | 2.5 | 6.5 | 28.4 | |||||||||||||||||||||||||||||||
Total investments carried at fair value | 23,976.30 | 23,976.30 | 541.6 | 23,167.80 | 266.9 | |||||||||||||||||||||||||||||||
Separate account assets | 922 | 922 | 922 | — | — | |||||||||||||||||||||||||||||||
Total assets at fair value | $ | 24,898.30 | $ | 24,898.30 | $ | 1,463.60 | $ | 23,167.80 | $ | 266.9 | ||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 59.1 | 59.1 | — | — | 59.1 | |||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 59.1 | $ | 59.1 | $ | — | $ | — | $ | 59.1 | ||||||||||||||||||||||||||
Carrying | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||||
Subject to fair value disclosure requirements: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 3,376.80 | $ | 3,525.30 | $ | — | $ | — | $ | 3,525.30 | ||||||||||||||||||||||||||
Investments in limited partnerships, tax credit investments | 217.2 | 199.9 | — | 199.9 | — | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 121.1 | 121.1 | 121.1 | — | — | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Funds held under deposit contracts (1): | ||||||||||||||||||||||||||||||||||||
Deferred annuities | $ | 11,533.70 | $ | 11,508.20 | $ | — | $ | — | $ | 11,508.20 | ||||||||||||||||||||||||||
Income annuities | 6,499.90 | 7,660.20 | — | — | 7,660.20 | |||||||||||||||||||||||||||||||
Notes payable: | ||||||||||||||||||||||||||||||||||||
Capital Efficient Notes (CENts) | 149.9 | 153.2 | — | — | 153.2 | |||||||||||||||||||||||||||||||
Senior notes | 299.6 | 322 | — | — | 322 | |||||||||||||||||||||||||||||||
_______________________ | ||||||||||||||||||||||||||||||||||||
-1 | The carrying value of this balance excludes $6,041.1 of liabilities related to insurance contracts and embedded derivatives. | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||||
Measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 311.5 | $ | 311.5 | $ | — | $ | 311.5 | $ | — | ||||||||||||||||||||||||||
State and political subdivisions | 776.5 | 776.5 | — | 776.5 | — | |||||||||||||||||||||||||||||||
Corporate securities | 17,201.60 | 17,201.60 | — | 17,162.70 | 38.9 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 3,007.80 | 3,007.80 | — | 3,007.80 | — | |||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,707.70 | 1,707.70 | — | 1,688.90 | 18.8 | |||||||||||||||||||||||||||||||
Other debt obligations | 513.9 | 513.9 | — | 440.9 | 73 | |||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 23,519.00 | 23,519.00 | — | 23,388.30 | 130.7 | |||||||||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 49.6 | 49.6 | 0.5 | 44.1 | 5 | |||||||||||||||||||||||||||||||
Marketable equity securities, trading | 552.7 | 552.7 | 552.5 | — | 0.2 | |||||||||||||||||||||||||||||||
Investments in limited partnerships, private equity funds | 28.6 | 28.6 | — | — | 28.6 | |||||||||||||||||||||||||||||||
Other invested assets | 24.6 | 24.6 | 3.8 | 13 | 7.8 | |||||||||||||||||||||||||||||||
Total investments carried at fair value | 24,174.50 | 24,174.50 | 556.8 | 23,445.40 | 172.3 | |||||||||||||||||||||||||||||||
Separate account assets | 807.7 | 807.7 | 807.7 | — | — | |||||||||||||||||||||||||||||||
Total assets at fair value | $ | 24,982.20 | $ | 24,982.20 | $ | 1,364.50 | $ | 23,445.40 | $ | 172.3 | ||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 14.1 | 14.1 | — | — | 14.1 | |||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 14.1 | $ | 14.1 | $ | — | $ | — | $ | 14.1 | ||||||||||||||||||||||||||
Carrying | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||||
Subject to fair value disclosure requirements: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 3,094.40 | $ | 3,370.50 | $ | — | $ | — | $ | 3,370.50 | ||||||||||||||||||||||||||
Investments in limited partnerships, tax credit investments | 210.7 | 208.3 | — | 208.3 | — | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 130.8 | 130.8 | 130.8 | — | — | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Funds held under deposit contracts (1): | ||||||||||||||||||||||||||||||||||||
Deferred annuities | $ | 10,583.50 | $ | 10,610.90 | $ | — | $ | — | $ | 10,610.90 | ||||||||||||||||||||||||||
Income annuities | 6,585.90 | 8,386.30 | — | — | 8,386.30 | |||||||||||||||||||||||||||||||
Notes payable: | ||||||||||||||||||||||||||||||||||||
Capital Efficient Notes (CENts) | 149.9 | 154.8 | — | — | 154.8 | |||||||||||||||||||||||||||||||
Senior notes | 299.5 | 324.5 | — | — | 324.5 | |||||||||||||||||||||||||||||||
_________________ | ||||||||||||||||||||||||||||||||||||
-1 | The carrying value of this balance excludes $5,899.1 of liabilities related to insurance contracts and embedded derivatives. | |||||||||||||||||||||||||||||||||||
Schedule Of Additional Information About Composition Of Level 2 Corporate Securities | ' | |||||||||||||||||||||||||||||||||||
The following table presents additional information about the composition of the Level 2 corporate securities: | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Amount | % of Total | # of Securities | Amount | % of Total | # of Securities | |||||||||||||||||||||||||||||||
Significant security sectors: | ||||||||||||||||||||||||||||||||||||
Industrials | $ | 3,222.60 | 18.9 | % | 215 | $ | 3,312.10 | 19.3 | % | 218 | ||||||||||||||||||||||||||
Consumer staples | 2,670.20 | 15.6 | 157 | 2,785.10 | 16.2 | 157 | ||||||||||||||||||||||||||||||
Consumer discretionary | 2,157.60 | 12.6 | 178 | 2,113.20 | 12.3 | 167 | ||||||||||||||||||||||||||||||
Utilities | 1,837.00 | 10.8 | 144 | 1,904.80 | 11.1 | 149 | ||||||||||||||||||||||||||||||
Weighted-average coupon rate | 5.67 | % | 5.88 | % | ||||||||||||||||||||||||||||||||
Weighted-average remaining years to contractual maturity | 9.8 | 10.3 | ||||||||||||||||||||||||||||||||||
Schedule Of Additional Information About Composition Of Level 2 Non-Agency RMBS Securities | ' | |||||||||||||||||||||||||||||||||||
The following table presents additional information about the composition of the Level 2 non-agency RMBS securities: | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Fair Value | % of Total | Fair Value | % of Total | |||||||||||||||||||||||||||||||||
Highest rating agency rating: | ||||||||||||||||||||||||||||||||||||
AAA | $ | 40.8 | 13.2 | % | $ | 23.6 | 7.4 | % | ||||||||||||||||||||||||||||
AA through BBB | 92.7 | 30 | 94.1 | 29.5 | ||||||||||||||||||||||||||||||||
BB & below | 175.7 | 56.8 | 201.8 | 63.1 | ||||||||||||||||||||||||||||||||
Total non-agency RMBS | $ | 309.2 | 100 | % | $ | 319.5 | 100 | % | ||||||||||||||||||||||||||||
Non-agency RMBS with super senior subordination | $ | 188.5 | 61 | % | $ | 202.7 | 63.4 | % | ||||||||||||||||||||||||||||
Schedule Of Additional Information About Composition Of Level Two Cmbs Securities | ' | |||||||||||||||||||||||||||||||||||
The following table presents additional information about the composition of the underlying collateral of Level 2 non-agency CMBS securities: | ||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
% of Total | % of Total | |||||||||||||||||||||||||||||||||||
Significant underlying collateral locations: | ||||||||||||||||||||||||||||||||||||
New York | 21.9 | % | 20.1 | % | ||||||||||||||||||||||||||||||||
California | 12.4 | 12 | ||||||||||||||||||||||||||||||||||
Texas | 7.6 | 7.5 | ||||||||||||||||||||||||||||||||||
Significant underlying collateral property types: | ||||||||||||||||||||||||||||||||||||
Office buildings | 33.2 | % | 31.9 | % | ||||||||||||||||||||||||||||||||
Retail shopping centers | 30.9 | 32.4 | ||||||||||||||||||||||||||||||||||
Schedule Of Additional Information About Level 3 Assets and Liabilities Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||||||||||||||||||||||
The following tables present additional information about financial instruments measured at fair value on a recurring basis and for which the Company has utilized significant unobservable inputs (Level 3) to determine fair value for the three and nine months ended September 30, 2013: | ||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2013 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of September 30, 2013 | ||||||||||||||||||||||||||||
and | and | In and/or | Income(4) | Comprehensive | Gains | |||||||||||||||||||||||||||||||
issues (1) | settlements(1) | (Out) of | Income (Loss) | (Losses)(4) | ||||||||||||||||||||||||||||||||
Level 3(2) | ||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
Corporate securities | $ | 27.5 | $ | 69 | $ | — | $ | 4 | $ | (0.2 | ) | $ | — | $ | (2.2 | ) | $ | — | $ | 98.1 | ||||||||||||||||
Residential mortgage-backed securities | 26 | — | — | (25.8 | ) | (0.1 | ) | — | 0.1 | — | 0.2 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | 6.5 | 24.7 | — | — | (0.3 | ) | — | 0.4 | — | 31.3 | ||||||||||||||||||||||||||
Other debt obligations | 73.8 | — | — | — | 0.2 | — | (1.3 | ) | — | 72.7 | ||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 133.8 | 93.7 | — | (21.8 | ) | (0.4 | ) | — | (3.0 | ) | — | 202.3 | ||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 6.2 | — | — | (6.2 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Marketable equity securities, trading | 0.3 | — | — | — | — | — | — | — | 0.3 | |||||||||||||||||||||||||||
Investments in limited partnerships | 34.7 | 0.8 | — | — | (0.4 | ) | 4.5 | — | (3.7 | ) | 35.9 | |||||||||||||||||||||||||
Other invested assets | 18.9 | 7.2 | — | — | (1.4 | ) | 3.8 | — | (0.1 | ) | 28.4 | |||||||||||||||||||||||||
Total Level 3 assets | $ | 193.9 | $ | 101.7 | $ | — | $ | (28.0 | ) | $ | (2.2 | ) | $ | 8.3 | $ | (3.0 | ) | $ | (3.8 | ) | $ | 266.9 | ||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 34.1 | 18.2 | (0.1 | ) | — | (0.3 | ) | 7.2 | — | — | 59.1 | |||||||||||||||||||||||||
Total Level 3 liabilities | $ | 34.1 | $ | 18.2 | $ | (0.1 | ) | $ | — | $ | (0.3 | ) | $ | 7.2 | $ | — | $ | — | $ | 59.1 | ||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2013 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of September 30, 2013 | ||||||||||||||||||||||||||||
and | and | In and/or | Income(4) | Comprehensive | Gains | |||||||||||||||||||||||||||||||
issues(1) | settlements(1) | (Out) of | Income (Loss) | (Losses)(4) | ||||||||||||||||||||||||||||||||
Level 3(2) | ||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
Corporate securities | $ | 38.9 | $ | 69 | $ | — | $ | 6.2 | $ | (13.5 | ) | $ | — | $ | (2.4 | ) | $ | (0.1 | ) | $ | 98.1 | |||||||||||||||
Residential mortgage-backed securities | — | — | — | 0.2 | (0.1 | ) | — | 0.1 | — | 0.2 | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 18.8 | 24.7 | — | — | (12.1 | ) | — | (0.1 | ) | — | 31.3 | |||||||||||||||||||||||||
Other debt obligations | 73 | 5.5 | — | — | 0.1 | — | (5.9 | ) | — | 72.7 | ||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 130.7 | 99.2 | — | 6.4 | (25.6 | ) | — | (8.3 | ) | (0.1 | ) | 202.3 | ||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 5 | — | — | (5.0 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Marketable equity securities, trading | 0.2 | — | — | — | — | 0.1 | — | — | 0.3 | |||||||||||||||||||||||||||
Investments in limited partnerships | 28.6 | 6.6 | — | — | (4.3 | ) | 7.7 | — | (2.7 | ) | 35.9 | |||||||||||||||||||||||||
Other invested assets | 7.8 | 16.4 | — | — | (3.9 | ) | 7.2 | — | 0.9 | 28.4 | ||||||||||||||||||||||||||
Total Level 3 assets | $ | 172.3 | $ | 122.2 | $ | — | $ | 1.4 | $ | (33.8 | ) | $ | 15 | $ | (8.3 | ) | $ | (1.9 | ) | $ | 266.9 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 14.1 | 35.7 | (0.1 | ) | — | — | 9.4 | — | — | 59.1 | ||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 14.1 | $ | 35.7 | $ | (0.1 | ) | $ | — | $ | — | $ | 9.4 | $ | — | $ | — | $ | 59.1 | |||||||||||||||||
_______________ | ||||||||||||||||||||||||||||||||||||
-1 | Issues and settlements are related to the Company’s embedded derivative liabilities. | |||||||||||||||||||||||||||||||||||
-2 | Transfers into and/or out of Level 3 are reported at the value as of the beginning of the period in which the transfer occurs. Gross transfers into Level 3 were $6.4 and $6.9 for the three and nine months ended September 30, 2013, respectively. Gross transfers out of Level 3 were $34.4 and $5.5 for the three and nine months ended September 30, 2013, respectively. | |||||||||||||||||||||||||||||||||||
-3 | Other is comprised of transactions such as pay downs, calls, amortization and redemptions. | |||||||||||||||||||||||||||||||||||
-4 | Realized and unrealized gains and losses for investments in limited partnerships are included in net investment income. All other realized and unrealized gains and losses recognized in net income are included in net realized investment gains (losses). | |||||||||||||||||||||||||||||||||||
The following tables present additional information about financial instruments measured at fair value on a recurring basis and for which the Company has utilized significant unobservable inputs (Level 3) to determine fair value for the three and nine months ended September 30, 2012: | ||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2012 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of September 30, 2012 | ||||||||||||||||||||||||||||
and | and | In and/or | Income(4) | Comprehensive | Gains | |||||||||||||||||||||||||||||||
issues(1) | settlements(1) | (Out) of | Income (Loss) | (Losses)(4) | ||||||||||||||||||||||||||||||||
Level 3(2) | ||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
Corporate securities | $ | 75.2 | $ | 6.9 | $ | (11.9 | ) | $ | (20.1 | ) | $ | — | $ | (1.3 | ) | $ | 1.2 | $ | 0.1 | $ | 50.1 | |||||||||||||||
