Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 02, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | SYMETRA FINANCIAL CORPORATION | |
Entity Central Index Key | 1,403,385 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 116,154,402 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale securities: | ||
Fixed maturities, at fair value (amortized cost: $25,498.7 and $23,646.5, respectively) | $ 26,786.7 | $ 25,379.4 |
Marketable equity securities, at fair value (cost: $84.8 and $112.9, respectively) | 86.7 | 120.5 |
Trading securities: | ||
Marketable equity securities, at fair value (cost: $484.8 and $453.4, respectively) | 525 | 532 |
Mortgage loans, net | 4,581 | 4,130.1 |
Policy loans | 59.6 | 61.9 |
Investments in limited partnerships (includes $51.5 and $71.5 at fair value, respectively) | 264.4 | 309.9 |
Other invested assets (includes $101.4 and $95.8 at fair value, respectively) | 105.8 | 100.5 |
Total investments | 32,409.2 | 30,634.3 |
Cash and cash equivalents | 182.7 | 158.8 |
Accrued investment income | 324.7 | 304.9 |
Reinsurance recoverables | 340.7 | 328.7 |
Deferred policy acquisition costs | 552 | 395.1 |
Receivables and other assets | 267.6 | 230.1 |
Separate account assets | 885.9 | 949.8 |
Total assets | 34,962.8 | 33,001.7 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Funds held under deposit contracts | 28,744.4 | 26,602.6 |
Future policy benefits | 429.2 | 415.9 |
Policy and contract claims | 168.6 | 141.8 |
Other policyholders' funds | 149.8 | 115.7 |
Notes payable | 697.5 | 697.2 |
Deferred income tax liabilities, net | 230.7 | 396.7 |
Other liabilities | 530.6 | 321.4 |
Separate account liabilities | 885.9 | 949.8 |
Total liabilities | $ 31,836.7 | $ 29,641.1 |
Commitments and contingencies (Note 10) | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | $ 0 | $ 0 |
Common stock, $0.01 par value; 750,000,000 shares authorized; 125,207,705 issued and 116,154,402 outstanding as of September 30, 2015; 124,850,754 issued and 115,797,451 outstanding as of December 31, 2014 | 1.2 | 1.2 |
Additional paid-in capital | 1,476.7 | 1,469.5 |
Treasury stock, at cost; 9,053,303 shares as of both September 30, 2015 and December 31, 2014 | (134.6) | (134.6) |
Retained earnings | 1,026.3 | 1,033.9 |
Accumulated other comprehensive income, net of taxes | 756.5 | 990.6 |
Total stockholders' equity | 3,126.1 | 3,360.6 |
Total liabilities and stockholders' equity | $ 34,962.8 | $ 33,001.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale securities: | ||
Fixed maturities, at amortized cost | $ 25,498.7 | $ 23,646.5 |
Marketable equity securities, at cost | 84.8 | 112.9 |
Trading securities: | ||
Trading marketable equity securities, at cost | 484.8 | 453.4 |
Investments in limited partnerships at fair value | 51.5 | 71.5 |
Other invested assets at fair value | $ 101.4 | $ 95.8 |
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 | 125,207,705 | 124,850,754 |
Common stock, shares outstanding | 116,154,402 | 115,797,451 |
Treasury stock, shares | 9,053,303 | 9,053,303 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Premiums | $ 180.2 | $ 159.6 | $ 539.3 | $ 468.1 |
Net investment income | 339.9 | 318.5 | 994.3 | 961.9 |
Policy fees, contract charges, and other | 57.5 | 45.7 | 163.5 | 140.4 |
Net realized gains (losses): | ||||
Total other-than-temporary impairment losses on securities | (18.9) | (1.6) | (31.7) | (4.1) |
Less: portion recognized in other comprehensive income (loss) | 7.2 | 0 | 9.4 | 0 |
Net impairment losses on securities recognized in earnings | (11.7) | (1.6) | (22.3) | (4.1) |
Other net realized gains (losses) | (44.7) | (13.2) | (68.9) | 35.3 |
Net realized gains (losses) | (56.4) | (14.8) | (91.2) | 31.2 |
Total revenues | 521.2 | 509 | 1,605.9 | 1,601.6 |
Benefits and expenses: | ||||
Policyholder benefits and claims | 142.9 | 113.9 | 423.2 | 325.2 |
Interest credited | 242.4 | 237.2 | 720.5 | 707.7 |
Other underwriting and operating expenses | 103.5 | 92.8 | 302.7 | 273.3 |
Interest expense | 11.3 | 10.2 | 33.5 | 26.7 |
Amortization of deferred policy acquisition costs | 19.4 | 17.6 | 63.7 | 54.1 |
Total benefits and expenses | 519.5 | 471.7 | 1,543.6 | 1,387 |
Income from operations before income taxes | 1.7 | 37.3 | 62.3 | 214.6 |
Provision (benefit) for income taxes: | ||||
Current | (1.4) | 10.8 | 12.6 | 38.3 |
Deferred | (16.5) | (9.5) | (39.9) | (10.5) |
Total provision (benefit) for income taxes | (17.9) | 1.3 | (27.3) | 27.8 |
Net income | $ 19.6 | $ 36 | $ 89.6 | $ 186.8 |
Net income per common share: | ||||
Basic (USD per share) | $ 0.17 | $ 0.31 | $ 0.77 | $ 1.60 |
Diluted (USD per share) | $ 0.17 | $ 0.31 | $ 0.77 | $ 1.60 |
Weighted-average number of common shares outstanding: | ||||
Basic (shares) | 116,144,672 | 115,904,205 | 116,057,903 | 116,436,077 |
Diluted (shares) | 116,310,349 | 115,906,535 | 116,113,128 | 116,439,608 |
Cash dividends declared per common share (USD per share) | $ 0.61 | $ 0.10 | $ 0.83 | $ 0.30 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 19.6 | $ 36 | $ 89.6 | $ 186.8 |
Other comprehensive income (loss), net of taxes and reclassification adjustments: | ||||
Changes in unrealized gains (losses) on available-for-sale securities (net of taxes of $(12.6), $(67.1), $(162.1) and $179.2) | (23.6) | (124.3) | (301.1) | 332.9 |
Other-than-temporary impairments on fixed maturities not related to credit losses (net of taxes of $(2.5), $0.0, $(3.3) and $0.0) | (4.7) | 0 | (6.1) | 0 |
Impact of net unrealized (gains) losses on deferred policy acquisition costs and deferred sales inducements (net of taxes of $3.5, $15.8, $23.0 and $(13.0)) | 6.7 | 29.4 | 42.7 | (24.1) |
Impact of cash flow hedges (net of taxes of $14.1, $8.3, $16.3 and $4.7) | 26.4 | 15.4 | 30.4 | 8.7 |
Other comprehensive income (loss) | 4.8 | (79.5) | (234.1) | 317.5 |
Total comprehensive income (loss) | $ 24.4 | $ (43.5) | $ (144.5) | $ 504.3 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Changes in unrealized gains (losses) on available-for-sale securities, tax | $ (12.6) | $ (67.1) | $ (162.1) | $ 179.2 |
Other-than-temporary impairments on fixed maturities not related to credit losses, tax | (2.5) | 0 | (3.3) | 0 |
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and deferred sales inducements, tax | 3.5 | 15.8 | 23 | (13) |
Impact of cash flow hedges, tax | $ 14.1 | $ 8.3 | $ 16.3 | $ 4.7 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning Balance at Dec. 31, 2013 | $ 2,941.9 | $ 1.2 | $ 1,464.6 | $ (93.4) | $ 975.9 | $ 593.6 |
Net income | 186.8 | 0 | 0 | 0 | 186.8 | 0 |
Other comprehensive income (loss) | 317.5 | 0 | 0 | 0 | 0 | 317.5 |
Stock-based compensation | 5.3 | 0 | 5.3 | 0 | 0 | 0 |
Shares repurchased | (41.2) | 0 | 0 | (41.2) | 0 | 0 |
Dividends declared | (35) | 0 | 0 | 0 | (35) | 0 |
Ending Balance at Sep. 30, 2014 | 3,375.3 | 1.2 | 1,469.9 | (134.6) | 1,127.7 | 911.1 |
Beginning Balance at Dec. 31, 2014 | 3,360.6 | 1.2 | 1,469.5 | (134.6) | 1,033.9 | 990.6 |
Net income | 89.6 | 0 | 0 | 0 | 89.6 | 0 |
Other comprehensive income (loss) | (234.1) | 0 | 0 | 0 | 0 | (234.1) |
Stock-based compensation | 7.2 | 0 | 7.2 | 0 | 0 | 0 |
Dividends declared | (97.2) | 0 | 0 | 0 | (97.2) | 0 |
Ending Balance at Sep. 30, 2015 | $ 3,126.1 | $ 1.2 | $ 1,476.7 | $ (134.6) | $ 1,026.3 | $ 756.5 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net income | $ 89.6 | $ 186.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net realized (gains) losses | 91.2 | (31.2) |
Accretion and amortization of invested assets, net | 87.9 | 71 |
Accrued interest on fixed maturities | (7.9) | (8.9) |
Amortization and depreciation | 19.1 | 18.7 |
Deferred income tax provision (benefit) | (39.9) | (10.5) |
Interest credited on deposit contracts | 720.5 | 707.7 |
Mortality and expense charges and administrative fees | (118.7) | (101.1) |
Changes in: | ||
Accrued investment income | (19.8) | (11.2) |
Deferred policy acquisition costs, net | (108.9) | (70.1) |
Future policy benefits | 13.3 | 10.3 |
Policy and contract claims | 26.8 | (3.3) |
Current income taxes | (14.7) | (36.9) |
Other assets and liabilities | 15.7 | 3.4 |
Other, net | (1.1) | (10.9) |
Total adjustments | 663.5 | 527 |
Net cash provided by (used in) operating activities | 753.1 | 713.8 |
Purchases of: | ||
Fixed maturities and marketable equity securities | (5,162.3) | (4,296.5) |
Other invested assets and investments in limited partnerships | (86.3) | (100) |
Issuances of mortgage loans | (714) | (582.1) |
Maturities, calls, paydowns, and other repayments | 1,449.3 | 1,201.5 |
Sales of: | ||
Fixed maturities and marketable equity securities | 1,979.7 | 1,776.3 |
Other invested assets and investments in limited partnerships | 51.5 | 41.7 |
Repayments of mortgage loans | 263.5 | 203.1 |
Other, net | (20.4) | 23.8 |
Net cash provided by (used in) investing activities | (2,239) | (1,732.2) |
Policyholder account balances: | ||
Deposits | 3,136.5 | 2,360.9 |
Withdrawals | (1,534.5) | (1,470.8) |
Proceeds from Debt, Net of Issuance Costs | 0 | 246 |
Payments of Dividends | (96.4) | (35) |
Shares repurchased | 0 | (41.2) |
Other, net | 4.2 | (8.3) |
Net cash provided by (used in) financing activities | 1,509.8 | 1,051.6 |
Net increase (decrease) in cash and cash equivalents | 23.9 | 33.2 |
Cash and cash equivalents at beginning of period | 158.8 | 76 |
Cash and cash equivalents at end of period | 182.7 | 109.2 |
Non-cash transactions during the period: | ||
Fixed maturities exchanges | 90 | 87.3 |
Investments in limited partnerships and capital obligations incurred | $ 15.7 | $ 5.9 |
Description Of Business
Description Of Business | 9 Months Ended |
Sep. 30, 2015 | |
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, employment-based benefits and life insurance markets. These products and services are marketed through financial institutions, broker-dealers, benefits consultants, and independent agents and advisors in all 50 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 (DI) 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." Proposed Sumitomo Merger On August 11, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Sumitomo Life Insurance Company, a mutual company ( sougo kaisha ) organized under the laws of Japan (“Sumitomo”) and SLIC Financial Corporation, a Delaware corporation and wholly-owned subsidiary of Sumitomo ("Merger Sub" and, together with Sumitomo, the "Sumitomo Parties"), which provides for the merger of Merger Sub with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly-owned subsidiary of Sumitomo. The Company’s Board of Directors unanimously (1) determined that the Merger and the other transactions contemplated by the Merger Agreement are fair to, advisable and in the best interests of the Company and its stockholders, (2) approved the execution, delivery and performance of the Merger Agreement by the Company and the consummation of the Merger and the other transactions contemplated by the Merger Agreement, (3) resolved to recommend the approval and adoption of the Merger Agreement and the transactions contemplated by the Merger Agreement by the stockholders of the Company and (4) adopted and declared advisable the Merger Agreement. The Board of Directors received an opinion as to the fairness of the Merger consideration to be received by the stockholders of the Company from its financial advisor, Morgan Stanley & Co. LLC. If the proposed Merger is completed, at the effective time of the Merger (the “Effective Time”), each share of the Company’s common stock, par value $0.01 per share ("Common Stock"), issued and outstanding immediately prior to the Effective Time (other than shares of Common Stock owned by the Company or Sumitomo or their respective direct or indirect wholly-owned subsidiaries and shares of Common Stock with respect to which appraisal rights have been properly exercised in accordance with Delaware law) will be converted into the right to receive $32.00 in cash, without interest, less any applicable withholding taxes (the "per share merger consideration"). Stock options, shares of restricted stock and performance unit awards issued under the Symetra Financial Corporation Equity Plan (Symetra's "Equity Plan") will be paid out as described below under “Treatment of Incentive Compensation Awards.” The Merger Agreement was adopted by the affirmative vote of the holders of a majority of all outstanding shares of Common Stock at a Special Meeting of Stockholders held on November 5, 2015. In addition, on September 28, 2015, the Company and Sumitomo received notice of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Completion of the Merger remains subject to various closing conditions, however, including but not limited to, (1) the receipt of certain specified approvals of governmental authorities, including approvals of the Financial Services Agency of Japan, the Iowa Insurance Division, the New York State Department of Financial Services and the Financial Industry Regulatory Authority, and the expiration or termination of all waiting periods required by applicable law with respect to such approvals, in each case, without the imposition of a burdensome condition, and (2) the absence of any laws, temporary restraining orders, preliminary or permanent injunctions or other orders, judgments, decisions, opinions or decrees issued by a court or other governmental authority of competent jurisdiction and remaining in effect, having the effect of making the Merger illegal or otherwise prohibiting consummation of the Merger. Each party’s obligation to consummate the Merger also is subject to certain additional conditions that include the accuracy of the other party’s representations and warranties contained in the Merger Agreement (subject to certain materiality qualifiers) and the other party’s compliance, in all material respects, with its covenants and agreements contained in the Merger Agreement. The Merger Agreement does not contain a financing condition. The Merger Agreement contains representations and warranties customary for transactions of this type. The Merger Agreement also contains covenants and agreements customary for transactions of this type, including, among others, the Company's agreement to conduct its business in the ordinary course during the period between the execution of the Merger Agreement and the Effective Time and not to engage in certain kinds of transactions during this period. In addition, subject to certain limitations, either party may terminate the Merger Agreement if the Merger is not consummated by May 11, 2016, which date will be automatically extended until August 11, 2016 in the event of delays in obtaining regulatory approvals. Treatment of Incentive Compensation Awards Stock Options. At the Effective Time, without any further action on the part of any holder thereof, each option to purchase shares of Common Stock granted under Symetra's Equity Plan (each, a "stock option") that is outstanding and unexercised immediately prior to the Effective Time and that has an exercise price per share of Common Stock underlying such stock option that is less than the per share merger consideration (each such stock option, an "in-the-money stock option"), whether or not vested, will be cancelled and converted into the right to receive an amount in cash, without interest, less any applicable withholding taxes, determined by multiplying (i) the excess of the per share merger consideration over the per share exercise price of such in-the-money stock option by (ii) the number of shares of Common Stock subject to such in-the-money stock option. At the Effective Time, each stock option that is outstanding and unexercised immediately prior to the Effective Time and that has a per share exercise price that is equal to or greater than the per share merger consideration, whether or not vested, will be cancelled and the holder of such stock option will not be entitled to receive any payment in exchange for such cancellation. Restricted Stock Awards. At the Effective Time, each award of shares of Common Stock granted under Symetra's Equity Plan that remains subject to vesting conditions (each such award, a "restricted stock award") and that is outstanding immediately prior to the Effective Time will be cancelled and converted into the right to receive an amount in cash, without interest, less any applicable withholding taxes, determined by multiplying (i) the per share merger consideration by (ii) the number of shares of Common Stock subject to such restricted stock award. Performance Unit Awards. At the Effective Time, each performance unit award granted under Symetra's Equity Plan that is outstanding immediately prior to the Effective Time, whether or not vested (each, a "performance unit award"), will be cancelled and converted into the right to receive an amount in cash, less any applicable withholding taxes, calculated by determining the amount that would have been paid with respect to such performance unit award for the subject award's full performance period, based on annualized performance for the subject award through the period ended on the December 31 immediately preceding the Effective Time as if such annualized performance was achieved over the full subject award period (based on the conditions set for payment of such performance unit award for the subject award period). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP), including the rules and regulations of the Securities and Exchange Commission (SEC). The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that may affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. These interim condensed consolidated financial statements are unaudited and in management's opinion include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair presentation. All significant intercompany transactions and balances have been eliminated. Certain reclassifications have been made to prior year financial information to conform to the current period presentation. The provision (benefit) 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% 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, 2014 . Financial results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the twelve months ending December 31, 2015 . Accounting Pronouncements Standard Description Date of adoption / effective date Effect on the financial statements or other significant matters Accounting Pronouncements Newly Adopted Update No. 2014-01 , Investments (Topic 323) – Equity Method and Joint Ventures: Accounting for Investments in Qualified Affordable Housing Projects This standard provides companies with the option to elect the proportional method of amortization for qualified affordable housing 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 does not apply to other types of tax credit investments. January 1, 2015 The Company adopted the standard but did not elect the proportional method of amortization for its qualified affordable housing investments. The Company has included the required disclosures about such investments in Note 4. Accounting Pronouncements Not Yet Adopted Update No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement This standard provides companies with guidance on how to account for a cloud computing arrangement including a software license. Under the standard, if a cloud computing arrangement includes a software license, a company should account for the fees associated with the software license consistent with the acquisition of other software licenses. If the cloud computing arrangement does not include a software license, it should be accounted for as a service contract. January 1, 2016. Companies may adopt the standard prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating the impact of the standard on its consolidated financial statements and its plans for adoption. Update No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) This standard amends disclosure requirements for companies that use the practical expedient to measure the fair value of certain investments using the net asset value per share. Under the standard, companies are no longer required to categorize fair value measurements for these investments in the fair value hierarchy. January 1, 2016. Companies must adopt this presentation retrospectively, and early adoption is permitted. Upon adoption, the Company will apply the new disclosure requirements to its investments in limited partnerships that are valued using the practical expedient. Update No. 2015-09, Financial Services - Insurance (Topic 944): Disclosures about Short-Duration Contracts This standard amends disclosure requirements for the liability for unpaid claims and claim adjustment expenses on short-duration contracts for insurance entities. Under the standard, companies must include certain additional quantitative and qualitative information about these liabilities in its financial statements. January 1, 2016 for annual disclosures; January 1, 2017 for interim disclosures. Companies must present information retrospectively, and early adoption is permitted. Upon adoption, the Company will apply the new disclosure requirements to its short duration contracts, which are primarily related to employment-based benefit products. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
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, which include restricted stock issued to the Company's employees, 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. 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 and nine months ended September 30, 2015 , the Company's 2,650,000 stock options were dilutive, based on application of the treasury stock method, and included in the computation of diluted earnings per share. For the three and nine months ended September 30, 2014, these stock options were excluded from the computation of diluted earnings per share because they were anti-dilutive. The following table presents information relating to the Company's calculations of basic and diluted earnings per share: For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Numerator: Net income $ 19.6 $ 36.0 $ 89.6 $ 186.8 Denominator: Weighted-average common shares outstanding — basic 116,144,672 115,904,205 116,057,903 116,436,077 Add: dilutive effect of certain equity instruments 165,677 2,330 55,225 3,531 Weighted-average common shares outstanding — diluted 116,310,349 115,906,535 116,113,128 116,439,608 Net income per common share: Basic $ 0.17 $ 0.31 $ 0.77 $ 1.60 Diluted $ 0.17 $ 0.31 $ 0.77 $ 1.60 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
