Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SYMETRA FINANCIAL CORPORATION | ' |
Entity Central Index Key | '0001403385 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 115,903,555 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale securities: | ' | ' |
Fixed maturities, at fair value (amortized cost: $22,896.2 and $22,261.3, respectively) | $24,329 | $23,337.70 |
Marketable equity securities, at fair value (cost: $119.4 and $129.0, respectively) | 126.8 | 134.3 |
Trading securities: | ' | ' |
Marketable equity securities, at fair value (cost: $376.7 and $403.0, respectively) | 460.3 | 474.4 |
Mortgage loans, net | 3,603.20 | 3,541 |
Policy loans | 62.4 | 63.3 |
Investments in limited partnerships (includes $41.5 and $31.2 measured at fair value, respectively) | 299.3 | 296.3 |
Other invested assets (includes $54.0 and $47.8 measured at fair value, respectively) | 59 | 54.1 |
Total investments | 28,940 | 27,901.10 |
Cash and cash equivalents | 108.5 | 76 |
Accrued investment income | 295 | 298 |
Reinsurance recoverables | 313 | 310.8 |
Deferred policy acquisition costs | 320.1 | 322.5 |
Receivables and other assets | 213.9 | 242.7 |
Separate account assets | 973.8 | 978.4 |
Total assets | 31,164.30 | 30,129.50 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' |
Funds held under deposit contracts | 25,140.50 | 24,642.90 |
Future policy benefits | 399.8 | 397.9 |
Policy and contract claims | 150.1 | 159.9 |
Other policyholders’ funds | 143.9 | 128.1 |
Notes payable | 449.6 | 449.5 |
Deferred income tax liabilities, net | 320.1 | 201.9 |
Other liabilities | 391.2 | 229 |
Separate account liabilities | 973.8 | 978.4 |
Total liabilities | 27,969 | 27,187.60 |
Commitments and contingencies (Note 11) | ' | ' |
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; 124,923,871 issued and 116,619,218 outstanding as of March 31, 2014; 124,683,023 issued and 117,730,757 outstanding as of December 31, 2013 | 1.2 | 1.2 |
Additional paid-in capital | 1,466.30 | 1,464.60 |
Treasury stock, at cost; 8,304,653 and 6,952,266 shares as of March 31, 2014 and December 31, 2013, respectively | -119.9 | -93.4 |
Retained earnings | 1,043.40 | 975.9 |
Accumulated other comprehensive income, net of taxes | 804.3 | 593.6 |
Total stockholders’ equity | 3,195.30 | 2,941.90 |
Total liabilities and stockholders’ equity | $31,164.30 | $30,129.50 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Available-for-sale securities: | ' | ' |
Fixed maturities, at amortized cost | $22,896.20 | $22,261.30 |
Marketable equity securities, at cost | 119.4 | 129 |
Trading securities: | ' | ' |
Trading marketable equity securities, at cost | 376.7 | 403 |
Investments in limited partnerships at fair value | 41.5 | 31.2 |
Other invested assets at fair value | $54 | $47.80 |
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 | 124,923,871 | 124,683,023 |
Common stock, shares outstanding | 116,619,218 | 117,730,757 |
Treasury stock, shares | 8,304,653 | 6,952,266 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Premiums | $153.80 | $157 |
Net investment income | 324.4 | 323.7 |
Policy fees, contract charges, and other | 46.6 | 49.9 |
Net realized gains (losses): | ' | ' |
Total other-than-temporary impairment losses on securities | -1.1 | -2.6 |
Less: portion recognized in other comprehensive income (loss) | 0 | 0.6 |
Net impairment losses recognized in earnings | -1.1 | -2 |
Other net realized gains (losses) | 21.8 | 28.5 |
Net realized gains (losses) | 20.7 | 26.5 |
Total revenues | 545.5 | 557.1 |
Benefits and expenses: | ' | ' |
Policyholder benefits and claims | 101.2 | 119.5 |
Interest credited | 234.2 | 235.3 |
Other underwriting and operating expenses | 87.9 | 91.8 |
Interest expense | 8.2 | 8.2 |
Amortization of deferred policy acquisition costs | 19.9 | 18.9 |
Total benefits and expenses | 451.4 | 473.7 |
Income from operations before income taxes | 94.1 | 83.4 |
Provision (benefit) for income taxes: | ' | ' |
Current | 10.1 | 15.7 |
Deferred | 4.7 | 1.7 |
Total provision for income taxes | 14.8 | 17.4 |
Net income | $79.30 | $66 |
Net income per common share: | ' | ' |
Basic (USD per share) | $0.68 | $0.48 |
Diluted (USD per share) | $0.68 | $0.48 |
Weighted-average number of common shares outstanding: | ' | ' |
Basic (shares) | 117,460,386 | 138,093,261 |
Diluted (shares) | 117,465,638 | 138,097,970 |
Cash dividends declared per common share (USD per share) | $0.10 | $0.08 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $79.30 | $66 |
Other comprehensive income (loss), net of taxes and reclassification adjustments: | ' | ' |
Changes in unrealized gains (losses) on available-for-sale securities (net of taxes of $127.0 and $(52.3)) | 235.9 | -97.2 |
Other-than-temporary impairments on fixed maturities not related to credit losses (net of taxes of $0.0 and $(0.2)) | 0 | -0.4 |
Impact of net unrealized (gains) losses on deferred policy acquisition costs and deferred sales inducements (net of taxes of $(11.8) and $8.1) | -21.8 | 15 |
Impact of cash flow hedges (net of taxes of $(1.8) and $2.4) | -3.4 | 4.5 |
Other comprehensive income (loss) | 210.7 | -78.1 |
Total comprehensive income (loss) | $290 | ($12.10) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Changes in unrealized gains (losses) on available-for-sale securities, tax | $127 | ($52.30) |
Other-than-temporary impairments on fixed maturities not related to credit losses, tax | 0 | -0.2 |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and deferred sales inducements, tax | -11.8 | 8.1 |
Impact of cash flow hedges, tax | ($1.80) | $2.40 |
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, 2012 | $3,630.10 | $1.20 | $1,459.30 | $0 | $798.40 | $1,371.20 |
Net income | 66 | 0 | 0 | 0 | 66 | 0 |
Other comprehensive income (loss) | -78.1 | 0 | 0 | 0 | 0 | -78.1 |
Stock-based compensation | 1.4 | 0 | 1.4 | 0 | 0 | 0 |
Shares repurchased | -4.2 | 0 | 0 | -4.2 | 0 | 0 |
Dividends declared | -11 | 0 | 0 | 0 | -11 | 0 |
Ending Balance at Mar. 31, 2013 | 3,604.20 | 1.2 | 1,460.70 | -4.2 | 853.4 | 1,293.10 |
Beginning Balance at Dec. 31, 2013 | 2,941.90 | 1.2 | 1,464.60 | -93.4 | 975.9 | 593.6 |
Net income | 79.3 | 0 | 0 | 0 | 79.3 | 0 |
Other comprehensive income (loss) | 210.7 | 0 | 0 | 0 | 0 | 210.7 |
Stock-based compensation | 1.7 | 0 | 1.7 | 0 | 0 | 0 |
Shares repurchased | -26.5 | 0 | 0 | -26.5 | 0 | 0 |
Dividends declared | -11.8 | 0 | 0 | 0 | -11.8 | 0 |
Ending Balance at Mar. 31, 2014 | $3,195.30 | $1.20 | $1,466.30 | ($119.90) | $1,043.40 | $804.30 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $79.30 | $66 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Net realized (gains) losses | -20.7 | -26.5 |
Accretion and amortization of invested assets, net | 22 | 17.8 |
Accrued interest on fixed maturities | -2.9 | -3.9 |
Amortization and depreciation | 6.2 | 7.3 |
Deferred income tax provision (benefit) | 4.7 | 1.7 |
Interest credited on deposit contracts | 234.2 | 235.3 |
Mortality and expense charges and administrative fees | -32.8 | -29.9 |
Changes in: | ' | ' |
Accrued investment income | 3 | -5.7 |
Deferred policy acquisition costs, net | -21.4 | 0.8 |
Future policy benefits | 1.9 | 0.3 |
Policy and contract claims | -9.8 | -14 |
Current income taxes | 10 | 45.7 |
Other assets and liabilities | -13 | -19.1 |
Other, net | 1 | 0.9 |
Total adjustments | 182.4 | 210.7 |
Net cash provided by (used in) operating activities | 261.7 | 276.7 |
Purchases of: | ' | ' |
Fixed maturities and marketable equity securities | -1,358.60 | -843.9 |
Other invested assets and investments in limited partnerships | -34.7 | -9.5 |
Issuances of mortgage loans | -117.6 | -137.6 |
Maturities, calls, paydowns, and other repayments | 418.6 | 483.8 |
Sales of: | ' | ' |
Fixed maturities and marketable equity securities | 521.6 | 414.3 |
Other invested assets and investments in limited partnerships | 15.1 | 2.2 |
Repayments of mortgage loans | 55.5 | 61.5 |
Other, net | -0.7 | 12.2 |
Net cash provided by (used in) investing activities | -500.8 | -17 |
Policyholder account balances: | ' | ' |
Deposits | 758.7 | 390.2 |
Withdrawals | -445.5 | -423.1 |
Cash dividends paid on common stock | -11.8 | -11 |
Common stock repurchased | -22.7 | -3.7 |
Other, net | -7.1 | -41.7 |
Net cash provided by (used in) financing activities | 271.6 | -89.3 |
Net increase (decrease) in cash and cash equivalents | 32.5 | 170.4 |
Cash and cash equivalents at beginning of period | 76 | 130.8 |
Cash and cash equivalents at end of period | 108.5 | 301.2 |
Non-cash transactions during the period: | ' | ' |
Fixed maturities exchanges | 16.7 | 37.9 |
Investments in limited partnerships and capital obligations incurred | $2.60 | $1.30 |
Description_Of_Business
Description Of Business | 3 Months Ended |
Mar. 31, 2014 | |
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, fixed indexed, and variable deferred annuities, single premium immediate annuities, medical stop-loss insurance, limited benefit medical insurance, group life and disability income insurance, individual life insurance and institutional life insurance including bank-owned life insurance (BOLI) and variable corporate-owned life insurance (COLI). 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.” 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). |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
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. | |
The provision for income taxes on the consolidated statements of income reflects the Company's estimated effective tax rate for the year. The difference between this rate and the U.S. federal income tax rate of 35% to income was primarily due to benefits from the Company's tax credit investments. | |
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, 2013. Financial results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the twelve months ended December 31, 2014. | |
Accounting Pronouncements Not Yet Adopted | |
ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects | |
In January 2014, the FASB issued ASU 2014-01, Investments (Topic 323) – Equity Method and Joint Ventures: Accounting for Investments in Qualified Affordable Housing (AFH) Projects. This ASU provides companies with the option to elect the proportional method of amortization for AFH investments if certain criteria are met. Under this method, a company would amortize the cost of its investment in proportion to the tax credits and other tax benefits received. Amortization would be presented as a component of income tax expense. The standard is effective for annual and interim periods beginning on or after January 1, 2015, with retrospective application required. The standard does not apply to other types of tax credit investments. The Company is currently evaluating whether it will elect the proportional amortization method for its AFH investments and the impact that it may have on the consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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. | ||||||||
Participating securities are those for which the instrument 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. These securities include restricted stock issued to the Company’s employees, as well as the Company’s warrants, which were previously exercisable for 18,975,744 common shares and were net-share settled on June 20, 2013. Participating securities are included in basic and diluted earnings per share, based on the application of the two-class method, for the portion of the period for which the securities were outstanding. | ||||||||
For both the three months ended March 31, 2014 and 2013, stock options exercisable for 2,650,000 shares of common stock were excluded from the computation of diluted earnings per share, based on the application of the treasury stock method, 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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 79.3 | $ | 66 | ||||
Denominator: | ||||||||
Weighted-average common shares outstanding – basic | 117,460,386 | 138,093,261 | ||||||
Add: dilutive effect of certain equity instruments | 5,252 | 4,709 | ||||||
Weighted-average common shares outstanding – diluted | 117,465,638 | 138,097,970 | ||||||
Net income per common share: | ||||||||
Basic | $ | 0.68 | $ | 0.48 | ||||
Diluted | $ | 0.68 | $ | 0.48 | ||||
Investments
Investments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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 accumulated other comprehensive income (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 March 31, 2014 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 810.9 | $ | 6.1 | $ | (4.1 | ) | $ | 812.9 | $ | — | |||||||||||||
State and political subdivisions | 730.9 | 24.5 | (4.2 | ) | 751.2 | — | ||||||||||||||||||
Corporate securities | 16,676.00 | 1,297.70 | (120.0 | ) | 17,853.70 | (14.0 | ) | |||||||||||||||||
Residential mortgage-backed securities | 2,682.70 | 130.9 | (24.5 | ) | 2,789.10 | (6.5 | ) | |||||||||||||||||
Commercial mortgage-backed securities | 1,428.50 | 93.9 | (7.9 | ) | 1,514.50 | — | ||||||||||||||||||
Other debt obligations | 567.2 | 42.2 | (1.8 | ) | 607.6 | — | ||||||||||||||||||
Total fixed maturities | 22,896.20 | 1,595.30 | (162.5 | ) | 24,329.00 | (20.5 | ) | |||||||||||||||||
Marketable equity securities, available-for-sale | 119.4 | 7.7 | (0.3 | ) | 126.8 | — | ||||||||||||||||||
Total | $ | 23,015.60 | $ | 1,603.00 | $ | (162.8 | ) | $ | 24,455.80 | $ | (20.5 | ) | ||||||||||||
Cost or | Gross | Gross | Fair Value | OTTI in | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | AOCI | |||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 348.5 | $ | 2.1 | $ | (6.2 | ) | $ | 344.4 | $ | — | |||||||||||||
State and political subdivisions | 748.2 | 17.6 | (14.3 | ) | 751.5 | — | ||||||||||||||||||
Corporate securities | 16,470.90 | 1,083.80 | (202.3 | ) | 17,352.40 | (14.9 | ) | |||||||||||||||||
Residential mortgage-backed securities | 2,678.30 | 115.1 | (37.4 | ) | 2,756.00 | (6.8 | ) | |||||||||||||||||
Commercial mortgage-backed securities | 1,436.00 | 94.7 | (12.3 | ) | 1,518.40 | — | ||||||||||||||||||
Other debt obligations | 579.4 | 39.3 | (3.7 | ) | 615 | — | ||||||||||||||||||
Total fixed maturities | 22,261.30 | 1,352.60 | (276.2 | ) | 23,337.70 | (21.7 | ) | |||||||||||||||||
Marketable equity securities, available-for-sale | 129 | 5.9 | (0.6 | ) | 134.3 | — | ||||||||||||||||||
Total | $ | 22,390.30 | $ | 1,358.50 | $ | (276.8 | ) | $ | 23,472.00 | $ | (21.7 | ) | ||||||||||||
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 March 31, 2014 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 104.5 | $ | (4.1 | ) | 9 | $ | — | $ | — | — | |||||||||||||
State and political subdivisions | 197.3 | (4.1 | ) | 34 | 1.7 | (0.1 | ) | 1 | ||||||||||||||||
Corporate securities | 2,384.50 | (71.8 | ) | 199 | 370.1 | (48.2 | ) | 47 | ||||||||||||||||
Residential mortgage-backed securities | 521.1 | (21.2 | ) | 78 | 47.4 | (3.3 | ) | 18 | ||||||||||||||||
Commercial mortgage-backed securities | 169.2 | (6.2 | ) | 10 | 24.5 | (1.7 | ) | 9 | ||||||||||||||||
Other debt obligations | 137.2 | (1.7 | ) | 14 | 0.6 | (0.1 | ) | 2 | ||||||||||||||||
Total fixed maturities | 3,513.80 | (109.1 | ) | 344 | 444.3 | (53.4 | ) | 77 | ||||||||||||||||
Marketable equity securities, available-for-sale | 17.8 | (0.3 | ) | 18 | — | — | — | |||||||||||||||||
Total | $ | 3,531.60 | $ | (109.4 | ) | $ | 362 | $ | 444.3 | $ | (53.4 | ) | $ | 77 | ||||||||||
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, 2013 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 102.7 | $ | (6.2 | ) | 9 | $ | — | $ | — | — | |||||||||||||
State and political subdivisions | 278.7 | (13.9 | ) | 44 | 5.4 | (0.4 | ) | 3 | ||||||||||||||||
Corporate securities | 3,621.50 | (150.7 | ) | 258 | 263.5 | (51.6 | ) | 42 | ||||||||||||||||
Residential mortgage-backed securities | 680 | (33.0 | ) | 95 | 52.4 | (4.4 | ) | 22 | ||||||||||||||||
Commercial mortgage-backed securities | 261.9 | (11.4 | ) | 17 | 14.2 | (0.9 | ) | 9 | ||||||||||||||||
Other debt obligations | 152 | (3.6 | ) | 15 | 0.6 | (0.1 | ) | 3 | ||||||||||||||||
Total fixed maturities | 5,096.80 | (218.8 | ) | 438 | 336.1 | (57.4 | ) | 79 | ||||||||||||||||
Marketable equity securities, available-for-sale | 39.7 | (0.6 | ) | 21 | — | — | — | |||||||||||||||||
Total | $ | 5,136.50 | $ | (219.4 | ) | $ | 459 | $ | 336.1 | $ | (57.4 | ) | $ | 79 | ||||||||||
Based on National Association of Insurance Commissioners (NAIC) ratings as of March 31, 2014 and December 31, 2013, the Company held below-investment-grade fixed maturities with fair values of $1,217.6 and $1,267.5, respectively, and amortized costs of $1,171.3 and $1,229.7, respectively. These holdings amounted to 5.0% and 5.5% of the Company’s investments in fixed maturities at fair value as of March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
The following table summarizes the amortized cost and fair value of fixed maturities as of March 31, 2014, 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 | $ | 733.8 | $ | 738.2 | ||||||||||||||||||||
Over one year through five years | 5,084.40 | 5,515.20 | ||||||||||||||||||||||
Over five years through ten years | 8,730.60 | 9,044.80 | ||||||||||||||||||||||
Over ten years | 3,789.50 | 4,245.80 | ||||||||||||||||||||||
Residential mortgage-backed securities | 2,682.70 | 2,789.10 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 1,428.50 | 1,514.50 | ||||||||||||||||||||||
Other asset-backed securities | 446.7 | 481.4 | ||||||||||||||||||||||
Total fixed maturities | $ | 22,896.20 | $ | 24,329.00 | ||||||||||||||||||||
The following table summarizes the Company’s net investment income: | ||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Fixed maturities | $ | 283 | $ | 284.6 | ||||||||||||||||||||
Marketable equity securities, available-for-sale | 1 | 0.6 | ||||||||||||||||||||||
Marketable equity securities, trading | 3 | 3.1 | ||||||||||||||||||||||
Mortgage loans | 50.1 | 44.9 | ||||||||||||||||||||||
Policy loans | 0.9 | 0.9 | ||||||||||||||||||||||
Investments in limited partnerships | (6.7 | ) | (4.4 | ) | ||||||||||||||||||||
Other | 1.4 | 2 | ||||||||||||||||||||||
Total investment income | 332.7 | 331.7 | ||||||||||||||||||||||
Investment expenses | (8.3 | ) | (8.0 | ) | ||||||||||||||||||||
Net investment income | $ | 324.4 | $ | 323.7 | ||||||||||||||||||||
The following table summarizes the Company’s net realized gains (losses): | ||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
Gross gains on sales | $ | 8.7 | $ | 1.8 | ||||||||||||||||||||
Gross losses on sales | (1.8 | ) | (8.1 | ) | ||||||||||||||||||||
Net impairment losses recognized in earnings | (1.1 | ) | (2.0 | ) | ||||||||||||||||||||
Other (1) | (1.2 | ) | (0.7 | ) | ||||||||||||||||||||
Total fixed maturities | 4.6 | (9.0 | ) | |||||||||||||||||||||
Marketable equity securities, trading (2) | 19.7 | 33 | ||||||||||||||||||||||
Other (3) | (5.0 | ) | 2.1 | |||||||||||||||||||||
Deferred policy acquisition costs and deferred sales inducement adjustment | 1.4 | 0.4 | ||||||||||||||||||||||
Net realized gains (losses) | $ | 20.7 | $ | 26.5 | ||||||||||||||||||||
____________________ | ||||||||||||||||||||||||
-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 $2.4 and $0.9 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||
-2 | This includes net gains (losses) on changes in the fair value of trading securities held as of period end totaling $13.8 and $27.2 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||
-3 | This includes net gains (losses) on derivatives not designated for hedge accounting and other instruments. | |||||||||||||||||||||||
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, under normal market conditions, 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; | |||||||||||||||||||||||
• | Third-party guarantees; 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; | |||||||||||||||||||||||
• | Creditworthiness; | |||||||||||||||||||||||
• | Delinquency ratios and loan-to-value ratios on the underlying collateral; | |||||||||||||||||||||||
• | Average cumulative collateral values, vintage year and level of subordination; | |||||||||||||||||||||||
• | Geographic concentrations; 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 any credit-related OTTI: | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||
Underwater by 20% or more: | ||||||||||||||||||||||||