Residential mortgage-backed securities | 16.7 | — | — | (16.7 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 15.1 | — | — | 5.7 | (1.3 | ) | — | (0.1 | ) | — | 19.4 | |||||||||||||||||||||||||
Other debt obligations | 43.8 | — | — | 28 | (0.1 | ) | — | 1.2 | — | 72.9 | ||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 150.8 | 6.9 | (11.9 | ) | (3.1 | ) | (1.4 | ) | (1.3 | ) | 2.3 | 0.1 | 142.4 | |||||||||||||||||||||||
Marketable equity securities, available-for-sale | 5 | — | — | — | — | — | — | — | 5 | |||||||||||||||||||||||||||
Marketable equity securities, trading | 0.2 | — | — | — | — | — | — | — | 0.2 | |||||||||||||||||||||||||||
Investments in limited partnerships | 27.9 | 2.8 | — | — | (1.6 | ) | (0.1 | ) | — | — | 29 | |||||||||||||||||||||||||
Other invested assets | 9.1 | 0.6 | (0.2 | ) | — | — | 1 | — | 0.1 | 10.6 | ||||||||||||||||||||||||||
Total Level 3 assets | $ | 193 | $ | 10.3 | $ | (12.1 | ) | $ | (3.1 | ) | $ | (3.0 | ) | $ | (0.4 | ) | $ | 2.3 | $ | 0.2 | $ | 187.2 | ||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 7.2 | 1.9 | — | — | — | 0.8 | — | — | 9.9 | |||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 7.2 | $ | 1.9 | $ | — | $ | — | $ | — | $ | 0.8 | $ | — | $ | — | $ | 9.9 | ||||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2012 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of September 30, 2012 | ||||||||||||||||||||||||||||
and | and | In and/or | Income(4) | Comprehensive | Gains | |||||||||||||||||||||||||||||||
issues(1) | settlements(1) | (Out) of | Income | (Losses)(4) | ||||||||||||||||||||||||||||||||
Level 3(2) | ||||||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||
Corporate securities | $ | 91.4 | $ | 6.9 | $ | (11.9 | ) | $ | (38.6 | ) | $ | (1.0 | ) | $ | (1.0 | ) | $ | 4.4 | $ | (0.1 | ) | $ | 50.1 | |||||||||||||
Residential mortgage-backed securities | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial mortgage-backed securities | 15.9 | — | — | 6.3 | (4.2 | ) | — | 1.4 | — | 19.4 | ||||||||||||||||||||||||||
Other debt obligations | 79.9 | — | — | 13.9 | (25.1 | ) | — | 3.7 | 0.5 | 72.9 | ||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 187.2 | 6.9 | (11.9 | ) | (18.4 | ) | (30.3 | ) | (1.0 | ) | 9.5 | 0.4 | 142.4 | |||||||||||||||||||||||
Marketable equity securities, available-for-sale | 5 | — | — | — | — | — | — | — | 5 | |||||||||||||||||||||||||||
Marketable equity securities, trading | 0.6 | — | — | (0.4 | ) | — | — | — | — | 0.2 | ||||||||||||||||||||||||||
Investments in limited partnerships | 27.8 | 8.5 | — | — | (7.8 | ) | (0.8 | ) | — | 1.3 | 29 | |||||||||||||||||||||||||
Other invested assets | 4.8 | 3.7 | (0.3 | ) | — | 1 | 1.4 | — | — | 10.6 | ||||||||||||||||||||||||||
Total Level 3 assets | $ | 225.4 | $ | 19.1 | $ | (12.2 | ) | $ | (18.8 | ) | $ | (37.1 | ) | $ | (0.4 | ) | $ | 9.5 | $ | 1.7 | $ | 187.2 | ||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 2.4 | 6.5 | (0.3 | ) | — | — | 1.3 | — | — | 9.9 | ||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 2.4 | $ | 6.5 | $ | (0.3 | ) | $ | — | $ | — | $ | 1.3 | $ | — | $ | — | $ | 9.9 | |||||||||||||||||
_______________ | ||||||||||||||||||||||||||||||||||||
-1 | Issues and settlements are related to the Company’s embedded derivative liabilities. | |||||||||||||||||||||||||||||||||||
-2 | Transfers into and/or out of Level 3 are reported at the value as of the beginning of the period in which the transfer occurs. Gross transfers into Level 3 were $33.7 and $50.9 for the three and nine months ended September 30, 2012, respectively. Gross transfers out of Level 3 were $36.8 and $69.7 for the three and nine months ended September 30, 2012, respectively. Transfers out included certain privately placed fixed maturities for which there was a change in valuation methodology during the first quarter 2012 to a method that uses significant observable inputs. | |||||||||||||||||||||||||||||||||||
-3 | Other is comprised of transactions such as pay downs, calls, amortization and redemptions. | |||||||||||||||||||||||||||||||||||
-4 | Realized and unrealized gains and losses for investments in limited partnerships are included in net investment income. All other realized and unrealized gains and losses recognized in net income are included in net realized investment gains (losses). |
Deferred_Policy_Acquisition_Co1
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Deferred Policy Acquisition Cost Deferred Sales Inducement [Abstract] | ' | |||||||||||||||
Schedule Of Reconciliation For Deferred Policy Acquisition Costs | ' | |||||||||||||||
The following table provides a reconciliation of the beginning and ending balance for DAC: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Unamortized balance at beginning of period | $ | 373.1 | $ | 376.2 | $ | 367.9 | $ | 368.4 | ||||||||
Deferral of acquisition costs | 36.4 | 10.8 | 77.4 | 49.8 | ||||||||||||
Adjustments related to investment (gains) losses | 0.8 | 0.4 | 1.1 | 0.4 | ||||||||||||
Amortization — DAC | (14.9 | ) | (15.3 | ) | (47.8 | ) | (46.5 | ) | ||||||||
Amortization — Impact of assumption and experience unlocking | (5.3 | ) | (2.6 | ) | (8.5 | ) | (2.6 | ) | ||||||||
Unamortized balance at end of period | 390.1 | 369.5 | 390.1 | 369.5 | ||||||||||||
Accumulated effect of net unrealized investment gains | (118.4 | ) | (223.4 | ) | (118.4 | ) | (223.4 | ) | ||||||||
Balance at end of period | $ | 271.7 | $ | 146.1 | $ | 271.7 | $ | 146.1 | ||||||||
Schedule Of Reconciliation For Deferred Sales Inducements | ' | |||||||||||||||
The following table provides a reconciliation of the beginning and ending balance for DSI, which is included in receivables and other assets on the consolidated balance sheets: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Unamortized balance at beginning of period | $ | 155.1 | $ | 150.5 | $ | 153.4 | $ | 142 | ||||||||
Capitalizations | 12.1 | 12.1 | 37.6 | 37.9 | ||||||||||||
Adjustments related to investment (gains) losses | 0.3 | 0.2 | 0.6 | 0.2 | ||||||||||||
Amortization — DSI | (10.1 | ) | (9.4 | ) | (31.9 | ) | (26.7 | ) | ||||||||
Amortization — Impact of assumption and experience unlocking | (3.4 | ) | (1.0 | ) | (5.7 | ) | (1.0 | ) | ||||||||
Unamortized balance at end of period | 154 | 152.4 | 154 | 152.4 | ||||||||||||
Accumulated effect of net unrealized investment gains | (84.1 | ) | (132.4 | ) | (84.1 | ) | (132.4 | ) | ||||||||
Balance at end of period | $ | 69.9 | $ | 20 | $ | 69.9 | $ | 20 | ||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Schedule Of Components and Reclassifications Out Of AOCI | ' | |||||||||||||||||||
The following tables summarize the components of AOCI and the adjustments to OCI for amounts reclassified from AOCI into net income for the three and nine months ended September 30, 2013: | ||||||||||||||||||||
Net unrealized | OTTI on fixed | Adjustment | Net gains | Accumulated | ||||||||||||||||
gains (losses) on | maturities | for DAC | (losses) on | other | ||||||||||||||||
available-for- | not related to | and DSI (3) | cash flow | comprehensive | ||||||||||||||||
sale securities | credit losses (2) | hedges | income | |||||||||||||||||
Balance as of July 1, 2013 | $ | 926.7 | $ | (16.6 | ) | $ | (133.7 | ) | $ | 6.2 | $ | 782.6 | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | (60.3 | ) | (0.3 | ) | 2.8 | (17.1 | ) | (74.9 | ) | |||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (0.6 | ) | (0.6 | ) | |||||||||||||
Foreign currency swaps | — | — | — | 0.5 | 0.5 | |||||||||||||||
Net realized investment (gains) losses | 12.2 | 6.4 | (1.1 | ) | — | 17.5 | ||||||||||||||
Total provision (benefit) for income taxes | (4.3 | ) | (2.2 | ) | 0.4 | — | (6.1 | ) | ||||||||||||
Total reclassifications from AOCI, net of taxes | 7.9 | 4.2 | (0.7 | ) | (0.1 | ) | 11.3 | |||||||||||||
Other comprehensive income (loss) after reclassifications | (52.4 | ) | 3.9 | 2.1 | (17.2 | ) | (63.6 | ) | ||||||||||||
Balance as of September 30, 2013 | $ | 874.3 | $ | (12.7 | ) | $ | (131.6 | ) | $ | (11.0 | ) | $ | 719 | |||||||
Net unrealized | OTTI on fixed | Adjustment | Net gains | Accumulated | ||||||||||||||||
gains (losses) on | maturities | for DAC | (losses) on | other | ||||||||||||||||
available-for- | not related to | and DSI (3) | cash flow | comprehensive | ||||||||||||||||
sale securities | credit losses (2) | hedges | income | |||||||||||||||||
Balance as of January 1, 2013 | $ | 1,610.20 | $ | (19.6 | ) | $ | (221.4 | ) | $ | 2 | $ | 1,371.20 | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | (754.4 | ) | (1.1 | ) | 90.9 | (11.6 | ) | (676.2 | ) | |||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (1.7 | ) | (1.7 | ) | |||||||||||||
Foreign currency swaps | — | — | — | (0.4 | ) | (0.4 | ) | |||||||||||||
Net realized investment (gains) losses | 28.5 | 12.2 | (1.7 | ) | — | 39 | ||||||||||||||
Total provision (benefit) for income taxes | (10.0 | ) | (4.2 | ) | 0.6 | 0.7 | (12.9 | ) | ||||||||||||
Total reclassifications from AOCI, net of taxes | 18.5 | 8 | (1.1 | ) | (1.4 | ) | 24 | |||||||||||||
Other comprehensive income (loss) after reclassifications | (735.9 | ) | 6.9 | 89.8 | (13.0 | ) | (652.2 | ) | ||||||||||||
Balance as of September 30, 2013 | $ | 874.3 | $ | (12.7 | ) | $ | (131.6 | ) | $ | (11.0 | ) | $ | 719 | |||||||
___________________ | ||||||||||||||||||||
-1 | Other comprehensive income (loss) before reclassifications is net of taxes of $(32.5), $(0.1), $1.6, $(9.3) and $(40.3), respectively, for the three months ended September 30, 2013, and net of taxes of $(406.2), $(0.5), $49.0, $(6.3) and $(364.0), respectively, for the nine months ended September 30, 2013. | |||||||||||||||||||
-2 | Reclassification adjustments of OTTI on fixed maturities not related to credit losses are included in changes in unrealized gains and losses on available-for-sale securities within the consolidated statements of comprehensive income (loss). | |||||||||||||||||||
-3 | See Note 7 for the adjustment for the accumulated effect of net unrealized investment gains separately presented for DAC and DSI. | |||||||||||||||||||
The following tables summarize the components of AOCI and the adjustments to OCI for amounts reclassified from AOCI into net income for the three and nine months ended September 30, 2012: | ||||||||||||||||||||
Net unrealized | OTTI on fixed | Adjustment | Net gains | Accumulated | ||||||||||||||||
gains (losses) on | maturities not | for DAC | (losses) on | other | ||||||||||||||||
available-for- | related to | and | cash flow | comprehensive | ||||||||||||||||
sale securities | credit losses (2) | DSI (3) | hedges | income | ||||||||||||||||
Balance as of July 1, 2012 | $ | 1,414.40 | $ | (24.9 | ) | $ | (206.2 | ) | $ | 4.7 | $ | 1,188.00 | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | 230.6 | (1.8 | ) | (24.7 | ) | 1 | 205.1 | |||||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||||||
Net realized investment (gains) losses | 9.3 | 9.3 | (0.6 | ) | — | 18 | ||||||||||||||
Total provision (benefit) for income taxes | (3.3 | ) | (3.3 | ) | 0.2 | 0.1 | (6.3 | ) | ||||||||||||
Total reclassifications from AOCI, net of taxes | 6 | 6 | (0.4 | ) | (0.4 | ) | 11.2 | |||||||||||||
Other comprehensive income (loss) after reclassifications | 236.6 | 4.2 | (25.1 | ) | 0.6 | 216.3 | ||||||||||||||
Balance as of September 30, 2012 | $ | 1,651.00 | $ | (20.7 | ) | $ | (231.3 | ) | $ | 5.3 | $ | 1,404.30 | ||||||||
Net unrealized | OTTI on fixed | Adjustment | Net gains | Accumulated | ||||||||||||||||
gains (losses) on | maturities not | for DAC | (losses) on | other | ||||||||||||||||
available-for- | related to | and | cash flow | comprehensive | ||||||||||||||||
sale securities | credit losses (2) | DSI (3) | hedges | income | ||||||||||||||||
Balance as of January 1, 2012 | $ | 1,236.60 | $ | (37.2 | ) | $ | (175.6 | ) | $ | 3.5 | $ | 1,027.30 | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | 417.1 | (3.6 | ) | (55.3 | ) | 2.8 | 361 | |||||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (1.5 | ) | (1.5 | ) | |||||||||||||
Net realized investment (gains) losses | (4.1 | ) | 30.9 | (0.6 | ) | — | 26.2 | |||||||||||||
Total provision (benefit) for income taxes | 1.4 | (10.8 | ) | 0.2 | 0.5 | (8.7 | ) | |||||||||||||
Total reclassifications from AOCI, net of taxes | (2.7 | ) | 20.1 | (0.4 | ) | (1.0 | ) | 16 | ||||||||||||
Other comprehensive income (loss) after reclassifications | 414.4 | 16.5 | (55.7 | ) | 1.8 | 377 | ||||||||||||||
Balance as of September 30, 2012 | $ | 1,651.00 | $ | (20.7 | ) | $ | (231.3 | ) | $ | 5.3 | $ | 1,404.30 | ||||||||
___________________ | ||||||||||||||||||||
-1 | Other comprehensive income (loss) before reclassifications is net of taxes of $124.0, $(0.9), $(13.3), $0.4 and $110.2, respectively, for the three months ended September 30, 2012, and net of taxes of $224.5, $(1.9), $(29.8), $1.4 and $194.2, respectively, for the nine months ended September 30, 2012. | |||||||||||||||||||
-2 | Reclassification adjustments of OTTI on fixed maturities not related to credit losses are included in changes in unrealized gains and losses on available- for-sale securities within the consolidated statements of comprehensive income (loss). | |||||||||||||||||||
-3 | See Note 7 for the adjustment for the accumulated effect of net unrealized investment gains separately presented for DAC and DSI. | |||||||||||||||||||
Schedule Of Reconciliation Of Changes In Outstanding Shares Of Common Stock | ' | |||||||||||||||||||