Investments | 4. Investments The following tables summarize the Company's available-for-sale fixed maturities and marketable equity securities: Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of September 30, 2015 Fixed maturities: U.S. government and agencies $ 532.9 $ 10.2 $ — $ 543.1 State and political subdivisions 830.9 44.5 (0.6 ) 874.8 Corporate securities 19,283.1 1,194.9 (209.4 ) 20,268.6 Residential mortgage-backed securities 2,589.0 168.7 (4.5 ) 2,753.2 Commercial mortgage-backed securities 1,171.1 54.8 (2.4 ) 1,223.5 Collateralized loan obligations 526.7 — (7.1 ) 519.6 Other debt obligations 565.0 39.4 (0.5 ) 603.9 Total fixed maturities 25,498.7 1,512.5 (224.5 ) 26,786.7 Marketable equity securities, available-for-sale 84.8 5.8 (3.9 ) 86.7 Total $ 25,583.5 $ 1,518.3 $ (228.4 ) $ 26,873.4 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2014 Fixed maturities: U.S. government and agencies $ 404.8 $ 6.1 $ (1.0 ) $ 409.9 State and political subdivisions 789.7 40.1 (0.6 ) 829.2 Corporate securities 17,768.7 1,511.5 (87.7 ) 19,192.5 Residential mortgage-backed securities 2,772.0 155.9 (6.5 ) 2,921.4 Commercial mortgage-backed securities 1,262.6 73.0 (1.7 ) 1,333.9 Other debt obligations 648.7 44.5 (0.7 ) 692.5 Total fixed maturities 23,646.5 1,831.1 (98.2 ) 25,379.4 Marketable equity securities, available-for-sale 112.9 8.6 (1.0 ) 120.5 Total $ 23,759.4 $ 1,839.7 $ (99.2 ) $ 25,499.9 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 Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities As of September 30, 2015 Fixed maturities: U.S. government and agencies $ 4.0 $ — 3 $ — $ — — State and political subdivisions 47.1 (0.5 ) 7 5.5 (0.1 ) 2 Corporate securities 4,351.7 (140.8 ) 430 477.1 (68.6 ) 86 Residential mortgage-backed securities 99.9 (1.4 ) 23 117.4 (3.1 ) 23 Commercial mortgage-backed securities 84.6 (1.0 ) 7 18.6 (1.4 ) 5 Collateralized loan obligations 424.7 (7.1 ) 39 — — — Other debt obligations 84.5 (0.5 ) 5 0.3 — 2 Total fixed maturities 5,096.5 (151.3 ) 514 618.9 (73.2 ) 118 Marketable equity securities, available-for-sale 26.7 (2.8 ) 22 4.3 (1.1 ) 5 Total $ 5,123.2 $ (154.1 ) 536 $ 623.2 $ (74.3 ) 123 Less Than 12 Months 12 Months or More Fair Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities As of December 31, 2014 Fixed maturities: U.S. government and agencies $ 38.4 $ (0.2 ) 7 $ 59.9 $ (0.8 ) 2 State and political subdivisions 9.3 (0.1 ) 3 39.3 (0.5 ) 12 Corporate securities 1,348.8 (44.0 ) 235 1,064.0 (43.7 ) 75 Residential mortgage-backed securities 191.5 (1.1 ) 15 241.0 (5.4 ) 40 Commercial mortgage-backed securities 54.9 (0.2 ) 4 52.8 (1.5 ) 8 Other debt obligations 81.7 (0.2 ) 10 29.9 (0.5 ) 3 Total fixed maturities 1,724.6 (45.8 ) 274 1,486.9 (52.4 ) 140 Marketable equity securities, available-for-sale 14.9 (0.7 ) 11 3.3 (0.3 ) 7 Total $ 1,739.5 $ (46.5 ) 285 $ 1,490.2 $ (52.7 ) 147 Based on National Association of Insurance Commissioners (NAIC) ratings as of September 30, 2015 and December 31, 2014 , the Company held below-investment-grade fixed maturities with fair values of $1,095.5 and $1,126.6 , respectively, and amortized costs of $1,119.4 and $1,111.9 , respectively. These holdings amounted to 4.1% and 4.4% of the Company's investments in fixed maturities at fair value as of both September 30, 2015 and December 31, 2014 , respectively. The following table summarizes the amortized cost and fair value of fixed maturities as of September 30, 2015 , 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 Cost Fair Value One year or less $ 586.8 $ 594.1 Over one year through five years 6,150.6 6,531.8 Over five years through ten years 9,932.5 10,123.8 Over ten years 4,063.1 4,527.3 Residential mortgage-backed securities 2,589.0 2,753.2 Commercial mortgage-backed securities 1,171.1 1,223.5 Collateralized loan obligations 526.7 519.6 Other asset-backed securities 478.9 513.4 Total fixed maturities $ 25,498.7 $ 26,786.7 The following table summarizes the Company's net investment income: For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Fixed maturities $ 297.9 $ 278.8 $ 861.2 $ 837.8 Marketable equity securities 4.3 3.9 13.1 12.9 Mortgage loans 62.6 54.5 181.1 156.1 Policy loans 0.9 0.9 2.5 2.6 Investments in limited partnerships (1) (17.3 ) (12.6 ) (40.0 ) (25.9 ) Other 0.9 1.1 3.3 3.3 Total investment income 349.3 326.6 1,021.2 986.8 Investment expenses (9.4 ) (8.1 ) (26.9 ) (24.9 ) Net investment income $ 339.9 $ 318.5 $ 994.3 $ 961.9 ____________________ (1) This includes net gains (losses) on changes in the fair value of investments held as of period end for which the Company has elected the fair value option, totaling $(5.6) and $(4.5) for the three months ended September 30, 2015 and 2014 , respectively, and $(13.1) and $(4.8) for the nine months ended September 30, 2015 and 2014 , respectively. The following table summarizes the Company's net realized gains (losses): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Fixed maturities: Gross gains on sales $ 2.2 $ 1.5 $ 10.1 $ 21.0 Gross losses on sales (3.5 ) (3.3 ) (18.2 ) (5.7 ) Net impairment losses recognized in earnings (11.7 ) (1.6 ) (22.3 ) (4.1 ) Other (1) (5.0 ) 1.4 (7.5 ) (1.0 ) Total fixed maturities (18.0 ) (2.0 ) (37.9 ) 10.2 Marketable equity securities, trading (2) (22.8 ) (12.0 ) (27.0 ) 29.3 Investments in limited partnerships (3) (11.2 ) (4.5 ) (23.8 ) (11.3 ) Other (4) (10.1 ) 6.6 (8.5 ) 5.7 Deferred policy acquisition costs and deferred sales inducement adjustment 5.7 (2.9 ) 6.0 (2.7 ) Net realized gains (losses) $ (56.4 ) $ (14.8 ) $ (91.2 ) $ 31.2 ____________________ (1) This includes net gains (losses) on calls and redemptions, and changes in the fair value of the Company's convertible securities. (2) This includes net gains (losses) on changes in the fair value of trading securities held as of period end totaling $(24.1) and $(16.3) for the three months ended September 30, 2015 and 2014 , respectively, and $(36.6) and $19.4 for the nine months ended September 30, 2015 and 2014 , respectively. (3) This reflects impairments related to tax credit investments and, for the three and nine months ended September 30, 2015 , includes a $0.0 and a $(3.9) impairment of an alternative investment. (4) This includes net gains (losses) on derivatives not designated for hedge accounting and other instruments, including an embedded derivative related to the Company's fixed indexed annuity (FIA) product. Other-Than-Temporary Impairments (OTTI) The Company's review of available-for-sale 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; • 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 or requirement 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). Where a credit loss exists, the Company isolates the portion of the total unrealized loss related to the credit loss, which is recognized in realized gains (losses) on the consolidated statements of income, and the remainder of the unrealized loss is recorded as a non-credit OTTI through other comprehensive income. If there is an intent or requirement to sell the security, the entire unrealized loss is recognized in realized gains (losses). To determine the amount of a 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 or restructure its debt outside of 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, debt-service coverage, and loan-to-value ratios on the underlying collateral; • Underlying 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 OTTI: As of September 30, 2015 As of December 31, 2014 Fair Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities Fixed maturities Underwater by 20% or more: Less than 6 consecutive months $ 82.9 $ (37.8 ) 44 $ 38.5 $ (17.3 ) 33 6 consecutive months or more 9.4 (7.8 ) 7 4.5 (2.8 ) 8 Total underwater by 20% or more 92.3 (45.6 ) 51 43.0 (20.1 ) 41 All other underwater fixed maturities 5,623.1 (178.9 ) 558 3,168.5 (78.1 ) 373 Total underwater fixed maturities $ 5,715.4 $ (224.5 ) 609 $ 3,211.5 $ (98.2 ) 414 The Company reviewed its available-for-sale fixed maturities with unrealized losses as of September 30, 2015 in accordance with its impairment policy and determined, after the recognition of OTTI, that the remaining declines in fair value were temporary. The Company did not intend to sell its underwater securities, and it was not more likely than not that the Company will be required to sell the securities before recovery of cost or amortized cost, 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 September 30, 2015 and December 31, 2014 , there were $2.2 and $0.2 , respectively, of gross unrealized losses related to available-for-sale marketable equity securities with a total fair value of $5.9 and $0.7 , respectively, that were underwater by 20% or more. As of September 30, 2015 and December 31, 2014 , 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 (OCI) were as follows: For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Balance, beginning of period $ 17.7 $ 22.2 $ 20.1 $ 23.1 Increases recognized in the current period: For which an OTTI was not previously recognized 2.3 0.1 3.2 0.1 For which an OTTI was previously recognized 2.0 0.2 3.7 1.5 Decreases attributable to: Securities sold or paid down during the period (1.7 ) (0.7 ) (6.7 ) (2.7 ) Previously recognized credit losses on securities impaired during the period due to a change in intent to sell (1) (1.1 ) — (1.1 ) (0.2 ) Balance, end of period $ 19.2 $ 21.8 $ 19.2 $ 21.8 ____________________ (1) Represents circumstances where the Company determined in the period that it intended to sell the security prior to recovery of its amortized cost. Investments in Limited Partnerships — Affordable Housing Project Investments The Company invests in limited partnerships that are established to fund low-income housing and other qualifying purposes, where the primary return on investment is in the form of income tax credits. These are collectively referred to as "tax credit investments," and the majority of the Company's investments in such partnerships relate to affordable housing project investments. As of September 30, 2015 and December 31, 2014 , the Company's tax credit investments had carrying values of $212.9 and $238.4 , respectively, of which $203.0 and $228.7 related to affordable housing project investments, respectively. The Company's tax credit investments are primarily accounted for under the equity method and recorded at amortized cost. These investments are amortized based on the expected performance of the underlying partnership, with amortization recorded as a reduction to net investment income. When the carrying value of an investment exceeds the total amount of remaining tax benefits, the Company records an impairment loss, which is included in other net realized gains (losses). Although these investments decrease income on a pre-tax basis, the partnerships provide tax benefits that decrease the Company's income tax expense. The following table sets forth the impact of affordable housing project investments on net income. These amounts do not include the impacts of the Company's holdings in other types of tax credit investments. For the Three Months Ended Nine Months Ended 2015 2014 2015 2014 Amortization $ (10.6 ) $ (7.6 ) $ (24.5 ) $ (19.7 ) Realized losses (8.8 ) (2.9 ) (13.4 ) (5.2 ) Tax benefit from amortization and realized losses 6.8 3.7 13.3 8.7 Tax credits 17.0 12.8 39.6 36.6 Impact to net income $ 4.4 $ 6.0 $ 15.0 $ 20.4 |
Mortgage Loans
Mortgage Loans | 9 Months Ended |
Sep. 30, 2015 | |
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 diversified by geographic region, loan size and scheduled maturity. As of September 30, 2015 , 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 28.5% , 11.4% and 7.9% 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 the carrying value. The following table sets forth the Company's mortgage loans by risk category: As of September 30, 2015 As of December 31, 2014 Carrying Value % of Total Carrying Value % of Total Lower risk $ 2,938.0 64.1 % $ 2,567.0 62.1 % Medium risk 1,055.6 23.0 994.2 24.1 Higher risk 590.6 12.9 571.3 13.8 Credit quality indicator total 4,584.2 100.0 % 4,132.5 100.0 % Loans specifically evaluated for impairment (1) 0.9 2.0 Other (2) (4.1 ) (4.4 ) Total $ 4,581.0 $ 4,130.1 ________________ (1) As of September 30, 2015 and December 31, 2014 , reserve amounts of $ 0.2 were held for loans specifically evaluated for impairment. (2) Includes the allowance for loan losses and deferred fees and costs. In developing the portfolio reserve for incurred but not specifically identified losses, the Company evaluates loans by risk category and considers 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. As of September 30, 2015 and December 31, 2014 , the balance of the Company's allowance for mortgage loan losses was $8.1 . For the three and nine months ended September 30, 2015 and 2014 , no additional provisions or charge-offs were recorded. Non-performing loans, defined generally as those in default, close to being in default or more than 90 days past due, are placed on non-accrual status. As of September 30, 2015 , no loans were considered non-performing. As of December 31, 2014 , one loan with an outstanding balance of $1.5 was considered non-performing. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2015 | |
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, including embedded derivatives that primarily relate to the Company's FIA products. 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 September 30, 2015 As of December 31, 2014 Notional Amount Fair Value Notional Amount Fair Value Assets Liabilities Assets Liabilities Derivatives designated as hedges: Cash flow hedges: Interest rate swaps $ 252.5 $ 9.9 $ — $ 158.5 $ 5.4 $ — Foreign currency swaps 679.8 47.3 0.7 638.6 14.9 10.2 Total derivatives designated as hedges $ 932.3 $ 57.2 $ 0.7 $ 797.1 $ 20.3 $ 10.2 Derivatives not designated as hedges: Equity index options $ 3,337.7 $ 38.0 $ — $ 2,055.9 $ 71.0 $ 0.1 Interest rate swaps 195.6 4.0 — — — — Foreign currency forwards 10.2 0.1 — 18.3 0.1 — Embedded derivatives — — 320.2 — — 230.1 Other derivatives 14.2 — 0.5 25.3 0.2 0.4 Total derivatives not designated as hedges 3,557.7 42.1 320.7 2,099.5 71.3 230.6 Total derivatives $ 4,490.0 $ 99.3 $ 321.4 $ 2,896.6 $ 91.6 $ 240.8 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 is also required to post initial and variation margin on certain centrally cleared instruments and, as a result, may have collateral posted related to derivatives in an asset position. The Company does not offset recognized collateral amounts pledged 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 September 30, 2015 Gross Amount of Collateral (Received) Posted Fair Value Presented in the Balance Sheets Financial Instruments Cash Collateral Net Amount Counterparty: Assets: A $ 10.5 $ — $ (10.1 ) $ 0.4 B (1) 26.3 9.5 (22.6 ) 13.2 C 11.6 — (11.2 ) 0.4 D 7.1 — (7.1 ) — F 15.0 — (10.5 ) 4.5 Other 28.8 — (18.7 ) 10.1 Total derivative assets $ 99.3 $ 9.5 $ (80.2 ) $ 28.6 _______________________ (1) Amounts include financial instrument collateral of $9.5 posted by the Company to comply with regulatory requirements on certain centrally cleared instruments. As of September 30, 2015 Gross Amount of Collateral Received (Posted) Fair Value Presented in the Financial Cash Collateral Net Amount Counterparty: Liabilities: A $ 0.1 $ — $ — $ 0.1 B 0.3 — (0.2 ) 0.1 E 0.2 — — 0.2 Other 0.6 — — 0.6 Total derivative liabilities (1) $ 1.2 $ — $ (0.2 ) $ 1.0 _______________________ (1) Excludes embedded derivatives of $320.2 which have no counterparty. As of December 31, 2014 Gross Amount of Collateral (Received) Posted Fair Value Presented in the Balance Sheets Financial Instruments Cash Collateral Net Amount Counterparty: Assets: A $ 12.0 $ — $ (12.0 ) $ — B (1) 20.2 1.9 (13.9 ) 8.2 C 12.0 — (12.0 ) — D 14.9 — (14.9 ) — F 24.0 — (24.0 ) — Other 8.5 — (6.7 ) 1.8 Total derivative assets $ 91.6 $ 1.9 $ (83.5 ) $ 10.0 _______________________ (1) Amounts include financial instrument collateral of $1.9 posted by the Company to comply with regulatory requirements on certain centrally cleared instruments. As of December 31, 2014 Gross Amount of Collateral Received (Posted) Fair Value Presented in the Financial Cash Collateral Net Amount Counterparty: Liabilities: A $ 1.2 $ — $ — $ 1.2 B 6.7 — (0.1 ) 6.6 E 2.4 — — 2.4 Other 0.4 — — 0.4 Total derivative liabilities (1) $ 10.7 $ — $ (0.1 ) $ 10.6 _______________________ (1) Excludes embedded derivatives of $230.1 which have no counterparty. Derivatives Designated as Hedges The following table presents the amount of gain (loss) recognized in OCI on derivatives qualifying and designated as cash flow hedges: For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Interest rate swaps $ 6.2 $ (0.5 ) $ 7.5 $ 1.5 Foreign currency swaps 36.9 25.8 45.9 14.0 Total $ 43.1 $ 25.3 $ 53.4 $ 15.5 See Note 9 for amounts reclassified out of accumulated other comprehensive income (AOCI) into net income for the three and nine months ended September 30, 2015 and 2014 . The Company expects to reclassify net gains of $8.8 from AOCI into net income in the next 12 months, which includes both discontinued hedges and periodic settlements of active hedges. Actual amounts may vary from this estimate as a result of market conditions. As of September 30, 2015 , the maximum term over which the Company is hedging its exposure to the variability in future cash flows is approximately fifteen years. For the three and nine months ended September 30, 2015 and 2014 , no material hedge ineffectiveness was recorded. Derivatives Not Designated as Hedges The following table shows the effect of derivatives not designated as hedges in the consolidated statements of income, which is recorded in net realized gains (losses): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Equity index options $ (44.8 ) $ 2.5 $ (43.1 ) $ 17.6 Foreign currency forwards — 0.4 0.2 0.3 Embedded derivatives 30.7 2.3 28.1 (16.4 ) Other derivatives 3.2 1.5 2.0 1.8 Total $ (10.9 ) $ 6.7 $ (12.8 ) $ 3.3 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
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 assigned to a fair value measurement is 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 September 30, 2015 Carrying Amount Fair Value Level 1 Level 2 Level 3 Measured at fair value on a recurring basis: Financial assets: Fixed maturities, available-for-sale: U.S. government and agencies $ 543.1 $ 543.1 $ — $ 543.1 $ — State and political subdivisions 874.8 874.8 — 874.8 — Corporate securities 20,268.6 20,268.6 — 20,089.8 178.8 Residential mortgage-backed securities 2,753.2 2,753.2 — 2,753.2 — Commercial mortgage-backed securities 1,223.5 1,223.5 — 1,222.2 1.3 Collateralized loan obligations 519.6 519.6 — 418.2 101.4 Other debt obligations 603.9 603.9 — 560.1 43.8 Total fixed maturities, available-for-sale 26,786.7 26,786.7 — 26,461.4 325.3 Marketable equity securities, available-for-sale 86.7 86.7 53.8 27.0 5.9 Marketable equity securities, trading 525.0 525.0 524.8 — 0.2 Investments in limited partnerships, alternative investments 51.5 51.5 — 20.6 30.9 Other invested assets: Equity index options 38.0 38.0 — 34.4 3.6 Other 63.4 63.4 0.6 61.2 1.6 Total other invested assets 101.4 101.4 0.6 95.6 5.2 Total investments carried at fair value 27,551.3 27,551.3 579.2 26,604.6 367.5 Separate account assets 885.9 885.9 885.9 — — Total assets at fair value $ 28,437.2 $ 28,437.2 $ 1,465.1 $ 26,604.6 $ 367.5 Financial liabilities: Embedded derivatives $ 320.2 $ 320.2 $ — $ — $ 320.2 Foreign currency swaps 0.6 0.6 — 0.6 — Total liabilities at fair value $ 320.8 $ 320.8 $ — $ 0.6 $ 320.2 Subject to fair value disclosure requirements: Financial assets: Mortgage loans $ 4,581.0 $ 4,816.0 $ — $ — $ 4,816.0 Investments in limited partnerships, tax credit investments 212.9 200.9 — 200.9 — Cash and cash equivalents 182.7 182.7 182.7 — — Financial liabilities: Funds held under deposit contracts (1): Deferred annuities $ 15,617.2 $ 15,899.6 $ — $ — $ 15,899.6 Income annuities 6,495.9 7,899.0 — — 7,899.0 Notes payable: Capital Efficient Notes (CENts) $ 149.9 $ 153.4 $ — $ 153.4 $ — Senior notes 547.6 560.5 — 560.5 — _______________________ (1) The carrying value of this balance excludes $6,631.3 of liabilities related to insurance contracts and embedded derivatives. As of December 31, 2014 Carrying Amount Fair Value Level 1 Level 2 Level 3 Measured at fair value on a recurring basis: Financial assets: Fixed maturities, available-for-sale: U.S. government and agencies $ 409.9 $ 409.9 $ — $ 409.9 $ — State and political subdivisions 829.2 829.2 — 829.2 — Corporate securities 19,192.5 19,192.5 — 19,120.9 71.6 Residential mortgage-backed securities 2,921.4 2,921.4 — 2,921.4 — Commercial mortgage-backed securities 1,333.9 1,333.9 — 1,331.4 2.5 Other debt obligations 692.5 692.5 — 620.8 71.7 Total fixed maturities, available-for-sale 25,379.4 25,379.4 — 25,233.6 145.8 Marketable equity securities, available-for-sale 120.5 120.5 62.8 57.7 — Marketable equity securities, trading 532.0 532.0 531.6 — 0.4 Investments in limited partnerships, alternative investments 71.5 71.5 — — 71.5 Other invested assets: Equity index options 71.0 71.0 — 68.6 2.4 Other 24.8 24.8 0.6 20.7 3.5 Total other invested assets 95.8 95.8 0.6 89.3 5.9 Total investments carried at fair value 26,199.2 26,199.2 595.0 25,380.6 223.6 Separate account assets 949.8 949.8 949.8 — — Total assets at fair value $ 27,149.0 $ 27,149.0 $ 1,544.8 $ 25,380.6 $ 223.6 Financial liabilities: Embedded derivatives $ 230.1 $ 230.1 $ — $ — $ 230.1 Foreign currency swaps 10.2 10.2 — 10.2 — Total liabilities at fair value $ 240.3 $ 240.3 $ — $ 10.2 $ 230.1 Subject to fair value disclosure requirements: Financial assets: Mortgage loans $ 4,130.1 $ 4,375.8 $ — $ — $ 4,375.8 Investments in limited partnerships, tax credit investments 238.4 226.6 — 226.6 — Cash and cash equivalents 158.8 158.8 158.8 — — Financial liabilities: Funds held under deposit contracts (1): Deferred annuities $ 13,686.8 $ 14,004.2 $ — $ — $ 14,004.2 Income annuities 6,527.1 8,452.5 — — 8,452.5 Notes payable: Capital Efficient Notes (CENts) $ 149.9 $ 155.6 $ — $ 155.6 $ — Senior notes 547.3 569.6 — 569.6 — _________________ (1) The carrying value of this balance excludes $6,388.7 of liabilities related to insurance contracts and embedded derivatives. Financial Instruments Measured at Fair Value on a Recurring Basis Fixed Maturities The vast majority of the Company's fixed maturities have been classified as Level 2 measurements. To make this assessment, the Company determines whether the market for a security is active and if significant pricing inputs are observable. The Company predominantly utilizes third-party independent pricing services to assist management in determining the fair value of its fixed maturity securities. As of September 30, 2015 and December 31, 2014 , respectively, pricing services provided prices for 95.0% and 96.0% of the Company's fixed maturities. As of September 30, 2015 , the Company had $1,172.3 , or 4.4% , 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 $1,042.5 , or 88.9% , as Level 2 measurements as of September 30, 2015 . As of December 31, 2014 , the Company had $929.0 , or 3.7% , of its fixed maturities invested in private placement securities, of which $870.7 , or 93.7% , were classified as Level 2 measurements. Corporate Securities 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. The following table presents additional information about the composition of the Level 2 corporate securities: As of September 30, 2015 As of December 31, 2014 Amount % of Total # of Securities Amount % of Total # of Securities Significant security sectors: Industrial $ 3,913.9 19.5 % 247 $ 3,468.3 18.1 % 226 Consumer discretionary 2,694.7 13.4 217 2,409.3 12.6 199 Consumer staples 2,645.0 13.1 156 2,855.1 14.9 162 Health care 2,477.2 12.3 147 2,175.4 11.4 122 Utilities 2,164.2 10.8 160 2,119.1 11.1 154 Financial 2,079.5 10.4 159 2,032.2 10.6 162 Weighted-average coupon rate 5.07 % 5.30 % Weighted-average remaining years to contractual maturity 9.0 9.1 As of September 30, 2015 and December 31, 2014 , $952.3 , or 4.7% , and $770.6 , or 4.0% , 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. This 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 60 basis points and is based on the credit quality of the security. The illiquidity spread does not significantly impact the resulting valuation and thus management does not believe it prohibits Level 2 classification. Residential Mortgage-backed Securities The Company's residential mortgage-backed securities (RMBS) classified as Level 2 measurements 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 87.7% and 87.9% of the Company's Level 2 RMBS as of September 30, 2015 and December 31, 2014 , respectively. These securities were primarily fixed-rate, with a weighted-average coupon rate of 3.98% and 4.18% as of September 30, 2015 and December 31, 2014 , respectively. The following table presents additional information about the composition of the Level 2 non-agency RMBS securities: As of September 30, 2015 As of December 31, 2014 Fair Value % of Total Fair Value % of Total Highest rating agency rating: AAA $ 175.3 51.8 % $ 159.6 45.1 % AA through BBB 47.6 14.1 56.1 15.9 BB & below 115.2 34.1 138.1 39.0 Total non-agency RMBS $ 338.1 100.0 % $ 353.8 100.0 % Non-agency RMBS with super senior subordination $ 242.1 71.6 % $ 240.4 67.9 % As of September 30, 2015 and December 31, 2014 , the Company's non-agency Level 2 RMBS had a weighted-average credit enhancement of 10.6% and 9.0% , respectively. As of September 30, 2015 and December 31, 2014 , $237.8 and $232.3 , or 70.3% and 65.7% , respectively, of the Company's non-agency Level 2 RMBS were originated prior to 2004, or subsequent to 2008. The underlying collateral in these years is considered to be of higher quality due to more stringent underwriting standards. Commercial Mortgage-backed Securities The Company's commercial mortgage-backed securities (CMBS) classified as Level 2 measurements 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 91.6% and 87.8% of Level 2 CMBS as of September 30, 2015 and December 31, 2014 , respectively. The non-agency Level 2 CMBS had an estimated weighted-average credit enhancement of 32.3% and 32.8% as of September 30, 2015 and December 31, 2014 , respectively, and 89.1% and 96.8% were in the most senior tranche as of September 30, 2015 and December 31, 2014 , respectively. The weighted-average coupon rate on these securities was 4.56% and 4.65% as of September 30, 2015 and December 31, 2014 , respectively. The following table presents additional information about the composition of the underlying collateral of Level 2 non-agency CMBS securities: As of September 30, 2015 As of December 31, 2014 % of Total % of Total Significant underlying collateral locations: New York 27.3 % 24.5 % California 10.8 10.7 Florida 7.3 7.8 Texas 6.8 7.1 Significant underlying collateral property types: Office buildings 35.9 % 33.4 % Retail shopping centers 28.9 29.8 Marketable Equity Securities Marketable equity securities are investments in common stock (mainly in publicly traded companies), exchange-traded funds (ETFs), and certain nonredeemable preferred stocks. 