Less than 6 consecutive months | $ | 2.2 | $ | (0.9 | ) | $ | 33.3 | $ | (12.3 | ) | ||||||||||||||
6 consecutive months or more | 32.4 | (17.4 | ) | 26.7 | (18.4 | ) | ||||||||||||||||||
Total underwater by 20% or more | 34.6 | (18.3 | ) | 60 | (30.7 | ) | ||||||||||||||||||
All other underwater fixed maturities | 3,923.50 | (144.2 | ) | 5,372.90 | (245.5 | ) | ||||||||||||||||||
Total underwater fixed maturities | $ | 3,958.10 | $ | (162.5 | ) | $ | 5,432.90 | $ | (276.2 | ) | ||||||||||||||
There were no marketable equity securities recorded as available-for-sale that were underwater by 20% or more as of March 31, 2014 or December 31, 2013. | ||||||||||||||||||||||||
The Company reviewed its available-for-sale fixed maturities with unrealized losses as of March 31, 2014 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 fixed maturities, 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, which may be maturity. This conclusion is supported by the Company’s spread analyses, cash flow modeling and expected continuation of contractually required principal and interest payments. | ||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company has evaluated the near-term prospects of its available-for-sale equity securities with unrealized losses in relation to the severity and duration of the impairment. Based on that evaluation, the Company concluded that it had the ability and intent to hold these investments until a recovery of fair value. | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of period | $ | 23.1 | $ | 36.2 | ||||||||||||||||||||
Increases recognized in the current period: | ||||||||||||||||||||||||
For which an OTTI was previously recognized | — | 0.4 | ||||||||||||||||||||||
Decreases attributable to: | ||||||||||||||||||||||||
Securities sold or paid down during the period | (1.3 | ) | (2.6 | ) | ||||||||||||||||||||
Balance, end of period | $ | 21.8 | $ | 34 | ||||||||||||||||||||
Mortgage_Loans
Mortgage Loans | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
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 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 March 31, 2014, the three states with the largest concentrations of the Company’s commercial mortgage loans were California, primarily the Los Angeles area, Texas and Washington. Loans in these states comprised 29.5%, 11.3% and 8.8% of the total portfolio, respectively. | ||||||||||||||
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 March 31, 2014 | As of December 31, 2013 | |||||||||||||
Carrying | % of Total | Carrying | % of Total | |||||||||||
Value | Value | |||||||||||||
Lower risk | $ | 2,193.50 | 60.8 | % | $ | 2,195.10 | 61.9 | % | ||||||
Medium risk | 851.5 | 23.6 | 843.5 | 23.8 | ||||||||||
Higher risk | 562 | 15.6 | 506.3 | 14.3 | ||||||||||
Credit quality indicator total | 3,607.00 | 100 | % | 3,544.90 | 100 | % | ||||||||
Loans specifically evaluated for impairment (1) | 2 | 2 | ||||||||||||
Other (2) | (5.8 | ) | (5.9 | ) | ||||||||||
Total | $ | 3,603.20 | $ | 3,541.00 | ||||||||||
________________ | ||||||||||||||
-1 | As of March 31, 2014 and December 31, 2013, reserve amounts of $0.2 and $0.2, 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 | ||||||||||||||
March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Allowance at beginning of period | $ | 8.1 | $ | 7.9 | ||||||||||
Provision for specific loans | — | 0.2 | ||||||||||||
Provision for loans not specifically identified | — | — | ||||||||||||
Charge-offs | — | — | ||||||||||||
Allowance at end of period | $ | 8.1 | $ | 8.1 | ||||||||||
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 both March 31, 2014 and December 31, 2013, no loans were considered non-performing. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||||||||||||||
6. Derivative Instruments | ||||||||||||||||||||||||
The following table sets forth the fair value of the Company’s derivative instruments. In the consolidated balance sheets, 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. | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||||
Amount | Assets | Liabilities | Amount | Assets | Liabilities | |||||||||||||||||||
Derivatives designated as hedges: | ||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Interest rate swaps | $ | 97.1 | $ | 4.8 | $ | — | $ | 97.1 | $ | 4.6 | $ | — | ||||||||||||
Foreign currency swaps | 447.8 | — | 34 | 440.4 | — | 28.4 | ||||||||||||||||||
Total derivatives designated as hedges | $ | 544.9 | $ | 4.8 | $ | 34 | $ | 537.5 | $ | 4.6 | $ | 28.4 | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||||||||
Equity index options | $ | 1,250.00 | $ | 44.9 | $ | 0.5 | $ | 1,060.90 | $ | 38.8 | $ | 1.6 | ||||||||||||
Foreign currency forwards | 11.7 | — | — | 49.3 | 0.3 | 0.4 | ||||||||||||||||||
Embedded derivatives | — | — | 121.3 | — | — | 92.1 | ||||||||||||||||||
Other derivatives | 117.1 | 0.5 | — | 66 | 0.3 | — | ||||||||||||||||||
Total derivatives not designated as hedges | 1,378.80 | 45.4 | 121.8 | 1,176.20 | 39.4 | 94.1 | ||||||||||||||||||
Total derivatives | $ | 1,923.70 | $ | 50.2 | $ | 155.8 | $ | 1,713.70 | $ | 44 | $ | 122.5 | ||||||||||||
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 does not offset recognized collateral amounts posted or received against the fair value amounts recognized for derivative contracts. | ||||||||||||||||||||||||
In the consolidated balance sheets, the Company recognizes cash collateral received in cash and cash equivalents and the obligation to return cash collateral in other liabilities. Non-cash collateral received is not recognized in 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 March 31, 2014 | ||||||||||||||||||||||||
Gross Amount of Collateral (Received) Posted | ||||||||||||||||||||||||
Fair Value Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | |||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
A | $ | 5.4 | $ | — | $ | — | $ | 5.4 | ||||||||||||||||
B | 13.5 | — | — | 13.5 | ||||||||||||||||||||
C | 16.3 | — | (15.7 | ) | 0.6 | |||||||||||||||||||
D | 11.3 | — | (9.5 | ) | 1.8 | |||||||||||||||||||
Other | 3.7 | — | (1.7 | ) | 2 | |||||||||||||||||||
Total derivative assets | $ | 50.2 | $ | — | $ | (26.9 | ) | $ | 23.3 | |||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Gross Amount of Collateral Received (Posted) | ||||||||||||||||||||||||
Fair Value Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | |||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
A | $ | 6.5 | $ | (0.9 | ) | $ | — | $ | 5.6 | |||||||||||||||
B | 20.3 | (7.5 | ) | (0.6 | ) | 12.2 | ||||||||||||||||||
E | 6.1 | (4.1 | ) | — | 2 | |||||||||||||||||||
Other | 1.6 | — | — | 1.6 | ||||||||||||||||||||
Total derivative liabilities (1) | $ | 34.5 | $ | (12.5 | ) | $ | (0.6 | ) | $ | 21.4 | ||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Excludes $121.3 of embedded derivatives which have no counterparty. | |||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Gross Amount of Collateral (Received) Posted | ||||||||||||||||||||||||
Fair Value Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | |||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
A | $ | 4.4 | $ | — | $ | (0.2 | ) | $ | 4.2 | |||||||||||||||
B | 11 | — | (3.0 | ) | 8 | |||||||||||||||||||
C | 17.7 | — | (17.4 | ) | 0.3 | |||||||||||||||||||
D | 9.1 | — | (6.9 | ) | 2.2 | |||||||||||||||||||
Other | 1.8 | — | — | 1.8 | ||||||||||||||||||||
Total derivative assets | $ | 44 | $ | — | $ | (27.5 | ) | $ | 16.5 | |||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Gross Amount of Collateral Received (Posted) | ||||||||||||||||||||||||
Fair Value Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | |||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
A | $ | 5.3 | $ | — | $ | — | $ | 5.3 | ||||||||||||||||
B | 16.9 | — | (0.2 | ) | 16.7 | |||||||||||||||||||
E | 5.1 | (2.8 | ) | — | 2.3 | |||||||||||||||||||
Other | 3.1 | — | — | 3.1 | ||||||||||||||||||||
Total derivative liabilities (1) | $ | 30.4 | $ | (2.8 | ) | $ | (0.2 | ) | $ | 27.4 | ||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Excludes $92.1 of embedded derivatives which have no counterparty. | |||||||||||||||||||||||
Derivatives Designated as 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 | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest rate swaps | $ | 0.8 | $ | (0.3 | ) | |||||||||||||||||||
Foreign currency swaps | (5.7 | ) | 8.2 | |||||||||||||||||||||
Total | $ | (4.9 | ) | $ | 7.9 | |||||||||||||||||||
See Note 9 for amounts reclassified out of AOCI into net income for the three months ended March 31, 2014 and 2013. The Company expects to reclassify net gains of $1.4 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 March 31, 2014, the maximum term over which the Company is hedging its exposure to the variability in future cash flows is approximately ten years. The Company recorded no ineffectiveness for cash flow hedging relationships for the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||
Derivatives Not Designated as Hedges | ||||||||||||||||||||||||
The following table shows the effect of derivatives not designated as hedges on the consolidated statements of income, which is recorded in net realized gains (losses): | ||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Equity indexed options | $ | 3.9 | $ | 3.2 | ||||||||||||||||||||
Foreign currency forwards | — | 1.6 | ||||||||||||||||||||||
Embedded derivatives | (6.3 | ) | (2.0 | ) | ||||||||||||||||||||
Other derivatives | 0.1 | (0.2 | ) | |||||||||||||||||||||
Total | $ | (2.3 | ) | $ | 2.6 | |||||||||||||||||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||||||||||||||||||||||||||
7. 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 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 March 31, 2014 | ||||||||||||||||||||||||||||||||||||
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 | $ | 812.9 | $ | 812.9 | $ | — | $ | 812.9 | $ | — | ||||||||||||||||||||||||||
State and political subdivisions | 751.2 | 751.2 | — | 751.2 | — | |||||||||||||||||||||||||||||||
Corporate securities | 17,853.70 | 17,853.70 | — | 17,761.60 | 92.1 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 2,789.10 | 2,789.10 | — | 2,788.90 | 0.2 | |||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,514.50 | 1,514.50 | — | 1,509.00 | 5.5 | |||||||||||||||||||||||||||||||
Other debt obligations | 607.6 | 607.6 | — | 544.7 | 62.9 | |||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 24,329.00 | 24,329.00 | — | 24,168.30 | 160.7 | |||||||||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 126.8 | 126.8 | 68.2 | 58.6 | — | |||||||||||||||||||||||||||||||
Marketable equity securities, trading | 460.3 | 460.3 | 460 | — | 0.3 | |||||||||||||||||||||||||||||||
Investments in limited partnerships, private equity funds | 41.5 | 41.5 | — | — | 41.5 | |||||||||||||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||||||||||||||
Equity indexed options | 44.9 | 44.9 | — | 42.4 | 2.5 | |||||||||||||||||||||||||||||||
Other | 9.1 | 9.1 | 0.6 | 5.2 | 3.3 | |||||||||||||||||||||||||||||||
Total other invested assets | 54 | 54 | 0.6 | 47.6 | 5.8 | |||||||||||||||||||||||||||||||
Total investments carried at fair value | 25,011.60 | 25,011.60 | 528.8 | 24,274.50 | 208.3 | |||||||||||||||||||||||||||||||
Separate account assets | 973.8 | 973.8 | 973.8 | — | — | |||||||||||||||||||||||||||||||
Total assets at fair value | $ | 25,985.40 | $ | 25,985.40 | $ | 1,502.60 | $ | 24,274.50 | $ | 208.3 | ||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | $ | 121.3 | $ | 121.3 | $ | — | $ | — | $ | 121.3 | ||||||||||||||||||||||||||
Foreign currency swaps | 34 | 34 | — | 34 | — | |||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 155.3 | $ | 155.3 | $ | — | $ | 34 | $ | 121.3 | ||||||||||||||||||||||||||
Subject to fair value disclosure requirements: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 3,603.20 | $ | 3,785.70 | $ | — | $ | — | $ | 3,785.70 | ||||||||||||||||||||||||||
Investments in limited partnerships, tax credit investments | 257.8 | 224.7 | — | 224.7 | — | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 108.5 | 108.5 | 108.5 | — | — | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Funds held under deposit contracts (1): | ||||||||||||||||||||||||||||||||||||
Deferred annuities | $ | 12,420.70 | $ | 12,332.00 | $ | — | $ | — | $ | 12,332.00 | ||||||||||||||||||||||||||
Income annuities | 6,536.20 | 7,924.60 | — | — | 7,924.60 | |||||||||||||||||||||||||||||||
Notes payable: | ||||||||||||||||||||||||||||||||||||
Capital Efficient Notes (CENts) | 149.9 | 157.5 | — | 157.5 | — | |||||||||||||||||||||||||||||||
Senior notes | 299.7 | 319.1 | — | 319.1 | — | |||||||||||||||||||||||||||||||
_______________________ | ||||||||||||||||||||||||||||||||||||
-1 | The carrying value of this balance excludes $6,183.6 of liabilities related to insurance contracts and embedded derivatives. | |||||||||||||||||||||||||||||||||||
As of December 31, 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 | $ | 344.4 | $ | 344.4 | $ | — | $ | 327 | $ | 17.4 | ||||||||||||||||||||||||||
State and political subdivisions | 751.5 | 751.5 | — | 751.5 | — | |||||||||||||||||||||||||||||||
Corporate securities | 17,352.40 | 17,352.40 | — | 17,324.40 | 28 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 2,756.00 | 2,756.00 | — | 2,755.80 | 0.2 | |||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,518.40 | 1,518.40 | — | 1,512.60 | 5.8 | |||||||||||||||||||||||||||||||
Other debt obligations | 615 | 615 | — | 486.2 | 128.8 | |||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 23,337.70 | 23,337.70 | — | 23,157.50 | 180.2 | |||||||||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 134.3 | 134.3 | 77.4 | 56.9 | — | |||||||||||||||||||||||||||||||
Marketable equity securities, trading | 474.4 | 474.4 | 474.1 | — | 0.3 | |||||||||||||||||||||||||||||||
Investments in limited partnerships, private equity funds | 31.2 | 31.2 | — | — | 31.2 | |||||||||||||||||||||||||||||||
Other invested assets | 47.8 | 47.8 | 0.6 | 5.2 | 42 | |||||||||||||||||||||||||||||||
Total investments carried at fair value | 24,025.40 | 24,025.40 | 552.1 | 23,219.60 | 253.7 | |||||||||||||||||||||||||||||||
Separate account assets | 978.4 | 978.4 | 978.4 | — | — | |||||||||||||||||||||||||||||||
Total assets at fair value | $ | 25,003.80 | $ | 25,003.80 | $ | 1,530.50 | $ | 23,219.60 | $ | 253.7 | ||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 92.1 | 92.1 | — | — | 92.1 | |||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 92.1 | $ | 92.1 | $ | — | $ | — | $ | 92.1 | ||||||||||||||||||||||||||
Subject to fair value disclosure requirements: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 3,541.00 | $ | 3,664.60 | $ | — | $ | — | $ | 3,664.60 | ||||||||||||||||||||||||||
Investments in limited partnerships, tax credit investments | 265.1 | 237.9 | — | 237.9 | — | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 76 | 76 | 76 | — | — | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Funds held under deposit contracts (1): | ||||||||||||||||||||||||||||||||||||
Deferred annuities | $ | 12,017.00 | $ | 11,884.20 | $ | — | $ | — | $ | 11,884.20 | ||||||||||||||||||||||||||
Income annuities | 6,514.30 | 7,548.00 | — | — | 7,548.00 | |||||||||||||||||||||||||||||||
Notes payable: | ||||||||||||||||||||||||||||||||||||
Capital Efficient Notes (CENts) | 149.9 | 156.2 | — | 156.2 | — | |||||||||||||||||||||||||||||||
Senior notes | 299.6 | 319.3 | — | 319.3 | — | |||||||||||||||||||||||||||||||
_________________ | ||||||||||||||||||||||||||||||||||||
-1 | The carrying value of this balance excludes $6,111.6 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 March 31, 2014 and December 31, 2013, respectively, pricing services provided prices for 96.7% and 96.6% 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 generally does not adjust 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 March 31, 2014, the Company had $683.3 or 2.8%, 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 $649.8, or 95.1%, as Level 2 measurements as of March 31, 2014. As of December 31, 2013, the Company had $653.7, or 2.8%, of its fixed maturities invested in private placement securities, of which $635.6, or 97.2%, were classified as Level 2 measurements. | ||||||||||||||||||||||||||||||||||||
Corporate Securities | ||||||||||||||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the fair value of the Company’s corporate securities classified as Level 2 measurements was $17,761.6 and $17,324.4, respectively. The following table presents additional information about the composition of the Level 2 corporate securities: | ||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Amount | % of Total | # of Securities | Amount | % of Total | # of Securities | |||||||||||||||||||||||||||||||
Significant security sectors: | ||||||||||||||||||||||||||||||||||||
Industrial | $ | 3,329.10 | 18.7 | % | 220 | $ | 3,237.30 | 18.7 | % | 223 | ||||||||||||||||||||||||||
Consumer staples | 2,733.40 | 15.4 | 157 | 2,681.60 | 15.5 | 159 | ||||||||||||||||||||||||||||||
Consumer discretionary | 2,223.40 | 12.5 | 189 | 2,184.70 | 12.6 | 184 | ||||||||||||||||||||||||||||||
Utilities | 1,949.80 | 11 | 148 | 1,897.90 | 11 | 146 | ||||||||||||||||||||||||||||||
Financial | 1,894.50 | 10.7 | 157 | 1,819.20 | 10.5 | 158 | ||||||||||||||||||||||||||||||
Weighted-average coupon rate | 5.51 | % | 5.6 | % | ||||||||||||||||||||||||||||||||
Weighted-average remaining years to contractual maturity | 9.4 | 9.6 | ||||||||||||||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013, $538.3, or 3.0%, and $523.5, or 3.0%, 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 March 31, 2014 and December 31, 2013, the fair value of the Company’s residential mortgage-backed securities (RMBS) classified as Level 2 measurements was $2,788.9 and $2,755.8, respectively. These securities were primarily fixed-rate, with a weighted-average coupon rate of 4.33% and 4.39% as of March 31, 2014 and December 31, 2013, 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 89.5% and 89.2% of the Company’s Level 2 RMBS as of March 31, 2014 and December 31, 2013, respectively. The following table presents additional information about the composition of the Level 2 non-agency RMBS securities: | ||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Fair Value | % of Total | Fair Value | % of Total | |||||||||||||||||||||||||||||||||
Highest rating agency rating: | ||||||||||||||||||||||||||||||||||||
AAA | $ | 52 | 17.7 | % | $ | 42.5 | 14.3 | % | ||||||||||||||||||||||||||||
AA through BBB | 79.1 | 26.9 | 88 | 29.5 | ||||||||||||||||||||||||||||||||
BB & below | 163 | 55.4 | 167.8 | 56.2 | ||||||||||||||||||||||||||||||||
Total non-agency RMBS | $ | 294.1 | 100 | % | $ | 298.3 | 100 | % | ||||||||||||||||||||||||||||
Non-agency RMBS with super senior subordination | $ | 184.2 | 62.6 | % | $ | 178.3 | 59.8 | % | ||||||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company’s non-agency Level 2 RMBS had a weighted-average credit enhancement of 9.0% and 8.8%, respectively. As of March 31, 2014 and December 31, 2013, $100.8 and $110.3, or 34.3% and 37.0%, 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 March 31, 2014 and December 31, 2013, the fair value of the Company’s commercial mortgage-backed securities (CMBS) classified as Level 2 measurements was $1,509.0 and $1,512.6, respectively. The weighted-average coupon rate on these securities was 4.78% and 4.82% as of March 31, 2014 and December 31, 2013, 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 84.3% and 83.3% of Level 2 CMBS as of March 31, 2014 and December 31, 2013, respectively. The non-agency Level 2 CMBS had an estimated weighted-average credit enhancement of 32.0% and 31.4% as of March 31, 2014 and December 31, 2013, respectively, and 98.8% and 98.7% were in the most senior tranche as of March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||||||
The following table presents additional information about the composition of the underlying collateral of Level 2 non-agency CMBS securities: | ||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
% of Total | % of Total | |||||||||||||||||||||||||||||||||||
Significant underlying collateral locations: | ||||||||||||||||||||||||||||||||||||
New York | 21.8 | % | 21.8 | % | ||||||||||||||||||||||||||||||||
California | 11.6 | 11.7 | ||||||||||||||||||||||||||||||||||