The following table provides a reconciliation of changes in outstanding shares of common stock: | ||||||||||||||||||||
Common Shares | ||||||||||||||||||||
Balance as of January 1, 2012 | 118.637 | |||||||||||||||||||
Restricted stock issued, net | 0.379 | |||||||||||||||||||
Employee stock purchase plan shares issued | 0.142 | |||||||||||||||||||
Common stock repurchased (1) | (0.070 | ) | ||||||||||||||||||
Balance as of December 31, 2012 | 119.088 | |||||||||||||||||||
Balance as of January 1, 2013 | 119.088 | |||||||||||||||||||
Common stock issued (2) | 5.3 | |||||||||||||||||||
Restricted stock issued, net | 0.261 | |||||||||||||||||||
Employee stock purchase plan shares issued | 0.106 | |||||||||||||||||||
Common stock repurchased (1) | (6.955 | ) | ||||||||||||||||||
Balance as of September 30, 2013 | 117.8 | |||||||||||||||||||
_____________________ | ||||||||||||||||||||
-1 | Represents shares of common stock repurchased pursuant to the Company’s stock repurchase program that began in 2013, which are held in treasury, as well as shares repurchased and subsequently retired to satisfy employee income tax withholding pursuant to the Company’s Equity Plan. | |||||||||||||||||||
-2 | Includes 5.298 shares of common stock issued from the settlement of warrants. See Note 3 for further discussion. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Summary Of Restricted Stock Activity | ' | ||||||
The following table summarizes the Company’s restricted stock activity for the nine months ended September 30, 2013: | |||||||
Number of | Weighted- | ||||||
Shares | Average Fair | ||||||
Value | |||||||
Outstanding as of January 1, 2013 | 0.649 | $ | 11.5 | ||||
Shares granted | 0.29 | 13.45 | |||||
Shares vested | (0.010 | ) | 11.91 | ||||
Shares forfeited | (0.029 | ) | 11.61 | ||||
Outstanding as of September 30, 2013 | 0.9 | $ | 12.12 | ||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Financial Information By Segment And Reconciliation Of Segment Pre-Tax Adjusted Operating Income (Loss) | ' | |||||||||||||||||||||||
The following tables present selected financial information by segment and reconcile segment pre-tax adjusted operating income (loss) to amounts reported in the consolidated statements of income. | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 147.4 | $ | — | $ | — | $ | 8.6 | $ | — | $ | 156 | ||||||||||||
Net investment income | 5.2 | 145 | 98.4 | 72.6 | 5.2 | 326.4 | ||||||||||||||||||
Policy fees, contract charges, and other | 3.5 | 5.8 | 0.2 | 34.1 | 4.7 | 48.3 | ||||||||||||||||||
Net realized gains (losses) – FIA | — | 0.9 | — | — | — | 0.9 | ||||||||||||||||||
Total operating revenues | 156.1 | 151.7 | 98.6 | 115.3 | 9.9 | 531.6 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 99.2 | 0.2 | — | 19.1 | — | 118.5 | ||||||||||||||||||
Interest credited | — | 86.6 | 85.7 | 63.4 | (0.4 | ) | 235.3 | |||||||||||||||||
Other underwriting and operating expenses | 41.7 | 23.3 | 4.9 | 15.4 | 5.3 | 90.6 | ||||||||||||||||||
Interest expense | — | — | — | — | 8.3 | 8.3 | ||||||||||||||||||
Amortization of DAC | — | 17.7 | 0.9 | 1.6 | — | 20.2 | ||||||||||||||||||
Total benefits and expenses | 140.9 | 127.8 | 91.5 | 99.5 | 13.2 | 472.9 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 15.2 | $ | 23.9 | $ | 7.1 | $ | 15.8 | $ | (3.3 | ) | $ | 58.7 | |||||||||||
Operating revenues | $ | 156.1 | $ | 151.7 | $ | 98.6 | $ | 115.3 | $ | 9.9 | $ | 531.6 | ||||||||||||
Add: Net realized investment gains (losses), excluding FIA | — | (9.8 | ) | 9.8 | (3.0 | ) | (2.5 | ) | (5.5 | ) | ||||||||||||||
Total revenues | 156.1 | 141.9 | 108.4 | 112.3 | 7.4 | 526.1 | ||||||||||||||||||
Total benefits and expenses | 140.9 | 127.8 | 91.5 | 99.5 | 13.2 | 472.9 | ||||||||||||||||||
Income (loss) from operations before income taxes | $ | 15.2 | $ | 14.1 | $ | 16.9 | $ | 12.8 | $ | (5.8 | ) | $ | 53.2 | |||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 144.9 | $ | — | $ | — | $ | 9.2 | $ | — | $ | 154.1 | ||||||||||||
Net investment income | 5.5 | 135.6 | 100.9 | 71.1 | (0.8 | ) | 312.3 | |||||||||||||||||
Policy fees, contract charges, and other | 1.9 | 5.1 | 1.7 | 32.7 | 5.7 | 47.1 | ||||||||||||||||||
Net realized gains (losses) – FIA | — | 1.1 | — | — | — | 1.1 | ||||||||||||||||||
Total operating revenues | 152.3 | 141.8 | 102.6 | 113 | 4.9 | 514.6 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 94.9 | — | — | 16.2 | — | 111.1 | ||||||||||||||||||
Interest credited | — | 85.2 | 87.7 | 62.9 | (0.4 | ) | 235.4 | |||||||||||||||||
Other underwriting and operating expenses | 40.7 | 19.5 | 5.4 | 16.2 | 7.1 | 88.9 | ||||||||||||||||||
Interest expense | — | — | — | — | 8.2 | 8.2 | ||||||||||||||||||
Amortization of DAC | — | 13.1 | 0.9 | 3.9 | — | 17.9 | ||||||||||||||||||
Total benefits and expenses | 135.6 | 117.8 | 94 | 99.2 | 14.9 | 461.5 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 16.7 | $ | 24 | $ | 8.6 | $ | 13.8 | $ | (10.0 | ) | $ | 53.1 | |||||||||||
Operating revenues | $ | 152.3 | $ | 141.8 | $ | 102.6 | $ | 113 | $ | 4.9 | $ | 514.6 | ||||||||||||
Add: Net realized investment gains (losses), excluding FIA | — | 2.4 | 7.5 | (3.4 | ) | 7.9 | 14.4 | |||||||||||||||||
Total revenues | 152.3 | 144.2 | 110.1 | 109.6 | 12.8 | 529 | ||||||||||||||||||
Total benefits and expenses | 135.6 | 117.8 | 94 | 99.2 | 14.9 | 461.5 | ||||||||||||||||||
Income (loss) from operations before income taxes | $ | 16.7 | $ | 26.4 | $ | 16.1 | $ | 10.4 | $ | (2.1 | ) | $ | 67.5 | |||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 444 | $ | — | $ | — | $ | 26.4 | $ | — | $ | 470.4 | ||||||||||||
Net investment income | 15.5 | 424.4 | 299 | 211.5 | 18.3 | 968.7 | ||||||||||||||||||
Policy fees, contract charges, and other | 10.4 | 16.9 | 2.3 | 101.1 | 16 | 146.7 | ||||||||||||||||||
Net realized gains (losses) – FIA | — | 2 | — | — | — | 2 | ||||||||||||||||||
Total operating revenues | 469.9 | 443.3 | 301.3 | 339 | 34.3 | 1,587.80 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 299.1 | 0.4 | — | 53.7 | — | 353.2 | ||||||||||||||||||
Interest credited | — | 250.3 | 256.9 | 190.4 | (1.3 | ) | 696.3 | |||||||||||||||||
Other underwriting and operating expenses | 125.8 | 64.6 | 15.7 | 47.9 | 20.3 | 274.3 | ||||||||||||||||||
Interest expense | — | — | — | — | 24.7 | 24.7 | ||||||||||||||||||
Amortization of DAC | — | 48 | 2.8 | 5.5 | — | 56.3 | ||||||||||||||||||
Total benefits and expenses | 424.9 | 363.3 | 275.4 | 297.5 | 43.7 | 1,404.80 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 45 | $ | 80 | $ | 25.9 | $ | 41.5 | $ | (9.4 | ) | $ | 183 | |||||||||||
Operating revenues | $ | 469.9 | $ | 443.3 | $ | 301.3 | $ | 339 | $ | 34.3 | $ | 1,587.80 | ||||||||||||
Add: Net realized investment gains (losses), excluding FIA | — | (7.7 | ) | 23.4 | (7.0 | ) | (0.1 | ) | 8.6 | |||||||||||||||
Total revenues | 469.9 | 435.6 | 324.7 | 332 | 34.2 | 1,596.40 | ||||||||||||||||||
Total benefits and expenses | 424.9 | 363.3 | 275.4 | 297.5 | 43.7 | 1,404.80 | ||||||||||||||||||
Income from operations before income taxes | $ | 45 | $ | 72.3 | $ | 49.3 | $ | 34.5 | $ | (9.5 | ) | $ | 191.6 | |||||||||||
As of September 30, 2013: | ||||||||||||||||||||||||
Total assets | $ | 160.5 | $ | 13,533.20 | $ | 7,278.70 | $ | 6,482.60 | $ | 2,329.60 | $ | 29,784.60 | ||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 423.3 | $ | — | $ | — | $ | 27.9 | $ | — | $ | 451.2 | ||||||||||||
Net investment income | 16.2 | 405.2 | 309.5 | 214.5 | 6.6 | 952 | ||||||||||||||||||
Policy fees, contract charges, and other | 8.4 | 15.3 | 4.9 | 97 | 16.6 | 142.2 | ||||||||||||||||||
Net realized gains (losses) – FIA | — | 1.1 | — | — | — | 1.1 | ||||||||||||||||||
Total operating revenues | 447.9 | 421.6 | 314.4 | 339.4 | 23.2 | 1,546.50 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 271.8 | — | — | 49 | — | 320.8 | ||||||||||||||||||
Interest credited | — | 248.2 | 255.1 | 193.4 | (1.5 | ) | 695.2 | |||||||||||||||||
Other underwriting and operating expenses | 118 | 59.7 | 17 | 48.9 | 20.9 | 264.5 | ||||||||||||||||||
Interest expense | — | — | — | — | 24.6 | 24.6 | ||||||||||||||||||
Amortization of DAC | — | 40.1 | 2.4 | 6.6 | — | 49.1 | ||||||||||||||||||
Total benefits and expenses | 389.8 | 348 | 274.5 | 297.9 | 44 | 1,354.20 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 58.1 | $ | 73.6 | $ | 39.9 | $ | 41.5 | $ | (20.8 | ) | $ | 192.3 | |||||||||||
Operating revenues | $ | 447.9 | $ | 421.6 | $ | 314.4 | $ | 339.4 | $ | 23.2 | $ | 1,546.50 | ||||||||||||
Add: Net realized investment gains (losses), excluding FIA | — | 4.1 | 7.9 | (2.6 | ) | 24.5 | 33.9 | |||||||||||||||||
Total revenues | 447.9 | 425.7 | 322.3 | 336.8 | 47.7 | 1,580.40 | ||||||||||||||||||
Total benefits and expenses | 389.8 | 348 | 274.5 | 297.9 | 44 | 1,354.20 | ||||||||||||||||||
Income (loss) from operations before income taxes | $ | 58.1 | $ | 77.7 | $ | 47.8 | $ | 38.9 | $ | 3.7 | $ | 226.2 | ||||||||||||
As of September 30, 2012: | ||||||||||||||||||||||||
Total assets | $ | 185.2 | $ | 12,518.60 | $ | 7,669.20 | $ | 6,622.10 | $ | 2,502.60 | $ | 29,497.70 | ||||||||||||
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | 6 Months Ended | |||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 20, 2013 | |
Warrant Settlement [Member] | ||||||
Common stock issued | ' | ' | 5,300 | [1] | ' | 5,298 |
Potential common shares reflected in weighted average common shares outstanding calculation | 18,976 | ' | 18,976 | ' | ' | |
Antidilutive securities excluded from computation of earnings per share | 2,650 | 2,650 | 2,650 | 2,650 | ' | |
Numerator: | ' | ' | ' | ' | ' | |
Net income | $45.30 | $55.20 | $156.30 | $174.40 | ' | |
Denominator: | ' | ' | ' | ' | ' | |
Weighted-average common shares outstanding-basic (shares) | 117,802 | 138,091 | 129,574 | 137,986 | ' | |
Add: dilutive effect of certain equity instruments (shares) | 2 | 3 | 5 | 4 | ' | |
Weighted average common shares outstanding-diluted (shares) | 117,804 | 138,094 | 129,579 | 137,990 | ' | |
Net income per common share: | ' | ' | ' | ' | ' | |
Basic (USD per share) | $0.38 | $0.40 | $1.21 | $1.26 | ' | |
Diluted (USD per share) | $0.38 | $0.40 | $1.21 | $1.26 | ' | |
[1] | Includes 5.298 shares of common stock issued from the settlement of warrants. See Note 3 for further discussion. |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Investment [Line Items] | ' | ' | ' | ' | ' |
Below-investment-grade fixed maturities, fair value | $1,218 | ' | $1,218 | ' | $1,279.20 |
Below-investment-grade fixed maturities, amortized cost | 1,193.80 | ' | 1,193.80 | ' | 1,241.30 |
Percentage of below-investment grade fixed maturities at fair value | 5.20% | ' | 5.20% | ' | 5.40% |
Underwater threshold percentage used to determine significant risk of impairment | 20.00% | ' | 20.00% | ' | ' |
Fair Value | 23,393.60 | ' | 23,393.60 | ' | 23,568.60 |
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract] | ' | ' | ' | ' | ' |
Gain (loss) on cash flow hedge to be reclassified into income within 12 months | ' | ' | 2.1 | ' | ' |
Maximum length of time hedged in cash flow hedge | ' | ' | '11 years | ' | ' |
Gain (loss) from ineffective portion of cash flow hedge | 0 | 0 | 0 | 0 | ' |
Total Underwater By 20% Or More [Member] | Marketable Equity Securities, Available-For-Sale [Member] | ' | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' | ' |
Fair Value | $0 | ' | $0 | ' | $0 |
Investments_Summary_Of_Availab
Investments (Summary Of Available-For-Sale Fixed Maturities And Marketable Equity Securities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | $22,089.20 | $21,125.40 |
Gross Unrealized Gains | 1,526 | 2,502.30 |
Gross Unrealized Losses | -221.6 | -59.1 |
Fair Value | 23,393.60 | 23,568.60 |
OTTI in AOCI | -19.4 | -30.1 |
U.S. Government And Agencies [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 508.9 | 307.6 |
Gross Unrealized Gains | 5.6 | 4.8 |
Gross Unrealized Losses | -3.8 | -0.9 |
Fair Value | 510.7 | 311.5 |
OTTI in AOCI | 0 | -0.1 |
State And Political Subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 741.8 | 737.9 |
Gross Unrealized Gains | 24 | 39.5 |
Gross Unrealized Losses | -11.3 | -0.9 |
Fair Value | 754.5 | 776.5 |
OTTI in AOCI | 0 | -0.1 |
Corporate Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 16,138.80 | 15,280.40 |
Gross Unrealized Gains | 1,198.80 | 1,972.60 |
Gross Unrealized Losses | -171.9 | -51.4 |
Fair Value | 17,165.70 | 17,201.60 |
OTTI in AOCI | -14.4 | -18.4 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 2,671.40 | 2,755.50 |
Gross Unrealized Gains | 146.8 | 254.1 |
Gross Unrealized Losses | -21.7 | -1.8 |
Fair Value | 2,796.50 | 3,007.80 |
OTTI in AOCI | -5 | -10.2 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 1,440.50 | 1,538.20 |
Gross Unrealized Gains | 105.7 | 170.4 |
Gross Unrealized Losses | -10.1 | -0.9 |
Fair Value | 1,536.10 | 1,707.70 |
OTTI in AOCI | 0 | -1.3 |
Other Debt Obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 500.7 | 453.8 |
Gross Unrealized Gains | 44.4 | 60.9 |
Gross Unrealized Losses | -2.1 | -0.8 |
Fair Value | 543 | 513.9 |
OTTI in AOCI | 0 | 0 |
Fixed Maturities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 22,002.10 | 21,073.40 |
Gross Unrealized Gains | 1,525.30 | 2,502.30 |
Gross Unrealized Losses | -220.9 | -56.7 |
Fair Value | 23,306.50 | 23,519 |
OTTI in AOCI | -19.4 | -30.1 |
Marketable Equity Securities, Available-For-Sale [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 87.1 | 52 |
Gross Unrealized Gains | 0.7 | 0 |
Gross Unrealized Losses | -0.7 | -2.4 |
Fair Value | 87.1 | 49.6 |