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 determined by pricing services utilizing evaluated pricing models and are classified as a Level 2 measurement. These valuations are created based on benchmark curves using industry standard inputs and exchange prices of underlying securities and common stock of the same issuer. Investments in Limited Partnerships Investments in limited partnerships recorded at fair value relate to the Company's alternative investments, primarily private equity and hedge funds. The Company utilizes the fair value option for these investments, regardless of ownership percentage, to standardize the related accounting and reporting. The fair value is determined using the practical expedient based on the Company's proportionate interest in the underlying partnership or fund's net asset values (NAV). The Company's ability to redeem or otherwise liquidate these investments varies by partnership. If the partnership terms generally allow for redemption or liquidation within one year, the investment is classified as a Level 2 measurement. Otherwise, the investment is classified as a Level 3 measurement. Equity Index Options Equity index options consist primarily of Standard & Poor's 500 Index ® (S&P 500) options. The fair values of these index options were 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 observable, most equity index options are classified as a Level 2 measurement. Separate Accounts Separate account assets are primarily invested in mutual funds with published NAVs, which are classified as a Level 1 measurement. Embedded Derivatives Embedded derivatives relate to the Company's FIA product, which credits interest to the policyholder's account balance based on increases in selected indices, primarily the S&P 500. 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 and policyholder behavior risk. Because the estimates utilize significant unobservable inputs, the Company classifies the embedded derivatives 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. As these inputs are observable, the foreign currency swaps are classified as a Level 2 measurement. Other Financial Instruments Subject to Fair Value Disclosure Requirements Cash and cash equivalents consist of demand bank deposits and short-term highly liquid investments with original maturities of three months or less at the time of purchase. These are classified as a Level 1 measurement. 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 related to tax credit investments 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 spread for nonperformance and policyholder behavior risk. 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 are 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 table presents additional information about financial instruments measured at fair value on a recurring basis and for which the Company has utilized significant unobservable inputs (Level 3) to determine fair value for the three and nine months ended September 30, 2015 : Unrealized Gains (Losses) Included in: Balance as of July 1, 2015 Purchases and Issues(1) Sales and Settlements(1) Transfers In and/or (Out) of Level 3(2) Other(3) Net Income(4) Other Comprehensive Income (Loss) Realized Gains (Losses)(4) Balance as of September 30, 2015 Financial Assets: Fixed maturities, available-for-sale: Corporate securities $ 141.1 $ 119.8 $ — $ (70.0 ) $ (7.4 ) $ — $ (4.9 ) $ 0.2 $ 178.8 Commercial mortgage-backed securities 2.1 — — (0.5 ) (0.3 ) — — — 1.3 Collateralized loan obligations 159.8 101.4 — (159.8 ) — — — — 101.4 Other debt obligations 45.7 — — — (2.2 ) — 0.3 — 43.8 Total fixed maturities, available-for-sale 348.7 221.2 — (230.3 ) (9.9 ) — (4.6 ) 0.2 325.3 Marketable equity securities, available-for-sale 5.9 — — — — — — — 5.9 Marketable equity securities, trading 0.2 — — 0.5 — (0.5 ) — — 0.2 Investments in limited partnerships 34.1 0.7 — — (0.6 ) (3.9 ) — 0.6 30.9 Other invested assets: Equity index options 2.7 2.7 — — — (1.6 ) — (0.2 ) 3.6 Other 1.6 0.7 — — (0.3 ) — — (0.4 ) 1.6 Total other invested assets 4.3 3.4 — — (0.3 ) (1.6 ) — (0.6 ) 5.2 Total Level 3 assets $ 393.2 $ 225.3 $ — $ (229.8 ) $ (10.8 ) $ (6.0 ) $ (4.6 ) $ 0.2 $ 367.5 Financial Liabilities: Embedded derivatives 296.3 56.7 (2.1 ) — — (30.7 ) — — 320.2 Total Level 3 liabilities $ 296.3 $ 56.7 $ (2.1 ) $ — $ — $ (30.7 ) $ — $ — $ 320.2 Unrealized Gains (Losses) Included in: Balance as of January 1, 2015 Purchases and Issues(1) Sales and Settlements(1) Transfers In and/or (Out) of Level 3(2) Other(3) Net Income(4) Other Comprehensive Income (Loss) Realized Gains (Losses)(4) Balance as of September 30, 2015 Financial Assets: Fixed maturities, available-for-sale: Corporate securities $ 71.6 $ 162.8 $ — $ (41.4 ) $ (7.1 ) $ — $ (7.3 ) $ 0.2 $ 178.8 Commercial mortgage-backed securities 2.5 — — (0.8 ) (0.4 ) — — — 1.3 Collateralized loan obligations — 101.4 — — — — — — 101.4 Other debt obligations 71.7 — — (24.5 ) (2.4 ) — (1.0 ) — 43.8 Total fixed maturities, available-for-sale 145.8 264.2 — (66.7 ) (9.9 ) — (8.3 ) 0.2 325.3 Marketable equity securities, available-for-sale — — — 6.0 — — (0.1 ) — 5.9 Marketable equity securities, trading 0.4 — (0.3 ) — — — — 0.1 0.2 Investments in limited partnerships 71.5 2.5 — (28.5 ) (2.5 ) (9.6 ) — (2.5 ) 30.9 Other invested assets: Equity index options 2.4 4.4 — — — (2.8 ) — (0.4 ) 3.6 Other 3.5 1.9 — — (5.4 ) 3.1 — (1.5 ) 1.6 Total other invested assets 5.9 6.3 — — (5.4 ) 0.3 — (1.9 ) 5.2 Total Level 3 assets $ 223.6 $ 273.0 $ (0.3 ) $ (89.2 ) $ (17.8 ) $ (9.3 ) $ (8.4 ) $ (4.1 ) $ 367.5 Financial Liabilities: Embedded derivatives $ 230.1 $ 123.0 $ (4.8 ) $ — $ — $ (28.1 ) $ — $ — $ 320.2 Total Level 3 liabilities $ 230.1 $ 123.0 $ (4.8 ) $ — $ — $ (28.1 ) $ — $ — $ 320.2 _______________ (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 $0.5 and $6.1 for the three and nine months ended September 30, 2015 , respectively. Gross transfers out of Level 3 were $230.3 and $95.3 for the three and nine months ended September 30, 2015 , of which $230.3 and $66.7 , respectively, related to fixed maturities for which observable inputs became available. (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, excluding impairments, are included in net investment income. All other realized and unrealized gains and losses recognized in net income, including impairments of investments in limited partnerships, are included in net realized gains (losses). Amounts shown for financial liabilities are (gains) losses in net income. The following table presents additional information about financial instruments measured at fair value on a recurring basis and for which the Company has utilized significant unobservable inputs (Level 3) to determine fair value for the three and nine months ended September 30, 2014 : Unrealized Gains (Losses) Included in: Balance as of July 1, 2014 Purchases and Issues(1) Sales and Settlements(1) Transfers In and/or (Out) of Level 3(2) Other(3) Net Income(4) Other Comprehensive Income (Loss) Realized Gains (Losses)(4) Balance as of September 30, 2014 Financial Assets: Fixed maturities, available-for-sale: Corporate securities $ 157.3 $ 46.0 $ — $ (89.1 ) $ 3.8 $ — $ 5.0 $ — $ 123.0 Residential mortgage-backed securities 50.5 — (0.1 ) (50.3 ) (0.1 ) — — — — Commercial mortgage-backed securities 4.8 — — — (0.2 ) — — — 4.6 Other debt obligations 63.8 — — 25.8 (0.3 ) — (0.5 ) — 88.8 Total fixed maturities, available-for-sale 276.4 46.0 (0.1 ) (113.6 ) 3.2 — 4.5 — 216.4 Marketable equity securities, trading 0.3 — — — — — — — 0.3 Investments in limited partnerships 42.0 25.8 — — — (4.3 ) — (0.2 ) 63.3 Other invested assets: Equity index options 2.6 0.7 — — (0.1 ) (0.9 ) — (0.2 ) 2.1 Other 3.5 0.3 — — (0.1 ) 0.1 — (0.2 ) 3.6 Total other invested assets 6.1 1.0 — — (0.2 ) (0.8 ) — (0.4 ) 5.7 Total Level 3 assets $ 324.8 $ 72.8 $ (0.1 ) $ (113.6 ) $ 3.0 $ (5.1 ) $ 4.5 $ (0.6 ) $ 285.7 Financial Liabilities: Embedded derivatives 157.9 28.2 (0.3 ) — — (2.3 ) — — 183.5 Total Level 3 liabilities $ 157.9 $ 28.2 $ (0.3 ) $ — $ — $ (2.3 ) $ — $ — $ 183.5 Unrealized Gains (Losses) Included in: Balance as of January 1, 2014 Purchases and Issues(1) Sales and Settlements(1) Transfers In and/or (Out) of Level 3(2) Other(3) Net Income(4) Other Comprehensive Income Realized Gains (Losses)(4) Balance as of September 30, 2014 Financial Assets: Fixed maturities, available-for-sale: U.S. government and agencies $ 17.4 $ — $ — $ (17.4 ) $ — $ — $ — $ — $ — Corporate securities 28.0 46.0 — 39.0 0.6 — 9.4 — 123.0 Residential mortgage-backed securities 0.2 — (0.1 ) — (0.2 ) — 0.1 — — Commercial mortgage-backed securities 5.8 — — — (1.2 ) — — — 4.6 Other debt obligations 128.8 — — (39.3 ) (2.1 ) — 1.4 — 88.8 Total fixed maturities, available-for-sale 180.2 46.0 (0.1 ) (17.7 ) (2.9 ) — 10.9 — 216.4 Marketable equity securities, trading 0.3 — — — — — — — 0.3 Investments in limited partnerships 31.2 37.7 — — (0.9 ) (4.7 ) — — 63.3 Other invested assets: Equity index options 38.8 1.0 — (36.7 ) (0.4 ) (0.5 ) — (0.1 ) 2.1 Other 3.2 1.4 — — (1.0 ) 0.3 — (0.3 ) 3.6 Total other invested assets 42.0 2.4 — (36.7 ) (1.4 ) (0.2 ) — (0.4 ) 5.7 Total Level 3 assets $ 253.7 $ 86.1 $ (0.1 ) $ (54.4 ) $ (5.2 ) $ (4.9 ) $ 10.9 $ (0.4 ) $ 285.7 Financial Liabilities: Embedded derivatives 92.1 75.5 (0.5 ) — — 16.4 — — 183.5 Total Level 3 liabilities $ 92.1 $ 75.5 $ (0.5 ) $ — $ — $ 16.4 $ — $ — $ 183.5 _______________ (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 $25.8 and $66.4 for the three and nine months ended September 30, 2014 , respectively. Gross transfers out of Level 3 were $139.4 and $120.8 for the three and nine months ended September 30, 2014 , of which $139.4 and $84.1 , respectively, related to fixed maturities for which observable inputs became available. Additionally, transfers out for the nine months ended September 30, 2014 included a change in valuation methodology for equity index 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. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) | 9 Months Ended |
Sep. 30, 2015 | |
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 For the Nine Months Ended 2015 2014 2015 2014 Unamortized balance at beginning of period $ 572.2 $ 464.2 $ 513.9 $ 419.9 Deferral of acquisition costs 69.8 43.5 172.6 124.2 Adjustments for realized (gains) losses 5.3 (3.0 ) 5.1 (2.9 ) Amortization — excluding unlocking (20.6 ) (16.3 ) (62.1 ) (47.7 ) Amortization — impact of unlocking (1) 1.2 (1.3 ) (1.6 ) (6.4 ) Unamortized balance at end of period 627.9 487.1 627.9 487.1 Accumulated effect of net unrealized gains (75.9 ) (122.2 ) (75.9 ) (122.2 ) Balance at end of period $ 552.0 $ 364.9 $ 552.0 $ 364.9 ___________________ (1) Includes the impact of assumption and experience unlocking related to quarterly investment prepayment activity as well as the Company's annual unlocking process, which takes place during the third quarter of each year. 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 For the Nine Months Ended 2015 2014 2015 2014 Unamortized balance at beginning of period $ 126.3 $ 146.5 $ 136.7 $ 154.8 Capitalizations 5.1 7.2 16.9 24.4 Adjustments for realized (gains) losses 0.3 0.2 0.8 0.3 Amortization — excluding unlocking (10.5 ) (10.0 ) (31.5 ) (31.1 ) Amortization — impact of unlocking (1) 1.2 0.1 (0.5 ) (4.4 ) Unamortized balance at end of period 122.4 144.0 122.4 144.0 Accumulated effect of net unrealized gains (54.9 ) (85.4 ) (54.9 ) (85.4 ) Balance at end of period $ 67.5 $ 58.6 $ 67.5 $ 58.6 ___________________ (1) Includes the impact of assumption and experience unlocking related to quarterly investment prepayment activity as well as the Company's annual unlocking process, which takes place during the third quarter of each year. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders' Equity The following table summarizes the components of AOCI and the adjustments to OCI for amounts reclassified from AOCI into net income for the three and nine months ended September 30, 2015 : Net Unrealized Gains (Losses) on Available-for- sale Securities OTTI on Fixed Maturities not related to Credit Losses (2) Adjustment for DAC and DSI Net Gains (Losses) on Cash Flow Hedges Accumulated Balance as of July 1, 2015 $ 851.5 $ (13.7 ) $ (95.4 ) $ 9.3 $ 751.7 Other comprehensive income (loss) before reclassifications, net of taxes (1) (36.0 ) (4.7 ) 10.4 28.0 (2.3 ) Reclassifications recorded in: Net investment income: Interest rate swaps — — — (1.1 ) (1.1 ) Foreign currency swaps — — — (1.5 ) (1.5 ) Net realized investment (gains) losses 16.4 2.8 (5.7 ) — 13.5 Total provision (benefit) for income taxes (5.8 ) (1.0 ) 2.0 1.0 (3.8 ) Total reclassifications from AOCI, net of taxes 10.6 1.8 (3.7 ) (1.6 ) 7.1 Other comprehensive income (loss) after reclassifications (25.4 ) (2.9 ) 6.7 26.4 4.8 Balance as of September 30, 2015 $ 826.1 $ (16.6 ) $ (88.7 ) $ 35.7 $ 756.5 Net Unrealized OTTI on Fixed Adjustment Net Gains Accumulated Balance as of January 1, 2015 $ 1,130.2 $ (13.5 ) $ (131.4 ) $ 5.3 $ 990.6 Other comprehensive income (loss) before reclassifications, net of taxes (1) (326.6 ) (6.1 ) 46.6 34.8 (251.3 ) Reclassifications recorded in: Net investment income: Interest rate swaps — — — (2.8 ) (2.8 ) Foreign currency swaps — — — (3.9 ) (3.9 ) Net realized (gains) losses 34.7 4.6 (6.0 ) — 33.3 Total provision (benefit) for income taxes (12.2 ) (1.6 ) 2.1 2.3 (9.4 ) Total reclassifications from AOCI, net of taxes 22.5 3.0 (3.9 ) (4.4 ) 17.2 Other comprehensive income (loss) after reclassifications (304.1 ) (3.1 ) 42.7 30.4 (234.1 ) Balance as of September 30, 2015 $ 826.1 $ (16.6 ) $ (88.7 ) $ 35.7 $ 756.5 ___________________ (1) Other comprehensive income (loss) before reclassifications is net of taxes of $(19.4) , $(2.5) , $5.5 , $15.1 and $(1.3) , respectively, for the three months ended months ended September 30, 2015 , and net of taxes of $(175.9) , $(3.3) , $25.1 , $18.6 and $(135.5) , respectively, for the nine months ended September 30, 2015 . (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). The following table summarizes the components of AOCI and the adjustments to OCI for amounts reclassified from AOCI into net income for the three and nine months ended September 30, 2014 : Net Unrealized OTTI on Fixed Adjustment Net Gains Accumulated Balance as of July 1, 2014 $ 1,194.0 $ (13.2 ) $ (166.6 ) $ (23.6 ) $ 990.6 Other comprehensive income (loss) before reclassifications, net of taxes (1) (130.2 ) — 27.5 16.4 (86.3 ) Reclassifications recorded in: Net investment income: Interest rate swaps — — — (0.6 ) (0.6 ) Foreign currency swaps — — — (1.0 ) (1.0 ) Net realized investment (gains) losses 8.2 0.5 2.9 — 11.6 Total provision (benefit) for income taxes (2.7 ) (0.1 ) (1.0 ) 0.6 (3.2 ) Total reclassifications from AOCI, net of taxes 5.5 0.4 1.9 (1.0 ) 6.8 Other comprehensive income (loss) after reclassifications (124.7 ) 0.4 29.4 15.4 (79.5 ) Balance as of September 30, 2014 $ 1,069.3 $ (12.8 ) $ (137.2 ) $ (8.2 ) $ 911.1 Net Unrealized OTTI on Fixed Adjustment Net Gains Accumulated 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) 338.3 — (25.9 ) 10.1 322.5 Reclassifications recorded in: Net investment income: Interest rate swaps — — — (1.7 ) (1.7 ) Foreign currency swaps — — — (0.4 ) (0.4 ) Net realized (gains) losses (10.5 ) 2.1 2.7 — (5.7 ) Total provision (benefit) for income taxes 3.7 (0.7 ) (0.9 ) 0.7 2.8 Total reclassifications from AOCI, net of taxes (6.8 ) 1.4 1.8 (1.4 ) (5.0 ) Other comprehensive income (loss) after reclassifications 331.5 1.4 (24.1 ) 8.7 317.5 Balance as of September 30, 2014 $ 1,069.3 $ (12.8 ) $ (137.2 ) $ (8.2 ) $ 911.1 ___________________ (1) Other comprehensive income (loss) before reclassifications is net of taxes of $(69.9) , $0.0 , $14.8 , $8.9 and $(46.2) , respectively, for the three months ended September 30, 2014 , and net of taxes of $182.2 , $0.0 , $(13.9) , $5.4 and $173.7 , respectively, for the nine months ended September 30, 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). Common Stock Outstanding The following table provides a reconciliation of changes in outstanding shares of common stock: Common Shares Balance as of January 1, 2014 117,730,757 Common stock issued 1,790 Restricted stock issued, net 195,346 Employee stock purchase plan shares issued 110,287 Common stock repurchased (1) (2,240,729 ) Balance as of December 31, 2014 115,797,451 Balance as of January 1, 2015 115,797,451 Common stock issued 624 Restricted stock issued, net 268,555 Employee stock purchase plan shares issued 88,112 Common stock repurchased (1) (340 ) Balance as of September 30, 2015 116,154,402 _____________________ (1) Represents shares of common stock repurchased pursuant to the Company's stock repurchase program that began in 2013, which are held in treasury, as well as shares repurchased and subsequently retired to satisfy employee income tax withholding pursuant to the Company's Equity Plan. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 10. Commitments and Contingencies Litigation Because of the nature of its business, the Company is subject to legal actions filed or threatened in the ordinary course of its business operations. The Company establishes liabilities for litigation and regulatory actions when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. For matters where a loss is believed to be reasonably possible, but not probable, no liability is established. For such matters, the Company may provide an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. The Company reviews relevant information with respect to litigation and regulatory matters on a quarterly and annual basis and updates its established liabilities, disclosures and estimates of reasonably possible losses or range of loss based on such reviews. Although the Company cannot predict the outcome of any litigation or regulatory action, the Company does not believe that any such matters will have an impact on its financial condition or results of operations that differs materially from the Company’s established liabilities. Given the inherent difficulty in predicting the outcome of such matters, however, it is possible that an adverse outcome in certain such matters could be material to the Company’s financial condition or results of operations for any particular reporting period. Other Commitments and Contingencies As of September 30, 2015 , the Company had no material changes to its other commitments or contingencies since December 31, 2014 . |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 11. Segment Information The Company offers a broad range of products and services that include retirement, group health and employee benefits 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 September 30, 2015 Benefits Deferred Annuities Income Annuities Individual Life Other Total Operating revenues: Premiums $ 171.9 $ — $ — $ 8.3 $ — $ 180.2 Net investment income 6.2 172.2 95.5 73.5 (7.5 ) 339.9 Policy fees, contract charges, and other 3.6 5.4 0.1 47.9 0.5 57.5 Certain realized gains (losses) — (0.2 ) — — — (0.2 ) Total operating revenues 181.7 177.4 95.6 129.7 (7.0 ) 577.4 Benefits and expenses: Policyholder benefits and claims 109.4 (0.1 ) — 33.6 — 142.9 Interest credited — 93.7 84.2 64.8 (0.3 ) 242.4 Other underwriting and operating expenses 46.8 25.6 5.0 21.7 4.4 103.5 Interest expense — — — 0.1 11.2 11.3 Amortization of DAC 0.5 15.1 1.5 2.3 — 19.4 Total benefits and expenses 156.7 134.3 90.7 122.5 15.3 519.5 Segment pre-tax adjusted operating income (loss) $ 25.0 $ 43.1 $ 4.9 $ 7.2 $ (22.3 ) $ 57.9 Operating revenues $ 181.7 $ 177.4 $ 95.6 $ 129.7 $ (7.0 ) $ 577.4 Add: Excluded realized gains (losses) — (12.0 ) (27.1 ) (2.2 ) (14.9 ) (56.2 ) Total revenues 181.7 165.4 68.5 127.5 (21.9 ) 521.2 Total benefits and expenses 156.7 134.3 90.7 122.5 15.3 519.5 Income (loss) from operations before income taxes $ 25.0 $ 31.1 $ (22.2 ) $ 5.0 $ (37.2 ) $ 1.7 For the Three Months Ended September 30, 2014 Benefits Deferred Annuities Income Annuities Individual Life Other Total Operating revenues: Premiums $ 150.9 $ — $ — $ 8.7 $ — $ 159.6 Net investment income 5.4 152.0 93.4 69.6 (1.9 ) 318.5 Policy fees, contract charges, and other 3.7 5.6 0.4 35.6 0.4 45.7 Certain realized gains (losses) — (0.1 ) — — — (0.1 ) Total operating revenues 160.0 157.5 93.8 113.9 (1.5 ) 523.7 Benefits and expenses: Policyholder benefits and claims 94.7 — — 19.2 — 113.9 Interest credited — 87.6 85.3 64.6 (0.3 ) 237.2 Other underwriting and operating expenses 44.6 23.6 5.1 18.8 0.7 92.8 Interest expense — — — — 10.2 10.2 Amortization of DAC 0.1 15.6 1.3 0.6 — 17.6 Total benefits and expenses 139.4 126.8 91.7 103.2 10.6 471.7 Segment pre-tax adjusted operating income (loss) $ 20.6 $ 30.7 $ 2.1 $ 10.7 $ (12.1 ) $ 52.0 Operating revenues $ 160.0 $ 157.5 $ 93.8 $ 113.9 $ (1.5 ) $ 523.7 Add: Excluded realized gains (losses) — (1.9 ) (8.8 ) (0.1 ) (3.9 ) (14.7 ) Total revenues 160.0 155.6 85.0 113.8 (5.4 ) 509.0 Total benefits and expenses 139.4 126.8 91.7 103.2 10.6 471.7 Income (loss) from operations before income taxes $ 20.6 $ 28.8 $ (6.7 ) $ 10.6 $ (16.0 ) $ 37.3 For the Nine Months Ended September 30, 2015 Benefits Deferred Annuities Income Annuities Individual Life Other Total Operating revenues: Premiums $ 514.3 $ — $ — $ 25.0 $ — $ 539.3 Net investment income 17.1 488.3 282.0 217.3 (10.4 ) 994.3 Policy fees, contract charges, and other 12.9 16.4 0.6 132.1 1.5 163.5 Certain realized gains (losses) — (0.7 ) — — — (0.7 ) Total operating revenues 544.3 504.0 282.6 374.4 (8.9 ) 1,696.4 Benefits and expenses: Policyholder benefits and claims 336.6 0.3 — 86.3 — 423.2 Interest credited — 275.7 254.6 191.3 (1.1 ) 720.5 Other underwriting and operating expenses 143.6 74.5 14.8 64.0 5.8 302.7 Interest expense — — — 0.4 33.1 33.5 Amortization of DAC 1.3 51.5 4.6 6.3 — 63.7 Total benefits and expenses 481.5 402.0 274.0 348.3 37.8 1,543.6 Segment pre-tax adjusted operating income (loss) $ 62.8 $ 102.0 $ 8.6 $ 26.1 $ (46.7 ) $ 152.8 Operating revenues $ 544.3 $ 504.0 $ 282.6 $ 374.4 $ (8.9 ) $ 1,696.4 Add: Excluded realized gains (losses) — (22.7 ) (36.3 ) (3.3 ) (28.2 ) (90.5 ) Total revenues 544.3 481.3 246.3 371.1 (37.1 ) 1,605.9 Total benefits and expenses 481.5 402.0 274.0 348.3 37.8 1,543.6 Income (loss) from operations before income taxes $ 62.8 $ 79.3 $ (27.7 ) $ 22.8 $ (74.9 ) $ 62.3 As of September 30, 2015: Total assets $ 166.3 $ 17,995.6 $ 7,298.3 $ 7,055.2 $ 2,447.4 $ 34,962.8 For the Nine Months Ended September 30, 2014 Benefits Deferred Annuities Income Annuities Individual Life Other Total Operating revenues: Premiums $ 442.2 $ — $ — $ 25.9 $ — $ 468.1 Net investment income 15.6 447.9 286.2 210.6 1.6 961.9 Policy fees, contract charges, and other 11.9 17.4 0.8 108.9 1.4 140.4 Certain realized gains (losses) — — — — — — Total operating revenues 469.7 465.3 287.0 345.4 3.0 1,570.4 Benefits and expenses: Policyholder benefits and claims 269.2 0.2 — 55.8 — 325.2 Interest credited — 262.0 253.2 193.7 (1.2 ) 707.7 Other underwriting and operating expenses 131.8 67.6 15.4 56.2 2.3 273.3 Interest expense — — — — 26.7 26.7 Amortization of DAC 0.4 47.2 3.4 3.1 — 54.1 Total benefits and expenses 401.4 377.0 272.0 308.8 27.8 1,387.0 Segment pre-tax adjusted operating income (loss) $ 68.3 $ 88.3 $ 15.0 $ 36.6 $ (24.8 ) $ 183.4 Operating revenues $ 469.7 $ 465.3 $ 287.0 $ 345.4 $ 3.0 $ 1,570.4 Add: Excluded realized gains (losses) — (3.1 ) 37.1 2.9 (5.7 ) 31.2 Total revenues 469.7 462.2 324.1 348.3 (2.7 ) 1,601.6 Total benefits and expenses 401.4 377.0 272.0 308.8 27.8 1,387.0 Income (loss) from operations before income taxes $ 68.3 $ 85.2 $ 52.1 $ 39.5 $ (30.5 ) $ 214.6 As of September 30, 2014: Total assets $ 164.7 $ 15,547.0 $ 7,479.5 $ 6,716.9 $ 2,726.4 $ 32,634.5 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events On October 16, 2015, the Company entered into a term loan credit agreement. The Company may borrow up to $300.0 of unsecured term loans on a single delayed-draw basis on or before April 1, 2016. The Company will use the proceeds of the term loans to settle its $300.0 Senior Notes that are scheduled to mature on April 1, 2016. The term loans will bear interest at a variable annual rate based on LIBOR or an alternate base rate plus an applicable margin and are scheduled to mature two years after the borrowing date, which maturity may be extended subject to certain conditions in the credit agreement. On November 5, 2015 , the Company declared a dividend of $0.11 per common share, or approximately $12.8 in total, to stockholders of record as of November 19, 2015 . The dividend will be paid on or about December 4, 2015 . The Company held a Special Meeting of Stockholders on November 5, 2015. At the meeting, the Company's stockholders voted upon and approved a proposal to adopt the Merger Agreement and approved certain related matters. |
Summary Of Significant Accoun21
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | 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). |
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 to conform to the current period presentation. |