Florida | 7.7 | 7.5 | ||||||||||||||||||||||||||||||||||
Texas | 7.1 | 7.3 | ||||||||||||||||||||||||||||||||||
Significant underlying collateral property types: | ||||||||||||||||||||||||||||||||||||
Office buildings | 31.7 | % | 32.6 | % | ||||||||||||||||||||||||||||||||
Retail shopping centers | 30.7 | 31.5 | ||||||||||||||||||||||||||||||||||
Marketable Equity Securities | ||||||||||||||||||||||||||||||||||||
Marketable equity securities are investments in common stock and certain nonredeemable preferred stocks. 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. | ||||||||||||||||||||||||||||||||||||
Equity Indexed Options | ||||||||||||||||||||||||||||||||||||
Equity indexed options consist primarily of Standard & Poor’s 500 Index® (“S&P 500”) options. As of March 31, 2014, the fair value of these indexed options was determined using option pricing models. Significant inputs include index implied volatilities, index dividend yields, index prices, a risk-free rate, option term and option strike price. As these inputs are considered observable, the indexed options are classified as Level 2. | ||||||||||||||||||||||||||||||||||||
Separate Accounts | ||||||||||||||||||||||||||||||||||||
Separate account assets are primarily invested in mutual funds with published net asset values (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 indexes. 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. | ||||||||||||||||||||||||||||||||||||
Foreign Currency Swaps | ||||||||||||||||||||||||||||||||||||
Foreign currency swaps are valued using an income approach. These swaps are priced utilizing a discounted cash flow model. The significant inputs include the projected cash flows, currency spot rates, swap yield curve and cross currency basis curve. These are considered observable inputs, and as such are classified as Level 2 measurements. | ||||||||||||||||||||||||||||||||||||
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, which are reported at cost and approximate fair value, were $13.8 and $37.8 as of March 31, 2014 and December 31, 2013, respectively. These are classified as Level 1 measurements. | ||||||||||||||||||||||||||||||||||||
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. Because these estimates utilize significant unobservable inputs, mortgage loans are classified as a Level 3 measurement. | ||||||||||||||||||||||||||||||||||||
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. As these inputs are considered observable, investments in limited partnerships are classified as a Level 2 measurement. | ||||||||||||||||||||||||||||||||||||
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. Because these estimates utilize significant unobservable inputs, the Company classifies funds held under deposit contracts as a Level 3 measurement. | ||||||||||||||||||||||||||||||||||||
The fair value of the Company’s notes payable is determined by an independent pricing service utilizing evaluated pricing models, consistent with how fair value was determined for the majority of its corporate securities. The use of observable inputs resulted in the classification of notes payable as a Level 2 measurement. | ||||||||||||||||||||||||||||||||||||
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 months ended March 31, 2014: | ||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2014 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of March 31, 2014 | ||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 17.4 | $ | — | $ | — | $ | (17.4 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Corporate securities | 28 | 24.5 | — | 39 | (3.0 | ) | — | 3.6 | — | 92.1 | ||||||||||||||||||||||||||
Residential mortgage-backed securities | 0.2 | — | — | — | — | — | — | — | 0.2 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities | 5.8 | — | — | — | (0.3 | ) | — | — | — | 5.5 | ||||||||||||||||||||||||||
Other debt obligations | 128.8 | — | — | (66.7 | ) | (0.4 | ) | — | 1.2 | — | 62.9 | |||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 180.2 | 24.5 | — | (45.1 | ) | (3.7 | ) | — | 4.8 | — | 160.7 | |||||||||||||||||||||||||
Marketable equity securities, trading | 0.3 | — | — | — | — | — | — | — | 0.3 | |||||||||||||||||||||||||||
Investments in limited partnerships | 31.2 | 10.3 | — | — | — | — | — | — | 41.5 | |||||||||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||||||||||||||
Equity indexed options | 38.8 | 0.9 | — | (36.7 | ) | (0.4 | ) | (3.0 | ) | — | 2.9 | 2.5 | ||||||||||||||||||||||||
Other | 3.2 | — | — | — | — | 0.1 | — | — | 3.3 | |||||||||||||||||||||||||||
Total other invested assets | 42 | 0.9 | — | (36.7 | ) | (0.4 | ) | (2.9 | ) | — | 2.9 | 5.8 | ||||||||||||||||||||||||
Total Level 3 assets | $ | 253.7 | $ | 35.7 | $ | — | $ | (81.8 | ) | $ | (4.1 | ) | $ | (2.9 | ) | $ | 4.8 | $ | 2.9 | $ | 208.3 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | $ | 92.1 | $ | 23 | $ | (0.1 | ) | $ | — | $ | — | $ | 6.3 | $ | — | $ | — | $ | 121.3 | |||||||||||||||||
Total Level 3 liabilities | $ | 92.1 | $ | 23 | $ | (0.1 | ) | $ | — | $ | — | $ | 6.3 | $ | — | $ | — | $ | 121.3 | |||||||||||||||||
_______________ | ||||||||||||||||||||||||||||||||||||
-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 $39.0 for the three months ended March 31, 2014. Gross transfers out of Level 3 were $120.8 for the three months ended March 31, 2014, of which $84.1 were related to fixed maturities for which observable inputs became available. Additionally, transfers out included a change in valuation methodology for equity indexed options during the first quarter of 2014 to a method that uses significant observable inputs. Such securities are now classified as Level 2. | |||||||||||||||||||||||||||||||||||
-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 gains (losses). Amounts shown for financial liabilities are (gains) losses in net income. | |||||||||||||||||||||||||||||||||||
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 months ended March 31, 2013: | ||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2013 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of March 31, 2013 | ||||||||||||||||||||||||||||
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 | $ | 38.9 | $ | — | $ | — | $ | — | $ | (13.0 | ) | $ | — | $ | 0.2 | $ | (0.1 | ) | $ | 26 | ||||||||||||||||
Residential mortgage-backed securities | — | — | — | 0.2 | — | — | — | — | 0.2 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities | 18.8 | — | — | — | (3.7 | ) | — | (0.3 | ) | — | 14.8 | |||||||||||||||||||||||||
Other debt obligations | 73 | 5.5 | — | — | — | — | (1.0 | ) | — | 77.5 | ||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 130.7 | 5.5 | — | 0.2 | (16.7 | ) | — | (1.1 | ) | (0.1 | ) | 118.5 | ||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 5 | — | — | — | — | — | — | — | 5 | |||||||||||||||||||||||||||
Marketable equity securities, trading | 0.2 | — | — | — | — | — | — | — | 0.2 | |||||||||||||||||||||||||||
Investments in limited partnerships | 28.6 | 0.6 | — | — | (1.1 | ) | 0.5 | — | — | 28.6 | ||||||||||||||||||||||||||
Other invested assets | 7.8 | 4.5 | — | — | (1.0 | ) | 3 | — | 0.3 | 14.6 | ||||||||||||||||||||||||||
Total Level 3 assets | $ | 172.3 | $ | 10.6 | $ | — | $ | 0.2 | $ | (18.8 | ) | $ | 3.5 | $ | (1.1 | ) | $ | 0.2 | $ | 166.9 | ||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 14.1 | 5.9 | (0.1 | ) | — | — | 2 | — | — | 21.9 | ||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 14.1 | $ | 5.9 | $ | (0.1 | ) | $ | — | $ | — | $ | 2 | $ | — | $ | — | $ | 21.9 | |||||||||||||||||
_______________ | ||||||||||||||||||||||||||||||||||||
-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 $0.2 for the three months ended March 31, 2013. Gross transfers out of Level 3 were $0.0 for the three months ended March 31, 2013. | |||||||||||||||||||||||||||||||||||
-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 gains (losses). Amounts shown for financial liabilities are (gains) losses in net income. |
Deferred_Policy_Acquisition_Co
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Deferred Policy Acquisition Cost Deferred Sales Inducement [Abstract] | ' | |||||||
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) | ' | |||||||
8. 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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Unamortized balance at beginning of period | $ | 419.9 | $ | 367.9 | ||||
Deferral of acquisition costs | 40.2 | 17.9 | ||||||
Adjustments for realized (gains) losses | 1.1 | 0.2 | ||||||
Amortization — excluding unlocking | (15.5 | ) | (15.5 | ) | ||||
Amortization — impact of assumption and experience unlocking | (4.4 | ) | (3.4 | ) | ||||
Unamortized balance at end of period | 441.3 | 367.1 | ||||||
Accumulated effect of net unrealized gains | (121.2 | ) | (195.0 | ) | ||||
Balance at end of period | $ | 320.1 | $ | 172.1 | ||||
The following table provides a reconciliation of the beginning and ending balance for DSI, which is included in receivables and other assets in the consolidated balance sheets. DSI amortization is included in interest credited in the consolidated statements of income. | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Unamortized balance at beginning of period | $ | 154.8 | $ | 153.4 | ||||
Capitalizations | 9.6 | 13.3 | ||||||
Adjustments for realized (gains) losses | 0.3 | 0.2 | ||||||
Amortization — excluding unlocking | (10.6 | ) | (10.3 | ) | ||||
Amortization — impact of assumption and experience unlocking | (3.8 | ) | (2.5 | ) | ||||
Unamortized balance at end of period | 150.3 | 154.1 | ||||||
Accumulated effect of net unrealized gains | (86.5 | ) | (122.5 | ) | ||||
Balance at end of period | $ | 63.8 | $ | 31.6 | ||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||||
9. 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 months ended March 31, 2014: | ||||||||||||||||||||
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, 2014 | $ | 737.8 | $ | (14.2 | ) | $ | (113.1 | ) | $ | (16.9 | ) | $ | 593.6 | |||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | 237.1 | — | (20.9 | ) | (3.2 | ) | 213 | |||||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||||||
Foreign currency swaps | — | — | — | 0.2 | 0.2 | |||||||||||||||
Net realized (gains) losses | (3.0 | ) | 1.2 | (1.4 | ) | — | (3.2 | ) | ||||||||||||
Total provision (benefit) for income taxes | 1 | (0.4 | ) | 0.5 | 0.1 | 1.2 | ||||||||||||||
Total reclassifications from AOCI, net of taxes | (2.0 | ) | 0.8 | (0.9 | ) | (0.2 | ) | (2.3 | ) | |||||||||||
Other comprehensive income (loss) after reclassifications | 235.1 | 0.8 | (21.8 | ) | (3.4 | ) | 210.7 | |||||||||||||
Balance as of March 31, 2014 | $ | 972.9 | $ | (13.4 | ) | $ | (134.9 | ) | $ | (20.3 | ) | $ | 804.3 | |||||||
___________________ | ||||||||||||||||||||
-1 | Other comprehensive income (loss) before reclassifications is net of taxes of $127.6, $0.0, $(11.3), $(1.7) and $114.6, respectively, for the three months ended March 31, 2014. | |||||||||||||||||||
-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 8 for the adjustment for the accumulated effect of net unrealized 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 months ended March 31, 2013: | ||||||||||||||||||||
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, 2013 | $ | 1,610.20 | $ | (19.6 | ) | $ | (221.4 | ) | $ | 2 | $ | 1,371.20 | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | (106.3 | ) | (0.4 | ) | 15.3 | 5.1 | (86.3 | ) | ||||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||||||
Foreign currency swaps | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||||||
Net realized (gains) losses | 10.3 | 3.7 | (0.4 | ) | — | 13.6 | ||||||||||||||
Total provision (benefit) for income taxes | (3.6 | ) | (1.3 | ) | 0.1 | 0.4 | (4.4 | ) | ||||||||||||
Total reclassifications from AOCI, net of taxes | 6.7 | 2.4 | (0.3 | ) | (0.6 | ) | 8.2 | |||||||||||||
Other comprehensive income (loss) after reclassifications | (99.6 | ) | 2 | 15 | 4.5 | (78.1 | ) | |||||||||||||
Balance as of March 31, 2013 | $ | 1,510.60 | $ | (17.6 | ) | $ | (206.4 | ) | $ | 6.5 | $ | 1,293.10 | ||||||||
___________________ | ||||||||||||||||||||
-1 | Other comprehensive income (loss) before reclassifications is net of taxes of $(57.2), $(0.2), $8.2, $2.8 and $(46.4), respectively, for the three months ended March 31, 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 8 for the adjustment for the accumulated effect of net unrealized gains separately presented for DAC and DSI. | |||||||||||||||||||
Common Stock Outstanding | ||||||||||||||||||||
The following table provides a reconciliation of changes in outstanding shares of common stock: | ||||||||||||||||||||
Common Shares | ||||||||||||||||||||
Balance as of January 1, 2013 | 119,087,677 | |||||||||||||||||||
Common stock issued (1) | 5,300,569 | |||||||||||||||||||
Restricted stock issued, net | 254,579 | |||||||||||||||||||
Employee stock purchase plan shares issued | 133,122 | |||||||||||||||||||
Common stock repurchased (2) | (7,045,190 | ) | ||||||||||||||||||
Balance as of December 31, 2013 | 117,730,757 | |||||||||||||||||||
Balance as of January 1, 2014 | 117,730,757 | |||||||||||||||||||
Common stock issued | — | |||||||||||||||||||
Restricted stock issued, net | 200,723 | |||||||||||||||||||
Employee stock purchase plan shares issued | 42,067 | |||||||||||||||||||
Common stock repurchased (2) | (1,354,329 | ) | ||||||||||||||||||
Balance as of March 31, 2014 | 116,619,218 | |||||||||||||||||||
_____________________ | ||||||||||||||||||||
-1 | Includes 5,297,758 shares of common stock issued from the settlement of warrants. | |||||||||||||||||||
-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
Stock-Based Compensation | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock-Based Compensation | ' | ||||||
10. Stock-Based Compensation | |||||||
The following table summarizes the Company’s restricted stock activity for the three months ended March 31, 2014: | |||||||
Number of | Weighted- | ||||||
Shares | Average Fair | ||||||
Value | |||||||
Outstanding as of January 1, 2014 | 650,197 | $ | 11.53 | ||||
Shares granted | 206,940 | 20.27 | |||||
Shares vested | (7,095 | ) | 10.79 | ||||
Shares forfeited | (6,217 | ) | 11.96 | ||||
Outstanding as of March 31, 2014 | 843,825 | $ | 13.68 | ||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
11. 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 March 31, 2014, will have a material adverse effect on its consolidated financial condition, future operating results or liquidity. | |
Other Commitments and Contingencies | |
The Company has a service agreement with a third-party service provider to outsource the majority of its information technology infrastructure. On March 3, 2014, the Company elected to extend its initial five-year term of the service agreement for a 12-month renewal period, which expires July 31, 2015. The material terms of the agreement remain unchanged. | |
As of March 31, 2014, the Company had no other material changes to its commitments or contingencies since December 31, 2013. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
12. Segment Information | ||||||||||||||||||||||||
The Company offers a broad range of products and services that include retirement, group health and employee benefits and life insurance products. 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 March 31, 2014 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 145 | $ | — | $ | — | $ | 8.8 | $ | — | $ | 153.8 | ||||||||||||
Net investment income | 5 | 150.1 | 97 | 70.9 | 1.4 | 324.4 | ||||||||||||||||||
Policy fees, contract charges, and other | 3.9 | 5.9 | 0.2 | 36.2 | 0.4 | 46.6 | ||||||||||||||||||
Certain realized gains (losses) | — | (0.2 | ) | — | — | — | (0.2 | ) | ||||||||||||||||
Total operating revenues | 153.9 | 155.8 | 97.2 | 115.9 | 1.8 | 524.6 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 82.8 | 0.1 | — | 18.3 | — | 101.2 | ||||||||||||||||||
Interest credited | — | 87.5 | 82 | 65.2 | (0.5 | ) | 234.2 | |||||||||||||||||
Other underwriting and operating expenses | 43.2 | 21.1 | 4.8 | 18.2 | 0.6 | 87.9 | ||||||||||||||||||
Interest expense | — | — | — | — | 8.2 | 8.2 | ||||||||||||||||||
Amortization of DAC | 0.1 | 16.9 | 1 | 1.9 | — | 19.9 | ||||||||||||||||||
Total benefits and expenses | 126.1 | 125.6 | 87.8 | 103.6 | 8.3 | 451.4 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 27.8 | $ | 30.2 | $ | 9.4 | $ | 12.3 | $ | (6.5 | ) | $ | 73.2 | |||||||||||
Operating revenues | $ | 153.9 | $ | 155.8 | $ | 97.2 | $ | 115.9 | $ | 1.8 | $ | 524.6 | ||||||||||||
Add: Excluded realized gains (losses) | — | (4.9 | ) | 24.2 | 2.5 | (0.9 | ) | 20.9 | ||||||||||||||||
Total revenues | 153.9 | 150.9 | 121.4 | 118.4 | 0.9 | 545.5 | ||||||||||||||||||
Total benefits and expenses | 126.1 | 125.6 | 87.8 | 103.6 | 8.3 | 451.4 | ||||||||||||||||||
Income from operations before income taxes | $ | 27.8 | $ | 25.3 | $ | 33.6 | $ | 14.8 | $ | (7.4 | ) | $ | 94.1 | |||||||||||
As of March 31, 2014: | ||||||||||||||||||||||||
Total assets | $ | 169.4 | $ | 14,625.70 | $ | 7,438.90 | $ | 6,586.60 | $ | 2,343.70 | $ | 31,164.30 | ||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 148 | $ | — | $ | — | $ | 9 | $ | — | $ | 157 | ||||||||||||
Net investment income | 5.1 | 143.2 | 101.7 | 69.2 | 4.5 | 323.7 | ||||||||||||||||||
Policy fees, contract charges, and other | 3.5 | 5.8 | 1.9 | 33.1 | 5.6 | 49.9 | ||||||||||||||||||
Certain realized gains (losses) | — | 0.9 | — | — | — | 0.9 | ||||||||||||||||||
Total operating revenues | 156.6 | 149.9 | 103.6 | 111.3 | 10.1 | 531.5 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 101.4 | — | — | 18.1 | — | 119.5 | ||||||||||||||||||
Interest credited | — | 82.9 | 88.5 | 64.2 | (0.3 | ) | 235.3 | |||||||||||||||||
Other underwriting and operating expenses | 41.7 | 21.7 | 5.4 | 16 | 7 | 91.8 | ||||||||||||||||||
Interest expense | — | — | — | — | 8.2 | 8.2 | ||||||||||||||||||
Amortization of DAC | — | 16.2 | 0.9 | 1.8 | — | 18.9 | ||||||||||||||||||
Total benefits and expenses | 143.1 | 120.8 | 94.8 | 100.1 | 14.9 | 473.7 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 13.5 | $ | 29.1 | $ | 8.8 | $ | 11.2 | $ | (4.8 | ) | $ | 57.8 | |||||||||||
Operating revenues | $ | 156.6 | $ | 149.9 | $ | 103.6 | $ | 111.3 | $ | 10.1 | $ | 531.5 | ||||||||||||
Add: Excluded realized gains (losses) | — | 2.5 | 17.7 | (0.2 | ) | 5.6 | 25.6 | |||||||||||||||||
Total revenues | 156.6 | 152.4 | 121.3 | 111.1 | 15.7 | 557.1 | ||||||||||||||||||
Total benefits and expenses | 143.1 | 120.8 | 94.8 | 100.1 | 14.9 | 473.7 | ||||||||||||||||||
Income (loss) from operations before income taxes | $ | 13.5 | $ | 31.6 | $ | 26.5 | $ | 11 | $ | 0.8 | $ | 83.4 | ||||||||||||
As of March 31, 2013: | ||||||||||||||||||||||||
Total assets | $ | 151.5 | $ | 12,739.20 | $ | 7,607.50 | $ | 6,597.80 | $ | 2,491.80 | $ | 29,587.80 | ||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13. Subsequent Events | |
On May 9, 2014, the Company declared a dividend of $0.10 per common share, or approximately $11.6 in total, to shareholders of record on May 23, 2014. The dividend will be paid on or about June 6, 2014. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended | |
Mar. 31, 2014 | ||
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 Not yet Adopted, Policy | ' | |
Accounting Pronouncements Not Yet Adopted | ||
ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects | ||
In January 2014, the FASB issued ASU 2014-01, Investments (Topic 323) – Equity Method and Joint Ventures: Accounting for Investments in Qualified Affordable Housing (AFH) Projects. This ASU provides companies with the option to elect the proportional method of amortization for AFH investments if certain criteria are met. Under this method, a company would amortize the cost of its investment in proportion to the tax credits and other tax benefits received. Amortization would be presented as a component of income tax expense. The standard is effective for annual and interim periods beginning on or after January 1, 2015, with retrospective application required. The standard does not apply to other types of tax credit investments. The Company is currently evaluating whether it will elect the proportional amortization method for its AFH investments and the impact that it may have on the consolidated financial statements. | ||