OTTI in AOCI | $0 | $0 |
Investments_Summary_Of_Gross_U
Investments (Summary Of Gross Unrealized Losses And Fair Values Of Investments Available-For-Sale) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | securities | securities |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | $4,027.20 | $733.90 |
Less than 12 Months, Gross Unrealized Losses | -174 | -8.9 |
Less Than 12 Months, Number Of Securities | 432 | 102 |
12 Months Or More, Fair Value | 206.7 | 453.6 |
12 Months or More, Gross Unrealized Losses | -47.6 | -50.2 |
12 Months Or More, Number Of Securities | 67 | 110 |
U.S. Government And Agencies [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 81.7 | 205.7 |
Less than 12 Months, Gross Unrealized Losses | -3.8 | -0.9 |
Less Than 12 Months, Number Of Securities | 6 | 1 |
12 Months Or More, Fair Value | 0 | 0 |
12 Months or More, Gross Unrealized Losses | 0 | 0 |
12 Months Or More, Number Of Securities | 0 | 0 |
State And Political Subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 221.5 | 42.5 |
Less than 12 Months, Gross Unrealized Losses | -10.9 | -0.3 |
Less Than 12 Months, Number Of Securities | 38 | 11 |
12 Months Or More, Fair Value | 6.4 | 35.6 |
12 Months or More, Gross Unrealized Losses | -0.4 | -0.6 |
12 Months Or More, Number Of Securities | 3 | 4 |
Corporate Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 2,944 | 342.9 |
Less than 12 Months, Gross Unrealized Losses | -126.9 | -5.8 |
Less Than 12 Months, Number Of Securities | 252 | 63 |
12 Months Or More, Fair Value | 158.3 | 316 |
12 Months or More, Gross Unrealized Losses | -45 | -45.6 |
12 Months Or More, Number Of Securities | 30 | 65 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 479 | 73.9 |
Less than 12 Months, Gross Unrealized Losses | -20.5 | -0.5 |
Less Than 12 Months, Number Of Securities | 71 | 15 |
12 Months Or More, Fair Value | 22.4 | 38 |
12 Months or More, Gross Unrealized Losses | -1.2 | -1.3 |
12 Months Or More, Number Of Securities | 20 | 24 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 183.9 | 9.9 |
Less than 12 Months, Gross Unrealized Losses | -9.2 | 0 |
Less Than 12 Months, Number Of Securities | 14 | 6 |
12 Months Or More, Fair Value | 17.2 | 30.5 |
12 Months or More, Gross Unrealized Losses | -0.9 | -0.9 |
12 Months Or More, Number Of Securities | 10 | 11 |
Other Debt Obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 69.7 | 38.9 |
Less than 12 Months, Gross Unrealized Losses | -2 | -0.6 |
Less Than 12 Months, Number Of Securities | 12 | 4 |
12 Months Or More, Fair Value | 2.4 | 4 |
12 Months or More, Gross Unrealized Losses | -0.1 | -0.2 |
12 Months Or More, Number Of Securities | 4 | 4 |
Fixed Maturities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 3,979.80 | 713.8 |
Less than 12 Months, Gross Unrealized Losses | -173.3 | -8.1 |
Less Than 12 Months, Number Of Securities | 393 | 100 |
12 Months Or More, Fair Value | 206.7 | 424.1 |
12 Months or More, Gross Unrealized Losses | -47.6 | -48.6 |
12 Months Or More, Number Of Securities | 67 | 108 |
Marketable Equity Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 47.4 | 20.1 |
Less than 12 Months, Gross Unrealized Losses | -0.7 | -0.8 |
Less Than 12 Months, Number Of Securities | 39 | 2 |
12 Months Or More, Fair Value | 0 | 29.5 |
12 Months or More, Gross Unrealized Losses | $0 | ($1.60) |
12 Months Or More, Number Of Securities | 0 | 2 |
Investments_Summary_Of_Contrac
Investments (Summary Of Contractual Years To Maturity) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Amortized Cost | ' | ' |
One year or less | $605.70 | ' |
Over one year through five years | 4,391.30 | ' |
Over five years through ten years | 8,311.30 | ' |
Over ten years | 4,118.90 | ' |
Cost or Amortized Cost | 22,089.20 | 21,125.40 |
Other asset-backed securities | 463 | ' |
Total fixed maturities | 22,002.10 | 21,073.40 |
Fair Value | ' | ' |
One year or less | 618 | ' |
Over one year through five years | 4,733.60 | ' |
Over five years through ten years | 8,666.70 | ' |
Over ten years | 4,456.20 | ' |
Fair Value | 23,393.60 | 23,568.60 |
Other asset-backed securities | 499.4 | ' |
Total fixed maturities | 23,306.50 | 23,519 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Amortized Cost | ' | ' |
Cost or Amortized Cost | 2,671.40 | 2,755.50 |
Fair Value | ' | ' |
Fair Value | 2,796.50 | 3,007.80 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Amortized Cost | ' | ' |
Cost or Amortized Cost | 1,440.50 | 1,538.20 |
Fair Value | ' | ' |
Fair Value | $1,536.10 | $1,707.70 |
Investments_Summary_Of_Net_Inv
Investments (Summary Of Net Investment Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Investment [Line Items] | ' | ' | ' | ' |
Investment expenses | ($7.70) | ($7.50) | ($23.10) | ($20.90) |
Net investment income | 326.4 | 312.3 | 968.7 | 952 |
Fixed Maturities [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Total investment income | 283.4 | 276.9 | 840.5 | 842.6 |
Marketable Equity Securities, Available-For-Sale [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Total investment income | 0.6 | 0.6 | 2.3 | 2.3 |
Mortgage Loans [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Total investment income | 48.7 | 43.9 | 140.7 | 126.5 |
Policy Loans [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Total investment income | 0.8 | 1 | 2.7 | 2.9 |
Other Investments [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Total investment income | 1.5 | 1.8 | 5.7 | 5.7 |
Total Investment Income [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Total investment income | 334.1 | 319.8 | 991.8 | 972.9 |
Marketable Equity Securities, Trading [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Total investment income | 3.3 | 3.3 | 9.6 | 8.9 |
Investment In Limited Partnerships [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Total investment income | ($4.20) | ($7.70) | ($9.70) | ($16) |
Investments_Summary_Of_Net_Rea
Investments (Summary Of Net Realized Investment Gains (Losses)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Investment [Line Items] | ' | ' | ' | ' | ||||
Net impairment losses recognized in earnings | ($6.20) | ($13.30) | ($15.40) | ($25.20) | ||||
Net realized investment gains (losses) | -4.6 | 15.5 | 10.6 | 35 | ||||
Marketable equity securities, trading | 12 | [1] | 25 | [1] | 43.3 | [1] | 33.6 | [1] |
Other | -7 | -0.1 | -5.7 | -3.6 | ||||
Deferred policy acquisition costs and deferred sales inducement adjustment | 1.1 | 0.6 | 1.7 | 0.6 | ||||
Net realized investment gains (losses) on convertible securities | 1.2 | -0.4 | -0.8 | -0.1 | ||||
Gain (loss) on changes in fair value of trading securities | 6.6 | 25.2 | 17.8 | 33.2 | ||||
Fixed Maturities [Member] | ' | ' | ' | ' | ||||
Investment [Line Items] | ' | ' | ' | ' | ||||
Gross gains on sales | 2.4 | 7.4 | 8 | 40.4 | ||||
Gross losses on sales | -7.4 | -6.4 | -17.4 | -14.3 | ||||
Net impairment losses recognized in earnings | -6.2 | -13.3 | -15.4 | -25.2 | ||||
Other | 0.5 | [2] | 2.3 | [2] | -3.9 | [2] | 3.5 | [2] |
Net realized investment gains (losses) | ($10.70) | ($10) | ($28.70) | $4.40 | ||||
[1] | This includes net gains (losses) on changes in the fair value of trading securities held as of period end totaling $6.6 and $25.2 for the three months ended September 30, 2013 and 2012, respectively, and $17.8 and $33.2 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[2] | This includes net gains (losses) on calls and redemptions, and changes in the fair value of the Company’s convertible securities held as of period end totaling $1.2 and $(0.4) for the three months ended September 30, 2013 and 2012, respectively, and $(0.8) and $(0.1) for the nine months ended September 30, 2013 and 2012, respectively. |
Investments_Schedule_Of_Severi
Investments (Schedule Of Severity And Duration Of The Gross Unrealized Losses On Securities Available-For-Sale) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Fair Value | $23,393.60 | $23,568.60 |
Gross Unrealized Losses | -221.6 | -59.1 |
Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Fair Value | 23,306.50 | 23,519 |
Gross Unrealized Losses | -220.9 | -56.7 |
Underwater By 20% Or More, Less Than 6 Consecutive Months [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Fair Value | 88.4 | 20 |
Gross Unrealized Losses | -27.7 | -5.3 |
Underwater By 20% Or More, 6 Consecutive Months Or More [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Fair Value | 7.1 | 49.6 |
Gross Unrealized Losses | -12.5 | -21.7 |
Total Underwater By 20% Or More [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Fair Value | 95.5 | 69.6 |
Gross Unrealized Losses | -40.2 | -27 |
All Other Underwater Fixed Maturities [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Fair Value | 4,091 | 1,068.30 |
Gross Unrealized Losses | -180.7 | -29.7 |
Total Underwater Fixed Maturities [Member] | Fixed Maturities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Fair Value | 4,186.50 | 1,137.90 |
Gross Unrealized Losses | ($220.90) | ($56.70) |
Investments_Schedule_Of_Change
Investments (Schedule Of Changes In The Amount Of Credit-Related OTTI Recognized In Net Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' | ' | ' | ||||
Balance, beginning of period | $33.40 | $32.20 | $36.20 | $32.50 | ||||
Increases recognized in the current period: | ' | ' | ' | ' | ||||
For which an OTTI was not previously recognized | 2.7 | 7.6 | 3 | 8.5 | ||||
For which an OTTI was previously recognized | 1.3 | 0.4 | 2.1 | 1.7 | ||||
Decreases attributable to: | ' | ' | ' | ' | ||||
Securities sold or paid down during the period | -12.7 | -2.3 | -16.6 | -4.8 | ||||
Previously recognized credit losses on securities impaired during the period due to a change in intent to sell (1) | 0 | [1] | 1.5 | [1] | 0 | [1] | 1.5 | [1] |
Balance, end of period | $24.70 | $36.40 | $24.70 | $36.40 | ||||
[1] | Represents circumstances where the Company determined in the period that it intended to sell the security prior to recovery of its amortized cost. |
Investments_Schedule_Of_Positi
Investments (Schedule Of Position In Derivative Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative Fair Value Of Derivative Net [Abstract] | ' | ' |
Notional Amount | $1,292.70 | $562.20 |
Fair Value, Assets | 31.7 | 16.1 |
Fair Value, Liabilities | 80.8 | 19.1 |
Total qualifying derivatives [Member] | ' | ' |
Derivative Fair Value Of Derivative Net [Abstract] | ' | ' |
Notional Amount | 459.5 | 209.9 |
Fair Value, Assets | 5.7 | 9.8 |
Fair Value, Liabilities | 20.4 | 4.3 |
Total non-qualifying derivatives [Member] | ' | ' |
Derivative Fair Value Of Derivative Net [Abstract] | ' | ' |
Notional Amount | 833.2 | 352.3 |
Fair Value, Assets | 26 | 6.3 |
Fair Value, Liabilities | 60.4 | 14.8 |
Interest rate swaps [Member] | Total qualifying derivatives [Member] | ' | ' |
Derivative Fair Value Of Derivative Net [Abstract] | ' | ' |
Notional Amount | 97.1 | 97.1 |
Fair Value, Assets | 5.7 | 9.8 |
Fair Value, Liabilities | 0 | 0 |
Foreign currency swaps [Member] | Total qualifying derivatives [Member] | ' | ' |
Derivative Fair Value Of Derivative Net [Abstract] | ' | ' |
Notional Amount | 362.4 | 112.8 |
Fair Value, Assets | 0 | 0 |
Fair Value, Liabilities | 20.4 | 4.3 |
Equity index options [Member] | Total non-qualifying derivatives [Member] | ' | ' |
Derivative Fair Value Of Derivative Net [Abstract] | ' | ' |
Notional Amount | 815.7 | 213.7 |
Fair Value, Assets | 25.3 | 5 |
Fair Value, Liabilities | 1.3 | 0 |
Foreign currency forwards [Member] | Total non-qualifying derivatives [Member] | ' | ' |
Derivative Fair Value Of Derivative Net [Abstract] | ' | ' |
Notional Amount | 2.7 | 125.2 |
Fair Value, Assets | 0 | 0.5 |
Fair Value, Liabilities | 0 | 0.7 |
Embedded derivatives [Member] | Total non-qualifying derivatives [Member] | ' | ' |
Derivative Fair Value Of Derivative Net [Abstract] | ' | ' |
Notional Amount | 0 | 0 |
Fair Value, Assets | 0 | 0 |
Fair Value, Liabilities | 59.1 | 14.1 |
Other derivatives [Member] | Total non-qualifying derivatives [Member] | ' | ' |
Derivative Fair Value Of Derivative Net [Abstract] | ' | ' |
Notional Amount | 14.8 | 13.4 |
Fair Value, Assets | 0.7 | 0.8 |
Fair Value, Liabilities | $0 | $0 |
Investments_Schedule_Of_Offset
Investments (Schedule Of Offsetting Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Line Items] | ' | ' |
Amount Presented in the Balance Sheets | $31.70 | $16.10 |
Financial Instruments | 0 | 0 |
Cash Collateral (Received) Posted | -16.6 | -12.5 |
Net Amount | 15.1 | 3.6 |
A [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Amount Presented in the Balance Sheets | 4.5 | 5.6 |
Financial Instruments | 0 | 0 |
Cash Collateral (Received) Posted | -2.4 | -5.6 |
Net Amount | 2.1 | 0 |
B [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Amount Presented in the Balance Sheets | 10.6 | 4.1 |
Financial Instruments | 0 | 0 |
Cash Collateral (Received) Posted | -1.8 | -1.6 |
Net Amount | 8.8 | 2.5 |
C [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Amount Presented in the Balance Sheets | 8.6 | ' |
Financial Instruments | 0 | ' |
Cash Collateral (Received) Posted | -8.6 | ' |
Net Amount | 0 | ' |
Other [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Amount Presented in the Balance Sheets | 8 | 6.4 |
Financial Instruments | 0 | 0 |
Cash Collateral (Received) Posted | -3.8 | -5.3 |
Net Amount | $4.20 | $1.10 |
Investments_Investments_Schedu
Investments Investments (Schedule Of Offsetting Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Offsetting Liabilities [Line Items] | ' | ' | |
Amount Presented in the Balance Sheets | $21.70 | [1] | ' |