New Accounting Pronouncements | Accounting Pronouncements Standard Description Date of adoption / effective date Effect on the financial statements or other significant matters Accounting Pronouncements Newly Adopted Update No. 2014-01 , Investments (Topic 323) – Equity Method and Joint Ventures: Accounting for Investments in Qualified Affordable Housing Projects This standard provides companies with the option to elect the proportional method of amortization for qualified affordable housing 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 does not apply to other types of tax credit investments. January 1, 2015 The Company adopted the standard but did not elect the proportional method of amortization for its qualified affordable housing investments. The Company has included the required disclosures about such investments in Note 4. Accounting Pronouncements Not Yet Adopted Update No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement This standard provides companies with guidance on how to account for a cloud computing arrangement including a software license. Under the standard, if a cloud computing arrangement includes a software license, a company should account for the fees associated with the software license consistent with the acquisition of other software licenses. If the cloud computing arrangement does not include a software license, it should be accounted for as a service contract. January 1, 2016. Companies may adopt the standard prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating the impact of the standard on its consolidated financial statements and its plans for adoption. Update No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) This standard amends disclosure requirements for companies that use the practical expedient to measure the fair value of certain investments using the net asset value per share. Under the standard, companies are no longer required to categorize fair value measurements for these investments in the fair value hierarchy. January 1, 2016. Companies must adopt this presentation retrospectively, and early adoption is permitted. Upon adoption, the Company will apply the new disclosure requirements to its investments in limited partnerships that are valued using the practical expedient. Update No. 2015-09, Financial Services - Insurance (Topic 944): Disclosures about Short-Duration Contracts This standard amends disclosure requirements for the liability for unpaid claims and claim adjustment expenses on short-duration contracts for insurance entities. Under the standard, companies must include certain additional quantitative and qualitative information about these liabilities in its financial statements. January 1, 2016 for annual disclosures; January 1, 2017 for interim disclosures. Companies must present information retrospectively, and early adoption is permitted. Upon adoption, the Company will apply the new disclosure requirements to its short duration contracts, which are primarily related to employment-based benefit products. |
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, which include restricted stock issued to the Company's employees, 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. 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 and nine months ended September 30, 2015 , the Company's 2,650,000 stock options were dilutive, based on application of the treasury stock method, and included in the computation of diluted earnings per share. For the three and nine months ended September 30, 2014, these stock options were excluded from the computation of diluted earnings per share because they were anti-dilutive. |
Investments, Policy | Other-Than-Temporary Impairments (OTTI) The Company's review of available-for-sale 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; • 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 or requirement 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). Where a credit loss exists, the Company isolates the portion of the total unrealized loss related to the credit loss, which is recognized in realized gains (losses) on the consolidated statements of income, and the remainder of the unrealized loss is recorded as a non-credit OTTI through other comprehensive income. If there is an intent or requirement to sell the security, the entire unrealized loss is recognized in realized gains (losses). To determine the amount of a 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 or restructure its debt outside of 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, debt-service coverage, and loan-to-value ratios on the underlying collateral; • Underlying 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 Company's tax credit investments are primarily accounted for under the equity method and recorded at amortized cost. These investments are amortized based on the expected performance of the underlying partnership, with amortization recorded as a reduction to net investment income. When the carrying value of an investment exceeds the total amount of remaining tax benefits, the Company records an impairment loss, which is included in other net realized gains (losses). |
Loans and Leases Receivable, Allowance for Loan Losses, Policy | In developing the portfolio reserve for incurred but not specifically identified losses, the Company evaluates loans by risk category and considers 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 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 the carrying value. |
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. |
Derivatives, Offsetting Fair Value Amounts, Policy | The Company does not offset recognized collateral amounts pledged or received against the fair value amounts recognized for derivative contracts. |
Derivatives, Policy | 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. |
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 assigned to a fair value measurement is 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) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | The following table presents information relating to the Company's calculations of basic and diluted earnings per share: For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Numerator: Net income $ 19.6 $ 36.0 $ 89.6 $ 186.8 Denominator: Weighted-average common shares outstanding — basic 116,144,672 115,904,205 116,057,903 116,436,077 Add: dilutive effect of certain equity instruments 165,677 2,330 55,225 3,531 Weighted-average common shares outstanding — diluted 116,310,349 115,906,535 116,113,128 116,439,608 Net income per common share: Basic $ 0.17 $ 0.31 $ 0.77 $ 1.60 Diluted $ 0.17 $ 0.31 $ 0.77 $ 1.60 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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: Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of September 30, 2015 Fixed maturities: U.S. government and agencies $ 532.9 $ 10.2 $ — $ 543.1 State and political subdivisions 830.9 44.5 (0.6 ) 874.8 Corporate securities 19,283.1 1,194.9 (209.4 ) 20,268.6 Residential mortgage-backed securities 2,589.0 168.7 (4.5 ) 2,753.2 Commercial mortgage-backed securities 1,171.1 54.8 (2.4 ) 1,223.5 Collateralized loan obligations 526.7 — (7.1 ) 519.6 Other debt obligations 565.0 39.4 (0.5 ) 603.9 Total fixed maturities 25,498.7 1,512.5 (224.5 ) 26,786.7 Marketable equity securities, available-for-sale 84.8 5.8 (3.9 ) 86.7 Total $ 25,583.5 $ 1,518.3 $ (228.4 ) $ 26,873.4 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2014 Fixed maturities: U.S. government and agencies $ 404.8 $ 6.1 $ (1.0 ) $ 409.9 State and political subdivisions 789.7 40.1 (0.6 ) 829.2 Corporate securities 17,768.7 1,511.5 (87.7 ) 19,192.5 Residential mortgage-backed securities 2,772.0 155.9 (6.5 ) 2,921.4 Commercial mortgage-backed securities 1,262.6 73.0 (1.7 ) 1,333.9 Other debt obligations 648.7 44.5 (0.7 ) 692.5 Total fixed maturities 23,646.5 1,831.1 (98.2 ) 25,379.4 Marketable equity securities, available-for-sale 112.9 8.6 (1.0 ) 120.5 Total $ 23,759.4 $ 1,839.7 $ (99.2 ) $ 25,499.9 |
Summary Of Gross Unrealized Losses And Fair Values Of Available-For-Sale Investments | 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 Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities As of September 30, 2015 Fixed maturities: U.S. government and agencies $ 4.0 $ — 3 $ — $ — — State and political subdivisions 47.1 (0.5 ) 7 5.5 (0.1 ) 2 Corporate securities 4,351.7 (140.8 ) 430 477.1 (68.6 ) 86 Residential mortgage-backed securities 99.9 (1.4 ) 23 117.4 (3.1 ) 23 Commercial mortgage-backed securities 84.6 (1.0 ) 7 18.6 (1.4 ) 5 Collateralized loan obligations 424.7 (7.1 ) 39 — — — Other debt obligations 84.5 (0.5 ) 5 0.3 — 2 Total fixed maturities 5,096.5 (151.3 ) 514 618.9 (73.2 ) 118 Marketable equity securities, available-for-sale 26.7 (2.8 ) 22 4.3 (1.1 ) 5 Total $ 5,123.2 $ (154.1 ) 536 $ 623.2 $ (74.3 ) 123 Less Than 12 Months 12 Months or More Fair Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities As of December 31, 2014 Fixed maturities: U.S. government and agencies $ 38.4 $ (0.2 ) 7 $ 59.9 $ (0.8 ) 2 State and political subdivisions 9.3 (0.1 ) 3 39.3 (0.5 ) 12 Corporate securities 1,348.8 (44.0 ) 235 1,064.0 (43.7 ) 75 Residential mortgage-backed securities 191.5 (1.1 ) 15 241.0 (5.4 ) 40 Commercial mortgage-backed securities 54.9 (0.2 ) 4 52.8 (1.5 ) 8 Other debt obligations 81.7 (0.2 ) 10 29.9 (0.5 ) 3 Total fixed maturities 1,724.6 (45.8 ) 274 1,486.9 (52.4 ) 140 Marketable equity securities, available-for-sale 14.9 (0.7 ) 11 3.3 (0.3 ) 7 Total $ 1,739.5 $ (46.5 ) 285 $ 1,490.2 $ (52.7 ) 147 |
Summary Of Contractual Years To Maturity | The following table summarizes the amortized cost and fair value of fixed maturities as of September 30, 2015 , 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 Cost Fair Value One year or less $ 586.8 $ 594.1 Over one year through five years 6,150.6 6,531.8 Over five years through ten years 9,932.5 10,123.8 Over ten years 4,063.1 4,527.3 Residential mortgage-backed securities 2,589.0 2,753.2 Commercial mortgage-backed securities 1,171.1 1,223.5 Collateralized loan obligations 526.7 519.6 Other asset-backed securities 478.9 513.4 Total fixed maturities $ 25,498.7 $ 26,786.7 |
Summary Of Net Investment Income | The following table summarizes the Company's net investment income: For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Fixed maturities $ 297.9 $ 278.8 $ 861.2 $ 837.8 Marketable equity securities 4.3 3.9 13.1 12.9 Mortgage loans 62.6 54.5 181.1 156.1 Policy loans 0.9 0.9 2.5 2.6 Investments in limited partnerships (1) (17.3 ) (12.6 ) (40.0 ) (25.9 ) Other 0.9 1.1 3.3 3.3 Total investment income 349.3 326.6 1,021.2 986.8 Investment expenses (9.4 ) (8.1 ) (26.9 ) (24.9 ) Net investment income $ 339.9 $ 318.5 $ 994.3 $ 961.9 ____________________ (1) This includes net gains (losses) on changes in the fair value of investments held as of period end for which the Company has elected the fair value option, totaling $(5.6) and $(4.5) for the three months ended September 30, 2015 and 2014 , respectively, and $(13.1) and $(4.8) for the nine months ended September 30, 2015 and 2014 , respectively. |
Summary Of Net Realized Gains (Losses) | The following table summarizes the Company's net realized gains (losses): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Fixed maturities: Gross gains on sales $ 2.2 $ 1.5 $ 10.1 $ 21.0 Gross losses on sales (3.5 ) (3.3 ) (18.2 ) (5.7 ) Net impairment losses recognized in earnings (11.7 ) (1.6 ) (22.3 ) (4.1 ) Other (1) (5.0 ) 1.4 (7.5 ) (1.0 ) Total fixed maturities (18.0 ) (2.0 ) (37.9 ) 10.2 Marketable equity securities, trading (2) (22.8 ) (12.0 ) (27.0 ) 29.3 Investments in limited partnerships (3) (11.2 ) (4.5 ) (23.8 ) (11.3 ) Other (4) (10.1 ) 6.6 (8.5 ) 5.7 Deferred policy acquisition costs and deferred sales inducement adjustment 5.7 (2.9 ) 6.0 (2.7 ) Net realized gains (losses) $ (56.4 ) $ (14.8 ) $ (91.2 ) $ 31.2 ____________________ (1) This includes net gains (losses) on calls and redemptions, and changes in the fair value of the Company's convertible securities. (2) This includes net gains (losses) on changes in the fair value of trading securities held as of period end totaling $(24.1) and $(16.3) for the three months ended September 30, 2015 and 2014 , respectively, and $(36.6) and $19.4 for the nine months ended September 30, 2015 and 2014 , respectively. (3) This reflects impairments related to tax credit investments and, for the three and nine months ended September 30, 2015 , includes a $0.0 and a $(3.9) impairment of an alternative investment. (4) This includes net gains (losses) on derivatives not designated for hedge accounting and other instruments, including an embedded derivative related to the Company's fixed indexed annuity (FIA) product. |
Schedule Of Severity And Duration Of Gross Unrealized Losses On Underwater Available-For-Sale Securities | The following table presents the severity and duration of the gross unrealized losses on the Company's underwater available-for-sale fixed maturities, after the recognition of OTTI: As of September 30, 2015 As of December 31, 2014 Fair Value Gross Unrealized Losses # of Securities Fair Value Gross Unrealized Losses # of Securities Fixed maturities Underwater by 20% or more: Less than 6 consecutive months $ 82.9 $ (37.8 ) 44 $ 38.5 $ (17.3 ) 33 6 consecutive months or more 9.4 (7.8 ) 7 4.5 (2.8 ) 8 Total underwater by 20% or more 92.3 (45.6 ) 51 43.0 (20.1 ) 41 All other underwater fixed maturities 5,623.1 (178.9 ) 558 3,168.5 (78.1 ) 373 Total underwater fixed maturities $ 5,715.4 $ (224.5 ) 609 $ 3,211.5 $ (98.2 ) 414 |
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 (OCI) were as follows: For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Balance, beginning of period $ 17.7 $ 22.2 $ 20.1 $ 23.1 Increases recognized in the current period: For which an OTTI was not previously recognized 2.3 0.1 3.2 0.1 For which an OTTI was previously recognized 2.0 0.2 3.7 1.5 Decreases attributable to: Securities sold or paid down during the period (1.7 ) (0.7 ) (6.7 ) (2.7 ) Previously recognized credit losses on securities impaired during the period due to a change in intent to sell (1) (1.1 ) — (1.1 ) (0.2 ) Balance, end of period $ 19.2 $ 21.8 $ 19.2 $ 21.8 ____________________ (1) Represents circumstances where the Company determined in the period that it intended to sell the security prior to recovery of its amortized cost. |
Affordable Housing Tax Credit Investments [Table Text Block] | The following table sets forth the impact of affordable housing project investments on net income. These amounts do not include the impacts of the Company's holdings in other types of tax credit investments. For the Three Months Ended Nine Months Ended 2015 2014 2015 2014 Amortization $ (10.6 ) $ (7.6 ) $ (24.5 ) $ (19.7 ) Realized losses (8.8 ) (2.9 ) (13.4 ) (5.2 ) Tax benefit from amortization and realized losses 6.8 3.7 13.3 8.7 Tax credits 17.0 12.8 39.6 36.6 Impact to net income $ 4.4 $ 6.0 $ 15.0 $ 20.4 |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule Of Mortgage Loans By Risk Category | The following table sets forth the Company's mortgage loans by risk category: As of September 30, 2015 As of December 31, 2014 Carrying Value % of Total Carrying Value % of Total Lower risk $ 2,938.0 64.1 % $ 2,567.0 62.1 % Medium risk 1,055.6 23.0 994.2 24.1 Higher risk 590.6 12.9 571.3 13.8 Credit quality indicator total 4,584.2 100.0 % 4,132.5 100.0 % Loans specifically evaluated for impairment (1) 0.9 2.0 Other (2) (4.1 ) (4.4 ) Total $ 4,581.0 $ 4,130.1 ________________ (1) As of September 30, 2015 and December 31, 2014 , reserve amounts of $ 0.2 were held for loans specifically evaluated for impairment. (2) Includes the allowance for loan losses and deferred fees and costs. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, including embedded derivatives that primarily relate to the Company's FIA products. 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 September 30, 2015 As of December 31, 2014 Notional Amount Fair Value Notional Amount Fair Value Assets Liabilities Assets Liabilities Derivatives designated as hedges: Cash flow hedges: Interest rate swaps $ 252.5 $ 9.9 $ — $ 158.5 $ 5.4 $ — Foreign currency swaps 679.8 47.3 0.7 638.6 14.9 10.2 Total derivatives designated as hedges $ 932.3 $ 57.2 $ 0.7 $ 797.1 $ 20.3 $ 10.2 Derivatives not designated as hedges: Equity index options $ 3,337.7 $ 38.0 $ — $ 2,055.9 $ 71.0 $ 0.1 Interest rate swaps 195.6 4.0 — — — — Foreign currency forwards 10.2 0.1 — 18.3 0.1 — Embedded derivatives — — 320.2 — — 230.1 Other derivatives 14.2 — 0.5 25.3 0.2 0.4 Total derivatives not designated as hedges 3,557.7 42.1 320.7 2,099.5 71.3 230.6 Total derivatives $ 4,490.0 $ 99.3 $ 321.4 $ 2,896.6 $ 91.6 $ 240.8 |
Schedule of Offsetting Assets | As of December 31, 2014 Gross Amount of Collateral (Received) Posted Fair Value Presented in the Balance Sheets Financial Instruments Cash Collateral Net Amount Counterparty: Assets: A $ 12.0 $ — $ (12.0 ) $ — B (1) 20.2 1.9 (13.9 ) 8.2 C 12.0 — (12.0 ) — D 14.9 — (14.9 ) — F 24.0 — (24.0 ) — Other 8.5 — (6.7 ) 1.8 Total derivative assets $ 91.6 $ 1.9 $ (83.5 ) $ 10.0 _______________________ (1) Amounts include financial instrument collateral of $1.9 posted by the Company to comply with regulatory requirements on certain centrally cleared instruments. The following tables present the potential effect of netting arrangements by counterparty on the Company's consolidated balance sheets: As of September 30, 2015 Gross Amount of Collateral (Received) Posted Fair Value Presented in the Balance Sheets Financial Instruments Cash Collateral Net Amount Counterparty: Assets: A $ 10.5 $ — $ (10.1 ) $ 0.4 B (1) 26.3 9.5 (22.6 ) 13.2 C 11.6 — (11.2 ) 0.4 D 7.1 — (7.1 ) — F 15.0 — (10.5 ) 4.5 Other 28.8 — (18.7 ) 10.1 Total derivative assets $ 99.3 $ 9.5 $ (80.2 ) $ 28.6 _______________________ (1) Amounts include financial instrument collateral of $9.5 posted by the Company to comply with regulatory requirements on certain centrally cleared instruments. |
Schedule of Offsetting Liabilities | As of December 31, 2014 Gross Amount of Collateral Received (Posted) Fair Value Presented in the Financial Cash Collateral Net Amount Counterparty: Liabilities: A $ 1.2 $ — $ — $ 1.2 B 6.7 — (0.1 ) 6.6 E 2.4 — — 2.4 Other 0.4 — — 0.4 Total derivative liabilities (1) $ 10.7 $ — $ (0.1 ) $ 10.6 _______________________ (1) Excludes embedded derivatives of $230.1 which have no counterparty. As of September 30, 2015 Gross Amount of Collateral Received (Posted) Fair Value Presented in the Financial Cash Collateral Net Amount Counterparty: Liabilities: A $ 0.1 $ — $ — $ 0.1 B 0.3 — (0.2 ) 0.1 E 0.2 — — 0.2 Other 0.6 — — 0.6 Total derivative liabilities (1) $ 1.2 $ — $ (0.2 ) $ 1.0 _______________________ (1) Excludes embedded derivatives of $320.2 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 qualifying and designated as cash flow hedges: For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Interest rate swaps $ 6.2 $ (0.5 ) $ 7.5 $ 1.5 Foreign currency swaps 36.9 25.8 45.9 14.0 Total $ 43.1 $ 25.3 $ 53.4 $ 15.5 |
Schedule Of Derivatives Not Designated as Hedges Gains (Losses) | The following table shows the effect of derivatives not designated as hedges in the consolidated statements of income, which is recorded in net realized gains (losses): For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Equity index options $ (44.8 ) $ 2.5 $ (43.1 ) $ 17.6 Foreign currency forwards — 0.4 0.2 0.3 Embedded derivatives 30.7 2.3 28.1 (16.4 ) Other derivatives 3.2 1.5 2.0 1.8 Total $ (10.9 ) $ 6.7 $ (12.8 ) $ 3.3 |
Fair Value Of Financial Instr26
Fair Value Of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 Carrying Amount Fair Value Level 1 Level 2 Level 3 Measured at fair value on a recurring basis: Financial assets: Fixed maturities, available-for-sale: U.S. government and agencies $ 543.1 $ 543.1 $ — $ 543.1 $ — State and political subdivisions 874.8 874.8 — 874.8 — Corporate securities 20,268.6 20,268.6 — 20,089.8 178.8 Residential mortgage-backed securities 2,753.2 2,753.2 — 2,753.2 — Commercial mortgage-backed securities 1,223.5 1,223.5 — 1,222.2 1.3 Collateralized loan obligations 519.6 519.6 — 418.2 101.4 Other debt obligations 603.9 603.9 — 560.1 43.8 Total fixed maturities, available-for-sale 26,786.7 26,786.7 — 26,461.4 325.3 Marketable equity securities, available-for-sale 86.7 86.7 53.8 27.0 5.9 Marketable equity securities, trading 525.0 525.0 524.8 — 0.2 Investments in limited partnerships, alternative investments 51.5 51.5 — 20.6 30.9 Other invested assets: Equity index options 38.0 38.0 — 34.4 3.6 Other 63.4 63.4 0.6 61.2 1.6 Total other invested assets 101.4 101.4 0.6 95.6 5.2 Total investments carried at fair value 27,551.3 27,551.3 579.2 26,604.6 367.5 Separate account assets 885.9 885.9 885.9 — — Total assets at fair value $ 28,437.2 $ 28,437.2 $ 1,465.1 $ 26,604.6 $ 367.5 Financial liabilities: Embedded derivatives $ 320.2 $ 320.2 $ — $ — $ 320.2 Foreign currency swaps 0.6 0.6 — 0.6 — Total liabilities at fair value $ 320.8 $ 320.8 $ — $ 0.6 $ 320.2 Subject to fair value disclosure requirements: Financial assets: Mortgage loans $ 4,581.0 $ 4,816.0 $ — $ — $ 4,816.0 Investments in limited partnerships, tax credit investments 212.9 200.9 — 200.9 — Cash and cash equivalents 182.7 182.7 182.7 — — Financial liabilities: Funds held under deposit contracts (1): Deferred annuities $ 15,617.2 $ 15,899.6 $ — $ — $ 15,899.6 Income annuities 6,495.9 7,899.0 — — 7,899.0 Notes payable: Capital Efficient Notes (CENts) $ 149.9 $ 153.4 $ — $ 153.4 $ — Senior notes 547.6 560.5 — 560.5 — _______________________ (1) The carrying value of this balance excludes $6,631.3 of liabilities related to insurance contracts and embedded derivatives. As of December 31, 2014 Carrying Amount Fair Value Level 1 Level 2 Level 3 Measured at fair value on a recurring basis: Financial assets: Fixed maturities, available-for-sale: U.S. government and agencies $ 409.9 $ 409.9 $ — $ 409.9 $ — State and political subdivisions 829.2 829.2 — 829.2 — Corporate securities 19,192.5 19,192.5 — 19,120.9 71.6 Residential mortgage-backed securities 2,921.4 2,921.4 — 2,921.4 — Commercial mortgage-backed securities 1,333.9 1,333.9 — 1,331.4 2.5 Other debt obligations 692.5 692.5 — 620.8 71.7 Total fixed maturities, available-for-sale 25,379.4 25,379.4 — 25,233.6 145.8 Marketable equity securities, available-for-sale 120.5 120.5 62.8 57.7 — Marketable equity securities, trading 532.0 532.0 531.6 — 0.4 Investments in limited partnerships, alternative investments 71.5 71.5 — — 71.5 Other invested assets: Equity index options 71.0 71.0 — 68.6 2.4 Other 24.8 24.8 0.6 20.7 3.5 Total other invested assets 95.8 95.8 0.6 89.3 5.9 Total investments carried at fair value 26,199.2 26,199.2 595.0 25,380.6 223.6 Separate account assets 949.8 949.8 949.8 — — Total assets at fair value $ 27,149.0 $ 27,149.0 $ 1,544.8 $ 25,380.6 $ 223.6 Financial liabilities: Embedded derivatives $ 230.1 $ 230.1 $ — $ — $ 230.1 Foreign currency swaps 10.2 10.2 — 10.2 — Total liabilities at fair value $ 240.3 $ 240.3 $ — $ 10.2 $ 230.1 Subject to fair value disclosure requirements: Financial assets: Mortgage loans $ 4,130.1 $ 4,375.8 $ — $ — $ 4,375.8 Investments in limited partnerships, tax credit investments 238.4 226.6 — 226.6 — Cash and cash equivalents 158.8 158.8 158.8 — — Financial liabilities: Funds held under deposit contracts (1): Deferred annuities $ 13,686.8 $ 14,004.2 $ — $ — $ 14,004.2 Income annuities 6,527.1 8,452.5 — — 8,452.5 Notes payable: Capital Efficient Notes (CENts) $ 149.9 $ 155.6 $ — $ 155.6 $ — Senior notes 547.3 569.6 — 569.6 — _________________ (1) The carrying value of this balance excludes $6,388.7 of liabilities related to insurance contracts and embedded derivatives. |
Schedule Of Additional Information About Composition Of Level 2 Corporate Securities | The following table presents additional information about the composition of the Level 2 corporate securities: As of September 30, 2015 As of December 31, 2014 Amount % of Total # of Securities Amount % of Total # of Securities Significant security sectors: Industrial $ 3,913.9 19.5 % 247 $ 3,468.3 18.1 % 226 Consumer discretionary 2,694.7 13.4 217 2,409.3 12.6 199 Consumer staples 2,645.0 13.1 156 2,855.1 14.9 162 Health care 2,477.2 12.3 147 2,175.4 11.4 122 Utilities 2,164.2 10.8 160 2,119.1 11.1 154 Financial 2,079.5 10.4 159 2,032.2 10.6 162 Weighted-average coupon rate 5.07 % 5.30 % Weighted-average remaining years to contractual maturity 9.0 9.1 |
Schedule Of Additional Information About Composition Of Level 2 Non-Agency RMBS Securities | The following table presents additional information about the composition of the Level 2 non-agency RMBS securities: As of September 30, 2015 As of December 31, 2014 Fair Value % of Total Fair Value % of Total Highest rating agency rating: AAA $ 175.3 51.8 % $ 159.6 45.1 % AA through BBB 47.6 14.1 56.1 15.9 BB & below 115.2 34.1 138.1 39.0 Total non-agency RMBS $ 338.1 100.0 % $ 353.8 100.0 % Non-agency RMBS with super senior subordination $ 242.1 71.6 % $ 240.4 67.9 % |