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. | ||
Participating securities are those for which the instrument 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. These securities include restricted stock issued to the Company’s employees, as well as the Company’s warrants, which were previously exercisable for 18,975,744 common shares and were net-share settled on June 20, 2013. Participating securities are included in basic and diluted earnings per share, based on the application of the two-class method, for the portion of the period for which the securities were outstanding. | ||
For both the three months ended March 31, 2014 and 2013, stock options exercisable for 2,650,000 shares of common stock were excluded from the computation of diluted earnings per share, based on the application of the treasury stock method, 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, under normal market conditions, 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; | |
• | Third-party guarantees; 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; | |
• | Creditworthiness; | |
• | Delinquency ratios and loan-to-value ratios on the underlying collateral; | |
• | Average cumulative collateral values, vintage year and level of subordination; | |
• | Geographic concentrations; 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 posted or received against the fair value amounts recognized for derivative contracts. | ||
Loans and Leases Receivable, Allowance for Loan Losses, Policy | ' | |
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 | ||
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. | ||
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 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) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 79.3 | $ | 66 | ||||
Denominator: | ||||||||
Weighted-average common shares outstanding – basic | 117,460,386 | 138,093,261 | ||||||
Add: dilutive effect of certain equity instruments | 5,252 | 4,709 | ||||||
Weighted-average common shares outstanding – diluted | 117,465,638 | 138,097,970 | ||||||
Net income per common share: | ||||||||
Basic | $ | 0.68 | $ | 0.48 | ||||
Diluted | $ | 0.68 | $ | 0.48 | ||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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 accumulated other comprehensive income (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 March 31, 2014 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 810.9 | $ | 6.1 | $ | (4.1 | ) | $ | 812.9 | $ | — | |||||||||||||
State and political subdivisions | 730.9 | 24.5 | (4.2 | ) | 751.2 | — | ||||||||||||||||||
Corporate securities | 16,676.00 | 1,297.70 | (120.0 | ) | 17,853.70 | (14.0 | ) | |||||||||||||||||
Residential mortgage-backed securities | 2,682.70 | 130.9 | (24.5 | ) | 2,789.10 | (6.5 | ) | |||||||||||||||||
Commercial mortgage-backed securities | 1,428.50 | 93.9 | (7.9 | ) | 1,514.50 | — | ||||||||||||||||||
Other debt obligations | 567.2 | 42.2 | (1.8 | ) | 607.6 | — | ||||||||||||||||||
Total fixed maturities | 22,896.20 | 1,595.30 | (162.5 | ) | 24,329.00 | (20.5 | ) | |||||||||||||||||
Marketable equity securities, available-for-sale | 119.4 | 7.7 | (0.3 | ) | 126.8 | — | ||||||||||||||||||
Total | $ | 23,015.60 | $ | 1,603.00 | $ | (162.8 | ) | $ | 24,455.80 | $ | (20.5 | ) | ||||||||||||
Cost or | Gross | Gross | Fair Value | OTTI in | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | AOCI | |||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 348.5 | $ | 2.1 | $ | (6.2 | ) | $ | 344.4 | $ | — | |||||||||||||
State and political subdivisions | 748.2 | 17.6 | (14.3 | ) | 751.5 | — | ||||||||||||||||||
Corporate securities | 16,470.90 | 1,083.80 | (202.3 | ) | 17,352.40 | (14.9 | ) | |||||||||||||||||
Residential mortgage-backed securities | 2,678.30 | 115.1 | (37.4 | ) | 2,756.00 | (6.8 | ) | |||||||||||||||||
Commercial mortgage-backed securities | 1,436.00 | 94.7 | (12.3 | ) | 1,518.40 | — | ||||||||||||||||||
Other debt obligations | 579.4 | 39.3 | (3.7 | ) | 615 | — | ||||||||||||||||||
Total fixed maturities | 22,261.30 | 1,352.60 | (276.2 | ) | 23,337.70 | (21.7 | ) | |||||||||||||||||
Marketable equity securities, available-for-sale | 129 | 5.9 | (0.6 | ) | 134.3 | — | ||||||||||||||||||
Total | $ | 22,390.30 | $ | 1,358.50 | $ | (276.8 | ) | $ | 23,472.00 | $ | (21.7 | ) | ||||||||||||
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 March 31, 2014 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 104.5 | $ | (4.1 | ) | 9 | $ | — | $ | — | — | |||||||||||||
State and political subdivisions | 197.3 | (4.1 | ) | 34 | 1.7 | (0.1 | ) | 1 | ||||||||||||||||
Corporate securities | 2,384.50 | (71.8 | ) | 199 | 370.1 | (48.2 | ) | 47 | ||||||||||||||||
Residential mortgage-backed securities | 521.1 | (21.2 | ) | 78 | 47.4 | (3.3 | ) | 18 | ||||||||||||||||
Commercial mortgage-backed securities | 169.2 | (6.2 | ) | 10 | 24.5 | (1.7 | ) | 9 | ||||||||||||||||
Other debt obligations | 137.2 | (1.7 | ) | 14 | 0.6 | (0.1 | ) | 2 | ||||||||||||||||
Total fixed maturities | 3,513.80 | (109.1 | ) | 344 | 444.3 | (53.4 | ) | 77 | ||||||||||||||||
Marketable equity securities, available-for-sale | 17.8 | (0.3 | ) | 18 | — | — | — | |||||||||||||||||
Total | $ | 3,531.60 | $ | (109.4 | ) | $ | 362 | $ | 444.3 | $ | (53.4 | ) | $ | 77 | ||||||||||
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, 2013 | ||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 102.7 | $ | (6.2 | ) | 9 | $ | — | $ | — | — | |||||||||||||
State and political subdivisions | 278.7 | (13.9 | ) | 44 | 5.4 | (0.4 | ) | 3 | ||||||||||||||||
Corporate securities | 3,621.50 | (150.7 | ) | 258 | 263.5 | (51.6 | ) | 42 | ||||||||||||||||
Residential mortgage-backed securities | 680 | (33.0 | ) | 95 | 52.4 | (4.4 | ) | 22 | ||||||||||||||||
Commercial mortgage-backed securities | 261.9 | (11.4 | ) | 17 | 14.2 | (0.9 | ) | 9 | ||||||||||||||||
Other debt obligations | 152 | (3.6 | ) | 15 | 0.6 | (0.1 | ) | 3 | ||||||||||||||||
Total fixed maturities | 5,096.80 | (218.8 | ) | 438 | 336.1 | (57.4 | ) | 79 | ||||||||||||||||
Marketable equity securities, available-for-sale | 39.7 | (0.6 | ) | 21 | — | — | — | |||||||||||||||||
Total | $ | 5,136.50 | $ | (219.4 | ) | $ | 459 | $ | 336.1 | $ | (57.4 | ) | $ | 79 | ||||||||||
Summary Of Contractual Years To Maturity | ' | |||||||||||||||||||||||
The following table summarizes the amortized cost and fair value of fixed maturities as of March 31, 2014, 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 | $ | 733.8 | $ | 738.2 | ||||||||||||||||||||
Over one year through five years | 5,084.40 | 5,515.20 | ||||||||||||||||||||||
Over five years through ten years | 8,730.60 | 9,044.80 | ||||||||||||||||||||||
Over ten years | 3,789.50 | 4,245.80 | ||||||||||||||||||||||
Residential mortgage-backed securities | 2,682.70 | 2,789.10 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 1,428.50 | 1,514.50 | ||||||||||||||||||||||
Other asset-backed securities | 446.7 | 481.4 | ||||||||||||||||||||||
Total fixed maturities | $ | 22,896.20 | $ | 24,329.00 | ||||||||||||||||||||
Summary Of Net Investment Income | ' | |||||||||||||||||||||||
The following table summarizes the Company’s net investment income: | ||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Fixed maturities | $ | 283 | $ | 284.6 | ||||||||||||||||||||
Marketable equity securities, available-for-sale | 1 | 0.6 | ||||||||||||||||||||||
Marketable equity securities, trading | 3 | 3.1 | ||||||||||||||||||||||
Mortgage loans | 50.1 | 44.9 | ||||||||||||||||||||||
Policy loans | 0.9 | 0.9 | ||||||||||||||||||||||
Investments in limited partnerships | (6.7 | ) | (4.4 | ) | ||||||||||||||||||||
Other | 1.4 | 2 | ||||||||||||||||||||||
Total investment income | 332.7 | 331.7 | ||||||||||||||||||||||
Investment expenses | (8.3 | ) | (8.0 | ) | ||||||||||||||||||||
Net investment income | $ | 324.4 | $ | 323.7 | ||||||||||||||||||||
Summary Of Net Realized Gains (Losses) | ' | |||||||||||||||||||||||
The following table summarizes the Company’s net realized gains (losses): | ||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||
Gross gains on sales | $ | 8.7 | $ | 1.8 | ||||||||||||||||||||
Gross losses on sales | (1.8 | ) | (8.1 | ) | ||||||||||||||||||||
Net impairment losses recognized in earnings | (1.1 | ) | (2.0 | ) | ||||||||||||||||||||
Other (1) | (1.2 | ) | (0.7 | ) | ||||||||||||||||||||
Total fixed maturities | 4.6 | (9.0 | ) | |||||||||||||||||||||
Marketable equity securities, trading (2) | 19.7 | 33 | ||||||||||||||||||||||
Other (3) | (5.0 | ) | 2.1 | |||||||||||||||||||||
Deferred policy acquisition costs and deferred sales inducement adjustment | 1.4 | 0.4 | ||||||||||||||||||||||
Net realized gains (losses) | $ | 20.7 | $ | 26.5 | ||||||||||||||||||||
____________________ | ||||||||||||||||||||||||
-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 $2.4 and $0.9 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||
-2 | This includes net gains (losses) on changes in the fair value of trading securities held as of period end totaling $13.8 and $27.2 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||
-3 | This includes net gains (losses) on derivatives not designated for hedge accounting and other instruments. | |||||||||||||||||||||||
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 any credit-related OTTI: | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||
Underwater by 20% or more: | ||||||||||||||||||||||||
Less than 6 consecutive months | $ | 2.2 | $ | (0.9 | ) | $ | 33.3 | $ | (12.3 | ) | ||||||||||||||
6 consecutive months or more | 32.4 | (17.4 | ) | 26.7 | (18.4 | ) | ||||||||||||||||||
Total underwater by 20% or more | 34.6 | (18.3 | ) | 60 | (30.7 | ) | ||||||||||||||||||
All other underwater fixed maturities | 3,923.50 | (144.2 | ) | 5,372.90 | (245.5 | ) | ||||||||||||||||||
Total underwater fixed maturities | $ | 3,958.10 | $ | (162.5 | ) | $ | 5,432.90 | $ | (276.2 | ) | ||||||||||||||
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 | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of period | $ | 23.1 | $ | 36.2 | ||||||||||||||||||||
Increases recognized in the current period: | ||||||||||||||||||||||||
For which an OTTI was previously recognized | — | 0.4 | ||||||||||||||||||||||
Decreases attributable to: | ||||||||||||||||||||||||
Securities sold or paid down during the period | (1.3 | ) | (2.6 | ) | ||||||||||||||||||||
Balance, end of period | $ | 21.8 | $ | 34 | ||||||||||||||||||||
Mortgage_Loans_Tables
Mortgage Loans (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
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 March 31, 2014 | As of December 31, 2013 | |||||||||||||
Carrying | % of Total | Carrying | % of Total | |||||||||||
Value | Value | |||||||||||||
Lower risk | $ | 2,193.50 | 60.8 | % | $ | 2,195.10 | 61.9 | % | ||||||
Medium risk | 851.5 | 23.6 | 843.5 | 23.8 | ||||||||||
Higher risk | 562 | 15.6 | 506.3 | 14.3 | ||||||||||
Credit quality indicator total | 3,607.00 | 100 | % | 3,544.90 | 100 | % | ||||||||
Loans specifically evaluated for impairment (1) | 2 | 2 | ||||||||||||
Other (2) | (5.8 | ) | (5.9 | ) | ||||||||||
Total | $ | 3,603.20 | $ | 3,541.00 | ||||||||||
________________ | ||||||||||||||
-1 | As of March 31, 2014 and December 31, 2013, reserve amounts of $0.2 and $0.2, 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 | ||||||||||||||
March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Allowance at beginning of period | $ | 8.1 | $ | 7.9 | ||||||||||
Provision for specific loans | — | 0.2 | ||||||||||||
Provision for loans not specifically identified | — | — | ||||||||||||
Charge-offs | — | — | ||||||||||||
Allowance at end of period | $ | 8.1 | $ | 8.1 | ||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Position In Derivative Instruments | ' | |||||||||||||||||||||||
The following table sets forth the fair value of the Company’s derivative instruments. In the consolidated balance sheets, 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. | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||||
Amount | Assets | Liabilities | Amount | Assets | Liabilities | |||||||||||||||||||
Derivatives designated as hedges: | ||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Interest rate swaps | $ | 97.1 | $ | 4.8 | $ | — | $ | 97.1 | $ | 4.6 | $ | — | ||||||||||||
Foreign currency swaps | 447.8 | — | 34 | 440.4 | — | 28.4 | ||||||||||||||||||
Total derivatives designated as hedges | $ | 544.9 | $ | 4.8 | $ | 34 | $ | 537.5 | $ | 4.6 | $ | 28.4 | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||||||||
Equity index options | $ | 1,250.00 | $ | 44.9 | $ | 0.5 | $ | 1,060.90 | $ | 38.8 | $ | 1.6 | ||||||||||||
Foreign currency forwards | 11.7 | — | — | 49.3 | 0.3 | 0.4 | ||||||||||||||||||
Embedded derivatives | — | — | 121.3 | — | — | 92.1 | ||||||||||||||||||
Other derivatives | 117.1 | 0.5 | — | 66 | 0.3 | — | ||||||||||||||||||
Total derivatives not designated as hedges | 1,378.80 | 45.4 | 121.8 | 1,176.20 | 39.4 | 94.1 | ||||||||||||||||||
Total derivatives | $ | 1,923.70 | $ | 50.2 | $ | 155.8 | $ | 1,713.70 | $ | 44 | $ | 122.5 | ||||||||||||
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 March 31, 2014 | ||||||||||||||||||||||||
Gross Amount of Collateral (Received) Posted | ||||||||||||||||||||||||
Fair Value Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | |||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
A | $ | 5.4 | $ | — | $ | — | $ | 5.4 | ||||||||||||||||
B | 13.5 | — | — | 13.5 | ||||||||||||||||||||
C | 16.3 | — | (15.7 | ) | 0.6 | |||||||||||||||||||
D | 11.3 | — | (9.5 | ) | 1.8 | |||||||||||||||||||
Other | 3.7 | — | (1.7 | ) | 2 | |||||||||||||||||||
Total derivative assets | $ | 50.2 | $ | — | $ | (26.9 | ) | $ | 23.3 | |||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Gross Amount of Collateral (Received) Posted | ||||||||||||||||||||||||
Fair Value Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | |||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
A | $ | 4.4 | $ | — | $ | (0.2 | ) | $ | 4.2 | |||||||||||||||
B | 11 | — | (3.0 | ) | 8 | |||||||||||||||||||
C | 17.7 | — | (17.4 | ) | 0.3 | |||||||||||||||||||
D | 9.1 | — | (6.9 | ) | 2.2 | |||||||||||||||||||
Other | 1.8 | — | — | 1.8 | ||||||||||||||||||||
Total derivative assets | $ | 44 | $ | — | $ | (27.5 | ) | $ | 16.5 | |||||||||||||||
Schedule of Offsetting Liabilities | ' | |||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Gross Amount of Collateral Received (Posted) | ||||||||||||||||||||||||
Fair Value Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | |||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
A | $ | 5.3 | $ | — | $ | — | $ | 5.3 | ||||||||||||||||
B | 16.9 | — | (0.2 | ) | 16.7 | |||||||||||||||||||
E | 5.1 | (2.8 | ) | — | 2.3 | |||||||||||||||||||
Other | 3.1 | — | — | 3.1 | ||||||||||||||||||||
Total derivative liabilities (1) | $ | 30.4 | $ | (2.8 | ) | $ | (0.2 | ) | $ | 27.4 | ||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Excludes $92.1 of embedded derivatives which have no counterparty. | |||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Gross Amount of Collateral Received (Posted) | ||||||||||||||||||||||||
Fair Value Presented in the | Financial | Cash Collateral | Net Amount | |||||||||||||||||||||
Balance Sheets | Instruments | |||||||||||||||||||||||
Counterparty: | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
A | $ | 6.5 | $ | (0.9 | ) | $ | — | $ | 5.6 | |||||||||||||||
B | 20.3 | (7.5 | ) | (0.6 | ) | 12.2 | ||||||||||||||||||
E | 6.1 | (4.1 | ) | — | 2 | |||||||||||||||||||
Other | 1.6 | — | — | 1.6 | ||||||||||||||||||||
Total derivative liabilities (1) | $ | 34.5 | $ | (12.5 | ) | $ | (0.6 | ) | $ | 21.4 | ||||||||||||||
_______________________ | ||||||||||||||||||||||||
-1 | Excludes $121.3 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 | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest rate swaps | $ | 0.8 | $ | (0.3 | ) | |||||||||||||||||||
Foreign currency swaps | (5.7 | ) | 8.2 | |||||||||||||||||||||
Total | $ | (4.9 | ) | $ | 7.9 | |||||||||||||||||||
Schedule Of Derivatives Not Designated as Hedges Gains (Losses) | ' | |||||||||||||||||||||||
The following table shows the effect of derivatives not designated as hedges on the consolidated statements of income, which is recorded in net realized gains (losses): | ||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Equity indexed options | $ | 3.9 | $ | 3.2 | ||||||||||||||||||||
Foreign currency forwards | — | 1.6 | ||||||||||||||||||||||
Embedded derivatives | (6.3 | ) | (2.0 | ) | ||||||||||||||||||||
Other derivatives | 0.1 | (0.2 | ) | |||||||||||||||||||||
Total | $ | (2.3 | ) | $ | 2.6 | |||||||||||||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Assets And Liabilities Accounted For At Fair Value | ' | |||||||||||||||||||||||||||||||||||
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 March 31, 2014 | ||||||||||||||||||||||||||||||||||||
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 | $ | 812.9 | $ | 812.9 | $ | — | $ | 812.9 | $ | — | ||||||||||||||||||||||||||
State and political subdivisions | 751.2 | 751.2 | — | 751.2 | — | |||||||||||||||||||||||||||||||
Corporate securities | 17,853.70 | 17,853.70 | — | 17,761.60 | 92.1 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 2,789.10 | 2,789.10 | — | 2,788.90 | 0.2 | |||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,514.50 | 1,514.50 | — | 1,509.00 | 5.5 | |||||||||||||||||||||||||||||||
Other debt obligations | 607.6 | 607.6 | — | 544.7 | 62.9 | |||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 24,329.00 | 24,329.00 | — | 24,168.30 | 160.7 | |||||||||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 126.8 | 126.8 | 68.2 | 58.6 | — | |||||||||||||||||||||||||||||||
Marketable equity securities, trading | 460.3 | 460.3 | 460 | — | 0.3 | |||||||||||||||||||||||||||||||
Investments in limited partnerships, private equity funds | 41.5 | 41.5 | — | — | 41.5 | |||||||||||||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||||||||||||||
Equity indexed options | 44.9 | 44.9 | — | 42.4 | 2.5 | |||||||||||||||||||||||||||||||
Other | 9.1 | 9.1 | 0.6 | 5.2 | 3.3 | |||||||||||||||||||||||||||||||
Total other invested assets | 54 | 54 | 0.6 | 47.6 | 5.8 | |||||||||||||||||||||||||||||||
Total investments carried at fair value | 25,011.60 | 25,011.60 | 528.8 | 24,274.50 | 208.3 | |||||||||||||||||||||||||||||||
Separate account assets | 973.8 | 973.8 | 973.8 | — | — | |||||||||||||||||||||||||||||||
Total assets at fair value | $ | 25,985.40 | $ | 25,985.40 | $ | 1,502.60 | $ | 24,274.50 | $ | 208.3 | ||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | $ | 121.3 | $ | 121.3 | $ | — | $ | — | $ | 121.3 | ||||||||||||||||||||||||||
Foreign currency swaps | 34 | 34 | — | 34 | — | |||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 155.3 | $ | 155.3 | $ | — | $ | 34 | $ | 121.3 | ||||||||||||||||||||||||||
Subject to fair value disclosure requirements: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 3,603.20 | $ | 3,785.70 | $ | — | $ | — | $ | 3,785.70 | ||||||||||||||||||||||||||
Investments in limited partnerships, tax credit investments | 257.8 | 224.7 | — | 224.7 | — | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 108.5 | 108.5 | 108.5 | — | — | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Funds held under deposit contracts (1): | ||||||||||||||||||||||||||||||||||||
Deferred annuities | $ | 12,420.70 | $ | 12,332.00 | $ | — | $ | — | $ | 12,332.00 | ||||||||||||||||||||||||||
Income annuities | 6,536.20 | 7,924.60 | — | — | 7,924.60 | |||||||||||||||||||||||||||||||
Notes payable: | ||||||||||||||||||||||||||||||||||||
Capital Efficient Notes (CENts) | 149.9 | 157.5 | — | 157.5 | — | |||||||||||||||||||||||||||||||
Senior notes | 299.7 | 319.1 | — | 319.1 | — | |||||||||||||||||||||||||||||||
_______________________ | ||||||||||||||||||||||||||||||||||||
-1 | The carrying value of this balance excludes $6,183.6 of liabilities related to insurance contracts and embedded derivatives. | |||||||||||||||||||||||||||||||||||
As of December 31, 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 | $ | 344.4 | $ | 344.4 | $ | — | $ | 327 | $ | 17.4 | ||||||||||||||||||||||||||
State and political subdivisions | 751.5 | 751.5 | — | 751.5 | — | |||||||||||||||||||||||||||||||