Financial Instruments | 0 | [1] | ' |
Cash Collateral Received (Posted) | -1.5 | [1] | ' |
Net Amount | 20.2 | [1] | ' |
Derivative Asset, Fair Value, Gross Liability | 80.8 | 19.1 | |
A [Member] | ' | ' | |
Offsetting Liabilities [Line Items] | ' | ' | |
Amount Presented in the Balance Sheets | 3.8 | ' | |
Financial Instruments | 0 | ' | |
Cash Collateral Received (Posted) | 0 | ' | |
Net Amount | 3.8 | ' | |
B [Member] | ' | ' | |
Offsetting Liabilities [Line Items] | ' | ' | |
Amount Presented in the Balance Sheets | 12.2 | ' | |
Financial Instruments | 0 | ' | |
Cash Collateral Received (Posted) | -0.2 | ' | |
Net Amount | 12 | ' | |
Other [Member] | ' | ' | |
Offsetting Liabilities [Line Items] | ' | ' | |
Amount Presented in the Balance Sheets | 5.7 | ' | |
Financial Instruments | 0 | ' | |
Cash Collateral Received (Posted) | -1.3 | ' | |
Net Amount | 4.4 | ' | |
Not Designated as Hedging Instrument [Member] | ' | ' | |
Offsetting Liabilities [Line Items] | ' | ' | |
Derivative Asset, Fair Value, Gross Liability | 60.4 | 14.8 | |
Not Designated as Hedging Instrument [Member] | Embedded derivatives [Member] | ' | ' | |
Offsetting Liabilities [Line Items] | ' | ' | |
Derivative Asset, Fair Value, Gross Liability | $59.10 | $14.10 | |
[1] | Excludes $59.1 of embedded derivatives which have no counterparty. |
Investments_Schedule_Of_Gains_
Investments (Schedule Of Gains Losses On Cash Flow Hedges) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Gain (loss) recognized in other comprehensive income, before taxes and reclassifications, on qualifying derivatives | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI | ($26.50) | $1.40 | ($18) | $4.20 |
Interest rate swaps [Member] | ' | ' | ' | ' |
Gain (loss) recognized in other comprehensive income, before taxes and reclassifications, on qualifying derivatives | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI | 0.7 | 1.4 | -2.3 | 4.2 |
Foreign currency swaps [Member] | ' | ' | ' | ' |
Gain (loss) recognized in other comprehensive income, before taxes and reclassifications, on qualifying derivatives | ' | ' | ' | ' |
Gain (Loss) Recognized in OCI | ($27.20) | $0 | ($15.70) | $0 |
Investments_Schedule_Of_NonQua
Investments (Schedule Of Non-Qualifying Derivatives Gains Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Gain (loss) recognized in income on non-qualifying derivatives [Abstract] | ' | ' | ' | ' |
Gain (Loss) Recognized in Income | ($3.60) | $0 | ($1.10) | ($0.40) |
Equity index options [Member] | ' | ' | ' | ' |
Gain (loss) recognized in income on non-qualifying derivatives [Abstract] | ' | ' | ' | ' |
Gain (Loss) Recognized in Income | 3.3 | 1.4 | 7.4 | 1.5 |
Foreign currency forwards [Member] | ' | ' | ' | ' |
Gain (loss) recognized in income on non-qualifying derivatives [Abstract] | ' | ' | ' | ' |
Gain (Loss) Recognized in Income | 0 | -0.2 | 1.3 | -0.2 |
Embedded derivatives [Member] | ' | ' | ' | ' |
Gain (loss) recognized in income on non-qualifying derivatives [Abstract] | ' | ' | ' | ' |
Gain (Loss) Recognized in Income | -6.9 | -0.8 | -9.4 | -1.3 |
Other derivatives [Member] | ' | ' | ' | ' |
Gain (loss) recognized in income on non-qualifying derivatives [Abstract] | ' | ' | ' | ' |
Gain (Loss) Recognized in Income | $0 | ($0.40) | ($0.40) | ($0.40) |
Mortgage_Loans_Narrative_Detai
Mortgage Loans (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
loans | loans | |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Days to consider loans as nonperforming | '90 days | ' |
Number of nonperforming loans | 0 | 1 |
Outstanding principal balance of nonperforming loans | ' | $3.70 |
California [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage of mortgage loan portfolio | 29.10% | ' |
Texas [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage of mortgage loan portfolio | 11.50% | ' |
Washington [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage of mortgage loan portfolio | 9.30% | ' |
Risk Level Low [Member] | Less Than [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Loan to value ratio | 65.00% | ' |
Risk Level Low [Member] | Greater Than [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Debt-service coverage ratio | 150.00% | ' |
Risk Level Medium [Member] | Less Than [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Loan to value ratio | 65.00% | ' |
Debt-service coverage ratio | 150.00% | ' |
Risk Level Medium [Member] | Greater Than [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Debt-service coverage ratio | 150.00% | ' |
Risk Level Medium [Member] | Minimum [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Loan to value ratio | 65.00% | ' |
Risk Level Medium [Member] | Maximum [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Loan to value ratio | 80.00% | ' |
Risk Level High [Member] | Less Than [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Debt-service coverage ratio | 150.00% | ' |
Risk Level High [Member] | Greater Than [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Loan to value ratio | 80.00% | ' |
Risk Level High [Member] | Minimum [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Loan to value ratio | 65.00% | ' |
Risk Level High [Member] | Maximum [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Loan to value ratio | 80.00% | ' |
Mortgage_Loans_Mortgage_Loans_
Mortgage Loans (Mortgage Loans By Risk Category) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | $3,376.80 | $3,094.40 | ||
Reserve on specifically evaluated mortgage loans | 0.2 | 0 | ||
Risk Level Low [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | 2,083.50 | 1,858.40 | ||
% of Total | 61.70% | 60.00% | ||
Risk Level Medium [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | 787.4 | 664.1 | ||
% of Total | 23.30% | 21.50% | ||
Risk Level High [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | 506 | 573.9 | ||
% of Total | 15.00% | 18.50% | ||
Credit Quality Indicator Total [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | 3,376.90 | 3,096.40 | ||
% of Total | 100.00% | 100.00% | ||
Loans Evaluated For Impairment [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | 6 | [1] | 4.8 | [1] |
Other Mortgage Loans [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | ($6.10) | [2] | ($6.80) | [2] |
[1] | As of September 30, 2013 and December 31, 2012, reserve amounts of $0.2 and $0.0, respectively, were held for loans specifically evaluated for impairment. | |||
[2] | Includes the allowance for loan losses and deferred fees and costs. |
Mortgage_Loans_Allowance_For_M
Mortgage Loans (Allowance For Mortgage Loan Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for Mortgage Loan Losses [Roll Forward] | ' | ' | ' | ' |
Allowance at beginning of period | $8.10 | $9 | $7.90 | $7.40 |
Provision for specific loans | 0 | 0 | 0.2 | 1.9 |
Provision for loans not specifically identified | 0 | 0.1 | 0 | 0.8 |
Charge-offs | 0 | -1.2 | 0 | -2.2 |
Allowance at end of period | $8.10 | $7.90 | $8.10 | $7.90 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Maximum [Member] | Minimum [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Non Agency Commercial Mortgage Backed Securities [Member] | Non Agency Commercial Mortgage Backed Securities [Member] | Non Agency Residential Mortgage Backed Securities [Member] | Non Agency Residential Mortgage Backed Securities [Member] | ||
Corporate Securities [Member] | Corporate Securities [Member] | Residential Mortgage-Backed Securities [Member] | Residential Mortgage-Backed Securities [Member] | Commercial Mortgage-Backed Securities [Member] | Commercial Mortgage-Backed Securities [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of fair value of fixed maturities determined by pricing services | 96.30% | 96.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of private placements | $670.50 | $819.60 | ' | ' | $652.50 | $787.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private placements as a percentage of fixed maturities | 2.90% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Privately placed securities percentage, level 2 | 97.30% | 96.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Securities | 23,306.50 | 23,519 | ' | ' | 23,104.20 | 23,388.30 | 17,067.60 | 17,162.70 | 2,796.30 | 3,007.80 | 1,504.80 | 1,688.90 | ' | ' | ' | ' |
Private placements as a percentage of Level 2 corporate securities | 3.20% | 3.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Level 2 privately placed corporate securities | 539.1 | 675.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of illiquidity adjustments | ' | ' | 0.25% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average coupon rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.45% | 4.67% | 4.93% | 5.03% | ' | ' | ' | ' |
Agency securities as a percentage of Level 2 RMBS | 88.90% | 89.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average credit enhancement of securities, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | 29.90% | 8.80% | 8.40% |
Fair value of non-agency Level 2 RMBS originated in 2004 and prior | 114.7 | 127.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of non-agency Level 2 RMBS originated in 2004 and prior | 37.10% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-agency securities as a percentage of Level 2 CMBS | 81.30% | 78.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of non-agency Level 2 CMBS in most senior tranche | 97.20% | 96.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in limited partnerships, term | ' | ' | '15 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalents | $94.60 | $121.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Financial Assets and Liabilities Accounted At Fair Value On Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | ||||||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | $23,306.50 | $23,519 | ' | ' | ||
Marketable equity securities, available-for-sale | 87.1 | 49.6 | ' | ' | ||
Marketable equity securities, trading | 509.4 | 552.7 | ' | ' | ||
Investments in limited partnerships | 253.1 | 239.3 | ' | ' | ||
Other invested assets | 44 | 35.6 | ' | ' | ||
Total investments carried at fair value | 27,641.10 | 27,556.40 | ' | ' | ||
Separate account assets | 922 | 807.7 | ' | ' | ||
Mortgage loans, net | 3,376.80 | 3,094.40 | ' | ' | ||
Cash and cash equivalents | 121.1 | 130.8 | 238.4 | 242.3 | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 24,074.70 | 23,068.50 | ' | ' | ||
Notes payable | 449.5 | 449.4 | ' | ' | ||
Liabilities related to insurance contracts and embedded derivatives excluded from fair value | 6,041.10 | 5,899.10 | ' | ' | ||
Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 23,306.50 | 23,519 | ' | ' | ||
Marketable equity securities, available-for-sale | 87.1 | 49.6 | ' | ' | ||
Marketable equity securities, trading | 509.4 | 552.7 | ' | ' | ||
Separate account assets | 922 | 807.7 | ' | ' | ||
Total assets at fair value | 24,898.30 | 24,982.20 | ' | ' | ||
Mortgage loans, net | 3,376.80 | 3,094.40 | ' | ' | ||
Cash and cash equivalents | 121.1 | 130.8 | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Embedded derivatives | 59.1 | 14.1 | ' | ' | ||
Total liabilities at fair value | 59.1 | 14.1 | ' | ' | ||
Carrying Amount [Member] | Private Equity Funds [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 35.9 | 28.6 | ' | ' | ||
Carrying Amount [Member] | Tax Credit Investments [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 217.2 | 210.7 | ' | ' | ||
Carrying Amount [Member] | Deferred Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 11,533.70 | [1] | 10,583.50 | [2] | ' | ' |
Carrying Amount [Member] | Immediate Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 6,499.90 | [1] | 6,585.90 | [2] | ' | ' |
Carrying Amount [Member] | Capital Efficient Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 149.9 | 149.9 | ' | ' | ||
Carrying Amount [Member] | Senior Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 299.6 | 299.5 | ' | ' | ||
Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 23,306.50 | 23,519 | ' | ' | ||
Marketable equity securities, available-for-sale | 87.1 | 49.6 | ' | ' | ||
Marketable equity securities, trading | 509.4 | 552.7 | ' | ' | ||
Separate account assets | 922 | 807.7 | ' | ' | ||
Total assets at fair value | 24,898.30 | 24,982.20 | ' | ' | ||
Mortgage loans, net | 3,525.30 | 3,370.50 | ' | ' | ||
Cash and cash equivalents | 121.1 | 130.8 | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Embedded derivatives | 59.1 | 14.1 | ' | ' | ||
Total liabilities at fair value | 59.1 | 14.1 | ' | ' | ||
Fair Value [Member] | Private Equity Funds [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 35.9 | 28.6 | ' | ' | ||
Fair Value [Member] | Tax Credit Investments [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 199.9 | 208.3 | ' | ' | ||
Fair Value [Member] | Deferred Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 11,508.20 | [1] | 10,610.90 | [2] | ' | ' |
Fair Value [Member] | Immediate Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 7,660.20 | [1] | 8,386.30 | [2] | ' | ' |
Fair Value [Member] | Capital Efficient Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 153.2 | 154.8 | ' | ' | ||
Fair Value [Member] | Senior Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 322 | 324.5 | ' | ' | ||
Level 1 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0 | 0 | ' | ' | ||
Marketable equity securities, available-for-sale | 30 | 0.5 | ' | ' | ||
Marketable equity securities, trading | 509.1 | 552.5 | ' | ' | ||
Separate account assets | 922 | 807.7 | ' | ' | ||