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 September 30, 2015 As of December 31, 2014 % of Total % of Total Significant underlying collateral locations: New York 27.3 % 24.5 % California 10.8 10.7 Florida 7.3 7.8 Texas 6.8 7.1 Significant underlying collateral property types: Office buildings 35.9 % 33.4 % Retail shopping centers 28.9 29.8 |
Schedule Of Additional Information About Level 3 Assets and Liabilities Measured At Fair Value On A Recurring Basis | The following table presents additional information about financial instruments measured at fair value on a recurring basis and for which the Company has utilized significant unobservable inputs (Level 3) to determine fair value for the three and nine months ended September 30, 2015 : Unrealized Gains (Losses) Included in: Balance as of July 1, 2015 Purchases and Issues(1) Sales and Settlements(1) Transfers In and/or (Out) of Level 3(2) Other(3) Net Income(4) Other Comprehensive Income (Loss) Realized Gains (Losses)(4) Balance as of September 30, 2015 Financial Assets: Fixed maturities, available-for-sale: Corporate securities $ 141.1 $ 119.8 $ — $ (70.0 ) $ (7.4 ) $ — $ (4.9 ) $ 0.2 $ 178.8 Commercial mortgage-backed securities 2.1 — — (0.5 ) (0.3 ) — — — 1.3 Collateralized loan obligations 159.8 101.4 — (159.8 ) — — — — 101.4 Other debt obligations 45.7 — — — (2.2 ) — 0.3 — 43.8 Total fixed maturities, available-for-sale 348.7 221.2 — (230.3 ) (9.9 ) — (4.6 ) 0.2 325.3 Marketable equity securities, available-for-sale 5.9 — — — — — — — 5.9 Marketable equity securities, trading 0.2 — — 0.5 — (0.5 ) — — 0.2 Investments in limited partnerships 34.1 0.7 — — (0.6 ) (3.9 ) — 0.6 30.9 Other invested assets: Equity index options 2.7 2.7 — — — (1.6 ) — (0.2 ) 3.6 Other 1.6 0.7 — — (0.3 ) — — (0.4 ) 1.6 Total other invested assets 4.3 3.4 — — (0.3 ) (1.6 ) — (0.6 ) 5.2 Total Level 3 assets $ 393.2 $ 225.3 $ — $ (229.8 ) $ (10.8 ) $ (6.0 ) $ (4.6 ) $ 0.2 $ 367.5 Financial Liabilities: Embedded derivatives 296.3 56.7 (2.1 ) — — (30.7 ) — — 320.2 Total Level 3 liabilities $ 296.3 $ 56.7 $ (2.1 ) $ — $ — $ (30.7 ) $ — $ — $ 320.2 Unrealized Gains (Losses) Included in: Balance as of January 1, 2015 Purchases and Issues(1) Sales and Settlements(1) Transfers In and/or (Out) of Level 3(2) Other(3) Net Income(4) Other Comprehensive Income (Loss) Realized Gains (Losses)(4) Balance as of September 30, 2015 Financial Assets: Fixed maturities, available-for-sale: Corporate securities $ 71.6 $ 162.8 $ — $ (41.4 ) $ (7.1 ) $ — $ (7.3 ) $ 0.2 $ 178.8 Commercial mortgage-backed securities 2.5 — — (0.8 ) (0.4 ) — — — 1.3 Collateralized loan obligations — 101.4 — — — — — — 101.4 Other debt obligations 71.7 — — (24.5 ) (2.4 ) — (1.0 ) — 43.8 Total fixed maturities, available-for-sale 145.8 264.2 — (66.7 ) (9.9 ) — (8.3 ) 0.2 325.3 Marketable equity securities, available-for-sale — — — 6.0 — — (0.1 ) — 5.9 Marketable equity securities, trading 0.4 — (0.3 ) — — — — 0.1 0.2 Investments in limited partnerships 71.5 2.5 — (28.5 ) (2.5 ) (9.6 ) — (2.5 ) 30.9 Other invested assets: Equity index options 2.4 4.4 — — — (2.8 ) — (0.4 ) 3.6 Other 3.5 1.9 — — (5.4 ) 3.1 — (1.5 ) 1.6 Total other invested assets 5.9 6.3 — — (5.4 ) 0.3 — (1.9 ) 5.2 Total Level 3 assets $ 223.6 $ 273.0 $ (0.3 ) $ (89.2 ) $ (17.8 ) $ (9.3 ) $ (8.4 ) $ (4.1 ) $ 367.5 Financial Liabilities: Embedded derivatives $ 230.1 $ 123.0 $ (4.8 ) $ — $ — $ (28.1 ) $ — $ — $ 320.2 Total Level 3 liabilities $ 230.1 $ 123.0 $ (4.8 ) $ — $ — $ (28.1 ) $ — $ — $ 320.2 _______________ (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 $0.5 and $6.1 for the three and nine months ended September 30, 2015 , respectively. Gross transfers out of Level 3 were $230.3 and $95.3 for the three and nine months ended September 30, 2015 , of which $230.3 and $66.7 , respectively, related to fixed maturities for which observable inputs became available. (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, excluding impairments, are included in net investment income. All other realized and unrealized gains and losses recognized in net income, including impairments of investments in limited partnerships, are included in net realized gains (losses). Amounts shown for financial liabilities are (gains) losses in net income. The following table presents additional information about financial instruments measured at fair value on a recurring basis and for which the Company has utilized significant unobservable inputs (Level 3) to determine fair value for the three and nine months ended September 30, 2014 : Unrealized Gains (Losses) Included in: Balance as of July 1, 2014 Purchases and Issues(1) Sales and Settlements(1) Transfers In and/or (Out) of Level 3(2) Other(3) Net Income(4) Other Comprehensive Income (Loss) Realized Gains (Losses)(4) Balance as of September 30, 2014 Financial Assets: Fixed maturities, available-for-sale: Corporate securities $ 157.3 $ 46.0 $ — $ (89.1 ) $ 3.8 $ — $ 5.0 $ — $ 123.0 Residential mortgage-backed securities 50.5 — (0.1 ) (50.3 ) (0.1 ) — — — — Commercial mortgage-backed securities 4.8 — — — (0.2 ) — — — 4.6 Other debt obligations 63.8 — — 25.8 (0.3 ) — (0.5 ) — 88.8 Total fixed maturities, available-for-sale 276.4 46.0 (0.1 ) (113.6 ) 3.2 — 4.5 — 216.4 Marketable equity securities, trading 0.3 — — — — — — — 0.3 Investments in limited partnerships 42.0 25.8 — — — (4.3 ) — (0.2 ) 63.3 Other invested assets: Equity index options 2.6 0.7 — — (0.1 ) (0.9 ) — (0.2 ) 2.1 Other 3.5 0.3 — — (0.1 ) 0.1 — (0.2 ) 3.6 Total other invested assets 6.1 1.0 — — (0.2 ) (0.8 ) — (0.4 ) 5.7 Total Level 3 assets $ 324.8 $ 72.8 $ (0.1 ) $ (113.6 ) $ 3.0 $ (5.1 ) $ 4.5 $ (0.6 ) $ 285.7 Financial Liabilities: Embedded derivatives 157.9 28.2 (0.3 ) — — (2.3 ) — — 183.5 Total Level 3 liabilities $ 157.9 $ 28.2 $ (0.3 ) $ — $ — $ (2.3 ) $ — $ — $ 183.5 Unrealized Gains (Losses) Included in: Balance as of January 1, 2014 Purchases and Issues(1) Sales and Settlements(1) Transfers In and/or (Out) of Level 3(2) Other(3) Net Income(4) Other Comprehensive Income Realized Gains (Losses)(4) Balance as of September 30, 2014 Financial Assets: Fixed maturities, available-for-sale: U.S. government and agencies $ 17.4 $ — $ — $ (17.4 ) $ — $ — $ — $ — $ — Corporate securities 28.0 46.0 — 39.0 0.6 — 9.4 — 123.0 Residential mortgage-backed securities 0.2 — (0.1 ) — (0.2 ) — 0.1 — — Commercial mortgage-backed securities 5.8 — — — (1.2 ) — — — 4.6 Other debt obligations 128.8 — — (39.3 ) (2.1 ) — 1.4 — 88.8 Total fixed maturities, available-for-sale 180.2 46.0 (0.1 ) (17.7 ) (2.9 ) — 10.9 — 216.4 Marketable equity securities, trading 0.3 — — — — — — — 0.3 Investments in limited partnerships 31.2 37.7 — — (0.9 ) (4.7 ) — — 63.3 Other invested assets: Equity index options 38.8 1.0 — (36.7 ) (0.4 ) (0.5 ) — (0.1 ) 2.1 Other 3.2 1.4 — — (1.0 ) 0.3 — (0.3 ) 3.6 Total other invested assets 42.0 2.4 — (36.7 ) (1.4 ) (0.2 ) — (0.4 ) 5.7 Total Level 3 assets $ 253.7 $ 86.1 $ (0.1 ) $ (54.4 ) $ (5.2 ) $ (4.9 ) $ 10.9 $ (0.4 ) $ 285.7 Financial Liabilities: Embedded derivatives 92.1 75.5 (0.5 ) — — 16.4 — — 183.5 Total Level 3 liabilities $ 92.1 $ 75.5 $ (0.5 ) $ — $ — $ 16.4 $ — $ — $ 183.5 _______________ (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 $25.8 and $66.4 for the three and nine months ended September 30, 2014 , respectively. Gross transfers out of Level 3 were $139.4 and $120.8 for the three and nine months ended September 30, 2014 , of which $139.4 and $84.1 , respectively, related to fixed maturities for which observable inputs became available. Additionally, transfers out for the nine months ended September 30, 2014 included a change in valuation methodology for equity index 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. |
Deferred Policy Acquisition C27
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Deferred Policy Acquisition Cost Deferred Sales Inducement [Abstract] | |
Schedule Of Reconciliation For Deferred Policy Acquisition Costs | The following table provides a reconciliation of the beginning and ending balance for DAC: For the Three Months Ended For the Nine Months Ended 2015 2014 2015 2014 Unamortized balance at beginning of period $ 572.2 $ 464.2 $ 513.9 $ 419.9 Deferral of acquisition costs 69.8 43.5 172.6 124.2 Adjustments for realized (gains) losses 5.3 (3.0 ) 5.1 (2.9 ) Amortization — excluding unlocking (20.6 ) (16.3 ) (62.1 ) (47.7 ) Amortization — impact of unlocking (1) 1.2 (1.3 ) (1.6 ) (6.4 ) Unamortized balance at end of period 627.9 487.1 627.9 487.1 Accumulated effect of net unrealized gains (75.9 ) (122.2 ) (75.9 ) (122.2 ) Balance at end of period $ 552.0 $ 364.9 $ 552.0 $ 364.9 ___________________ (1) Includes the impact of assumption and experience unlocking related to quarterly investment prepayment activity as well as the Company's annual unlocking process, which takes place during the third quarter of each year. |
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 For the Nine Months Ended 2015 2014 2015 2014 Unamortized balance at beginning of period $ 126.3 $ 146.5 $ 136.7 $ 154.8 Capitalizations 5.1 7.2 16.9 24.4 Adjustments for realized (gains) losses 0.3 0.2 0.8 0.3 Amortization — excluding unlocking (10.5 ) (10.0 ) (31.5 ) (31.1 ) Amortization — impact of unlocking (1) 1.2 0.1 (0.5 ) (4.4 ) Unamortized balance at end of period 122.4 144.0 122.4 144.0 Accumulated effect of net unrealized gains (54.9 ) (85.4 ) (54.9 ) (85.4 ) Balance at end of period $ 67.5 $ 58.6 $ 67.5 $ 58.6 ___________________ (1) Includes the impact of assumption and experience unlocking related to quarterly investment prepayment activity as well as the Company's annual unlocking process, which takes place during the third quarter of each year. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule Of Components and Reclassifications Out Of AOCI | The following table summarizes the components of AOCI and the adjustments to OCI for amounts reclassified from AOCI into net income for the three and nine months ended September 30, 2015 : Net Unrealized Gains (Losses) on Available-for- sale Securities OTTI on Fixed Maturities not related to Credit Losses (2) Adjustment for DAC and DSI Net Gains (Losses) on Cash Flow Hedges Accumulated Balance as of July 1, 2015 $ 851.5 $ (13.7 ) $ (95.4 ) $ 9.3 $ 751.7 Other comprehensive income (loss) before reclassifications, net of taxes (1) (36.0 ) (4.7 ) 10.4 28.0 (2.3 ) Reclassifications recorded in: Net investment income: Interest rate swaps — — — (1.1 ) (1.1 ) Foreign currency swaps — — — (1.5 ) (1.5 ) Net realized investment (gains) losses 16.4 2.8 (5.7 ) — 13.5 Total provision (benefit) for income taxes (5.8 ) (1.0 ) 2.0 1.0 (3.8 ) Total reclassifications from AOCI, net of taxes 10.6 1.8 (3.7 ) (1.6 ) 7.1 Other comprehensive income (loss) after reclassifications (25.4 ) (2.9 ) 6.7 26.4 4.8 Balance as of September 30, 2015 $ 826.1 $ (16.6 ) $ (88.7 ) $ 35.7 $ 756.5 Net Unrealized OTTI on Fixed Adjustment Net Gains Accumulated Balance as of January 1, 2015 $ 1,130.2 $ (13.5 ) $ (131.4 ) $ 5.3 $ 990.6 Other comprehensive income (loss) before reclassifications, net of taxes (1) (326.6 ) (6.1 ) 46.6 34.8 (251.3 ) Reclassifications recorded in: Net investment income: Interest rate swaps — — — (2.8 ) (2.8 ) Foreign currency swaps — — — (3.9 ) (3.9 ) Net realized (gains) losses 34.7 4.6 (6.0 ) — 33.3 Total provision (benefit) for income taxes (12.2 ) (1.6 ) 2.1 2.3 (9.4 ) Total reclassifications from AOCI, net of taxes 22.5 3.0 (3.9 ) (4.4 ) 17.2 Other comprehensive income (loss) after reclassifications (304.1 ) (3.1 ) 42.7 30.4 (234.1 ) Balance as of September 30, 2015 $ 826.1 $ (16.6 ) $ (88.7 ) $ 35.7 $ 756.5 ___________________ (1) Other comprehensive income (loss) before reclassifications is net of taxes of $(19.4) , $(2.5) , $5.5 , $15.1 and $(1.3) , respectively, for the three months ended months ended September 30, 2015 , and net of taxes of $(175.9) , $(3.3) , $25.1 , $18.6 and $(135.5) , respectively, for the nine months ended September 30, 2015 . (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). The following table summarizes the components of AOCI and the adjustments to OCI for amounts reclassified from AOCI into net income for the three and nine months ended September 30, 2014 : Net Unrealized OTTI on Fixed Adjustment Net Gains Accumulated Balance as of July 1, 2014 $ 1,194.0 $ (13.2 ) $ (166.6 ) $ (23.6 ) $ 990.6 Other comprehensive income (loss) before reclassifications, net of taxes (1) (130.2 ) — 27.5 16.4 (86.3 ) Reclassifications recorded in: Net investment income: Interest rate swaps — — — (0.6 ) (0.6 ) Foreign currency swaps — — — (1.0 ) (1.0 ) Net realized investment (gains) losses 8.2 0.5 2.9 — 11.6 Total provision (benefit) for income taxes (2.7 ) (0.1 ) (1.0 ) 0.6 (3.2 ) Total reclassifications from AOCI, net of taxes 5.5 0.4 1.9 (1.0 ) 6.8 Other comprehensive income (loss) after reclassifications (124.7 ) 0.4 29.4 15.4 (79.5 ) Balance as of September 30, 2014 $ 1,069.3 $ (12.8 ) $ (137.2 ) $ (8.2 ) $ 911.1 Net Unrealized OTTI on Fixed Adjustment Net Gains Accumulated 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) 338.3 — (25.9 ) 10.1 322.5 Reclassifications recorded in: Net investment income: Interest rate swaps — — — (1.7 ) (1.7 ) Foreign currency swaps — — — (0.4 ) (0.4 ) Net realized (gains) losses (10.5 ) 2.1 2.7 — (5.7 ) Total provision (benefit) for income taxes 3.7 (0.7 ) (0.9 ) 0.7 2.8 Total reclassifications from AOCI, net of taxes (6.8 ) 1.4 1.8 (1.4 ) (5.0 ) Other comprehensive income (loss) after reclassifications 331.5 1.4 (24.1 ) 8.7 317.5 Balance as of September 30, 2014 $ 1,069.3 $ (12.8 ) $ (137.2 ) $ (8.2 ) $ 911.1 ___________________ (1) Other comprehensive income (loss) before reclassifications is net of taxes of $(69.9) , $0.0 , $14.8 , $8.9 and $(46.2) , respectively, for the three months ended September 30, 2014 , and net of taxes of $182.2 , $0.0 , $(13.9) , $5.4 and $173.7 , respectively, for the nine months ended September 30, 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). |
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, 2014 117,730,757 Common stock issued 1,790 Restricted stock issued, net 195,346 Employee stock purchase plan shares issued 110,287 Common stock repurchased (1) (2,240,729 ) Balance as of December 31, 2014 115,797,451 Balance as of January 1, 2015 115,797,451 Common stock issued 624 Restricted stock issued, net 268,555 Employee stock purchase plan shares issued 88,112 Common stock repurchased (1) (340 ) Balance as of September 30, 2015 116,154,402 _____________________ (1) Represents shares of common stock repurchased pursuant to the Company's stock repurchase program that began in 2013, which are held in treasury, as well as shares repurchased and subsequently retired to satisfy employee income tax withholding pursuant to the Company's Equity Plan. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Financial Information By Segment And Reconciliation Of Segment Pre-Tax Adjusted Operating Income (Loss) | The following tables present selected financial information by segment and reconcile segment pre-tax adjusted operating income (loss) to amounts reported in the consolidated statements of income: For the Three Months Ended September 30, 2015 Benefits Deferred Annuities Income Annuities Individual Life Other Total Operating revenues: Premiums $ 171.9 $ — $ — $ 8.3 $ — $ 180.2 Net investment income 6.2 172.2 95.5 73.5 (7.5 ) 339.9 Policy fees, contract charges, and other 3.6 5.4 0.1 47.9 0.5 57.5 Certain realized gains (losses) — (0.2 ) — — — (0.2 ) Total operating revenues 181.7 177.4 95.6 129.7 (7.0 ) 577.4 Benefits and expenses: Policyholder benefits and claims 109.4 (0.1 ) — 33.6 — 142.9 Interest credited — 93.7 84.2 64.8 (0.3 ) 242.4 Other underwriting and operating expenses 46.8 25.6 5.0 21.7 4.4 103.5 Interest expense — — — 0.1 11.2 11.3 Amortization of DAC 0.5 15.1 1.5 2.3 — 19.4 Total benefits and expenses 156.7 134.3 90.7 122.5 15.3 519.5 Segment pre-tax adjusted operating income (loss) $ 25.0 $ 43.1 $ 4.9 $ 7.2 $ (22.3 ) $ 57.9 Operating revenues $ 181.7 $ 177.4 $ 95.6 $ 129.7 $ (7.0 ) $ 577.4 Add: Excluded realized gains (losses) — (12.0 ) (27.1 ) (2.2 ) (14.9 ) (56.2 ) Total revenues 181.7 165.4 68.5 127.5 (21.9 ) 521.2 Total benefits and expenses 156.7 134.3 90.7 122.5 15.3 519.5 Income (loss) from operations before income taxes $ 25.0 $ 31.1 $ (22.2 ) $ 5.0 $ (37.2 ) $ 1.7 For the Three Months Ended September 30, 2014 Benefits Deferred Annuities Income Annuities Individual Life Other Total Operating revenues: Premiums $ 150.9 $ — $ — $ 8.7 $ — $ 159.6 Net investment income 5.4 152.0 93.4 69.6 (1.9 ) 318.5 Policy fees, contract charges, and other 3.7 5.6 0.4 35.6 0.4 45.7 Certain realized gains (losses) — (0.1 ) — — — (0.1 ) Total operating revenues 160.0 157.5 93.8 113.9 (1.5 ) 523.7 Benefits and expenses: Policyholder benefits and claims 94.7 — — 19.2 — 113.9 Interest credited — 87.6 85.3 64.6 (0.3 ) 237.2 Other underwriting and operating expenses 44.6 23.6 5.1 18.8 0.7 92.8 Interest expense — — — — 10.2 10.2 Amortization of DAC 0.1 15.6 1.3 0.6 — 17.6 Total benefits and expenses 139.4 126.8 91.7 103.2 10.6 471.7 Segment pre-tax adjusted operating income (loss) $ 20.6 $ 30.7 $ 2.1 $ 10.7 $ (12.1 ) $ 52.0 Operating revenues $ 160.0 $ 157.5 $ 93.8 $ 113.9 $ (1.5 ) $ 523.7 Add: Excluded realized gains (losses) — (1.9 ) (8.8 ) (0.1 ) (3.9 ) (14.7 ) Total revenues 160.0 155.6 85.0 113.8 (5.4 ) 509.0 Total benefits and expenses 139.4 126.8 91.7 103.2 10.6 471.7 Income (loss) from operations before income taxes $ 20.6 $ 28.8 $ (6.7 ) $ 10.6 $ (16.0 ) $ 37.3 For the Nine Months Ended September 30, 2015 Benefits Deferred Annuities Income Annuities Individual Life Other Total Operating revenues: Premiums $ 514.3 $ — $ — $ 25.0 $ — $ 539.3 Net investment income 17.1 488.3 282.0 217.3 (10.4 ) 994.3 Policy fees, contract charges, and other 12.9 16.4 0.6 132.1 1.5 163.5 Certain realized gains (losses) — (0.7 ) — — — (0.7 ) Total operating revenues 544.3 504.0 282.6 374.4 (8.9 ) 1,696.4 Benefits and expenses: Policyholder benefits and claims 336.6 0.3 — 86.3 — 423.2 Interest credited — 275.7 254.6 191.3 (1.1 ) 720.5 Other underwriting and operating expenses 143.6 74.5 14.8 64.0 5.8 302.7 Interest expense — — — 0.4 33.1 33.5 Amortization of DAC 1.3 51.5 4.6 6.3 — 63.7 Total benefits and expenses 481.5 402.0 274.0 348.3 37.8 1,543.6 Segment pre-tax adjusted operating income (loss) $ 62.8 $ 102.0 $ 8.6 $ 26.1 $ (46.7 ) $ 152.8 Operating revenues $ 544.3 $ 504.0 $ 282.6 $ 374.4 $ (8.9 ) $ 1,696.4 Add: Excluded realized gains (losses) — (22.7 ) (36.3 ) (3.3 ) (28.2 ) (90.5 ) Total revenues 544.3 481.3 246.3 371.1 (37.1 ) 1,605.9 Total benefits and expenses 481.5 402.0 274.0 348.3 37.8 1,543.6 Income (loss) from operations before income taxes $ 62.8 $ 79.3 $ (27.7 ) $ 22.8 $ (74.9 ) $ 62.3 As of September 30, 2015: Total assets $ 166.3 $ 17,995.6 $ 7,298.3 $ 7,055.2 $ 2,447.4 $ 34,962.8 For the Nine Months Ended September 30, 2014 Benefits Deferred Annuities Income Annuities Individual Life Other Total Operating revenues: Premiums $ 442.2 $ — $ — $ 25.9 $ — $ 468.1 Net investment income 15.6 447.9 286.2 210.6 1.6 961.9 Policy fees, contract charges, and other 11.9 17.4 0.8 108.9 1.4 140.4 Certain realized gains (losses) — — — — — — Total operating revenues 469.7 465.3 287.0 345.4 3.0 1,570.4 Benefits and expenses: Policyholder benefits and claims 269.2 0.2 — 55.8 — 325.2 Interest credited — 262.0 253.2 193.7 (1.2 ) 707.7 Other underwriting and operating expenses 131.8 67.6 15.4 56.2 2.3 273.3 Interest expense — — — — 26.7 26.7 Amortization of DAC 0.4 47.2 3.4 3.1 — 54.1 Total benefits and expenses 401.4 377.0 272.0 308.8 27.8 1,387.0 Segment pre-tax adjusted operating income (loss) $ 68.3 $ 88.3 $ 15.0 $ 36.6 $ (24.8 ) $ 183.4 Operating revenues $ 469.7 $ 465.3 $ 287.0 $ 345.4 $ 3.0 $ 1,570.4 Add: Excluded realized gains (losses) — (3.1 ) 37.1 2.9 (5.7 ) 31.2 Total revenues 469.7 462.2 324.1 348.3 (2.7 ) 1,601.6 Total benefits and expenses 401.4 377.0 272.0 308.8 27.8 1,387.0 Income (loss) from operations before income taxes $ 68.3 $ 85.2 $ 52.1 $ 39.5 $ (30.5 ) $ 214.6 As of September 30, 2014: Total assets $ 164.7 $ 15,547.0 $ 7,479.5 $ 6,716.9 $ 2,726.4 $ 32,634.5 |
Description Of Business Descrip
Description Of Business Description of Business (Details) - $ / shares | Sep. 30, 2015 | Aug. 11, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Business Acquisition, Share Price | $ 32 |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies Effective income tax rate (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,650,000 | 2,650,000 | 2,650,000 | 2,650,000 |
Numerator: | ||||
Net income | $ 19.6 | $ 36 | $ 89.6 | $ 186.8 |
Denominator: | ||||
Weighted-average common shares outstanding-basic (shares) | 116,144,672 | 115,904,205 | 116,057,903 | 116,436,077 |
Add: dilutive effect of certain equity instruments (shares) | 165,677 | 2,330 | 55,225 | 3,531 |
Weighted average common shares outstanding-diluted (shares) | 116,310,349 | 115,906,535 | 116,113,128 | 116,439,608 |
Basic (USD per share) | $ 0.17 | $ 0.31 | $ 0.77 | $ 1.60 |
Diluted (USD per share) | $ 0.17 | $ 0.31 | $ 0.77 | $ 1.60 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Marketable equity securities, available-for-sale, Gross Unrealized Losses | $ (3.9) | $ (1) |
Total fixed maturities | 26,786.7 | 25,379.4 |
Fixed maturities, at amortized cost | $ 25,498.7 | 23,646.5 |
Underwater threshold percentage used to determine significant risk of impairment | 20.00% | |
Investments in Limited Partnerships | $ 264.4 | 309.9 |
Investments in qualified affordable housing projects | 203 | 228.7 |
Marketable equity securities, available-for-sale | 86.7 | 120.5 |
External Credit Rating, Non Investment Grade [Member] | ||
Investment [Line Items] | ||
Total fixed maturities | 1,095.5 | 1,126.6 |
Fixed maturities, at amortized cost | $ 1,119.4 | $ 1,111.9 |
Percentage of below-investment grade fixed maturities at fair value | 4.10% | 4.40% |
Tax Credit Investments [Member] | ||
Investment [Line Items] | ||
Investments in Limited Partnerships | $ 212.9 | $ 238.4 |
Total Underwater By Twenty Percent Or More [Member] | ||
Investment [Line Items] | ||
Marketable equity securities, available-for-sale, Gross Unrealized Losses | (2.2) | (0.2) |
Total fixed maturities | 92.3 | 43 |
Marketable equity securities, available-for-sale | $ 5.9 | $ 0.7 |
Investments (Summary Of Availab
Investments (Summary Of Available-For-Sale Fixed Maturities And Marketable Equity Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Fixed Maturities, Cost or Amortized Cost | $ 25,498.7 | $ 23,646.5 |
Marketable equity securities, available-for-sale, at cost | 84.8 | 112.9 |
Available-for-sale securities, Cost or Amortized Cost | 25,583.5 | 23,759.4 |
Fixed Maturities, Gross Unrealized Gains | 1,512.5 | 1,831.1 |
Marketable equity securities, available-for-sale, Gross Unrealized Gain | 5.8 | 8.6 |
Available-for-sale securities, Gross Unrealized Gains | 1,518.3 | 1,839.7 |
Fixed Maturities, Gross Unrealized Losses | (224.5) | (98.2) |
Marketable equity securities, available-for-sale, Gross Unrealized Losses | (3.9) | (1) |
Available-for-sale securities, Gross Unrealized Losses | (228.4) | (99.2) |
Fixed Maturities, Fair Value | 26,786.7 | 25,379.4 |
Marketable equity securities, available-for-sale | 86.7 | 120.5 |
Available-for-sale securities, Fair Value | 26,873.4 | 25,499.9 |
U.S. Government and Agencies [Member] | ||
Investment [Line Items] | ||
Fixed Maturities, Cost or Amortized Cost | 532.9 | 404.8 |
Fixed Maturities, Gross Unrealized Gains | 10.2 | 6.1 |
Fixed Maturities, Gross Unrealized Losses | 0 | (1) |
Fixed Maturities, Fair Value | 543.1 | 409.9 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Fixed Maturities, Cost or Amortized Cost | 830.9 | 789.7 |
Fixed Maturities, Gross Unrealized Gains | 44.5 | 40.1 |
Fixed Maturities, Gross Unrealized Losses | (0.6) | (0.6) |
Fixed Maturities, Fair Value | 874.8 | 829.2 |
Corporate Securities [Member] | ||
Investment [Line Items] | ||
Fixed Maturities, Cost or Amortized Cost | 19,283.1 | 17,768.7 |
Fixed Maturities, Gross Unrealized Gains | 1,194.9 | 1,511.5 |
Fixed Maturities, Gross Unrealized Losses | (209.4) | (87.7) |
Fixed Maturities, Fair Value | 20,268.6 | 19,192.5 |
Residential Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Fixed Maturities, Cost or Amortized Cost | 2,589 | 2,772 |
Fixed Maturities, Gross Unrealized Gains | 168.7 | 155.9 |
Fixed Maturities, Gross Unrealized Losses | (4.5) | (6.5) |
Fixed Maturities, Fair Value | 2,753.2 | 2,921.4 |
Commercial Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Fixed Maturities, Cost or Amortized Cost | 1,171.1 | 1,262.6 |
Fixed Maturities, Gross Unrealized Gains | 54.8 | 73 |
Fixed Maturities, Gross Unrealized Losses | (2.4) | (1.7) |
Fixed Maturities, Fair Value | 1,223.5 | 1,333.9 |
Collateralized Loan Obligations [Member] | ||
Investment [Line Items] | ||
Fixed Maturities, Cost or Amortized Cost | 526.7 | |
Fixed Maturities, Gross Unrealized Gains | 0 | |