Corporate securities | 17,352.40 | 17,352.40 | — | 17,324.40 | 28 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 2,756.00 | 2,756.00 | — | 2,755.80 | 0.2 | |||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,518.40 | 1,518.40 | — | 1,512.60 | 5.8 | |||||||||||||||||||||||||||||||
Other debt obligations | 615 | 615 | — | 486.2 | 128.8 | |||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 23,337.70 | 23,337.70 | — | 23,157.50 | 180.2 | |||||||||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 134.3 | 134.3 | 77.4 | 56.9 | — | |||||||||||||||||||||||||||||||
Marketable equity securities, trading | 474.4 | 474.4 | 474.1 | — | 0.3 | |||||||||||||||||||||||||||||||
Investments in limited partnerships, private equity funds | 31.2 | 31.2 | — | — | 31.2 | |||||||||||||||||||||||||||||||
Other invested assets | 47.8 | 47.8 | 0.6 | 5.2 | 42 | |||||||||||||||||||||||||||||||
Total investments carried at fair value | 24,025.40 | 24,025.40 | 552.1 | 23,219.60 | 253.7 | |||||||||||||||||||||||||||||||
Separate account assets | 978.4 | 978.4 | 978.4 | — | — | |||||||||||||||||||||||||||||||
Total assets at fair value | $ | 25,003.80 | $ | 25,003.80 | $ | 1,530.50 | $ | 23,219.60 | $ | 253.7 | ||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 92.1 | 92.1 | — | — | 92.1 | |||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 92.1 | $ | 92.1 | $ | — | $ | — | $ | 92.1 | ||||||||||||||||||||||||||
Subject to fair value disclosure requirements: | ||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 3,541.00 | $ | 3,664.60 | $ | — | $ | — | $ | 3,664.60 | ||||||||||||||||||||||||||
Investments in limited partnerships, tax credit investments | 265.1 | 237.9 | — | 237.9 | — | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 76 | 76 | 76 | — | — | |||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Funds held under deposit contracts (1): | ||||||||||||||||||||||||||||||||||||
Deferred annuities | $ | 12,017.00 | $ | 11,884.20 | $ | — | $ | — | $ | 11,884.20 | ||||||||||||||||||||||||||
Income annuities | 6,514.30 | 7,548.00 | — | — | 7,548.00 | |||||||||||||||||||||||||||||||
Notes payable: | ||||||||||||||||||||||||||||||||||||
Capital Efficient Notes (CENts) | 149.9 | 156.2 | — | 156.2 | — | |||||||||||||||||||||||||||||||
Senior notes | 299.6 | 319.3 | — | 319.3 | — | |||||||||||||||||||||||||||||||
_________________ | ||||||||||||||||||||||||||||||||||||
-1 | The carrying value of this balance excludes $6,111.6 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 March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Amount | % of Total | # of Securities | Amount | % of Total | # of Securities | |||||||||||||||||||||||||||||||
Significant security sectors: | ||||||||||||||||||||||||||||||||||||
Industrial | $ | 3,329.10 | 18.7 | % | 220 | $ | 3,237.30 | 18.7 | % | 223 | ||||||||||||||||||||||||||
Consumer staples | 2,733.40 | 15.4 | 157 | 2,681.60 | 15.5 | 159 | ||||||||||||||||||||||||||||||
Consumer discretionary | 2,223.40 | 12.5 | 189 | 2,184.70 | 12.6 | 184 | ||||||||||||||||||||||||||||||
Utilities | 1,949.80 | 11 | 148 | 1,897.90 | 11 | 146 | ||||||||||||||||||||||||||||||
Financial | 1,894.50 | 10.7 | 157 | 1,819.20 | 10.5 | 158 | ||||||||||||||||||||||||||||||
Weighted-average coupon rate | 5.51 | % | 5.6 | % | ||||||||||||||||||||||||||||||||
Weighted-average remaining years to contractual maturity | 9.4 | 9.6 | ||||||||||||||||||||||||||||||||||
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 March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Fair Value | % of Total | Fair Value | % of Total | |||||||||||||||||||||||||||||||||
Highest rating agency rating: | ||||||||||||||||||||||||||||||||||||
AAA | $ | 52 | 17.7 | % | $ | 42.5 | 14.3 | % | ||||||||||||||||||||||||||||
AA through BBB | 79.1 | 26.9 | 88 | 29.5 | ||||||||||||||||||||||||||||||||
BB & below | 163 | 55.4 | 167.8 | 56.2 | ||||||||||||||||||||||||||||||||
Total non-agency RMBS | $ | 294.1 | 100 | % | $ | 298.3 | 100 | % | ||||||||||||||||||||||||||||
Non-agency RMBS with super senior subordination | $ | 184.2 | 62.6 | % | $ | 178.3 | 59.8 | % | ||||||||||||||||||||||||||||
Schedule Of Additional Information About Composition Of Level 2 CMBS Securities | ' | |||||||||||||||||||||||||||||||||||
The following table presents additional information about the composition of the underlying collateral of Level 2 non-agency CMBS securities: | ||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
% of Total | % of Total | |||||||||||||||||||||||||||||||||||
Significant underlying collateral locations: | ||||||||||||||||||||||||||||||||||||
New York | 21.8 | % | 21.8 | % | ||||||||||||||||||||||||||||||||
California | 11.6 | 11.7 | ||||||||||||||||||||||||||||||||||
Florida | 7.7 | 7.5 | ||||||||||||||||||||||||||||||||||
Texas | 7.1 | 7.3 | ||||||||||||||||||||||||||||||||||
Significant underlying collateral property types: | ||||||||||||||||||||||||||||||||||||
Office buildings | 31.7 | % | 32.6 | % | ||||||||||||||||||||||||||||||||
Retail shopping centers | 30.7 | 31.5 | ||||||||||||||||||||||||||||||||||
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 months ended March 31, 2014: | ||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2014 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of March 31, 2014 | ||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 17.4 | $ | — | $ | — | $ | (17.4 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Corporate securities | 28 | 24.5 | — | 39 | (3.0 | ) | — | 3.6 | — | 92.1 | ||||||||||||||||||||||||||
Residential mortgage-backed securities | 0.2 | — | — | — | — | — | — | — | 0.2 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities | 5.8 | — | — | — | (0.3 | ) | — | — | — | 5.5 | ||||||||||||||||||||||||||
Other debt obligations | 128.8 | — | — | (66.7 | ) | (0.4 | ) | — | 1.2 | — | 62.9 | |||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 180.2 | 24.5 | — | (45.1 | ) | (3.7 | ) | — | 4.8 | — | 160.7 | |||||||||||||||||||||||||
Marketable equity securities, trading | 0.3 | — | — | — | — | — | — | — | 0.3 | |||||||||||||||||||||||||||
Investments in limited partnerships | 31.2 | 10.3 | — | — | — | — | — | — | 41.5 | |||||||||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||||||||||||||
Equity indexed options | 38.8 | 0.9 | — | (36.7 | ) | (0.4 | ) | (3.0 | ) | — | 2.9 | 2.5 | ||||||||||||||||||||||||
Other | 3.2 | — | — | — | — | 0.1 | — | — | 3.3 | |||||||||||||||||||||||||||
Total other invested assets | 42 | 0.9 | — | (36.7 | ) | (0.4 | ) | (2.9 | ) | — | 2.9 | 5.8 | ||||||||||||||||||||||||
Total Level 3 assets | $ | 253.7 | $ | 35.7 | $ | — | $ | (81.8 | ) | $ | (4.1 | ) | $ | (2.9 | ) | $ | 4.8 | $ | 2.9 | $ | 208.3 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | $ | 92.1 | $ | 23 | $ | (0.1 | ) | $ | — | $ | — | $ | 6.3 | $ | — | $ | — | $ | 121.3 | |||||||||||||||||
Total Level 3 liabilities | $ | 92.1 | $ | 23 | $ | (0.1 | ) | $ | — | $ | — | $ | 6.3 | $ | — | $ | — | $ | 121.3 | |||||||||||||||||
_______________ | ||||||||||||||||||||||||||||||||||||
-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 $39.0 for the three months ended March 31, 2014. Gross transfers out of Level 3 were $120.8 for the three months ended March 31, 2014, of which $84.1 were related to fixed maturities for which observable inputs became available. Additionally, transfers out included a change in valuation methodology for equity indexed options during the first quarter of 2014 to a method that uses significant observable inputs. Such securities are now classified as Level 2. | |||||||||||||||||||||||||||||||||||
-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 gains (losses). Amounts shown for financial liabilities are (gains) losses in net income. | |||||||||||||||||||||||||||||||||||
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 months ended March 31, 2013: | ||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) Included in: | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2013 | Purchases | Sales | Transfers | Other(3) | Net | Other | Realized | Balance as of March 31, 2013 | ||||||||||||||||||||||||||||
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 | $ | 38.9 | $ | — | $ | — | $ | — | $ | (13.0 | ) | $ | — | $ | 0.2 | $ | (0.1 | ) | $ | 26 | ||||||||||||||||
Residential mortgage-backed securities | — | — | — | 0.2 | — | — | — | — | 0.2 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities | 18.8 | — | — | — | (3.7 | ) | — | (0.3 | ) | — | 14.8 | |||||||||||||||||||||||||
Other debt obligations | 73 | 5.5 | — | — | — | — | (1.0 | ) | — | 77.5 | ||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | 130.7 | 5.5 | — | 0.2 | (16.7 | ) | — | (1.1 | ) | (0.1 | ) | 118.5 | ||||||||||||||||||||||||
Marketable equity securities, available-for-sale | 5 | — | — | — | — | — | — | — | 5 | |||||||||||||||||||||||||||
Marketable equity securities, trading | 0.2 | — | — | — | — | — | — | — | 0.2 | |||||||||||||||||||||||||||
Investments in limited partnerships | 28.6 | 0.6 | — | — | (1.1 | ) | 0.5 | — | — | 28.6 | ||||||||||||||||||||||||||
Other invested assets | 7.8 | 4.5 | — | — | (1.0 | ) | 3 | — | 0.3 | 14.6 | ||||||||||||||||||||||||||
Total Level 3 assets | $ | 172.3 | $ | 10.6 | $ | — | $ | 0.2 | $ | (18.8 | ) | $ | 3.5 | $ | (1.1 | ) | $ | 0.2 | $ | 166.9 | ||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||||||
Embedded derivatives | 14.1 | 5.9 | (0.1 | ) | — | — | 2 | — | — | 21.9 | ||||||||||||||||||||||||||
Total Level 3 liabilities | $ | 14.1 | $ | 5.9 | $ | (0.1 | ) | $ | — | $ | — | $ | 2 | $ | — | $ | — | $ | 21.9 | |||||||||||||||||
_______________ | ||||||||||||||||||||||||||||||||||||
-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 $0.2 for the three months ended March 31, 2013. Gross transfers out of Level 3 were $0.0 for the three months ended March 31, 2013. | |||||||||||||||||||||||||||||||||||
-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 gains (losses). |
Deferred_Policy_Acquisition_Co1
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Unamortized balance at beginning of period | $ | 419.9 | $ | 367.9 | ||||
Deferral of acquisition costs | 40.2 | 17.9 | ||||||
Adjustments for realized (gains) losses | 1.1 | 0.2 | ||||||
Amortization — excluding unlocking | (15.5 | ) | (15.5 | ) | ||||
Amortization — impact of assumption and experience unlocking | (4.4 | ) | (3.4 | ) | ||||
Unamortized balance at end of period | 441.3 | 367.1 | ||||||
Accumulated effect of net unrealized gains | (121.2 | ) | (195.0 | ) | ||||
Balance at end of period | $ | 320.1 | $ | 172.1 | ||||
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 in the consolidated balance sheets. DSI amortization is included in interest credited in the consolidated statements of income. | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Unamortized balance at beginning of period | $ | 154.8 | $ | 153.4 | ||||
Capitalizations | 9.6 | 13.3 | ||||||
Adjustments for realized (gains) losses | 0.3 | 0.2 | ||||||
Amortization — excluding unlocking | (10.6 | ) | (10.3 | ) | ||||
Amortization — impact of assumption and experience unlocking | (3.8 | ) | (2.5 | ) | ||||
Unamortized balance at end of period | 150.3 | 154.1 | ||||||
Accumulated effect of net unrealized gains | (86.5 | ) | (122.5 | ) | ||||
Balance at end of period | $ | 63.8 | $ | 31.6 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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 months ended March 31, 2014: | ||||||||||||||||||||
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, 2014 | $ | 737.8 | $ | (14.2 | ) | $ | (113.1 | ) | $ | (16.9 | ) | $ | 593.6 | |||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | 237.1 | — | (20.9 | ) | (3.2 | ) | 213 | |||||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||||||
Foreign currency swaps | — | — | — | 0.2 | 0.2 | |||||||||||||||
Net realized (gains) losses | (3.0 | ) | 1.2 | (1.4 | ) | — | (3.2 | ) | ||||||||||||
Total provision (benefit) for income taxes | 1 | (0.4 | ) | 0.5 | 0.1 | 1.2 | ||||||||||||||
Total reclassifications from AOCI, net of taxes | (2.0 | ) | 0.8 | (0.9 | ) | (0.2 | ) | (2.3 | ) | |||||||||||
Other comprehensive income (loss) after reclassifications | 235.1 | 0.8 | (21.8 | ) | (3.4 | ) | 210.7 | |||||||||||||
Balance as of March 31, 2014 | $ | 972.9 | $ | (13.4 | ) | $ | (134.9 | ) | $ | (20.3 | ) | $ | 804.3 | |||||||
___________________ | ||||||||||||||||||||
-1 | Other comprehensive income (loss) before reclassifications is net of taxes of $127.6, $0.0, $(11.3), $(1.7) and $114.6, respectively, for the three months ended March 31, 2014. | |||||||||||||||||||
-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 8 for the adjustment for the accumulated effect of net unrealized 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 months ended March 31, 2013: | ||||||||||||||||||||
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, 2013 | $ | 1,610.20 | $ | (19.6 | ) | $ | (221.4 | ) | $ | 2 | $ | 1,371.20 | ||||||||
Other comprehensive income (loss) before reclassifications, net of taxes (1) | (106.3 | ) | (0.4 | ) | 15.3 | 5.1 | (86.3 | ) | ||||||||||||
Reclassifications recorded in: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Interest rate swaps | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||||||
Foreign currency swaps | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||||||
Net realized (gains) losses | 10.3 | 3.7 | (0.4 | ) | — | 13.6 | ||||||||||||||
Total provision (benefit) for income taxes | (3.6 | ) | (1.3 | ) | 0.1 | 0.4 | (4.4 | ) | ||||||||||||
Total reclassifications from AOCI, net of taxes | 6.7 | 2.4 | (0.3 | ) | (0.6 | ) | 8.2 | |||||||||||||
Other comprehensive income (loss) after reclassifications | (99.6 | ) | 2 | 15 | 4.5 | (78.1 | ) | |||||||||||||
Balance as of March 31, 2013 | $ | 1,510.60 | $ | (17.6 | ) | $ | (206.4 | ) | $ | 6.5 | $ | 1,293.10 | ||||||||
___________________ | ||||||||||||||||||||
-1 | Other comprehensive income (loss) before reclassifications is net of taxes of $(57.2), $(0.2), $8.2, $2.8 and $(46.4), respectively, for the three months ended March 31, 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 8 for the adjustment for the accumulated effect of net unrealized 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, 2013 | 119,087,677 | |||||||||||||||||||
Common stock issued (1) | 5,300,569 | |||||||||||||||||||
Restricted stock issued, net | 254,579 | |||||||||||||||||||
Employee stock purchase plan shares issued | 133,122 | |||||||||||||||||||
Common stock repurchased (2) | (7,045,190 | ) | ||||||||||||||||||
Balance as of December 31, 2013 | 117,730,757 | |||||||||||||||||||
Balance as of January 1, 2014 | 117,730,757 | |||||||||||||||||||
Common stock issued | — | |||||||||||||||||||
Restricted stock issued, net | 200,723 | |||||||||||||||||||
Employee stock purchase plan shares issued | 42,067 | |||||||||||||||||||
Common stock repurchased (2) | (1,354,329 | ) | ||||||||||||||||||
Balance as of March 31, 2014 | 116,619,218 | |||||||||||||||||||
_____________________ | ||||||||||||||||||||
-1 | Includes 5,297,758 shares of common stock issued from the settlement of warrants. | |||||||||||||||||||
-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_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
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 three months ended March 31, 2014: | |||||||
Number of | Weighted- | ||||||
Shares | Average Fair | ||||||
Value | |||||||
Outstanding as of January 1, 2014 | 650,197 | $ | 11.53 | ||||
Shares granted | 206,940 | 20.27 | |||||
Shares vested | (7,095 | ) | 10.79 | ||||
Shares forfeited | (6,217 | ) | 11.96 | ||||
Outstanding as of March 31, 2014 | 843,825 | $ | 13.68 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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 March 31, 2014 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 145 | $ | — | $ | — | $ | 8.8 | $ | — | $ | 153.8 | ||||||||||||
Net investment income | 5 | 150.1 | 97 | 70.9 | 1.4 | 324.4 | ||||||||||||||||||
Policy fees, contract charges, and other | 3.9 | 5.9 | 0.2 | 36.2 | 0.4 | 46.6 | ||||||||||||||||||
Certain realized gains (losses) | — | (0.2 | ) | — | — | — | (0.2 | ) | ||||||||||||||||
Total operating revenues | 153.9 | 155.8 | 97.2 | 115.9 | 1.8 | 524.6 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 82.8 | 0.1 | — | 18.3 | — | 101.2 | ||||||||||||||||||
Interest credited | — | 87.5 | 82 | 65.2 | (0.5 | ) | 234.2 | |||||||||||||||||
Other underwriting and operating expenses | 43.2 | 21.1 | 4.8 | 18.2 | 0.6 | 87.9 | ||||||||||||||||||
Interest expense | — | — | — | — | 8.2 | 8.2 | ||||||||||||||||||
Amortization of DAC | 0.1 | 16.9 | 1 | 1.9 | — | 19.9 | ||||||||||||||||||
Total benefits and expenses | 126.1 | 125.6 | 87.8 | 103.6 | 8.3 | 451.4 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 27.8 | $ | 30.2 | $ | 9.4 | $ | 12.3 | $ | (6.5 | ) | $ | 73.2 | |||||||||||
Operating revenues | $ | 153.9 | $ | 155.8 | $ | 97.2 | $ | 115.9 | $ | 1.8 | $ | 524.6 | ||||||||||||
Add: Excluded realized gains (losses) | — | (4.9 | ) | 24.2 | 2.5 | (0.9 | ) | 20.9 | ||||||||||||||||
Total revenues | 153.9 | 150.9 | 121.4 | 118.4 | 0.9 | 545.5 | ||||||||||||||||||
Total benefits and expenses | 126.1 | 125.6 | 87.8 | 103.6 | 8.3 | 451.4 | ||||||||||||||||||
Income from operations before income taxes | $ | 27.8 | $ | 25.3 | $ | 33.6 | $ | 14.8 | $ | (7.4 | ) | $ | 94.1 | |||||||||||
As of March 31, 2014: | ||||||||||||||||||||||||
Total assets | $ | 169.4 | $ | 14,625.70 | $ | 7,438.90 | $ | 6,586.60 | $ | 2,343.70 | $ | 31,164.30 | ||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Benefits | Deferred | Income | Individual | Other | Total | |||||||||||||||||||
Annuities | Annuities | Life | ||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Premiums | $ | 148 | $ | — | $ | — | $ | 9 | $ | — | $ | 157 | ||||||||||||
Net investment income | 5.1 | 143.2 | 101.7 | 69.2 | 4.5 | 323.7 | ||||||||||||||||||
Policy fees, contract charges, and other | 3.5 | 5.8 | 1.9 | 33.1 | 5.6 | 49.9 | ||||||||||||||||||
Certain realized gains (losses) | — | 0.9 | — | — | — | 0.9 | ||||||||||||||||||
Total operating revenues | 156.6 | 149.9 | 103.6 | 111.3 | 10.1 | 531.5 | ||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||
Policyholder benefits and claims | 101.4 | — | — | 18.1 | — | 119.5 | ||||||||||||||||||
Interest credited | — | 82.9 | 88.5 | 64.2 | (0.3 | ) | 235.3 | |||||||||||||||||
Other underwriting and operating expenses | 41.7 | 21.7 | 5.4 | 16 | 7 | 91.8 | ||||||||||||||||||
Interest expense | — | — | — | — | 8.2 | 8.2 | ||||||||||||||||||
Amortization of DAC | — | 16.2 | 0.9 | 1.8 | — | 18.9 | ||||||||||||||||||
Total benefits and expenses | 143.1 | 120.8 | 94.8 | 100.1 | 14.9 | 473.7 | ||||||||||||||||||
Segment pre-tax adjusted operating income (loss) | $ | 13.5 | $ | 29.1 | $ | 8.8 | $ | 11.2 | $ | (4.8 | ) | $ | 57.8 | |||||||||||
Operating revenues | $ | 156.6 | $ | 149.9 | $ | 103.6 | $ | 111.3 | $ | 10.1 | $ | 531.5 | ||||||||||||
Add: Excluded realized gains (losses) | — | 2.5 | 17.7 | (0.2 | ) | 5.6 | 25.6 | |||||||||||||||||
Total revenues | 156.6 | 152.4 | 121.3 | 111.1 | 15.7 | 557.1 | ||||||||||||||||||
Total benefits and expenses | 143.1 | 120.8 | 94.8 | 100.1 | 14.9 | 473.7 | ||||||||||||||||||
Income (loss) from operations before income taxes | $ | 13.5 | $ | 31.6 | $ | 26.5 | $ | 11 | $ | 0.8 | $ | 83.4 | ||||||||||||
As of March 31, 2013: | ||||||||||||||||||||||||
Total assets | $ | 151.5 | $ | 12,739.20 | $ | 7,607.50 | $ | 6,597.80 | $ | 2,491.80 | $ | 29,587.80 | ||||||||||||
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Jun. 20, 2013 | |
Warrant Settlement [Member] | |||||
Common stock issued | 0 | ' | 5,300,569 | [1] | 5,297,758 |
Potential common shares reflected in weighted average common shares outstanding calculation | ' | 18,975,744 | ' | ' | |
Antidilutive securities excluded from computation of earnings per share | 2,650,000 | 2,650,000 | ' | ' | |
Numerator: | ' | ' | ' | ' | |
Net income | $79.30 | $66 | ' | ' | |
Denominator: | ' | ' | ' | ' | |
Weighted-average common shares outstanding-basic (shares) | 117,460,386 | 138,093,261 | ' | ' | |
Add: dilutive effect of certain equity instruments (shares) | 5,252 | 4,709 | ' | ' | |
Weighted average common shares outstanding-diluted (shares) | 117,465,638 | 138,097,970 | ' | ' | |
Net income per common share: | ' | ' | ' | ' | |
Basic (USD per share) | $0.68 | $0.48 | ' | ' | |
Diluted (USD per share) | $0.68 | $0.48 | ' | ' | |