Total assets at fair value | 1,463.60 | 1,364.50 | ' | ' | ||
Mortgage loans, net | 0 | 0 | ' | ' | ||
Cash and cash equivalents | 121.1 | 130.8 | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Embedded derivatives | 0 | 0 | ' | ' | ||
Total liabilities at fair value | 0 | 0 | ' | ' | ||
Level 1 [Member] | Private Equity Funds [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 0 | 0 | ' | ' | ||
Level 1 [Member] | Tax Credit Investments [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 0 | 0 | ' | ' | ||
Level 1 [Member] | Deferred Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 0 | [1] | 0 | [2] | ' | ' |
Level 1 [Member] | Immediate Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 0 | [1] | 0 | [2] | ' | ' |
Level 1 [Member] | Capital Efficient Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 0 | 0 | ' | ' | ||
Level 1 [Member] | Senior Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 0 | 0 | ' | ' | ||
Level 2 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 23,104.20 | 23,388.30 | ' | ' | ||
Marketable equity securities, available-for-sale | 57.1 | 44.1 | ' | ' | ||
Marketable equity securities, trading | 0 | 0 | ' | ' | ||
Separate account assets | 0 | 0 | ' | ' | ||
Total assets at fair value | 23,167.80 | 23,445.40 | ' | ' | ||
Mortgage loans, net | 0 | 0 | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Embedded derivatives | 0 | 0 | ' | ' | ||
Total liabilities at fair value | 0 | 0 | ' | ' | ||
Level 2 [Member] | Private Equity Funds [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 0 | 0 | ' | ' | ||
Level 2 [Member] | Tax Credit Investments [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 199.9 | 208.3 | ' | ' | ||
Level 2 [Member] | Deferred Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 0 | [1] | 0 | [2] | ' | ' |
Level 2 [Member] | Immediate Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 0 | [1] | 0 | [2] | ' | ' |
Level 2 [Member] | Capital Efficient Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 0 | 0 | ' | ' | ||
Level 2 [Member] | Senior Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 0 | 0 | ' | ' | ||
Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 202.3 | 130.7 | ' | ' | ||
Marketable equity securities, available-for-sale | 0 | 5 | ' | ' | ||
Marketable equity securities, trading | 0.3 | 0.2 | ' | ' | ||
Separate account assets | 0 | 0 | ' | ' | ||
Total assets at fair value | 266.9 | 172.3 | ' | ' | ||
Mortgage loans, net | 3,525.30 | 3,370.50 | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Embedded derivatives | 59.1 | 14.1 | ' | ' | ||
Total liabilities at fair value | 59.1 | 14.1 | ' | ' | ||
Level 3 [Member] | Private Equity Funds [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 35.9 | 28.6 | ' | ' | ||
Level 3 [Member] | Tax Credit Investments [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 0 | 0 | ' | ' | ||
Level 3 [Member] | Deferred Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 11,508.20 | [1] | 10,610.90 | [2] | ' | ' |
Level 3 [Member] | Immediate Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 7,660.20 | [1] | 8,386.30 | [2] | ' | ' |
Level 3 [Member] | Capital Efficient Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 153.2 | 154.8 | ' | ' | ||
Level 3 [Member] | Senior Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 322 | 324.5 | ' | ' | ||
U.S. Government And Government Agencies And Authorities [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 510.7 | 311.5 | ' | ' | ||
U.S. Government And Government Agencies And Authorities [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 510.7 | 311.5 | ' | ' | ||
U.S. Government And Government Agencies And Authorities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0 | 0 | ' | ' | ||
U.S. Government And Government Agencies And Authorities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 510.7 | 311.5 | ' | ' | ||
U.S. Government And Government Agencies And Authorities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0 | 0 | ' | ' | ||
State And Political Subdivisions [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 754.5 | 776.5 | ' | ' | ||
State And Political Subdivisions [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 754.5 | 776.5 | ' | ' | ||
State And Political Subdivisions [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0 | 0 | ' | ' | ||
State And Political Subdivisions [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 754.5 | 776.5 | ' | ' | ||
State And Political Subdivisions [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0 | 0 | ' | ' | ||
Corporate Securities [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 17,165.70 | 17,201.60 | ' | ' | ||
Corporate Securities [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 17,165.70 | 17,201.60 | ' | ' | ||
Corporate Securities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0 | 0 | ' | ' | ||
Corporate Securities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 17,067.60 | 17,162.70 | ' | ' | ||
Corporate Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 98.1 | 38.9 | ' | ' | ||
Residential Mortgage-Backed Securities [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 2,796.50 | 3,007.80 | ' | ' | ||
Residential Mortgage-Backed Securities [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 2,796.50 | 3,007.80 | ' | ' | ||
Residential Mortgage-Backed Securities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0 | 0 | ' | ' | ||
Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 2,796.30 | 3,007.80 | ' | ' | ||
Residential Mortgage-Backed Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0.2 | 0 | ' | ' | ||
Commercial Mortgage-Backed Securities [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 1,536.10 | 1,707.70 | ' | ' | ||
Commercial Mortgage-Backed Securities [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 1,536.10 | 1,707.70 | ' | ' | ||
Commercial Mortgage-Backed Securities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0 | 0 | ' | ' | ||
Commercial Mortgage-Backed Securities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 1,504.80 | 1,688.90 | ' | ' | ||
Commercial Mortgage-Backed Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 31.3 | 18.8 | ' | ' | ||
Other Debt Obligations [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 543 | 513.9 | ' | ' | ||
Other Debt Obligations [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 543 | 513.9 | ' | ' | ||
Other Debt Obligations [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0 | 0 | ' | ' | ||
Other Debt Obligations [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 470.3 | 440.9 | ' | ' | ||
Other Debt Obligations [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 72.7 | 73 | ' | ' | ||
Portion at Fair Value, Fair Value Disclosure [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Other invested assets | 37.4 | 24.6 | ' | ' | ||
Total investments carried at fair value | 23,976.30 | 24,174.50 | ' | ' | ||
Portion at Fair Value, Fair Value Disclosure [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Other invested assets | 37.4 | 24.6 | ' | ' | ||
Total investments carried at fair value | 23,976.30 | 24,174.50 | ' | ' | ||
Portion at Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Other invested assets | 2.5 | 3.8 | ' | ' | ||
Total investments carried at fair value | 541.6 | 556.8 | ' | ' | ||
Portion at Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Other invested assets | 6.5 | 13 | ' | ' | ||
Total investments carried at fair value | 23,167.80 | 23,445.40 | ' | ' | ||
Portion at Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Other invested assets | 28.4 | 7.8 | ' | ' | ||
Total investments carried at fair value | $266.90 | $172.30 | ' | ' | ||
[1] | The carrying value of this balance excludes $6,041.1 of liabilities related to insurance contracts and embedded derivatives. | |||||
[2] | The carrying value of this balance excludes $5,899.1 of liabilities related to insurance contracts and embedded derivatives. |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Additional Information About Composition Of Level 2 Corporate Securities) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted-average remaining years to contractual maturity for Level 2 corporate securities | '9 years 9 months 18 days | '10 years 3 months 18 days |
Industrial Sector [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Corporate securities, level 2, amount | 3,222.60 | 3,312.10 |
Corporate securities, level 2, % of Total | 18.90% | 19.30% |
Corporate securities, level 2, number of securities | 215 | 218 |
Consumer Staples Sector [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Corporate securities, level 2, amount | 2,670.20 | 2,785.10 |
Corporate securities, level 2, % of Total | 15.60% | 16.20% |
Corporate securities, level 2, number of securities | 157 | 157 |
Consumer Discretionary Sector [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Corporate securities, level 2, amount | 2,157.60 | 2,113.20 |
Corporate securities, level 2, % of Total | 12.60% | 12.30% |
Corporate securities, level 2, number of securities | 178 | 167 |
Utilities Sector [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Corporate securities, level 2, amount | 1,837 | 1,904.80 |
Corporate securities, level 2, % of Total | 10.80% | 11.10% |
Corporate securities, level 2, number of securities | 144 | 149 |
Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted-average coupon rate | 5.67% | 5.88% |
Fair_Value_Of_Financial_Instru5
Fair Value Of Financial Instruments (Additional Information About Composition Of Level 2 Non-Agency RMBS Securities ) (Details) (Non Agency Residential Mortgage Backed Securities [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of non-agency Level 2 RMBS | $309.20 | $319.50 |
% of Total | 100.00% | 100.00% |
Standard Poors A A A Rating [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of non-agency Level 2 RMBS | 40.8 | 23.6 |
% of Total | 13.20% | 7.40% |
Standard Poors Aa Through Bbb Rating [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of non-agency Level 2 RMBS | 92.7 | 94.1 |
% of Total | 30.00% | 29.50% |
Standard Poors Bb And Below Rating [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of non-agency Level 2 RMBS | 175.7 | 201.8 |
% of Total | 56.80% | 63.10% |
Non Agency Residential Mortgage Backed Securities With Super Senior Subordination [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of non-agency Level 2 RMBS | $188.50 | $202.70 |
% of Total | 61.00% | 63.40% |
Fair_Value_Of_Financial_Instru6
Fair Value Of Financial Instruments (Additional Information About Composition Of Level Two Cmbs Securities) (Details) | Sep. 30, 2013 | Dec. 31, 2012 |
New York [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of non-agency Level 2 CMBS collateral | 21.90% | 20.10% |
California [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of non-agency Level 2 CMBS collateral | 12.40% | 12.00% |
Texas [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of non-agency Level 2 CMBS collateral | 7.60% | 7.50% |
Office Buildings [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of non-agency Level 2 CMBS collateral | 33.20% | 31.90% |
Retail Shopping Centers [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of non-agency Level 2 CMBS collateral | 30.90% | 32.40% |
Fair_Value_Of_Financial_Instru7
Fair Value Of Financial Instruments (Additional Information About Level 3 Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Financial Assets: | ' | ' | ' | ' | ||||
Beginning balance | $193.90 | $193 | $172.30 | $225.40 | ||||
Purchases and issues | 101.7 | [1] | 10.3 | [1] | 122.2 | [1] | 19.1 | [1] |
Sales and settlements | 0 | [1] | -12.1 | [1] | 0 | [1] | -12.2 | [1] |
Transfers In and/or (Out) of Level 3 | -28 | [2] | -3.1 | [3] | 1.4 | [2] | -18.8 | [3] |
Other | -2.2 | [4] | -3 | [4] | -33.8 | [4] | -37.1 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 8.3 | [5] | -0.4 | [5] | 15 | [5] | -0.4 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | -3 | 2.3 | -8.3 | 9.5 | ||||
Realized Gains (Losses) | -3.8 | [5] | 0.2 | [5] | -1.9 | [5] | 1.7 | [5] |
Ending balance | 266.9 | 187.2 | 266.9 | 187.2 | ||||
Gross transfers into Level 3 | 6.4 | 33.7 | 6.9 | 50.9 | ||||
Gross transfers out of Level 3 | -34.4 | -36.8 | -5.5 | -69.7 | ||||
Financial Liabilities: | ' | ' | ' | ' | ||||
Beginning balance | 34.1 | 7.2 | 14.1 | 2.4 | ||||
Purchases and issues | 18.2 | [1] | 1.9 | [1] | 35.7 | [1] | 6.5 | [1] |
Sales and settlements | -0.1 | [1] | 0 | [1] | -0.1 | [1] | -0.3 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] | 0 | [2] | 0 | [3] |
Other | -0.3 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 7.2 | [5] | 0.8 | [5] | 9.4 | [5] | 1.3 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | 0 | 0 | ||||
Realized Gains (Losses) | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Ending balance | 59.1 | 9.9 | 59.1 | 9.9 | ||||
Corporate Securities [Member] | ' | ' | ' | ' | ||||
Financial Assets: | ' | ' | ' | ' | ||||
Beginning balance | 27.5 | 75.2 | 38.9 | 91.4 | ||||
Purchases and issues | 69 | [1] | 6.9 | [1] | 69 | [1] | 6.9 | [1] |
Sales and settlements | 0 | [1] | -11.9 | [1] | 0 | [1] | -11.9 | [1] |
Transfers In and/or (Out) of Level 3 | 4 | [2] | -20.1 | [3] | 6.2 | [2] | -38.6 | [3] |
Other | -0.2 | [4] | 0 | [4] | -13.5 | [4] | -1 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | -1.3 | [5] | 0 | [5] | -1 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | -2.2 | 1.2 | -2.4 | 4.4 | ||||
Realized Gains (Losses) | 0 | [5] | 0.1 | [5] | -0.1 | [5] | -0.1 | [5] |