Fixed Maturities, Gross Unrealized Losses | (7.1) | |
Fixed Maturities, Fair Value | 519.6 | |
Other Debt Obligations [Member] | ||
Investment [Line Items] | ||
Fixed Maturities, Cost or Amortized Cost | 565 | 648.7 |
Fixed Maturities, Gross Unrealized Gains | 39.4 | 44.5 |
Fixed Maturities, Gross Unrealized Losses | (0.5) | (0.7) |
Fixed Maturities, Fair Value | $ 603.9 | $ 692.5 |
Investments (Summary Of Gross U
Investments (Summary Of Gross Unrealized Losses And Fair Values Of Investments Available-For-Sale) (Details) $ in Millions | Sep. 30, 2015USD ($)securities | Dec. 31, 2014USD ($)securities |
Investment [Line Items] | ||
Less than 12 Months, Fair Value | $ 5,123.2 | $ 1,739.5 |
Less than 12 Months, Gross Unrealized Losses | $ (154.1) | $ (46.5) |
Less Than 12 Months, Number Of Securities | securities | 536 | 285 |
12 Months Or More, Fair Value | $ 623.2 | $ 1,490.2 |
12 Months Or More, Gross Unrealized Losses | $ (74.3) | $ (52.7) |
12 Months Or More, Number Of Securities | securities | 123 | 147 |
U.S. Government and Agencies [Member] | ||
Investment [Line Items] | ||
Less than 12 Months, Fair Value | $ 4 | $ 38.4 |
Less than 12 Months, Gross Unrealized Losses | $ 0 | $ (0.2) |
Less Than 12 Months, Number Of Securities | securities | 3 | 7 |
12 Months Or More, Fair Value | $ 0 | $ 59.9 |
12 Months Or More, Gross Unrealized Losses | $ 0 | $ (0.8) |
12 Months Or More, Number Of Securities | securities | 0 | 2 |
State And Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Less than 12 Months, Fair Value | $ 47.1 | $ 9.3 |
Less than 12 Months, Gross Unrealized Losses | $ (0.5) | $ (0.1) |
Less Than 12 Months, Number Of Securities | securities | 7 | 3 |
12 Months Or More, Fair Value | $ 5.5 | $ 39.3 |
12 Months Or More, Gross Unrealized Losses | $ (0.1) | $ (0.5) |
12 Months Or More, Number Of Securities | securities | 2 | 12 |
Corporate Securities [Member] | ||
Investment [Line Items] | ||
Less than 12 Months, Fair Value | $ 4,351.7 | $ 1,348.8 |
Less than 12 Months, Gross Unrealized Losses | $ (140.8) | $ (44) |
Less Than 12 Months, Number Of Securities | securities | 430 | 235 |
12 Months Or More, Fair Value | $ 477.1 | $ 1,064 |
12 Months Or More, Gross Unrealized Losses | $ (68.6) | $ (43.7) |
12 Months Or More, Number Of Securities | securities | 86 | 75 |
Residential Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Less than 12 Months, Fair Value | $ 99.9 | $ 191.5 |
Less than 12 Months, Gross Unrealized Losses | $ (1.4) | $ (1.1) |
Less Than 12 Months, Number Of Securities | securities | 23 | 15 |
12 Months Or More, Fair Value | $ 117.4 | $ 241 |
12 Months Or More, Gross Unrealized Losses | $ (3.1) | $ (5.4) |
12 Months Or More, Number Of Securities | securities | 23 | 40 |
Commercial Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Less than 12 Months, Fair Value | $ 84.6 | $ 54.9 |
Less than 12 Months, Gross Unrealized Losses | $ (1) | $ (0.2) |
Less Than 12 Months, Number Of Securities | securities | 7 | 4 |
12 Months Or More, Fair Value | $ 18.6 | $ 52.8 |
12 Months Or More, Gross Unrealized Losses | $ (1.4) | $ (1.5) |
12 Months Or More, Number Of Securities | securities | 5 | 8 |
Collateralized Loan Obligations [Member] | ||
Investment [Line Items] | ||
Less than 12 Months, Fair Value | $ 424.7 | |
Less than 12 Months, Gross Unrealized Losses | $ (7.1) | |
Less Than 12 Months, Number Of Securities | securities | 39 | |
12 Months Or More, Fair Value | $ 0 | |
12 Months Or More, Gross Unrealized Losses | $ 0 | |
12 Months Or More, Number Of Securities | securities | 0 | |
Other Debt Obligations [Member] | ||
Investment [Line Items] | ||
Less than 12 Months, Fair Value | $ 84.5 | $ 81.7 |
Less than 12 Months, Gross Unrealized Losses | $ (0.5) | $ (0.2) |
Less Than 12 Months, Number Of Securities | securities | 5 | 10 |
12 Months Or More, Fair Value | $ 0.3 | $ 29.9 |
12 Months Or More, Gross Unrealized Losses | $ 0 | $ (0.5) |
12 Months Or More, Number Of Securities | securities | 2 | 3 |
Fixed Maturities [Member] | ||
Investment [Line Items] | ||
Less than 12 Months, Fair Value | $ 5,096.5 | $ 1,724.6 |
Less than 12 Months, Gross Unrealized Losses | $ (151.3) | $ (45.8) |
Less Than 12 Months, Number Of Securities | securities | 514 | 274 |
12 Months Or More, Fair Value | $ 618.9 | $ 1,486.9 |
12 Months Or More, Gross Unrealized Losses | $ (73.2) | $ (52.4) |
12 Months Or More, Number Of Securities | securities | 118 | 140 |
Equity Securities [Member] | ||
Investment [Line Items] | ||
Less than 12 Months, Fair Value | $ 26.7 | $ 14.9 |
Less than 12 Months, Gross Unrealized Losses | $ (2.8) | $ (0.7) |
Less Than 12 Months, Number Of Securities | securities | 22 | 11 |
12 Months Or More, Fair Value | $ 4.3 | $ 3.3 |
12 Months Or More, Gross Unrealized Losses | $ (1.1) | $ (0.3) |
12 Months Or More, Number Of Securities | securities | 5 | 7 |
Investments (Summary Of Contrac
Investments (Summary Of Contractual Years To Maturity) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Amortized Cost | ||
One year or less | $ 586.8 | |
Over one year through five years | 6,150.6 | |
Over five years through ten years | 9,932.5 | |
Over ten years | 4,063.1 | |
Fixed Maturities, Cost or Amortized Cost | 25,498.7 | $ 23,646.5 |
Fair Value | ||
One year or less | 594.1 | |
Over one year through five years | 6,531.8 | |
Over five years through ten years | 10,123.8 | |
Over ten years | 4,527.3 | |
Total fixed maturities | 26,786.7 | 25,379.4 |
Residential Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Fixed Maturities, Cost or Amortized Cost | 2,589 | 2,772 |
Fair Value | ||
Total fixed maturities | 2,753.2 | 2,921.4 |
Commercial Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Fixed Maturities, Cost or Amortized Cost | 1,171.1 | 1,262.6 |
Fair Value | ||
Total fixed maturities | 1,223.5 | $ 1,333.9 |
Collateralized Loan Obligations [Member] | ||
Amortized Cost | ||
Fixed Maturities, Cost or Amortized Cost | 526.7 | |
Fair Value | ||
Total fixed maturities | 519.6 | |
Other asset-backed securities [Member] | ||
Amortized Cost | ||
Fixed Maturities, Cost or Amortized Cost | 478.9 | |
Fair Value | ||
Total fixed maturities | $ 513.4 |
Investments (Summary Of Net Inv
Investments (Summary Of Net Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Investment [Line Items] | |||||
Net gains (losses) on changes in fair value on investments held for which the fair value option was elected | $ (5.6) | $ (4.5) | $ (13.1) | $ (4.8) | |
Total investment income | 349.3 | 326.6 | 1,021.2 | 986.8 | |
Investment expenses | (9.4) | (8.1) | (26.9) | (24.9) | |
Net investment income | 339.9 | 318.5 | 994.3 | 961.9 | |
Fixed Maturities [Member] | |||||
Investment [Line Items] | |||||
Total investment income | 297.9 | 278.8 | 861.2 | 837.8 | |
Marketable equity securities [Member] | |||||
Investment [Line Items] | |||||
Total investment income | 4.3 | 3.9 | 13.1 | 12.9 | |
Mortgage Loans [Member] | |||||
Investment [Line Items] | |||||
Total investment income | 62.6 | 54.5 | 181.1 | 156.1 | |
Policy Loans [Member] | |||||
Investment [Line Items] | |||||
Total investment income | 0.9 | 0.9 | 2.5 | 2.6 | |
Investments In Limited Partnerships [Member] | |||||
Investment [Line Items] | |||||
Total investment income | [1] | (17.3) | (12.6) | (40) | (25.9) |
Other Investments [Member] | |||||
Investment [Line Items] | |||||
Total investment income | $ 0.9 | $ 1.1 | $ 3.3 | $ 3.3 | |
[1] | This includes net gains (losses) on changes in the fair value of investments held as of period end for which the Company has elected the fair value option, totaling $(5.6) and $(4.5) for the three months ended September 30, 2015 and 2014, respectively, and $(13.1) and $(4.8) for the nine months ended September 30, 2015 and 2014, respectively. |
Investments (Summary Of Net Rea
Investments (Summary Of Net Realized Gains (Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Investment [Line Items] | |||||
Net impairment losses recognized in earnings | $ (11.7) | $ (1.6) | $ (22.3) | $ (4.1) | |
Net realized gains (losses) | (56.4) | (14.8) | (91.2) | 31.2 | |
Other | [1] | (10.1) | 6.6 | (8.5) | 5.7 |
Deferred policy acquisition costs and deferred sales inducement adjustment | 5.7 | (2.9) | 6 | (2.7) | |
Fixed Maturities [Member] | |||||
Investment [Line Items] | |||||
Gross gains on sales | 2.2 | 1.5 | 10.1 | 21 | |
Gross losses on sales | (3.5) | (3.3) | (18.2) | (5.7) | |
Net impairment losses recognized in earnings | (11.7) | (1.6) | (22.3) | (4.1) | |
Other | [2] | (5) | 1.4 | (7.5) | (1) |
Net realized gains (losses) | (18) | (2) | (37.9) | 10.2 | |
Marketable Equity Securities, Trading [Member] | |||||
Investment [Line Items] | |||||
Gain (loss) on changes in fair value of trading securities | (24.1) | (16.3) | (36.6) | 19.4 | |
Investments In Limited Partnerships [Member] | |||||
Investment [Line Items] | |||||
Net realized gains (losses) | [3] | (11.2) | (4.5) | (23.8) | (11.3) |
Alternative Investments [Member] | |||||
Investment [Line Items] | |||||
Impairments | 0 | (3.9) | |||
Marketable Equity Securities, Trading [Member] | Equity Securities [Member] | |||||
Investment [Line Items] | |||||
Net realized gains (losses) | [4] | $ (22.8) | $ (12) | $ (27) | $ 29.3 |
[1] | This includes net gains (losses) on derivatives not designated for hedge accounting and other instruments, including an embedded derivative related to the Company's fixed indexed annuity (FIA) product. | ||||
[2] | This includes net gains (losses) on calls and redemptions, and changes in the fair value of the Company's convertible securities. | ||||
[3] | This reflects impairments related to tax credit investments and, for the three and nine months ended September 30, 2015, includes a $0.0 and a $(3.9) impairment of an alternative investment. | ||||
[4] | This includes net gains (losses) on changes in the fair value of trading securities held as of period end totaling $(24.1) and $(16.3) for the three months ended September 30, 2015 and 2014, respectively, and $(36.6) and $19.4 for the nine months ended September 30, 2015 and 2014, respectively. |
Investments (Schedule Of Severi
Investments (Schedule Of Severity And Duration Of The Gross Unrealized Losses On Securities Available-For-Sale) (Details) $ in Millions | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Investment [Line Items] | ||
Total fixed maturities | $ 26,786.7 | $ 25,379.4 |
Fixed Maturities, Gross Unrealized Losses | (224.5) | (98.2) |
Underwater By 20% Or More, Less Than 6 Consecutive Months [Member] | ||
Investment [Line Items] | ||
Total fixed maturities | 82.9 | 38.5 |
Fixed Maturities, Gross Unrealized Losses | $ (37.8) | $ (17.3) |
Available For Sale Securities Unrealized Loss Position Number of Securities | 44 | 33 |
Underwater By 20% Or More, 6 Consecutive Months Or More [Member] | ||
Investment [Line Items] | ||
Total fixed maturities | $ 9.4 | $ 4.5 |
Fixed Maturities, Gross Unrealized Losses | $ (7.8) | $ (2.8) |
Available For Sale Securities Unrealized Loss Position Number of Securities | 7 | 8 |
Total Underwater By 20% Or More [Member] | ||
Investment [Line Items] | ||
Total fixed maturities | $ 92.3 | $ 43 |
Fixed Maturities, Gross Unrealized Losses | $ (45.6) | $ (20.1) |
Available For Sale Securities Unrealized Loss Position Number of Securities | 51 | 41 |
All Other Underwater Fixed Maturities [Member] | ||
Investment [Line Items] | ||
Total fixed maturities | $ 5,623.1 | $ 3,168.5 |
Fixed Maturities, Gross Unrealized Losses | $ (178.9) | $ (78.1) |
Available For Sale Securities Unrealized Loss Position Number of Securities | 558 | 373 |
Total Underwater Fixed Maturities [Member] | ||
Investment [Line Items] | ||
Total fixed maturities | $ 5,715.4 | $ 3,211.5 |
Fixed Maturities, Gross Unrealized Losses | $ (224.5) | $ (98.2) |
Available For Sale Securities Unrealized Loss Position Number of Securities | 609 | 414 |
Investments (Schedule Of Change
Investments (Schedule Of Changes In The Amount Of Credit-Related OTTI Recognized In Net Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||||
Balance, beginning of period | $ 17.7 | $ 22.2 | $ 20.1 | $ 23.1 | |
Increases recognized in the current period: | |||||
For which an OTTI was not previously recognized | 2.3 | 0.1 | 3.2 | 0.1 | |
For which an OTTI was previously recognized | 2 | 0.2 | 3.7 | 1.5 | |
Decreases attributable to: | |||||
Securities sold or paid down during the period | (1.7) | (0.7) | (6.7) | (2.7) | |
Previously recognized credit losses on securities impaired during the period due to a change in intent to sell | [1] | (1.1) | 0 | (1.1) | (0.2) |
Balance, end of period | $ 19.2 | $ 21.8 | $ 19.2 | $ 21.8 | |
[1] | Represents circumstances where the Company determined in the period that it intended to sell the security prior to recovery of its amortized cost. |
Investments (Impact of tax cred
Investments (Impact of tax credit investments on income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investments [Abstract] | ||||
Amortization | $ (10.6) | $ (7.6) | $ (24.5) | $ (19.7) |
Realized losses | (8.8) | (2.9) | (13.4) | (5.2) |
Tax benefit from amortization and realized losses | 6.8 | 3.7 | 13.3 | 8.7 |
Tax credits | 17 | 12.8 | 39.6 | 36.6 |
Impact to net income | $ 4.4 | $ 6 | $ 15 | $ 20.4 |
Mortgage Loans (Narrative) (Det
Mortgage Loans (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)loans | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)loans | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)loans | |
Mortgage Loans on Real Estate [Line Items] | |||||
Allowance at end of period | $ 8.1 | $ 8.1 | $ 8.1 | $ 8.1 | |
Days to consider loans as nonperforming | 90 days | ||||
Number of nonperforming loans | loans | 0 | 0 | 1 | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 1.5 | ||||
Provision for specific loans | $ 0 | 0 | $ 0 | 0 | |
Provision for loans not specifically identified | 0 | 0 | 0 | 0 | |
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 | |
CALIFORNIA | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Percentage of mortgage loan portfolio | 28.50% | 28.50% | |||
TEXAS | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Percentage of mortgage loan portfolio | 11.40% | 11.40% | |||
WASHINGTON | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Percentage of mortgage loan portfolio | 7.90% | 7.90% | |||
Risk Level Low [Member] | Greater Than [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Debt-service coverage ratio | 150.00% | 150.00% | |||
Risk Level Low [Member] | Less Than [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Loan to value ratio | 65.00% | 65.00% | |||
Risk Level Medium [Member] | Greater Than [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Debt-service coverage ratio | 150.00% | 150.00% | |||
Risk Level Medium [Member] | Less Than [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Loan to value ratio | 65.00% | 65.00% | |||
Debt-service coverage ratio | 150.00% | 150.00% | |||
Risk Level Medium [Member] | Minimum [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Loan to value ratio | 65.00% | 65.00% | |||
Risk Level Medium [Member] | Maximum [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Loan to value ratio | 80.00% | 80.00% | |||
Risk Level High [Member] | Greater Than [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Loan to value ratio | 80.00% | 80.00% | |||
Risk Level High [Member] | Less Than [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Debt-service coverage ratio | 150.00% | 150.00% | |||
Risk Level High [Member] | Minimum [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Loan to value ratio | 65.00% | 65.00% | |||
Risk Level High [Member] | Maximum [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Loan to value ratio | 80.00% | 80.00% |
Mortgage Loans (Mortgage Loans
Mortgage Loans (Mortgage Loans By Risk Category) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | |||
Other, Carrying Value | [1] | $ (4.1) | $ (4.4) |
Total, Carrying Value | 4,581 | 4,130.1 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0.2 | 0.2 | |
Risk Level Low [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Carrying Value | $ 2,938 | $ 2,567 | |
% of Total | 64.10% | 62.10% | |
Risk Level Medium [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Carrying Value | $ 1,055.6 | $ 994.2 | |
% of Total | 23.00% | 24.10% | |
Risk Level High [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Carrying Value | $ 590.6 | $ 571.3 | |
% of Total | 12.90% | 13.80% | |
Credit Quality Indicator Total [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Carrying Value | $ 4,584.2 | $ 4,132.5 | |
% of Total | 100.00% | 100.00% | |
Loans Evaluated For Impairment [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Carrying Value | [2] | $ 0.9 | $ 2 |
[1] | Includes the allowance for loan losses and deferred fees and costs. | ||
[2] | As of September 30, 2015 and December 31, 2014, reserve amounts of $0.2 were held for loans specifically evaluated for impairment. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract] | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 8.8 | |||
Maximum length of time hedged in cash flow hedge | 15 years | |||
Gain (loss) from ineffective portion of cash flow hedge | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Position In Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative Fair Value Net [Abstract] | ||
Notional Amount | $ 4,490 | $ 2,896.6 |
Fair Value, Assets | 99.3 | 91.6 |
Fair Value, Liabilities | 321.4 | 240.8 |
Derivatives designated as hedges [Member] | ||
Derivative Fair Value Net [Abstract] | ||
Notional Amount | 932.3 | 797.1 |
Fair Value, Assets | 57.2 | 20.3 |
Fair Value, Liabilities | 0.7 | 10.2 |
Derivatives not designated as hedges [Member] | ||
Derivative Fair Value Net [Abstract] | ||
Notional Amount | 3,557.7 | 2,099.5 |
Fair Value, Assets | 42.1 | 71.3 |
Fair Value, Liabilities | 320.7 | 230.6 |
Interest rate swaps [Member] | Derivatives designated as hedges [Member] | ||
Derivative Fair Value Net [Abstract] | ||
Notional Amount | 252.5 | 158.5 |
Fair Value, Assets | 9.9 | 5.4 |
Fair Value, Liabilities | 0 | 0 |
Interest rate swaps [Member] | Derivatives not designated as hedges [Member] | ||
Derivative Fair Value Net [Abstract] | ||
Notional Amount | 195.6 | 0 |
Fair Value, Assets | 4 | 0 |
Fair Value, Liabilities | 0 | 0 |
Foreign currency swaps [Member] | Derivatives designated as hedges [Member] | ||
Derivative Fair Value Net [Abstract] | ||
Notional Amount | 679.8 | 638.6 |
Fair Value, Assets | 47.3 | 14.9 |
Fair Value, Liabilities | 0.7 | 10.2 |
Equity index options [Member] | Derivatives not designated as hedges [Member] | ||
Derivative Fair Value Net [Abstract] | ||
Notional Amount | 3,337.7 | 2,055.9 |
Fair Value, Assets | 38 | 71 |
Fair Value, Liabilities | 0 | 0.1 |
Foreign currency forwards [Member] | Derivatives not designated as hedges [Member] | ||
Derivative Fair Value Net [Abstract] | ||
Notional Amount | 10.2 | 18.3 |
Fair Value, Assets | 0.1 | 0.1 |
Fair Value, Liabilities | 0 | 0 |
Embedded derivatives [Member] | Derivatives not designated as hedges [Member] | ||
Derivative Fair Value Net [Abstract] | ||
Notional Amount | 0 | 0 |
Fair Value, Assets | 0 | 0 |
Fair Value, Liabilities | 320.2 | 230.1 |
Other derivatives [Member] | Derivatives not designated as hedges [Member] | ||
Derivative Fair Value Net [Abstract] | ||
Notional Amount | 14.2 | 25.3 |
Fair Value, Assets | 0 | 0.2 |
Fair Value, Liabilities | $ 0.5 | $ 0.4 |
Derivative Instruments (Sched46
Derivative Instruments (Schedule Of Offsetting Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | ||
Offsetting Assets [Line Items] | ||||
Fair Value Presented in the Balance Sheets | $ 99.3 | $ 91.6 | ||
Financial Instruments | 9.5 | 1.9 | ||
Cash Collateral | (80.2) | (83.5) | ||
Net Amount | 28.6 | 10 | ||
Counterparty A [Member] | ||||
Offsetting Assets [Line Items] | ||||
Fair Value Presented in the Balance Sheets | 10.5 | 12 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral | (10.1) | (12) | ||
Net Amount | 0.4 | 0 | ||
Counterparty B [Member] | ||||
Offsetting Assets [Line Items] | ||||
Fair Value Presented in the Balance Sheets | 26.3 | 20.2 | ||
Financial Instruments | 9.5 | [1] | 1.9 | [2] |
Cash Collateral | (22.6) | (13.9) | ||
Net Amount | 13.2 | 8.2 | ||
Counterparty C [Member] | ||||
Offsetting Assets [Line Items] | ||||
Fair Value Presented in the Balance Sheets | 11.6 | 12 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral | (11.2) | (12) | ||
Net Amount | 0.4 | 0 | ||
Counterparty D [Member] | ||||
Offsetting Assets [Line Items] | ||||
Fair Value Presented in the Balance Sheets | 7.1 | 14.9 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral | (7.1) | (14.9) | ||
Net Amount | 0 | 0 | ||
Counterparty F [Member] | ||||
Offsetting Assets [Line Items] | ||||
Fair Value Presented in the Balance Sheets | 15 | 24 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral | (10.5) | (24) | ||
Net Amount | 4.5 | 0 | ||
Other Counterparty [Member] | ||||
Offsetting Assets [Line Items] | ||||
Fair Value Presented in the Balance Sheets | 28.8 | 8.5 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral | (18.7) | (6.7) | ||
Net Amount | 10.1 | 1.8 | ||
Exchange Cleared [Member] | ||||
Offsetting Assets [Line Items] | ||||
Financial Instruments | $ 9.5 | $ 1.9 | ||
[1] | Amounts include financial instrument collateral of $9.5 posted by the Company to comply with regulatory requirements on certain centrally cleared instruments. | |||
[2] | Amounts include financial instrument collateral of $1.9 posted by the Company to comply with regulatory requirements on certain centrally cleared instruments. |
Derivative Instruments (Sched47
Derivative Instruments (Schedule Of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | ||
Offsetting Liabilities [Line Items] | ||||
Fair Value Presented in the Balance Sheets | $ 1.2 | [1] | $ 10.7 | [2] |
Financial Instruments | 0 | [1] | 0 | [2] |
Cash Collateral | (0.2) | [1] | (0.1) | [2] |
Net Amount | 1 | [1] | 10.6 | [2] |
Fair Value, Liabilities | 321.4 | 240.8 | ||
Counterparty A [Member] | ||||
Offsetting Liabilities [Line Items] | ||||
Fair Value Presented in the Balance Sheets | 0.1 | 1.2 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral | 0 | 0 | ||
Net Amount | 0.1 | 1.2 | ||
Counterparty B [Member] | ||||
Offsetting Liabilities [Line Items] | ||||
Fair Value Presented in the Balance Sheets | 0.3 | 6.7 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral | (0.2) | (0.1) | ||
Net Amount | 0.1 | 6.6 | ||
Counterparty E [Member] | ||||
Offsetting Liabilities [Line Items] | ||||
Fair Value Presented in the Balance Sheets | 0.2 | 2.4 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral | 0 | 0 | ||
Net Amount | 0.2 | 2.4 | ||
Other Counterparty [Member] | ||||
Offsetting Liabilities [Line Items] | ||||
Fair Value Presented in the Balance Sheets | 0.6 | 0.4 | ||
Financial Instruments | 0 | 0 | ||
Cash Collateral | 0 | 0 | ||
Net Amount | 0.6 | 0.4 | ||
Derivatives not designated as hedges [Member] | ||||
Offsetting Liabilities [Line Items] | ||||
Fair Value, Liabilities | 320.7 | 230.6 | ||
Derivatives not designated as hedges [Member] | Embedded derivatives [Member] | ||||
Offsetting Liabilities [Line Items] | ||||
Fair Value, Liabilities | $ 320.2 | $ 230.1 | ||
[1] | Excludes embedded derivatives of $320.2 which have no counterparty. | |||
[2] | Excludes embedded derivatives of $230.1 which have no counterparty. |
Derivative Instruments (Sched48
Derivative Instruments (Schedule Of Gains Losses On Cash Flow Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivatives Fair Value [Line Items] | ||||
Gain (Loss) Recognized in OCI | $ 43.1 | $ 25.3 | $ 53.4 | $ 15.5 |
Interest rate swaps [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Gain (Loss) Recognized in OCI | 6.2 | (0.5) | 7.5 | 1.5 |
Foreign currency swaps [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Gain (Loss) Recognized in OCI | $ 36.9 | $ 25.8 | $ 45.9 | $ 14 |
Derivative Instruments (Sched49
Derivative Instruments (Schedule Of Derivatives Not Designated as Hedges Gains Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivatives Fair Value [Line Items] | ||||
Gain (Loss) Recognized in Income | $ (10.9) | $ 6.7 | $ (12.8) | $ 3.3 |
Equity index options [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Gain (Loss) Recognized in Income | (44.8) | 2.5 | (43.1) | 17.6 |
Foreign currency forwards [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Gain (Loss) Recognized in Income | 0 | 0.4 | 0.2 | 0.3 |
Embedded derivatives [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Gain (Loss) Recognized in Income | 30.7 | 2.3 | 28.1 | (16.4) |
Other derivatives [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Gain (Loss) Recognized in Income | $ 3.2 | $ 1.5 | $ 2 | $ 1.8 |
Fair Value Of Financial Instr50
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of fair value of fixed maturities determined by pricing services | 95.00% | 96.00% |
Total fixed maturities | $ 26,786.7 | $ 25,379.4 |