[1] | Includes 5,297,758 shares of common stock issued from the settlement of warrants. |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Total fixed maturities | $24,329 | $23,337.70 |
Fixed maturities, at amortized cost | 22,896.20 | 22,261.30 |
Underwater threshold percentage used to determine significant risk of impairment | 20.00% | ' |
Fair Value | 24,455.80 | 23,472 |
External Credit Rating, Non Investment Grade [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total fixed maturities | 1,217.60 | 1,267.50 |
Fixed maturities, at amortized cost | 1,171.30 | 1,229.70 |
Percentage of below-investment grade fixed maturities at fair value | 5.00% | 5.50% |
Total Underwater By 20% Or More [Member] | Marketable Equity Securities, Available-For-Sale [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fair Value | $0 | $0 |
Investments_Summary_Of_Availab
Investments (Summary Of Available-For-Sale Fixed Maturities And Marketable Equity Securities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | $23,015.60 | $22,390.30 |
Gross Unrealized Gains | 1,603 | 1,358.50 |
Gross Unrealized Losses | -162.8 | -276.8 |
Fair Value | 24,455.80 | 23,472 |
OTTI in AOCI | -20.5 | -21.7 |
U.S. Government And Agencies [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 810.9 | 348.5 |
Gross Unrealized Gains | 6.1 | 2.1 |
Gross Unrealized Losses | -4.1 | -6.2 |
Fair Value | 812.9 | 344.4 |
OTTI in AOCI | 0 | 0 |
State And Political Subdivisions [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 730.9 | 748.2 |
Gross Unrealized Gains | 24.5 | 17.6 |
Gross Unrealized Losses | -4.2 | -14.3 |
Fair Value | 751.2 | 751.5 |
OTTI in AOCI | 0 | 0 |
Corporate Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 16,676 | 16,470.90 |
Gross Unrealized Gains | 1,297.70 | 1,083.80 |
Gross Unrealized Losses | -120 | -202.3 |
Fair Value | 17,853.70 | 17,352.40 |
OTTI in AOCI | -14 | -14.9 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 2,682.70 | 2,678.30 |
Gross Unrealized Gains | 130.9 | 115.1 |
Gross Unrealized Losses | -24.5 | -37.4 |
Fair Value | 2,789.10 | 2,756 |
OTTI in AOCI | -6.5 | -6.8 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 1,428.50 | 1,436 |
Gross Unrealized Gains | 93.9 | 94.7 |
Gross Unrealized Losses | -7.9 | -12.3 |
Fair Value | 1,514.50 | 1,518.40 |
OTTI in AOCI | 0 | 0 |
Other Debt Obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 567.2 | 579.4 |
Gross Unrealized Gains | 42.2 | 39.3 |
Gross Unrealized Losses | -1.8 | -3.7 |
Fair Value | 607.6 | 615 |
OTTI in AOCI | 0 | 0 |
Fixed Maturities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 22,896.20 | 22,261.30 |
Gross Unrealized Gains | 1,595.30 | 1,352.60 |
Gross Unrealized Losses | -162.5 | -276.2 |
Fair Value | 24,329 | 23,337.70 |
OTTI in AOCI | -20.5 | -21.7 |
Marketable Equity Securities, Available-For-Sale [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Cost or Amortized Cost | 119.4 | 129 |
Gross Unrealized Gains | 7.7 | 5.9 |
Gross Unrealized Losses | -0.3 | -0.6 |
Fair Value | 126.8 | 134.3 |
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 $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
securities | securities | |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | $3,531.60 | $5,136.50 |
Less than 12 Months, Gross Unrealized Losses | -109.4 | -219.4 |
Less Than 12 Months, Number Of Securities | 362 | 459 |
12 Months Or More, Fair Value | 444.3 | 336.1 |
12 Months or More, Gross Unrealized Losses | -53.4 | -57.4 |
12 Months Or More, Number Of Securities | 77 | 79 |
U.S. Government And Agencies [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 104.5 | 102.7 |
Less than 12 Months, Gross Unrealized Losses | -4.1 | -6.2 |
Less Than 12 Months, Number Of Securities | 9 | 9 |
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 | 197.3 | 278.7 |
Less than 12 Months, Gross Unrealized Losses | -4.1 | -13.9 |
Less Than 12 Months, Number Of Securities | 34 | 44 |
12 Months Or More, Fair Value | 1.7 | 5.4 |
12 Months or More, Gross Unrealized Losses | -0.1 | -0.4 |
12 Months Or More, Number Of Securities | 1 | 3 |
Corporate Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 2,384.50 | 3,621.50 |
Less than 12 Months, Gross Unrealized Losses | -71.8 | -150.7 |
Less Than 12 Months, Number Of Securities | 199 | 258 |
12 Months Or More, Fair Value | 370.1 | 263.5 |
12 Months or More, Gross Unrealized Losses | -48.2 | -51.6 |
12 Months Or More, Number Of Securities | 47 | 42 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 521.1 | 680 |
Less than 12 Months, Gross Unrealized Losses | -21.2 | -33 |
Less Than 12 Months, Number Of Securities | 78 | 95 |
12 Months Or More, Fair Value | 47.4 | 52.4 |
12 Months or More, Gross Unrealized Losses | -3.3 | -4.4 |
12 Months Or More, Number Of Securities | 18 | 22 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 169.2 | 261.9 |
Less than 12 Months, Gross Unrealized Losses | -6.2 | -11.4 |
Less Than 12 Months, Number Of Securities | 10 | 17 |
12 Months Or More, Fair Value | 24.5 | 14.2 |
12 Months or More, Gross Unrealized Losses | -1.7 | -0.9 |
12 Months Or More, Number Of Securities | 9 | 9 |
Other Debt Obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 137.2 | 152 |
Less than 12 Months, Gross Unrealized Losses | -1.7 | -3.6 |
Less Than 12 Months, Number Of Securities | 14 | 15 |
12 Months Or More, Fair Value | 0.6 | 0.6 |
12 Months or More, Gross Unrealized Losses | -0.1 | -0.1 |
12 Months Or More, Number Of Securities | 2 | 3 |
Fixed Maturities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 3,513.80 | 5,096.80 |
Less than 12 Months, Gross Unrealized Losses | -109.1 | -218.8 |
Less Than 12 Months, Number Of Securities | 344 | 438 |
12 Months Or More, Fair Value | 444.3 | 336.1 |
12 Months or More, Gross Unrealized Losses | -53.4 | -57.4 |
12 Months Or More, Number Of Securities | 77 | 79 |
Marketable Equity Securities, Available-For-Sale [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 17.8 | 39.7 |
Less than 12 Months, Gross Unrealized Losses | -0.3 | -0.6 |
Less Than 12 Months, Number Of Securities | 18 | 21 |
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 |
Investments_Summary_Of_Contrac
Investments (Summary Of Contractual Years To Maturity) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Amortized Cost | ' | ' |
One year or less | $733.80 | ' |
Over one year through five years | 5,084.40 | ' |
Over five years through ten years | 8,730.60 | ' |
Over ten years | 3,789.50 | ' |
Cost or Amortized Cost | 23,015.60 | 22,390.30 |
Other asset-backed securities | 446.7 | ' |
Total fixed maturities | 22,896.20 | 22,261.30 |
Fair Value | ' | ' |
One year or less | 738.2 | ' |
Over one year through five years | 5,515.20 | ' |
Over five years through ten years | 9,044.80 | ' |
Over ten years | 4,245.80 | ' |
Fair Value | 24,455.80 | 23,472 |
Other asset-backed securities | 481.4 | ' |
Total fixed maturities | 24,329 | 23,337.70 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Amortized Cost | ' | ' |
Cost or Amortized Cost | 2,682.70 | 2,678.30 |
Fair Value | ' | ' |
Fair Value | 2,789.10 | 2,756 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Amortized Cost | ' | ' |
Cost or Amortized Cost | 1,428.50 | 1,436 |
Fair Value | ' | ' |
Fair Value | $1,514.50 | $1,518.40 |
Investments_Summary_Of_Net_Inv
Investments (Summary Of Net Investment Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investment [Line Items] | ' | ' |
Total investment income | $332.70 | $331.70 |
Investment expenses | -8.3 | -8 |
Net investment income | 324.4 | 323.7 |
Fixed Maturities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total investment income | 283 | 284.6 |
Marketable Equity Securities, Available-For-Sale [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total investment income | 1 | 0.6 |
Mortgage Loans [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total investment income | 50.1 | 44.9 |
Policy Loans [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total investment income | 0.9 | 0.9 |
Other Investments [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total investment income | 1.4 | 2 |
Marketable Equity Securities, Trading [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total investment income | 3 | 3.1 |
Investments In Limited Partnerships [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Total investment income | ($6.70) | ($4.40) |
Investments_Summary_Of_Net_Rea
Investments (Summary Of Net Realized Gains (Losses)) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Investment [Line Items] | ' | ' | ||
Net realized gains (losses) | $20.70 | $26.50 | ||
Other (3) | -5 | [1] | 2.1 | [1] |
Deferred policy acquisition costs and deferred sales inducement adjustment | 1.4 | 0.4 | ||
Net realized gains (losses) on convertible securities | 2.4 | 0.9 | ||
Fixed Maturities [Member] | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Gross gains on sales | 8.7 | 1.8 | ||
Gross losses on sales | -1.8 | -8.1 | ||
Net impairment losses recognized in earnings | -1.1 | -2 | ||
Other | -1.2 | [2] | -0.7 | [2] |
Net realized gains (losses) | 4.6 | -9 | ||
Marketable Equity Securities, Trading [Member] | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Net realized gains (losses) | 19.7 | [3] | 33 | [3] |
Gain (loss) on changes in fair value of trading securities | $13.80 | $27.20 | ||
[1] | This includes net gains (losses) on derivatives not designated for hedge accounting and other instruments. | |||
[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 $2.4 and $0.9 for the three months ended March 31, 2014 and 2013, respectively. | |||
[3] | This includes net gains (losses) on changes in the fair value of trading securities held as of period end totaling $13.8 and $27.2 for the three months ended March 31, 2014 and 2013, respectively. |
Investments_Schedule_Of_Severi
Investments (Schedule Of Severity And Duration Of The Gross Unrealized Losses On Securities Available-For-Sale) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Fair Value | $24,455.80 | $23,472 |
Gross Unrealized Losses | -162.8 | -276.8 |
Fixed Maturities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fair Value | 24,329 | 23,337.70 |
Gross Unrealized Losses | -162.5 | -276.2 |
Underwater By 20% Or More, Less Than 6 Consecutive Months [Member] | Fixed Maturities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fair Value | 2.2 | 33.3 |
Gross Unrealized Losses | -0.9 | -12.3 |
Underwater By 20% Or More, 6 Consecutive Months Or More [Member] | Fixed Maturities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fair Value | 32.4 | 26.7 |
Gross Unrealized Losses | -17.4 | -18.4 |
Total Underwater By 20% Or More [Member] | Fixed Maturities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fair Value | 34.6 | 60 |
Gross Unrealized Losses | -18.3 | -30.7 |
All Other Underwater Fixed Maturities [Member] | Fixed Maturities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fair Value | 3,923.50 | 5,372.90 |
Gross Unrealized Losses | -144.2 | -245.5 |
Total Underwater Fixed Maturities [Member] | Fixed Maturities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Fair Value | 3,958.10 | 5,432.90 |
Gross Unrealized Losses | ($162.50) | ($276.20) |
Investments_Schedule_Of_Change
Investments (Schedule Of Changes In The Amount Of Credit-Related OTTI Recognized In Net Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' |
Balance, beginning of period | $23.10 | $36.20 |
Increases recognized in the current period: | ' | ' |
For which an OTTI was previously recognized | 0 | 0.4 |
Decreases attributable to: | ' | ' |
Securities sold or paid down during the period | -1.3 | -2.6 |
Balance, end of period | $21.80 | $34 |
Mortgage_Loans_Narrative_Detai
Mortgage Loans (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
loans | loans | |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Days to consider loans as nonperforming | '90 days | ' |
Number of nonperforming loans | 0 | 0 |
CALIFORNIA | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage of mortgage loan portfolio | 29.50% | ' |
TEXAS | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage of mortgage loan portfolio | 11.30% | ' |
WASHINGTON | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Percentage of mortgage loan portfolio | 8.80% | ' |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Other, Carrying Value | ($5.80) | [1] | ($5.90) | [1] |
Total, Carrying Value | 3,603.20 | 3,541 | ||
Reserve on specifically evaluated mortgage loans | 0.2 | 0.2 | ||
Risk Level Low [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | 2,193.50 | 2,195.10 | ||
% of Total | 60.80% | 61.90% | ||
Risk Level Medium [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | 851.5 | 843.5 | ||
% of Total | 23.60% | 23.80% | ||
Risk Level High [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | 562 | 506.3 | ||
% of Total | 15.60% | 14.30% | ||
Credit Quality Indicator Total [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | 3,607 | 3,544.90 | ||
% of Total | 100.00% | 100.00% | ||
Loans Evaluated For Impairment [Member] | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ||
Carrying Value | $2 | [2] | $2 | [2] |
[1] | Includes the allowance for loan losses and deferred fees and costs. | |||
[2] | As of March 31, 2014 and December 31, 2013, reserve amounts of $0.2 and $0.2, respectively, were held for loans specifically evaluated for impairment. |
Mortgage_Loans_Allowance_For_M
Mortgage Loans (Allowance For Mortgage Loan Losses) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for Mortgage Loan Losses [Roll Forward] | ' | ' |
Allowance at beginning of period | $8.10 | $7.90 |
Provision for specific loans | 0 | 0.2 |
Provision for loans not specifically identified | 0 | 0 |
Charge-offs | 0 | 0 |
Allowance at end of period | $8.10 | $8.10 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract] | ' | ' |
Gain (loss) on cash flow hedge to be reclassified into income within 12 months | $1.40 | ' |
Maximum length of time hedged in cash flow hedge | '10 years | ' |
Gain (loss) from ineffective portion of cash flow hedge | $0 | $0 |
Derivative_Instruments_Schedul
Derivative Instruments (Schedule Of Position In Derivative Instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Fair Value Net [Abstract] | ' | ' |
Notional Amount | $1,923.70 | $1,713.70 |
Fair Value, Assets | 50.2 | 44 |
Fair Value, Liabilities | 155.8 | 122.5 |
Total derivatives designated as hedges [Member] | ' | ' |
Derivative Fair Value Net [Abstract] | ' | ' |
Notional Amount | 544.9 | 537.5 |
Fair Value, Assets | 4.8 | 4.6 |
Fair Value, Liabilities | 34 | 28.4 |
Total derivatives not designated as hedges [Member] | ' | ' |
Derivative Fair Value Net [Abstract] | ' | ' |
Notional Amount | 1,378.80 | 1,176.20 |
Fair Value, Assets | 45.4 | 39.4 |
Fair Value, Liabilities | 121.8 | 94.1 |
Interest rate swaps [Member] | Total derivatives designated as hedges [Member] | ' | ' |
Derivative Fair Value Net [Abstract] | ' | ' |
Notional Amount | 97.1 | 97.1 |
Fair Value, Assets | 4.8 | 4.6 |
Fair Value, Liabilities | 0 | 0 |
Foreign currency swaps [Member] | Total derivatives designated as hedges [Member] | ' | ' |
Derivative Fair Value Net [Abstract] | ' | ' |
Notional Amount | 447.8 | 440.4 |
Fair Value, Assets | 0 | 0 |
Fair Value, Liabilities | 34 | 28.4 |
Equity index options [Member] | Total derivatives not designated as hedges [Member] | ' | ' |
Derivative Fair Value Net [Abstract] | ' | ' |
Notional Amount | 1,250 | 1,060.90 |
Fair Value, Assets | 44.9 | 38.8 |
Fair Value, Liabilities | 0.5 | 1.6 |
Foreign currency forwards [Member] | Total derivatives not designated as hedges [Member] | ' | ' |
Derivative Fair Value Net [Abstract] | ' | ' |
Notional Amount | 11.7 | 49.3 |
Fair Value, Assets | 0 | 0.3 |
Fair Value, Liabilities | 0 | 0.4 |
Embedded derivatives [Member] | Total derivatives not designated as hedges [Member] | ' | ' |
Derivative Fair Value Net [Abstract] | ' | ' |
Notional Amount | 0 | 0 |
Fair Value, Assets | 0 | 0 |
Fair Value, Liabilities | 121.3 | 92.1 |
Other derivatives [Member] | Total derivatives not designated as hedges [Member] | ' | ' |
Derivative Fair Value Net [Abstract] | ' | ' |
Notional Amount | 117.1 | 66 |
Fair Value, Assets | 0.5 | 0.3 |
Fair Value, Liabilities | $0 | $0 |
Derivative_Instruments_Schedul1
Derivative Instruments (Schedule Of Offsetting Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Line Items] | ' | ' |
Fair Value Presented in the Balance Sheets | $50.20 | $44 |
Financial Instruments | 0 | 0 |
Cash Collateral | -26.9 | -27.5 |
Net Amount | 23.3 | 16.5 |
Counterparty A [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Fair Value Presented in the Balance Sheets | 5.4 | 4.4 |
Financial Instruments | 0 | 0 |
Cash Collateral | 0 | -0.2 |
Net Amount | 5.4 | 4.2 |
Counterparty B [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Fair Value Presented in the Balance Sheets | 13.5 | 11 |
Financial Instruments | 0 | 0 |
Cash Collateral | 0 | -3 |
Net Amount | 13.5 | 8 |
Counterparty C [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Fair Value Presented in the Balance Sheets | 16.3 | 17.7 |
Financial Instruments | 0 | 0 |
Cash Collateral | -15.7 | -17.4 |
Net Amount | 0.6 | 0.3 |
Counterparty D [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Fair Value Presented in the Balance Sheets | 11.3 | 9.1 |
Financial Instruments | 0 | 0 |
Cash Collateral | -9.5 | -6.9 |
Net Amount | 1.8 | 2.2 |
Other Counterparty [Member] | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Fair Value Presented in the Balance Sheets | 3.7 | 1.8 |
Financial Instruments | 0 | 0 |
Cash Collateral | -1.7 | 0 |
Net Amount | $2 | $1.80 |
Derivative_Instruments_Schedul2
Derivative Instruments (Schedule Of Offsetting Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Offsetting Liabilities [Line Items] | ' | ' | ||
Fair Value Presented in the Balance Sheets | $34.50 | [1] | $30.40 | [2] |
Financial Instruments | -12.5 | [1] | -2.8 | [2] |
Cash Collateral | -0.6 | [1] | -0.2 | [2] |
Net Amount | 21.4 | [1] | 27.4 | [2] |
Fair Value, Liabilities | 155.8 | 122.5 | ||
Counterparty A [Member] | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Fair Value Presented in the Balance Sheets | 6.5 | 5.3 | ||
Financial Instruments | -0.9 | 0 | ||
Cash Collateral | 0 | 0 | ||
Net Amount | 5.6 | 5.3 | ||
Counterparty B [Member] | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Fair Value Presented in the Balance Sheets | 20.3 | 16.9 | ||
Financial Instruments | -7.5 | 0 | ||
Cash Collateral | -0.6 | -0.2 | ||
Net Amount | 12.2 | 16.7 | ||
Counterparty E [Member] | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Fair Value Presented in the Balance Sheets | 6.1 | 5.1 | ||
Financial Instruments | -4.1 | -2.8 | ||
Cash Collateral | 0 | 0 | ||
Net Amount | 2 | 2.3 | ||
Other Counterparty [Member] | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Fair Value Presented in the Balance Sheets | 1.6 | 3.1 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral | 0 | 0 | ||
Net Amount | 1.6 | 3.1 | ||
Not designated as hedging instrument [Member] | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Fair Value, Liabilities | 121.8 | 94.1 | ||
Not designated as hedging instrument [Member] | Embedded derivatives [Member] | ' | ' | ||
Offsetting Liabilities [Line Items] | ' | ' | ||
Fair Value, Liabilities | $121.30 | $92.10 | ||
[1] | Excludes $121.3 of embedded derivatives which have no counterparty. | |||
[2] | Excludes $92.1 of embedded derivatives which have no counterparty. |
Derivative_Instruments_Schedul3
Derivative Instruments (Schedule Of Gains Losses On Cash Flow Hedges) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gain (loss) recognized in other comprehensive income, before taxes and reclassifications, on qualifying derivatives [Abstract] | ' | ' |
Gain (Loss) Recognized in OCI | ($4.90) | $7.90 |
Interest rate swaps [Member] | ' | ' |
Gain (loss) recognized in other comprehensive income, before taxes and reclassifications, on qualifying derivatives [Abstract] | ' | ' |
Gain (Loss) Recognized in OCI | 0.8 | -0.3 |
Foreign currency swaps [Member] | ' | ' |
Gain (loss) recognized in other comprehensive income, before taxes and reclassifications, on qualifying derivatives [Abstract] | ' | ' |
Gain (Loss) Recognized in OCI | ($5.70) | $8.20 |
Derivative_Instruments_Schedul4
Derivative Instruments (Schedule Of Derivatives Not Designated as Hedges Gains Losses) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gain (loss) recognized in income on derivatives not designated as hedges [Abstract] | ' | ' |