Ending balance | 98.1 | 50.1 | 98.1 | 50.1 | ||||
Residential Mortgage-Backed Securities [Member] | ' | ' | ' | ' | ||||
Financial Assets: | ' | ' | ' | ' | ||||
Beginning balance | 26 | 16.7 | 0 | 0 | ||||
Purchases and issues | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | -25.8 | [2] | -16.7 | [3] | 0.2 | [2] | 0 | [3] |
Other | -0.1 | [4] | 0 | [4] | -0.1 | [4] | 0 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0.1 | 0 | 0.1 | 0 | ||||
Realized Gains (Losses) | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Ending balance | 0.2 | 0 | 0.2 | 0 | ||||
Commercial Mortgage-Backed Securities [Member] | ' | ' | ' | ' | ||||
Financial Assets: | ' | ' | ' | ' | ||||
Beginning balance | 6.5 | 15.1 | 18.8 | 15.9 | ||||
Purchases and issues | 24.7 | [1] | 0 | [1] | 24.7 | [1] | 0 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 5.7 | [3] | 0 | [2] | 6.3 | [3] |
Other | -0.3 | [4] | -1.3 | [4] | -12.1 | [4] | -4.2 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0.4 | -0.1 | -0.1 | 1.4 | ||||
Realized Gains (Losses) | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Ending balance | 31.3 | 19.4 | 31.3 | 19.4 | ||||
Other Debt Obligations [Member] | ' | ' | ' | ' | ||||
Financial Assets: | ' | ' | ' | ' | ||||
Beginning balance | 73.8 | 43.8 | 73 | 79.9 | ||||
Purchases and issues | 0 | [1] | 0 | [1] | 5.5 | [1] | 0 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 28 | [3] | 0 | [2] | 13.9 | [3] |
Other | 0.2 | [4] | -0.1 | [4] | 0.1 | [4] | -25.1 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | -1.3 | 1.2 | -5.9 | 3.7 | ||||
Realized Gains (Losses) | 0 | [5] | 0 | [5] | 0 | [5] | 0.5 | [5] |
Ending balance | 72.7 | 72.9 | 72.7 | 72.9 | ||||
Fixed Maturities Available-For-Sale [Member] | ' | ' | ' | ' | ||||
Financial Assets: | ' | ' | ' | ' | ||||
Beginning balance | 133.8 | 150.8 | 130.7 | 187.2 | ||||
Purchases and issues | 93.7 | [1] | 6.9 | [1] | 99.2 | [1] | 6.9 | [1] |
Sales and settlements | 0 | [1] | -11.9 | [1] | 0 | [1] | -11.9 | [1] |
Transfers In and/or (Out) of Level 3 | -21.8 | [2] | -3.1 | [3] | 6.4 | [2] | -18.4 | [3] |
Other | -0.4 | [4] | -1.4 | [4] | -25.6 | [4] | -30.3 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | -1.3 | [5] | 0 | [5] | -1 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | -3 | 2.3 | -8.3 | 9.5 | ||||
Realized Gains (Losses) | 0 | [5] | 0.1 | [5] | -0.1 | [5] | 0.4 | [5] |
Ending balance | 202.3 | 142.4 | 202.3 | 142.4 | ||||
Marketable Equity Securities, Available-For-Sale [Member] | ' | ' | ' | ' | ||||
Financial Assets: | ' | ' | ' | ' | ||||
Beginning balance | 6.2 | 5 | 5 | 5 | ||||
Purchases and issues | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | -6.2 | [2] | 0 | [3] | -5 | [2] | 0 | [3] |
Other | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | 0 | 0 | ||||
Realized Gains (Losses) | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Ending balance | 0 | 5 | 0 | 5 | ||||
Marketable Equity Securities, Trading [Member] | ' | ' | ' | ' | ||||
Financial Assets: | ' | ' | ' | ' | ||||
Beginning balance | 0.3 | 0.2 | 0.2 | 0.6 | ||||
Purchases and issues | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] | 0 | [2] | -0.4 | [3] |
Other | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [5] | 0.1 | [5] | 0 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | 0 | 0 | ||||
Realized Gains (Losses) | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Ending balance | 0.3 | 0.2 | 0.3 | 0.2 | ||||
Investments In Limited Partnerships [Member] | Private Equity Funds [Member] | ' | ' | ' | ' | ||||
Financial Assets: | ' | ' | ' | ' | ||||
Beginning balance | 34.7 | 27.9 | 28.6 | 27.8 | ||||
Purchases and issues | 0.8 | [1] | 2.8 | [1] | 6.6 | [1] | 8.5 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] | 0 | [2] | 0 | [3] |
Other | -0.4 | [4] | -1.6 | [4] | -4.3 | [4] | -7.8 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 4.5 | [5] | -0.1 | [5] | 7.7 | [5] | -0.8 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | 0 | 0 | ||||
Realized Gains (Losses) | -3.7 | [5] | 0 | [5] | -2.7 | [5] | 1.3 | [5] |
Ending balance | 35.9 | 29 | 35.9 | 29 | ||||
Other Invested Assets [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ||||
Financial Assets: | ' | ' | ' | ' | ||||
Beginning balance | 18.9 | 9.1 | 7.8 | 4.8 | ||||
Purchases and issues | 7.2 | [1] | 0.6 | [1] | 16.4 | [1] | 3.7 | [1] |
Sales and settlements | 0 | [1] | -0.2 | [1] | 0 | [1] | -0.3 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] | 0 | [2] | 0 | [3] |
Other | -1.4 | [4] | 0 | [4] | -3.9 | [4] | 1 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 3.8 | [5] | 1 | [5] | 7.2 | [5] | 1.4 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | 0 | 0 | ||||
Realized Gains (Losses) | -0.1 | [5] | 0.1 | [5] | 0.9 | [5] | 0 | [5] |
Ending balance | 28.4 | 10.6 | 28.4 | 10.6 | ||||
Embedded derivatives [Member] | ' | ' | ' | ' | ||||
Financial Liabilities: | ' | ' | ' | ' | ||||
Beginning balance | 34.1 | 7.2 | 14.1 | 2.4 | ||||
Purchases and issues | 18.2 | [1] | 1.9 | [1] | 35.7 | [1] | 6.5 | [1] |
Sales and settlements | -0.1 | [1] | 0 | [1] | -0.1 | [1] | -0.3 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] | 0 | [2] | 0 | [3] |
Other | -0.3 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 7.2 | [5] | 0.8 | [5] | 9.4 | [5] | 1.3 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | 0 | 0 | ||||
Realized Gains (Losses) | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Ending balance | $59.10 | $9.90 | $59.10 | $9.90 | ||||
[1] | Issues and settlements are related to the Company’s embedded derivative liabilities. | |||||||
[2] | Transfers into and/or out of Level 3 are reported at the value as of the beginning of the period in which the transfer occurs. Gross transfers into Level 3 were $6.4 and $6.9 for the three and nine months ended September 30, 2013, respectively. Gross transfers out of Level 3 were $34.4 and $5.5 for the three and nine months ended September 30, 2013, respectively. | |||||||
[3] | Transfers into and/or out of Level 3 are reported at the value as of the beginning of the period in which the transfer occurs. Gross transfers into Level 3 were $33.7 and $50.9 for the three and nine months ended September 30, 2012, respectively. Gross transfers out of Level 3 were $36.8 and $69.7 for the three and nine months ended September 30, 2012, respectively. Transfers out included certain privately placed fixed maturities for which there was a change in valuation methodology during the first quarter 2012 to a method that uses significant observable inputs. | |||||||
[4] | Other is comprised of transactions such as pay downs, calls, amortization and redemptions. | |||||||
[5] | Realized and unrealized gains and losses for investments in limited partnerships are included in net investment income. All other realized and unrealized gains and losses recognized in net income are included in net realized investment gains (losses). |
Deferred_Policy_Acquisition_Co2
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) (Schedule Of Reconciliation For Deferred Policy Acquisition Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ' | ' | ' | ' | ' |
Unamortized balance at beginning of period | $373.10 | $376.20 | $367.90 | $368.40 | ' |
Deferral of acquisition costs | 36.4 | 10.8 | 77.4 | 49.8 | ' |
Adjustments related to investment (gains) losses | 0.8 | 0.4 | 1.1 | 0.4 | ' |
Amortization — DAC | -14.9 | -15.3 | -47.8 | -46.5 | ' |
Amortization — Impact of assumption and experience unlocking | -5.3 | -2.6 | -8.5 | -2.6 | ' |
Unamortized balance at end of period | 390.1 | 369.5 | 390.1 | 369.5 | ' |
Accumulated effect of net unrealized investment gains | -118.4 | -223.4 | -118.4 | -223.4 | ' |
Balance at end of period | $271.70 | $146.10 | $271.70 | $146.10 | $155.80 |
Deferred_Policy_Acquisition_Co3
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) (Schedule Of Reconciliation For Deferred Sales Inducements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Movement in Deferred Sales Inducements [Roll Forward] | ' | ' | ' | ' |
Unamortized balance at beginning of period | $155.10 | $150.50 | $153.40 | $142 |
Capitalizations | 12.1 | 12.1 | 37.6 | 37.9 |
Adjustments related to investment (gains) losses | 0.3 | 0.2 | 0.6 | 0.2 |
Amortization — DSI | -10.1 | -9.4 | -31.9 | -26.7 |
Amortization — Impact of assumption and experience unlocking | -3.4 | -1 | -5.7 | -1 |
Unamortized balance at end of period | 154 | 152.4 | 154 | 152.4 |
Accumulated effect of net unrealized investment gains | -84.1 | -132.4 | -84.1 | -132.4 |
Balance at end of period | $69.90 | $20 | $69.90 | $20 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 9 Months Ended | 4 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | 21-May-13 | Feb. 01, 2013 | 17-May-13 |
Affiliated Entity [Member] | ||||
Equity [Abstract] | ' | ' | ' | ' |
Number of shares authorized to be repurchased | ' | 16,000 | 10,000 | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Number of shares repurchased as part of a repurchase program | 6,952 | ' | ' | 6,090 |
Common stock repurchased, purchase price | ($93.40) | ' | ' | ($81.80) |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Components and Reclassifications Out Of AOCI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | $1,371.20 | ' | ||||
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net investment income | 326.4 | 312.3 | 968.7 | 952 | ||||
Net realized investment (gains) losses | 4.6 | -15.5 | -10.6 | -35 | ||||
Total provision (benefit) for income taxes | -7.9 | -12.3 | -35.3 | -51.8 | ||||
Ending Balance | 719 | ' | 719 | ' | ||||
Other comprehensive income (loss) before reclassifications, available-for-sale securities, tax | -32.5 | 124 | -406.2 | 224.5 | ||||
Other comprehensive income (loss) before reclassifications, OTTI on fixed maturities, tax | -0.1 | -0.9 | -0.5 | -1.9 | ||||
Other comprehensive income (loss) before reclassifications, adjustment for DAC and DSI, tax | 1.6 | -13.3 | 49 | -29.8 | ||||
Other comprehensive income (loss) before reclassifications, net gains (losses) on cash flow hedges, tax | -9.3 | 0.4 | -6.3 | 1.4 | ||||
Other comprehensive income (loss) before reclassifications, AOCI, tax | -40.3 | 110.2 | -364 | 194.2 | ||||
Net unrealized gains (losses) on available-for-sale securities [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ||||
Beginning Balance | 926.7 | 1,414.40 | 1,610.20 | 1,236.60 | ||||
Other comprehensive income (loss) before reclassifications, net of taxes | -60.3 | [1] | 230.6 | [2] | -754.4 | [1] | 417.1 | [2] |
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net realized investment (gains) losses | 12.2 | 9.3 | 28.5 | -4.1 | ||||
Total provision (benefit) for income taxes | -4.3 | -3.3 | -10 | 1.4 | ||||
Total reclassifications from AOCI, net of taxes | 7.9 | 6 | 18.5 | -2.7 | ||||
Other comprehensive income (loss) after reclassifications | -52.4 | 236.6 | -735.9 | 414.4 | ||||
Ending Balance | 874.3 | 1,651 | 874.3 | 1,651 | ||||
Net unrealized gains (losses) on available-for-sale securities [Member] | Interest rate swaps [Member] | ' | ' | ' | ' | ||||
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net investment income | 0 | 0 | 0 | 0 | ||||
Net unrealized gains (losses) on available-for-sale securities [Member] | Foreign currency swaps [Member] | ' | ' | ' | ' | ||||
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net investment income | 0 | ' | 0 | ' | ||||
OTTI on fixed maturities not related to credit losses [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ||||
Beginning Balance | -16.6 | [3] | -24.9 | [3] | -19.6 | [3] | -37.2 | [3] |
Other comprehensive income (loss) before reclassifications, net of taxes | -0.3 | [1],[3] | -1.8 | [2],[3] | -1.1 | [1],[3] | -3.6 | [2],[3] |
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net realized investment (gains) losses | 6.4 | [3] | 9.3 | [3] | 12.2 | [3] | 30.9 | [3] |
Total provision (benefit) for income taxes | -2.2 | [3] | -3.3 | [3] | -4.2 | [3] | -10.8 | [3] |
Total reclassifications from AOCI, net of taxes | 4.2 | [3] | 6 | [3] | 8 | [3] | 20.1 | [3] |
Other comprehensive income (loss) after reclassifications | 3.9 | [3] | 4.2 | [3] | 6.9 | [3] | 16.5 | [3] |
Ending Balance | -12.7 | [3] | -20.7 | [3] | -12.7 | [3] | -20.7 | [3] |
OTTI on fixed maturities not related to credit losses [Member] | Interest rate swaps [Member] | ' | ' | ' | ' | ||||
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net investment income | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
OTTI on fixed maturities not related to credit losses [Member] | Foreign currency swaps [Member] | ' | ' | ' | ' | ||||
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net investment income | 0 | [3] | ' | 0 | [3] | ' | ||
Adjustment for DAC and DSI [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ||||
Beginning Balance | -133.7 | [4] | -206.2 | [4] | -221.4 | [4] | -175.6 | [4] |
Other comprehensive income (loss) before reclassifications, net of taxes | 2.8 | [1],[4] | -24.7 | [2],[4] | 90.9 | [1],[4] | -55.3 | [2],[4] |
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net realized investment (gains) losses | -1.1 | [4] | -0.6 | [4] | -1.7 | [4] | -0.6 | [4] |
Total provision (benefit) for income taxes | 0.4 | [4] | 0.2 | [4] | 0.6 | [4] | 0.2 | [4] |
Total reclassifications from AOCI, net of taxes | -0.7 | [4] | -0.4 | [4] | -1.1 | [4] | -0.4 | [4] |
Other comprehensive income (loss) after reclassifications | 2.1 | [4] | -25.1 | [4] | 89.8 | [4] | -55.7 | [4] |