Agency securities as a percentage of Level 2 RMBS | 87.70% | 87.90% |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range of illiquidity adjustments | 0.60% | |
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 | $ 26,461.4 | $ 25,233.6 |
Private Placement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Private placements as a percentage of fixed maturities | 4.40% | 3.70% |
Total fixed maturities | $ 1,172.3 | $ 929 |
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 | 88.90% | 93.70% |
Total fixed maturities | $ 1,042.5 | $ 870.7 |
Corporate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 20,268.6 | 19,192.5 |
Corporate Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 20,089.8 | 19,120.9 |
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 | $ 952.3 | $ 770.6 |
Private placements as a percentage of Level 2 corporate securities | 4.70% | 4.00% |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 1,223.5 | $ 1,333.9 |
Commercial Mortgage-Backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 1,222.2 | $ 1,331.4 |
Commercial Mortgage-Backed Securities [Member] | Non Agency Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted-average coupon rate | 4.56% | 4.65% |
Weighted-average credit enhancement of securities, percentage | 32.30% | 32.80% |
Non-agency securities as a percentage of Level 2 CMBS | 91.60% | 87.80% |
Percentage of non-agency Level 2 CMBS in most senior tranche | 89.10% | 96.80% |
Residential Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 2,753.2 | $ 2,921.4 |
Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 2,753.2 | $ 2,921.4 |
Weighted-average coupon rate | 3.98% | 4.18% |
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] | ||
Weighted-average credit enhancement of securities, percentage | 10.60% | 9.00% |
Non Agency Level Two RMBS Vintage 2004 And Prior | $ 237.8 | $ 232.3 |
Percent of non agency level 2 RMBS originated in 2004 and prior | 70.30% | 65.70% |
Fair Value Of Financial Instr51
Fair Value Of Financial Instruments (Financial Assets and Liabilities Accounted At Fair Value On Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | ||
Financial Assets [Abstract] | ||||||
Total fixed maturities | $ 26,786.7 | $ 25,379.4 | ||||
Marketable equity securities, available-for-sale | 86.7 | 120.5 | ||||
Marketable equity securities, trading | 525 | 532 | ||||
Investments in Limited Partnerships | 264.4 | 309.9 | ||||
Fair Value, Assets | 99.3 | 91.6 | ||||
Total other invested assets | 105.8 | 100.5 | ||||
Total investments carried at fair value | 32,409.2 | 30,634.3 | ||||
Separate account assets | 885.9 | 949.8 | ||||
Mortgage loans, net | 4,581 | 4,130.1 | ||||
Cash and cash equivalents | 182.7 | 158.8 | $ 109.2 | $ 76 | ||
Financial Liabilities [Abstract] | ||||||
Funds held under deposit contracts | 28,744.4 | 26,602.6 | ||||
Notes payable | 697.5 | 697.2 | ||||
Liabilities related to insurance contracts and embedded derivatives excluded from fair value | 6,631.3 | 6,388.7 | ||||
U.S. Government and Agencies [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 543.1 | 409.9 | ||||
State And Political Subdivisions [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 874.8 | 829.2 | ||||
Corporate Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 20,268.6 | 19,192.5 | ||||
Residential Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 2,753.2 | 2,921.4 | ||||
Commercial Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 1,223.5 | 1,333.9 | ||||
Collateralized Loan Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 519.6 | |||||
Other Debt Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 603.9 | 692.5 | ||||
Tax Credit Investments [Member] | ||||||
Financial Assets [Abstract] | ||||||
Investments in Limited Partnerships | 212.9 | 238.4 | ||||
Level 1 [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 0 | 0 | ||||
Marketable equity securities, available-for-sale | 53.8 | 62.8 | ||||
Marketable equity securities, trading | 524.8 | 531.6 | ||||
Other | 0.6 | 0.6 | ||||
Total other invested assets | 0.6 | 0.6 | ||||
Total investments carried at fair value | 579.2 | 595 | ||||
Separate account assets | 885.9 | 949.8 | ||||
Total assets at fair value | 1,465.1 | 1,544.8 | ||||
Mortgage loans, net | 0 | 0 | ||||
Cash and cash equivalents | 182.7 | 158.8 | ||||
Financial Liabilities [Abstract] | ||||||
Embedded derivatives | 0 | 0 | ||||
Total liabilities at fair value | 0 | 0 | ||||
Level 1 [Member] | U.S. Government and Agencies [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 0 | 0 | ||||
Level 1 [Member] | State And Political Subdivisions [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 0 | 0 | ||||
Level 1 [Member] | Corporate Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 0 | 0 | ||||
Level 1 [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 0 | 0 | ||||
Level 1 [Member] | Commercial Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 0 | 0 | ||||
Level 1 [Member] | Collateralized Loan Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 0 | |||||
Level 1 [Member] | Other Debt Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 0 | 0 | ||||
Level 1 [Member] | Alternative 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 | 0 | ||||
Level 1 [Member] | Currency Swap [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Foreign currency swaps | 0 | 0 | ||||
Level 1 [Member] | Tax Credit Investments [Member] | ||||||
Financial Assets [Abstract] | ||||||
Investments in Limited Partnerships | 0 | 0 | ||||
Level 1 [Member] | Deferred Annuities [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Funds held under deposit contracts | 0 | [1] | 0 | [2] | ||
Level 1 [Member] | Income Annuities [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Funds held under deposit contracts | 0 | [1] | 0 | [2] | ||
Level 1 [Member] | Capital Efficient Notes Due2067 [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 | 26,461.4 | 25,233.6 | ||||
Marketable equity securities, available-for-sale | 27 | 57.7 | ||||
Marketable equity securities, trading | 0 | 0 | ||||
Other | 61.2 | 20.7 | ||||
Total other invested assets | 95.6 | 89.3 | ||||
Total investments carried at fair value | 26,604.6 | 25,380.6 | ||||
Separate account assets | 0 | 0 | ||||
Total assets at fair value | 26,604.6 | 25,380.6 | ||||
Mortgage loans, net | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Financial Liabilities [Abstract] | ||||||
Embedded derivatives | 0 | 0 | ||||
Total liabilities at fair value | 0.6 | 10.2 | ||||
Level 2 [Member] | U.S. Government and Agencies [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 543.1 | 409.9 | ||||
Level 2 [Member] | State And Political Subdivisions [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 874.8 | 829.2 | ||||
Level 2 [Member] | Corporate Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 20,089.8 | 19,120.9 | ||||
Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 2,753.2 | 2,921.4 | ||||
Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 1,222.2 | 1,331.4 | ||||
Level 2 [Member] | Collateralized Loan Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 418.2 | |||||
Level 2 [Member] | Other Debt Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 560.1 | 620.8 | ||||
Level 2 [Member] | Alternative Investments [Member] | ||||||
Financial Assets [Abstract] | ||||||
Investments in Limited Partnerships | 20.6 | 0 | ||||
Level 2 [Member] | Equity index options [Member] | ||||||
Financial Assets [Abstract] | ||||||
Fair Value, Assets | 34.4 | 68.6 | ||||
Level 2 [Member] | Currency Swap [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Foreign currency swaps | 0.6 | 10.2 | ||||
Level 2 [Member] | Tax Credit Investments [Member] | ||||||
Financial Assets [Abstract] | ||||||
Investments in Limited Partnerships | 200.9 | 226.6 | ||||
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 Due2067 [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Notes payable | 153.4 | 155.6 | ||||
Level 2 [Member] | Senior Notes [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Notes payable | 560.5 | 569.6 | ||||
Level 3 [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 325.3 | 145.8 | ||||
Marketable equity securities, available-for-sale | 5.9 | 0 | ||||
Marketable equity securities, trading | 0.2 | 0.4 | ||||
Other | 1.6 | 3.5 | ||||
Total other invested assets | 5.2 | 5.9 | ||||
Total investments carried at fair value | 367.5 | 223.6 | ||||
Separate account assets | 0 | 0 | ||||
Total assets at fair value | 367.5 | 223.6 | ||||
Mortgage loans, net | 4,816 | 4,375.8 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Financial Liabilities [Abstract] | ||||||
Embedded derivatives | 320.2 | 230.1 | ||||
Total liabilities at fair value | 320.2 | 230.1 | ||||
Level 3 [Member] | U.S. Government and Agencies [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 0 | 0 | ||||
Level 3 [Member] | State And Political Subdivisions [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 0 | 0 | ||||
Level 3 [Member] | Corporate Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 178.8 | 71.6 | ||||
Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 0 | 0 | ||||
Level 3 [Member] | Commercial Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 1.3 | 2.5 | ||||
Level 3 [Member] | Collateralized Loan Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 101.4 | |||||
Level 3 [Member] | Other Debt Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 43.8 | 71.7 | ||||
Level 3 [Member] | Alternative Investments [Member] | ||||||
Financial Assets [Abstract] | ||||||
Investments in Limited Partnerships | 30.9 | 71.5 | ||||
Level 3 [Member] | Equity index options [Member] | ||||||
Financial Assets [Abstract] | ||||||
Fair Value, Assets | 3.6 | 2.4 | ||||
Level 3 [Member] | Currency Swap [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Foreign currency swaps | 0 | 0 | ||||
Level 3 [Member] | Tax Credit Investments [Member] | ||||||
Financial Assets [Abstract] | ||||||
Investments in Limited Partnerships | 0 | 0 | ||||
Level 3 [Member] | Deferred Annuities [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Funds held under deposit contracts | 15,899.6 | [1] | 14,004.2 | [2] | ||
Level 3 [Member] | Income Annuities [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Funds held under deposit contracts | 7,899 | [1] | 8,452.5 | [2] | ||
Level 3 [Member] | Capital Efficient Notes Due2067 [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Notes payable | 0 | 0 | ||||
Level 3 [Member] | Senior Notes [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Notes payable | 0 | 0 | ||||
Carrying Amount [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 26,786.7 | 25,379.4 | ||||
Marketable equity securities, available-for-sale | 86.7 | 120.5 | ||||
Marketable equity securities, trading | 525 | 532 | ||||
Other | 63.4 | 24.8 | ||||
Total other invested assets | 101.4 | 95.8 | ||||
Total investments carried at fair value | 27,551.3 | 26,199.2 | ||||
Separate account assets | 885.9 | 949.8 | ||||
Total assets at fair value | 28,437.2 | 27,149 | ||||
Mortgage loans, net | 4,581 | 4,130.1 | ||||
Cash and cash equivalents | 182.7 | 158.8 | ||||
Financial Liabilities [Abstract] | ||||||
Embedded derivatives | 320.2 | 230.1 | ||||
Total liabilities at fair value | 320.8 | 240.3 | ||||
Carrying Amount [Member] | U.S. Government and Agencies [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 543.1 | 409.9 | ||||
Carrying Amount [Member] | State And Political Subdivisions [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 874.8 | 829.2 | ||||
Carrying Amount [Member] | Corporate Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 20,268.6 | 19,192.5 | ||||
Carrying Amount [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 2,753.2 | 2,921.4 | ||||
Carrying Amount [Member] | Commercial Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 1,223.5 | 1,333.9 | ||||
Carrying Amount [Member] | Collateralized Loan Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 519.6 | |||||
Carrying Amount [Member] | Other Debt Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 603.9 | 692.5 | ||||
Carrying Amount [Member] | Alternative Investments [Member] | ||||||
Financial Assets [Abstract] | ||||||
Investments in Limited Partnerships | 51.5 | 71.5 | ||||
Carrying Amount [Member] | Equity index options [Member] | ||||||
Financial Assets [Abstract] | ||||||
Fair Value, Assets | 38 | 71 | ||||
Carrying Amount [Member] | Currency Swap [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Foreign currency swaps | 0.6 | 10.2 | ||||
Carrying Amount [Member] | Deferred Annuities [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Funds held under deposit contracts | 15,617.2 | [1] | 13,686.8 | [2] | ||
Carrying Amount [Member] | Income Annuities [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Funds held under deposit contracts | 6,495.9 | [1] | 6,527.1 | [2] | ||
Carrying Amount [Member] | Capital Efficient Notes Due2067 [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Notes payable | 149.9 | 149.9 | ||||
Carrying Amount [Member] | Senior Notes [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Notes payable | 547.6 | 547.3 | ||||
Fair Value [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 26,786.7 | 25,379.4 | ||||
Marketable equity securities, available-for-sale | 86.7 | 120.5 | ||||
Marketable equity securities, trading | 525 | 532 | ||||
Other | 63.4 | 24.8 | ||||
Total other invested assets | 101.4 | 95.8 | ||||
Total investments carried at fair value | 27,551.3 | 26,199.2 | ||||
Separate account assets | 885.9 | 949.8 | ||||
Total assets at fair value | 28,437.2 | 27,149 | ||||
Mortgage loans, net | 4,816 | 4,375.8 | ||||
Cash and cash equivalents | 182.7 | 158.8 | ||||
Financial Liabilities [Abstract] | ||||||
Embedded derivatives | 320.2 | 230.1 | ||||
Total liabilities at fair value | 320.8 | 240.3 | ||||
Fair Value [Member] | U.S. Government and Agencies [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 543.1 | 409.9 | ||||
Fair Value [Member] | State And Political Subdivisions [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 874.8 | 829.2 | ||||
Fair Value [Member] | Corporate Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 20,268.6 | 19,192.5 | ||||
Fair Value [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 2,753.2 | 2,921.4 | ||||
Fair Value [Member] | Commercial Mortgage-Backed Securities [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 1,223.5 | 1,333.9 | ||||
Fair Value [Member] | Collateralized Loan Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 519.6 | |||||
Fair Value [Member] | Other Debt Obligations [Member] | ||||||
Financial Assets [Abstract] | ||||||
Total fixed maturities | 603.9 | 692.5 | ||||
Fair Value [Member] | Alternative Investments [Member] | ||||||
Financial Assets [Abstract] | ||||||
Investments in Limited Partnerships | 51.5 | 71.5 | ||||
Fair Value [Member] | Equity index options [Member] | ||||||
Financial Assets [Abstract] | ||||||
Fair Value, Assets | 38 | 71 | ||||
Fair Value [Member] | Currency Swap [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Foreign currency swaps | 0.6 | 10.2 | ||||
Fair Value [Member] | Tax Credit Investments [Member] | ||||||
Financial Assets [Abstract] | ||||||
Investments in Limited Partnerships | 200.9 | 226.6 | ||||
Fair Value [Member] | Deferred Annuities [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Funds held under deposit contracts | 15,899.6 | [1] | 14,004.2 | [2] | ||
Fair Value [Member] | Income Annuities [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Funds held under deposit contracts | 7,899 | [1] | 8,452.5 | [2] | ||
Fair Value [Member] | Capital Efficient Notes Due2067 [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Notes payable | 153.4 | 155.6 | ||||
Fair Value [Member] | Senior Notes [Member] | ||||||
Financial Liabilities [Abstract] | ||||||
Notes payable | $ 560.5 | $ 569.6 | ||||
[1] | The carrying value of this balance excludes $6,631.3 of liabilities related to insurance contracts and embedded derivatives. | |||||
[2] | The carrying value of this balance excludes $6,388.7 of liabilities related to insurance contracts and embedded derivatives. |
Fair Value Of Financial Instr52
Fair Value Of Financial Instruments (Additional Information About Composition Of Level 2 Corporate Securities) (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)securities | Dec. 31, 2014USD ($)securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 26,786.7 | $ 25,379.4 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 26,461.4 | $ 25,233.6 |
Corporate Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted-average coupon rate | 5.07% | 5.30% |
Weighted-average remaining years to contractual maturity for Level 2 corporate securities | 8 years 11 months 19 days | 9 years 1 month |
Corporate Securities [Member] | Industrial Sector [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 3,913.9 | $ 3,468.3 |
Corporate securities, level 2, % of Total | 19.50% | 18.10% |
Corporate securities, level 2, number of securities | securities | 247 | 226 |
Corporate Securities [Member] | Consumer Staples Sector [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 2,645 | $ 2,855.1 |
Corporate securities, level 2, % of Total | 13.10% | 14.90% |
Corporate securities, level 2, number of securities | securities | 156 | 162 |
Corporate Securities [Member] | Consumer Discretionary Sector [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 2,694.7 | $ 2,409.3 |
Corporate securities, level 2, % of Total | 13.40% | 12.60% |
Corporate securities, level 2, number of securities | securities | 217 | 199 |
Corporate Securities [Member] | Health care [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 2,477.2 | $ 2,175.4 |
Corporate securities, level 2, % of Total | 12.30% | 11.40% |
Corporate securities, level 2, number of securities | securities | 147 | 122 |
Corporate Securities [Member] | Utilities Sector [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 2,164.2 | $ 2,119.1 |
Corporate securities, level 2, % of Total | 10.80% | 11.10% |
Corporate securities, level 2, number of securities | securities | 160 | 154 |
Corporate Securities [Member] | Financial Sector [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 2,079.5 | $ 2,032.2 |
Corporate securities, level 2, % of Total | 10.40% | 10.60% |
Corporate securities, level 2, number of securities | securities | 159 | 162 |
Fair Value Of Financial Instr53
Fair Value Of Financial Instruments (Additional Information About Composition Of Level 2 Non-Agency RMBS Securities ) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 26,786.7 | $ 25,379.4 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | 26,461.4 | 25,233.6 |
Level 2 [Member] | Non-agency RMBS With Super Senior Subordination [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 242.1 | $ 240.4 |
% of Total | 71.60% | 67.90% |
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 | $ 338.1 | $ 353.8 |
% of Total | 100.00% | 100.00% |
Residential Mortgage-Backed Securities [Member] | Non Agency Securities [Member] | Level 2 [Member] | Standard & Poor's, AAA Rating [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 175.3 | $ 159.6 |
% of Total | 51.80% | 45.10% |
Residential Mortgage-Backed Securities [Member] | Non Agency Securities [Member] | Level 2 [Member] | Standard Poors Aa Through Bbb Rating [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 47.6 | $ 56.1 |
% of Total | 14.10% | 15.90% |
Residential Mortgage-Backed Securities [Member] | Non Agency Securities [Member] | Level 2 [Member] | Standard Poors Bb And Below Rating [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fixed maturities | $ 115.2 | $ 138.1 |
% of Total | 34.10% | 39.00% |
Fair Value Of Financial Instr54
Fair Value Of Financial Instruments (Additional Information About Composition Of Level 2 CMBS Securities) (Details) | Sep. 30, 2015 | Dec. 31, 2014 |
NEW YORK | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of non-agency Level 2 CMBS collateral | 27.30% | 24.50% |
CALIFORNIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of non-agency Level 2 CMBS collateral | 10.80% | 10.70% |
FLORIDA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of non-agency Level 2 CMBS collateral | 7.30% | 7.80% |
TEXAS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of non-agency Level 2 CMBS collateral | 6.80% | 7.10% |
Office Building [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of non-agency Level 2 CMBS collateral | 35.90% | 33.40% |
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 | 28.90% | 29.80% |
Fair Value Of Financial Instr55
Fair Value Of Financial Instruments (Additional Information About Level 3 Assets and Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||||
Financial Assets: | |||||||||
Beginning Balance | $ 393.2 | $ 324.8 | $ 223.6 | $ 253.7 | |||||
Purchases and issues | [1] | 225.3 | 72.8 | 273 | 86.1 | ||||
Sales and settlements | [1] | 0 | (0.1) | (0.3) | (0.1) | ||||
Transfers In and/or (Out) of Level 3 | (229.8) | [2] | (113.6) | [3] | (89.2) | [2] | (54.4) | [3] | |
Other | [4] | (10.8) | 3 | (17.8) | (5.2) | ||||
Unrealized Gains (Losses) Included in, Net Income | (6) | [5] | (5.1) | [6] | (9.3) | [5] | (4.9) | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | (4.6) | 4.5 | (8.4) | 10.9 | |||||
Realized Gains (Losses) | 0.2 | [5] | (0.6) | [6] | (4.1) | [5] | (0.4) | [6] | |
Ending Balance | 367.5 | 285.7 | 367.5 | 285.7 | |||||
Gross transfers into Level 3 | 0.5 | 25.8 | 6.1 | 66.4 | |||||
Gross transfers out of Level 3 | 230.3 | 139.4 | 95.3 | 120.8 | |||||
Financial Liabilities: | |||||||||
Beginning Balance | 296.3 | 157.9 | 230.1 | 92.1 | |||||
Purchases and issues | [1] | 56.7 | 28.2 | 123 | 75.5 | ||||
Sales and settlements | [1] | (2.1) | (0.3) | (4.8) | (0.5) | ||||
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] | 0 | [2] | 0 | [3] | |
Other | [4] | 0 | 0 | 0 | 0 | ||||
Unrealized Gains (Losses) Included in, Net Income | (30.7) | [5] | (2.3) | [6] | (28.1) | [5] | 16.4 | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Realized Gains (Losses) | 0 | [5] | 0 | [6] | 0 | [5] | 0 | [6] | |
Ending Balance | 320.2 | 183.5 | 320.2 | 183.5 | |||||
U.S. Government and Agencies [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 17.4 | ||||||||
Purchases and issues | [1] | 0 | |||||||
Sales and settlements | [1] | 0 | |||||||
Transfers In and/or (Out) of Level 3 | [2] | (17.4) | |||||||
Other | [4] | 0 | |||||||
Unrealized Gains (Losses) Included in, Net Income | [6] | 0 | |||||||
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | ||||||||
Realized Gains (Losses) | [6] | 0 | |||||||
Ending Balance | 0 | 0 | |||||||
Corporate Securities [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 141.1 | 157.3 | 71.6 | 28 | |||||
Purchases and issues | [1] | 119.8 | 46 | 162.8 | 46 | ||||
Sales and settlements | [1] | 0 | 0 | 0 | 0 | ||||
Transfers In and/or (Out) of Level 3 | (70) | [2] | (89.1) | [3] | (41.4) | [2] | 39 | [3] | |
Other | [4] | (7.4) | 3.8 | (7.1) | 0.6 | ||||
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [6] | 0 | [5] | 0 | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | (4.9) | 5 | (7.3) | 9.4 | |||||
Realized Gains (Losses) | 0.2 | [5] | 0 | [6] | 0.2 | [5] | 0 | [6] | |
Ending Balance | 178.8 | 123 | 178.8 | 123 | |||||
Residential Mortgage-Backed Securities [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 50.5 | 0.2 | |||||||
Purchases and issues | [1] | 0 | 0 | ||||||
Sales and settlements | [1] | (0.1) | (0.1) | ||||||
Transfers In and/or (Out) of Level 3 | [3] | (50.3) | 0 | ||||||
Other | [4] | (0.1) | (0.2) | ||||||
Unrealized Gains (Losses) Included in, Net Income | [6] | 0 | 0 | ||||||
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | 0.1 | |||||||
Realized Gains (Losses) | [6] | 0 | 0 | ||||||
Ending Balance | 0 | 0 | |||||||
Commercial Mortgage-Backed Securities [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 2.1 | 4.8 | 2.5 | 5.8 | |||||
Purchases and issues | [1] | 0 | 0 | 0 | 0 | ||||
Sales and settlements | [1] | 0 | 0 | 0 | 0 | ||||
Transfers In and/or (Out) of Level 3 | (0.5) | [2] | 0 | [3] | (0.8) | [2] | 0 | [3] | |
Other | [4] | (0.3) | (0.2) | (0.4) | (1.2) | ||||
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [6] | 0 | [5] | 0 | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Realized Gains (Losses) | 0 | [5] | 0 | [6] | 0 | [5] | 0 | [6] | |
Ending Balance | 1.3 | 4.6 | 1.3 | 4.6 | |||||
Collateralized Loan Obligations [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 159.8 | 0 | |||||||
Purchases and issues | [1] | 101.4 | 101.4 | ||||||
Sales and settlements | [1] | 0 | 0 | ||||||
Transfers In and/or (Out) of Level 3 | [2] | (159.8) | 0 | ||||||
Other | [4] | 0 | 0 | ||||||
Unrealized Gains (Losses) Included in, Net Income | [5] | 0 | 0 | ||||||
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | 0 | |||||||
Realized Gains (Losses) | [5] | 0 | 0 | ||||||
Ending Balance | 101.4 | 101.4 | |||||||
Other Debt Obligations [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 45.7 | 63.8 | 71.7 | 128.8 | |||||