Gain (Loss) Recognized in Income | ($2.30) | $2.60 |
Equity index options [Member] | ' | ' |
Gain (loss) recognized in income on derivatives not designated as hedges [Abstract] | ' | ' |
Gain (Loss) Recognized in Income | 3.9 | 3.2 |
Foreign currency forwards [Member] | ' | ' |
Gain (loss) recognized in income on derivatives not designated as hedges [Abstract] | ' | ' |
Gain (Loss) Recognized in Income | 0 | 1.6 |
Embedded derivatives [Member] | ' | ' |
Gain (loss) recognized in income on derivatives not designated as hedges [Abstract] | ' | ' |
Gain (Loss) Recognized in Income | -6.3 | -2 |
Other derivatives [Member] | ' | ' |
Gain (loss) recognized in income on derivatives not designated as hedges [Abstract] | ' | ' |
Gain (Loss) Recognized in Income | $0.10 | ($0.20) |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of fair value of fixed maturities determined by pricing services | 96.70% | 96.60% |
Total fixed maturities | $24,329 | $23,337.70 |
Cash equivalents | 13.8 | 37.8 |
Maximum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Range of illiquidity adjustments | 0.25% | ' |
Minimum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Range of illiquidity adjustments | 0.00% | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 24,168.30 | 23,157.50 |
Level 2 [Member] | Corporate Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 17,761.60 | 17,324.40 |
Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 2,788.90 | 2,755.80 |
Weighted-average coupon rate | 4.33% | 4.39% |
Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 1,509 | 1,512.60 |
Weighted-average coupon rate | 4.78% | 4.82% |
Agency Securities [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Agency securities as a percentage of Level 2 RMBS | 89.50% | 89.20% |
Non Agency Securities [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted-average credit enhancement of securities, percentage | 9.00% | 8.80% |
Non Agency Securities [Member] | Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted-average credit enhancement of securities, percentage | 32.00% | 31.40% |
Non-agency securities as a percentage of Level 2 CMBS | 84.30% | 83.30% |
Percentage of non-agency Level 2 CMBS in most senior tranche | 98.80% | 98.70% |
Private Placement [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Private placements as a percentage of fixed maturities | 2.80% | 2.80% |
Total fixed maturities | 683.3 | 653.7 |
Private Placement [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Privately placed securities percentage, level 2 | 95.10% | 97.20% |
Total fixed maturities | 649.8 | 635.6 |
Private Placement [Member] | Level 2 [Member] | Corporate Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Private placements as a percentage of Level 2 corporate securities | 3.00% | 3.00% |
Residential Mortgage-Backed Securities [Member] | Non Agency Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 294.1 | 298.3 |
Fair value of non-agency Level 2 RMBS originated in 2004 and prior | 100.8 | 110.3 |
Percent of non agency level 2 RMBS originated in 2004 and prior | 34.30% | 37.00% |
Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted-average coupon rate | 5.51% | 5.60% |
Corporate Securities [Member] | Private Placement [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | $538.30 | $523.50 |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Financial Assets and Liabilities Accounted At Fair Value On Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | $24,329 | $23,337.70 | ' | ' | ||
Marketable equity securities, available-for-sale | 126.8 | 134.3 | ' | ' | ||
Marketable equity securities, trading | 460.3 | 474.4 | ' | ' | ||
Investments in limited partnerships | 299.3 | 296.3 | ' | ' | ||
Fair Value, Assets | 50.2 | 44 | ' | ' | ||
Total other invested assets | 59 | 54.1 | ' | ' | ||
Total investments carried at fair value | 28,940 | 27,901.10 | ' | ' | ||
Separate account assets | 973.8 | 978.4 | ' | ' | ||
Mortgage loans, net | 3,603.20 | 3,541 | ' | ' | ||
Cash and cash equivalents | 108.5 | 76 | 301.2 | 130.8 | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 25,140.50 | 24,642.90 | ' | ' | ||
Notes payable | 449.6 | 449.5 | ' | ' | ||
Liabilities related to insurance contracts and embedded derivatives excluded from fair value | 6,183.60 | 6,111.60 | ' | ' | ||
Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 24,329 | 23,337.70 | ' | ' | ||
Marketable equity securities, available-for-sale | 126.8 | 134.3 | ' | ' | ||
Marketable equity securities, trading | 460.3 | 474.4 | ' | ' | ||
Separate account assets | 973.8 | 978.4 | ' | ' | ||
Total assets at fair value | 25,985.40 | 25,003.80 | ' | ' | ||
Mortgage loans, net | 3,603.20 | 3,541 | ' | ' | ||
Cash and cash equivalents | 108.5 | 76 | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Embedded derivatives | 121.3 | 92.1 | ' | ' | ||
Total liabilities at fair value | 155.3 | 92.1 | ' | ' | ||
Carrying Amount [Member] | Foreign currency swaps [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Foreign currency swaps | 34 | ' | ' | ' | ||
Carrying Amount [Member] | Private Equity Funds [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 41.5 | 31.2 | ' | ' | ||
Carrying Amount [Member] | Tax Credit Investments [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 257.8 | 265.1 | ' | ' | ||
Carrying Amount [Member] | Equity index options [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Fair Value, Assets | 44.9 | ' | ' | ' | ||
Carrying Amount [Member] | Deferred Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 12,420.70 | [1] | 12,017 | [2] | ' | ' |
Carrying Amount [Member] | Income Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 6,536.20 | [1] | 6,514.30 | [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 | 299.7 | 299.6 | ' | ' | ||
Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 24,329 | 23,337.70 | ' | ' | ||
Marketable equity securities, available-for-sale | 126.8 | 134.3 | ' | ' | ||
Marketable equity securities, trading | 460.3 | 474.4 | ' | ' | ||
Separate account assets | 973.8 | 978.4 | ' | ' | ||
Total assets at fair value | 25,985.40 | 25,003.80 | ' | ' | ||
Mortgage loans, net | 3,785.70 | 3,664.60 | ' | ' | ||
Cash and cash equivalents | 108.5 | 76 | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Embedded derivatives | 121.3 | 92.1 | ' | ' | ||
Total liabilities at fair value | 155.3 | 92.1 | ' | ' | ||
Fair Value [Member] | Foreign currency swaps [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Foreign currency swaps | 34 | ' | ' | ' | ||
Fair Value [Member] | Private Equity Funds [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 41.5 | 31.2 | ' | ' | ||
Fair Value [Member] | Tax Credit Investments [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 224.7 | 237.9 | ' | ' | ||
Fair Value [Member] | Equity index options [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Fair Value, Assets | 44.9 | ' | ' | ' | ||
Fair Value [Member] | Deferred Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 12,332 | [1] | 11,884.20 | [2] | ' | ' |
Fair Value [Member] | Income Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 7,924.60 | [1] | 7,548 | [2] | ' | ' |
Fair Value [Member] | Capital Efficient Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 157.5 | 156.2 | ' | ' | ||
Fair Value [Member] | Senior Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 319.1 | 319.3 | ' | ' | ||
Level 1 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0 | 0 | ' | ' | ||
Marketable equity securities, available-for-sale | 68.2 | 77.4 | ' | ' | ||
Marketable equity securities, trading | 460 | 474.1 | ' | ' | ||
Separate account assets | 973.8 | 978.4 | ' | ' | ||
Total assets at fair value | 1,502.60 | 1,530.50 | ' | ' | ||
Mortgage loans, net | 0 | 0 | ' | ' | ||
Cash and cash equivalents | 108.5 | 76 | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Embedded derivatives | 0 | 0 | ' | ' | ||
Total liabilities at fair value | 0 | 0 | ' | ' | ||
Level 1 [Member] | Foreign currency swaps [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Foreign currency swaps | 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] | Equity index options [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Fair Value, Assets | 0 | ' | ' | ' | ||
Level 1 [Member] | Deferred Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 0 | [1] | 0 | [2] | ' | ' |
Level 1 [Member] | Income 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 | 24,168.30 | 23,157.50 | ' | ' | ||
Marketable equity securities, available-for-sale | 58.6 | 56.9 | ' | ' | ||
Marketable equity securities, trading | 0 | 0 | ' | ' | ||
Separate account assets | 0 | 0 | ' | ' | ||
Total assets at fair value | 24,274.50 | 23,219.60 | ' | ' | ||
Mortgage loans, net | 0 | 0 | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Embedded derivatives | 0 | 0 | ' | ' | ||
Total liabilities at fair value | 34 | 0 | ' | ' | ||
Level 2 [Member] | Foreign currency swaps [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Foreign currency swaps | 34 | ' | ' | ' | ||
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 | 224.7 | 237.9 | ' | ' | ||
Level 2 [Member] | Equity index options [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Fair Value, Assets | 42.4 | ' | ' | ' | ||
Level 2 [Member] | Deferred Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 0 | [1] | 0 | [2] | ' | ' |
Level 2 [Member] | Income 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 | 157.5 | 156.2 | ' | ' | ||
Level 2 [Member] | Senior Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 319.1 | 319.3 | ' | ' | ||
Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 160.7 | 180.2 | ' | ' | ||
Marketable equity securities, available-for-sale | 0 | 0 | ' | ' | ||
Marketable equity securities, trading | 0.3 | 0.3 | ' | ' | ||
Separate account assets | 0 | 0 | ' | ' | ||
Total assets at fair value | 208.3 | 253.7 | ' | ' | ||
Mortgage loans, net | 3,785.70 | 3,664.60 | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Embedded derivatives | 121.3 | 92.1 | ' | ' | ||
Total liabilities at fair value | 121.3 | 92.1 | ' | ' | ||
Level 3 [Member] | Foreign currency swaps [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Foreign currency swaps | 0 | ' | ' | ' | ||
Level 3 [Member] | Private Equity Funds [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 41.5 | 31.2 | ' | ' | ||
Level 3 [Member] | Tax Credit Investments [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Investments in limited partnerships | 0 | 0 | ' | ' | ||
Level 3 [Member] | Equity index options [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Fair Value, Assets | 2.5 | ' | ' | ' | ||
Level 3 [Member] | Deferred Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 12,332 | [1] | 11,884.20 | [2] | ' | ' |
Level 3 [Member] | Income Annuities [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Funds held under deposit contracts | 7,924.60 | [1] | 7,548 | [2] | ' | ' |
Level 3 [Member] | Capital Efficient Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 0 | 0 | ' | ' | ||
Level 3 [Member] | Senior Notes [Member] | ' | ' | ' | ' | ||
Financial Liabilities [Abstract] | ' | ' | ' | ' | ||
Notes payable | 0 | 0 | ' | ' | ||
U.S. Government and Government Agencies and Authorities [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 812.9 | 344.4 | ' | ' | ||
U.S. Government and Government Agencies and Authorities [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 812.9 | 344.4 | ' | ' | ||
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 | 812.9 | 327 | ' | ' | ||
U.S. Government and Government Agencies and Authorities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0 | 17.4 | ' | ' | ||
State And Political Subdivisions [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 751.2 | 751.5 | ' | ' | ||
State And Political Subdivisions [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 751.2 | 751.5 | ' | ' | ||
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 | 751.2 | 751.5 | ' | ' | ||
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 | 17,853.70 | 17,352.40 | ' | ' | ||
Corporate Securities [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 17,853.70 | 17,352.40 | ' | ' | ||
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 | 17,761.60 | 17,324.40 | ' | ' | ||
Corporate Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 92.1 | 28 | ' | ' | ||
Residential Mortgage-Backed Securities [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 2,789.10 | 2,756 | ' | ' | ||
Residential Mortgage-Backed Securities [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 2,789.10 | 2,756 | ' | ' | ||
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 | 2,788.90 | 2,755.80 | ' | ' | ||
Residential Mortgage-Backed Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 0.2 | 0.2 | ' | ' | ||
Commercial Mortgage-Backed Securities [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 1,514.50 | 1,518.40 | ' | ' | ||
Commercial Mortgage-Backed Securities [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 1,514.50 | 1,518.40 | ' | ' | ||
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 | 1,509 | 1,512.60 | ' | ' | ||
Commercial Mortgage-Backed Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 5.5 | 5.8 | ' | ' | ||
Other Debt Obligations [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 607.6 | 615 | ' | ' | ||
Other Debt Obligations [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 607.6 | 615 | ' | ' | ||
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 | 544.7 | 486.2 | ' | ' | ||
Other Debt Obligations [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Total fixed maturities | 62.9 | 128.8 | ' | ' | ||
Portion at Fair Value Measurement [Member] | Carrying Amount [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Other | 9.1 | ' | ' | ' | ||
Total other invested assets | 54 | 47.8 | ' | ' | ||
Total investments carried at fair value | 25,011.60 | 24,025.40 | ' | ' | ||
Portion at Fair Value Measurement [Member] | Fair Value [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Other | 9.1 | ' | ' | ' | ||
Total other invested assets | 54 | 47.8 | ' | ' | ||
Total investments carried at fair value | 25,011.60 | 24,025.40 | ' | ' | ||
Portion at Fair Value Measurement [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Other | 0.6 | ' | ' | ' | ||
Total other invested assets | 0.6 | 0.6 | ' | ' | ||
Total investments carried at fair value | 528.8 | 552.1 | ' | ' | ||
Portion at Fair Value Measurement [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Other | 5.2 | ' | ' | ' | ||
Total other invested assets | 47.6 | 5.2 | ' | ' | ||
Total investments carried at fair value | 24,274.50 | 23,219.60 | ' | ' | ||
Portion at Fair Value Measurement [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Financial Assets [Abstract] | ' | ' | ' | ' | ||
Other | 3.3 | ' | ' | ' | ||
Total other invested assets | 5.8 | 42 | ' | ' | ||
Total investments carried at fair value | $208.30 | $253.70 | ' | ' | ||
[1] | The carrying value of this balance excludes $6,183.6 of liabilities related to insurance contracts and embedded derivatives. | |||||
[2] | The carrying value of this balance excludes $6,111.6 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 $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 24,329 | 23,337.70 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 24,168.30 | 23,157.50 |
Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted-average coupon rate | 5.51% | 5.60% |
Weighted-average remaining years to contractual maturity for Level 2 corporate securities | '9 years 4 months 24 days | '9 years 7 months 6 days |
Consumer Staples Sector [Member] | Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 2,733.40 | 2,681.60 |
Corporate securities, level 2, % of Total | 15.40% | 15.50% |
Corporate securities, level 2, number of securities | 157 | 159 |
Consumer Discretionary Sector [Member] | Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 2,223.40 | 2,184.70 |
Corporate securities, level 2, % of Total | 12.50% | 12.60% |
Corporate securities, level 2, number of securities | 189 | 184 |
Industrial Sector [Member] | Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 3,329.10 | 3,237.30 |
Corporate securities, level 2, % of Total | 18.70% | 18.70% |
Corporate securities, level 2, number of securities | 220 | 223 |
Utilities Sector [Member] | Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 1,949.80 | 1,897.90 |
Corporate securities, level 2, % of Total | 11.00% | 11.00% |
Corporate securities, level 2, number of securities | 148 | 146 |
Financial Sector [Member] | Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 1,894.50 | 1,819.20 |
Corporate securities, level 2, % of Total | 10.70% | 10.50% |
Corporate securities, level 2, number of securities | 157 | 158 |
Fair_Value_Of_Financial_Instru5
Fair Value Of Financial Instruments (Additional Information About Composition Of Level 2 Non-Agency RMBS Securities ) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | $24,329 | $23,337.70 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 24,168.30 | 23,157.50 |
Non Agency Securities [Member] | Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 294.1 | 298.3 |
% of Total | 100.00% | 100.00% |
Non Agency Securities [Member] | Residential Mortgage-Backed Securities [Member] | Standard Poors A A A Rating [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 52 | 42.5 |
% of Total | 17.70% | 14.30% |
Non Agency Securities [Member] | Residential Mortgage-Backed Securities [Member] | Standard Poors Aa Through Bbb Rating [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 79.1 | 88 |
% of Total | 26.90% | 29.50% |
Non Agency Securities [Member] | Residential Mortgage-Backed Securities [Member] | Standard Poors Bb And Below Rating [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | 163 | 167.8 |
% of Total | 55.40% | 56.20% |
Non Agency Securities [Member] | Residential Mortgage-Backed Securities [Member] | Securities With Super Senior Subordination [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total fixed maturities | $184.20 | $178.30 |
% of Total | 62.60% | 59.80% |
Fair_Value_Of_Financial_Instru6
Fair Value Of Financial Instruments (Additional Information About Composition Of Level 2 CMBS Securities) (Details) | Mar. 31, 2014 | Dec. 31, 2013 |
NEW YORK | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of non-agency Level 2 CMBS collateral | 21.80% | 21.80% |
CALIFORNIA | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of non-agency Level 2 CMBS collateral | 11.60% | 11.70% |
FLORIDA | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of non-agency Level 2 CMBS collateral | 7.70% | 7.50% |
TEXAS | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of non-agency Level 2 CMBS collateral | 7.10% | 7.30% |
Office Buildings [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage of non-agency Level 2 CMBS collateral | 31.70% | 32.60% |
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 | 30.70% | 31.50% |
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 | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Financial Assets: | ' | ' | ||
Beginning balance | $253.70 | $172.30 | ||
Purchases and issues | 35.7 | [1] | 10.6 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | -81.8 | [2] | 0.2 | [3] |
Other | -4.1 | [4] | -18.8 | [4] |
Unrealized Gains (Losses) Included in, Net Income | -2.9 | [5] | 3.5 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 4.8 | -1.1 | ||
Realized Gains (Losses) | 2.9 | [5] | 0.2 | [5] |
Ending balance | 208.3 | 166.9 | ||
Gross transfers into Level 3 | 39 | 0.2 | ||
Gross transfers out of Level 3 | -120.8 | 0 | ||
Financial Liabilities: | ' | ' | ||
Beginning balance | 92.1 | 14.1 | ||
Purchases and issues | 23 | [1] | 5.9 | [1] |
Sales and settlements | -0.1 | [1] | -0.1 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] |
Other | 0 | [4] | 0 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 6.3 | [5] | 2 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | ||
Realized Gains (Losses) | 0 | [5] | 0 | [5] |
Ending balance | 121.3 | 21.9 | ||
U.S. Government and Government Agencies and Authorities [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | 17.4 | ' | ||
Purchases and issues | 0 | [1] | ' | |
Sales and settlements | 0 | [1] | ' | |
Transfers In and/or (Out) of Level 3 | -17.4 | [2] | ' | |