Ending Balance | -131.6 | [4] | -231.3 | [4] | -131.6 | [4] | -231.3 | [4] |
Adjustment for DAC and DSI [Member] | Interest rate swaps [Member] | ' | ' | ' | ' | ||||
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net investment income | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Adjustment for DAC and DSI [Member] | Foreign currency swaps [Member] | ' | ' | ' | ' | ||||
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net investment income | 0 | [4] | ' | 0 | [4] | ' | ||
Net gains (losses) on cash flow hedges [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ||||
Beginning Balance | 6.2 | 4.7 | 2 | 3.5 | ||||
Other comprehensive income (loss) before reclassifications, net of taxes | -17.1 | [1] | 1 | [2] | -11.6 | [1] | 2.8 | [2] |
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net realized investment (gains) losses | 0 | 0 | 0 | 0 | ||||
Total provision (benefit) for income taxes | 0 | 0.1 | 0.7 | 0.5 | ||||
Total reclassifications from AOCI, net of taxes | -0.1 | -0.4 | -1.4 | -1 | ||||
Other comprehensive income (loss) after reclassifications | -17.2 | 0.6 | -13 | 1.8 | ||||
Ending Balance | -11 | 5.3 | -11 | 5.3 | ||||
Net gains (losses) on cash flow hedges [Member] | Interest rate swaps [Member] | ' | ' | ' | ' | ||||
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net investment income | -0.6 | -0.5 | -1.7 | -1.5 | ||||
Net gains (losses) on cash flow hedges [Member] | Foreign currency swaps [Member] | ' | ' | ' | ' | ||||
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net investment income | 0.5 | ' | -0.4 | ' | ||||
Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ||||
Beginning Balance | 782.6 | 1,188 | 1,371.20 | 1,027.30 | ||||
Other comprehensive income (loss) before reclassifications, net of taxes | -74.9 | [1] | 205.1 | [2] | -676.2 | [1] | 361 | [2] |
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net realized investment (gains) losses | 17.5 | 18 | 39 | 26.2 | ||||
Total provision (benefit) for income taxes | -6.1 | -6.3 | -12.9 | -8.7 | ||||
Total reclassifications from AOCI, net of taxes | 11.3 | 11.2 | 24 | 16 | ||||
Other comprehensive income (loss) after reclassifications | -63.6 | 216.3 | -652.2 | 377 | ||||
Ending Balance | 719 | 1,404.30 | 719 | 1,404.30 | ||||
Accumulated Other Comprehensive Income [Member] | Interest rate swaps [Member] | ' | ' | ' | ' | ||||
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net investment income | -0.6 | -0.5 | -1.7 | -1.5 | ||||
Accumulated Other Comprehensive Income [Member] | Foreign currency swaps [Member] | ' | ' | ' | ' | ||||
Reclassifications recorded in: | ' | ' | ' | ' | ||||
Net investment income | $0.50 | ' | ($0.40) | ' | ||||
[1] | Other comprehensive income (loss) before reclassifications is net of taxes of $(32.5), $(0.1), $1.6, $(9.3) and $(40.3), respectively, for the three months ended September 30, 2013, and net of taxes of $(406.2), $(0.5), $49.0, $(6.3) and $(364.0), respectively, for the nine months ended September 30, 2013. | |||||||
[2] | Other comprehensive income (loss) before reclassifications is net of taxes of $124.0, $(0.9), $(13.3), $0.4 and $110.2, respectively, for the three months ended September 30, 2012, and net of taxes of $224.5, $(1.9), $(29.8), $1.4 and $194.2, respectively, for the nine months ended September 30, 2012. | |||||||
[3] | Reclassification adjustments of OTTI on fixed maturities not related to credit losses are included in changes in unrealized gains and losses on available-for-sale securities within the consolidated statements of comprehensive income (loss). | |||||||
[4] | See Note 7 for the adjustment for the accumulated effect of net unrealized investment gains separately presented for DAC and DSI. |
Stockholders_Equity_Schedule_O1
Stockholders' Equity (Schedule Of Reconciliation Of Changes In Outstanding Shares Of Common Stock) (Details) | 9 Months Ended | 12 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Jun. 20, 2013 | |||
Warrant Settlement [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ||
Beginning Balance | 119,087,667 | 118,637,000 | ' | ||
Common stock issued | 5,300,000 | [1] | ' | 5,298,000 | |
Restricted stock issued, net | 261,000 | 379,000 | ' | ||
Employee stock purchase plan shares issued | 106,000 | 142,000 | ' | ||
Common stock repurchased | -6,955,000 | [2] | -70,000 | [2] | ' |
Ending Balance | 117,799,553 | 119,087,667 | ' | ||
[1] | Includes 5.298 shares of common stock issued from the settlement of warrants. See Note 3 for further discussion. | ||||
[2] | Represents shares of common stock repurchased pursuant to the Company’s stock repurchase program that began in 2013, which are held in treasury, as well as shares repurchased and subsequently retired to satisfy employee income tax withholding pursuant to the Company’s Equity Plan. |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Restricted Stock Activity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Number of Shares | ' |
Beginning balance | 649 |
Shares granted | 290 |
Shares vested | -10 |
Shares forfeited | -29 |
Ending balance | 900 |
Weighted- Average Fair Value | ' |
Beginning balance (USD per share) | $11.50 |
Shares granted (USD per share) | $13.45 |
Shares vested (USD per share) | $11.91 |
Shares forfeited (USD per share) | $11.61 |
Ending balance (USD per share) | $12.12 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 5 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Financial Information By Segment And Reconcile Segment Pre-Tax Adjusted Operating Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Operating revenues: | ' | ' | ' | ' | ' |
Premiums | $156 | $154.10 | $470.40 | $451.20 | ' |
Net investment income | 326.4 | 312.3 | 968.7 | 952 | ' |
Policy fees, contract charges, and other | 48.3 | 47.1 | 146.7 | 142.2 | ' |
Benefits and expenses: | ' | ' | ' | ' | ' |
Policyholder benefits and claims | 118.5 | 111.1 | 353.2 | 320.8 | ' |
Interest credited | 235.3 | 235.4 | 696.3 | 695.2 | ' |
Other underwriting and operating expenses | 90.6 | 88.9 | 274.3 | 264.5 | ' |
Interest expense | 8.3 | 8.2 | 24.7 | 24.6 | ' |
Amortization of deferred policy acquisition costs | 20.2 | 17.9 | 56.3 | 49.1 | ' |
Total benefits and expenses | 472.9 | 461.5 | 1,404.80 | 1,354.20 | ' |
Total revenues | 526.1 | 529 | 1,596.40 | 1,580.40 | ' |
Income from operations before income taxes | 53.2 | 67.5 | 191.6 | 226.2 | ' |
Total assets | 29,784.60 | ' | 29,784.60 | ' | 29,460.90 |
Benefits [Member] | ' | ' | ' | ' | ' |
Operating revenues: | ' | ' | ' | ' | ' |
Premiums | 147.4 | 144.9 | 444 | 423.3 | ' |
Net investment income | 5.2 | 5.5 | 15.5 | 16.2 | ' |
Policy fees, contract charges, and other | 3.5 | 1.9 | 10.4 | 8.4 | ' |
Net realized gains (losses) – FIA | 0 | 0 | 0 | 0 | ' |
Total operating revenues | 156.1 | 152.3 | 469.9 | 447.9 | ' |
Benefits and expenses: | ' | ' | ' | ' | ' |
Policyholder benefits and claims | 99.2 | 94.9 | 299.1 | 271.8 | ' |
Interest credited | 0 | 0 | 0 | 0 | ' |
Other underwriting and operating expenses | 41.7 | 40.7 | 125.8 | 118 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 0 | ' |
Total benefits and expenses | 140.9 | 135.6 | 424.9 | 389.8 | ' |
Segment pre-tax adjusted operating income (loss) | 15.2 | 16.7 | 45 | 58.1 | ' |
Add: net realized investment gains (losses), excluding FIA | 0 | 0 | 0 | 0 | ' |
Total revenues | 156.1 | 152.3 | 469.9 | 447.9 | ' |
Income from operations before income taxes | 15.2 | 16.7 | 45 | 58.1 | ' |
Total assets | 160.5 | 185.2 | 160.5 | 185.2 | ' |
Deferred Annuities [Member] | ' | ' | ' | ' | ' |
Operating revenues: | ' | ' | ' | ' | ' |
Premiums | 0 | 0 | 0 | 0 | ' |
Net investment income | 145 | 135.6 | 424.4 | 405.2 | ' |
Policy fees, contract charges, and other | 5.8 | 5.1 | 16.9 | 15.3 | ' |
Net realized gains (losses) – FIA | 0.9 | 1.1 | 2 | 1.1 | ' |
Total operating revenues | 151.7 | 141.8 | 443.3 | 421.6 | ' |
Benefits and expenses: | ' | ' | ' | ' | ' |
Policyholder benefits and claims | 0.2 | 0 | 0.4 | 0 | ' |
Interest credited | 86.6 | 85.2 | 250.3 | 248.2 | ' |
Other underwriting and operating expenses | 23.3 | 19.5 | 64.6 | 59.7 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Amortization of deferred policy acquisition costs | 17.7 | 13.1 | 48 | 40.1 | ' |
Total benefits and expenses | 127.8 | 117.8 | 363.3 | 348 | ' |
Segment pre-tax adjusted operating income (loss) | 23.9 | 24 | 80 | 73.6 | ' |
Add: net realized investment gains (losses), excluding FIA | -9.8 | 2.4 | -7.7 | 4.1 | ' |
Total revenues | 141.9 | 144.2 | 435.6 | 425.7 | ' |
Income from operations before income taxes | 14.1 | 26.4 | 72.3 | 77.7 | ' |
Total assets | 13,533.20 | 12,518.60 | 13,533.20 | 12,518.60 | ' |
Income Annuities [Member] | ' | ' | ' | ' | ' |
Operating revenues: | ' | ' | ' | ' | ' |
Premiums | 0 | 0 | 0 | 0 | ' |
Net investment income | 98.4 | 100.9 | 299 | 309.5 | ' |
Policy fees, contract charges, and other | 0.2 | 1.7 | 2.3 | 4.9 | ' |
Net realized gains (losses) – FIA | 0 | 0 | 0 | 0 | ' |
Total operating revenues | 98.6 | 102.6 | 301.3 | 314.4 | ' |
Benefits and expenses: | ' | ' | ' | ' | ' |
Policyholder benefits and claims | 0 | 0 | 0 | 0 | ' |
Interest credited | 85.7 | 87.7 | 256.9 | 255.1 | ' |
Other underwriting and operating expenses | 4.9 | 5.4 | 15.7 | 17 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Amortization of deferred policy acquisition costs | 0.9 | 0.9 | 2.8 | 2.4 | ' |
Total benefits and expenses | 91.5 | 94 | 275.4 | 274.5 | ' |
Segment pre-tax adjusted operating income (loss) | 7.1 | 8.6 | 25.9 | 39.9 | ' |
Add: net realized investment gains (losses), excluding FIA | 9.8 | 7.5 | 23.4 | 7.9 | ' |
Total revenues | 108.4 | 110.1 | 324.7 | 322.3 | ' |
Income from operations before income taxes | 16.9 | 16.1 | 49.3 | 47.8 | ' |
Total assets | 7,278.70 | 7,669.20 | 7,278.70 | 7,669.20 | ' |
Individual Life [Member] | ' | ' | ' | ' | ' |
Operating revenues: | ' | ' | ' | ' | ' |
Premiums | 8.6 | 9.2 | 26.4 | 27.9 | ' |
Net investment income | 72.6 | 71.1 | 211.5 | 214.5 | ' |
Policy fees, contract charges, and other | 34.1 | 32.7 | 101.1 | 97 | ' |
Net realized gains (losses) – FIA | 0 | 0 | 0 | 0 | ' |
Total operating revenues | 115.3 | 113 | 339 | 339.4 | ' |
Benefits and expenses: | ' | ' | ' | ' | ' |
Policyholder benefits and claims | 19.1 | 16.2 | 53.7 | 49 | ' |
Interest credited | 63.4 | 62.9 | 190.4 | 193.4 | ' |
Other underwriting and operating expenses | 15.4 | 16.2 | 47.9 | 48.9 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Amortization of deferred policy acquisition costs | 1.6 | 3.9 | 5.5 | 6.6 | ' |
Total benefits and expenses | 99.5 | 99.2 | 297.5 | 297.9 | ' |
Segment pre-tax adjusted operating income (loss) | 15.8 | 13.8 | 41.5 | 41.5 | ' |
Add: net realized investment gains (losses), excluding FIA | -3 | -3.4 | -7 | -2.6 | ' |
Total revenues | 112.3 | 109.6 | 332 | 336.8 | ' |
Income from operations before income taxes | 12.8 | 10.4 | 34.5 | 38.9 | ' |
Total assets | 6,482.60 | 6,622.10 | 6,482.60 | 6,622.10 | ' |
Other [Member] | ' | ' | ' | ' | ' |
Operating revenues: | ' | ' | ' | ' | ' |
Premiums | 0 | 0 | 0 | 0 | ' |
Net investment income | 5.2 | -0.8 | 18.3 | 6.6 | ' |
Policy fees, contract charges, and other | 4.7 | 5.7 | 16 | 16.6 | ' |
Net realized gains (losses) – FIA | 0 | 0 | 0 | 0 | ' |
Total operating revenues | 9.9 | 4.9 | 34.3 | 23.2 | ' |
Benefits and expenses: | ' | ' | ' | ' | ' |
Policyholder benefits and claims | 0 | 0 | 0 | 0 | ' |
Interest credited | -0.4 | -0.4 | -1.3 | -1.5 | ' |
Other underwriting and operating expenses | 5.3 | 7.1 | 20.3 | 20.9 | ' |
Interest expense | 8.3 | 8.2 | 24.7 | 24.6 | ' |
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 0 | ' |
Total benefits and expenses | 13.2 | 14.9 | 43.7 | 44 | ' |
Segment pre-tax adjusted operating income (loss) | -3.3 | -10 | -9.4 | -20.8 | ' |
Add: net realized investment gains (losses), excluding FIA | -2.5 | 7.9 | -0.1 | 24.5 | ' |
Total revenues | 7.4 | 12.8 | 34.2 | 47.7 | ' |
Income from operations before income taxes | -5.8 | -2.1 | -9.5 | 3.7 | ' |
Total assets | 2,329.60 | 2,502.60 | 2,329.60 | 2,502.60 | ' |
Consolidation [Member] | ' | ' | ' | ' | ' |
Operating revenues: | ' | ' | ' | ' | ' |
Premiums | 156 | 154.1 | 470.4 | 451.2 | ' |
Net investment income | 326.4 | 312.3 | 968.7 | 952 | ' |
Policy fees, contract charges, and other | 48.3 | 47.1 | 146.7 | 142.2 | ' |
Net realized gains (losses) – FIA | 0.9 | 1.1 | 2 | 1.1 | ' |
Total operating revenues | 531.6 | 514.6 | 1,587.80 | 1,546.50 | ' |
Benefits and expenses: | ' | ' | ' | ' | ' |
Policyholder benefits and claims | 118.5 | 111.1 | 353.2 | 320.8 | ' |
Interest credited | 235.3 | 235.4 | 696.3 | 695.2 | ' |
Other underwriting and operating expenses | 90.6 | 88.9 | 274.3 | 264.5 | ' |
Interest expense | 8.3 | 8.2 | 24.7 | 24.6 | ' |
Amortization of deferred policy acquisition costs | 20.2 | 17.9 | 56.3 | 49.1 | ' |
Total benefits and expenses | 472.9 | 461.5 | 1,404.80 | 1,354.20 | ' |
Segment pre-tax adjusted operating income (loss) | 58.7 | 53.1 | 183 | 192.3 | ' |
Add: net realized investment gains (losses), excluding FIA | -5.5 | 14.4 | 8.6 | 33.9 | ' |
Total revenues | 526.1 | 529 | 1,596.40 | 1,580.40 | ' |
Income from operations before income taxes | 53.2 | 67.5 | 191.6 | 226.2 | ' |
Total assets | $29,784.60 | $29,497.70 | $29,784.60 | $29,497.70 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 05, 2013 |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Dividend declared per common share | $0.09 | $0.07 | $0.25 | $0.21 | $0.09 |
Total dividend declared | ' | ' | ' | ' | $10.60 |