Purchases and issues | [1] | 0 | 0 | 0 | 0 | ||||
Sales and settlements | [1] | 0 | 0 | 0 | 0 | ||||
Transfers In and/or (Out) of Level 3 | 0 | [2] | 25.8 | [3] | (24.5) | [2] | (39.3) | [3] | |
Other | [4] | (2.2) | (0.3) | (2.4) | (2.1) | ||||
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [6] | 0 | [5] | 0 | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0.3 | (0.5) | (1) | 1.4 | |||||
Realized Gains (Losses) | 0 | [5] | 0 | [6] | 0 | [5] | 0 | [6] | |
Ending Balance | 43.8 | 88.8 | 43.8 | 88.8 | |||||
Fixed Maturities [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 348.7 | 276.4 | 145.8 | 180.2 | |||||
Purchases and issues | [1] | 221.2 | 46 | 264.2 | 46 | ||||
Sales and settlements | [1] | 0 | (0.1) | 0 | (0.1) | ||||
Transfers In and/or (Out) of Level 3 | (230.3) | [2] | (113.6) | [3] | (66.7) | [2] | (17.7) | [3] | |
Other | [4] | (9.9) | 3.2 | (9.9) | (2.9) | ||||
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0 | [6] | 0 | [5] | 0 | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | (4.6) | 4.5 | (8.3) | 10.9 | |||||
Realized Gains (Losses) | 0.2 | [5] | 0 | [6] | 0.2 | [5] | 0 | [6] | |
Ending Balance | 325.3 | 216.4 | 325.3 | 216.4 | |||||
Gross transfers out of Level 3 | 230.3 | 139.4 | 66.7 | 84.1 | |||||
Alternative Investments [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 34.1 | 42 | 71.5 | 31.2 | |||||
Purchases and issues | [1] | 0.7 | 25.8 | 2.5 | 37.7 | ||||
Sales and settlements | [1] | 0 | 0 | 0 | 0 | ||||
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] | (28.5) | [2] | 0 | [3] | |
Other | [4] | (0.6) | 0 | (2.5) | (0.9) | ||||
Unrealized Gains (Losses) Included in, Net Income | (3.9) | [5] | (4.3) | [6] | (9.6) | [5] | (4.7) | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Realized Gains (Losses) | 0.6 | [5] | (0.2) | [6] | (2.5) | [5] | 0 | [6] | |
Ending Balance | 30.9 | 63.3 | 30.9 | 63.3 | |||||
Equity index options [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 2.7 | 2.6 | 2.4 | 38.8 | |||||
Purchases and issues | [1] | 2.7 | 0.7 | 4.4 | 1 | ||||
Sales and settlements | [1] | 0 | 0 | 0 | 0 | ||||
Transfers In and/or (Out) of Level 3 | [2] | 0 | 0 | 0 | (36.7) | ||||
Other | [4] | 0 | (0.1) | 0 | (0.4) | ||||
Unrealized Gains (Losses) Included in, Net Income | (1.6) | [5] | (0.9) | [6] | (2.8) | [5] | (0.5) | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Realized Gains (Losses) | (0.2) | [5] | (0.2) | [6] | (0.4) | [5] | (0.1) | [6] | |
Ending Balance | 3.6 | 2.1 | 3.6 | 2.1 | |||||
Other Invested Assets [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 1.6 | 3.5 | 3.5 | 3.2 | |||||
Purchases and issues | [1] | 0.7 | 0.3 | 1.9 | 1.4 | ||||
Sales and settlements | [1] | 0 | 0 | 0 | 0 | ||||
Transfers In and/or (Out) of Level 3 | [2] | 0 | 0 | 0 | 0 | ||||
Other | [4] | (0.3) | (0.1) | (5.4) | (1) | ||||
Unrealized Gains (Losses) Included in, Net Income | 0 | [5] | 0.1 | [6] | 3.1 | [5] | 0.3 | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Realized Gains (Losses) | (0.4) | [5] | (0.2) | [6] | (1.5) | [5] | (0.3) | [6] | |
Ending Balance | 1.6 | 3.6 | 1.6 | 3.6 | |||||
Other Investments [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 4.3 | 6.1 | 5.9 | 42 | |||||
Purchases and issues | [1] | 3.4 | 1 | 6.3 | 2.4 | ||||
Sales and settlements | [1] | 0 | 0 | 0 | 0 | ||||
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] | 0 | [2] | (36.7) | [3] | |
Other | [4] | (0.3) | (0.2) | (5.4) | (1.4) | ||||
Unrealized Gains (Losses) Included in, Net Income | (1.6) | [5] | (0.8) | [6] | 0.3 | [5] | (0.2) | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Realized Gains (Losses) | (0.6) | [5] | (0.4) | [6] | (1.9) | [5] | (0.4) | [6] | |
Ending Balance | 5.2 | 5.7 | 5.2 | 5.7 | |||||
Embedded derivatives [Member] | |||||||||
Financial Liabilities: | |||||||||
Beginning Balance | 296.3 | 157.9 | 230.1 | 92.1 | |||||
Purchases and issues | [1] | 56.7 | 28.2 | 123 | 75.5 | ||||
Sales and settlements | [1] | (2.1) | (0.3) | (4.8) | (0.5) | ||||
Transfers In and/or (Out) of Level 3 | 0 | [2] | 0 | [3] | 0 | [2] | 0 | [3] | |
Other | [4] | 0 | 0 | 0 | 0 | ||||
Unrealized Gains (Losses) Included in, Net Income | (30.7) | [5] | (2.3) | [6] | (28.1) | [5] | 16.4 | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Realized Gains (Losses) | 0 | [5] | 0 | [6] | 0 | [5] | 0 | [6] | |
Ending Balance | 320.2 | 183.5 | 320.2 | 183.5 | |||||
Available-for-sale Securities [Member] | Equity Securities [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 5.9 | 0 | |||||||
Purchases and issues | [1] | 0 | 0 | ||||||
Sales and settlements | [1] | 0 | 0 | ||||||
Transfers In and/or (Out) of Level 3 | [2] | 0 | 6 | ||||||
Other | [4] | 0 | 0 | ||||||
Unrealized Gains (Losses) Included in, Net Income | [5] | 0 | 0 | ||||||
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | (0.1) | |||||||
Realized Gains (Losses) | [5] | 0 | 0 | ||||||
Ending Balance | 5.9 | 5.9 | |||||||
Marketable Equity Securities, Trading [Member] | Equity Securities [Member] | |||||||||
Financial Assets: | |||||||||
Beginning Balance | 0.2 | 0.3 | 0.4 | 0.3 | |||||
Purchases and issues | [1] | 0 | 0 | 0 | 0 | ||||
Sales and settlements | [1] | 0 | 0 | (0.3) | 0 | ||||
Transfers In and/or (Out) of Level 3 | 0.5 | [2] | 0 | [3] | 0 | [2] | 0 | [3] | |
Other | [4] | 0 | 0 | 0 | 0 | ||||
Unrealized Gains (Losses) Included in, Net Income | (0.5) | [5] | 0 | [6] | 0 | [5] | 0 | [6] | |
Unrealized Gains (Losses) Included in, Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||
Realized Gains (Losses) | 0 | [5] | 0 | [6] | 0.1 | [5] | 0 | [6] | |
Ending Balance | $ 0.2 | $ 0.3 | $ 0.2 | $ 0.3 | |||||
[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 $0.5 and $6.1 for the three and nine months ended September 30, 2015, respectively. Gross transfers out of Level 3 were $230.3 and $95.3 for the three and nine months ended September 30, 2015, of which $230.3 and $66.7, respectively, related to fixed maturities for which observable inputs became available. | ||||||||
[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 $25.8 and $66.4 for the three and nine months ended September 30, 2014, respectively. Gross transfers out of Level 3 were $139.4 and $120.8 for the three and nine months ended September 30, 2014, of which $139.4 and $84.1, respectively, related to fixed maturities for which observable inputs became available. | ||||||||
[4] | Other is comprised of transactions such as pay downs, calls, amortization and redemptions. | ||||||||
[5] | Realized and unrealized gains and losses for investments in limited partnerships, excluding impairments, are included in net investment income. All other realized and unrealized gains and losses recognized in net income, including impairments of investments in limited partnerships, are included in net realized gains (losses). Amounts shown for financial liabilities are (gains) losses in net income. | ||||||||
[6] | Realized and unrealized gains and losses for investments in limited partnerships are included in net investment income. All other realized and unrealized gains and losses recognized in net income are included in net realized gains (losses). Amounts shown for financial liabilities are (gains) losses in net income. |
Deferred Policy Acquisition C56
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) (Schedule Of Reconciliation For Deferred Policy Acquisition Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||||
Unamortized balance at beginning of period | $ 572.2 | $ 464.2 | $ 513.9 | $ 419.9 | ||
Deferral of acquisition costs | 69.8 | 43.5 | 172.6 | 124.2 | ||
Adjustments for realized (gains) losses | 5.3 | (3) | 5.1 | (2.9) | ||
Amortization - excluding unlocking | (20.6) | (16.3) | (62.1) | (47.7) | ||
Amortization — impact of assumption and experience unlocking | [1] | 1.2 | (1.3) | (1.6) | (6.4) | |
Unamortized balance at end of period | 627.9 | 487.1 | 627.9 | 487.1 | ||
Accumulated effect of net unrealized gains | (75.9) | (122.2) | (75.9) | (122.2) | ||
Balance at end of period | $ 552 | $ 364.9 | $ 552 | $ 364.9 | $ 395.1 | |
[1] | Includes the impact of assumption and experience unlocking related to quarterly investment prepayment activity as well as the Company's annual unlocking process, which takes place during the third quarter of each year. |
Deferred Policy Acquisition C57
Deferred Policy Acquisition Costs (DAC) and Deferred Sales Inducements (DSI) (Schedule Of Reconciliation For Deferred Sales Inducements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Movement in Deferred Sales Inducements [Roll Forward] | |||||
Unamortized balance at beginning of period | $ 126.3 | $ 146.5 | $ 136.7 | $ 154.8 | |
Capitalizations | 5.1 | 7.2 | 16.9 | 24.4 | |
Adjustments for realized (gains) losses | 0.3 | 0.2 | 0.8 | 0.3 | |
Amortization — excluding unlocking | (10.5) | (10) | (31.5) | (31.1) | |
Amortization — impact of assumption and experience unlocking | [1] | 1.2 | 0.1 | (0.5) | (4.4) |
Unamortized balance at end of period | 122.4 | 144 | 122.4 | 144 | |
Accumulated effect of net unrealized gains | (54.9) | (85.4) | (54.9) | (85.4) | |
Balance at end of period | $ 67.5 | $ 58.6 | $ 67.5 | $ 58.6 | |
[1] | Includes the impact of assumption and experience unlocking related to quarterly investment prepayment activity as well as the Company's annual unlocking process, which takes place during the third quarter of each year. |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Components and Reclassifications Out Of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning Balance | $ 990.6 | |||||||
Reclassifications recorded in: | ||||||||
Net investment income | $ (339.9) | $ (318.5) | (994.3) | $ (961.9) | ||||
Net realized (gains) losses | 56.4 | 14.8 | 91.2 | (31.2) | ||||
Total provision (benefit) for income taxes | (17.9) | 1.3 | (27.3) | 27.8 | ||||
Other comprehensive income (loss) | 4.8 | (79.5) | (234.1) | 317.5 | ||||
Ending Balance | 756.5 | 756.5 | ||||||
Other comprehensive income (loss) before reclassifications, available-for-sale securities, tax | (19.4) | (69.9) | (175.9) | 182.2 | ||||
Other comprehensive income (loss) before reclassifications, OTTI on fixed maturities, tax | (2.5) | 0 | (3.3) | 0 | ||||
Other comprehensive income (loss) before reclassifications, adjustment for DAC and DSI, tax | 5.5 | 14.8 | 25.1 | (13.9) | ||||
Other comprehensive income (loss) before reclassifications, net gains (losses) on cash flow hedges, tax | 15.1 | 8.9 | 18.6 | 5.4 | ||||
Other comprehensive income (loss) before reclassifications, AOCI, tax | (1.3) | (46.2) | (135.5) | 173.7 | ||||
Net unrealized gains (losses) on available-for-sale securities [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 851.5 | 1,194 | 1,130.2 | 737.8 | ||||
Other comprehensive income (loss) before reclassifications, net of taxes | (36) | [1] | (130.2) | [2] | (326.6) | [1] | 338.3 | [2] |
Reclassifications recorded in: | ||||||||
Net realized (gains) losses | 16.4 | 8.2 | 34.7 | (10.5) | ||||
Total provision (benefit) for income taxes | (5.8) | (2.7) | (12.2) | 3.7 | ||||
Total reclassifications from AOCI, net of taxes | 10.6 | 5.5 | 22.5 | (6.8) | ||||
Other comprehensive income (loss) | (25.4) | (124.7) | (304.1) | 331.5 | ||||
Ending Balance | 826.1 | 1,069.3 | 826.1 | 1,069.3 | ||||
Net unrealized gains (losses) on available-for-sale securities [Member] | Interest rate swaps [Member] | ||||||||
Reclassifications recorded in: | ||||||||
Net investment income | 0 | 0 | 0 | 0 | ||||
Net unrealized gains (losses) on available-for-sale securities [Member] | Foreign currency swaps [Member] | ||||||||
Reclassifications recorded in: | ||||||||
Net investment income | 0 | 0 | 0 | 0 | ||||
OTTI on fixed maturities not related to credit losses [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning Balance | (13.7) | [3] | (13.2) | [4] | (13.5) | [3] | (14.2) | [4] |
Other comprehensive income (loss) before reclassifications, net of taxes | (4.7) | [1],[3] | 0 | [2],[4] | (6.1) | [1],[3] | 0 | [2],[4] |
Reclassifications recorded in: | ||||||||
Net realized (gains) losses | 2.8 | [3] | 0.5 | [4] | 4.6 | [3] | 2.1 | [4] |
Total provision (benefit) for income taxes | (1) | [3] | (0.1) | [4] | (1.6) | [3] | (0.7) | [4] |
Total reclassifications from AOCI, net of taxes | 1.8 | [3] | 0.4 | [4] | 3 | [3] | 1.4 | [4] |
Other comprehensive income (loss) | (2.9) | [3] | 0.4 | [4] | (3.1) | [3] | 1.4 | [4] |
Ending Balance | (16.6) | [3] | (12.8) | [4] | (16.6) | [3] | (12.8) | [4] |
OTTI on fixed maturities not related to credit losses [Member] | Interest rate swaps [Member] | ||||||||
Reclassifications recorded in: | ||||||||
Net investment income | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] |
OTTI on fixed maturities not related to credit losses [Member] | Foreign currency swaps [Member] | ||||||||
Reclassifications recorded in: | ||||||||
Net investment income | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] |
Adjustment for DAC and DSI [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning Balance | (95.4) | (166.6) | (131.4) | (113.1) | ||||
Other comprehensive income (loss) before reclassifications, net of taxes | 10.4 | [1] | 27.5 | [2] | 46.6 | [1] | (25.9) | [2] |
Reclassifications recorded in: | ||||||||
Net realized (gains) losses | (5.7) | 2.9 | (6) | 2.7 | ||||
Total provision (benefit) for income taxes | 2 | (1) | 2.1 | (0.9) | ||||
Total reclassifications from AOCI, net of taxes | (3.7) | 1.9 | (3.9) | 1.8 | ||||
Other comprehensive income (loss) | 6.7 | 29.4 | 42.7 | (24.1) | ||||
Ending Balance | (88.7) | (137.2) | (88.7) | (137.2) | ||||
Adjustment for DAC and DSI [Member] | Interest rate swaps [Member] | ||||||||
Reclassifications recorded in: | ||||||||
Net investment income | 0 | 0 | 0 | 0 | ||||
Adjustment for DAC and DSI [Member] | Foreign currency swaps [Member] | ||||||||
Reclassifications recorded in: | ||||||||
Net investment income | 0 | 0 | 0 | 0 | ||||
Net gains (losses) on cash flow hedges [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 9.3 | (23.6) | 5.3 | (16.9) | ||||
Other comprehensive income (loss) before reclassifications, net of taxes | 28 | [1] | 16.4 | [2] | 34.8 | [1] | 10.1 | [2] |
Reclassifications recorded in: | ||||||||
Net realized (gains) losses | 0 | 0 | 0 | 0 | ||||
Total provision (benefit) for income taxes | 1 | 0.6 | 2.3 | 0.7 | ||||
Total reclassifications from AOCI, net of taxes | (1.6) | (1) | (4.4) | (1.4) | ||||
Other comprehensive income (loss) | 26.4 | 15.4 | 30.4 | 8.7 | ||||
Ending Balance | 35.7 | (8.2) | 35.7 | (8.2) | ||||
Net gains (losses) on cash flow hedges [Member] | Interest rate swaps [Member] | ||||||||
Reclassifications recorded in: | ||||||||
Net investment income | (1.1) | (0.6) | (2.8) | (1.7) | ||||
Net gains (losses) on cash flow hedges [Member] | Foreign currency swaps [Member] | ||||||||
Reclassifications recorded in: | ||||||||
Net investment income | (1.5) | (1) | (3.9) | (0.4) | ||||
Accumulated Other Comprehensive Income [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 751.7 | 990.6 | 990.6 | 593.6 | ||||
Other comprehensive income (loss) before reclassifications, net of taxes | (2.3) | [1] | (86.3) | [2] | (251.3) | [1] | 322.5 | [2] |
Reclassifications recorded in: | ||||||||
Net realized (gains) losses | 13.5 | 11.6 | 33.3 | (5.7) | ||||
Total provision (benefit) for income taxes | (3.8) | (3.2) | (9.4) | 2.8 | ||||
Total reclassifications from AOCI, net of taxes | 7.1 | 6.8 | 17.2 | (5) | ||||
Other comprehensive income (loss) | 4.8 | (79.5) | (234.1) | 317.5 | ||||
Ending Balance | 756.5 | 911.1 | 756.5 | 911.1 | ||||
Accumulated Other Comprehensive Income [Member] | Interest rate swaps [Member] | ||||||||
Reclassifications recorded in: | ||||||||
Net investment income | (1.1) | (0.6) | (2.8) | (1.7) | ||||
Accumulated Other Comprehensive Income [Member] | Foreign currency swaps [Member] | ||||||||
Reclassifications recorded in: | ||||||||
Net investment income | $ (1.5) | $ (1) | $ (3.9) | $ (0.4) | ||||
[1] | Other comprehensive income (loss) before reclassifications is net of taxes of $(19.4), $(2.5), $5.5, $15.1 and $(1.3), respectively, for the three months ended months ended September 30, 2015, and net of taxes of $(175.9), $(3.3), $25.1, $18.6 and $(135.5), respectively, for the nine months ended September 30, 2015 | |||||||
[2] | Other comprehensive income (loss) before reclassifications is net of taxes of $(69.9), $0.0, $14.8, $8.9 and $(46.2), respectively, for the three months ended September 30, 2014, and net of taxes of $182.2, $0.0, $(13.9), $5.4 and $173.7, respectively, for the nine months ended September 30, 2014 | |||||||
[3] | Reclassification adjustments of OTTI on fixed maturities not related to credit losses are included in changes in unrealized gains and losses on available-for-sale securities within the consolidated statements of comprehensive income (loss). | |||||||
[4] | Reclassification adjustments of OTTI on fixed maturities not related to credit losses are included in changes in unrealized gains and losses on available-for-sale securities within the consolidated statements of comprehensive income (loss). |
Stockholders' Equity (Schedul59
Stockholders' Equity (Schedule Of Reconciliation Of Changes In Outstanding Shares Of Common Stock) (Details) - shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 115,797,451 | 117,730,757 | |
Common stock issued | 624 | 1,790 | |
Restricted stock issued, net | 268,555 | 195,346 | |
Employee stock purchase plan shares issued | 88,112 | 110,287 | |
Common stock repurchased | [1] | (340) | (2,240,729) |
Ending Balance | 116,154,402 | 115,797,451 | |
[1] | Represents shares of common stock repurchased pursuant to the Company's stock repurchase program that began in 2013, which are held in treasury, as well as shares repurchased and subsequently retired to satisfy employee income tax withholding pursuant to the Company's Equity Plan. |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015segmentdivision | |
Segment Reporting [Abstract] | |
Number Of Divisions | division | 3 |
Number of reportable segments | 5 |
Segment Information (Schedule O
Segment Information (Schedule Of Financial Information By Segment And Reconcile Segment Pre-Tax Adjusted Operating Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Operating revenues: | |||||
Premiums | $ 180.2 | $ 159.6 | $ 539.3 | $ 468.1 | |
Net investment income | 339.9 | 318.5 | 994.3 | 961.9 | |
Policy fees, contract charges, and other | 57.5 | 45.7 | 163.5 | 140.4 | |
Certain realized gains (losses) | (0.2) | (0.1) | (0.7) | 0 | |
Total operating revenues | 577.4 | 523.7 | 1,696.4 | 1,570.4 | |
Benefits and expenses: | |||||
Policyholder benefits and claims | 142.9 | 113.9 | 423.2 | 325.2 | |
Interest credited | 242.4 | 237.2 | 720.5 | 707.7 | |
Other underwriting and operating expenses | 103.5 | 92.8 | 302.7 | 273.3 | |
Interest expense | 11.3 | 10.2 | 33.5 | 26.7 | |
Amortization of DAC | 19.4 | 17.6 | 63.7 | 54.1 | |
Total benefits and expenses | 519.5 | 471.7 | 1,543.6 | 1,387 | |
Segment pre-tax adjusted operating income (loss) | 57.9 | 52 | 152.8 | 183.4 | |
Add: Excluded realized gains (losses) | (56.2) | (14.7) | (90.5) | 31.2 | |
Total revenues | 521.2 | 509 | 1,605.9 | 1,601.6 | |
Income from operations before income taxes | 1.7 | 37.3 | 62.3 | 214.6 | |
Total assets | 34,962.8 | 32,634.5 | 34,962.8 | 32,634.5 | $ 33,001.7 |
Benefits [Member] | |||||
Operating revenues: | |||||
Premiums | 171.9 | 150.9 | 514.3 | 442.2 | |
Net investment income | 6.2 | 5.4 | 17.1 | 15.6 | |
Policy fees, contract charges, and other | 3.6 | 3.7 | 12.9 | 11.9 | |
Certain realized gains (losses) | 0 | 0 | 0 | 0 | |
Total operating revenues | 181.7 | 160 | 544.3 | 469.7 | |
Benefits and expenses: | |||||
Policyholder benefits and claims | 109.4 | 94.7 | 336.6 | 269.2 | |
Interest credited | 0 | 0 | 0 | 0 | |
Other underwriting and operating expenses | 46.8 | 44.6 | 143.6 | 131.8 | |
Interest expense | 0 | 0 | 0 | 0 | |
Amortization of DAC | 0.5 | 0.1 | 1.3 | 0.4 | |
Total benefits and expenses | 156.7 | 139.4 | 481.5 | 401.4 | |
Segment pre-tax adjusted operating income (loss) | 25 | 20.6 | 62.8 | 68.3 | |
Add: Excluded realized gains (losses) | 0 | 0 | 0 | 0 | |
Total revenues | 181.7 | 160 | 544.3 | 469.7 | |
Income from operations before income taxes | 25 | 20.6 | 62.8 | 68.3 | |
Total assets | 166.3 | 164.7 | 166.3 | 164.7 | |
Deferred Annuities [Member] | |||||
Operating revenues: | |||||
Premiums | 0 | 0 | 0 | 0 | |
Net investment income | 172.2 | 152 | 488.3 | 447.9 | |
Policy fees, contract charges, and other | 5.4 | 5.6 | 16.4 | 17.4 | |
Certain realized gains (losses) | (0.2) | (0.1) | (0.7) | 0 | |
Total operating revenues | 177.4 | 157.5 | 504 | 465.3 | |
Benefits and expenses: | |||||
Policyholder benefits and claims | (0.1) | 0 | 0.3 | 0.2 | |
Interest credited | 93.7 | 87.6 | 275.7 | 262 | |
Other underwriting and operating expenses | 25.6 | 23.6 | 74.5 | 67.6 | |
Interest expense | 0 | 0 | 0 | 0 | |
Amortization of DAC | 15.1 | 15.6 | 51.5 | 47.2 | |
Total benefits and expenses | 134.3 | 126.8 | 402 | 377 | |
Segment pre-tax adjusted operating income (loss) | 43.1 | 30.7 | 102 | 88.3 | |
Add: Excluded realized gains (losses) | (12) | (1.9) | (22.7) | (3.1) | |
Total revenues | 165.4 | 155.6 | 481.3 | 462.2 | |
Income from operations before income taxes | 31.1 | 28.8 | 79.3 | 85.2 | |
Total assets | 17,995.6 | 15,547 | 17,995.6 | 15,547 | |
Income Annuities [Member] | |||||
Operating revenues: | |||||
Premiums | 0 | 0 | 0 | 0 | |
Net investment income | 95.5 | 93.4 | 282 | 286.2 | |
Policy fees, contract charges, and other | 0.1 | 0.4 | 0.6 | 0.8 | |
Certain realized gains (losses) | 0 | 0 | 0 | 0 | |
Total operating revenues | 95.6 | 93.8 | 282.6 | 287 | |
Benefits and expenses: | |||||
Policyholder benefits and claims | 0 | 0 | 0 | 0 | |
Interest credited | 84.2 | 85.3 | 254.6 | 253.2 | |
Other underwriting and operating expenses | 5 | 5.1 | 14.8 | 15.4 | |
Interest expense | 0 | 0 | 0 | 0 | |
Amortization of DAC | 1.5 | 1.3 | 4.6 | 3.4 | |
Total benefits and expenses | 90.7 | 91.7 | 274 | 272 | |
Segment pre-tax adjusted operating income (loss) | 4.9 | 2.1 | 8.6 | 15 | |
Add: Excluded realized gains (losses) | (27.1) | (8.8) | (36.3) | 37.1 | |
Total revenues | 68.5 | 85 | 246.3 | 324.1 | |
Income from operations before income taxes | (22.2) | (6.7) | (27.7) | 52.1 | |
Total assets | 7,298.3 | 7,479.5 | 7,298.3 | 7,479.5 | |
Individual Life [Member] | |||||
Operating revenues: | |||||
Premiums | 8.3 | 8.7 | 25 | 25.9 | |
Net investment income | 73.5 | 69.6 | 217.3 | 210.6 | |
Policy fees, contract charges, and other | 47.9 | 35.6 | 132.1 | 108.9 | |
Certain realized gains (losses) | 0 | 0 | 0 | 0 | |
Total operating revenues | 129.7 | 113.9 | 374.4 | 345.4 | |
Benefits and expenses: | |||||
Policyholder benefits and claims | 33.6 | 19.2 | 86.3 | 55.8 | |
Interest credited | 64.8 | 64.6 | 191.3 | 193.7 | |
Other underwriting and operating expenses | 21.7 | 18.8 | 64 | 56.2 | |
Interest expense | 0.1 | 0 | 0.4 | 0 | |
Amortization of DAC | 2.3 | 0.6 | 6.3 | 3.1 | |
Total benefits and expenses | 122.5 | 103.2 | 348.3 | 308.8 | |
Segment pre-tax adjusted operating income (loss) | 7.2 | 10.7 | 26.1 | 36.6 | |
Add: Excluded realized gains (losses) | (2.2) | (0.1) | (3.3) | 2.9 | |
Total revenues | 127.5 | 113.8 | 371.1 | 348.3 | |
Income from operations before income taxes | 5 | 10.6 | 22.8 | 39.5 | |
Total assets | 7,055.2 | 6,716.9 | 7,055.2 | 6,716.9 | |
Other [Member] | |||||
Operating revenues: | |||||
Premiums | 0 | 0 | 0 | 0 | |
Net investment income | (7.5) | (1.9) | (10.4) | 1.6 | |
Policy fees, contract charges, and other | 0.5 | 0.4 | 1.5 | 1.4 | |
Certain realized gains (losses) | 0 | 0 | 0 | 0 | |
Total operating revenues | (7) | (1.5) | (8.9) | 3 | |
Benefits and expenses: | |||||
Policyholder benefits and claims | 0 | 0 | 0 | 0 | |
Interest credited | (0.3) | (0.3) | (1.1) | (1.2) | |
Other underwriting and operating expenses | 4.4 | 0.7 | 5.8 | 2.3 | |
Interest expense | 11.2 | 10.2 | 33.1 | 26.7 | |
Amortization of DAC | 0 | 0 | 0 | 0 | |
Total benefits and expenses | 15.3 | 10.6 | 37.8 | 27.8 | |
Segment pre-tax adjusted operating income (loss) | (22.3) | (12.1) | (46.7) | (24.8) | |
Add: Excluded realized gains (losses) | (14.9) | (3.9) | (28.2) | (5.7) | |
Total revenues | (21.9) | (5.4) | (37.1) | (2.7) | |
Income from operations before income taxes | (37.2) | (16) | (74.9) | (30.5) | |
Total assets | $ 2,447.4 | $ 2,726.4 | $ 2,447.4 | $ 2,726.4 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Nov. 05, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Subsequent Event [Line Items] | |||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 300 | $ 300 | |||
Dividends Payable, Nature | $ 0.61 | $ 0.10 | $ 0.83 | $ 0.30 | |
Dividends, Common Stock, Cash | $ 97,200,000 | $ 35,000,000 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends Payable, Nature | $ 0.11 | ||||
Dividends, Common Stock, Cash | $ 12,800,000 | ||||
Senior Notes Due2016 [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Notes Payable | $ 300 |