Other | 0 | [4] | ' | |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | ' | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | ' | ||
Realized Gains (Losses) | 0 | [5] | ' | |
Ending balance | 0 | ' | ||
Corporate Securities [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | 28 | 38.9 | ||
Purchases and issues | 24.5 | [1] | 0 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | 39 | [2] | 0 | [3] |
Other | -3 | [4] | -13 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 3.6 | 0.2 | ||
Realized Gains (Losses) | 0 | [5] | -0.1 | [5] |
Ending balance | 92.1 | 26 | ||
Residential Mortgage-Backed Securities [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | 0.2 | 0 | ||
Purchases and issues | 0 | [1] | 0 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0.2 | [3] |
Other | 0 | [4] | 0 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | ||
Realized Gains (Losses) | 0 | [5] | 0 | [5] |
Ending balance | 0.2 | 0.2 | ||
Commercial Mortgage-Backed Securities [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | 5.8 | 18.8 | ||
Purchases and issues | 0 | [1] | 0 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] |
Other | -0.3 | [4] | -3.7 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | -0.3 | ||
Realized Gains (Losses) | 0 | [5] | 0 | [5] |
Ending balance | 5.5 | 14.8 | ||
Other Debt Obligations [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | 128.8 | 73 | ||
Purchases and issues | 0 | [1] | 5.5 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | -66.7 | [2] | 0 | [3] |
Other | -0.4 | [4] | 0 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 1.2 | -1 | ||
Realized Gains (Losses) | 0 | [5] | 0 | [5] |
Ending balance | 62.9 | 77.5 | ||
Fixed Maturities Available-For-Sale [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | 180.2 | 130.7 | ||
Purchases and issues | 24.5 | [1] | 5.5 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | -45.1 | [2] | 0.2 | [3] |
Other | -3.7 | [4] | -16.7 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 4.8 | -1.1 | ||
Realized Gains (Losses) | 0 | [5] | -0.1 | [5] |
Ending balance | 160.7 | 118.5 | ||
Gross transfers out of Level 3 | 84.1 | ' | ||
Marketable Equity Securities, Available-For-Sale [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | ' | 5 | ||
Purchases and issues | ' | 0 | [1] | |
Sales and settlements | ' | 0 | [1] | |
Transfers In and/or (Out) of Level 3 | ' | 0 | [3] | |
Other | ' | 0 | [4] | |
Unrealized Gains (Losses) Included in, Net Income | ' | 0 | [5] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | ' | 0 | ||
Realized Gains (Losses) | ' | 0 | [5] | |
Ending balance | ' | 5 | ||
Marketable Equity Securities, Trading [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | 0.3 | 0.2 | ||
Purchases and issues | 0 | [1] | 0 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] |
Other | 0 | [4] | 0 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | ||
Realized Gains (Losses) | 0 | [5] | 0 | [5] |
Ending balance | 0.3 | 0.2 | ||
Investments In Limited Partnerships [Member] | Private Equity Funds [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | 31.2 | 28.6 | ||
Purchases and issues | 10.3 | [1] | 0.6 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] |
Other | 0 | [4] | -1.1 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0.5 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | ||
Realized Gains (Losses) | 0 | [5] | 0 | [5] |
Ending balance | 41.5 | 28.6 | ||
Equity index options [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | 38.8 | ' | ||
Purchases and issues | 0.9 | [1] | ' | |
Sales and settlements | 0 | [1] | ' | |
Transfers In and/or (Out) of Level 3 | -36.7 | [2] | ' | |
Other | -0.4 | [4] | ' | |
Unrealized Gains (Losses) Included in, Net Income | -3 | [5] | ' | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | ' | ||
Realized Gains (Losses) | 2.9 | [5] | ' | |
Ending balance | 2.5 | ' | ||
Other [Member] | Portion at Fair Value Measurement [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | 3.2 | ' | ||
Purchases and issues | 0 | [1] | ' | |
Sales and settlements | 0 | [1] | ' | |
Transfers In and/or (Out) of Level 3 | 0 | [2] | ' | |
Other | 0 | [4] | ' | |
Unrealized Gains (Losses) Included in, Net Income | 0.1 | [5] | ' | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | ' | ||
Realized Gains (Losses) | 0 | [5] | ' | |
Ending balance | 3.3 | ' | ||
Other Invested Assets [Member] | Portion at Fair Value Measurement [Member] | ' | ' | ||
Financial Assets: | ' | ' | ||
Beginning balance | 42 | 7.8 | ||
Purchases and issues | 0.9 | [1] | 4.5 | [1] |
Sales and settlements | 0 | [1] | 0 | [1] |
Transfers In and/or (Out) of Level 3 | -36.7 | [2] | 0 | [3] |
Other | -0.4 | [4] | -1 | [4] |
Unrealized Gains (Losses) Included in, Net Income | -2.9 | [5] | 3 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | ||
Realized Gains (Losses) | 2.9 | [5] | 0.3 | [5] |
Ending balance | 5.8 | 14.6 | ||
Embedded derivatives [Member] | ' | ' | ||
Financial Liabilities: | ' | ' | ||
Beginning balance | 92.1 | 14.1 | ||
Purchases and issues | 23 | [1] | 5.9 | [1] |
Sales and settlements | -0.1 | [1] | -0.1 | [1] |
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] |
Other | 0 | [4] | 0 | [4] |
Unrealized Gains (Losses) Included in, Net Income | 6.3 | [5] | 2 | [5] |
Unrealized Gains (Losses) Included in, Other Comprehensive Income | 0 | 0 | ||
Realized Gains (Losses) | 0 | [5] | 0 | [5] |
Ending balance | $121.30 | $21.90 | ||
[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 $39.0 for the three months ended March 31, 2014. Gross transfers out of Level 3 were $120.8 for the three months ended March 31, 2014, of which $84.1 were related to fixed maturities for which observable inputs became available. Additionally, transfers out included a change in valuation methodology for equity indexed options during the first quarter of 2014 to a method that uses significant observable inputs. Such securities are now classified as Level 2. | |||
[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 $0.2 for the three months ended March 31, 2013. Gross transfers out of Level 3 were $0.0 for the three months ended March 31, 2013. | |||
[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 gains (losses). Amounts shown for financial liabilities are (gains) losses in net income. |
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 | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ' | ' | ' |
Unamortized balance at beginning of period | $419.90 | $367.90 | ' |
Deferral of acquisition costs | 40.2 | 17.9 | ' |
Adjustments for realized (gains) losses | 1.1 | 0.2 | ' |
Amortization — excluding unlocking | -15.5 | -15.5 | ' |
Amortization — impact of assumption and experience unlocking | -4.4 | -3.4 | ' |
Unamortized balance at end of period | 441.3 | 367.1 | ' |
Accumulated effect of net unrealized gains | -121.2 | -195 | ' |
Balance at end of period | $320.10 | $172.10 | $322.50 |
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 | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Movement in Deferred Sales Inducements [Roll Forward] | ' | ' |
Unamortized balance at beginning of period | $154.80 | $153.40 |
Capitalizations | 9.6 | 13.3 |
Adjustments for realized (gains) losses | 0.3 | 0.2 |
Amortization — excluding unlocking | -10.6 | -10.3 |
Amortization — impact of assumption and experience unlocking | -3.8 | -2.5 |
Unamortized balance at end of period | 150.3 | 154.1 |
Accumulated effect of net unrealized gains | -86.5 | -122.5 |
Balance at end of period | $63.80 | $31.60 |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Components and Reclassifications Out Of AOCI) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ||
Beginning Balance | $593.60 | ' | ||
Reclassifications recorded in: | ' | ' | ||
Net investment income | 324.4 | 323.7 | ||
Net realized (gains) losses | -20.7 | -26.5 | ||
Total provision (benefit) for income taxes | -14.8 | -17.4 | ||
Other comprehensive income (loss) after reclassifications | 210.7 | -78.1 | ||
Ending Balance | 804.3 | ' | ||
Other comprehensive income (loss) before reclassifications, available-for-sale securities, tax | 127.6 | -57.2 | ||
Other comprehensive income (loss) before reclassifications, OTTI on fixed maturities, tax | 0 | -0.2 | ||
Other comprehensive income (loss) before reclassifications, adjustment for DAC and DSI, tax | -11.3 | 8.2 | ||
Other comprehensive income (loss) before reclassifications, net gains (losses) on cash flow hedges, tax | -1.7 | 2.8 | ||
Other comprehensive income (loss) before reclassifications, AOCI, tax | 114.6 | -46.4 | ||
Net unrealized gains (losses) on available-for-sale securities [Member] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ||
Beginning Balance | 737.8 | 1,610.20 | ||
Other comprehensive income (loss) before reclassifications, net of taxes | 237.1 | [1] | -106.3 | [2] |
Reclassifications recorded in: | ' | ' | ||
Net realized (gains) losses | -3 | 10.3 | ||
Total provision (benefit) for income taxes | 1 | -3.6 | ||
Total reclassifications from AOCI, net of taxes | -2 | 6.7 | ||
Other comprehensive income (loss) after reclassifications | 235.1 | -99.6 | ||
Ending Balance | 972.9 | 1,510.60 | ||
Net unrealized gains (losses) on available-for-sale securities [Member] | Interest rate swaps [Member] | ' | ' | ||
Reclassifications recorded in: | ' | ' | ||
Net investment income | 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 | -14.2 | [3] | -19.6 | [3] |
Other comprehensive income (loss) before reclassifications, net of taxes | 0 | [1],[3] | -0.4 | [2],[3] |
Reclassifications recorded in: | ' | ' | ||
Net realized (gains) losses | 1.2 | [3] | 3.7 | [3] |
Total provision (benefit) for income taxes | -0.4 | [3] | -1.3 | [3] |
Total reclassifications from AOCI, net of taxes | 0.8 | [3] | 2.4 | [3] |
Other comprehensive income (loss) after reclassifications | 0.8 | [3] | 2 | [3] |
Ending Balance | -13.4 | [3] | -17.6 | [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] |
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 | -113.1 | [4] | -221.4 | [4] |
Other comprehensive income (loss) before reclassifications, net of taxes | -20.9 | [1],[4] | 15.3 | [2],[4] |
Reclassifications recorded in: | ' | ' | ||
Net realized (gains) losses | -1.4 | [4] | -0.4 | [4] |
Total provision (benefit) for income taxes | 0.5 | [4] | 0.1 | [4] |
Total reclassifications from AOCI, net of taxes | -0.9 | [4] | -0.3 | [4] |
Other comprehensive income (loss) after reclassifications | -21.8 | [4] | 15 | [4] |
Ending Balance | -134.9 | [4] | -206.4 | [4] |
Adjustment for DAC and DSI [Member] | Interest rate swaps [Member] | ' | ' | ||
Reclassifications recorded in: | ' | ' | ||
Net investment income | 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 | -16.9 | 2 | ||
Other comprehensive income (loss) before reclassifications, net of taxes | -3.2 | [1] | 5.1 | [2] |
Reclassifications recorded in: | ' | ' | ||
Net realized (gains) losses | 0 | 0 | ||
Total provision (benefit) for income taxes | 0.1 | 0.4 | ||
Total reclassifications from AOCI, net of taxes | -0.2 | -0.6 | ||
Other comprehensive income (loss) after reclassifications | -3.4 | 4.5 | ||
Ending Balance | -20.3 | 6.5 | ||
Net gains (losses) on cash flow hedges [Member] | Interest rate swaps [Member] | ' | ' | ||
Reclassifications recorded in: | ' | ' | ||
Net investment income | -0.5 | -0.5 | ||
Net gains (losses) on cash flow hedges [Member] | Foreign currency swaps [Member] | ' | ' | ||
Reclassifications recorded in: | ' | ' | ||
Net investment income | 0.2 | -0.5 | ||
Accumulated Other Comprehensive Income [Member] | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ||
Beginning Balance | 593.6 | 1,371.20 | ||
Other comprehensive income (loss) before reclassifications, net of taxes | 213 | [1] | -86.3 | [2] |
Reclassifications recorded in: | ' | ' | ||
Net realized (gains) losses | -3.2 | 13.6 | ||
Total provision (benefit) for income taxes | 1.2 | -4.4 | ||
Total reclassifications from AOCI, net of taxes | -2.3 | 8.2 | ||
Other comprehensive income (loss) after reclassifications | 210.7 | -78.1 | ||
Ending Balance | ' | 1,293.10 | ||
Accumulated Other Comprehensive Income [Member] | Interest rate swaps [Member] | ' | ' | ||
Reclassifications recorded in: | ' | ' | ||
Net investment income | -0.5 | -0.5 | ||
Accumulated Other Comprehensive Income [Member] | Foreign currency swaps [Member] | ' | ' | ||
Reclassifications recorded in: | ' | ' | ||
Net investment income | $0.20 | ($0.50) | ||
[1] | Other comprehensive income (loss) before reclassifications is net of taxes of $127.6, $0.0, $(11.3), $(1.7) and $114.6, respectively, for the three months ended March 31, 2014. | |||
[2] | Other comprehensive income (loss) before reclassifications is net of taxes of $(57.2), $(0.2), $8.2, $2.8 and $(46.4), respectively, for the three months ended March 31, 2013. | |||
[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 8 for the adjustment for the accumulated effect of net unrealized 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) | 3 Months Ended | 12 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Jun. 20, 2013 | |||
Warrant Settlement [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ||
Beginning Balance | 117,730,757 | 119,087,677 | ' | ||
Common stock issued | 0 | 5,300,569 | [1] | 5,297,758 | |
Restricted stock issued, net | 200,723 | 254,579 | ' | ||
Employee stock purchase plan shares issued | 42,067 | 133,122 | ' | ||
Common stock repurchased | -1,354,329 | [2] | -7,045,190 | [2] | ' |
Ending Balance | 116,619,218 | 117,730,757 | ' | ||
[1] | Includes 5,297,758 shares of common stock issued from the settlement of warrants. | ||||
[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 $) | 3 Months Ended |
Mar. 31, 2014 | |
Number of Shares | ' |
Beginning balance | 650,197 |
Shares granted | 206,940 |
Shares vested | -7,095 |
Shares forfeited | -6,217 |
Ending balance | 843,825 |
Weighted- Average Fair Value | ' |
Beginning balance (USD per share) | $11.53 |
Shares granted (USD per share) | $20.27 |
Shares vested (USD per share) | $10.79 |
Shares forfeited (USD per share) | $11.96 |
Ending balance (USD per share) | $13.68 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
segment | |
division | |
Segment Reporting [Abstract] | ' |
Number Of Divisions | 3 |
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 | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Operating revenues: | ' | ' | ' |
Premiums | $153.80 | $157 | ' |
Net investment income | 324.4 | 323.7 | ' |
Policy fees, contract charges, and other | 46.6 | 49.9 | ' |
Benefits and expenses: | ' | ' | ' |
Policyholder benefits and claims | 101.2 | 119.5 | ' |
Interest credited | 234.2 | 235.3 | ' |
Other underwriting and operating expenses | 87.9 | 91.8 | ' |
Interest expense | 8.2 | 8.2 | ' |
Amortization of DAC | 19.9 | 18.9 | ' |
Total benefits and expenses | 451.4 | 473.7 | ' |
Total revenues | 545.5 | 557.1 | ' |
Income from operations before income taxes | 94.1 | 83.4 | ' |
Total assets | 31,164.30 | ' | 30,129.50 |
Benefits [Member] | ' | ' | ' |
Operating revenues: | ' | ' | ' |
Premiums | 145 | 148 | ' |
Net investment income | 5 | 5.1 | ' |
Policy fees, contract charges, and other | 3.9 | 3.5 | ' |
Certain realized gains (losses) | 0 | 0 | ' |
Total operating revenues | 153.9 | 156.6 | ' |
Benefits and expenses: | ' | ' | ' |
Policyholder benefits and claims | 82.8 | 101.4 | ' |
Interest credited | 0 | 0 | ' |
Other underwriting and operating expenses | 43.2 | 41.7 | ' |
Interest expense | 0 | 0 | ' |
Amortization of DAC | 0.1 | 0 | ' |
Total benefits and expenses | 126.1 | 143.1 | ' |
Segment pre-tax adjusted operating income (loss) | 27.8 | 13.5 | ' |
Add: Excluded realized gains (losses) | 0 | 0 | ' |
Total revenues | 153.9 | 156.6 | ' |
Income from operations before income taxes | 27.8 | 13.5 | ' |
Total assets | 169.4 | 151.5 | ' |
Deferred Annuities [Member] | ' | ' | ' |
Operating revenues: | ' | ' | ' |
Premiums | 0 | 0 | ' |
Net investment income | 150.1 | 143.2 | ' |
Policy fees, contract charges, and other | 5.9 | 5.8 | ' |
Certain realized gains (losses) | -0.2 | 0.9 | ' |
Total operating revenues | 155.8 | 149.9 | ' |
Benefits and expenses: | ' | ' | ' |
Policyholder benefits and claims | 0.1 | 0 | ' |
Interest credited | 87.5 | 82.9 | ' |
Other underwriting and operating expenses | 21.1 | 21.7 | ' |
Interest expense | 0 | 0 | ' |
Amortization of DAC | 16.9 | 16.2 | ' |
Total benefits and expenses | 125.6 | 120.8 | ' |
Segment pre-tax adjusted operating income (loss) | 30.2 | 29.1 | ' |
Add: Excluded realized gains (losses) | -4.9 | 2.5 | ' |
Total revenues | 150.9 | 152.4 | ' |
Income from operations before income taxes | 25.3 | 31.6 | ' |
Total assets | 14,625.70 | 12,739.20 | ' |
Income Annuities [Member] | ' | ' | ' |
Operating revenues: | ' | ' | ' |
Premiums | 0 | 0 | ' |
Net investment income | 97 | 101.7 | ' |
Policy fees, contract charges, and other | 0.2 | 1.9 | ' |
Certain realized gains (losses) | 0 | 0 | ' |
Total operating revenues | 97.2 | 103.6 | ' |
Benefits and expenses: | ' | ' | ' |
Policyholder benefits and claims | 0 | 0 | ' |
Interest credited | 82 | 88.5 | ' |
Other underwriting and operating expenses | 4.8 | 5.4 | ' |
Interest expense | 0 | 0 | ' |
Amortization of DAC | 1 | 0.9 | ' |
Total benefits and expenses | 87.8 | 94.8 | ' |
Segment pre-tax adjusted operating income (loss) | 9.4 | 8.8 | ' |
Add: Excluded realized gains (losses) | 24.2 | 17.7 | ' |
Total revenues | 121.4 | 121.3 | ' |
Income from operations before income taxes | 33.6 | 26.5 | ' |
Total assets | 7,438.90 | 7,607.50 | ' |
Individual Life [Member] | ' | ' | ' |
Operating revenues: | ' | ' | ' |
Premiums | 8.8 | 9 | ' |
Net investment income | 70.9 | 69.2 | ' |
Policy fees, contract charges, and other | 36.2 | 33.1 | ' |
Certain realized gains (losses) | 0 | 0 | ' |
Total operating revenues | 115.9 | 111.3 | ' |
Benefits and expenses: | ' | ' | ' |
Policyholder benefits and claims | 18.3 | 18.1 | ' |
Interest credited | 65.2 | 64.2 | ' |
Other underwriting and operating expenses | 18.2 | 16 | ' |
Interest expense | 0 | 0 | ' |
Amortization of DAC | 1.9 | 1.8 | ' |
Total benefits and expenses | 103.6 | 100.1 | ' |
Segment pre-tax adjusted operating income (loss) | 12.3 | 11.2 | ' |
Add: Excluded realized gains (losses) | 2.5 | -0.2 | ' |
Total revenues | 118.4 | 111.1 | ' |
Income from operations before income taxes | 14.8 | 11 | ' |
Total assets | 6,586.60 | 6,597.80 | ' |
Other [Member] | ' | ' | ' |
Operating revenues: | ' | ' | ' |
Premiums | 0 | 0 | ' |
Net investment income | 1.4 | 4.5 | ' |
Policy fees, contract charges, and other | 0.4 | 5.6 | ' |
Certain realized gains (losses) | 0 | 0 | ' |
Total operating revenues | 1.8 | 10.1 | ' |
Benefits and expenses: | ' | ' | ' |
Policyholder benefits and claims | 0 | 0 | ' |
Interest credited | -0.5 | -0.3 | ' |
Other underwriting and operating expenses | 0.6 | 7 | ' |
Interest expense | 8.2 | 8.2 | ' |
Amortization of DAC | 0 | 0 | ' |
Total benefits and expenses | 8.3 | 14.9 | ' |
Segment pre-tax adjusted operating income (loss) | -6.5 | -4.8 | ' |
Add: Excluded realized gains (losses) | -0.9 | 5.6 | ' |
Total revenues | 0.9 | 15.7 | ' |
Income from operations before income taxes | -7.4 | 0.8 | ' |
Total assets | 2,343.70 | 2,491.80 | ' |
Consolidation [Member] | ' | ' | ' |
Operating revenues: | ' | ' | ' |
Premiums | 153.8 | 157 | ' |
Net investment income | 324.4 | 323.7 | ' |
Policy fees, contract charges, and other | 46.6 | 49.9 | ' |
Certain realized gains (losses) | -0.2 | 0.9 | ' |
Total operating revenues | 524.6 | 531.5 | ' |
Benefits and expenses: | ' | ' | ' |
Policyholder benefits and claims | 101.2 | 119.5 | ' |
Interest credited | 234.2 | 235.3 | ' |
Other underwriting and operating expenses | 87.9 | 91.8 | ' |
Interest expense | 8.2 | 8.2 | ' |
Amortization of DAC | 19.9 | 18.9 | ' |
Total benefits and expenses | 451.4 | 473.7 | ' |
Segment pre-tax adjusted operating income (loss) | 73.2 | 57.8 | ' |
Add: Excluded realized gains (losses) | 20.9 | 25.6 | ' |
Total revenues | 545.5 | 557.1 | ' |
Income from operations before income taxes | 94.1 | 83.4 | ' |
Total assets | $31,164.30 | $29,587.80 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | 9-May-14 |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' |
Dividend declared per common share | $0.10 | $0.08 | $0.10 |
Total dividend declared | ' | ' | $11.60 |